Morgan Stanley Infrastructure Partners (MSIP) and Torch Clean Energy (Torch or the Company), a premier U.S.-based utility-scale solar and storage developer, today announced a strategic partnership to expand and transition the Torch platform. MSIP will make a strategic investment in Torch, enabling it to transition from a development platform to an integrated clean power platform with capabilities across development, construction and asset management.

Torch has a demonstrated track record of success, having originated, developed, and sold more than 1.2 gigawatts of renewable power assets in its core markets since its founding. The Company has cultivated close offtaker relationships and has developed a strategic approach to siting and interconnection. Torch has developed deep expertise developing projects throughout the United States, including in two key attractive markets: the Mid-Atlantic (including Virginia), a demand hub for data centers, and the desert Southwest, which has a strong solar resource. Torch believes it is well-positioned to benefit from tailwinds across these two regions given its incumbent position, longstanding relationships and development expertise in markets with a growing need for power.

Jonathan Kilberg, CEO of Torch Clean Energy, said: “We are excited to partner with Morgan Stanley Infrastructure Partners. This partnership gives us the resources and support to scale our operations, enhance our capabilities and continue to deliver real value to our customers. Together, we’re focused on driving innovation, improving efficiency, and meeting the rising demand for clean, reliable energy and capacity.”

Torch’s partnership with MSIP allows the Company to expand upon its value offering to customers as an integrated development and operating platform. MSIP will support the Company’s build-out of construction and operations management, procurement and project finance capabilities, leveraging MSIP’s network and platform resources. This evolution will allow Torch to expand its value offering to customers as an integrated independent power producer.

“We are thrilled to partner with the Torch team through this strategic investment that will support the next phase of their journey, transitioning into an integrated renewable power business,” said Chris Ortega, Head of Americas for MSIP. “We believe Torch is well-positioned to benefit from the industry tailwinds of electrification and data center demand through its differentiated strategy of siting high-value contracted projects in growing markets.”

Latham & Watkins LLP served as legal counsel for Torch Clean Energy, with KeyBanc Capital Markets serving as financial advisor. Simpson Thacher & Bartlett LLP served as legal counsel for MSIP, with Santander serving as financial advisor.

About Torch Clean Energy

Torch Clean Energy is a clean energy and battery storage developer with extensive experience developing, permitting, designing, and building solar, wind, and battery energy storage projects. Torch has originated, developed, and sold 1.2+ GW of renewable power projects. For further information about Torch Clean Energy, please visit www.torchcleanenergy.com.

About Morgan Stanley Infrastructure Partners

Morgan Stanley Infrastructure Partners (MSIP) is a leading global private infrastructure investment platform with approximately $17 billion in assets under management since inception. Founded in 2006, MSIP has invested in a diverse portfolio of over 40 investments across transport, digital infrastructure, energy transition and utilities. MSIP targets assets that provide essential public goods and services with the potential for value creation through active asset management. For further information about Morgan Stanley Infrastructure Partners, please visit www.morganstanley.com/im/infrastructurepartners.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.7 trillion in assets under management or supervision as of December 31, 2024. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.

Morgan Stanley Media Relations Contact: Alyson Barnes Alyson.Barnes@morganstanley.com

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