May 4, 2021

CohnReznick Capital Advises CarVal Investors in Raising Tax Equity for a 20MW/3.75MWh DG Solar and Battery Storage Portfolio

Funds managed by CarVal Investors, a global alternative investment manager active in renewables, have closed on tax equity financing for Project Sky, a 20MW/3.75MWh distributed generation solar and battery storage portfolio with assets located in Missouri and Massachusetts. The projects have high-quality 20-30 year offtake agreements and are expected to reach commercial operation in 2021.  The Rockwood Group, via its partnership with Guardian Life Insurance Company of America, provided tax equity financing.

CohnReznick Capital was the exclusive financial advisor to CarVal on the transaction.

This is the first placement in a series designed to support CarVal’s ongoing tax equity needs for its growing 2021 portfolio of renewable energy assets.

CarVal, via its self-managed CVI Clean Energy Fund, has rapidly accelerated its development and strategic acquisition activities, particularly for distributed solar and storage.

“CohnReznick Capital is pleased to have advised CarVal on this transaction, efficiently accelerating their growth plans and strengthening their position as an experienced owner/developer of renewable energy assets,” said Britta von Oesen, CohnReznick Capital Managing Director.

For additional details on this transaction, please contact Britta von Oesen, Managing Director.

About CarVal Investors

CarVal Investors is an established global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, CarVal has invested $126 billion in 5,510 transactions across 82 countries. CarVal has an established history of energy and power investments and is innovative in structuring partnerships in the renewables industry. For more information, visit