True Green Capital Management LLC (TGC) recently announced the sale of a 79-megawatt portfolio of 28 operating solar projects located in New Jersey, Massachusetts, Rhode Island, Connecticut, Vermont, and Tennessee.
The projects in the portfolio sell energy and environmental benefits to various utilities, municipalities, and corporations. The portfolio produces nearly 100 gigawatt-hours of renewable energy annually.
The projects come from TGC’s earlier private equity funds, with capital invested between 2011 and 2016. For each of the 28 assets, TGC originated, the project financed, oversaw construction and operations, and risk-managed the environmental commodities and power.
Panos Ninios, TGC’s Managing Partner, said, “With this transaction we are pleased to have largely exited our private equity Fund I and II portfolios, delivering an attractive return to our Limited Partners while demonstrating TGC’s execution capabilities across the full asset cycle, during the last decade.”
“This sale is a proof-of-concept of TGC’s ongoing strategy of constructing portfolios of distributed solar assets with diversified cash flows,” said Chris Kirkman, Managing Director at TGC.
KeyBanc Capital Markets and Kirkland & Ellis LLP represented TGC in connection with this transaction.
About True Green Capital Management LLC
True Green Capital Management LLC (TGC) is a specialized renewable energy infrastructure private equity firm based in Westport, Connecticut. Having developed the capabilities of an operating renewable energy-focused company, TGC has raised and deployed three private equity funds invested into distributed solar power generation portfolios across fourteen U.S. states delivering clean, renewable energy. The firm was founded in July 2011 and is led by a team of investment professionals with a proven track record and a demonstrated capacity to originate, finance, construct, and operate distributed renewable power generation projects.