Veteran energy executive to lead power platform focused on reliable, scalable and diversified power solutions

LOS ANGELES--(BUSINESS WIRE)--

Permanent Power Company, a platform formed to own, operate and expand power assets across the United States, announced today that Steve Vavrik has been appointed Chief Executive Officer. As CEO of the CIM Group portfolio company, he will lead Permanent Power Company’s business strategy, identify and evaluate strategic opportunities, and work closely with the firm’s investments, development, capital markets and other operational functions to support the company’s continued growth.

Mr. Vavrik brings more than 25 years of experience across power plant development, operations, finance and trading, with leadership roles spanning natural gas, wind, solar and battery storage. He was the Founder and CEO of Broad Reach Power and CEO of Earthrise Energy and has successfully managed operating thermal and renewable power plants, developed more than $8 billion of solar, wind and battery projects, and helped scale energy companies from startup platforms to industry leaders.

Permanent Power Company builds upon CIM Group’s energy platform, with an initial portfolio that includes approximately 1,200 MW of solar photovoltaic capacity, 690 MW of battery storage capacity and 15 miles of transmission infrastructure in California. The company is focused on energy reliability through long-term ownership, operation and expansion of power assets, including seeking projects located in qualified rural Opportunity Zones across the United States.

“Steve’s deep experience building and operating power platforms across renewable and conventional markets, combined with his demonstrated track record in capital formation, project development and strategic execution, makes him well-suited to lead Permanent Power Company as it pursues opportunities to address the nation’s growing need for reliable and diversified power,” said Avi Shemesh, Co-Founder and Principal of CIM Group. “Permanent Power Company is intended to be a scalable operating enterprise that benefits from CIM’s long history of developing, owning and operating real assets and from the specialized expertise required to compete in today’s power markets.”

Permanent Power Company is another example of CIM Group’s approach to building portfolio companies by pairing experienced sector leadership with CIM’s capital, development expertise and integrated operating capabilities. CIM has applied a similar model with Novva Data Centers, a purpose-built data center platform serving AI, cloud and enterprise deployments.

“I am excited to join Permanent Power Company at a time when communities and markets are seeking to meet their growing energy demands through flexible and reliable solutions,” said Steve Vavrik, Chief Executive Officer of Permanent Power Company. “CIM Group has assembled a strong foundation of power assets and operating capabilities, and I look forward to working with CIM and the Permanent Power Company team to scale a platform that can pursue strategic opportunities, support customers’ evolving energy needs and create long-term value.”

About Permanent Power Company

Permanent Power Company is a CIM-backed energy holdings platform currently held by CIM affiliates and managed accounts and formed to capitalize on long term, secular trends within the U.S. energy markets, including the continued demand for reliable, diversified power generation and related infrastructure. Permanent Power Company owns a portfolio of operating solar and storage projects, together with a development pipeline of projects that are expected to qualify for applicable solar tax credits and to generate revenue pursuant to offtaker agreements that have been executed or are in active negotiation. Permanent Power Company is expected to continue to pursue opportunities in a broader pipeline of renewable energy and non-renewable power assets over the long term, including assets located in Opportunity Zones. For more information, please visit: www.permanentpowercompany.com.

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Source: CIM Group