CarVal Investors Lines Up $490 Million for Clean-Energy Fund

(Bloomberg) -- CarVal Investors, a global alternative investment manager, lined up $490 million in commitments for a clean energy fund as investors flock to the fast-growing renewables space.

The fund, which is focused on credit and investment in infrastructure like solar farms and battery storage mainly in North America, exceeded its initial target size of $250 million, according to a statement. CarVal has about $10 billion in assets under management and its CVI Clean Energy Fund received commitments from corporate pension funds, sovereign-wealth funds, private banks and family offices, among others.

Interest in renewables has surged in popularity amid a push to green electric grids. Wind and solar account for a big share of new U.S. power generation -- and the country is contemplating a large investment in infrastructure, including for renewable power.

CarVal has invested more than $2 billion in clean energy since 2017, including for contracted solar.

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