Washington, D.C.-based developer Sol Systems has lost several senior members of its finance team of late, including its CFO, Chip Hoagland.
Hoagland, an AES Corp. veteran of 20 years who had been CFO and treasurer at Sol Systems since 2016, changed jobs last month.
He has been appointed CFO of a renewable natural gas developer based in Columbia, Md., called Bioenergy DevCo. (BDC), which is developing four anaerobic digestion facilities in the U.S.
"I'll have an opportunity to touch everything from project development to project finance, and support the company in a range of ways as it embarks on its next stage of growth," says Hoagland, who started at BDC on Feb. 3
The company does not intend to use debt to finance construction of its plants.
"Should we decide at some point to optimize our capital structure using debt it would be at the operational stage of these projects," Hoagland adds.
BDC was founded in 2016 secured a $106 million corporate equity investment from Newlight Partners in August 2019.
Two other finance execs, Olga Zelenova and Becca Glazer, have also left Sol Systems.
Zelenova was vice president of accounting and finance at Sol Systems and had previously worked at Silver Ridge Power.
For the past two weeks, she has been settling in as CFO of solar developer Sun Tribe, which was founded in 2015 and is headquartered in Charlottesville, Va. As part of her new role, Zelenova is looking to a hire a director of project finance, says a company spokesperson.
The other leaver, Glazer, had been with Sol Systems for two years and was senior director of structured finance. She has since joined solar finance company Wunder Capital as director of capital markets.
Boulder, Colo-headquartered Wunder raised a debt fund for commercial and industrial solar projects in 2018 and secured a forward flow loan agreement from Fundamental Advisors last year (PFR, 4/19/18, 6/27/19).
It is not all one-way traffic at Sol Systems, however. The company made two senior hires at the start of the year, adding Rohit Marwaha as V.P. of risk and trading operations and Andrew Williams as senior director of regulatory affairs, energy infrastructure and markets.
Marwaha had previously spent 20 years with Constellation, where his most recent position was managing director, head of West power trading. He will support Sol’s move into managing electricity and environmental commodity risk, according to a statement issued by the company on Feb. 6.