Los Angeles, CA (July 16, 2024) – Pacifico Energy has announced that Leon J. Persaud will join as Managing Director to focus on alternative investments within the renewable energy and sustainable infrastructure sectors. Persaud joins the team from BofA Securities, where he was an investment banker advising Traditional and Alternative Asset Managers on M&A and capital markets transactions. Prior to BofA Securities, he led the Capital Markets function at Cypress Creek Renewables and played a key role in Cypress' sale to EQT Infrastructure. Persaud also served in the U.S. Navy for nearly a decade, which included assignments at U.S. Special Operations Command and the Navy Expeditionary Combat Command. He brings to the team a unique blend of lower, middle and upper market M&A and capital markets transaction experience and will report directly to Nate Franklin, CEO of Pacifico Energy.
Persaud will work alongside Kevin Pratt, President of Pacifico Power, the U.S.-focused subsidiary of Pacifico Energy (together, “Pacifico"). Pacifico Power represents the cornerstone of Pacifico Energy's U.S. investment thesis and was established to develop and invest in microgrid and distributed energy projects which operate “behind-the-meter." Pacifico believes such projects will be a key component in addressing the forecasted commercial and industrial (C&I) electricity needs in the U.S. over the next decade. Pacifico recently raised over $50 million in debt financing and $40 million in tax equity commitments to support the construction of a project portfolio consisting of 27 MW of solar PV and 25 MWh of battery storage located in California and Massachusetts. The projects are expected to reach commercial operation by year end 2024. Similar to Pacifico Energy's strategy in other geographies, Pacifico Power will act as the financial sponsor, owner and operator for the projects.
“Recent innovations in AI and EVs are causing the forecasted need for electricity to spike, and with an aging transmission grid and clogged-up interconnection queues for utility-scale projects, the 'normal' way of adding electrical resources will not be able to address increased demand. C&I customers in particular will need to explore alternative solutions for reliable electricity, bypassing utility companies and mitigating risks associated with an unreliable and dated transmission grid," stated Persaud. “Although Pacifico Energy has its roots in large utility-scale energy projects in APAC, it is thoughtfully focusing on investing and developing smaller projects in the U.S., which have a much less cumbersome interconnection process. This approach not only reduces the time a project takes to reach construction start, but also grants investors access to the energy transition without sacrificing returns by mitigating the risk that a project gets 'stranded' in an interconnection queue or cannot obtain an accretive offtaker. Leveraging Pacifico Energy's success in APAC, Pacifico Power aims to be a leader in industrial-scale microgrid technologies, which quite frankly seem like the most practical and optimal solution to power America well into the future. There are newer technologies on the horizon that make this an exciting niche for Pacifico to focus on. We believe these types of projects will be more palatable for institutional infrastructure investors who may have been turned off by development risks associated with larger utility-scale projects. Our smaller and tech-focused approach promotes smaller check sizes, less development risk and quicker construction times."
About Pacifico Energy Group
Pacifico Energy Group is a privately held global investment holding company with operations in the United States, Japan, Vietnam, and Korea. The company focuses on mission-critical sectors, specializing in renewable energy, aviation, real estate, and private equity investments. To date, the company has invested over $5 billion in capital, which includes 1.5 GW of renewable energy projects in construction or operation and an additional 7 GW under development. Pacifico Energy Group's Japan business is currently the largest solar developer in Japan and is continuing to expand its operations in the region. Other renewable investments include offshore and onshore wind projects, as well as merchant utility-scale battery projects. (www.pacificoenergy.com)
About Pacifico Power
Pacifico Power is Pacifico Energy Group's U.S.-focused subsidiary and is a dynamic renewable energy developer and energy services company, specializing in the development, financing, construction, and operation of distributed generation projects. With a focus on sustainability and innovation, Pacifico Power is at the forefront of the transition towards clean energy solutions, leveraging cutting-edge technology and strategic partnerships to deliver reliable, cost-effective, and environmentally friendly electricity generation. Backed by a team of experienced professionals and a track record of successful projects across various technologies and markets, Pacifico Power is committed to driving the transition to a low-carbon future while creating value for its stakeholders and contributing to the global fight against climate change. (www.pacificopower.com)
