GSSG Solar is a full-service solar investment manager founded in early 2013. It manages private funds that seek to generate capital appreciation through investments in renewable energy projects located primarily in the United States, Japan and Taiwan. Investors in these funds include family offices, institutions, and high net worth individuals. GSSG Solar invests in solar and other renewable energy projects and related assets, including, without limitation, wind and energy storage assets. GSSG Solar seeks to invest in projects with recurring revenue streams generated by the ongoing sale of clean electricity. This may lead to short-term liquidity through the sale of those projects to third-party buyers interested in that type of revenue stream. Members of the GSSG Solar team, collectively, have over 50 years of experience evaluating solar and renewable energy investments worldwide. GSSG Solar’s management team has worked together for between 10 and 14 years in finance and acquisition roles at GSSG Solar or with prior employers. The team’s experience spans a period of growth within the solar industry of over 500-fold from its nascency to its current status as a greater than $200 billion annual industry. Over that period, individuals on GSSG Solar’s management team have contributed to several marquee financings across sectors (residential to utility) and geographies (on three continents). GSSG Solar applies rigorous fundamental analysis with respect to potential investments in the global renewable energy sector. Each potential investment is evaluated across a number of criteria, including:
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Value of underlying collateral: Using a discounted cashflow methodology, GSSG Solar’s valuation team develops a value for each project. This incorporates site evaluations from the technical team, reports from independent advisors, and market comparisons for similar projects, along with certain global market and economic assumptions.
• Timing: The team evaluates each project’s general development status and considers the materiality of timing risk with respect to each investment.
• Execution: Based on experience from several hundred projects worldwide, GSSG Solar evaluates the likelihood that each project will actually be completed as expected—on time and on budget.
• Foreign Exchange and Taxes: Where taxes or foreign exchange have a potential impact on valuation, investment decisions will be made based on an after-tax, after repatriation, net to investor basis using prudent attention to tax rates and foreign exchange conversion rates. Selective short term foreign exchange hedging is utilized when a cash receivable is contracted. GSSG Solar uses a combination of equity and joint venture structures to invest in privately-held solar and other renewable energy companies (often formed as limited liability companies) that hold the assets of targeted solar or other renewable energy assets. In each case, GSSG Solar seeks to develop a structure that enables exposure to upside through participation and protection against downside risk. As of December 31, 2023, GSSG Solar’s assets under management totaled approximately $209.2million, all of which is managed on a discretionary basis.