Eco Energy World, a London-based developer of utility-scale solar energy projects across Europe, Africa and Asia announced that the company is expanding into the U.S. market, establishing a wholly owned subsidiary, E.E.W. Eco Energy World (U.S.), which will be headquartered in New York City.
According to the company, the purpose of the expansion is to capitalise on the Biden Administration’s ambitious decarbonisation targets via project development and acquisition. the company also added that it is specifically targeting greenfield developments.
To date, EEW has developed roughly 1.3 GW of solar capacity across 23 projects located in Europe, Australia, the Middle East, and Africa. EEW also boasts a 7.3 GW project pipeline, a figure that the company hopes will rapidly expand following its entry into the U.S.
In November, EEW announced that the company had hit the benchmark of having 290 MW of solar projects in advanced development in Sweden, making it the country’s largest solar power developer. In addition to the the 290 MW, seven-site portfolio of projects in advanced development, EEW also has a 14-project pipeline within the country, totaling 485 MW, as well as 55 MW at the mid-stage of development and 145 MW at the early-stage.
Leading the company’s U.S. branch will be finance and solar industry veteran, Kaveh Ertefai, who will serve as as President of the U.S. business to lead the move into the North American market.
Kaveh’s previous track record in the PV space comes from his roles as CEO of a private equity partnership focused on renewable energy and founder of a solar manufacturing and development start-up, Activ Solar. On the business development side, Kaveh has also held several senior positions at UBS Investment Bank.
In recognition of his announcement, Kaveh doubled down that entry into the U.S. market provides EEW with a significant opportunity to expand its owned under-development project portfolio.
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