Netherlands-based specialty financial advisory firm Green Giraffe has opened a U.S. office with a senior hire from one of its local partners.
Randy Male is leading the U.S. team from Green Giraffe's new Boston office, having moved across town from Bostonia Partners.
The two firms had worked together as financial advisers on an equity partnership between Energie Baden-Württemberg and Trident Winds to develop the Morro Bay floating offshore wind project near California (PFR, 6/19/18).
Green Giraffe has leased office space on Atlantic Avenue near the Seaport neighborhood and expects to have roughly five or six employees by year-end.
Offers to transfer to Boston have been made to Green Giraffe staffers across its European offices and additional, external U.S. hires at the junior level could follow next year.
Green Giraffe is best known for its offshore wind expertise and will look to leverage relationships with European offshore project sponsors as they eye American waters.
"Green Giraffe has long been active in the nascent U.S. offshore wind market but now that it is scaling up and multiple projects are underway we felt a local presence was indispensable to better service our clients," Male tells PFR. "This will be an opportunity to work in the highly dynamic solar and onshore wind markets in North America."
Male had been a managing director at Bostonia for five years and has written about yield companies in PFR (PFR, 5/17/16).
He was previously president of consulting and advisory firm REM Energy and co-founded developer RSE Wind.
Other companies he has worked for include management consultancy Arthur D. Little, engineering firm AlliedSignal, investment manager Cambridge Associates Holdings, manufacturer Milo Enterprises and non-profit Citizens Energy Corp.
Speaking about the sources of financing for east coast offshore wind projects, Male notes, "it is likely tax equity will not be used at all in many offshore wind projects, both as tax credit eligibility is eliminated and due to the high cost if it is available at all."