First green pure-play investment bank launched

Jeffrey A. McDermott, founder of Greentech Capital Advisors, said companies in the renewable energy sector will need a “dedicated team” of experienced bankers to be able to thrive. Photo Courtesy of Greentech Capital Advisors

A group of senior Wall Street bankers yesterday, June 30, launched the first investment bank dedicated to clean energy companies.

The new firm, Greentech Capital Advisors, LLC, was made to address the need for a pure-play advisory firm dedicated to clean energy companies, according to its founders.

The bank will provide financial advisory services in the buy-side and sell-side operations, restructurings, private placements, and project finance, among other activities.

Jeffrey A. McDermott, former joint global head of UBS Investment Banking and founder of Greentech Capital Advisors, said companies in the renewable energy sector will need a “dedicated team” of experienced bankers to be able to thrive.

McDermott will be joined by other bankers from investment banks such as Goldman Sachs, Citi, Morgan Stanley, and Barclays.

The firm’s project finance business will be headed by Timothy F. Vincent, who was managing director at Goldman Sachs for infrastructure clients.

Project finance for large-scale renewable energy projects has been suffering since the onset of the financial crisis last year, leading to stalled supply orders.

However, it is still the most productive source of financing for the sector, according to recent studies.


-  Eric Dorente

Source:

¹ http://www.greentechca.com/downloads/Final_Greentech_Press_Release.pdf