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Financial leaders tap into cleantech pool |
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First published on the Cleantech Investor website, July 2008, Copyright Cleantech Investor 2008 With ever-increasing oil prices and a gloomy economic climate, experienced executives from the financial services industry are flocking to the cleantech sector in search of better investment prospects. Recent market rumours suggest that former Citigroup Chief Technology Officer, Todd Thomson, and former Credit Suisse executive, Christian Langaard, are raising $1 billion for the renewable energy and carbon offset vehicle, the Carbon Opportunities Fund. It is understood that the duo plans to back expansion and project development deals, as well as buyouts.
Industry sources also suggest that Russell Read, the former Chief Investment Officer for pension fund California Public Employees Retirement System (CalPERS), is setting up his new vehicle. During his two-year stint leading the investment strategy at CalPERS, Read emphasised investments within the renewable energy realm such as generation plants. Widespread opinion is that Read will use his extensive experience in the private equity sector in consultancy to such firms, as well as active investment ranging from early stage to large scale project finance deals.
Another financial services heavyweight, Neil Auerbach, is also fundraising a reported $1 billion for his firm, Hudson Clean Energy Partners, which is active in financing projects to push commercialisation of clean technology. |
