C&I solar investor True Green Capital raises US$660m for new fund

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True Green Capital’s latest fund, Fund IV, will be aimed at investing in the C&I market in the US and Europe. Image: Total Solar Distributed Generation.

Commercial and industrial (C&I) solar investor True Green Capital Management (TGC) has closed a US$660 million fundraiser for its latest fund.

Similar to the previous fund, Fund IV will be aimed at investing in the C&I segment targeting key markets both in the US and Europe, as well as securing long-term power purchase agreements (PPAs) for the projects financed.

Total capital raised almost doubled the previous fund in 2017, which had reached US$352 million, and has exceeded the investor’s US$500 million target for Fund IV.

Without disclosing the names of the fund’s investors, TGC revealed that companies from US public and corporate pension plans, a Dutch pension plan and insurance companies from the US and UK were among the main investors of the fourth fund.

Bo Wiegand, co-founder and partner at TGC, said: “We appreciate the strong support and confidence of our investor base, and we are committed to helping them achieve their investment and sustainability goals. Our strategy has proven to be a diversifier for investors and has demonstrated resiliency across market cycles.”

With a current portfolio of 520MW of solar PV capacity across 14 US states, TGC has invested over US$1.2 billion capital since 2011, mainly in C&I and with an increased focus in the UK and EU markets.

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