Energy Finance Experts Caroline Angoorly and Nicholas Whitcombe Selected for Senior Positions at Largest Green Bank in the Nation
April 09, 2014
The New York Green Bank has named two energy finance experts as managing directors. Caroline Angoorly will be chief operating officer responsible for ensuring that operations are in alignment with the strategic plan and investment, risk and other performance principles of NY Green Bank. Nicholas P. Whitcombe will provide senior level investment portfolio management.
“Caroline and Nick bring a great deal of expertise, experience and leadership in energy finance to NY Green Bank, and I am delighted to welcome them to the management team,” said Alfred Griffin, President, NY Green Bank. “Caroline and Nick’s leadership will be integral to achieving Governor Cuomo’s goals for NY Green Bank, which include leveraging public dollars to stimulate and accelerate private investment in the clean-energy economy in the State.”
NY Green Bank is a state-sponsored initiative committed to establishing public-private partnerships that can expand clean energy markets, drive scale in deployment of commercially proven technologies, and enable investors and businesses to take advantage of attractive clean energy project opportunities across the state of New York. Projects to be supported by the NY Green Bank can include a broad range of commercially proven technologies, including solar, wind and other renewable energy generation technologies; residential and commercial/industrial energy efficiency measures; electricity load reduction; on-site clean generation, and similar projects that can support the State’s clean energy objectives.
Caroline Angoorly joins NY Green Bank after serving as a principal at GreenTao LLC in New York City, a specialized business growth, project development/financing and execution firm focused on energy, resources and environmental businesses, including renewables, water and cleantech. She was commercial lead at GreenTao, providing key business, transaction, negotiation, strategy, project, operations, government affairs and implementation services to companies in the energy, resources and environmental sectors, including within the Fortune 500.
Prior to joining GreenTao, Angoorly was head of Environmental Markets – North America with the Global Commodities Group at J. P. Morgan and senior vice president and head of development in the Northeast for NRG Energy Inc., following her tenure as vice president in the newly-created Environmental & New Business area, which was instrumental in NRG’s initial diversification into renewables and clean tech. She was also vice president and general counsel at EnelGreenPower Inc., where she was responsible for renewable energy project origination, development, acquisition and implementation in the Americas and provided deal expertise in thermal and renewable development, acquisition and project financing globally. Angoorly was also a partner in the Global Project Finance Group of Milbank Tweed where she was involved in billions of dollars of international energy and infrastructure developments and project financings.
Angoorly earned a bachelor’s degree in geology and a bachelor of laws degree with honors from Monash University in Melbourne, Australia. She also holds a master’s of business administration from Melbourne Business School (partly studied for at Columbia Business School), receiving the John Clemenger Memorial Medal for Top MBA Student.
Nicholas P. Whitcombe, most recently a supervisory senior investment officer in the Loan Programs Office of the U.S. Department of Energy (DOE), is a banker with extensive experience in originating, structuring, underwriting and syndicating corporate, leveraged and project finance loans for a wide range of energy projects. At DOE, he was instrumental in leading the negotiations for several nuclear loan guarantees, including $8.3 billion in commitments to finance the construction of the first nuclear power plant to be constructed in the U.S. in 30 years. He also led more than $1 billion in loan guarantees for distributed solar generation projects and served as program director for the Advanced Technology Vehicle Manufacturing loan program. In addition, he worked with White House officials and DOE leadership to assist in achieving clean energy policy goals, including advocating loan guarantees to induce consumer demand and build out of national energy infrastructure.
Prior to joining DOE, Whitcombe was vice president at Jefferies Group Inc., a global investment bank and institutional securities firm headquartered in New York City, where he evaluated lending opportunities in the energy sector and expanded the firm’s product offerings for the energy industry. He was also director of the Energy Group at CIT Group Inc. and vice president of Loan Syndications and structuring at FleetBoston Corp./Fleet Securities Inc.
Whitcombe earned a bachelor’s degree from Cornell University and a master’s in business administration from Vanderbilt University.
For more information on NY Green Bank, please visit greenbank.ny.gov.
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