CarVal Investors has completed the final closing of its CVI Clean Energy Fund (CEF) with $490 million in total capital commitments, exceeding its initial target size of $250 million.
Commitments came from both new and existing limited partners, including corporate pension funds, sovereign wealth funds, private banks, endowment, foundations, fund-of-funds, family offices and high-net-worth individuals.
CarVal said CEF is a continuation of CarVal’s platform for renewable energy private debt transactions, including contracted solar projects, battery energy storage and energy efficiency-related investments. The fund is focused on credit and hard-asset investments in the clean energy sector, primarily in North America.
“The close of CVI Clean Energy Fund enables us to ramp up our capital deployment in renewable energy and fund projects that meet our risk and return criteria,” said Jody Gunderson, managing principal for CarVal Investors. “CarVal Investors has