Private equity firm closes $1 bln green fund
The fund's major investors include pension funds, both
public and private, and financial institutions, the group told
Reuters.
Investment areas that interest Hudson Clean Energy Partners
are wind, solar, biomass, energy efficiency and energy
storage.
The fund would look at grid-scale energy storage as well as
automotive applications, said John Cavalier, managing partner.
The group, which is a late-stage expansion growth capital
fund, invests about $50 million to $150 million on average in
one transaction. It typically does not invest in early-stage
technology.
The fund is looking to invest in about 10 to 12 green
companies over the next couple of years,
Founded in 2007, Hudson Clean Energy Partners is led by
Cavalier, a former vice chairman of Credit Suisse's investment
banking department, and Neil Auerbach, who was previously with
Goldman Sachs.
Cavalier said raising the funds was not easy, given the
tough economy. "It was very challenging," he said.
Hudson's current portfolio includes Element Power, a global
utility-scale wind and solar power generator; Recurrent Energy,
a distributed solar power company; CaliSolar Inc, a solar
photovoltaic wafer and cell manufacturer; SoloPower Inc, which
makes solar photovoltaic thin-film cells, and Wind to Power
Systems, a Madrid-based manufacturer of power electronics that
enable connection of renewables to the grid.
(Reporting by Poornima Gupta; Editing by Steve Orlofsky)
((poornima.gupta@reuters.com; 415-677-3934; Reuters Messaging:
poornima.gupta.reuters.com@reuters.net))
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