Former co-head of investment banking at UBS, Jeff McDermott has founded Greentech Capital Advisors with two clients already signed for alternative energy advisory.
The bank said in a statement announcing its launch that its “singular focus on the alternative energy space” was intended to fill “the need for a pure-play advisory firm dedicated to alternative energy and cleantech companies.”
McDermott said, “At most bulge bracket banks cleantech isn’t covered by one team of people. Different parts of the bank cover it separately. We want to be a cohesive team.” He added that he expects private equity firms to be an important part of Greentech’s client base, as the majority of the cleantech companies in its proprietary database remain private.
This announcement furthers the news that alternative/renewable energy investment is on the uptick. It is also showing that financiers are seeking alternative methods to the conventional consulting companies that were present on Wall Street. And after previously being scorned by the downfall of Wall Street, what better route than that of the renewable energy sector?