Cambridge, MA - On June 1, 2017, East Light Partners (ELP) closed East Light Capital Fund I ("ELCF I"). ELCF I, which exceeded its target raise, includes two strategic partners - each industry leaders in solar engineering, procurement and design, and large-scale independent power production respectively - and several family office investors. ELCF I will advance the origination and development of a portfolio of 75-100 MW of distributed- and utility-scale solar and storage projects in the Northeast U.S. over the next five years.
"We are thrilled to announce the closing of East Light Capital Fund I," Jamie Fordyce, Managing Director of ELP, said. "The Fund significantly enhances East Light's operating capability, and will allow East Light to become an ever stronger force in facilitating our region's transition to a sustainable energy future."
Prior to closing ELCF I, ELP advanced an initial pipeline of solar and storage projects. ELCF I investments will typically be supported by long-term fixed price contracts with creditworthy counter-parties, producing predictable cashflow for investors. The first projects in ELCF I are expected to go into construction in early 2018.
Wendy De Wolf, Vice President of ELP, added, "It is a notable coincidence that the current Administration withdrew from the Paris Climate Accords on the same day as the Fund's closing. This withdrawal signals that it is now wholly in the hands of the private sector to reduce the greenhouse gas emissions of the United States and to drive the imperative transition to a cleaner energy future. By originating and investing in renewable energy infrastructure in the Northeast, this Fund will actively contribute to this important task."
About East Light Partners
Founded in June 2016, East Light Partners (ELP) is a privately-owned, mission-driven renewable energy company based in Cambridge, Massachusetts. ELP originates asset-based investment opportunities with a focus on distributed power generation in the Northeastern U.S. ELP's unique approach to renewable energy development combines advanced geospatial tools for efficient identification and development of optimal renewable energy sites, rigorous project diligence, and a collaborative approach to overcoming development hurdles with project stakeholders.
The company is led by a proven team of renewable energy professionals with a track record of originating, developing, and financing best-in-class renewable energy projects. Since 2012, ELP's team has successfully developed over 30 MW of solar energy across Massachusetts, New York, Rhode Island, and New Jersey.