Renewable energy infrastructure-focused private equity fund manager True Green Capital Management (TGC) announced today the final close of its True green Capital Fund IV, with $660 million of capital commitments, exceeding its $500 million target.
TGC invests in distributed, commercial, and industrial (C&I) solar power generation projects, batteries, and microgrids in the U.S., with an increasing focus in the UK and the EU. The company’s existing investment portfolio features commercial and sub-utility scale solar power plants. Since 2011, the company has deployed over $1.2 billion of total capital representing an ~520 MW portfolio across 14 states.
Dr. Panos Ninios, Co-Founder & Managing Partner of TGC, said:
“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.”
TGC closed its predecessor fund in 2017 at about $352 million, now fully invested. The new fund will offer institutional investors the ability to participate in the C&I solar generation market, one of the most complex but potentially more profitable segments of the U.S. and European solar markets.
Fund IV’s Limited Partners include U.S. public and corporate pension plans, a Dutch pension plan, U.S. and UK insurance companies, endowments, foundations, global asset managers, wealth managers, fund-of funds, and family offices.
Bo Wiegand, Co-Founder, and Partner, 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. We believe Fund IV will benefit from industry dynamics and continued tailwinds in the sector.”