True Green Capital and Qcells Partner to Install 450MW of Solar Across America

Date: 4.23.24

True Green Capital Management (TGC), a specialized renewable energy infrastructure private equity firm, announced today that it has signed a partnership agreement with Qcells, a global leader in complete clean energy solutions, to install up to 450 megawatts (MW) across commercial, community and industrial solar and grid projects throughout the U.S. This project will be led through Qcells Enable, the solar Engineering, Procurement and Construction (EPC) provider and a subsidiary of Qcells.

This transaction marks a significant milestone for TGC and Qcells signifying their respective continued commitment to building a complete and sustainable solar supply chain in the United States.

TGC is committed to increasing investment in U.S solar electricity projects. This partnership will enhance TGC’s ability to invest in U.S solar electricity projects and will directly support residential, commercial, and industrial customers’ access to low cost, clean renewable energy.

Complementing these efforts, Qcells will provide complete turnkey EPC services combined with their, best in-class solar modules.

The solar modules will be supplied by Qcells’ fully integrated solar supply chain factory in Cartersville, Georgia. This is a part of the Qcells $2.5 billion U.S. investment announced in 2023 that will manufacture 3.3 gigawatts (GW) of solar ingots, wafers, cells, and finished panels, respectively. These modules will utilize PV cells manufactured with polysilicon from REC Silicon, located in Moses Lake, WA. Hanwha Solutions, the holding company for Qcells, is the largest shareholder of REC Silicon as of April 2022. 

“We’re strengthening our collaboration with Qcells by expanding our partnership to include turn-key EPC services. This expansion grants us early access to the first fully integrated and transparent silicon-based solar supply chain from raw material to finished panel in the USA. This strategic move enables us to minimize offshore supply chain risks but also ensuring excellent project delivery,” emphasized Panos Ninios, Managing Partner at TGC.

“We are very excited to have the opportunity to build these top-grade solar projects with a blue-chip client” said IP Kim, President of Qcells USA. “The partnership also recognizes the benefits of thinking strategically about our U.S. supply chain and the complete solar project lifecycle.”

Qcells will continue to leverage our expanding supply chain to support partners like TGC with domestically produced products, accelerating the expansion of clean energy in America.

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About True Green Capital Management LLC

True Green Capital Management LLC (“TGC”) is a specialized renewable energy infrastructure private equity firm focused on the U.S. and Europe.  TGC is headquartered in Westport, Connecticut in the USA, and maintains an office in London in the United Kingdom as well.

The firm was founded in July 2011 and is led by a team of professionals with a proven track record and a demonstrated capacity to originate, finance, construct, and operate distributed renewable power generation projects.

To date, TGC has invested into a distributed solar power generation portfolio across 16 U.S. states, the United Kingdom, and France.

About Qcells

Qcells is one of the world’s leading clean energy companies, recognized for its established reputation as a manufacturer of high-performance, high-quality solar cells and modules, portfolio of intelligent storage systems, and growing international pipeline of large-scale renewable energy projects. Qcells also provides renewable electricity retail services and packages to end customers the world over. The company is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ) with its diverse international manufacturing facilities in the U.S., Malaysia, China, and South Korea. Qcells strives to offer Completely Clean Energy through the full spectrum of photovoltaic products, storage solutions, renewable electricity contracting and large-scale solar power plants. Through its growing global business network spanning Europe, North America, Asia, South America, Africa, and the Middle East, Qcells provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental, and residential markets. For more information, visit: https://qcells.com/us/.

About Qcells Enable

Established in 2022, Qcells Enable is a full-service CCI EPC company for solar projects in the United States. Based in Teaneck, NJ, the company brings technical savvy, a qualified professional labor force, and an in-house engineering team allowing it to efficiently serve the needs of its clients and deliver results.  We combine experience and expertise to offer one-stop shop complete energy solutions, all backed by a Fortune® Global 500 company. Visit https://us.qcells.com/cic-epc to learn more.