Dispatchable Renewables
Dispatchable renewable generation including hydro, geothermal, and pumped storage. — targeting a net IRR of 13–18% across contracted, operator-led energy assets.
Investment thesis
Fund 2 targets dispatchable renewable generation — small and mid-scale hydro, next-generation geothermal, and pumped-storage hydro — assets that generate clean power on demand rather than on a weather-dependent schedule. We underwrite to long-term water rights, resource studies, and interconnection agreements, favoring brownfield sites and repowering opportunities with established operating histories. These assets provide firming capacity that variable renewables cannot.
Target asset types
- Small and mid-scale hydroelectric facilities
- Next-generation geothermal resource development
- Pumped-storage hydro
- Repowering and license renewal of existing dispatchable assets
Cascade Hydro Repowering
A 340 MW run-of-river hydro facility in the Pacific Northwest undergoing turbine repowering under a renewed 30-year FERC license, with contracted output sold under a long-term power purchase agreement to a public utility.
Representative, illustrative profile of the asset type this fund targets. Not an offer, commitment, or existing holding.
Vehicle summary
We size each fund to the durability of its cash flows, not the appetite of the moment. Concentration follows conviction, and conviction follows underwriting.Alzaro Energy Investment Committee
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