IRVING,
Texas, Sept. 13, 2023 /PRNewswire/ -- Vesper
Energy, a developer, owner, and operator of utility-scale renewable
energy assets, announced today that GCM Grosvenor (NASDAQ:
GCMG) has committed to invest up to $100
million in Vesper Energy over the next 12 months and acquire
a minority ownership stake in the company. GCM Grosvenor, a global
alternative asset management solutions provider, joins the existing
investor group for Vesper Energy, led by Magnetar Capital
("Magnetar"), an alternative asset manager.
GCM Grosvenor's investment is part of its Infrastructure
Advantage Strategy, which focuses on unlocking value in
infrastructure through close partnership between labor, government,
and private capital. The investment will advance Vesper Energy's
growing portfolio of utility-scale solar, solar and energy storage,
and standalone energy storage projects. Vesper Energy currently has
a 17 GW pipeline of solar and energy storage projects in
North America, including 1.5 GW of
de-risked, advanced-stage assets in the high-growth energy markets
of CAISO, ERCOT, PJM, and MISO.
"This partnership represents an exciting development for
Vesper," said Vesper Energy President and Chief Executive Officer
Craig Carson. "We look forward to
combining our experienced team and a growing pipeline of renewable
energy projects with the strength of our partners at Magnetar and
GCM Grosvenor to further accelerate the execution of our strategic
business plan."
"We believe the Vesper Energy management team is uniquely
positioned to capitalize on a significant clean energy market
opportunity given their proven track record of developing,
operating, and commercializing utility-scale carbon-free generation
and energy storage facilities," said GCM Grosvenor Managing
Director Matt Rinklin. "Our joint
future developments will leverage strong responsible contractor
policies in looking to enhance the value of the portfolio and
platform."
"Since our initial investment in 2020, we have continued to be
very excited about Vesper's growth," said Head of Energy &
Infrastructure at Magnetar Eric Scheyer. "Over the last three
years, we have worked closely with Vesper to successfully grow
their team, advance their project pipeline and backlog, and expand
the platform's capabilities. We look forward to further
accelerating Vesper's growth alongside GCM Grosvenor as a new
partner in the business."
Thorndike Landing, LLC acted as GCM Grosvenor's financial
advisor on the transaction with Allen & Overy acting as its
legal advisor. Vesper Energy's and Magnetar's financial advisors
were BofA Securities and Marathon Capital with Eversheds Sutherland
acting as legal advisor.
About Vesper Energy
Vesper Energy provides innovative
solutions to today's complex energy challenges. Headquartered in
the greater Dallas area, Vesper
Energy is comprised of professionals who have collectively
delivered more than 10 GW of renewable energy projects globally.
Today, our pipeline includes over 55 renewable energy and energy
storage projects with a generating capacity of 17 GW; enough to
power more than 2 million homes. Working with their customers,
communities, and business partners, Vesper Energy develops, owns,
and operates renewable energy projects across the United States with the goal to build a
better energy infrastructure.
About GCM Grosvenor
GCM Grosvenor (NASDAQ: GCMG) is a
global alternative asset management solutions provider with
approximately $76 billion in assets
under management across private equity, infrastructure, real
estate, credit, and absolute return investment strategies. The firm
has specialized in alternatives for more than 50 years and is
dedicated to delivering value for clients by leveraging its
cross-asset class and flexible investment platform.
GCM Grosvenor's experienced team of approximately 530
professionals serves a global client base of institutional and
high-net-worth investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong
Kong, Seoul and
Sydney. For more information,
visit: www.gcmgrosvenor.com.
GCM Grosvenor's Infrastructure Advantage Strategy seeks to
originate and execute infrastructure projects that leverage the
inclusion of union labor as a contributing factor to enabling
attractive risk-adjusted returns. The goal of the strategy is to
find attractive infrastructure investment opportunities that can be
unlocked through close cooperation across labor, government, and
private capital. For more information, visit:
https://www.gcmgrosvenor.com/infrastructure-advantage-strategy.
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SOURCE Vesper Energy