Bridge Bank Launches Group for Renewable Energy Project Finance
Bridge Capital Holdings announced the launch of its Energy and Infrastructure Group (EIG), which will offer specialized financing for clients with proven sustainable alternative energy projects located in the United States. EIG will operate from the bank’s Silicon Valley headquarters.
“Bridge Bank was founded to serve all sectors of Silicon Valley and the broader technology business community, which is continuously being reshaped by new innovation,” said Daniel P. Myers, president and CEO of Bridge Bank. “The creation of our new Energy and Infrastructure Group is reinforcement of the bank’s commitment to serving the changing needs of businesses and support the nation’s goal of greater energy independence with economically sound alternative energy ventures.”
Many clean-tech supply chain and development companies, in addition to contractors and other small- to mid-sized firms that are focused on renewable energy projects, remain largely underserved by financial institutions and other debt providers. Bridge Bank expects to be a provider in specialized debt financing required by developers and solar companies, and to be a valuable advisor to the firms seeking entry into this emerging market.
The new Energy and Infrastructure Group will be led by Scott Reising, senior vice president at Bridge Bank. Reising, who joined the bank in August 2011, has an extensive background in energy project design, development, implementation, and finance, and has been involved in over $20 billion of structured finance transactions in various sectors, including solar, wind, bio-fuels and hydro-power. Reising has also been involved in large infrastructure projects for local governments, and most recently worked for several major European banks in New York City.
“Well-established developers working on large scale projects have many choices for financing, but for developers who are working on smaller projects in the one to five megawatt range, there are very few options,” said Reising. “We are providing the kind of advisory services and structuring expertise that is typically found only at the larger multi-national banks. For clients, especially those new to this market, Bridge Bank offers a unique and extraordinary value.” EIG will lend to companies with projects in the installation phase, and provide liquidity options for government incentives in addition to permanent phase financing.
Over the past five years, Bridge Bank has built a presence in the alternative energy sector. Nearly $85 million in loans and credit commitments has been extended by the bank to firms engaging in renewable energy and solar projects. Dan Pistone, senior vice president and manager of the bank’s Technology Banking Group added, “We believe that the segment EIG will serve represents a $5 billion market, with annual growth projected at about 20%. If the federal government intensifies its effort to reach energy independence, those numbers are likely to increase substantially.”