About This Fund
True Green Capital Fund IV, L.P. is the fourth flagship fund raised by True Green Capital Management LLC, a Westport, Connecticut-based renewable energy infrastructure private equity manager founded in July 2011 by Dr. Panos Ninios and Bruce Wiegand. The firm is registered with the SEC as an investment adviser (CRD 277052) and specialises exclusively in distributed commercial and industrial (C&I) solar power generation, battery energy storage systems (BESS), and microgrid assets. True Green Capital launched Fund IV in December 2019 targeting $500 million and held its final close at $660.9 million in June 2022 — 32% above target — representing the firm's largest fund to date, following True Green Capital Fund III which closed at $352 million in August 2017.
The fund deploys a core infrastructure-adjacent strategy anchored in distributed C&I solar assets, battery storage systems, and microgrids, primarily in the United States across 14 states at the time of close, with selective expansion into Europe beginning with France. Assets are acquired or developed under long-term power purchase agreements (PPAs) with commercial and industrial counterparties, providing inflation-hedged contracted cash flows and downside protection. True Green Capital employs proprietary origination capabilities and direct operating infrastructure to acquire assets at competitive basis, complemented by a platform buyout approach for aggregating distributed generation portfolios.
At final close on 6 June 2022, the fund had already deployed capital into multiple C&I solar portfolios and had completed notable exits including a 79 MW portfolio sale in September 2021. Subsequent Fund IV activities include the acquisition of 64 MW of operating solar assets from Ecofin US Renewables Infrastructure Trust (April 2025), first European investment in Faradae SAS in France (April 2023), and the acquisition of a majority stake in CleanChoice Energy (April 2023). The manager has deployed more than $1.2 billion and 520 MW cumulatively across its fund series. Legal counsel was provided by Morgan Lewis; fund administrator is Apex Group. Confirmed LP investors include the McKnight Foundation.