GCM Grosvenor to Join Vesper Energy as New Strategic Partner

Rhea-AI Summary

Vesper Energy secures $100 million investment from GCM Grosvenor, expanding its renewable energy portfolio

Positive

• GCM Grosvenor commits to invest up to $100 million in Vesper Energy over the next 12 months
• Vesper Energy's portfolio of utility-scale solar and energy storage projects will be advanced
• Vesper Energy has a 17 GW pipeline of solar and energy storage projects in North America

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• None.

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