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ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

Kendall Sustainable
Infrastructure, LLC

Total Assets Under Management: $100 – 499M
Asset Class: Private Equity
Clean Technology, Alternative Energy & Climate Change
Natural Resources and Conservation
Water and Sanitation

Firm Overview

Category: (None)
Kendall Sustainable Infrastructure is an investment firm dedicated to building and owning renewable energy projects for their consistent cash flows and for their direct and positive environmental and social impact. We are currently building a portfolio of solar energy projects, and we also consider wind, hydropower, geothermal and other renewable energy projects. The principals of Kendall Sustainable have over twenty years of combined energy and private investing experience. We typically work with strong regional renewable energy developers to advance projects to a construction ready stage, and then acquire full ownership of the assets just prior to construction. We finance and build out projects and then own them for their long-term, consistent cash yields. Our investment vehicles are Delaware limited partnerships, structured with competitive and investor-favored private equity terms and conditions. Kendall Sustainable Infrastructure is an affiliate of Kendall Investments, LLC, a private equity firm founded in 2004.
Firm Headquarters: US & Canada
Years of Operation: 10 years or more
Total Assets Under Management:
$100 – 499M
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: Less than 25%
Investment Thesis:
Kendall Sustainable Infrastructure invests in renewable energy projects for their long-term cash flows. We plan quarterly cash distributions to limited partners and expect a portfolio sale of our operating assets to a strategic buyer. We seek to mitigate or eliminate risk at every stage of our investment process. The projects that we invest in use proven technology. We use only tier one, fully warrantied equipment. We also avoid commodity volatility by investing only in projects, such as solar energy projects, that have no feedstock or commodity input, and no carbon output. We invest in the "distributed generation" market, where projects are larger than residential rooftops, but smaller than utility scale projects. We invest only when projects have in place long-term contracts for the purchase of all of their output. We are not project developers seeking to originate and re-sell projects. The result is a portfolio of mid-sized projects that generate consistent annual cash from operations, which is intended to be distributed quarterly to investors.
Investment Overview:

Investment Example

One example of an investment that we have completed is a portfolio of community solar arrays in a NorthEast state. At this point, five projects are built and billing for power or in construction. We are in the process of building an additional 40 to 50 similar projects. The projects are ground-mounted solar projects and are 203 kW DC each. They take up about an acre of land each, and provide enough energy for approximately 30 households. The projects are "virtual net-metered." They sell all of their power directly into the grid, which creates credits. Ratepayers then pay for those credits to offset their electric bills. Our projects:

1) earn an attractive return for our investors
2) provide clean, safe and cost-effective power to the communities they serve
3) offset the use of coal, natural gas, nuclear and other potentially harmful sources of electric power
4) have a direct and positive impact on the environment.

Leadership and Team

Cumulative Leadership Experience in Investing:
20 – 29 years
Cumulative Impact Experience of Top Three Firm Leaders:
10 – 19 years
Ken Lehman – Managing Director More Info

Mr. Lehman currently serves as Managing Director of Kendall Investments and Kendall Sustainable Infrastructure. He has been with Kendall Investments since its inception in 2004. Mr. Lehman’s work includes deal sourcing, due diligence, negotiation and ongoing asset management. Prior to Kendall, Mr. Lehman’s work includes experience at private equity management company BDC Financial, Inc. and at the law firm of Skadden, Arps, Slate, Meagher & Flom, LLP. Mr. Lehman’s experience includes work as an attorney, an investor and an asset manager. Mr. Lehman holds a J.D. from Columbia University School of Law, an M.A. from Harvard University and a B.A. from Dartmouth College.

John Chaimanis – Managing Director More Info

Mr. Chaimanis is a Managing Director of Kendall Sustainable Infrastructure. He joined the firm in 2012. His work focuses on all aspects of the business including deal sourcing, financial structuring and asset management. Prior to Kendall, Mr. Chaimanis worked with a subsidiary of Edison International in California where he developed and acquired over $500M of energy projects, installing 250MW of renewable energy assets. Mr. Chaimanis is published and has lectured to universities on the topic of energy markets and renewables. Prior to his career in energy, Mr. Chaimanis founded a charter school. Mr. Chaimanis holds an M.B.A. from Babson College, and a B.S. in Finance from Villanova University. He has earned certification from US SIF for Sustainable and Responsible Investing (SRI).

Percentage of Investment Professionals who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
Less than 25%
Percentage of Management Team who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
Less than 25%

Financial Performance

Target Financial Returns Relative to Benchmark:
Above Market Rates
Actual Performance Relative to Target Financial Returns in the Past Three Years:
Over-delivered compared to initial target returns
Financial Reporting Frequency to Investors or Donors

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
25% – 49%
Primary Impact Outcomes:
Addressing climate change and environmental issues
Value-added Services Offered:
Access to markets

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:
Kendall Sustainable Infrastructure invests only in renewable energy projects with positive environmental impact. Our projects have no fossil input or emissions. Instead, they create power from non-depletable natural resources, typically sunlight or wind. We do not invest in projects that use coal, oil, natural gas, uranium, biofuels or other products in order to create power. The result is that our projects offset traditional power production and replace it with clean, renewable and sustainable infrastructure assets that will produce power for decades into the future. Each project generates and support new "green collar" jobs throughout its lifecycle. Wherever possible, we hire and source local labor and materials.

Investments systematically include social and environmental sustainability practices in the due diligence process:
Kendall Sustainable Infrastructure I invests in energy producing assets, not in companies. As a result, we do not own equity in companies with employees, employment policies, physical office space, recycling policies or many other indicia of social responsibility. Our investments consist of projects that produce direct and positive environmental impacts and serve their communities and the world's environment by responsibly created clean, renewable power. That said, we partner with developers and EPC firms. KSI evaluates our partners and attempts to work with mission driven organizations and B-Corps.

Impact Tracking and Monitoring

Impact is Tracked:
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes - on regular basis (annual or quarterly)
Third Party Validations:
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing

Learn More

Key Contact Name: Ken Lehman
Phone: 001-617-374-3707
Mailing Address:
6 University Road
Cambridge, MA 02138

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