Verdant Microgrid Partners with ClearGen and Blackstone in $150 Million Financing Agreement

June 30, 2021
Clean energy developer Verdant Microgrid has finalized an exclusive $150 million financing agreement with ClearGen, a Blackstone Credit portfolio company.

Clean energy developer Verdant Microgrid has finalized an exclusive $150 million financing agreement with ClearGen, a Blackstone Credit portfolio company.

Founded in 2018, Verdant Microgrid is a US energy company that designs, builds and operates distributed generation projects for commercial and industrial customers. Verdant’s project portfolio includes existing microgrid solutions in university buildings, indoor and outdoor agricultural systems, and food manufacturing plants. The company primarily develops systems that include solar, energy storage and backup generators as well as combined heat and power systems.

At the time of the signing, Verdant’s customer pipeline included more than $500 million in future projects. Within this, installations exceeding $50 million are scheduled for construction in the next nine months.

Verdant’s partnership with ClearGen is designed to accelerate the company’s clean energy development with easier access to capital funds.

About the partnership

Within the agreement, new projects owned by ClearGen and Blackstone will be managed and operated by Verdant.

After projects are installed, the energy they produce is sold to on-site customers as part of a long-term energy services agreement.

In collaboration with ClearGen, Verdant will continue its mission to provide cost-effective and sustainable microgrids for warehouses, hospitals, hotels and other large-scale energy users.

The history of ClearGen

Blackstone announced the formation of ClearGen in the fall of 2020 and initially invested $250 million in the new portfolio company with funds from GSO Capital Partners. Several months later, ClearGen committed financing for projects up to $500 million to GreenStruxure, another commercial and industrial clean energy developer formed by the partnership of Schneider Electric and Huck Capital.

With its new partnership in Verdant, ClearGen will focus on development of utility-scale microgrids across the United States.

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About the Author

Brian Church

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