TGC snaps up CleanChoice

• Acquisition set to fuel company's expansion in United States

True Green Capital Management LLC (TGC), has acquired a majority risk in CleanChoice Energy.

The acquisition will fuel CleanChoice's development as the very first 100% independent green gen-tailer in the United States, operating at both ends of the worth chain by possessing solar generation assets and also selling renewable energy to customers in multiple competitive markets across the country.

TGC will certainly maintain the CleanChoice brand as well as team and spend an extra $100m of capital into establishing, acquiring, owning, and also operating CleanChoice solar projects.

CleanChoice currently has an advancement portfolio of over 300MW in various stages of advancement and also is going after acquisition and also co-development opportunities throughout its areas of focus. The bargain will expand TGC's impact to consist of solar energy generation in 16 US states, consisting of Pennsylvania as well as Ohio, together with about 215,000 residential customers. The initial focus will remain in the ISO-NE, NYISO, and PJM markets.

" We are excited to welcome CleanChoice into our portfolio," said managing partner and also co-founder of TGC Panos Ninios. "We continue to believe that the mix of green customers with solar power development as well as asset ownership will certainly be paramount in the clean energy transition regime we operate in.

" In CleanChoice, we have located a best-in-class management team with a unique multi-year track record in combining solar power growth with an exclusive consumer acquisition and also management platform."

The acquisition of CleanChoice underscores TGC's commitment to swiftly, reliably, as well as expense effectively increase renewable energy generation and demonstrates the attractiveness of a mainly untapped opportunity to set possessed renewable generation with retail supply. The mix will certainly boost CleanChoice's retail business by protecting long-term access to power, capacity, and RECs and also reducing exposure to wholesale commodity markets, establishing functional savings as well as distinguished renewable items.

" This is a significant milestone for CleanChoice, as well as it was necessary for us to discover a goal lined up customer who shares our commitment to empowering customers and also developing a greener future," said chief executive of CleanChoice Tom Matzzie. "We have actually discovered that in TGC, and also we eagerly anticipate rapidly broadening our farm-to-table clean energy offerings and, with their support, making clean energy much more obtainable to more people."

" We are thrilled to companion with CleanChoice on their trip to coming to be a fully incorporated green utility," added partner and also co-founder of TGC Bo Wiegand. "We see this as an all-natural expansion of our firm's community solar strategy - providing even more customers with access to locally-generated renewable energy, while likewise enabling top quality retail offtake for our project assets."

CleanChoice's following 5 years will certainly be focused on developing, constructing, as well as operating its project portfolio and also providing more customers with easy, convenient, 100% pollution cost-free energy. The transaction is anticipated to enclose the following 60 to 90 days.

CIBC Capital Markets functioned as special economic consultant for TGC and DLA Piper served as legal advice about the transaction. Guggenheim Securities, LLC served as special monetary advisor and Pillsbury Winthrop Shaw Pittman LLP acted as legal counsel to CleanChoice.