North Sky Capital has made two investments out of its third sustainable infrastructure fund: into a battery storage developer and a steel recycling facility.
The fund, which closed in January on $200 million, is split into two parts – $120 million was raised by private family offices and HNWIs for the Infrastructure Investment Fund and $80 million was raised from government-funded economic development programmes for the National Impact Fund. The two parts of SIF III invest independently but both on the theme of clean infrastructure serving low-income communities in the US.
IIF has invested in battery storage developer Orenda Inc to develop 10 battery storage sites in New York, creating 50MW/200MWh of battery storage capacity to enhance the resilience of renewable energy grids and help wean New York off fossil fuel-based energy generation. NIF has acquired American SpiralWeld Pipe, a steel manufacturing plant in Texas that uses 80 percent recycled steel inputs. The two investments totalled $25 million, according to a statement from North Sky.
The Minneapolis-based impact firm is also raising Sustainable Infrastructure Fund IV, which has a $350 million target.