Nicholas Whitcombe, who founded the project finance team at NY Green Bank, left the renewables-focused lender at the end of last year with Kim Erle coming on board as a managing director shortly thereafter.
Whitcombe was a founding member of the state-sponsored institution in 2014 and oversaw investments of more than $1 billion in his role as co-head of investment and portfolio management (PFR, 5/8/14).
The lender's other managing director and co-head of investment and portfolio management is Andrew Kessler, who joined in 2018.
NY Green Bank has a mandate to support less traditional project finance transactions, ranging from back-leverage for residential solar tax equity deals in the early days to construction and term debt for community solar and now solar panel safe harbor loans more recently (PFR, 12/21/17).
Last year, the institution also expanded into utility-scale wind, participating in loans to support The Carlyle Group's acquisition of Noble Environmental Power's 612 MW wind portfolio and BlackRock's refinancing of five wind farms bought from EverPower Wind Holdings (PFR, 3/4/19, 12/8/17).
Whitcombe began his career in commercial lending with junior roles at NatWest, Industrial Bank of Japan and ING Barings before moving to Fleet and then CIT Group (PFR, 4/25/04). His last private sector project finance role was at Jefferies from 2007 to 2009.
He then moved over to the public sector, spending five years with the U.S. Department of Energy’s Loan Programs Office before establishing NY Green Bank. Whitcombe declined to comment on his next move.
NY Green Bank appointed Erle, a sustainability professional with a background in asset management, as an M.D. this month.
Erle was most recently a financial and strategic adviser on energy efficiency and retrofit projects with Sunset Green Home, where she was managing partner. She also previously worked as a portfolio manager in the retrofit project business of Deutsche Bank's real estate fund management business, RREEF.
NY Green Bank is also looking to fill two more senior positions and is in the process of interviewing candidates.