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SunPower, True Green Capital launch $140m fund to finance US solar projects

CTBR Staff Writer Published 06 October 2017

SunPower and True Green Capital Management (TGC) have joined hands to launch a new fund to financially support commercial solar projects in the US.

The $140m fund is expected to finance about 50MW of SunPower’s solar projects. Projects of interest could include those with solar renewable energy credits and integrated storage components in the states of California, Connecticut, Maryland, Massachusetts, New Jersey and Washington DC.

Until now, 5MW of SunPower installations that require funding are under construction in Massachusetts, and an extensive pipeline of commercial projects are in development.

TGC managing partner Panos Ninios said: “While US electricity demand is on the rise, many US states face closures of old coal and nuclear power plants, so we see huge potential in meeting that need with distributed solar power, especially in the Eastern US where states are aggressively investing in solar photovoltaics.

“We're excited to partner with SunPower, a US-headquartered industry leader that is uniquely positioned to excel in the commercial solar market with its differentiating solar solutions, and its proven experience deploying them for commercial, industrial, and public customers across the nation.”

Under a three-year agreement between SunPower and TGC, the former will deliver turnkey distributed solar power projects for commercial and public sector customers that will be acquired by TGC.

The company will also be handed over engineering, procurement and construction (EPC) as well as operations and management (O&M) services to the projects.

SunPower executive vice president Nam Nguyen said: “We're pleased to team up with TGC to advance the growth of the U.S. commercial solar market in states where there is enormous potential for businesses, universities and municipalities to benefit from clean and cost effective solar energy delivered by SunPower's market leading solar solutions.

“TGC brings innovative financing capabilities that will enable us to offer competitive and creative financing to our customers in the Northeast.”