The information contained in this database (“Information”) has been compiled by the Green Bank Network Secretariat from publicly available information, and specific pieces of information are not necessarily approved by Green Bank Network Members. The information is for informational purposes only and must only be used for non-commercial purposes.  All other use and all copying, disclosure or reproduction of the Information or any part of it is prohibited (except to the extent permitted by law).

Neither the Green Bank Network nor any of its members makes any representation as to the accuracy, quality, completeness or fitness for purpose of any information contained herein and the Green Bank Network and each of its members disclaim all responsibility and liability for the Information (including, without limitation, liability for fault, negligence or negligent misstatement).

The GBN member investment figures in the transaction descriptions refer to committed funds at the time of transaction close and are not necessarily indicative of capital deployed. All transaction-level investment figures and other details are based on the best available information and estimates made at the time of transaction closing.

The taxonomy for Risk Mitigants used to describe the private sector engagement activities for each transaction are adapted from the Organisation for Economic Cooperation and Development’s report, Green Investment Banks: Scaling up Private Investment in Low-carbon, Climate-resilient Infrastructure. This taxonomy is used to generalize types of activities across GBN members and may not be reflective of the language individual institutions use to describe their investments, which can be found in their own media.

Some of the transactions may have been updated on GBN member websites but not yet in this listing, so please refer to member websites for the most up-to-date information. Note that individual institutions may have a document detailing a Summary of Revisions to transaction descriptions on their websites.

With questions regarding this transaction list, please contact [email protected].

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Green Investment Group | January 2021 | Penang, Malaysia
C&I, Utility  | Solar | Equity Investment | Co-investment | View on Member website

GIG portfolio company Blueleaf Energy has completed the construction and reached energisation of its first corporate PPA rooftop solar power plant in Penang Malaysia, providing renewable energy to the automotive electronics plant of Robert Bosch (M) Sdn Bhd (Bosch).

The power generated by the 3 MW plant is provided on a self-consumption basis with the opportunity for Bosch to sell excess generated energy back to the grid under Malaysia’s NEM (Net Energy Metering) scheme.

Fulfilling its commitment to clean renewable energy, Bosch dedicated a rooftop area of 24,500 m2 for installation of around 7,500 solar panels. Blueleaf Energy is contracted to supply power and will own and manage the photovoltaic asset. Greencells Energy Asia Pacific also participated in the project as the Engineering, Planning and Construction (EPC) contractor.

Last Updated: 11/21/2019
Green Investment Group | November 2020 | Jozwin, Poland
C&I, Utility  | Waste-to-Energy | Equity Investment | Co-investment | View on Member website

Macquarie’s Green Investment Group (GIG) announced its acquisition of a 25.3 MW onshore wind farm in Jozwin from Vortex Energy Poland and Max Bögl International SE. The project is located in Western Poland, approximately 3km north of the village of Jozwin and 200km west of Warsaw.

Last Updated: 12/14/2021
Green Investment Group | January 2021 | Cheshire, UK
C&I  | Waste-to-Energy | Equity Investment | Co-investment | View on Member website

Covanta Holding Corporation (“Covanta”), Green Investment Group Limited and Biffa plc announced financial close and the commencement of construction on the Protos Energy Recovery Facility in Cheshire, England. Covanta and GIG will each own 37.5 percent of the state-of-the-art Energy-from-Waste facility, with Biffa, the primary waste supplier for the facility, owning the remaining 25 percent of the project.

Last Updated: 12/14/2021
Green Investment Group | November 2020 | Virginia, USA
Utility  | Solar | Equity Investment | View on Member website

Savion, a Green Investment Group portfolio company, announced that a solar project it is developing in Virginia, USA, has signed a long-term power purchase agreement to supply 75 MW of renewable solar power to Dominion Energy Virginia.
The PPA is subject to approval from the Virginia State Corporation Commission.

The project is expected to begin construction in mid-2021, with commercial operation targeted to commence by the end of 2022. The approximately $US133 million solar facility brings the number of Savion-developed projects to four in Virginia under contract, operating, or under construction resulting in 190 MW of solar power and a total investment in excess of $US285 million.

Last Updated: 12/14/2021
Green Investment Group | May 2020 | Wisconsin, USA
C&I, Utility  | Solar | Equity Investment | Co-investment | View on Member website

Green Investment Group (GIG) portfolio company, Savion, has announced plans to partner with Alliant Energy on two solar development projects in Wisconsin, USA. Under the arrangement, Savion will continue development activities, and Alliant Energy will acquire the projects when regulatory approvals and other contractual commitments are complete.

Together, the 150 MW Wood County Solar Project, and the 50 MW Richland County Solar Project will generate enough green energy to power approximately 55,000 Wisconsin homes.

Last Updated: 12/14/2021
Green Investment Group | September 2020 | Ulsan, South Korea
C&I, Utility  | Onshore Wind | Equity Investment | Co-investment | View on Member website

Macquarie’s Green Investment Group (GIG) and global energy company Total have signed a series of agreements to co-develop an initial 2.3 GW portfolio of floating offshore wind projects in Korea. The portfolio consists of five projects – three in Ulsan totaling 1.5 GW and two in South Jeolla Province totaling 800 MW.

Subject to the completion of regulatory approvals and satisfaction of other conditions precedent, the partners aim to start co-development activities in the autumn of 2020. GIG has already commenced a comprehensive wind data collection campaign to support the portfolio, and the first 500 MW phase of the Ulsan project is targeting commencement of construction by the end of 2023.

Last Updated: 12/14/2021
Green Investment Group | August 2020 | Western Victoria, Australia
C&I, Utility  | Onshore Wind | Equity Investment | Warehousing | View on Member website

The consortium comprising RES, the world’s largest independent renewable energy company and Macquarie’s Green Investment Group (GIG) announced today the completion of the development phase of the second stage of the Murra Warra Wind Farm near Horsham in Western Victoria, and the sale of its interests to global private markets investment manager Partners Group (acting on behalf of its clients).

Murra Warra II Wind Farm comprises 38 wind turbines with a capacity of 209 MW. The sale of Murra Warra II builds on the consortium’s success in the development, financing and construction of the adjacent 61 turbine first stage of Murra Warra Wind Farm, which was also acquired by Partners Group (in 2018).

Last Updated: 12/14/2021
Clean Energy Finance Corporation | December 2020 | Perth, Australia
Utility  | Energy Efficiency, Smart Grid Technology | Equity Investment | Demonstration, Fund investment | View on Member website

Australian energy tech startup Gridcognition provides software to plan and optimise distributed energy projects, including microgrids, virtual power plants, community energy projects, electric vehicle charging systems and behind-the-meter renewable power plants.

In December 2020 the company closed a $675,000 pre-seed investment round with some of Australia’s leading tech and clean energy investors. This includes $300,000 from the CEFC through the Clean Energy Innovation Fund.

Last Updated: 12/12/2021
Green Investment Group | September 2020 | Japan
C&I, Utility  | Offshore Wind | Equity Investment | Co-investment | View on Member website

Macquarie’s Green Investment Group (GIG) today announced a joint venture with Iberdrola, a leading global energy company, to co-develop a 3.3 GW portfolio of six fixed bottom and floating offshore wind projects in Japan.

The offshore wind projects were initiated and have been developed to date through Macquarie’s renewable energy platform, Acacia Renewables. Iberdrola will acquire Acacia Renewables and take forward the existing offshore wind development pipeline alongside GIG as a joint venture. GIG will hold an equal share in the six projects with Iberdrola, and provide development and commercial advisory services to the portfolio.

Last Updated: 12/14/2021
Clean Energy Finance Corporation | February 2021 | Queensland, New South Wales, Victoria, Australia
C&I, Residential  | Energy Efficiency | Debt Investment | Term loan facility | View on Member website

In its first direct investment to reduce embodied carbon in property construction, the CEFC has committed $95 million on behalf of the Australian Government, to help deliver the 56-hectare Roe Highway Logistics Park (RHLP) as a carbon neutral development. The project’s environmental initiatives are being led by Hesperia in collaboration with its development partners, Fiveight and Gibb Group.

The developers will use low carbon construction materials across at least five new warehouses to be built in the next 18 months. The use of low carbon concrete at RHLP could reduce emissions by up to 42 per cent compared to traditional concrete, according to analysis by leading sustainability consultant Edge Environment.

Last Updated: 12/12/2021
Clean Energy Finance Corporation | June 2020 | Australia
Agriculture  | Bio-sequestration | Equity Investment | Cornerstone stake | View on Member website

Soil Carbon Co. (SCC) is developing a biotechnology to improve the drought resilience of farming land, increase productivity and remove carbon from the atmosphere.

The microbial treatment for seeds has the potential to increase the level of organic carbon in soil, enabling it to retain more water and improving the ability of crops to withstand extreme weather conditions. It could also reduce the amount of nitrogenous fertiliser used in agricultural production, further reducing emissions.

In addition, the SCC technology could offer another source of revenue for farmers through carbon offset trading.

Retaining organic carbon in soil is vital for extensive agricultural systems.

Carbon is difficult to store in soils in the long-term because it naturally reacts with oxygen or water and is released back into the atmosphere. The SCC technology aims to overcome this by storing the carbon in melanin, which is more stable.

The CEFC has committed A$1.7 million through the Clean Energy Innovation Fund. It is the first CEFC investment in bio-sequestration and follows a previous A$8 million cornerstone investment in the $30 million Tenacious Ventures Fund .

Last Updated: 06/26/2020
Clean Energy Finance Corporation | June 2020 | Australia
Transport  | Low Emissions Transport | Equity Investment | Co-investment, Cornerstone stake | View on Member website

JET Charge, Australia’s leading specialist in electric vehicle (EV) charging infrastructure, is developing smart charging hardware that will reduce the cost of smart and connected charging stations and make them more user friendly. JET Charge is deploying its proprietary smart charging technology under a services-based model that will ensure that EV charging occurs when the electricity grid can best support it. The technology also has the potential to match EV charging to times when renewable power penetration into the grid is at its highest.

The CEFC committed an equity investment of A$3.5 million, through the Clean Energy Innovation Fund, as part of the company’s capital raising round, of A$4.5 million, which also drew co-investment from industry executives and private investors.

Last Updated: 06/26/2020
Malaysian Green Technology Corporation | Open Program Since 2020 | Malaysia
C&I, Utility  | Biogas, Energy Efficiency, Low Emissions Transport, Small Hydro, Solar, Waste Management, Waste-to-Energy, Water Conservation | Debt Investment, Grant Investment | Co-investment, Guarantee/insurance, Interest rate buy-down, Standardization/Data collection | View on Member website

Malaysian Green Technology and Climate Change Centre (MGTC), formerly known as Malaysian Green Technology Corporation or GreenTech Malaysia, facilitates the GTFS, which was initiated in 2010. GTFS 1.0 was active from 2010 to 2017, and the GTFS 2.0 was launched in May 2018. GTFS 1.0 offered a rebate of 2% per annum on interest or profit rates charged by financial institutions, while also providing a Government guarantee of 60% for the green cost of the financed amount. In addition to providing the GTFS 1.0 finacing facilities, GTFS 2.0 provides financing through green bond (“sukuk”) issuances. An amount of up to RM2.0 billion sukuk issuance is available, with the maximum of RM300 million for each company and a maximum period of 15 years for energy producer companies and 10 years for energy user companies. Apart from the category of producer and user companies benefiting under this scheme, GTFS 2.0 also supports Energy Services Company (ESCOs), where RM1.0 billion has been exclusively allocated to finance investments or assets related to energy-efficient projects and Energy Performance Contract. An ESCO is eligible to secure financing of up to RM25 million for a period of up to 5 years.

Since its inception in 2010, as at May 2020 the GTFS has successfully approved a total of 349 projects with a total financing amount of about MYR4.5 billion or USD1.04 billion. While the Scheme covers projects in various sectors such as Energy, Building, Transport, Waste and Water as well as the manufacturing sector, the bulk of projects approved are in the renewable energy sector which accounted to more than 80% of the loans approved. The approved projects are anticipated to contribute to the avoidance of over 3.7 million tonnes of CO2 equivalent every year. The GTFS has been instrumental in encouraging the participation of private financial institutions to invest in green ventures and it has brought together a total of 29 banks and financial institutions to participate in the Scheme. With increasing numbers of entrepreneurs venturing into the green technology sector, GTFS will continue to be an important enabler bridging financing gaps and empowering emerging green businesses in the country.

Last Updated: 05/12/2020
Green Investment Group | April 2020 | Tysvær, Rogaland Fylke, Norway
Utility  | Onshore Wind | Equity Investment | Cornerstone stake | View on Member website

Macquarie’s Green Investment Group acquired the Tysvær Wind Farm from Spanish Power. The 47 MW onshore wind development is located in the Tysvær municipality, within Rogaland Fylke, southern Norway. The project is GIG’s first in Norway and further expands GIG’s presence in the Nordic region following its acquisitions of Markbygden, Overturingen and Hornamossen onshore wind farms in Sweden. In January 2020, GIG announced that it entered into agreements to supply power to Eramet Norway from its Tysvær and Buheii onshore wind farms.

Tysvær is one of a growing number of renewable energy projects being developed in-house by GIG. The project is in the final stages of planning and is currently under consideration by the Norwegian Water Resources and Energy Directorate (the NVE).

When fully operational, the wind farm will produce enough low-carbon electricity to power the equivalent of 8,750 Norwegian homes every year. Annually, it will displace an estimated 8,000 tonnes CO2e emissions – the equivalent of removing 2,500 cars from the road – supporting Norway in its goal of becoming a ‘low carbon society’ by 2050 and achieving ‘emissions neutrality’ by 2030.

Last Updated: 06/15/2020
Green Investment Group | April 2020 | Norway
Utility  | Onshore Wind | Equity Investment | Co-investment | View on Member website

GIG acquired the Buheii Onshore Wind Farm from the world’s largest independent renewable energy company, RES. This 79.8 MW project is situated in Kvinesdal, southern Norway. It was announced in January that the Buheii project would provide power to Eramet Norway until 2038, ensuring a stable and long-term power supply to Eramet Norway’s Norwegian smelters. With an electricity demand of more than 2 TWh per annum, the company relies on long-term and predictable power conditions to ensure stable and efficient operation in its processing plants in Porsgrunn, Sauda and Kvinesdal.

Two Nordic companies have been selected to complete the main civil and overhead lines works, including Risa AS, one of Norway’s largest construction contractors. Risa has been chosen to carry out all groundwork on the project. The groundwork is due to start in the coming weeks and will last for around a year. Construction activities are expected to support between 80 – 100 jobs.

Last Updated: 04/01/2020
NY Green Bank | March 2020 | New York, USA
Residential  | Solar | Debt Investment | Bridge loan | View on Member website

Eden is developing a portfolio of Community DG solar projects in NYS. NYGB loan proceeds finance interconnection deposits to National Grid for such projects, due under the New York State Public Service Commission Standardized Interconnection Requirements and Application Process. NYGB had previously extended Eden a 24-month senior secured $2.5 million bridge loan, and in March 2020, NYGB increased the Bridge Loan size to $4,307,753.

This transaction is expected to support up to 84.5 MW of solar assets in the State which is expected to: (i) provide commercial and residential project subscribers access to reliable, clean, low-cost energy; and (ii) reduce up to 373,019 metric tons of greenhouse gas emissions annually in NYS. As there has been an increasingly strong demand for Community DG solar throughout NYS, capital providers are recognizing, and will continue to recognize, the value in providing financing to enable the deployment of these projects. NYGB expects the Bridge Loan product to serve a template for private capital to build on.

Last Updated: 06/15/2020
NY Green Bank | March 2020 | New York, USA
Residential  | Solar | Debt Investment | Co-investment, Refinancing | View on Member website

Spruce owns a portfolio of approximately 41,000 residential PV systems that it operates and manages, located in 11 states including New York and California. NYGB has now committed $40.0 million alongside capital from five commercial banks to support the medium-term financing of these residential PV assets.

In March 2020, NYGB upsized its existing participation in the Spruce credit facility to $40.0 MM in support of the acquisition of two residential solar portfolios totaling approximately 59 MW. The portfolios contain a diversified mix of seasoned assets previously financed in part by tax equity investors. The PV systems were originated by developers such as Sungevity, OneRoof Energy and Terraform Power and will benefit from ongoing servicing to be provided by Spruce affiliate Energy Service Experts.

This transaction compliments a previous commitment by NYGB to Spruce in March 2017, that was refinanced by this recapitalization transaction. In the prior transaction, NYGB committed $6.0 million to a five-year $99.4 million senior secured term loan (which Spruce used to refinance an existing aggregation facility supporting 86.0 MW of generating capacity across 12,711 homes in 11 states). Over 6.2% of the initial portfolio was located in New York State and NYGB’s activity helped establish a new medium-term lending market for financing existing residential solar systems in NYS while providing liquidity for Spruce to develop additional projects.

Last Updated: 06/15/2020
NY Green Bank | March 2020 | New York, USA
C&I, MUSH, Residential  | Biogas, Energy Efficiency, Geothermal, Low Emissions Transport, Solar, Water Conservation | Debt Investment | Demonstration, Standardization/Data collection, Term loan facility | View on Member website

Inclusive Prosperity Capital is a mission-driven specialty finance organization that seeks to increase clean energy investment in underserved markets, including a particular focus on low- to moderate-income (LMI) communities. NYGB entered into a $25.0 million Facility to support IPC’s programmatic origination and execution in New York State. By providing expanded financing options to underserved market segments, NY Green Bank seeks to accelerate access to affordable, clean energy and to help advance New York State’s broader climate goals. LMI communities are expected to be the primary beneficiaries of this transaction in the form of broader access to clean energy and energy efficiency projects, with corresponding resiliency, affordability, improved health outcomes, and environmental benefits.

This transaction develops a scalable, replicable financing structure that capital providers can use to (i) underwrite portfolios of sustainable infrastructure projects with various underlying counterparties and (ii) develop a track record for impact-oriented institutional investment in clean energy. Given IPC’s mission, this transaction enables increased capital deployment for clean energy in LMI communities, underserved markets, and a wide range of customer types (e.g. commercial, industrial, municipal, non-profits, institutional, and single and multifamily residential properties). By providing liquidity to these underserved market segments, NYGB will expand access to affordable, clean energy, advancing the environmental justice initiatives outlined in the Climate Leadership and Community Protection Act.

Last Updated: 03/09/2020
CT Green Bank | Open Program Since 2014 | Connecticut, USA
C&I, MUSH  | Energy Efficiency, Solar | Debt Investment | Consumer education/marketing, Financing through tax payments, Securitization, Standardization/Data collection, Warehousing | View on Member website

Commercial Property Assessed Clean Energy (C-PACE) is a structure through which commercial property owners can finance energy efficiency and renewable energy improvements through financing secured by a voluntary benefit assessment on their property and repaid via the property tax bill. A tax lien, or benefit assessment, is placed on the improved property as security for the loan, and the Connecticut Green Bank requires lender consent from existing mortgage holders prior to approving a C-PACE project. With C-PACE, property owners are able to finance projects over up to 25 years. Together with a statutory requirement that expected energy savings exceed financing obligations levied on their property tax bill makes for a compelling value proposition for businesses. In 2014, the CGB became the first to securitize energy efficiency loans through C-PACE.

In February 2020, CT Green Bank announced that the state’s C-PACE program surpassed 300 closed projects at the end of 2019, reaching a total of more than $163 million in clean energy financing investment in local businesses.

Last Updated: 03/04/2020
NY Green Bank | March 2020 | New York, USA
Residential  | Solar | Debt Investment | Aggregation, Co-investment, Refinancing, Securitization, Warehousing | View on Member website

NY Green Bank has entered into four transactions to accelerate the deployment of more than 14,500 solar projects at homes across New York State by Sunrun, Inc. Sunrun is a national solar provider that markets and develops residential solar energy systems. The four transactions complement each other – two provide financing to fund the purchase of materials and installation of the solar projects and two provide post-construction financing. One of the post-construction financings was arranged by Investec Bank PLC, an international specialty bank and asset manager, and the second post-construction financing was arranged by SunTrust Robinson Humphrey Inc. and ING Capital LLC. The equipment financing facility was jointly arranged by KeyBank N.A. and ING.

Last Updated: 09/01/2018
Green Investment Group | February 2020 | UK
Utility  | Waste Management, Waste-to-Energy | Equity Investment | Co-investment | View on Member website

Joint venture partners Covanta Holding Corporation, Biffa plc and Macquarie’s Green Investment Group (GIG), announced that the Newhurst Energy-from-Waste Facility in Leicestershire, England, has reached financial close. Covanta and GIG will together own 50 percent of the state-of-the-art facility, with Biffa, the primary waste supplier for the facility, owning the remaining half of the project. Covanta will operate the facility under a long-term operations and maintenance agreement.

Strategically located just off the M1 motorway in the East Midlands, the Newhurst EfW facility is a significant addition to the UK’s waste management infrastructure. It supports the Government’s drive to both reduce reliance on landfill and the UK’s ability to treat more non-recyclable waste without relying on export to European facilities. The facility will use proven technology to provide up to 350,000 tonnes of annual treatment capacity for non-recyclable waste and will also generate up to 42 megawatts of electricity, enough to power around 80,000 homes.

Last Updated: 03/11/2020
Clean Energy Finance Corporation | February 2020 | Australia
Residential  | Energy Efficiency, Energy Storage, Solar, Water Conservation | Equity Investment | Cornerstone stake | View on Member website

Real estate investment management firm Qualitas has created Australia’s first property debt fund to elevate minimum sustainability criteria into its investment criteria. The Fund is also Australia’s first dedicated build-to-rent (BTR) debt platform. The Qualitas Build-to-Rent Impact Fund (QBIF, or the Fund) will finance housing that meets strong sustainability standards and reduces greenhouse gas emissions by at least 35 per cent compared with the current building code. Improved energy efficiency means lower energy consumption for residents and asset owners. The QBIF is backed with a cornerstone investment commitment of up to $125 million from the CEFC, as part of its goal of increasing the availability clean, green rental stock and extending the benefits of clean energy to Australian renters.

To qualify for QBIF finance, projects must demonstrate minimum sustainability standards, including a 7-star average NatHERS rating and a 5-star NABERS for Apartments Energy rating, as well as criteria for appliances and solar generation on the available roof area. These standards will be achieved through a combination of passive design, upgraded building fabrics such as insulation and glazing, high-efficiency HVAC plant, energy efficient appliances such as dishwashers and refrigerators, and on-site solar systems.

Last Updated: 03/11/2020
Clean Energy Finance Corporation | February 2020 | Australia
C&I, MUSH, Residential  | Energy Efficiency, Energy Storage, Solar | Debt Investment | Term loan facility | View on Member website

Australian property group Stockland is undertaking a portfolio-wide energy efficiency retrofit program, as well as the development of a market-leading Green Star design standard for new-build retirement living.  Energy efficient initiatives implemented under the program will help make Stockland’s logistics centres, retirement living operations and corporate head offices more sustainable. The CEFC has committed up to A$75 million through a senior debt facility to finance the initiatives.

The work will include the design and construction of a new retirement living centre that will target a 35 per cent improvement in emissions reduction levels compared with current building code requirements. Stockland is aiming to achieve net zero emissions by 2030 across its logistics centres, retirement living operations and corporate head offices. It has already reduced its the carbon intensity of its commercial property assets by 57 per cent, alongside 33 million in investment in solar PV.

Last Updated: 03/11/2020
Clean Energy Finance Corporation | January 2020 | Australia
C&I, Residential, Utility  | Energy Efficiency, Energy Storage | Equity Investment | Co-investment | View on Member website

In December 2018, Relectrify announced a collaboration with Nissan Motor and Sumitomo subsidiary 4R Energy Corp to deliver battery storage products. The CEFC has increased its stake in Relectrify, investing a further $2.5 million through the Innovation Fund to lead the company’s Series A equity raising. This brings the CEFC’s total investment in Relectrify to $3.25 million.

Melbourne-based company Relectrify is developing and commercialising control technology that increases battery storage lifetime by as much as a third and reduces costs by up to half compared to existing market-leading offerings.

The Relectrify BMS+Inverter incorporates its advanced life-extending battery management systems (BMS) – which unlocks extra performance in battery systems by boosting their second-life storage capability and lifespan – alongside low cost, ultra-high efficiency battery inverters.

The ground-breaking technology has wide application because it can be used across residential, industrial and grid storage, using either new or second-life batteries.

It unlocks extra lifetime in new and second-life batteries and extra capacity in second-life batteries, reduces the cost of component parts and offers higher than typical efficiency, low electromagnetic interference and improved harmonic control.

Relectrify’s BMS+Inverter is already in operation, including in a grid storage pilot with Nissan North America and American Electric Power (AEP), a leading US power company with more than 5 million customers.

Relectrify is now engaging with globally leading battery storage manufacturers, distributors and integrators, seeking strategic partners to help bring leading products to the market.

Last Updated: 03/11/2020
NY Green Bank | February 2020 | New York, USA
C&I, Residential  | Solar | Debt Investment | Term loan facility | View on Member website

NY Green Bank committed up to US$20.0 million to participate in a syndicated term loan facility to a portfolio of community distributed generation solar projects owned and operated by True Green Capital Fund III, L.P., an investment fund managed by True Green Capital Management LLC. The financing was led by CIT Bank, N.A. Term Loan proceeds are anticipated to support the development of 10 community solar projects in New York State. This transaction is expected toprovide NYS residents and businesses a greater variety of energy choices and, ultimately, lower-cost clean energy opportunities.

TGC is a specialized energy infrastructure asset management firm based in Westport, CT with over 550.0 MW of solar power plants operating or under construction across the U.S. This transaction provides liquidity to a Sponsor active in the NYS community solar market. Additionally, this transaction will help NYGB continue to demonstrate the viability of distributed generation in the State, draw new investors and financial institutions into the marketplace, and lower the cost of capital related to community distributed generation. Increased solar deployment will continue to drive activity in the State, which will help NYS meet its 6.0 GW solar target by 2025. Consumers are expected to be the ultimate beneficiaries in the form of broader access to lower-cost clean energy generation, with corresponding resiliency, affordability, choice, and environmental benefits.

Last Updated: 03/09/2020