SMP 149: Jigar Shah, Director of the LPO of the DOE, Discusses How the Solar Industry Has to Innovate

Episode Summary

In this episode of the Solar Maverick Podcast, Benoy speaks with Jigar Shah who is the Director for the Loan Programs Office(“LPO”) at the U.S. Department of Energy(“DOE”).  Jigar speaks about Virtual Power Purchase Agreements(“VPPAs”), DOE’s $3 Billion Partial Loan Guarantee to Sunnova’s Project Hestia, and how the solar industry has to innovate.

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.  

 

Jigar Shah

Jigar Shah is the Director for the Loan Programs Office at the U.S. Department of Energy, where he leads and directs the organization's considerable loan authority within manufacturing, innovative project finance, and tribal energy. With more than 25 years of experience in clean energy, he is an expert in project finance, clean technology, and entrepreneurship, as well as a visionary leader and innovator in the field of sustainable infrastructure.

 

Stay Connected:

Benoy Thanjan

Email: info@reneuenergy.com 

LinkedIn: Benoy Thanjan

Website: https://www.reneuenergy.com

 

Jigar Shah

Loan Programs Office Website:  https://www.energy.gov/lpo/loan-programs-office

Loan Program Office Linkedin Page:  https://www.linkedin.com/company/doe-loan-programs-office/ 

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

Article in WSJ about Jigar: https://www.wsj.com/articles/green-energy-climate-loans-49fda73b

 

DOE content about VPPAs

DOE Announces $3 Billion Partial Loan Guarantee to Sunnova’s Project Hestia

https://www.energy.gov/lpo/articles/doe-announces-3-billion-partial-loan-guarantee-sunnovas-project-hestia

 

THE PATHWAY TO:  VIRTUAL POWER PLANTS COMMERCIAL LIFTOFF

https://liftoff.energy.gov/vpp/

 

Reneu Energy and Solar Maverick Podcast Holiday Fundraiser

Reneu Energy and the Solar Maverick Podcast are having their Holiday Fundraiser and Networking Event on Tuesday, December 5th, 2023 from 6pm to 10pm at Hudson Hall in Jersey City, NJ.

Hudson Hall is a Czech Biergarten and Smokehouse. Benoy who is the CEO of Reneu Energy and host of Solar Maverick Podcast is one of the owners.

It is $64 to attend. The Admission Fee goes to two charities that we are fundraising at the event which are Let's Share the Sun Foundation and the Boys & Girls Club and covering our expenses for the event. Appetizers will be served.

We will be partnering with Grand Stand Sports & Memorabilia. They will be selling memorabilia proceeds will go to charities.

At our last two events, we raised $1,450 for the Boys & Girls Club and $1,450 for Let's Share the Sun Foundation. We are raising money for both charities at this event.

If you are interested in sponsoring the event, please email Reneu Energy at info@reneuenergy.com.

The eventbrite link is below.

https://www.eventbrite.com/e/reneu-energy-solar-maverick-podcast-holiday-fundraiser-networking-event-tickets-739318971947?aff=oddtdtcreator

 

We would like to thank our sponsors for the holiday fundraiser which is Summit Ridge Energy and SolaREIT.

Summit Ridge Energy is the nation’s leading commercial solar company. Through its strategic partnerships and project financing expertise, the company develops, acquires, owns, and operates energy projects within the rapidly growing commercial solar and battery storage sectors.

In the past six years, Summit Ridge Energy has deployed over $1.6B USD into cleanenergy assets. With a development pipeline of more than 2 GW, Summit Ridge Energy will have more than 400 MW of PV online by the end of 2023, providing solar power to 50,000 homes and businesses. Learn more at srenergy.com and connect with us on LinkedIn.

SolaREIT, based in Vienna, Virginia, focuses on making investments in acquiring, developing, and managing climate-friendly real estate assets that support solar and battery storage projects, furthering the transformation to a low-carbon economy. SolaREIT offers practical and streamlined financing options that deliver maximum flexibility to developers, project owners and landowners based on their individual needs and financial goals. SolaREIT’s products include land purchases, solar and storage land loans, and lease purchases among other innovative solutions for clients. For more information, please visit www.solareit.com or follow us on LinkedIn.

 

We would like to thank Schwerd Consulting for sponsoring this episode of the Solar Maverick Podcast.

Schwerd Consulting is a leading solar consulting firm dedicated to design, engineering, owner representation and technical consulting in all areas of solar photovoltaics and energy storage for the Commercial & Industrial and Utility markets.  At Schwerd Consulting we like to say that We Know Solar. We don’t just Do Solar. What sets us apart is our 100% focus on solar, while having an extensive background in building and utility engineering, and understanding the business of our clients. We are involved with the trends, technologies, vendors, policies, utilities, codes, and financial considerations for the industry. Therefore, value add for us is not just a slogan, it’s what we practice in order to have loyal customers and gain trust.

In its 9 years of business, Schwerd Consulting has provided services for approximately 1 GW of PV across over 800 sites and 17 US states plus the Caribbean.  Let Schwerd Consulting take the burden off you and bring ease and expertise in all areas of Engineering & Design or help you navigate the technical world of solar.  If you are interested in learning more about Schwerd Consulting, you can call 215-219-6718 or email to admin@schwerdconsulting.  Schwerd Consulting’s website is www.schwerdconsulting.com.