Renewable Energy Trust (RET) Capital has promoted president and chief operating officer (COO) Karen Morgan to chief executive officer (CEO).
Morgan succeeds John Bohn, a former commissioner of the California Public Utilities Commission, who will continue as Executive Chairman. Morgan and Bohn co-founded RET Capital in 2012 along with Christian Fong, who today becomes the company’s new chief operating officer and chief investment officer. The trio will continue to work together closely on corporate strategy and operations.
“We came together as partners and focused on gathering a team of top talent, attracting flexible capital that can move through market changes, and connecting our partners with marquee assets,” says Morgan. “Over the last two years, we’ve demonstrated our ability to execute that strategy in a highly competitive environment while delivering appealing returns for our investors. We have the team, we have the assets, and we have developed strong industry partner relationships. This planned strategic transition positions us to leverage the value we’ve created to keep growing—and to make an impact on the clean energy sector over the next five years and beyond.”
RET Capital, an established independent renewable energy growth platform, currently owns 11 North American assets with a collective generating capacity of 110 MWDC of solar PV and 102 MW of wind.
“As we look to the future through a volatile market period, it’s important is to become efficient and focused,” says Bohn. “Karen and Christian’s track record in the renewable finance space is clear, and is invaluable moving forward. This transition – which has long been part of our business plan – passes the baton formally to the people who have generated the success we already enjoy.”
In her new role, Morgan will continue to execute the company’s vision and take advantage of market opportunities. Fong will oversee operations and lead investment management, while Bohn will continue to lend his expertise in clean energy financing.
“There’s nobody as good at sussing out an opportunity, making it a reality, and selling it to partners as Karen,” says Bohn. “This new structure will give her more time to do that and less need to mind the store. As chief executive, she can focus on what she does best: make stuff happen.”
“RET Capital has an incredibly deep bench of professionals,” says Fong. “The team’s ability to find creative finance and structuring solutions for our partners is exceptional.”
RET Capital continues to grow, even as other firms focused on grid-scale clean energy have stumbled. The USD733 million enterprise is cash flow positive. As an independent finance platform, it is able to be nimble and creative in comparison to the market’s first round of yieldcos, which tend to be publically traded subsidiaries of larger companies.
“Our structure and the abundant talent among RET’s team allows us to execute transactions reliably and with precision,” says Morgan. “We have demonstrated our ability to perform and succeed against larger competitors because of our ability to partner well and close deals properly, expertly, and with certainty of execution.”
