U.S. Partnership for Renewable Energy Finance (US PREF) Recommends Balanced, Business-Oriented Approach to Assure Continued Private and Public Sector Investment in Renewable Energy

US PREF Releases White Papers to Highlight Success of Renewable Energy in Driving Down Prices of Electricity, and Importance of State RPS Mandates in Driving Market Demand

NEW YORK--()--Members of the U.S. Partnership for Renewable Energy Finance (US PREF) gathered in New York at the American Council On Renewable Energy (ACORE)’s Renewable Energy Finance Forum - Wall Street (REFF-Wall Street) to rebalance the debate about renewable energy, turning from the politicized rhetoric to fact-based business analysis that clearly defines the industry as productive, growing and essential to the nation’s economy. An “all-of-the-above” energy strategy to improve national security and support economic development is a strategy that most in Washington agree on regardless of political affiliation. PREF members provided analyses that show how crucial renewable energy is as part of the nation’s overall energy mix.

“There’s never been a more important time for our country to adopt a genuine all-of-the-above energy strategy,” said Neil Auerbach, Co-Managing Partner of Hudson Clean Energy Partners, a leading private equity firm that invests exclusively in clean energy. “We have the opportunity now to cultivate American business and innovation, support long-term job growth, fortify national security, decrease energy costs, and realize a host of environmental benefits. Unfortunately, without the immediate support of both parties in Washington, we risk losing this opportunity and ceding the tremendous advantages our domestic renewable energy industry has achieved. International competition is a reality, but the U.S. can and should be the global leader.”

The U.S. invested $48.1 billion in clean energy in 2011. Private sector investors believe renewable energy is a strong and viable part of the energy portfolio. Jeff Holzschuh, Vice Chairman at Morgan Stanley, stated, "We are working with the renewable energy, power and technology industry leaders to pursue continued development of the U.S. renewable energy sector. This is an important opportunity to underscore U.S. leadership as we seek technologies to power future global growth and redefine our national energy strategy."

The white papers released by US PREF illustrate how large-scale deployment of renewable electricity sources has produced dramatic cost reductions, while fostering innovation that has increased efficiency across entire supply chains. State and federal policies are working in concert to drive this large-scale deployment and innovation. While federal incentives such as the Production and Investment Tax Credits bolster the supply of renewable energy, support for renewable energy demand has been augmented by state Renewable Portfolio Standard (RPS) mandates for utilities to procure minimum amounts of electricity from renewable sources. RPS “demand pull” is now reaching a plateau, however, of 3.25 GW per year of new renewable generating capacity through 2030. The success of states at meeting existing RPS mandates creates an opportunity for policymakers to consider accelerated compliance timelines, more ambitious targets, and other measures to promote demand for new renewable energy technologies.

For more information on US PREF, contact Cindi Eck, Director of Leadership Programs, at eck@acore.org.

About ACORE:

ACORE, a 501(c)(3) non-profit membership organization, is dedicated to building a secure and prosperous America with clean, renewable energy. ACORE seeks to advance renewable energy through finance, policy, technology, and market development and is concentrating its member focus in 2012 on National Defense & Security, Power Generation & Infrastructure, and Transportation. Additional information is available at www.acore.org.

ABOUT US PREF:

US PREF is a coalition of senior level financiers who invest in all sectors of the energy industry, including renewable energy. Members educate the public sector to assure renewable energy finance legislation impacts the market as efficiently and effectively as possible, with the goal of helping to unlock capital flows to renewable energy projects in the United States. US PREF is a program of the American Council On Renewable Energy (ACORE), a Washington, DC-based non-profit organization dedicated to building a secure and prosperous America with clean, renewable energy.

Contacts

US PREF:
Cindi Eck, 202-509-6436
eck@acore.org
or
ACORE:
Turner Houston, 202-509-6443
houston@acore.org

Release Summary

ACORE is proud to help rebalance the clean energy debate. REFF-WS serves as a platform for the renewable energy industry to discuss the complex issues facing renewable energy finance.

Sharing

Contacts

US PREF:
Cindi Eck, 202-509-6436
eck@acore.org
or
ACORE:
Turner Houston, 202-509-6443
houston@acore.org