October 2019

Leyline Renewable Capital Announces $150 Million Investment from Newlight Partners to Provide Development Capital for Renewable Energy Projects

Injection of funding for project pre-construction signals developers are accelerating the clean energy transition in the United States

DURHAM, N.C., Oct. 17, 2019 -- Leyline Renewable Capital, a provider of development financing across several renewable energy sectors, announced a $150 million investment by Newlight Partners LP. This investment will enable Leyline to identify and provide development-stage debt and equity to support renewable energy projects throughout the United States. To date, the Leyline team has developed, financed and/or constructed more than $2 billion in 170+ projects totaling 1GW+ electricity - which equates to 140,000 metric tons in greenhouse gas reductions.

"By taking a patient view on the projects we choose to support we are able to identify promising opportunities for renewable energy projects and build deeper relationships with developers, ensuring projects are successful and profitable," said Erik Lensch, CEO of Leyline Renewable Capital. "Newlight Partners recognizes a clear opportunity with our team's unique experience at the forefront of the renewable energy market and this new funding will help us advance the development of renewable energy projects at their critical early stage. With Newlight's support we will work to accelerate the clean energy market from coast to coast." Leyline Renewable Capital develops, builds and finances renewable energy projects that emphasize efficient project development, reducing risk and increasing investor returns. Founded and managed by industry veterans who have personal stakes in the renewable energy industry, the Leyline team understands the unique opportunities and challenges that face renewable energy developers in the pivotal months and years before construction begins.

"Leyline Renewable Capital has a firm track record of identifying, cultivating and funding some of today's most talented renewable energy developers," said Mark Longstreth, Managing Director of Newlight Partners LP. "As cost-competitive and distributed renewable technologies scale quickly, the developers of these projects are increasingly underserved by traditional financing sources. Leyline understands their needs and long-term goals and is positioned to be the go-to investor for entrepreneurial developers who are essential if cities, states and major corporations are to achieve their ambitious renewable energy targets."

"Our capital and industry expertise allow us to support the advancement of projects from development and construction to operations. Recently, we invested in a solar portfolio that accelerated the timelines for twenty solar projects. We took no corporate equity in the developer and the projects are now on course to be developed three times faster than the developer would have been able to achieve without our capital. That is typical of our value-added approach to investment" said Eric Rubinstein, CFO of Leyline Renewable Capital.

Unlike a traditional financial institution, Leyline provides funding combined with the expertise needed to ensure complex renewable energy projects meet aggressive deadlines while managing any variability. Leyline Renewable Capital's portfolio includes utility-scale solar projects, as well as anaerobic digesters which process organic waste into renewable natural gas. Leyline is favored by entrepreneurial developers on the front lines of energy innovation, transitioning the grid at a more rapid pace than ever before to meet the rapidly growing market demand coming from private and public sector actors.

Leyline Renewable Capital's Windstar Fund I jumpstarted major energy projects, which the firm continues to manage. This new funding from Newlight will allow Leyline to expand its mission by investing in a broader portfolio of pre-construction renewable energy projects. Leyline has both the stability and flexibility to support complex, long-term projects that are needed to meet today's ambitious clean energy goals and power a more sustainable future.

Renewable energy developers who are interested in working with Leyline Renewable Capital can find more information here.

About Leyline Renewable Capital:

Leyline Renewable Capital invests in the development, construction and financing of sophisticated renewable energy projects. Backed by a team of seasoned investors with deep experience in the renewable industry, Leyline provides financing that bridges the gap between mid-stage development and construction. By investing in the pre-construction phase of renewable energy projects, Leyline is able to accelerate the development process and help developers scale their business. Leyline leverages a broad base of experience in green field project development, design, construction, and financial close with an extensive network of relationships with industry leaders to provide support and capital for projects from concept to commercial operation.

About Newlight Partners LP:

Newlight Partners LP (Newlight) is a private investment firm focused on collaborating with management teams and strategic investors to build unique, durable businesses, predominantly in North America. For more than 15 years, the Newlight team has helped build successful enterprises in five sectors, including financial services, telecommunications, power and renewable energy, healthcare services and business services. Led by David Wassong and Ravi Yadav, Newlight has invested approximately $6 billion in over 100 investments since 2005, first as the Strategic Investments Group at Soros Fund Management LLC (Soros), and now as Newlight after the team's spin out from Soros in 2018. Newlight has approximately $4 billion in capital commitments and assets under management.