Renewables-Focused Private Equity Firm To Acquire Majority Stake In Retail Supplier, Solar Provider
Providing Additional $100 Million For Developing, Acquiring Solar Projects As Green "Gentailer"
April 28, 2023 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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True Green Capital Management LLC ("TGC"), which describes itself as a renewable energy infrastructure investment firm, and CleanChoice Energy ("CleanChoice") announced that they have signed definitive documentation for TGC to acquire a majority ownership in CleanChoice and provide dedicated capital to fund CleanChoice's solar development pipeline.
"The acquisition will fuel CleanChoice's growth as the first 100% independent green gen-tailer in the US, operating at both ends of the value chain by owning solar generation assets and selling renewable energy to customers in multiple competitive markets across the US," the companies said
TGC will maintain the CleanChoice brand and team and invest an additional $100 million of capital into developing, acquiring, owning, and operating CleanChoice solar projects.
CleanChoice currently has a development portfolio of over 300 MW in various stages of development and is actively pursuing acquisition and co-development opportunities across its territories of focus.
The deal will expand TGC's footprint to include solar power generation in sixteen US states, including Pennsylvania and Ohio, along with approximately 215,000 residential customers. The initial focus will be in the ISO-NE, NYISO, and PJM markets.
"The combination will enhance CleanChoice's retail business by securing long term access to power, capacity, and RECs and reducing exposure to wholesale commodity markets, setting up operational savings and differentiated renewable products," the companies said
"We are thrilled to partner with CleanChoice on their journey to becoming a fully integrated green utility," said Bo Wiegand, a Partner and Co-Founder of TGC. "We see this as a natural extension of our firm's community solar strategy - providing more customers with access to locally-generated renewable energy, while also enabling high quality retail offtake for our project assets."
"CleanChoice's next five years will be focused on developing, constructing, and operating its project portfolio and providing more consumers with easy, convenient, 100% pollution free energy," the companies said
The transaction is expected to close in the next 60 to 90 days.