EXCELSIOR, Minn., July 31, 2014 /PRNewswire/ -- EverStream Capital Management LLC (EverStream), a natural resources focused investment firm, and Capricorn Investment Group LLC (Capricorn), a private investment firm, today announced a $20 million investment in TerraForm Power, Inc. (TerraForm). The group committed to the investment as part of its ongoing relationship with SunEdison and its long term view on renewable energy. The combined investment was made through EverStream's Opportunity Fund via a private placement. EverStream assisted in the early stage vehicle formation, diligence and acquisition of certain projects in TerraForm's initial portfolio.
PJ Lee, Managing Partner of EverStream, stated, "We believe this type of public financing vehicle will be a growth accelerator for SunEdison and the solar industry at large. EverStream's early stage involvement in creative structures and investments highlights our position as an innovative asset management company in the new energy industry."
Ion Yadigaroglu, Managing Partner of Capricorn, noted, "We are pleased to partner with TerraForm and EverStream in what we believe is a tremendous opportunity to capitalize on the demand for stable cash flowing solar projects. With a strong pipeline of projects and a proven team, it is our opinion that TerraForm is poised for growth in an industry that is just getting started despite its already significant scale today."
About EverStream Capital Management
EverStream is an independently managed investment company formed in partnership with SunEdison, a leading global solar energy company.
EverStream focuses on natural resource oriented infrastructure projects with proven and reliable technology and predictable cash flows, in sectors where the team has a demonstrable edge by virtue of its experience and its sponsor base.
About Capricorn Investment Group
Capricorn Investment Group is an investment firm founded to demonstrate that it is possible to invest profitably while driving sustainable positive change. Capricorn manages over $4 billion in assets today for Jeff Skoll, the Skoll Foundation and others who strive for extraordinary investment results by leveraging market forces to accelerate large scale impact.
SOURCE EverStream Capital Management LLC