The Carlyle Group to Partner with Alchemy Renewable Energy
New Company to Develop, Finance, Acquire, and Operate Renewable Power Generation Projects in the U.S.
Washington, DC and Springfield, MO – Global investment firm The Carlyle Group (NASDAQ: CG) and renewable energy company Alchemy Renewable Energy today announced that Carlyle, through its newly-established affiliate Cardinal Renewables, has made a $100 million commitment to partner with Alchemy to develop, acquire, finance and operate solar power generation projects throughout the United States.
Founded in 2016, Alchemy provides an innovative full-scope approach to development and tax equity solutions for renewable power generation projects. The Company leverages the expertise and network of its parent company, Monarch Private Capital, which has placed over $1.5 billion of tax credits since 2005. Alchemy will provide asset management services, place tax equity financing, and manage all operations and maintenance services for the renewable power generation projects acquired by Cardinal Renewables.
Since inception, Alchemy has been involved in the successful development, construction and operation of more than 850 MW of renewable energy projects. Alchemy’s current portfolio consists of 38 renewable energy projects in development or operation across eight states.
“Investing in differentiated and proven development platforms is a key focus of our strategy at Carlyle,” said Pooja Goyal, Head of Carlyle’s Renewable and Sustainable Energy Team and Co-Head of Carlyle’s Infrastructure Group. “We are proud to be working with Alchemy’s innovative team, whose current portfolio of projects can help to offset emissions from nearly 100,000 passenger cars annually. We’re confident that our combined capabilities will propel Cardinal Renewables’ growth and drive positive commercial and environmental outcomes.”
Lacie Clark, CEO of Alchemy, said, “We are excited to partner with Carlyle’s best in class Renewable and Sustainable Energy team to drive forward the energy transition. Carlyle’s deep market expertise and long-standing relationships with corporations and utilities will be instrumental to enhancing project value creation.”
Equity capital for the transaction has been committed from Carlyle’s Renewable & Sustainable Energy Fund.
The Carlyle Group
Alchemy Renewable Energy
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $222 billion of assets under management as of September 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.
About Alchemy Renewable Energy
Alchemy Renewable Energy is an industry leader in renewable energy projects as well as comprehensive long-term debt and tax equity financing. The firm utilizes a credentialed team, a strong network of joint ventures, and parent company Monarch Private Capital to support premium mid-size utility-scale renewable energy projects, including solar and biomass power generation. The Company leverages Monarch Private Capital’s tax equity placement services as the final element of its projects’ capital structure. In addition, Alchemy reduces overall project costs and produce higher overall investor returns by eliminating the need to source third-party development and financing support.
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