EIG and Modern Energy invest $90m in renewable energy firm Industrial Sun

• Modern Energy is a clean energy company
• Based in Washington, D.C., EIG targets the global energy and infrastructure sectors
• EIG has $22.7 billion under management as of December 31, 2022

EIG and Modern Energy have invested $90 million in Austin, Texas-based Industrial Sun, a renewable energy and storage developer. No financial terms were disclosed.

The investment will be used by Industrial Sun for continued growth.

Modern Energy is a clean energy company.

“We are excited to partner with Industrial Sun and join forces with their talented team,” said Andrew Ellenbogen, managing director at EIG, in a statement. “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 the scaling of a promising clean energy platform.”

EIG and Modern Energy announced a partnership in July 2020, in which EIG committed $100 million to Modern Energy through a debt facility to fund the development of clean energy assets. Modern Energy also previously committed $30 million to launch Industrial Sun in November 2021.

Based in Washington, D.C., EIG targets the global energy and infrastructure sectors. The firm has $22.7 billion under management as of December 31, 2022.