Asset management firm says deal shows "immense potential" in distributed solar power
True Green Capital (TGC) has closed credit facilities worth $130m to support the development of a pipeline of solar power assets.
The institutional asset manager currently owns and operates 20.6MW of solar projects and also has around 39.4MW under construction or in advanced stages of development.
In a statement, True Green said the credit facilities provide it with debt capital for its operational and construction-ready portfolio through June 2015 and refinances existing standalone financings.
The deal was completed with Investec and KeyBanc Capital Markets and follows Investec Power & Infrastructure Finance providing a $50m credit facility to Rockland Capital for its Rockland Power Partners Fund, a fund that invests in assets including natural gas, solar, wind and flywheel generation projects.
Panos Ninios, managing partner of True Green Capital, said: "The collaboration between True Green Capital, Investec and KeyBanc Capital Markets proves that there is immense potential in the sub utility scale distributed generation solar space and underscores TGC's ability to aggregate, finance and operate portfolios of high quality, bankable assets."
It follows a number of multimillion pound funds launched in recent months that are targeting renewable energy projects, including efforts from Greencoat, NextEnergy, Bluefield, the Renewables Infrastructure Group and John Laing.
