Victory Capital Holdings Inc. (Nasdaq: VCTR) is buying New Energy Capital Partners. The latter is a alternative asset management firm that focuses on debt and equity investments in clean energy infrastructure projects and companies.
“Launching an alternative investment platform creates an additional path for future growth,” says Victory Capital CEO David Brown.
“Since we launched our first fund 17 years ago, the clean energy sector has substantially matured,” says NEC founder and CEO Scott Brown. “Technology advancements have led to material declines in production costs and the industry’s economics have now reached a tipping point. This—coupled with increasing attention on climate change and rapidly evolving government standards—bodes well for solar, wind, and hydro technologies to increase their respective shares of the growing electrical generation market.”
BofA Securities and Willkie Farr & Gallagher LLP are advising Victory Capital. UBS and Choate Hall & Stewart LLP are advising NEC.