US Renewables Group has formed Westerly Wind LLC, a provider of development capital and expertise to wind developers. No financial terms were disclosed.
Today, US Renewables Group (USRG) announced the formation of Westerly Wind LLC (Westerly) to provide development capital and expertise to wind developers seeking to advance projects in the current difficult financial climate.
Focused on wind projects in all stages of development, Westerly works with developers, communities and other stakeholders to make clean energy a reality by partnering to advance these high quality projects toward completion.
Leading Westerly as CEO is Joe Cofelice whose deep industry experience includes serving as president of Catamount Energy Corporation and as CEO of American National Power, Inc.
“The recent financial crisis has led to a shortage of development capital and, as a result, many promising wind development projects are not being adequately funded,” said Lee Bailey, managing director of USRG. “Joe Cofelice and his team possess the expertise and capital necessary to take advantage of these development opportunities. Joe has a proven track record of successfully leading IPP organizations, serving most recently for over six years as president of wind energy developer, Catamount Energy Corporation.”
Regarding the current renewable energy landscape, Cofelice observed, “There has been a paradigm shift in wind development and small developers can no longer rely on a strategy of developing and flipping early stage development assets,” he said. “Wind developers will increasingly require the capital and expertise necessary to advance projects to a ready-to-build state and we believe we are well positioned to meet this market requirement. By coupling Westerly’s expertise with USRG’s successful track record of investing in renewable power and clean fuel projects across the renewable landscape, Westerly stands as a powerful partner for project developers in the wind sector.”
With almost 10,000 MW of new capacity added in 2009, the U.S. wind industry had a record year as installed U.S. wind capacity increased by 39 percent to over 35,000 MW.
About US Renewables Group – US Renewables Group is one of the largest private equity firms focused exclusively on investing in renewable power, biofuels and clean technology infrastructure. USRG was founded in 2003 and has mobilized over $750 million of capital commitments to invest in renewable energy projects. In addition to project investing, USRG has made strategic investments in companies that support the renewable energy industry and companies that scale proven technologies for commercial applications. USRG has made 19 diversified investments across three funds. USRG has offices in Los Angeles and New York. More information about the company is available at: www.usregroup.com.
About Westerly Wind – Westerly Wind provides development capital and expertise to wind projects at all stages in the development cycle. More information about the company is available at: www.westerlywind.com.