GCM Grosvenor to invest up to $100m in energy supplier Vesper Energy

• Vesper Energy’s existing backers include Magnetar Capital
• The investment will expand Vesper Energy’s energy storage projects
• Based in Chicago, GCM Grosvenor has approximately $76 billion in assets under management

GCM Grosvenor has committed to invest up to $100 million in Vesper Energy, a Texas-based developer, owner, and operator of utility-scale renewable energy assets over the next year.

GCM Grosvenor will acquire a minority ownership stake in Vesper Energy.

Vesper Energy’s existing backers include Magnetar 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.

“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 in a statement. “Our joint future developments will leverage strong responsible contractor policies in looking to enhance the value of the portfolio and platform.”

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.

Based in Chicago, GCM Grosvenor has approximately $76 billion in assets under management.