Relevate Power Secures $15 Million Initial Investment from Greenbacker Capital Management and an affiliate of Aegon Asset Management
Summary
The first close of the growth equity raise will enable Relevate Power to expand its footprint and start construction on its operations centerMANHATTAN, N.Y., June 20, 2024 (GLOBE NEWSWIRE) -- , a leader in the redevelopment of run-of-river hydropower assets, secured a $15 million investment in the first close of a significant growth equity raise. Led by (Greenbacker) and Aegon Real Assets US, an affiliate of , the initial close will support plans for an acquisition and construction of Relevate Powers national operations center.Approximately 2,300 power-generating dams in the U.S. provide over 28% of our total renewable electricity. We are continuing to see an outsized market opportunity for our hydro-first approach to 24/7 power in rural areas and anticipate raising additional funds in the coming months to further enhance our project portfolio and operations. Relevates work is crucial for the ongoing transition to a more sustainable energy system, and we are confident in their capacity to achieve significant impacts in this sector. and Aegon Asset Management Real Assets.Greenbacker Development Opportunities is a middle-market private equity strategy that invests in growing sustainable infrastructure platforms serving high-value markets across the US.