Altus Purchases 220 MW Solar Portfolio from RE Equity Firm TGC in United States

Jan 6, 2023 12:42 PM ET
  • Both companies have authorized a binding agreement last week for the solar energy portfolio for $293 million.
  • TGC said that the equity funding for these assets was provided by the third fund of TGC, True Green Capital Fund III, as well as its funding partners provided debt as well as tax equity.

Connecticut based renewable resource infrastructure exclusive equity company, True Green Capital Management has actually revealed that it has actually authorized a binding agreement recently with Altus Power to offer a portfolio of around 220 megawatts (MW) of dispersed solar assets. The worth of the deal is revealed as $293 million. TGC as well as Altus Power expect the transaction will certainly close in very early 2023.

Altus Power is also a US-based renewable resource gamer that stems, establishes, owns, and also operates in your area sited solar generation, power storage, and also charging infrastructure across America.

The official statement stated that the portfolio consists of roughly 207 MW of commercial scale, running solar assets that were created and created by TGC, and also roughly 13 MW that are nearing building conclusion. The majority of the portfolio is located in California, New York City, New Jersey, as well as Massachusetts.

TGC stated that the equity financing for these assets was provided by the third fund of TGC, True Green Capital Fund III, and also its funding partners provided debt and also tax obligation equity.

Panos Ninios, Managing Partner and Co-Founder of TGC, stated, "Altus Power shares our fundamental belief that commercial scale, distributed solar generation is the most attractive segment of our sector. Our partnership has promoted TGC's successful exits of our very first as well as 2nd funds and also now a partial exit of Fund III."

Gregg Felton, Co-CEO, Altus Power, specified, "TGC has a lengthy background of efficiently buying commercial-scale solar, with underwriting standards constant with our own."

Chris Kirkman, Chief Financial Officer, TGC, also added, "TGC's partnership with Altus Power has been equally valuable. Our alliance once more enabled the reliable implementation of a transaction that advanced our firms' corresponding strategies."

New fund, renewed focus

TGC said that with its recently shut $660 million 4th fund, it remains to target these core markets, along with select new ones in North America, the UK, as well as the European Union. In these markets, the company thinks, the same abilities that have actually enabled the effective awareness of its strategy to date in a similar way provide it with a competitive advantage.

TGC claims to have increased 4 exclusive equity funds, handling over $1 billion of equity capital, including closing in May 2022 its 4th fund with over $600 countless capital to be invested over the following 4 years. To date, TGC has purchased dispersed solar energy generation portfolios across 14 U.S. states providing clean, trusted renewable resource with a raising focus in the UK and European Union.

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