Excelsior Renewable Energy Management Company L.P. (the “Adviser”), a Delaware limited partnership formed in July 2017 is an investment advisory firm with its headquarters in Excelsior, Minnesota. The Adviser is also known as Excelsior Energy Capital. The Adviser is led and managed by Christopher Moakley, Anne Marie Denman, Alexander Ellis, and Ryan Fegley (the “Founding Partners” or “Principals”). The Adviser is a private equity firm and invests in renewable energy projects in North America that often require tax equity investments to invest alongside the project. The Adviser provides investment advisory, management and other services on a discretionary basis to private investment funds (each a “Fund” or “Client”, and collectively, the “Funds” or “Clients”), for sophisticated, qualified investors (“Investors” or “Limited Partners”). The general partner or equivalent of each Fund is, or will be, an affiliate of the Adviser (each a “General Partner”). Each General Partner is, or will be, subject to the Investment Advisers Act of 1940, as amended (the “Advisers Act”) pursuant to the Adviser’s registration in accordance with SEC guidance. This Brochure also describes the business practices of the General Partners, which operate as a single advisory business together with the Adviser. The Governing Documents (defined below) of each Client may also provide for the establishment of parallel or other alternative investment vehicles in certain circumstances. Investors may participate in such vehicles for the purposes of certain investments, and if formed, such vehicles would also become Clients of the Adviser. In this Brochure, because it is uncertain whether such additional parallel or alternative investment vehicles will be classified as Clients of the Adviser, when we refer to a Fund or Client, we are also referring to such additional parallel or alternative investment vehicles, if any. The Funds are structured as private equity funds that invest through negotiated transactions in renewable energy projects and related tax equity investments. The private equity funds that invest through renewable energy projects will be referred to as the “Renewables Funds”. The Adviser’s investment advisory services to the Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and achieving dispositions for such investments. The Funds invest in equity in wind and solar power plants and related assets in the United States and Canada with stable, long-term contracted cash flows which the Adviser believes will deliver attractive risk-adjusted returns. The Funds target local markets (e.g., counties, towns), U.S. states and Canadian provinces and regional power markets which enjoy a strong rule of law, clear regulatory regimes and market structures. The Adviser seeks to develop a geographically diverse portfolio of projects across the U.S. and Canada to appropriately manage concentration risk for the Funds. In addition to geographic diversification, the Adviser seeks to diversify around other investment features such as cash flow profiles, majority versus minority ownership, project-level counterparties or offtakers of plants’ power and other products and technologies. The Adviser principally is focused on majority ownership positions but may selectively invest in passive minority positions alongside established partners and with the right controls and governance. The Adviser’s advisory services to the Funds are detailed in the applicable private placement memoranda or

other offering documents, investment management agreements, limited partnership or other operating agreements (each, a “Partnership Agreement”), subscription agreements or similar governing documents (collectively, referred to as the “Governing Documents”), and are further described below under “Item 8. Methods of Analysis, Investment Strategies and Risk of Loss.” While it is anticipated that each of its Clients will follow the strategy described above, the Adviser may tailor the specific advisory services with respect to each Client to the individual investment strategy of that Client. In addition, the Governing Documents of Clients may, in certain limited circumstances, impose restrictions on investing in certain securities or types of securities, for example in connection with regulatory or compliance reasons. Investors in the Funds participate in the overall investment program for the applicable Fund but may be excused from a particular investment due to legal, regulatory or other agreed-upon circumstances pursuant to the relevant Governing Documents. The Funds and the General Partners have, and may in the future, entered into side letters or other similar agreements (“Side Letters”) with certain Investors that have the effect of establishing rights under, or altering or supplementing the terms (including economic or other terms) of, the relevant Governing Documents with respect to such Investors. See also “Side Letters” under Item 8. below. Additionally, from time to time and as permitted by the relevant Governing Documents, the Adviser expects to provide (or to agree to provide) co-investment opportunities (including the opportunity to participate in co-invest vehicles) to Limited Partners, third party co-investors, other Clients or any of their respective affiliates (including, without limitation, one or more successor funds) (“Other Clients”) and/or one or more accounts maintained for the benefit of the Adviser, the Principals, or one or more of their respective affiliates (“Principal Accounts”); provided, however, that any co- investment by any General Partner, any Other Clients or any Principal Accounts not otherwise permitted pursuant to the Governing Documents shall be subject to the prior approval of the Limited Partner advisory committee (“LP Advisory Committee”); and provided further, that any co-investment in any entity by any co-investor shall be made and divested at the same time and upon substantially identical terms and conditions as the investment in such entity by the Renewables Funds, except to the extent that the General Partner, relying on advice from counsel to the General Partner or the Renewables Funds, determines that it is necessary for legal, tax or regulatory reasons for such divestment to be undertaken on different terms and conditions. The Adviser and its affiliates must act in a manner that they consider to be fair, reasonable and equitable in allocating investment opportunities between and among the applicable Renewables Fund and any co- investors. In particular, the Adviser and its affiliates intend to provide the Renewables Funds with first priority allocation of each investment opportunity that the Adviser determines is consistent with the underwriting criteria up to the full amount of its Renewable fund share as is set forth in the Partnership Agreement. Except as provided in the Governing Documents, no Limited Partner has the right to participate in any co-investment opportunities. As of December 31, 2023, the Adviser manages approximately $1,306,786,222 in Client assets on a discretionary basis through the Funds.