WESTPORT, Conn., Jan. 3, 2023 /PRNewswire/ — True Green Capital Management LLC (“TGC”), a renewable energy infrastructure private equity firm, is pleased to announce that it entered into a binding agreement last week with Altus Power, Inc. (“Altus Power”) to sell a portfolio of approximately 220 megawatts (MW) of distributed solar assets for approximately $293 million. TGC and Altus Power expect the transaction will close in early 2023, upon the satisfaction of certain closing conditions.
The portfolio comprises approximately 207 MW of commercial scale, operating solar assets that were developed and constructed by TGC, and approximately 13 MW that are nearing construction completion. Equity financing for these assets was provided by TGC’s third fund, True Green Capital Fund III, LP (“Fund III”), and TGC’s financing partners provided debt and tax equity. The majority of the portfolio is located in California, New York, New Jersey, and Massachusetts, all markets in which TGC has deep relationships and a sustained track record of successful execution.
“Altus Power shares our fundamental belief that commercial scale, distributed solar generation is the most attractive segment of our industry,” remarked Panos Ninios, Managing Partner and Co-Founder of TGC. “Our collaboration has facilitated TGC’s successful exits of our first and second funds and now a partial exit of Fund III.”
“We are excited to welcome this new set of customers to the Altus Power brand, deepening our reach particularly in New York and California,” said Gregg Felton, Co-CEO of Altus Power. “TGC has a long history of successfully investing in commercial-scale solar, with underwriting standards consistent with our own.”
Chris Kirkman, TGC’s Chief Financial Officer, also commented. “TGC’s partnership with Altus Power has been mutually beneficial. Our alliance again enabled the efficient execution of a transaction that advanced our firms’ respective strategies.”
With its recently closed $660 million fourth fund, TGC continues to target these core markets, as well as select new ones in North America, the UK, and the European Union, where the firm believes that the same capabilities that have enabled the successful realization of its strategy to date similarly provide it with a competitive advantage.
About True Green Capital Management LLC
TGC is a specialized renewable energy infrastructure private equity firm based in Westport, Connecticut. Having developed the capabilities of a direct operating business, TGC has raised four private equity funds, managing over $1 billion of equity capital, including closing in May 2022 its fourth fund with over $600 million of capital to be invested over the next four years. To date, TGC has invested in distributed solar power generation portfolios across 14 U.S. states delivering clean, reliable renewable energy with an increasing focus in the UK and European Union. The firm was founded in July 2011 and is led by a team of investment professionals with a proven track record and the demonstrated capacity to originate, finance, construct, and operate distributed renewable power generation projects at institutional scale. To learn more, visit
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is the premier independent commercial-scale clean electrification company serving commercial, industrial, public sector, and community solar customers with end-to-end solutions. Altus Power originates, develops, owns, and operates locally sited solar generation, energy storage, and charging infrastructure across the nation. Visit www.altuspower.com to learn more.
True Green Contacts:
Director of Investor Relations & ESG
Mobile: + 1 917 608 3550
Altus Power Contacts:
Chris Shelton, Head of IR
SOURCE True Green Capital Management LLC