Eversheds Sutherland Advises Vesper Energy and Magnetar Capital In Connection with GCM Grosvenor Joining Vesper Energy as New Strategic Partner

Vesper Energy, a developer, owner, and operator of utility-scale renewable energy assets, announced yesterday 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.

The Eversheds Sutherland team included partners Thomas Warren and Michael Gurion and associate Katie Wymer Clarke, with assistance from partner Wes Sheumaker, counsel Frank Comparetto and associate Jeremy Andreades.

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