New York, United States [RenewableEnergyWorld.com] US Renewables Group (USRG) announced the formation of Westerly Wind LLC, a new company that plans 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 plans to work 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 will bes Joe Cofelice whose 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.
Regarding the current renewable energy landscape, Cofelice said, “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. 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.”