Eco Energy World has established a new wholly owned US subsidiary called Eco Energy World (US) LLC and has opened an office for the business in New York City.
The UK solar developer has appointed finance and solar industry veteran, Kaveh Ertefai, as president of the US subsidiary to lead the move into the North American market.
Ertefai has significant track record in the solar PV space from his roles as CEO of a private equity partnership focused on renewable energy and founder of a leading solar photovoltaic manufacturing and development start-up.
He also brings extensive experience from his time in the financial services industry, having held several senior positions at UBS Investment Bank.
Eco Energy World said it is looking to capitalise on the Biden Administration’s ambitious decarbonisation targets.
It added that according to a recent study by the Department of Energy, solar energy has the potential to meet 40% of U.S. energy needs by 2035, employing up to 1.5 million people, without raising the cost of electricity.
The company will continue growing its pipeline of utility-scale solar PV projects through greenfield developments and selectively pursue acquisition opportunities across the US, enabling the production of cleaner, renewable energy at a lower cost.
As one of the fastest growing markets for solar, the U.S. represents a natural step in the company’s long-term growth strategy to expand beyond its existing portfolio in Europe, Australia, the Middle East and Africa, Eco Energy World said.
In support of the launch, the developer will also be attending the Intersolar North America conference in Long Beach, California, on 13-15 January 2022.
Eco Energy World chief executive Svante Kumlin said: “I am excited to announced EEW’s entry into the fast-growing and potentially huge U.S. market.
“We are well-positioned to capture this growth opportunity given our strong track-record and we have defined a clear strategic roadmap for EEW in the U.S., retaining a strong focus on cost-efficient execution.
“I am pleased to welcome Kaveh to our team to lead the U.S. business.
“The strength and depth of his experience will help facilitate the ambitions for solar capacity growth in the U.S. EEW looks forward to working with developers across the country to scale and commercialize new solar PV projects at pace to meet the country’s clean energy needs.”
Ertefai said: “I am delighted to be driving EEW’s expansion into the U.S. market.
“There is a significant opportunity to rapidly increase access to renewable power and simultaneously support the U.S. Government’s ambitions for climate action.
“Solar energy is a cheap, reliable, and accessible source of clean energy, it will play a significant role in decarbonizing the U.S. power grid.”