A regional bank has hired a renewable finance specialist
from a rival as it looks to begin providing project finance,
primarily to solar developers.
United Community Banks has hired
Clayton Summers, who worked at Regions
Financial Corp. until June, as a senior vice president
in its office in Charlotte, N.C.
Summers reports to Rich Bradshaw, president
of UCB’s recently renamed commercial banking
solutions division, which was previously called specialized
The bank plans to provide senior secured loans to contracted
solar projects both on a bilateral basis and in club deals,
with tickets of between $10 million and $20 million falling in
its "sweet spot", says Bradshaw.
The initial focus on solar is primarily due to the
Blairsville-Ga.-based bank's geographic footprint, which mainly
covers the Southeast.
UCB has already started working on its first deals, and
recently granted credit approval to a $20 million loan for an
existing solar project in the Northeast, Bradshaw adds, while
declining to provide further details of the transaction, which
has not yet closed.
The bank could sign between 10 and 20 deals in the next 12
months and is also looking into the possibility of deploying
its own tax liabilities to provide tax equity financing
alongside project debt.
Summers began his career as a relationship manager in global
consumer banking at Citigroup in 1998,
according to his LinkedIn profile. In 2001, he
joined Deutsche Bank as a credit risk
management associate in leveraged finance, and in 2006 he moved
to Bank of America, where he was a client
manager first in middle market banking, then in commercial
In 2012, Summers took a role as a first v.p. in commercial
banking at SunTrust Bank in Charlotte and
three years later he moved to Regions as a senior v.p.
It could not immediately be established who will take over
Summers’ responsibilities at Regions. A
spokesperson for the bank was not immediately able to
Brian Tate, who has was head of power and
utilities at Wells Fargo for 18 years, has led
Regions’ energy and natural resources group as
executive managing director in Charlotte since 2014.