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EIG makes $100M commitment to Modern Energy startup

EIG Global Energy Partners has loaned $100 million to a North Carolina startup focused on efficiency, renewables and storage.

The institutional investor announced a $100 million debt facility to help Modern Energy fund development of clean energy assets. Modern Energy is a Durham, N.C.-based holding company which has partnerships including firms such as American Efficient, Faro Energy and Upside Energy, according to reports.

“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.

Friends Mark Laabs and Benjamin Abram co-founded the company in 2016. Abram acquired American Efficient, which manages energy efficiency assets in the U.S. Laabs co-founded Faro Energy, a distributed solar company in Brazil.

Modern Energy’s has offices in Durham and Brazil and has operations spanning three continents.

EIG Global Energy Partners specializes in private investments in the energy generation and infrastructure sector, with more than $22 billion under management. Its investors include pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe.