Hudson Clean Energy Partners (HCEP) set a $1 billion target for its first fund, a new clean energy investment fund, and just announced this week that it has reached its target despite the difficult economic conditions worldwide.
Led by two industry veterans with much individual success, HCEP is looking to help spur and capitalize on a great global push for clean tech and clean energy (including renewable power, alternative fuels, energy efficiency and storage). The firm seems to show a lot of faith in solar power technology, in particular.
On the closing of this first fund, HCEP received commitments totalling $1.024 billion. This is a great feat given the current and recent economic situation, but also another sign that investors see clean tech as an important economic growth market.
Co-Managing Partner Neil Auerbach said, “In one of the most challenging fundraising environments in recent memory, Hudson is pleased to have earned the confidence of such a diverse, international and high quality group of investors.”
HCEP is led by Neil Auerbach and John Cavalier. As the company reports, these two are leaders in this field: “Mr. Auerbach previously founded the highly successful U.S. Alternative Energy investing business within Goldman Sachs Group Inc.’s Special Situations Group, where he led several of Goldman’s most successful investments in renewable energy. Mr. 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.”
HCEP’s current portfolio is filled with solar power technology companies, but also companies involved in wind power technology. In its portfolio are:
1) Element Power — “global utility-scale wind and solar power generator”;
2) Recurrent Energy — “a distributed solar power company that develops, builds, owns and operates generation assets”;
3) CaliSolar, Inc. — “a solar photovoltaic (‘PV’) wafer and cell manufacturer with an industry-leading cost structure”;
4) SoloPower, Inc. — “a manufacturer of solar PV thin-film cells and flexible modules”; and
5) Wind to Power Systems — “a Madrid-based manufacturer of power electronics that enable connection of renewables to the grid.”
HCEP and its investors are looking to make a true change to the energy industry. This firm’s new success shows the continued support and great faith in renewable energy and clean technology worldwide.
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