Hudson Clean Energy has closed its debut fund with a total of $1.024 billion in commitments, just above its $1 billion target. The fund targets companies using commercialized technologies focused on renewable power, alternative fuels, energy storage and demand-side energy management. Hudson Clean Energy was formed in 2007 and is led by Neil Auerbach and John Cavalier. C.P. Eaton Partners served as lead placement agent and was assisted by Credit Suisse Private Fund Group and Poalim Ventures.
Over the past three years, 93 companies in the renewable power, alternative fuels and energy efficiency sectors have received private equity investment, according to the PitchBook Platform. The pace of investment has slowed to 17 deals YTD from the 39 completed in 2008 and the 43 in 2007. Within this industry, alternative energy equipment companies like Hudson's Recurrent Energy were targeted the most (24 deals), followed by 19 renewable and alternative energy producing company deals, like Energy Investor Funds' Watertown Renewable Power. In the past 18 months, solar and wind power related companies have been the biggest target in the renewable and alternative energy industries, accounting for 19 of the 32 deals (60%). Over the previous period, they accounted for 22 of 59 deals (37%).