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A clean energy company now has a market cap rivaling ExxonMobil

The news last week that NextEra Energy, a U.S. utility and renewable energy company, briefly overtook ExxonMobil and Saudi Aramco to become the world’s most valuable energy producer shows just how valuable sustainable businesses have become. It’s yet another proof point that there are billions of dollars available for companies focused on renewable energy alone — and a sign that, finally, the floodgates may be about to open for companies that build their businesses to service a sustainability revolution.
Large money managers are already returning to investing in earlier stage sustainability investments after an extended hiatus. These are institutional investors like the Canadian Pension Plan Investment Board and Caisse de depot et placement du Quebec, which could commit billions between them to technologies focused on mitigating the impacts of climate change or reducing greenhouse gas emissions across industries. The flood of dollars into renewable energy and sustainable technologies actually began in the first quarter of the year.
Some of the largest private equity funds in the U.S. like Blackstone (with $571 billion in assets under management), announced a flood of investments into renewable power generation and storage. Blackstone alone invested nearly $1 billion into Altus Power Generation, a renewable energy developer, and NRStor, an energy storage company; while Generate Capital raised $1 billion for renewable energy infrastructure projects; and Warburg Pincus (with over $50 billion in assets under management) backed Scale Microgrids, which developed clean energy and storage projects, with another $300 million. In March, the Canadian Pension Plan Investment Board closed its investment in Pattern Energy Group, a $6.1 billion transaction that gave the massive money manager ownership of a renewable power project owner and developer with assets across North America and Japan.
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