SolarReserve Appoints Tim Rosenzweig as Chief Financial Officer Experienced leader in global renewable energy and financing provides expertise for continued growth of leading solar technology company
SANTA MONICA, Calif., Oct. 8, 2013 /PRNewswire/ -- SolarReserve, a leading developer of utility-scale solar power projects and technology, today announced the appointment of Tim Rosenzweig as Chief Financial Officer. Rosenzweig brings more than 20 years of financial and senior executive experience, primarily in the renewable energy sector.
"Tim's proven leadership skills, senior management experience and expertise in domestic and international finance will be a tremendous addition to our executive team," said Kevin Smith, CEO of SolarReserve. "His extensive industry knowledge and success in financial transactions will help SolarReserve continue our positive momentum and business performance, capitalize on the enormous growth opportunities that exist in today's global renewable market, and set a trajectory toward even greater levels of success for the company."
Immediately prior to joining SolarReserve, Rosenzweig served as Chief Executive Officer of Goldwind USA., the US subsidiary of Goldwind Group, the largest manufacturer of wind turbines in China and the second largest globally. Rosenzweig founded Goldwind USA in 2010, and built an accomplished team with significant presence in the wind industry. He also played a critical role in the creation of Goldwind Capital to provide project financing for Goldwind projects throughout the Americas.
Prior to Goldwind, Rosenzweig was a co-founder and served as CFO of the Boston-based wind developer First Wind. As one of the original members of First Wind's predecessor, UPC Wind, he led the company's capital raising, which exceeded $2.2 billion in debt, tax equity and private equity. Prior to joining First Wind, he worked as a Vice President at a Nomura-backed private equity fund in New York and at GE Capital Market Services group in Hong Kong, Singapore and the US.
Rosenzweig began his financial and international career in 1992 as an analyst for Lehman Brothers' utilities and project finance group in New York and Hong Kong. He holds a BS in civil engineering from The Johns Hopkins University and an MBA from Columbia University.
"This is an exciting and important time for the solar energy sector as well as SolarReserve," said Mr. Rosenzweig. "With the company's flagship Crescent Dunes Solar Energy project in Nevada featuring industry-leading integrated energy storage coming online next year, SolarReserve is positioned to take off, both domestically and internationally. With more than $1.8 billion of solar projects currently in construction, I am looking forward to helping the company achieve its significant growth potential and take this business to the next level."
SolarReserve's 110 MW Crescent Dunes Solar Energy Plant located near Tonopah, Nevada is the first commercial-scale facility in the world to feature advanced molten salt power tower energy storage capabilities. The project is currently under construction with more than 600 workers on site and will be entering the commissioning phase later this year. SolarReserve's advanced technology captures and stores the sun's thermal energy, while generating clean and reliable electricity 'on demand' just like conventional coal, natural gas or nuclear power plants but without the release of harmful emissions or hazardous wastes normally associated with conventional power plant technology and without exposing utilities and rate payers to volatile fossil fuel prices.
Additionally, SolarReserve currently has three photovoltaic projects, totaling 246 MW of generation capacity, in construction in South Africa. The Letsatsi and Lesedi power projects, each 75 MW in size, broke ground in February 2013 and are well underway in construction. The projects were selected as the "African Renewable Energy Deal of the Year" by Project Finance Magazine in 2012. The 96 MW Jasper power project recently closed financing and commenced construction shortly thereafter. The three projects have a combined capital cost of more than $820 million and are all slated for completion in 2014.
SolarReserve, LLC – headquartered in Santa Monica, California – is a developer of large-scale solar energy projects with activities worldwide and more than $1.8 billion of projects in construction. SolarReserve has commercialized the world's leading solar thermal energy storage technology utilizing molten salt in a power tower configuration. SolarReserve's solar energy storage technology has the capability to deliver clean, reliable electricity at any time, day and night. SolarReserve's experienced team of power project professionals has assembled an extensive 5,000 MW worldwide development portfolio of large-scale solar projects, including some featuring advanced solar thermal technology (CSP) and others utilizing photovoltaic technology.
In addition to its headquarters in the U.S., SolarReserve has offices in Spain, Chile, South Africa, Turkey, the UAE and the UK, with activities underway in the Middle East, Australia, China, and Latin America.