Pathfinder Clean Energy (PACE) has secured a €100 million convertible bond investment from INFRAGREEN V, the flagship infrastructure fund managed by Paris-based RGREEN INVEST. The deal, announced following a partnership first established in June 2025, is designated to finance the construction of solar and battery storage assets across the UK.
The capital injection builds on RGREEN INVEST’s existing commitment to PACE and signals a deepening of the two firms’ relationship as PACE advances from developer to active constructor of clean energy infrastructure.
PACE receives €100m convertible bond from RGREEN INVEST
INFRAGREEN V is RGREEN INVEST’s flagship infrastructure fund, and this latest commitment represents a meaningful expansion of a relationship that only began in June 2025. What stands out is the pace of the follow-on. Within months of their initial partnership, RGREEN INVEST moved to significantly increase its exposure to PACE’s portfolio.
RGREEN INVEST is a Paris-based, B Corp-certified investment management firm with more than 15 years of experience financing the energy transition. Since inception, it has managed over €2.9 billion and supported more than 3,000 projects, primarily across Europe. The firm describes itself as mission-driven, with a stated purpose of accelerating the energy transition and mitigating climate change.
The proceeds from the convertible bond are primarily earmarked for construction activity over the next two years. PACE will use the capital to advance its solar and battery storage assets across the UK, with a portion also directed toward its clean data center development pipeline.
Why RGREEN INVEST increased its commitment to PACE
The decision to expand the investment was deliberate. Nicolas Rochon, Founder and CEO of RGREEN INVEST, pointed directly to PACE’s track record. “PACE has demonstrated exactly the kind of disciplined execution and pipeline quality that merits our continued and increased support,” he said, adding that the move reflects confidence in the team and a shared commitment to financial sustainability and the global energy transition.
A key factor in that confidence appears to be PACE’s in-house engineering and asset management team. Rather than outsourcing construction, PACE retains internal expertise across the full project lifecycle—an approach RGREEN INVEST views as a quality differentiator, one that supports deeper asset understanding and stronger operational performance over time.
PACE has also undergone a meaningful structural shift, transitioning from a pure development business into an active constructor and operator of clean energy assets. That evolution appears to have been central to RGREEN INVEST’s decision to deepen its financial commitment at this stage.
Assets and projects the funding will support
The capital will help finance construction of nearly 400 MWp of solar and over 200 MW of battery energy storage. These are not speculative assets. Much of the portfolio already carries secured revenue support from the UK government.
PACE holds eight UK projects totaling 250 MWp with inflation-linked Contracts for Difference (CfDs) secured through the UK government’s AR7a allocation round. CfDs provide long-term price certainty for clean energy generators, reducing revenue risk during the construction and early operational phases. That government-backed foundation gives the build programme a degree of stability that purely merchant projects rarely enjoy.
The portfolio is built around a co-location strategy, pairing solar PV installations with battery energy storage systems (BESS) on the same sites. This allows generators to capture value from both energy production and grid balancing services, improving the overall economics of each project. Beyond the core solar and storage pipeline, the funding will also advance PACE’s clean data center development work—a sign the company is positioning itself at the intersection of energy and digital infrastructure.
Background: PACE’s broader pipeline and market position
PACE was founded in 2017 and has grown into a multi-market clean infrastructure developer and investor. Its team operates across the UK, continental Europe, Canada, and New Zealand, and the company claims a global development pipeline exceeding 3 GW across domestic and international markets.
The company combines what it describes as over 100 years of collective clean energy experience with AI-integrated proprietary technology. That platform is designed to accelerate project development and support efficient in-house construction delivery — a combination the firm says creates a route to deploying capital at scale across multiple markets.
Rob Denman, Managing Director at PACE, framed the investment as validation of the company’s direction. “We have transitioned from a development business into an active constructor and operator of clean energy assets, and this additional capital allows us to shift gears across our solar and co-located battery storage portfolio,” he said. He also pointed to PACE’s permitted pipeline and experienced team as advantages in navigating the UK’s demanding clean infrastructure delivery environment.
A stable revenue foundation
The €100 million convertible bond from INFRAGREEN V gives PACE the financial capacity to move its UK solar and battery storage portfolio through construction over the next two years. Eight projects totaling 250 MWp already hold government-backed CfDs, providing a stable revenue foundation for the build program.
RGREEN INVEST’s decision to expand its commitment — just months after the initial partnership formed — reflects confidence in PACE’s execution capability and pipeline quality. For RGREEN INVEST, the deal advances its core mission of financing the energy transition across Europe and beyond. The two firms are now targeting nearly 400 MWp of solar, over 200 MW of battery storage, and additional development work in clean data centres.
Kelly is an experienced writer with 15 years of experience exploring the big stories that shape our world, from tech breakthroughs and space exploration to climate, energy, and the fascinating quirks of science. She has a talent for turning complex ideas into sharp, memorable insights that stay with readers long after they’ve finished reading.
