SunPower and True Green Capital Management to finance $140M US commercial solar projects
Written By: Katherine Demetre
October 5, 2017
On Oct. 5, 2017, SunPower announced a collaboration with True Green Capital Management LLC (TGC) to establish a $140 million fund expected to finance approximately 50 megawatts of SunPower solar energy systems.
Per the company, projects of interest would include those with solar renewable energy credits, as well as integrated storage components, in California, Connecticut, Maryland, Massachusetts, New Jersey, and Washington, D.C. To date, 5 megawatts of SunPower installations destined for the fund are under construction in Massachusetts, and an extensive pipeline of commercial projects are in development.
Panos Ninios, True Green Capital managing partner, commented:
While U.S. electricity demand is on the rise, many U.S. 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 U.S. where states are aggressively investing in solar photovoltaics. We’re excited to partner with SunPower, 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.
As part of the three-year agreement, SunPower would deliver turn-key distributed solar electric power projects for commercial and public sector customers that would be acquired by TGC. SunPower would be responsible for engineering, procurement and construction (EPC) of distributed generation solar projects for the partnership, and would also provide operations and management (O&M) services to the projects.