- Annual Reports
2023 Annual Report
Overview
For over 20 years, the American Council on Renewable Energy (ACORE) has been the nation’s leading voice on the issues most essential to clean energy expansion. ACORE unites finance, policy, and technology to support balanced policy that enables affordable, reliable, and clean energy.
Representing the entire transaction space, including investors, developers, manufacturers, utilities, corporate buyers of renewable power, and professional services firms, ACORE members play a critical role in advancing our mission.
Learn more about the diversity of our membership by exploring our member directory here.
2023 Highlights
A new leadership chapter.
2023 Highlight
In 2023, we welcomed esteemed clean energy industry leader Ray Long as ACORE’s new President and Chief Executive Officer. Long succeeds Gregory Wetstone who announced he was stepping down after an impressive eight-year tenure at the organization.
A banner year for financial growth.
2023 Highlight
Expanded funding and partnerships with existing and new philanthropic supporters helped yield record-setting grant revenue in 2023. Those contributions, combined with a highly successful calendar of events, led to a banner financial year for ACORE in 2023, exceeding $10 million in total annual revenue.
A new record in media reach.
2023 Highlight
It was a historic year for ACORE communications, with more than 3,800 media mentions – more than triple the record set in 2022 – including dozens of high-profile appearances and quotes in top-tier outlets.
A brand new website.
2023 Highlight
2023 also marked the launch of a new ACORE.org, a modern, easy-to-navigate website that better reflects who we are and the work we produce.
Letter from the President
Heading into my first full year as ACORE’s President and CEO, I am happy to report that ACORE has American wind behind our sails and sun on our faces thanks to the vital work of our members, the talented ACORE staff, and my predecessor, Greg Wetstone.
2023 was a record year for the industry and our organization. The advent of a decade-long set of economic policy initiatives, major technological improvements, and expanded interest in investing have created unprecedented potential to achieve ACORE’s mission of accelerating the energy transition. Yet, even with much to be optimistic about, significant challenges remain that must be addressed. This is where the ACORE team is uniquely well-positioned to lean in and lead.
As you’ll read in the pages that follow, through impactful advocacy, industry-leading initiatives and analysis, and strategic, well-timed communications, ACORE made significant headway in the last year on some of the clean energy sector’s top priorities. We also made organizational history, setting revenue and media penetration records.
I am incredibly fortunate to have the chance to advance this strong work in 2024 alongside the ACORE team, Board of Directors, and our valued members. I want to extend particular appreciation to the leading companies who stepped up as ACORE Executive Sponsors in 2023: Amazon Web Services, Avangrid Renewables, Bank of America, Berkshire Hathaway Energy, BlackRock, GE Energy Financial Services, Goldman Sachs, Google, J.P. Morgan, Lotus Infrastructure Partners, Macquarie’s Green Investment Group, Meta, NextEra Energy, RWE Clean Energy, Shearman & Sterling, and Walmart. My gratitude also extends to Breakthrough Energy, the Clean Grid Initiative, Energy Foundation, the U.S. Small Business Administration, and our other foundation partners. This success would not have been possible without their generous support.
On behalf of the entire ACORE team, we thank you for being a part of our community that’s leading the transition to clean power. Here’s to even more progress in the year ahead.
Best,
Ray Long
President and Chief Executive Officer
American Council on Renewable Energy
ACORE plays a key role in supporting further investment in clean energy sources. ACORE’s research and advocacy are immensely valuable, and that will only grow under the capable leadership of Ray Long, one of the most effective advocates for expanding renewable deployment in the U.S.
Patrick Reiten
Senior Vice President, Public Policy, Berkshire Hathaway Energy
Impactful Advocacy
ACORE works with Congress, the Administration, federal agencies, state governments, and U.S. power markets to promote and defend policies that are enabling domestic growth in manufacturing, technology, finance and clean energy development, and propelling our economy forward.
Inflation Reduction Act (IRA) Implementation
Through regular collaboration with our members and key allies, ACORE remained at the forefront of efforts to generate the timely, effective, and equitable implementation of the IRA’s landmark clean energy tax package. ACORE is a trusted partner providing real and factual analysis that enables balanced policy that is actionable and achieves results. We maintained close working relationships with the White House, Treasury Department, Department of Energy, and other key decision makers to advance our priorities for the provisions on energy communities, domestic content, transferability and direct pay, and prevailing wage and apprenticeships through comment letters, member meetings, and direct consultations.
Basel III
In response to the Basel III endgame proposal in July 2023, ACORE quickly mobilized our new Project Finance Working Group to identify a solution that would exempt renewable energy tax equity investments from its proposed 400% risk weight requirement for equity exposures. We held a series of meetings and sent widely cited letters to the White House, National Economic Council, Treasury Department, Federal Reserve, Office of the Comptroller of the Currency, and Federal Deposit Insurance Commission to urge them to act on this oversight. With a broad coalition of allies, we also motivated members of Congress to urge regulators to adjust the treatment of tax equity in the proposal, which resulted in a House letter signed by 100+ Democrats, a Senate letter, as well as several other statements highlighting the tax equity issue. In response to regulators’ requests, ACORE also published a new white paper discussing tax equity performance data and risk profile information, with findings from 70% of the tax equity market.
ACORE is helping drive America’s transition to clean power at this pivotal moment for our industry. The team played a significant role in the enactment and now the implementation of the Inflation Reduction Act, as well as several other policies and regulations critical to accelerating the transition to a clean energy economy.
Kevin Gresham
Senior Vice President of Government Relations & Regulatory Affairs, RWE Clean Energy
Sustainable Investing
ACORE provided a voice for the clean energy sector in the rapidly evolving sustainable finance landscape as it faces increased regulatory oversight. We worked with our ESG Working Group to educate policymakers and standard setters on clean energy purchasing options, as they questioned the climate value of voluntary renewable energy certificates (RECs). We drafted white papers and presented them to key standard setters, like the GHG Protocol and Science-based Targets Initiative, to explain how REC sales are factored into project financials and hence help keep projects operating. We also filed comments on the FTC Green Guides, FAR Council’s proposal for climate disclosures by federal contractors, and continue to monitor other sustainability disclosure laws for ways we can further provide feedback and showcase the important role of renewable energy in corporate climate actions.
Transmission & Power Markets
ACORE participated in proceedings at the Federal Energy Regulatory Commission (FERC) focused on expanding interregional transmission and the importance of transmission for reliability. We were active in significant Department of Energy (DOE) initiatives, including the creation of the transmission needs study and the development of the process for designating National Interest Electric Transmission Corridors. As part of the RTO Collaborative, a philanthropy supported partnership with the American Clean Power Association and the Solar Energy Industries Association, ACORE filed comment letters on power market reforms to improve the integration of renewable and storage resources, and published related reports on the MISO and PJM markets. We also produced research through the RTO Collaborative on the potential economic benefits of interregional transmission capacity between MISO and PJM, which was presented at the annual Midwest Governors Association-Organization of MISO States Transmission Summit and at the MISO-PJM Inter-Regional Planning Stakeholder Advisory Committee.
Siting & Permitting Reform
ACORE continued to provide analysis and recommendations for further legislative improvements to siting and permitting reform, with specific focus on streamlining FERC’s existing backstop siting authority for transmission lines. We also supported and recommended improvements to several important regulatory proposals, including the White House Council on Environmental Quality’s reforms to the National Environmental Policy Act (NEPA), FERC’s backstop siting authority improvements, and DOE’s streamlining of transmission permitting. ACORE provided extensive comments on DOE’s implementation of the siting and permitting and economic development grants established in the IRA and will closely monitor the outcome of these grants.
Appropriations
In continuation of our efforts to achieve strong annual appropriations for key federal agencies, ACORE developed and submitted eight FY 2024 appropriations requests related to power grid expansion, clean energy registered apprenticeships, and critical minerals research. ACORE held over 25 House and Senate meetings on those requests with personal offices and committee staff in both chambers. In April, ACORE led a multi-sector coalition of over 40 diverse organizations in a letter to House and Senate committee leadership urging robust FY 2024 funding for high-voltage transmission deployment through DOE. Amid a tumultuous period for government funding on Capitol Hill, ACORE helped to secure marks at or above FY 2023 levels for key programs in the respective House and Senate bills, which also reflected committee report language requested by ACORE. ACORE remains closely engaged with congressional offices in ongoing fiscal negotiations.
Advancing a Just Transition
ACORE envisions an electrified economy powered by clean energy that supports an improved quality of life for all.
Accelerating a Diverse Supply Chain
In 2023, ACORE co-sponsored the DOE Clean Energy Diverse Manufacturers Roundtable in partnership with The Minority Business Development Agency, Hispanics in Energy, and The American Association of Blacks in Energy. During the Summit, we helped amplify recommendations featured in ACORE’s 2022 report, Opportunities to Diversify the U.S. Renewable Energy Manufacturing Supply Chain. We also launched the Renewable Energy Executive Partnership Program (REEP) pilot in partnership with Renewables Forward, an industry-leading renewable energy diversity coalition. The Executive Mentoring program pairs ACORE Accelerate member company CEOs with seasoned industry C-suite executives and is aimed at diversifying the renewable energy executive leadership ranks and accelerating the success of renewable energy companies owned by Women, Black, Indigenous, and people of color leaders.
ACORE is helping shape the success of the clean energy sector across the United States. EDP Renewables North America is grateful for ACORE’s work promoting business policies that foster innovation, drive investment, and contribute to a sustainable energy future for all.
Sandhya Ganapathy
CEO, EDP Renewables North America
Thought Leadership on Environmental Justice
ACORE partnered with the National Urban League to collaboratively publish the inaugural climate and clean energy section of the 2023 State of Black America Climate report, entitled “A Climate in Crisis.” Featuring essays from our nation’s foremost experts on environmental justice, energy policy, civil rights, and renewable energy, the report highlights necessary steps to realize a more just and equitable transition to a clean energy economy.
ACORE leaders also authored and were featured as thought leaders in 33 articles, podcasts, and conference sessions focused on advancing a just transition.
Just Transition Policy in Action
The CEOs of ACORE and the National Urban League sent a joint letter to FERC encouraging the expeditious completion of a strong final rule on transmission planning, highlighting how Black, Brown, and underserved communities suffer the most when the electrical grid is unable to grapple with the increasingly frequent severe weather associated with our changing climate.
Recognizing the critical role of transmission planning in enhancing reliability, ensuring that costs paid by consumers are ‘just and reasonable,’ and enabling our grid to better withstand the climate challenge, we respectfully urge the Commission to expedite the completion of a strong final rule on Building for the Future Through Electric Regional Transmission Planning and Cost Allocation and Generator Interconnection.
Excerpt from ACORE and NUL Joint Letter to FERC
Key Initiatives & Research
In partnership with our members, funders, and sister organizations, ACORE focuses our energy and resources on a set of impactful initiatives designed to achieve balanced policy that enables a world that is powered by clean energy.
ACORE Accelerate Membership Program
Initiative
Over the last three years, the ACORE Accelerate Membership Program has supported the success of 31 women, Black, Indigenous, and people of color (WBIPOC)-owned renewable energy companies across three cohorts, helping these members grow and sustain their businesses and deploy clean energy solutions across the country.
As the nation’s leading membership program dedicated to breaking down financial and growth barriers for WBIPOC-owned renewable energy companies, in 2023 we continued to leverage ACORE’s vast membership and networks to deliver access to capital and business partners.
The ACORE Accelerate Membership Program is impactful.
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85 % of Accelerate members cite ACORE Accelerate as a critical part of their company growth and success.
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84 % of Accelerate members are deploying clean energy solutions aligned with Justice40 goals.
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83 % of Accelerate members are developing clean energy solutions in partnership with local communities.
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67 % of Accelerate members have developed business relationships and deals through the ACORE network.
The ACORE Accelerate Sponsor and Strategic Partners Network expanded to include three ACORE Accelerate program alumni, Breakthrough Energy, Energy Foundation, and SunPower Foundation partners, and two new program sponsors. To learn more about ACORE Accelerate member companies, sponsors, strategic partners, and opportunities to participate, click here.
Macro Grid Initiative
Initiative
ACORE’s Macro Grid Initiative is focused on the planning, financing, and permitting reforms necessary to deliver a 21st century transmission network that will drive job growth, save Americans money, and reduce pollution.
With massive growth in electricity demand expected in the next several years, and new clean energy supply projects being built to meet this demand, now is the time to build the wires infrastructure needed to complete this energy ecosystem. Currently, an antiquated transmission infrastructure and a balkanized electric grid are slowing the pace of wind, solar, and battery storage deployment.
Impact of the Macro Grid Initiative in 2023.
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50 Hill office briefings.
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13 events where we placed pro-transmission speakers.
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11 op-eds placed in target outlets, working with prominent authors.
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4 groundbreaking new reports.
Supporter for Regional Clean Energy Partners
The Macro Grid Initiative (MGI) supported transmission-focused education in seven energy market regions across the country, providing support for six full-time staff at our partner organizations. MGI works closely with the regions to provide communications support as well make connections to federal advocacy opportunities. For example, MGI worked with regional partners Clean Grid Alliance and the Advanced Power Alliance to help secure federal funding for the Joint Targeted Interconnection Queue (JTIQ) lines that will connect MISO and SPP. MGI also helped shape national reports that inform key stakeholders, working closely with the National Governors Association and the National Conference of State Legislatures to provide guidance on needed transmission policy reforms in white papers sent to their members. And the MGI Speakers’ Bureau placed leading transmission experts at conferences across the country, as well as in the opinion sections of prominent news outlets.
Research Roundup
ACORE produces industry-leading research and analysis on the current state of the renewable sector and topics key to the energy transition. Our reports, analyses, and filings help educate and guide the decisions of policymakers, businesses, and other critical stakeholders. These reports all received significant press coverage in the past year.
Unlocking the Grid: A Playbook on High Performance Conductors for State and Regional Regulators and Policymakers
Unlocking Power: A Playbook on Grid Enhancing Technologies for State and Regional Regulators and Policymakers
Pathways to Coordination: Proactive, State-Led Transmission Development to Reduce Costs and Achieve Goals in PJM
ReSISting a Resource Shortfall: Fixing PJM’s Surplus Interconnection Service (SIS) to Enable Battery Storage
Overview of Use of U.S. Trade Restrictions on Clean Energy Technology Imports
Potential Impacts of 2024 Antidumping and Countervailing Duties on the U.S. Solar Industry
The Risk Profile of Renewable Energy Tax Equity Investments
Billions in Benefits: A Path for Expanding Transmission Between MISO and PJM
The Need for Intertie Optimization: Reducing Customer Costs, Improving Grid Resilience, and Encouraging Interregional Transmission
The Operational and Market Benefits of HVDC to System Operators
Power Up PJM
Expectations for Renewable Energy Finance in 2023-2026
Engaging Events
ACORE events connect attendees with up-to-the-minute insights on the policies, financial trends, and grid issues most pertinent to the clean energy sector.
Our events set the standard for industry impact.
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4000 Through our in-person and virtual events, ACORE reached over 4,000 participants in 2023.
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340 Our 2023 events were attended by 340 different companies and organizations in the industry.
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55 % Over 55% of our signature event attendees are at the Director-level or above.
ACORE hosted events and connected with members all across the country in 2023.
ACORE Event Attendees by Sector
ACORE Awards Gala
Event
On March 8, ACORE hosted its annual Awards Gala, our premier networking celebration and dinner. With 27 sponsoring organizations and over 230 attendees, ACORE presented the Renewable Energy Champion award to Rep. Kathy Castor in recognition of her leadership of the House Select Committee on the Climate Crisis and critical efforts to redefine the nation’s climate agenda.
ACORE Policy Forum
Event
On March 9, the 2023 ACORE Policy Forum in the nation’s capital was once more the preeminent gathering to discuss the opportunities and headwinds impacting the clean energy industry today. Against the backdrop of the new policy environment created by the IRA, hundreds of senior leaders from across the clean energy industry joined officials from Congress and the Biden administration to discuss implementation and key problems that could limit our ability to realize the immense gains made possible under the new law. Keynote speakers included Sen. Martin Heinrich, White House Senior Advisor John Podesta, Deputy Assistant Treasury Secretary Seth Hanlon, DOE Director of the Office of Economic Impact and Diversity Shalanda Baker, and Rep. Earl Blumenauer.
ACORE Finance Forum
On June 7-8, ACORE hosted its 2023 Finance Forum, bringing together experts to discuss the ever-changing landscape of opportunities to finance clean energy projects across the U.S. The conference featured a state of play presentation, remarks from DOE’s Director of the Loan Programs Office Jigar Shah and BloombergNEF’s Head of Research Tom Rowlands-Rees, and timely discussions on the unprecedented opportunity for renewable investment. The message from this conference was clear – clean energy is a driver of the U.S. economy and ACORE’s own research showed that America has never been a more attractive venue for renewable energy investment. The trends discussed in June are clear today as we see that: Financial institutions and corporations are investing in clean energy. Developers are building clean energy. And, consumers are buying clean energy.
ACORE Grid Forum
Event
Overlooking the nation’s capital from Arlington, Virginia, ACORE convened leading grid experts on October 11 at the 2023 Grid Forum for discussions around the transmission needed to link new clean energy projects with markets to satisfy growing demand, and the near-term gaps and long-term priorities for grid infrastructure to maximize the deployment of renewable energy. Congressman Scott Peters and FERC Commissioner Allison Clements provided keynote remarks.
Strategic Communications & Trusted Thought Leadership
ACORE’s strategic communications have been exceptionally effective in driving key messages in support of clean energy industry objectives.
It was a record-breaking year.
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14262 New social media followers in 2023.
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3872 Media mentions in 2023, more than triple our previous organizational record.
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656 New ACORE email newsletter subscribers.
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293 Reporters registered for ACORE events.
New Brand and Website
In 2023, ACORE launched a new website that better reflects our mission, improves our mobile accessibility, and provides state-of-the-art features for sharing our work. ACORE’s visual brand was updated as part of the redesign to include a refreshed logo, color palette, and modernized templates for all platforms.
Trusted Thought Leadership
If you want a trusted clean energy thought leader at your event, you call ACORE. From ringing the closing bell at the New York Stock Exchange to speaking at numerous industry events across the country, ACORE continued its strong thought leadership on behalf of the clean energy industry in 2023.
ACORE’s Elise Caplan moderating a panel at the Solar Storage & Finance USA Conference
ACORE’s Lesley Hunter speaking at Climate Week’s Sustainable Investment Forum
ACORE’s Barbara Tyran speaking at a National Governors Association event
ACORE’s Constance Thompson at a New York Stock Exchange Closing Bell Event on Energy Human Capital Markets Day
ACORE’s Neelam Sakaria speaking at RE+
ACORE’s Constance Thompson at the District of Columbia Clean Energy Summit
In addition to in-person events, we also published 12 editorials and blogs on the issues most essential to renewable energy expansion, and exponentially grew ACORE’s brand recognition via a complimentary ad in USA Today highlighting our work.
Board of Directors
ACORE is honored to convene a diverse group of leading companies and experts who are all contributing toward a clean energy economy on our Board of Directors. With individuals representing investors, developers, manufacturers, thought leaders, energy customers, and innovators, our Board provides the leadership, insight, and guidance that propels ACORE forward. ACORE also extends our appreciation to Andy Jack, Partner at Covington & Burling LLP, for his legal counsel.
Kevin Gresham
Vikas Agrawal
Adam Altenhofen
Laura Beane
Mit Buchanan
Will Conkling
Mona Dajani
William Demas
Monique Dyers
Sandhya Ganapathy
James Giamarino
David Giordano
Kristal Hansley
Ja Kao
Vishal Kapadia
Shannon Kellogg
Marcus Krembs
Ray Long
Kevin Lynch
Rose McKinney-James
Robin Millican
Philip Musser
Jordan Newman
Francis O’Sullivan
Urvi Parekh
Gaurav Raniwala
Patrick Reiten
Himanshu Saxena
Meghan Schultz
Puneet Verma
Christian Warren
Raymond Wood
ACORE’s efforts accelerating the renewable energy transition are incredibly valuable for J.P. Morgan as we work to support renewable sector growth across the U.S.
Mit Buchanan
Managing Director, Energy Investments, J.P Morgan
Acknowledgements
Philanthropic Supporters
As a 501(c)(3) organization, we partner with philanthropic support to help fund our programs. We are particularly grateful for generous contributions this year from the AllState Foundation, Breakthrough Energy, Clean Grid Initiative, the Energy Foundation, and the U.S. Small Business Administration.
Executive Sponsors
ACORE extends special appreciation to our Executive Sponsors, a select group of prominent member companies who, through their leadership and financial support, have enabled ACORE’s programmatic growth and overall expansion.
ACORE Members
ACORE’s membership programs unite companies who invest, build, and buy clean energy projects. This broad and diverse group of stakeholders works with the team at ACORE to drive the clean energy revolution forward. To see who our members are and learn how to engage, visit our Membership page.
ACORE Team
We bring decades of experience, passion, and dedication which translates into tenacious execution for our members and partners. We have four generations represented in our ranks! The ACORE team believes in a clean energy future. And, we’re nice people, too! Visit our Team page to learn more.
Join leaders from across the renewable energy sector.
What will our next 20 years look like? Here’s the truth: they’ll be better with ACORE at the forefront of energy policy.
Shannon Kellogg
Amazon Web Services (AWS)
