Generate has landed more than $1 billion in new funding to grow its fleet of renewable infrastructure projects. New investors include AustralianSuper, QIC, Railways Pension and AP2 of Sweden, according to a release.
Richard Kauffman, former New York state energy chief and current chairman of the New York State Energy Research and Development Authority, has been named chair of the board, and Lynn Jurich, CEO of Sunrun, has joined the board, along with AustralianSuper’s Derek Chu and QIC’s Ross Israel.
Generate builds, owns, operates, and finances sustainable infrastructure for industry and municipalities, working with more than 25 development partners to serve hundreds of companies, schools, cities and non-profits throughout North America.
Founded in 2014, Generate has built more than $1 billion in sustainable infrastructure assets across the energy, waste, water and transport markets using battery storage; solar; energy efficiency; electric vehicles; fuel cells; wastewater treatment; distributed desalination; and organic waste management.
Kauffman said, in a release, “Acceleration of clean energy deployment requires innovation in finance. Small projects, new technologies, multiple counterparties, customer preferences for energy as a service — these are only some of the challenges that clean energy companies need to overcome to get their solutions to market.”
Matt Lugar, an operating partner at the firm commented, “We are the only one-stop shop for the pioneers of the infrastructure revolution.”
Scott Jacobs, co-founder and CEO of Generate, said in a release, “We are working…to bring about an infrastructure revolution, one that is democratized, digitized, decentralized, and decarbonized.” Jacobs said the firm had yielded positive cash flows since its first year of business and netted more than $100 million in 2019.