FOR IMMEDIATE RELEASE – Atlanta, Georgia, March 24, 2023 – Funds managed by AB CarVal Investors L.P. (AB CarVal) have acquired 100% of SolAmerica Energy Holdings, LLC (SolAmerica), an industry leader in the development, engineering, and construction of distributed generation solar power and energy storage projects. SolAmerica has successfully developed or constructed projects in 15 states and is actively developing solar power and storage projects in 19 states. AB CarVal is an established investor in clean energy projects globally.
Tully Blalock, who was promoted to serve as SolAmerica’s CEO effective January 1, 2023, and the existing SolAmerica management team will continue to lead the company following the sale. “AB CarVal has a strong reputation as a clean energy partner and investor across the U.S. and abroad,” said Blalock. “Our team is excited to have a partner with such financial strength and expertise in clean energy to help SolAmerica accelerate its delivery of low-cost solar power to local communities and businesses across the country.”
“Clean energy is the fastest growing source of new energy in the U.S. today. Within the sector, solar power and storage has grown rapidly and we are pleased to provide funding to SolAmerica at this stage in their growth plan,” said Jerry Keefe, principal at AB CarVal. “SolAmerica helps us strategically approach new opportunities in this market and with the team they have in place is well-positioned to play a strong role in the clean energy transition.”
About SolAmerica
SolAmerica is a leading provider of turnkey solar energy and storage solutions. The company specializes in the development and engineering, procurement, and construction (EPC) of ground-mount, rooftop, and parking canopy solar systems designed to provide solar energy to utilities, communities, and large commercial and industrial facilities. SolAmerica relies on substantial industry expertise, best-in-class materials, operational excellence, and highly competitive pricing. Since its founding in 2009, SolAmerica has developed or constructed hundreds of megawatts of solar projects in 15 states and over 100 counties. For more information, please visit www.solamericaenergy.com.
About AB CarVal
AB CarVal is an established global alternative investment manager. Since 1987, AB CarVal’s team has navigated through ever-changing credit market cycles, opportunistically investing $142 billion in 5,675 transactions across 82 countries. Today, AB CarVal has approximately $16 billion* in assets under management in corporate securities, loan portfolios, structured credit and hard assets. Since 2017, AB CarVal has deployed over $3 billion in clean energy investments. For more information, please visit www.abcarval.com.
