True Green Capital Management LLC Announces the Recent Closing of its Investment in Faradae SAS, Marking its First Investment in Europe
WESTPORT, Conn., April 25, 2023 /PRNewswire/ -- True Green Capital Management LLC ("TGC"), a renewable energy infrastructure investment firm, is pleased to announce the recent closing of a controlling investment in Faradae SAS ("Faradae"), along with project capital, to support the company's growth in the French distributed solar market. Faradae is an independent renewable power producer based in Lyon, France, that targets French real estate investment trusts ("REITs") and other corporate customers for solar installations. Equity financing for this milestone investment, TGC's first in Europe, was provided by TGC's fourth fund, True Green Capital Fund IV, L.P. ("Fund IV").
"Faradae shares our fundamental belief that distributed solar generation is the most attractive segment of our industry," remarked Panos Ninios, Managing Partner and Co-Founder of TGC. "Our collaboration paves the way for our rapid development in the distributed solar market in France."
"We are excited to bring Faradae to the next stage of growth. We have been impressed by TGC's experience and operational capabilities in the area of distributed solar generation," said Tom Lawson, CEO and Co-Founder of Faradae. "To us, TGC has proven to be much more than just money – their experience and acumen is not that common among infrastructure investors."
"The time is perfect for behind-the-meter-solar," continues Tom Lawson. "Our installations power our customers' buildings, protecting them from energy price volatility. Prices in Europe have risen very fast and have become unstable. On top of this, new regulation specifically favors behind-the-meter solar versus larger, utility scale projects."
With its recently closed $660 million Fund IV, TGC continues to target core distributed renewable generation markets in North America, as well as select new ones in the UK and the European Union, where the firm believes that its U.S. distributed generation investment experience and capabilities translate well, providing it with a competitive advantage in these evolving markets.
Jones Day (David Swinburne, Adrien Descoutures, Kévin Bousset) served as legal advisor to TGC and Edwards & Praly (Olivier Edwards, Lucie Praly) served as legal advisor to Faradae.
About True Green Capital Management LLC
TGC is a specialized renewable energy infrastructure investment firm based in Westport, Connecticut. Having developed the capabilities of a direct operating business, TGC has raised four private equity funds with over $1 billion of equity capital in total, including closing in May 2022 its fourth fund with $660 million of capital to be invested over the next four years. To date, TGC has invested in distributed solar power generation portfolios across 14 U.S. states delivering clean, reliable renewable energy with an increasing focus in the UK and European Union. The firm was founded in July 2011 and is led by a team of investment professionals with a proven track record and the demonstrated capacity to originate, finance, construct, operate, and exit distributed renewable power generation assets at an institutional scale. To learn more, visit https://truegreencapital.com/.
About Faradae SAS
Faradae, based in Lyon, France, originates, develops, owns, and operates solar generation, powering hospitality, health care, and office buildings in France. It assists real estate owners in their quest for cost-effective solutions to meet their energy efficiency targets, decarbonize their asset portfolio, and contribute to the energy independence of the nation. Visit www.faradae.com to learn more.
True Green Contact:
Christina Anzel
Director of Investor Relations & ESG
Mobile: + 1 917 608 3550
[email protected]
Faradae Contact:
Anne Valette Dai
Mobile: +33 7 75 26 12 43
[email protected]
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