Washington, D.C. – The American Council On Renewable Energy (ACORE) stands in strong support of the announcement by President Obama and his Administration of more than $4 billion in private sector investment in clean energy and a new Clean Energy Impact Investment Center at the Department of Energy.
“The United States can – and must – be a leader in the global transition to clean energy sources, and the President’s announcement today exemplifies the kind of government and private sector action that will help keep American companies competitive in the energy sector,” said Dan Reicher, interim President & CEO of ACORE and Executive Director of the Steyer-Taylor Center for Energy Policy & Finance at Stanford University. “ACORE convenes some of the largest and most influential players in the clean energy industry, and every one of our members can benefit from more emphasis on clean tech investment and R&D. This announcement sends a strong signal about the future of renewable energy in the U.S.”
The White House announcement included a series of executive actions that will encourage private-sector investment in clean energy innovation by reducing transaction costs, clarifying relevant investment rules, improving financing options, and providing greater transparency about Federal funding of clean energy research and development programs.
Along with theses executive actions, an array of major foundations, institutional investors, and other long-term investors are committing to more than $4 billion in private funding to finance clean energy innovation and climate change solutions.
“Energy policy has always been a critical component of the energy markets in this country,” said Todd Foley, SVP for Policy and Chief Strategy Officer at ACORE. “By marrying executive leadership with private sector commitments, we are seeing positive reinforcement of what the market has already decided: that there is real and growing demand for more renewable energy. It’s up to policymakers, Congress included, to act accordingly and remove barriers to adoption of renewable energy in this country.”
One of ACORE’s member companies contributed directly to today’s announcement. Goldman Sachs, a member of ACORE’s US PREF group, announced a target of $500 million for financing and co-investments in companies that develop and deploy advanced clean energy technologies, including for smart grid infrastructure and advanced battery solutions.
US PREF group will also be releasing its own research on double bottom line investment opportunities in the emerging clean energy asset class. This data will be released at REFF-Wall Street, the industry’s premier finance event in New York, NY on June 24 and 25, 2015. Attendees of this event include CEOs and other senior company officials, investment bankers, private equity investors, venture capitalists and other top transactional professionals in renewable energy finance.
ACORE, a 501(c)(3) non-profit membership organization, is dedicated to building a secure and prosperous America with clean, renewable energy. ACORE seeks to advance renewable energy through finance, policy, technology, and market development and is concentrating its member focus in 2015 on National Defense & Security, Power Generation & Infrastructure, and Transportation. Additional information is available at www.acore.org
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