True Green Capital Acquires Majority Stake in CleanChoice Energy

Sun rising over solar panels in a community solar farm
  • Apr 28, 2023

WESTPORT, Conn. and WASHINGTON, April 28, 2023 True Green Capital Management LLC ("TGC"), a renewable energy infrastructure investment firm, and CleanChoice Energy ("CleanChoice"), the cleantech company that easily empowers people and businesses to access climate solutions, are pleased to announce that they have signed definitive documentation for TGC to acquire a majority ownership in CleanChoice and provide dedicated capital to fund CleanChoice's solar development pipeline. The acquisition will fuel CleanChoice's growth as the first 100% independent green gen-tailer in the US, operating at both ends of the value chain by owning solar generation assets and selling renewable energy to customers in multiple competitive markets across the US.

TGC will maintain the CleanChoice brand and team and invest an additional $100 million of capital into developing, acquiring, owning, and operating CleanChoice solar projects. CleanChoice currently has a development portfolio of over 300 MW in various stages of development and is actively pursuing acquisition and co-development opportunities across its territories of focus. The deal will expand TGC's footprint to include solar power generation in sixteen US states, including Pennsylvania and Ohio, along with approximately 215,000 residential customers. The initial focus will be in the ISO-NE, NYISO, and PJM markets.

"We are excited to welcome CleanChoice into our portfolio," said Panos Ninios, Managing Partner and Co-Founder of TGC. We continue to believe that the combination of green customers with solar power development and asset ownership will be paramount in the clean energy transition regime we operate in. In CleanChoice, we have found a best-in-class management team with a unique multi-year track record in combining solar power development with a proprietary customer acquisition and management platform."

The acquisition of CleanChoice underscores TGC's commitment to quickly, reliably, and cost efficiently expand renewable energy generation and demonstrates the attractiveness of a largely untapped opportunity to pair owned renewable generation with renewable retail supply. The combination will enhance CleanChoice's retail business by securing long term access to power, capacity, and RECs and reducing exposure to wholesale commodity markets, setting up operational savings and differentiated renewable products.

"This is a significant milestone for CleanChoice, and it was important for us to find a mission aligned buyer who shares our commitment to empowering customers and building a greener future," said Tom Matzzie, CEO of CleanChoice. "We have found that in TGC, and we look forward to rapidly expanding our farm-to-table clean energy offerings and, with their support, making clean energy more accessible to more people."

We look forward to rapidly expanding our farm-to-table clean energy offerings and, with [TGC's] support, making clean energy more accessible to more people. –Tom Matzzie, CEO of CleanChoice

"We are thrilled to partner with CleanChoice on their journey to becoming a fully integrated green utility," said Bo Wiegand, a Partner and Co-Founder of TGC.  "We see this as a natural extension of our firm's community solar strategy - providing more customers with access to locally-generated renewable energy, while also enabling high quality retail offtake for our project assets."

CleanChoice's next five years will be focused on developing, constructing, and operating its project portfolio and providing more consumers with easy, convenient, 100% pollution free energy. The transaction is expected to close in the next 60 to 90 days. 

CIBC Capital Markets served as exclusive financial advisor for TGC and DLA Piper served as legal counsel in connection with the transaction. Guggenheim Securities, LLC served as exclusive financial advisor and Pillsbury Winthrop Shaw Pittman LLP served as legal counsel to CleanChoice. 

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, including closing in May 2022 its fourth fund with over $660 million of equity to be invested over the next four years. To date, TGC has invested in distributed solar power generation portfolios across 16 U.S. states and Europe, delivering clean and reliable renewable energy to its counterparties. 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 projects on an institutional scale. To learn more, visit

About CleanChoice Energy

CleanChoice, a direct-to-consumer clean energy provider, makes it easy for consumers and businesses to purchase clean energy from renewable sources. Available nationwide, CleanChoice helps Americans support renewable energy, reduce pollution and live cleaner and healthier lives. Founded in 2012 and acquired by True Green Capital Management LLC in 2023, CleanChoice is the first American 100% green gentailer - pairing renewable generation with direct-to-consumer retail offerings. CleanChoice is a Certified B Corporation and was awarded the highest available rating by Green America's Green Business Network. For more information or to become a clean energy customer, visit

SOURCE CleanChoice Energy; True Green Capital Management LLC