SMP 169: Innovative Finacing Solution Allowing Developers to Own Solar Projects

Episode Summary

In this episode of the Solar Maverick Podcast, Benoy speaks with Jim Howard, President at Dudley Ventures, and Derek Gabriel who is the COO & Head of Originations at SunRocket Capital.  They speak about how their structured finance solution ensures access to construction funding and long-term financing for developers who want to preserve their equity in their projects.

Benoy Thanjan

Benoy Thanjan is the Founder and CEO of Reneu Energy and he is also an advisor for several solar startup companies.  He has extensive project origination, development, and financial experience in the renewable energy industry and in the environmental commodities market.  

This includes initial site evaluation, permitting, financing, sourcing equipment, and negotiating the long-term energy and environmental commodities off-take agreements. He manages due diligence processes on land, permitting, and utility interconnection and is in charge of financing
and structuring through Note to Proceed (“NTP”) to Commercial Operation Date (“COD”). Benoy composes teams suitable for all project development and construction tasks. He is also involved in project planning and pipeline financial modeling. He has been part of all sides of the
transaction and this allows him to provide unique perspectives and value. Benoy has extensive experience in financial engineering to make solar projects profitable.

Before founding Reneu Energy, he was the SREC Trader in the Project Finance Group for SolarCity which merged with Tesla in 2016.  He originated SREC trades with buyers and co-developed their SREC monetization and hedging strategy with the senior management of SolarCity to move into the east coast markets. 

Benoy was the Vice President at Vanguard Energy Partners which is a national solar installer where he focused on project finance solutions for commercial scale solar projects.  He also worked for Ridgewood Renewable Power, a private equity fund, where he analyzed potential investments in renewable energy projects and worked on maximizing the financial return of the projects in the portfolio.  Benoy also worked on the sale of all of the renewable energy projects in Ridgewood’s portfolio.  

He was in the Energy Structured Finance practice for Deloitte & Touche and in Financial Advisory Services practice at Ernst & Young.  Benoy received his first experience in Finance as an intern at D.E. Shaw & Co., which is a global investment firm with 37 billion dollars in investment capital. He has a MBA in Finance from Rutgers University and a BS in Finance and Economics from the Stern School of Business at New York University.  Benoy was an Alumni Scholar at the Stern School of Business.  

Jim Howard

James D Howard, Jr. is the President of Dudley Ventures, LLC is an investment and advisory services firm specializing in congressionally sanctioned tax credits and other tax advantaged investments. DV has a 20+ year track record of success with the vision, staff and values to succeed. Dudley Ventures is a subsidiary of Valley National Bancorp (NASDAQ:VLY), one of the top 30 publically traded banks with $50B in assets,

A native of The Bronx, New York, Mr. Howard earned his degree from The College of the Holy Cross in Worcester, Massachusetts in 1980 and a law degree from Georgetown University Law Center in 1984.

Dudley Ventures was founded by Mr. Howard in 1996. Dudley Ventures has been an innovator in tax credit investment and Mr. Howard has authored numerous articles on tax credit investing and is a regular speaker at conferences. Dudley Ventures has invested and manages over $2 billion in tax credit investments.

Mr. Howard is a Board Member of the New Markets Tax Credit Coalition.

 

Derek Gabriel

With over 15 years of experience in the renewable energy sector, Derek is a passionate and driven leader who strives to make a positive impact on the environment and society through innovative and sustainable solutions. As the Chief Operating Officer at SunRocket Capital, Derek oversee the daily administrative and operational functions, as well as the origination, development, and financing of solar projects across various markets and segments. Derek leverage my extensive network of over 15 years in the solar industry, and my deep knowledge of solar policy, tax equity, and debt financing to create value for our clients, investors, and partners.

In his previous role as the Executive Vice President and Head of Originations at Sol-REIT, Derek was responsible for business development in providing debt and arranging tax equity for solar and renewable energy projects, ranging from C&I, community solar, portfolio transactions, to utility-scale. Derek engaged a team of solar lending analyst, underwriters, and established strong relationships with key stakeholders, such as EPCs, developers, off-takers, and lenders. Derek also contributed to the strategic direction and growth of the company, and supported the development of new products and services. Some of the skills that Derek applied and developed in this role include organizational development, business development, negotiation, risk management, and financial analysis.

Stay Connected:

Benoy Thanjan

Email: info@reneuenergy.com 

LinkedIn: Benoy Thanjan

Website: https://www.reneuenergy.com

 

Jim Howard

Linkedin:  https://www.linkedin.com/in/jamesdhoward/

Dudley Venture Website:  https://www.dudleyventures.com

 

Derek Gabriel

LinkedIn:  https://www.linkedin.com/in/derek-g-a754a748/

Website:  https://www.sunrocketcapital.com

 

Press Release dated June 24, 2024

SunRocket Capital and Dudley Ventures Arrange to Provide $100+ Million to Monetize Tax Credits in Commercial, Industrial and Community Solar Developments

https://www.sunrocketcapital.com/news/sunrocket-capital-and-dudley-ventures-to-monetize-tax-credits