Algonquin Power & Utilities Corp. has hired a project finance professional who spent the last few years at a developer coming up with strategies to finance battery storage assets.
The new recruit, Vishvesh Jhaveri, was until April director of project finance and strategy at Advanced Microgrid Solutions, one of the handful of developers to have brought non-recourse financing structures successfully to stand-alone battery assets.
As part of his move to Algonquin, Jhaveri is relocating from San Francisco to Oakville, Ontario, where he will be senior manager of business development for solar and storage. The hire is part of a larger strategic move to develop and acquire storage assets in North America, says a person familiar with the strategy.
Jheveri reports to Michael Dilworth, who joined the company as senior vice president for solar business development in January from OYA Solar, where he had been CFO. Dilworth and Jhaveri previously worked together at SunEdison.
Jhaveri left SunEdison in 2015 before joining AMS and was picked as one of 30 outstanding mid-career energy finance professionals by industry group Juniors in Energy Finance in October 2017 (PFR, 10/19/17).
AMS benefited from the involvement of Macquarie Capital as sponsor equity investor on its project finance deals, which related to a portfolio of distributed, behind-the-meter batteries in California (PFR, 3/27/17, 12/21/18, 3/26/19). Macquarie has since sold down a 50% stake in the projects to Swiss asset manager SUSI Partners (PFR, 4/1).
AMS is understood to be focusing on its software-as-a-service offerings and may not be taking as active a role in developing and financing its own projects as before. An official in San Francisco did not respond to an inquiry about whether who, if anyone, would take on Jhaveri's responsibilities.