GDEV Management, LLC announced it has secured more than $200 million in capital commitments for its second flagship fund targeting distributed energy resources (DERs) throughout North America.
GDEV is a vehicle affiliated with sustainable infrastructure investor Greenbacker Capital Management LLC.
GDEV’s Fund II represents a focus on the firm’s strategic building and scaling of DER platforms into mature infrastructure businesses that deploy and operate long-term, high-value assets.
The company’s portfolio has facilitated over 330 MW of new energy generation and 260 MWh of energy storage capacity across North America. Through these assets, the need for lengthy permitting and interconnection processes have been avoided, leading to attractive, inflation-linked returns and shorter deployment timelines.
Fund II has made seven platform investments so far, with its portfolio including low-carbon infrastructure advisory and engineering firm Nexus PMG, utility-scale energy storage developer Lightshift Energy, and multi-family EV charging owner and operator 3V Infrastructure.
“Over the past five years, our focus on distributed generation, energy reliability, and retail rate-linked revenue models has remained steadfast, even as markets and legislation experience volatility. For our businesses and investors, this thesis serves as a solid foundation for growth in a rapidly evolving market,” said Benjamin Baker, Managing Partner at GDEV, in a statement.
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