Karbone Capital Markets Advises Cathartes on Sale of Massachusetts Solar Asset to Goldman Sachs Renewable Power
NEW YORK: Cathartes, a Boston-based private real estate company, recently sold its stake in Westford Solar, a 4.5-megawatt (MW) operating SREC I asset located in Middlesex County, MA. The asset, which has been running since 2012, supplies power to a financial institution as well as two large universities in Massachusetts.
Karbone Capital Markets was the exclusive adviser to Cathartes and coordinated a comprehensive two-step auction process ahead of securing a buyer.
“As we rapidly expand our business, we are pleased to have worked with the veteran Cathartes team throughout the course of this transaction. The group’s professionalism and persistence allowed for an excellent collaboration with and sale to Goldman Sachs Renewable Power LLC, which is managed by the GSAM Renewable Power Group,” said Greg Owens, Vice President at Karbone Capital Markets.
About Karbone Capital Markets:
Karbone Capital Markets (“KCM”), a rapidly growing subsidiary of Karbone Inc., provides investment banking services in the clean energy sector, in areas of M&A, recapitalization, and capital raising of debt, sponsor equity, and tax equity. KCM is currently actively engaged in several sell-side mandates and tax equity advisory engagements. Our growing team leverages the greater Karbone platform for access to energy market, PPA transactions, and research capabilities. Securities are offered through Karbone Capital Markets LLC, a Delaware LLC. The firm is a member of FINRA and SIPC and is registered as a broker dealer with the SEC.
Cathartes is a Boston-based private real estate firm with nearly one billion in investments across the Northeast. With every project, Cathartes strives to meet the evolving needs of an ever-changing society with purposeful spaces that promote smart living. Cathartes is dedicated to developing environments that bring together work-life balance, wellness, sustainability and community engagement.
The company’s projects range from a five-acre, 400,000 square foot mixed-use development that includes hotels, restaurants, and residences, to a transformed industrial space converted to a hive of creative commerce where business, arts and sciences come together, to one of the largest solar plants in Massachusetts that produces enough clean energy to power more than 600 homes, which was recently sold to Goldman Sachs Asset Management.
Each project is chosen by relying on 25 years of extensive industry experience and a sophisticated knowledge of a broad range of property types, including mixed-use, multi- family, hotel, office, industrial, retail, and specialized technology. The result is over two decades of above-market returns, revitalized urban communities and improved quality of life for residents and businesses.
About GSAM Renewable Power Group:
The Goldman Sachs Asset Management (GSAM) Renewable Power Group is comprised of investment professionals with leading industry expertise across transaction sourcing, financial analysis, power markets and physical asset analysis and operations. The team takes a long-term ownership approach to the operations and management of renewable assets and benefits from Goldman Sachs’ extensive network of relationships, leading institutional infrastructure and in-house industry knowledge and experience. The group is part of GSAM, one of the world’s leading asset managers with more than $1 trillion in assets under supervision globally as of June 30, 2019.