Funding Round attributes
Encore Renewable Energy, a clean power developer based in Burlington, Vermont, has secured a significant investment of US$389 million from Brookfield Asset Management Ltd. The funding, structured as loans and tax-equity financing, will support the company’s expansion of community-scale solar and battery storage projects across multiple U.S. states.
The investment will be used to advance 25 renewable energy projects in Vermont, New Hampshire, Maine, Illinois, and New York. According to Blake Sturcke, co-chief executive of Encore Renewable Energy, the capital infusion will facilitate the company’s transition into an independent power producer (IPP), enabling it to own and operate clean energy assets rather than solely developing them.
Brookfield Asset Management is providing the funding through its infrastructure debt platform. The financial backing aligns with Brookfield’s broader strategy of supporting infrastructure investments, particularly in the renewable energy sector. The firm has a track record of financing clean energy initiatives and is leveraging its expertise to help Encore scale its operations.
Encore Renewable Energy has been actively developing solar and battery storage solutions to accelerate the transition to a more sustainable energy landscape. The company’s first two solar farms, located in Maine, began operations in December 2024, marking a milestone in its efforts to build a robust portfolio of renewable energy assets.
“This financing is going to help us drive toward putting over a half-gigawatt of assets under our balance sheet over the next several years,” said Sturcke in an interview. The expansion of Encore’s asset base will not only strengthen its position in the market but also contribute to the broader goal of increasing renewable energy adoption in the U.S.
The partnership between Encore and Brookfield underscores the growing investor interest in sustainable energy solutions. With the demand for clean energy continuing to rise, financing plays a crucial role in enabling developers to scale their projects and transition toward long-term ownership of assets.
Encore’s focus on community-scale solar and battery storage aligns with the broader industry shift toward localized and resilient energy solutions. By developing projects across multiple states, the company aims to enhance energy reliability while reducing dependence on fossil fuels.
Brookfield Asset Management’s involvement further signals confidence in Encore’s business model and its potential for growth in the renewable energy sector. As the industry moves toward decarbonization, investments such as these will be instrumental in supporting companies that are driving the transition to cleaner energy sources.
With this funding, Encore Renewable Energy is well-positioned to accelerate its expansion and solidify its role as a key player in the renewable energy landscape. The coming years will likely see further developments as the company works to bring additional projects online and scale its operations in alignment with the growing demand for sustainable energy solutions.
