ClearPath Energy Secures Innovative Portfolio Financing and Partnership with Brookfield

Rhea-AI Summary

ClearPath Energy has successfully closed a significant lending facility with Brookfield Asset Management, aiming to enhance its renewable energy projects across the U.S. This financial backing will facilitate the expansion of ClearPath's 2 gigawatt pipeline and accelerate the development of late-stage assets towards construction and operational phases. ClearPath intends to prioritize funding for its operating and construction-stage projects, fostering growth in its renewable energy portfolio. The partnership highlights Brookfield's commitment to supporting essential renewable power initiatives that align with decarbonization goals.

Positive

• Secured a lending facility with Brookfield to support expansion and development.
• Investment focuses on a 2 gigawatt pipeline and late-stage development assets.
• Partnership enhances operational capacity and geographic footprint in renewable energy.

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• None.

NEW YORK--(BUSINESS WIRE)-- 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.

About ClearPath:

ClearPath develops, owns, and operates clean energy assets throughout its core markets across the United States. ClearPath’s mission is to advance the adoption of renewable energy by providing an abundance of clean energy solutions that serve communities and businesses across the United States.

ClearPath believes that every home, business, and community can be part of the renewable energy revolution—and ClearPath envisions a future where the company brings that opportunity to every doorstep across the country.

Founded in 2017, ClearPath is a high-growth developer focused on solar, storage and EV charging across the United States.

For more information, please visit www.clearpath.energy

About Brookfield Asset Management:

Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with approximately $800 billion of assets under management across real estate, infrastructure, renewable power and transition, private equity and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles. For more information, please visit our website at www.bam.brookfield.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230310005112/en/

MEDIA CONTACT: Jami Eastman, jeastman@clearpath.energy

Source: ClearPath Energy

FAQ

What is the recent partnership between ClearPath and Brookfield Asset Management?

ClearPath Energy announced a lending facility closing with Brookfield Asset Management to support its renewable energy initiatives.

How will the funding from Brookfield impact ClearPath's operations?

The funding will enable ClearPath to expand its 2 gigawatt pipeline and accelerate late-stage project developments into construction.

What are ClearPath's plans for the capital raised from Brookfield?

ClearPath plans to use the capital for constructing and operating its expanding renewable energy portfolio in the U.S.

What is the significance of the partnership for Brookfield Asset Management?

Brookfield's support indicates a commitment to financing vital renewable power projects that contribute to decarbonization goals across the U.S.