Credit Suisse to Invest $300M in Renewables
Credit Suisse and its partners will invest at least $300 million in the renewable energy sector through private equity firm Hudson Clean Energy Partners.
As part of the deal between Credit Suisse and Hudson, John Cavalier, the head of the bank's renewable energy investment banking practice, will join Hudson as a partner. Hudson is a private equity firm that invests in the clean energy market.
"Credit Suisse has been looking to invest its own capital in renewable energy for a long time, and the firm has been supportive of my desire to transition from investment banking to principal investing in the sector," Cavalier said. "We were highly selective in searching for the right team."
Cavalier joins Neil Auerbach, Hudson's co-founder and former partner at Goldman Sachs. While at Goldman Sachs, Auerbach managed more than $3 billion in assets and created its U.S. alternative energy investment business.
It is the second time in as many weeks that a large financial services company signaled a multi-million dollar commitment to the sector. Last week, HSBC said it would investing pay $200 million for a 49 percent stake in Partnerships for Renewables, a group set up by Carbon Trust to put renewable energy projects on public land in the United Kingdom.