The U.S.-based Hudson Clean Energy Partners has officially closed its first fund, with commitments of $1.024 billion, achieving its $1 billion target.
Some of the investors include The The New York State Common Retirement Fund, which put $100 million into the private equity fund, and the Danish pension fund ATP, which invested $400 million in the new vehicle.
Hudson says it will deploy this capital along with co-investment commitments to expand the firm’s current clean energy investment portfolio.
Founded in 2007, Hudson Clean Energy Partners is led by Neil Auerbach and John Cavalier. Auerbach previously founded the U.S. Alternative Energy investing business within Goldman Sachs Group Inc.’s Special Situations Group. Cavalier was formerly vice chairman of Credit Suisse’s Investment Banking Department and served as chairman of the Energy Group and head of Credit Suisse’s Global Renewable Energy efforts.
Hudson’s current portfolio includes Element Power, a global utility-scale wind and solar power generator; Recurrent Energy, a distributed solar power company that develops, builds, owns and operates generation assets; CaliSolar, Inc., a solar photovoltaic (PV) wafer and cell manufacturer; SoloPower, Inc., a manufacturer of solar PV thin-film cells and flexible modules; and Wind to Power Systems, a Madrid-based manufacturer of power electronics that enable connection of renewables to the grid.
C.P. Eaton Partners LLC served as lead placement agent for the fund, and was assisted by Credit Suisse Securities (USA) LLC (Alternative Investments) and Poalim Ventures Ltd.
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