Oaktree takes control of solar O&M services co Solarrus
January 20 – Oaktree Capital Management LP has taken control of Solarrus Corp, a California-based provider of third-party operation and maintenance (O&M) services to the renewable energy and electric vehicle industries.
The parties announced on Wednesday that funds managed by Oaktree have made a control investment in Solarrus, without disclosing the exact size of the investment or the acquired stake.
Through its units True South Renewables Inc (TSR) and MaxGen Energy Services, Solarrus offers plant operations and field maintenance services to solar power plants in North America.
“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,” said Michael Cardito, managing director of Oaktree.
Following the transaction, Mark McLanahan will replace Bill Klein as CEO of Solarrus. Klein, who is a co-founder of the company and its former president, will retain his seat on the firm’s board of directors.
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