Distressed and credit-intensive asset-focused CarVal Investors has soared to a $490m final close for its CVI Clean Energy Fund, almost double its initial target.
CarVal had hoped to raise $250m for CEF, which will target credit and hard-asset investments in the clean energy sector, primarily in North America.
CEF is a continuation of CarVal’s platform for renewable energy private debt transactions, including contracted solar projects, battery energy storage and energy efficiency-related investments.
Lucas Detor, a managing principal of CarVal Investors, said, “This is an exciting opportunity for us to find attractive projects and partner with innovative companies in the clean energy space.
“We believe the timing of CEF is opportune as we are seeing exponential growth in this sector with a deep pipeline of interesting opportunities.”
Jody Gunderson, a managing principal overseeing CEF, added, “The close of CVI Clean Energy Fund enables us to ramp up our capital deployment in renewable energy and fund projects that meet our risk and return criteria.
“CarVal Investors has invested over $2bn in clean energy since 2017, making this a significant and successful part of CarVal’s business.”
Schulte Roth & Zabel served as legal counsel to CarVal.
CarVal currently has about $10bn under managemement across corporate securities, loan portfolios, structured credit and hard assets.
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