Energy-focused private equity firm EIG Partners has invested $90 million in Industrial Sun, a utility-scale solar projects developer owned by U.S. clean energy company Modern Energy.

This new investment brings EIG Partners’ total investment in Modern Energy and its affiliate to $190 million, following the debt financing that was completed in mid-2020. “We are excited to partner with Industrial Sun and join forces with their talented team,” said Andrew Ellenbogen, Managing Director at EIG. “We have been impressed by their strong track record, innovative business model, and the opportunity they have created to generate significant value for their customers. This investment allows us to deepen our relationship with Modern Energy and participate in scaling a promising clean energy platform.”

With the investment, Modern Energy will continue to manage and provide various services to support Industrial Sun’s growth.

“This transaction reflects Modern Energy’s approach to partnering with great leaders of early-stage clean energy businesses. We deliver development capital, business-building capabilities, and expertise that accelerate growth. Industrial Sun was a brand new company 15 months ago, and now it is capitalized to execute on gigawatts of pipeline opportunities that will further the energy transition,” said Chris Hamilton, Chief Investment Officer at Modern Energy.

According to Mercom Annual and Q4 2022 Solar Funding and M&A report, large-scale project funding in 2022 came to $32.1 billion in 179 project funding deals, compared to $18.7 billion in 185 projects in 2021. PAD RES, a Polish renewable energy project developer, recently received a bridge loan of €38 million (~$40.5 million) from Regreen Invest, a French fund manager specializing in infrastructure projects related to energy transformation and climate adaptation.