True Green Capital Expands Solar Portfolio with Sussex Acquisition
Deal News | Apr 21, 2025 | EIN
True Green Capital Management, a private equity firm focused on renewable energy, has expanded its solar portfolio by acquiring the Heimlich Solar Facility in Sussex County as part of a broader acquisition deal. The purchase is part of a larger transaction involving a 64-megawatt fund of solar farms across six states from Ecofin US Renewables Infrastructure Trust PLC for approximately $33.5 million. The Heimlich Solar Facility, now renamed the Diamond State Solar Farm, consists of 16,000 solar panels over 35 acres and generates 4.5 megawatts of energy. The acquisition highlights True Green Capital's strategy of acquiring and optimizing distributed solar assets to create an institutional-grade solar portfolio. With this purchase, True Green Capital's solar portfolio has increased to over 600 megawatts across various states including Delaware, New Jersey, California, Massachusetts, Minnesota, and Virginia.
Sectors
- Renewable Energy
- Private Equity
Geography
- United States – The transaction and the assets involved are based in the United States, with solar projects spread across multiple states.
- Delaware – The article focuses on a solar farm located in Sussex County, Delaware, as part of True Green Capital's acquisition.
Industry
- Renewable Energy – The article details a transaction involving solar energy assets, highlighting the renewable energy sector's importance and growth.
- Private Equity – True Green Capital Management, a private equity firm, is central to the transaction, showing the role of private equity in the renewable energy transition.
Financials
- $33.5 million – The final sale price for the solar assets, excluding tax and other costs.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| True Green Capital Management | Acquirer | Company | A private equity firm specializing in renewable energy investments. |
| Ecofin US Renewables Infrastructure Trust PLC | Vendor | Company | A renewable investment trust that sold its solar farm portfolio to True Green Capital. |
| Heimlich Solar Facility / Diamond State Solar Farm | Target Company | Company | A solar farm located in Sussex County, part of the acquisition, producing 4.5 megawatts of energy. |
| Delaware Electric Cooperative | Power Purchaser | Company | An electric cooperative with a long-term deal to purchase energy from the solar farm. |