ClearPath Energy Secures Innovative Portfolio Financing & Partnership with Brookfield

Source: www.gulfoilandgas.com 3/10/2023, Location: North America

ClearPath Energy ("ClearPath"), a Boston and New York based Energy Transition Platform and Renewable Energy developer, owner and operator, announced today the closing of an innovative facility with a direct lending infrastructure fund managed by Brookfield Asset Management (“Brookfield”). The capital will allow ClearPath to expand its existing 2 gigawatt pipeline further while accelerating the progression of late-stage development assets into construction and operations.

The proceeds will be used to support the construction and operations of ClearPath’s robust and rapidly growing renewable energy portfolio across the United States. The investment will initially focus on funding ClearPath’s operating and construction-stage assets in the U.S., intending to add incremental capital as ClearPath continues to scale.

"ClearPath is excited to partner with a strategic and top-tier institution like Brookfield with a lending facility that helps us accelerate and optimize our operating, construction, and development pipeline,” said David Khasidy, Co-Founder and Executive Chairman of ClearPath. “This financing enables us to seamlessly transition our late-stage development assets into construction and then into operation. We’re also looking forward to scaling our multi-sector development tools while expanding our geographic footprint."

"Brookfield is delighted to support ClearPath’s continued success in building essential renewable power and energy transition assets across the United States that advance decarbonization goals," said Hadley Peer Marshall, Brookfield's Managing Partner and co-head of Brookfield's infrastructure debt business. "We are pleased to finance ClearPath’s portfolio underpinned by supportive Community Solar regimes and long-term offtake arrangements."

Allen & Overy LLP served as legal counsel to ClearPath and Shearman Sterling LLP served as legal counsel to Brookfield.


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