Aggreko creates energy transition unit for North America
09 September 2022
Aggreko has created a new ‘energy transition’ business unit in North America to invest in low emission power technologies.
The division will focus on “middle market” opportunities to develop, own and operate clean energy and sustainable infrastructure through long-term investment and partnerships. ‘Middle market’ typically means businesses in the US$10 million to $1 billion range.
The division, called Aggreko Energy Transition Solutions, will be led by Jerry Polacek, who will be President. He is a former Managing Director of GE Capital, CEO of Energy & Investment Capital, and most recently, Managing Director of Ecofin, an investment company focused on sustainable business and managing US$2 billion in funds.
Polacek is joined in the leadership team by two other former Ecofin executives: Matthew Ordway will be Chief Operating Officer and Prashanth Prakash has been apppointed Chief Commercial Officer.
Aggreko said the three had “a proven history of developing, constructing, originating, and managing value-added renewable energy infrastructure.”
The company said the power market in the US has proven to be an attractive one for renewable energy over the last decade, given its large size, an ageing conventional generation fleet, and policy support for clean energy. It said the recent Inflation Reduction Act’s US$369 billion allocation would accelerate the decarbonisation of the power grid.
The business unit will offer “an end-to-end energy transition solution to customers from development, construction management, and financing through to asset management and operations.”
Blair Illingworth, CEO at Aggreko, said; “The creation of the new division with Mr Polacek and his team will enable Aggreko to meaningfully support the move towards decarbonising the grid and enhancing energy security through a commitment of capital and organizational resources.”
Polacek added; “The creation of a dedicated division focused on the energy transition with a substantial commitment of capital and resources will enable us to make a measurable impact on decarbonisation for our customers and partners in North America.
“The timing of the ETS launch could not have been better with the recent passage of the U.S. Inflation Reduction Act, which provides an ideal policy environment for making long-term capital commitments.
“Together, we can offer an end-to-end solution for our partners by leveraging our expertise, reliable process, and flexible capital to accelerate the deployment of affordable, clean energy and sustainable infrastructure.”