True Green Capital Management Raises $350M For Third Solar Fund

Aug 11 2017 | 8:53pm ET

True Green Capital Management LLC has raised $350 million in capital commitments for its third buyout fund, hitting the solar-focused vehicle’s hard cap. 

The new fund, named True Green Capital Fund III, was oversubscribed, according to a statement. The new fund received support from a wide range of endowments, foundations, investment advisers’ clients, fund-of-funds, family offices and insurance companies. 

Like its predecessors, Fund III will focus on opportunities in distributed power generation, specifically commercial photovoltaic solar. The company utilizes a scalable, proprietary organizational and portfolio construction process that aims to combine the certainty of long-term fixed-price contracts with highly rated creditworthy partners, augmented by the upside offered by power sales, environmental credits and real asset optionality. 

As part of this process, TGC has developed a privately negotiated pipeline of approximately $1.5 billion in projects, the statement said. Some 30% of Fund III’s capital has already been deployed into a portfolio of pre-identified projects consisting of commercial and sub-utility scale solar power plants, including one of the largest roof-top installations in the world. True Green Capital expects to deploy Fund III over the next 1-2 years across similar investment opportunities in the U.S., the company added. 

Founded in 2011 and based in Westport, True Green Capital Management is a specialized energy infrastructure asset management firm with more than $500 million in private equity capital under management. TGC has an operating portfolio of approximately 150MWs of distributed solar power generation assets across nine U.S. states including New Jersey, California, Massachusetts, Idaho, Rhode Island, Connecticut, New York, Tennessee, and Vermont. 

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