Hudson Clean Energy Partners Raises $1B For Debut Clean Energy Fund
Hudson Clean Energy Partners has closed its debut fund, Hudson Clean Energy Partners, L.P., securing $1.024 billion in capital commitments, slightly above the $1 billion it initially set out to raise.
C.P. Eaton Partners was lead placement agent. Credit Suisse and Poalim Ventures also participated in the capital raising effort.
Former Goldman Sachs banker Neil Auerbach launched Hudson in 2007.
Hudson’s current portfolio includes utility-scale wind and solar developer Element Power; Recurrent Energy, a distributed solar power company and PV panel maker CaliSolar.
On the closing of the fund, 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.
Hudson co-Managing Director John Cavalier, a former vice chairman of Credit Suisse’s investment banking group, added:
We are extremely pleased to have overcome challenging economic times to exceed our fund target of $1 billion.
At Goldman Auerbach founded the bank’s U.S. alternative energy investing business. One of the group’s blockbuster deal was the 2007 sale of Goldman-owned Horizon Wind Energy for $2.5 billion to EDP Energias, the Portuguese power company. To date this is one of the largest M&A transaction in the renewable energy sector.
