Hudson Clean Energy closes debut fund on $1bn

The firm, founded by former Goldman alumnus Neil Auerbach, has attracted investments from big pensions, including $400m from Danish pension ATP.

Hudson Clean Energy Partners has closed its debut fund on $1.024 billion, slightly surpassing its target of $1 billion for investments in clean energy.

Hudson, founded by former Goldman Sachs US alternative energy chief Neil Auerbach, used CP Eaton as a placement agent. John Cavalier, former vice chairman of Credit Suisse’s investment banking department, is co-managing partner of the firm.

The firm was founded in 2007 and has a portfolio of investments that includes Element Power, a global utility-scale wind and solar power generator; Recurrent Energy, a distributed solar power company that develops, builds, owns and operates generation assets and CaliSolar, a solar technology manufacturer.

Hudson has attracted some big-name investors, including the New York State Common Retirement Fund, which committed $100 million to the firm. New York State’s investment is part of its $500 million “Green Strategic Investment Program”, which targets investments in renewable energy and clean technology.

Other limited partners in Hudson’s fund include Danish pension giant ATP, which made a $400 million investment in March, and Credit Suisse, which committed $300 million.