Hudson Clean Energy Partners and Credit Suisse have reached an agreement in principle whereby Credit Suisse, together with its clients and affiliates, will commit at least $300 million to make principal investments in the renewable energy sector through Hudson.
As part of this, John Cavalier, head of Credit Suisses Renewable Energy investment banking practice, will join Hudson as a partner.
In his new capacity, Cavalier will join Neil Auerbach, Hudsons founder, as co-managing partner of the investment platform. Cavalier was formerly chairman of the Energy Group and vice chairman of Investment Banking Department Americas within Credit Suisses Investment Banking division.
Prior to founding Hudson, Auerbach was a partner at Goldman Sachs, where he created and led Goldmans US Alternative Energy investment business and managed over $3 billion in assets for the firm. Auerbach launched Hudson with Daniel Gross and Joseph Slamm, former Goldman colleagues from the US Alternative Energy investment business who are also partnersat Hudson.
“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. We were highly selective in searching for the right team. Hudsons principals have an unparalleled track record of successfully backing the leading companies in the industry. I am highly confident that Hudson will become the premier private equity firm in the clean energy sector for years to come,” says Cavalier.
“We are thrilled to receive such a resounding endorsement through this investment from the leading investment bank in the industry, and I am delighted that John Cavalier has decided to join me in managing the firm. As the leading banker in the renewable energy industry, John brings a wealth of experience and relationships to Hudson that will accelerate our ability to identify and create the best investment opportunities and deliver outstanding investment returns to our limited partners. Our strategic relationship with Credit Suisse promises to be hugely accretive to Hudson. We have already begun to see their impressive pipeline of deal flow,” says Auerbach.
“We are excited about making this strategic investment in Hudson and believe there is a real untapped opportunity in this attractive asset class. The Hudson team brings deep industry experience and an extraordinary investment track record. Offering Hudson Credit Suisses expertise in developed and emerging markets, alternative investments, and renewable energy investment banking, as well as deal flow, adds a significant dimension,” adds Brian Finn, chairman of Alternative Investments at Credit Suisse.