True Green Capital Management LLC has raised $113 million for its current fund, beating its $100 million target. The limited partners of TGC’s Fund II include endowments and foundations, investment advisors, an insurance company and family office investors.
Westport, CT – June 8, 2015 – True Green Capital Management LLC (“TGC”), an institutional asset manager specializing in distributed power generation, with a current focus on distributed commercial photovoltaic (PV) solar, announced it has closed its latest fund, the True Green Capital Opportunity Partnership, L.P., (“Fund II”), on $113 million, exceeding its initial target of $100 million.
TGC’s Fund II limited partners include endowments & foundations, investment advisors, an insurance company and family office investors.
“We’re pleased to announce the closing of Fund II and with the enthusiastic response we’ve seen from investors, we believe our model offers a solid institutional quality investment choice for participating in the fast growing solar PV and distributed power generation markets, providing a reliable income stream and combining downside protection with strong upside potential,” said Dr. Panos Ninios, Managing Partner of TGC. “Institutions see solar as not only good for the environment but good for their investment portfolios as well.”
TGC has already deployed the majority of its Fund II capital to a portfolio of pre-identified commercial solar PV projects, continuing its innovative investment strategy of self-originating, building and financing solar power projects with credit-worthy counterparties. Existing portfolio investments include solar plants installed at several municipal locations, military housing, several manufacturing companies and retailers.
TGC has developed a privately negotiated pipeline of approximately $700 million in projects that are currently under control documents or in negotiation and due diligence. Fund II investments are supported by long-term fixed price contracts with highly rated creditworthy partners, producing predictable cash flow for TGC Fund II investors.
Bo Wiegand, Partner at TGC added, “End users can enjoy lower prices for electricity generated on their premises – contributing to a healthier bottom line for the company. Solar technology has improved to the point where it is price competitive with traditional power generation and provides our clients with power price certainty for decades to come.”
True Green Capital’s Experience
Since the firm’s founding in 2011, TGC’s team has invested approximately $200 million into a portfolio of over 125 MW of assets in Vermont, Massachusetts, Rhode Island, New Jersey, Tennessee, California and Idaho.
True Green Capital is currently focused on the approximately $500 billion distributed, commercial PV solar market. With the rapid development of solar technology, the cost of solar generation is now on or close to par with traditional electricity generation sources, while in many states it represents one of the few sources of new power generation infrastructure that can be added to the power network quickly, reliably and cost efficiently. The further increase of utility power prices and lower costs of entry into solar will only incent companies to consider solar power for their electricity needs.
About True Green Capital Management LLC
Founded in July 2011, True Green Capital Management LLC is a privately owned, specialized energy infrastructure asset management firm based in Westport, Connecticut with over $200 million in private equity capital under management. TGC targets asset-based investment opportunities with a focus on distributed power generation, including distributed, commercial PV solar. TGC pursues directly originated equity opportunities in this market and raises project finance debt and tax equity for its portfolio projects. The firm is led by a team of electric power industry professionals with a proven investment track record and a demonstrated capacity to originate, finance, build and manage investments with competitive entry costs.