By 2006 Chermac had established itself as a successful wind project developer qualified in the areas of land acquisition, interconnection, PPAs and project management, but lacked a financial partner capable of playing a critical role in monetizing their projects. Broad CFO capabilities were required to achieve the company’s long-term goals. Chermac engaged Mr. Klimchuk (and NorthWinds) for his domain knowledge and financial advisory expertise in which he has worked as an integral member of Chermac providing critical financial structuring capabilities, ongoing market insight, substantial financial modeling expertise, strong capital sourcing relationships within a large and diverse global marketplace and extensive project execution experience. As a result, NorthWinds has completed the sale over 3,100 MW of projects. Mr. Klimchuk took on a far more expansive role that has included such tasks commensurate with a full-fledged developer and CFO. These tasks included development of financing structures, identifying and negotiating project funding solutions that included tax equity, bank debt and sponsor equity, negotiating off-take agreements with such entities as Google, negotiation of turbine procurement and EPC contracts and the potential sale of the overall company as a corporate transaction.
Clean Energy Collective is a community solar developer based out of Boulder, CO with a strong focus on the MA market. Critical to their success is securing attractive early stage project sites which led to securing the services of Mr. Ginsberg. As a result, Mr. Ginsberg successfully developed, on CEC’s behalf, a portfolio of ground-mount, MW-class facilities under the Massachusetts Community Shared Solar program and originated projects and provided critical development support for site acquisition, facility design & engineering and permitting.
EOS Ventures is a Massachusetts-based solar and wind development company that was responsible for the development and construction of the first wind turbine on a ski resort, namely Jiminy Peak in Lanesboro, MA. With this experience, EOS went forth to develop its own portfolio of wind and solar projects in the Northeast U.S. Klimchuk and Ginsberg were engaged to assist the company in completing development and securing the overall funding for each project or the sale of the project to a larger developer/owner. While providing development, contract negotiation, financial advisory and structuring expertise Klimchuk and Ginsberg led the sale of EOS’s 2.2 MW Pownal, VT solar project, the 2.376MWdc Brodie Mountain solar project and the 1.25MWdc Adams solar project and secured funding for its 229 kW Wardlaw project located in New Jersey.
LG CNS is a subsidiary of LG Corporation founded in 1987 that provides information technology services including consulting, System Integration, Network Integration, Business Process Outsourcing, and Information Technology Outsourcing. Furthermore, it provides social infrastructure solutions, including EPC services for renewable power plants. In total, LG CNS has an installed PV capacity of over 200 MW & ESS 1,580MWh worldwide. Mr. Chung was a senior advisor and assisted in devising a strategy to pursue, develop and construct solar PV plus battery storage projects in the US market. Through his relationships, he assisted in sourcing PV solar plus ESS projects within the United States and identify and coordinate potential joint venture development partnerships with local solar developers. In addition, he advised on the successful bid for a 60MW PV solar and battery storage project in Guam where LG CNS is the developer, EPC and co-sponsor with Korea Electric Power.
Nippon Solar Services (NSS) is a developer, asset manager, and operator of mega-solar projects in Japan. Mr. Chung was the head of development for NSS and responsible for developing a pipeline of over 200MW of utility-scale PV solar assets spread throughout Japan which included land acquisition through the negotiation of either a long-term lease or purchase, securing support of the projects from local government and constituents as well as securing the necessary permits, negotiating full international standard EPC contracts (LG CNS) and securing project financing from both local and international financial institutions (Hitachi Capital, ING) which led to two projects in operation and five projects under development.
Soltage, in which Tenaska has a controlling interest, is a full service renewable energy company that develops and operates solar power plants across the USA. Mr. Chung worked to identify and bring sponsor equity capital from private equity and institutional investors to acquire, construct and operate a portfolio of solar power projects (60 MW) in the Northeast U.S. In parallel, he successfully secured tax equity. Upon completion of construction, Mr. Chung negotiated and closed long term, non-recourse debt financing on the portfolio.
In 2015, Williams College implemented a far-reaching sustainability objective that included direct investment in regional, large-scale renewable energy projects in order to reduce their carbon footprint to zero. This objective also included a $50 million commitment over a 5-year period. Given their lack of ability to develop, own and operate such projects, they engaged Mr. Ginsberg and Mr. Klimchuk through their affiliation with EOS Ventures, to identify, assess, develop, construct and successfully operate renewable energy projects on their behalf. As a result, the Ginsberg/Klimchuk/EOS team has thus far completed a 2MW landfill-based solar project located in Williamstown, MA in which all cradle-to-grave development and operational tasks were executed, a third party operator has been engaged, the tax equity investor (US Bank) was secured and mechanical completion was achieved. The team is now focused on developing a 15MW wind/solar hybrid project that is expected to be completed by 2020.