COSTA MESA, Calif.–(BUSINESS WIRE)–
Solarrus Corporation (“Solarrus”), a leading service provider to the solar, electric vehicle and energy storage markets in North America, today announced a control investment made by funds managed by Oaktree Capital Management, L.P. (“Oaktree”). Oaktree has partnered with Solarrus to provide the Company with the capital and strategic support needed to continue its development as a market leader in the power and energy markets. Terms of the investment were not disclosed.
Solarrus also announced the appointment of Mark McLanahan as CEO. Mr. McLanahan has been a successful entrepreneur in the solar industry for over 10 years and has led high-growth, profitable companies across the international solar value chain.
Bill Klein, Solarrus co-founder and former President and CEO, said, “Oaktree is a highly respected firm with a long and successful track record investing in the solar and power markets. Their commitment gives our customers confidence that Solarrus will have the financial and strategic backing to continue providing the highest levels of service.” Both Mr. Klein and Solarrus co-founder and former Chairman Fred Forster will remain on the company’s board of directors.
Michael Cardito, Managing Director of Oaktree commented, “We are very optimistic about the outlook for renewable energy capacity additions and the growing demand for operations and maintenance (“O&M”) services needed to support this infrastructure. Solarrus has a strong position in the electric vehicle charging station market and we believe this is a nascent industry with enormous growth potential.”
Solarrus is a leading provider of third-party O&M services to the renewable energy and EV industries. Solarrus’s business units, True South Renewables, Inc. (“TSR”) and MaxGen Energy Services (“MaxGen”), together represent the largest independent service provider for solar O&M in North America. The TSR and MaxGen teams have a nationwide footprint to provide plant operations and field maintenance services and currently manage some of the largest operating solar plants in the US. Additionally, Solarrus has unmatched experience with the development, design, installation, and maintenance of electric vehicle service equipment (“EVSE”). As an OEM service provider to many of the manufacturers of EV charging stations, Solarrus has amassed two decades of experience with EVSE installation. Founded in 2009, Solarrus is headquartered in Costa Mesa, CA. For additional information, please visit Solarrus’s website at: http://solarrus.com.
Oaktree is a leading global investment management firm focused on alternative investments, with over $100 billion in assets under management as of September 30, 2015. Oaktree’s Power Opportunities Group invests in profitable, growing companies with innovative products and services used in the energy and power industries. The firm emphasizes a value-oriented and risk-controlled approach to investments. Headquartered in Los Angeles, the firm has over 900 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree’s website at: oaktreecapital.com.