News Releases

Baker Botts Represents Verogy in Sale of Minority Stake to CarVal


Deal Description: On April 29, 2022, Verogy Holdings, LLC (“Verogy”) sold a minority stake in its business to affiliate funds managed by CarVal Investors, L.P. (“CarVal”). Verogy’s founding management team will continue in their roles and will also maintain a significant equity stake in Verogy. The transaction is structured as a sale of preferred membership interests in Verogy.

In connection with the minority sale, Verogy and CarVal also entered into a joint venture wherein CarVal agreed to make capital contributions to purchase up to 500 megawatts of solar and battery storage projects throughout the United States.

Verogy, headquartered in Connecticut, is a leading, vertically integrated solar developer focused on the commercial, industrial and small utility-scale segments.

Baker Botts represented Verogy in the transaction.

The Baker Botts Lawyers/Offices Involved:

Corporate: Jon Platt (Partner, Dallas), Natasha Gandhi (Senior Associate, Dallas), Trevor LaBarge (Associate, Dallas) and Trevor Borg (Associate, Dallas)

Global Projects: Kyle Hayes (Special Counsel, New York), Megan Lawhorne (Associate, Washington, D.C.) and Kyle Doherty (Senior Associate, Houston)

Tax: Steve Marcus (Partner, Dallas), Mike Bresson (Partner, Houston), Snow Rui (Associate, Dallas) and Jason Loden (Partner, Dallas)

Environmental: Aileen Hooks (Senior Counsel, Austin)

Regulatory: Emil Barth (Partner, Washington, D.C.)

Real Estate: Dan Kruger (Partner, Washington, D.C.)

Finance: Taylor Courtade (Associate, Dallas)

To read the press release regarding this transaction, please click here.

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