David Crane has joined Pegasus Capital Advisors as a Senior Operating Executive. Crane previously served as President and CEO of NRG Energy from 2003 until 2015.
April 22, 2016 02:52 PM Eastern Daylight Time
NEW YORK–(BUSINESS WIRE)–On Earth Day, Pegasus Capital Advisors is pleased to announce that David Crane will be joining the company as its Senior Operating Executive. David served as President and CEO of NRG Energy (NYSE: NRG) from 2003 until 2015. NRG was a Fortune 250 company and a member of the S&P 500. David is a global thought leader in the push towards a clean energy economy and sustainable development. Under David’s leadership, NRG took the innovative step of forming and floating the first “yieldco,” NRG Yield (NYSE: NYLD) in 2012, with the purpose of holding NRG’s non-commodity exposed long term contracted portfolio of assets. In addition to owning and operating over 50,000MW of generation and serving almost 3 million retail customers (sold under the Reliant, Green Mountain and Energy Plus brands as well as NRG), NRG was a first mover in various clean energy technologies including distributed solar, electric vehicle charging and carbon capture/enhanced oil recovery. During David’s tenure, NRG and David personally won numerous industry, community, and environmental awards.
“David has an excellent track record and has shown extraordinary vision in transforming businesses to meet the global challenges of the 21st Century,” says Pegasus Founder and CEO Craig Cogut. “David’s worldwide network and reputation in the renewable energy space will compliment Pegasus’ efforts to build business platforms that promote sustainable distributed energy. Our strategy of deploying capital into sustainable business and expanding those business from domestic to global corporations will benefit greatly from his experience and leadership.”
“I look forward to joining the Pegasus team and using my experience to help their portfolios companies grow and support their executives though our shared experience running companies,” said David Crane. “I’m especially excited to connect my global network of relationships in the clean energy sector with the sustainable community Pegasus is growing around the world.”
Prior to NRG, David served as Executive Director of London based International Power from 2000 to 2003. David was recruited in 2000 to the “C-suite” of the company to be formed out of the international assets of National Power Plc and with CES, responsible, initially, for formation of the initial organizational structure and corporate culture, these assets became, upon separation, International Power Plc, a FTSE 250 company with its primary listing on the LSE (ticker symbol: IPR). It had a market capitalization as of June 2003 of approximately $2.5 billion and an enterprise value of approximately $4 billion. It was a merchant power generation company with 11,000 MW (net) spread among 28 assets in 15 countries. IPR has 4,415 MW (net) in the United States (NEPOOL and ERCOT), 1,500 MW (net) in the UK and 2,315 MW (net) in Australia, where it was the largest non-stated-owned power generator.
As Senior Vice President of Global Power at Lehman Brothers from 1996 through 2000, David was responsible for Lehman Brothers’ Global Power business in emerging markets (Latin America and Asia) with a focus on project financing and the privatization of state-owned utilities (Thailand, Brazil).
David also is a “B Team” leader and a member of the Board of Directors of Dean Kamen’s FIRST (“For Inspiration and Recognition of Science and Technology”). NRG, under David’s leadership, was a key member of the U.S. Climate Action Partnership (USCAP) from 2008 to 2011.
David was named Energy Industry “CEO of the Year” by EnergyBiz in 2010, top CEO in the electric utility sector by Institutional Investor in 2011 and “Entrepreneur of the Year” by Ernst & Young in 2010. David was also awarded the Corporate Environmental Leadership award by GlobalGreen in 2014 and the Equinox Solar Champion Award and most recently The C.K. Prahalad Award for Global Sustainability Business Leadership in 2015.
David has also written many articles and op-eds in various industry and general business publications, including Huffington Post, Fortune, Green Biz, Breaking Energy, The New York Times and The Washington Post.
About Pegasus Capital Advisors, L.P.
Pegasus is a private equity firm founded and led by Craig Cogut. Since inception in 1996, Pegasus has invested across five private equity funds and currently manages approximately $1.8 billion in assets. The Firm’s principal investment theme is providing strategic growth capital to companies within the middle-market focused on global resource scarcity, particularly energy, waste, food, water and health & wellness. www.pcalp.com