True Green Capital Management LLC (TGC) has closed its latest fund, the True Green Capital Opportunity Partnership, L.P. (TGC Fund II).
The fund has closed on US$113 million, exceeding its initial target of US$100 million. TGC's Fund II limited partners include endowments & foundations, investment advisors, an insurance company and family office investors.
TGC has already deployed the majority of its Fund II capital to a portfolio of pre-identified commercial solar PV projects, continuing its 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.
Dr. Panos Ninios, Managing Partner of TGC, commented:
"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. Institutions see solar as not only good for the environment but good for their investment portfolios as well."
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."