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.