A major solar installation at a major joint military base could poise investment firm True Green Capital Management for future government contracts.
As solar financing continues to evolve and more and more innovative models are making their ways to the top of lists when they respond to Requests For Proposals, True Green is well situated for success.
The New York-based private investment firm specializes in asset-based investments in distributed renewable power. Historically, the company has concentrated on mid-size commercial rooftop installations, said Jeffery Brown, fund founder and partner.
“This is our first chance to create a world-class solar plant on a military base,” he said.
The company partnered with CIT Bank to finance and own 12.3 megawatts of distributed residential rooftop solar at Joint Base McGuire-Dix-Lakehurst in Burlington County, New Jersey.
It’s a high-profile project that Brown said he hopes will earn True Green some recognition and favor when applying for future military contracts. The solar installation will establish the base as one of the largest solar-powered military communities in the country.
“To give you an idea of the scale of this base – the tri-service branch employs more people than any other industry in New Jersey,” Brown said. That means there are more military personnel working on the Army, Navy, Air Force combined base than in the entire engineering, real estate, tourism or manufacturing industries in the state.
It’s a large base that consolidated in 2006, Brown said. And this solar installation will help reduce the base’s energy usage and will save personnel on electricity bills in their homes.
True Green partnered with Trinity Solar, which has more installed solar capacity than any other installer in the region, Brown said. “We got this privilege because we had the committed capital,” Brown said, “but also because of our partners.”
While this was the first military project for True Green, Brown said he is optimistic it will put the company in a position to compete for future military opportunities.