Founder of SunEdison to help Fir Tree-backed sPower achieve its aggressive global growth and sustainability goals
The Board of Directors of sPower (Sustainable Power Group), a leading renewable energy provider, today announced the appointment of Jigar Shah, founder of SunEdison, to its Board of Directors, effective immediately.
Shah is an expert on energy project finance and changing energy policy. He works closely with a number of the world's leading influencers and guides policy makers around the globe on key issues surrounding renewable energy, climate change and sustainability. In 2003, Shah founded SunEdison, the world's largest solar services company. Under Shah's leadership, SunEdison transformed the renewable energy sector by creating the power purchase agreement (PPA) business model which eliminated upfront capital costs associated with renewables deployment.
"Mr. Shah is a visionary. His track record of revolutionizing sustainable energy, coupled with Fir Tree Partners' commitment to strategic and meaningful advancements in the renewables sector, will have a profound impact on maintaining sPower's trajectory of growth and success," said sPower CEO, Ryan Creamer. "We appreciate his willingness to serve as a Director and look forward to benefitting from his extraordinary industry expertise."
"sPower is an aggressive market frontrunner with a unique combination of leadership, ability and resources. sPower is incredibly well positioned to transform the marketplace through accelerated renewable deployment and lowered capital costs, while making a real difference in reducing global emissions. I'm honored and excited to be a part of such a dynamic opportunity and to work with this exceptional company," said Shah.
Shah holds an MBA from the University of Maryland and is a graduate from the University of Illinois. In addition to founding SunEdison, Shah is the author of Creating Climate Wealth: Unlocking the Impact Economy and the first CEO of the Carbon War Room (the global organization founded by Sir Richard Branson and Virgin United to help entrepreneurs address climate change). He is also on the board of the New York State Energy Research and Development Authority to which he was nominated by Governor Andrew M. Cuomo and approved by the New York State Senate.About sPower: sPower, an AES and AIMCo company, is the largest private owner of operating solar assets in the United States. sPower owns and operates a portfolio of solar and wind assets greater than 1.3 GW and has a development pipeline of more than 10 GW. sPower is owned by a joint venture partnership between The AES Corporation (NYSE: AES), a worldwide energy company headquartered in Arlington, Virginia, and the Alberta Investment Management Corporation, one of Canada’s largest and most diversified institutional investment fund managers.