GCM Grosvenor has committed to invest up to $100 million over the next 12 months in Vesper Energy, a developer, owner and operator of utility-scale renewable energy assets. A global alternative asset management solutions provider, GCM Grosvenor will acquire a minority ownership stake in Vesper Energy and will join the existing investor group for the company led by Magnetar Capital, an alternative asset manager.
GCM Grosvenor’s investment is part of its focus 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.
“Since our initial investment in 2020, we have continued to be very excited about Vesper’s growth,” says Eric Scheyer, head of energy & infrastructure at Magnetar. “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.