CarVal Investors, L.P., an alternative asset manager with $14 billion in assets under management, has acquired a minority stake in Verogy, a solar developer. The partnership creates a pool of capital available for the development of 500 megawatts of solar projects.
“It’s difficult to overstate how excited we are about partnering with CarVal,” said Will Herchel, Verogy’s CEO. “This partnership meaningfully expands Verogy’s ability to develop, build and own projects for our clients for the foreseeable future, and partners us with a savvy, sophisticated capital provider for the long haul.”
Javelin Capital served as financial advisor and Baker Botts LLP served as legal counsel to Verogy. Marathon Capital served as financial advisor and Morgan, Lewis & Bockius LLP served as legal counsel to CarVal.