CleanTech Alliance Fund

United States of America

Last updated 12 May 2020, by Impactyield.

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The CleanTech Alliance Fund invests in renewable energy infrastructure projects in the U.S. The Fund's strategy is to create a diversified portfolio of 10-20 projects across energy generation (solar, wind, fuel cells), waste-to-energy, energy efficiency and energy storage projects. There is a significant collateral benefit of U.S. union job creation.

We mitigate risk by (1) entering projects at the construction phase (after engineering and permitting is completed), (2) using only proven energy generation equipment (i.e., no or low technology risk) and (3) securing long-term power purchase agreements with inflation protection provisions with local buyers (typically investment-grade-rated local utility).

Financial description

Investments are made in sub-$75mm renewable energy infrastructure projects. Since the credit crisis, there has been a capital void for this type and size of project, presenting an opportunity for strong investment returns. The CleanTech Alliance Fund is targeting 12 to 15% net returns. The average holding period for comparable investments is 33 months.

7 years

of track record


the year funded



SDG goals

SDG targets

Affordable and sustainable transport systems

Substantially reduce waste generation

Universal access to modern energy

Increase global percentage of renewable energy

Double the improvement in energy efficiency

Expand and upgrade energy services for developing countries

Full employment and decent work with equal pay

Impact Category

Key performance indicators

Fund overview

Asset manager: North Sky Capital

Product track record: Fund has 7 years of track record

Target IRR: 12%

Committed Capital: 205,000,000 USD (US Dollar)

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 2016

Vintage year: n.a.

Target region: , , ,

Target close date: n.a.

Product term: n.a.

Assets under management: n.a.

Investment size: Min: 0; Max: 0; Avg: 0

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 15

Fund investments to date exited or repaid: 0

Management fee: 1.6%

Carried interest: 16%

Hurdle rate: 6%%

GIIN Investors' Council Investment: No

Limited Partners / Investors: 15 Limited Partners, primarily pension plans (Taft Hartley) and foundations.

Limited Partner / Investor Type: Endowments/Foundations, Family Office, Pension Funds, Other Institutional Investors


E-mail: n.a.


Phone number: 612-435-7150

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Impact Performance


Impact thesis

The CleanTech Alliance Fund has both a significant environmental impact and social impact through building renewable energy infrastructure and U.S. job creation, respectively. Taking environmental concerns into consideration, the Fund is geared to reduce dependence on traditional fossil fuels. The Fund promotes renewable energy and reduces emissions. Secondly, a key premise to each investment is the promotion of US-based union jobs. Through the Fund’s first several investments, and the integral role of our fund ombudsman, we have effectively created union jobs.

Impact Management


Financial benchmark

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