Generate Capital Starts Credit Unit to Finance Clean Technology
(Bloomberg) -- Generate Capital Inc. is starting a division that will provide credit to technology companies and project developers, expanding its lending strategy to fund sustainable infrastructure.
The Generate Credit Platform will target loans to areas such as renewable power, energy efficiency, electric mobility and waste management, according to a statement Thursday. The San Francisco-based company has made more than $600 million in similar types of clean-energy lending since it was founded in 2014.
“Credit is a critical part of the financial ecosystem for clean energy and sustainable infrastructure solutions, and we are thrilled to expand access to this important tool that we’ve used to support our partners since inception,” Scott Jacobs, chief executive officer and co-founder of Generate, said in the statement. “Our partners are asking us to take additional roles in financing, developing and deploying proven solutions to some of the world’s most pressing problems.”
The firm is also hiring Alfred Griffin, founding president of the NY Green Bank -- a New York State-sponsored specialty finance company -- to lead the new lending division. Griffin will start this week, reporting to Jacobs.
“Our fight against climate change demands fast results, and it’s imperative to provide the right kind of capital at the right time to projects and companies who are driving the infrastructure revolution,” Griffin said in the statement.
The company partners with over 35 technology and project developers and owns and operates more than 2,000 assets globally, according to the statement.
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