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Generate secures $1bn funding for expanding renewable infrastructure

US-based company Generate Capital has secured more than $1bn in funding to expand its renewable energy and sustainable infrastructure fleet.

Among a group of global institutional investors who participated in the financing round are AustralianSuper, QIC, Railways Pension and Sweden-based AP2.

Generate co-founder and CEO Scott Jacobs said: “We are fortunate to add partners like AustralianSuper, QIC, Railways Pension and AP2, who share our vision and values and are excited to support us in scaling sustainable infrastructure solutions.”

Generate has partnered with more than 25 technology and project development companies. It has developed battery storage systems, community, commercial and industrial solar projects, fuel cells and other sustainable infrastructures.

The company has built over $1bn worth of sustainable infrastructure assets in the past five years.

Jacobs added: “At Generate, we are working with the leading pioneers to bring about an infrastructure revolution, one that is democratised, digitised, decentralised, and decarbonised.

“This transition requires an entirely different type of company committed to rebuilding the world, one that is mission-aligned with its many stakeholders, can provide flexible, efficient capital solutions to enable more projects to be built, and has the expertise and capacity to manage that infrastructure and deliver those resources forever to its customers.”

Generate has also expanded its Board of Directors team with New York State Energy Research and Development Authority (NYSERDA) chairman Richard Kauffman and Sunrun CEO Lynn Jurich.

Founded in 2014, Generate finances, builds and operates sustainable infrastructure for companies, governments and communities.

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