True Green Capital Management LLC (TGC) has sold a 79 MW portfolio of 28 operating solar projects located in New Jersey, Massachusetts, Rhode Island, Connecticut, Vermont and Tennessee to Altus Power Inc.
The projects in the portfolio, which produce nearly 100 GWh of renewable energy annually, sell energy and environmental benefits to various utilities, municipalities and corporations. 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, project financed, oversaw construction and operations, and risk managed the environmental commodities and power.
“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” says Panos Ninios, TGC’s managing partner.
“This sale is proof-of-concept of TGC’s ongoing strategy of constructing portfolios of distributed solar assets with diversified cash flows,” adds Chris Kirkman, Managing Director at TGC.