Element Power announced today it has established Element Power Solar (EPS). The initiative is in direct response to the global opportunities in PV solar and builds on Element Power’s extensive experience in the industry. This experience includes 21 solar power plants in operation, a project portfolio across 5 continents totaling over 2,000 MW – of which 300MW will be ready for construction in 2012, and annual revenues of $34 million from PV solar projects currently in operation. In addition, Element Power Solar manages over 70 MW of solar power plants for itself and third parties through its sister company Element Power Asset Management (EPAM). EPS is based in Portland, Oregon with offices in Charlottesville, VA, Madrid, London, Verona, Italy, Mexico City and Chile.
EPS has proven in-house expertise in development, resource assessment, origination, engineering, finance, construction and operation that enables it to take projects from initial site selection, through all the phases of development, to commercial operation. The company’s international team is committed to working with a variety of counterparties across markets to bring the best PV solar solutions to its customers. As part of Element Power, EPS benefits from significant equity backing to support its investments in renewable energy projects worldwide.
To lead the solar business, Element Power named Paolo Pietrogrande Chairman of EPS. "In the rapidly evolving market of solar energy, Element Power is concentrating its solar expertise in a distinct business unit – says Pedro Barriuso Executive Chairman of Element Power – "Paolo Pietrogrande has an impressive track record, the experience and the vision to successfully lead this new global player in solar PV".
Initially at Kinetics Technology International, as Process Engineer in the California R&D group, Dr. Pietrogrande has held executive positions at KTI, Bain and General Electric and was later founder and CEO of Enel Green Power (now $12B market cap), Chairman of Atmos Holding, Chairman of Solar Energy Italia and Executive Chairman of Gamesa Solar/9REN Group. Pietrogrande led and oversaw the execution and the management of 190MW of solar systems and 4000MW of other renewable energy power plants.
"I am excited about the opportunity to lead this cutting-edge management team as we accelerate projects from our portfolio into commercial operation." – says Pietrogrande. "The geographical diversification of EPS’s projects, the unique experience of its management team, and the strength of its parent company Element Power, pave the road for the company’s fast strategic expansion."