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:
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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