California Controller Steven Westly announced that the California State Teachers’ Retirement System (CalSTRS) – the nation’s third largest public pension fund – and VantagePoint Venture Partners, one of the nation’s largest and most active venture capital firms have co-invested $30 million in New Energy Capital Corp., a leading clean energy company. Westly sits on the Board of Directors of CalSTRS and has been instrumental in its efforts to increase the pension fund’s investments in clean technology. New Energy Capital will deploy the capital to acquire, build, and operate renewable energy and distributed generation projects in North America. New Energy Capital works with developers and technology companies throughout the United States to identify investment opportunities and provide equity capital. The company takes an active role in each of its project investments, providing asset management and financial structuring expertise. New Energy Capital is pursuing investments in onsite cogeneration, renewable power, and ethanol and biodiesel production projects, creating a diversified portfolio in the clean energy sector.
Controller Westly commented that “the investment we are announcing today is a good example of how California public pension funds have led the nation in their commitment to ensuring strong returns for investors and advancing important public policy.”
Real Desrochers, Director of Alternative Investments at CalSTRS commented that “we are attracted to the significant growth of clean energy markets. We are confident that New Energy Capital’s deep understanding of clean energy technologies, policy, and markets will drive attractive project investments in the sector.”
New Energy Capital President and former United States Assistant Secretary of Energy, Dan Reicher, commented that “the support we are receiving from VantagePoint and CalSTRS helps us put clean technology to work around the nation and in doing so demonstrate that the right company investing in the right projects can do well – and do good.”
During the last quarter, New Energy Capital has initiated several new projects:
* closed on financing for the construction of three cogeneration facilities at dairy food processing operations in California and Massachusetts. The facilities will provide electricity and thermal energy to reduce energy costs and cut air pollution and greenhouse gas emissions.
* invested in a new biodiesel production facility in Delaware. The plant will deploy state-of-the-art technology to produce biodiesel from both virgin and used oil feedstocks. New Energy Capital expects to add ethanol, cogeneration, and biomass assets to its portfolio during the next several months.
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