True Green Capital (TGC) Takes Majority Stake In CleanChoice Energy

First Phase of Repsol, Ibereólica Chilean Solar Project Sees Installation of 76.8 MW

Connecticut based renewables investment firm True Green Capital Management has announced that it has acquired majority stake in Washington based cleantech company CleanChoice Energy. CleanChoice claims to empower people and businesses to access climate solutions. TGC will be offering dedicated capital to fund CleanChoice’s solar development pipeline.

The acquisition will fuel the growth of CleanChoice 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.

TGC said that it will maintain the CleanChoice brand and team and invest an additional $100 million of capital into developing, acquiring, owning, and operating CleanChoice solar projects.

Google, EDPR Partner on 500 MW Distributed Solar Development in USA

Also Read

CleanChoice currently has a development portfolio of over 300 MW in various stages of development and is actively pursuing acquisition and co-development opportunities. The deal will expand TGC’s footprint to include solar power generation in sixteen US states, including Pennsylvania and Ohio.

Panos Ninios, Managing Partner of TGC, said, “We continue to believe that the combination of green customers with solar power development and asset ownership will be paramount in the clean energy transition regime we operate in. In CleanChoice, we have found a best-in-class management team with a unique multi-year track record in combining solar power development with a proprietary customer acquisition and management platform.”

Cementing the Focus

Britain Set for First People-Powered Solar Park

Also Read

The acquisition will help TGC expand renewable energy generation and demonstrate the attractiveness of a largely untapped opportunity to pair owned renewable generation with renewable retail supply. 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.

Tom Matzzie, CEO of CleanChoice, said, “We have found that in TGC, and we look forward to rapidly expanding our farm-to-table clean energy offerings and, with their support, making clean energy more accessible to more people.”

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 transaction is expected to close in the next 60 to 90 days.