Opportunity abounds, even in this difficult credit environment. That’s at least what clean energy-focused investment fund US Renewables Group (USRG) thinks. Today the firm launched Westerly Wind, a new venture that will provide financing to wind developers that are having a hard time raising capital.
In a released posted on PeHUB Lee Bailey, managing director of USRG, said:
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.
To lead its new funding unit USRG has taped Joe Cofelice, the former CEO of American National Power. He was also president of Catamount Energy, the Vermont-based wind developer acquired in 2008 by Duke Energy for $240 million.
USRG has mobilized over $750 million of capital commitments to invest in renewable energy projects since it launched in 2003.
We’ve called USRG to get some more details on exactly how much capital it’s invested in Westerly.