True Green Capital closed its True Green Capital Fund IV with capital commitments totaling over $660 million.
The Connecticut-based firm has an 11-year track record in the renewable energy infrastructure space and collected capital from a range of U.S. public and corporate pension plans, a Dutch pension plan, U.S. and UK insurance companies, endowments, foundations and family offices.
The firm’s strategy has invested in distributed, commercial and industrial solar power generation projects, batteries and microgrids in the U.S., but with an growing focus in the UK and he European Union. Since inception, officials have invested over $1.2 billion of total capital representing more than 520 megawatts across 14 U.S. states.
“With the close of Fund IV, we will continue to execute our proven strategy of investing in distributed power generation assets that provide a reliable income stream, in key markets where we can build competitive advantage,” said Dr. Panos Ninios, co-founder and managing partner of True Green Capital. “The Fund will follow on the success of its predecessor Fund III, which closed in 2017 at ~$352 million and is now fully invested, and will offer institutional investors the opportunity to participate in the C&I solar power generation market, one of the most complex but also potentially more profitable segments of the U.S. and European solar markets.”
True Green’s current portfolio consists of commercial and sub-utility scale solar power plants, including one of the largest roof-top installations in the world. The projects have contracted offtake agreements providing municipal utilities, military bases, universities, and corporate clients with clean, renewable energy.
“Our strategy has proven to be a diversifier for investors and has demonstrated resiliency across market cycles,” said Bo Wiegand, co-founder and partner at True Green. “We believe Fund IV will benefit from industry dynamics and continued tailwinds in the sector.”