EIG Commits $100 Million to Modern Energy

EIG Global Energy Partners ("EIG"), a leading institutional investor in energy and infrastructure globally, and Modern Energy, a multinational clean energy holding company, today announced a $100 million debt facility to fund the development of clean energy assets. Several EIG-managed funds participated in the investment. This investment furthers EIG's efforts to invest in projects and companies that will lead the global transition away from traditional hydrocarbons and towards more sustainable energy resources.

"We are delighted with this exciting partnership with Modern Energy. They are among the most innovative and forward-thinking teams in the industry," said Andrew Ellenbogen, Managing Director at EIG. "Modern Energy has developed differentiated business models across the distributed energy sector that are highly impactful and create meaningful stakeholder value. This investment presents a unique opportunity to support the energy transition through these strong businesses, while also supporting Modern Energy's ambitious growth. This transaction continues EIG's long track-record of investing across cycles in high quality companies and projects, led by world class teams, that are driving energy sustainability forward."

"We are excited to partner with EIG in driving the energy transition. A combination of rapid cost reductions in clean energy asset classes, favorable regulatory regimes, and innovative financing structures are unlocking a multi-trillion-dollar opportunity to invest in the global energy transition," said Mark Laabs, CEO and Co-Founder of Modern Energy. "By combining Modern Energy's expertise in identifying and incubating new clean energy business models with EIG's disciplined approach to underwriting energy asset portfolios, the firms provide a differentiated value proposition to clean energy businesses at each stage of their development. We look forward to leveraging our combined strengths to bring emerging energy assets to scale in the months and years ahead."

About EIG Global Energy Partners

EIG Global Energy Partners is a leading institutional investor to the global energy sector with $22.4 billion under management as of March 31, 2020. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 38-year history, EIG has committed over $33.7 billion to the energy sector through 360 projects or companies in 36 countries on six continents. EIG's clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG's website at www.eigpartners.com.

About Modern Energy

Modern Energy is a holding company for clean energy businesses leading the transition to a net-zero carbon economy. Modern Energy partners with clean energy business leaders to scale innovations in energy efficiency, distributed generation, and storage. The firm has offices in Durham, N.C. and Sao Paulo, Brazil and operations spanning three continents. Modern Energy is a certified B-Corp with a mission to assure sustainable, reliable, affordable energy for all. For more information, please visit www.modern.energy.