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Jigar Shah was most recently co-founder and President at Generate Capital, where he focused on helping entrepreneurs accelerate decarbonization solutions through the use of low-cost infrastructure-as-a service financing. Prior to Generate Capital, Shah founded SunEdison, a company that pioneered "pay as you save" solar financing. After SunEdison, Shah served as the founding CEO of the Carbon War Room, a global non-profit founded by Sir Richard Branson and Virgin Unite to help entrepreneurs address climate change.
Shah was also featured in TIME''s list of the "100 Most Influential People" in 2024.
Originally from Illinois, Shah holds a B.S. from the University of Illinois-UC and an MBA from the University of Maryland College Park.
As part of the Biden-Harris Administration''s Investing in America agenda, the U.S. Department of Energy (DOE) Loan Programs Office (LPO) today announced a conditional commitment for a loan guarantee of up to $289.7 million to Sunwealth Holdco 18 LLC''s(Sunwealth) Project Polo. The loan guarantee, if finalized, will finance the deployment of up to 1,000 solar photovoltaic (PV) systems and battery energy storage systems (BESS) located primarily at commercial and industrial facilities and integrated across up to 27 states. Today''s announcement underscores President Biden and Vice President Harris'' commitment to expanding access to affordable renewable energy and high-quality jobs in renewable energy sectors across the United States.
In support of the Biden-Harris Administration''s efforts to deliver good-paying, high-quality job opportunities to communities across the country, this project is expected to create approximately 3,700 jobs, including over approximately 1,900 solar and storage installation jobs and over 1,700 operations and maintenance jobs.
Sunwealth is a commercial solar financier, developer, and owner-operator based in Cambridge, Massachusetts. Sunwealth has a nine-year operating history serving commercial solar markets and has experienced zero defaults over this time. Sunwealth has partnered with SYSO Technologies of Boston, Massachusetts, to provide its distributed energy management software platform, which will allow the project to function as avirtual power plant (VPP).
Systems would be deployed across commercial buildings, multi-family properties, community solar, and other sites across up to 27 states, with an estimated aggregate capacity of 168 MW of PV and 16.8 MW (33.6 MWh) of BESS. Sunwealth estimates the project will lead to the avoidance of up to 4.07 million metric tons of carbon over the project''s lifetime—helping slash harmful emissions that jeopardize public health and pollute local ecosystems.
LPO borrowers are required to develop and ultimately implement a comprehensiveCommunity Benefits Plan(CBP). CBPs ensure borrowers meaningfully engage with communities and labor groups to create good-paying jobs and improve the well-being of residents and workers.
Today''s announcement helps ensure that, in line with the Justice40 Initiative, 40% of the overall benefits of certain federal investments in climate, clean energy, and other areas flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution. Deploying clean energy resources in disadvantaged communities without access to traditional financing is a key component of Sunwealth''s mission and strategy. Sunwealth has historically deployed over approximately 40% of its systems to benefit disadvantaged communities. For this project, Sunwealth aims to install between 20% and 50% of PV plus BESS in disadvantaged communities.
This project includes both behind-the-meter DERs and community solar projects, primarily targeting commercial and industrial properties. Project sites include building rooftops, parking lots, and underutilized land parcels across the United States. The Sunwealth VPP offers advanced management of PV and BESS, enhanced forecasting of PV production and coincident peaks, and aggregation and dispatch of DERs. The software manages the PV and BESS as a VPP to support grid stability and resilience while also generating additional revenue by enabling participation of DERs in VPP programs and wholesale markets.
The loan guarantee is offered through LPO''sTitle 17 Clean Energy Financing Program,which includes financing opportunities for innovative energy and supply chain projects and projects that reinvest in existing energy infrastructure.
While thisconditional commitmentindicates DOE''s intent to finance the project, DOE and the company must satisfy certain technical, legal, environmental, and financial conditions and DOE must complete environmental review before the Department decides whether to enter into definitive financing documents and fund the loan guarantee.
The conditional loan guarantee will help deploy up to 1,000 solar and battery energy storage systems in a virtual power plant that spans as many as 27 states.
Illustration of virtual power plant, also known as a distributed power plant
Image: CC-BY-SA-4.0
The Department of Energy Loan Program Office (LPO) announced a conditional commitment of up to $289.7 million to Sunwealth to help finance Project Polo.
The project aims to deploy up to 1,000 solar and battery energy storage systems (BESS) in as many as 27 states.
The solar and storage systems would be located primarily at commercial and industrial facilities, create approximately 3,700 jobs, including over approximately 1,900 solar and storage installation jobs and over 1,700 operations and maintenance jobs.
Combined, the solar and storage sites in Project Polo would have an estimated aggregate capacity of 168 MW of solar and 16.8 MW (33.6 MWh) of battery energy storage. Sunwealth estimates the Polo Project will lead to the avoidance of up to 4.07 million metric tons of carbon over the project''s lifetime.
Sunwealth is a Massachusetts-based commercial solar financier, developer, with a nine-year operating history serving commercial solar markets. The company has partnered with another Massachusetts company, SYSO Technologies, to provide its distributed energy management software platform, which will allow the project to function as a virtual power plant (VPP).
VPPs are an aggregation of small-scale distributed energy resources including solar energy systems, electric vehicles (EVs), EV chargers and demand response devices such as water heaters, thermostats, appliances and more.
"Now is the moment to scale virtual power plants to meet the pressing needs that we have in this country," said Mark Dyson, managing director of Rocky Mountain Institute (RMI) in a presentation during pv magazine USA Week. He stated that one of those pressing needs is the incredible electricity demand growth the nation is experiencing for the first time in 15 years.
Project Polo includes both behind-the-meter distributed energy resources and community solar projects, primarily targeting commercial and industrial properties. Project sites include building rooftops, parking lots and underutilized land across the U.S. The Sunwealth VPP will manage the solar and energy storage, forecasting solar production and the aggregation and dispatch of the DERs.
The SYSO software manages the solar and energy storage as a VPP to support grid stability and resilience, while also generating additional revenue by enabling participation of DERs in VPP programs and wholesale markets. One challenge to aggregating resources across many states each independent system operator (ISO) has its own requirements for solar and storage as far as compliance and market participation. SYSO reports that it has deep regulatory knowledge and customized strategies to help navigate the complexities from state to state.
LPO borrowers are required to develop and implement a comprehensive Community Benefits Plan (CBP). This requirement helps ensure that borrowers create good-paying jobs in the community and improve the well-being of residents and workers.
Sunwealth is committed to paying its employees a living wage and also provides a training program that provides advancement. It also works with the International Brotherhood of Electrical Workers (IBEW), the National Electrical Contractors Association, and local solar nonprofits and trade groups to integrate them into their developer workforce. In addition, and in line with the Justice40 initiative, the company has historically deployed about 40% of its systems to benefit disadvantaged communities. For Project Polo, Sunwealth aims to install between 20% and 50% of solar-plus-storage in disadvantaged communities.
While this conditional commitment indicates DOE''s intent to finance the project, DOE and the company must satisfy certain technical, legal, environmental, and financial conditions and DOE must complete environmental review before the Department decides whether to enter into definitive financing documents and fund the loan guarantee.
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