Generate announced it is launching a dedicated credit business to provide flexible financing solutions to technology companies and project developers at the forefront of the Infrastructure Revolution. Alfred Griffin, founding president of the NY Green Bank, has joined Generate to lead the new Generate Credit division.
Today’s announcement represents an important expansion of Generate’s franchise, where its core business of financing, building, owning and operating sustainable infrastructure has established Generate as the only “one-stop-shop” for sustainable infrastructure pioneers.
“Credit is a critical part of the financial ecosystem for clean energy and sustainable infrastructure solutions, and we are thrilled to expand access to this important tool that we’ve used to support our partners since inception,” said Scott Jacobs, chief executive officer and co-founder of Generate. “Generate has been a pioneer in electric bus leasing, renewable energy development lending, and fleet financing for electric and hydrogen mobility, in addition to our core business building, owning and operating assets. Our partners are asking us to take additional roles in financing, developing and deploying proven solutions to some of the world’s most pressing problems. We are excited to bring Alfred on board to accelerate this business.”
Griffin, a leading national figure in renewable energy, brings 25 years of banking and finance experience to Generate. At NY Green Bank, a New York State-sponsored specialty finance company, he led the organization from concept to lending over $1 billion to support sustainable infrastructure projects in areas such as renewable energy generation and energy efficiency. Prior to the Green Bank, Griffin held roles in investment banking, capital markets and risk management at Citigroup Global Markets Inc.
“Generate has been the clear market leader in financing the deployment of innovative and highly impactful clean energy business models and technologies, thanks to its dedicated expertise and singular focus on sustainability,” said Griffin. “I’m thrilled to join Generate to expand its credit platform for sustainable infrastructure and work with this industry-leading team. Our fight against climate change demands fast results, and it’s imperative to provide the right kind of capital at the right time to projects and companies who are driving the Infrastructure Revolution.”
Generate Credit will focus on the same areas of the Infrastructure Revolution that have been Generate’s core markets since inception, including renewable power, energy efficiency, microgrids, energy storage, electric mobility, hydrogen, wastewater, waste management, and sustainable agriculture. Generate has made more than $600 million in similar types of clean energy loans since its founding.
With broad financing capabilities, a permanently capitalized balance sheet, and a leading operating platform for distributed assets, Generate offers project developers and technology companies the world’s most comprehensive and flexible range of financial and operational solutions. The new credit business will build on the company’s track record, targeting new loans that expand the market for the deployment of sustainable infrastructure.