SunPower collaborates with True Green Capital Management to fund $140m solar projects
SunPower has collaborated with True Green Capital Management (TGC), a privately owned, specialised energy infrastructure asset management firm, to set up a $140m portfolio of assets totaling around 50MW of SunPower solar energy systems.
TGC will finance the projects, which are likely to include those with solar renewable energy credits, as well as integrated storage components, in the states of California, Connecticut, Maryland, Massachusetts, New Jersey, and Washington, D.C.
So far, 5MW of SunPower installations for the portfolio are under construction in Massachusetts, and an extensive pipeline of commercial projects are currently underway.
True Green Capital 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 U.S. 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 the three-year agreement, SunPower will deliver solar electric power projects for commercial and public sector customers that will be acquired by TGC.
Besides being responsible for engineering, procurement and construction (EPC) of distributed generation solar projects for the partnership, SunPower will offer 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."