Energy company SunPower (NASDAQ: SPWR) and energy infrastructure asset management firm True Green Capital Management have teamed up to establish a $140m portfolio.
The fund is expected to finance approximately 50 megawatts of SunPower solar energy systems. Projects of interest are likely to include those with solar renewable energy credits, as well as integrated storage components, in California, Connecticut, Maryland, Massachusetts, New Jersey, and Washington, D.C.
To date, 5 megawatts of installations destined for the fund are under construction in Massachusetts, and an extensive pipeline of commercial projects are in development.
As part of the three-year agreement, SunPower will deliver distributed solar electric power projects for commercial and public sector customers that will be acquired by TGC. SunPower will be responsible for engineering, procurement and construction (EPC) of distributed generation solar projects for the partnership, and will also provide operations and management (O&M) services to the projects.