New Company to Develop, Finance, Acquire, and Operate Renewable Power Generation Projects in the U.S.

“Washington, DC and Springfield, MO – Global investment firm The Carlyle Group (NASDAQ: CG) and renewable energy company Alchemy Renewable Energy today announced that Carlyle, through its newly-established affiliate Cardinal Renewables, has made a $100 million commitment to partner with Alchemy to develop, acquire, finance and operate solar power generation projects throughout the United States.

Founded in 2016, Alchemy provides an innovative full-scope approach to development and tax equity solutions for renewable power generation projects. The Company leverages the expertise and network of its parent company, Monarch Private Capital, which has placed over $1.5 billion of tax credits since 2005. Alchemy will provide asset management services, place tax equity financing, and manage all operations and maintenance services for the renewable power generation projects acquired by Cardinal Renewables.”

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Full News Release