Generate Capital Collects $2 Billion for New Bets on Sustainable Infrastructure

Generate Capital has acquired $2 billion in fresh capital to finance clean energy projects. The success of this funding effort also confirms that the firm has the backing of new and existing investors to pursue its proposed infrastructure-as-a-service model.

The funding effort was led by Australia’s QIC Ltd. and AustralianSuper, with the participation of the firm’s early backers, including Sweden’s Andra AP-fonden and the U.K.’s Railways Pension Scheme.

New investors include CBRE Caledon Capital Management, Harbert Management Corp., and Aware Super. 

Generate is based in San Francisco, and prioritizes funding sustainable infrastructure projects. Instead of the traditional private-capital funding model, Generate raises additional capital by making more of the firm’s share available for purchase allowing both new and existing investors to buy-in. 

The balance-sheet capital is subsequently used to fund projects such as hydrogen-fuel plants, solar farms, and waste-recycling systems.

Generate will use this new capital to “expand beyond North America into other regions, including Europe, and into sectors like water and agriculture,” said Generate Chief Executive Scott Jacobs.