New partnership, supports growing clean energy marketplace with up to $1 billion available to acquire and invest in solar projects
CleanCapital, a fintech company that makes it easy to invest in clean energy, and CarVal Investors, a leading global alternative investment fund manager, today announced a new $250 million equity partnership that, including debt financing, enables the acquisition of up to $1 billion of clean energy assets. This partnership harnesses CarVal's expertise across different asset classes and creates an opportunity to define clean energy as an investment-ready opportunity. To date, the CleanCapital team, founded by Jon Powers, Thomas Byrne, and Marc Garrett, has acquired nearly $100 million of operating solar projects. Their proprietary platform streamlines and expedites due diligence and analysis, allowing complex deals to close in less than 60 days.
The solar industry is on track to reach over 100GW of capacity by 2023; however, the flow of capital within the space remains largely stagnant. CarVal has a successful track record of leveraging the securitization market to enhance returns and tapping capital markets to broaden investable opportunities. This expertise will allow CleanCapital to bring much-needed liquidity to the historically capital-inefficient clean energy marketplace.
"CleanCapital's approach is game-changing for accelerating investments in a sustainable energy future for America," said Jerry Keefe, principal at CarVal Investors. "Their proprietary methodology to acquire solar assets takes what was once a complex and cumbersome process and makes it simple and secure for developers. We believe these assets have the potential to be solid, high-performing investments with predictable cash flows for investors. We're excited to partner with CleanCapital as they continue to grow the clean energy economy and bring much-needed capital to the sector."
"As the investment needs in renewables grow, broader participation from institutional investors is critical to transition from fossil fuels to a clean energy economy. This substantial capital commitment multiplies our ability to provide project owners with opportunities to successfully exit their portfolios. I'm convinced that the flow of capital into clean energy is irrepressible, and this deal is one more step in unlocking the billions of dollars of untapped capital sources that have been absent from this sector," said Thomas Byrne, Co-founder and Chief Executive Officer of CleanCapital. "Partnering with CarVal Investors, one of the most dynamic and innovative capital partners in the market, increases the resources and experience to accelerate toward that goal."
CleanCapital was connected to CarVal through Finitive, a financial technology platform providing institutional investors with access to alternative lending investments.
"Using its proprietary financial technology platform, CleanCapital has established a leadership role in the acquisition of solar renewable assets. We are excited that CleanCapital and CarVal have partnered to further accelerate the growth of CleanCapital's portfolio. With this partnership and the capital provided by CarVal, CleanCapital will be able to achieve its acquisition goals for the near and medium term," said Jon Barlow, Executive Chairman and founder of Finitive.
CleanCapital is a financial technology company that makes it easy to invest in clean energy. They deliver technology solutions to all aspects of the transaction process—from lending to capital raising, origination to diligence. The proprietary technology platform identifies, screens, and manages clean energy projects enabling project owners an opportunity to exit their portfolios while providing accredited investors, including institutional investors, family offices, and investment funds, unique access to the clean energy investment market.
Founded in 2015, CleanCapital is a financial technology company that makes it easy to invest in clean energy. CleanCapital has built a proprietary technology platform that identifies, screens, and manages clean energy projects enabling project owners an opportunity to exit their portfolios while providing accredited investors, including institutional investors, family offices, and investment funds, unique access to the clean energy investment market. Stay up to date on the evolving market of clean energy finance by following the company on Twitter or Facebook or connecting via LinkedIn. Learn more at http://www.cleancapital.com.
About CarVal Investors
CarVal Investors is a leading global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, CarVal has invested $103 billion in 5,300 transactions across 79 countries. CarVal has a history of successful energy and power investments and is innovative in structuring partnerships in the renewables industry. For more information, visit www.carvalinvestors.com.
Finitive is a financial technology platform providing institutional investors with turnkey, zero-fee access to alternative lending investments. Its highly selective process, world-class investment team, and unique platform efficiently deliver capital to its originator partners. Through Finitive, institutional investors access a multi-trillion-dollar market that encompasses a broad spectrum of non-bank lending sectors, including specialty finance, online lending, marketplace lending, and private credit funds. Finitive's originator partners gain efficient access to a global network of investors who are actively allocating to alternative lending. All regulated activities are conducted through North Capital Private Securities, member FINRA/SIPC. For additional information, please visit Finitive's website at www.finitive.com.