SB ENERGY WELCOMES GAETAN FROTTE AS CHIEF FINANCIAL OFFICER

Rhea-AI Summary

SB Energy has appointed Gaetan Frotte as Chief Financial Officer to enhance corporate finance functions amid rapid company growth. Frotte brings over 16 years of experience from NRG Energy, where he led extensive financing efforts totaling over $25 billion. SB Energy aims to expand from 1.7 GW of clean energy delivered to 3 GW by mid-2024. The firm has secured over $5 billion in financing aimed at scaling operations. With substantial backing from SoftBank Group and Ares Management, SB Energy is focused on becoming a leading renewable energy platform, emphasizing reliability and local solutions.

Positive

• Appointment of experienced CFO Gaetan Frotte, enhancing financial leadership.
• Significant growth target: expecting 3 GW of clean energy by mid-2024.
• Secured over $5 billion in financing for project development.

Negative

• None.

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Former NRG Energy executive enters SB Energy at stage of hypergrowth

REDWOOD CITY, Calif., Feb. 28, 2023 /PRNewswire/ -- SB Energy Global, LLC ("SB Energy") announced today that Gaetan Frotte has joined the company as Chief Financial Officer to lead SB Energy's corporate finance functions.

Mr. Frotte joins SB Energy from NRG Energy (NYSE: NRG), where he held various leadership positions in corporate and project finance for over 16 years. Over the course of his career, Mr. Frotte has developed a broad financial experience in the power and renewable industry including successfully leading a company through the public offering process and raising over $25bn of financings. As interim CFO of NRG, he led all finance functions during a period of unprecedented financial and energy change.

"We are thrilled to welcome Gaetan to SB Energy at a time of rapid growth for our company and of transformation for the entire energy industry," said Abhijeet Sathe, co-CEO of SB Energy. "Gaetan's experience and relationships across the financial sector will compliment SB Energy's Head of Capital Markets, Gianluca Signorelli, and further strengthen SB Energy's execution and capital raising capabilities," added Rich Hossfeld, co-CEO of SB Energy.

In 2021 and 2022, SB Energy delivered 1.7 GW of clean energy to the grid and expects to reach 3 GW operating in the first half of 2024, demonstrating the company's ability to develop, secure supply chain, finance, and operate at significant scale. To date, the company has secured over $5 billion of project and corporate financing to fund this growth. As SB Energy looks ahead, its focus is on building the leading renewable energy platform by combining strong execution with its expertise on delivering high-capacity renewable product offerings that are reliable, local, and matched to load.

"In just four years, SB Energy has created one of the strongest execution teams and growth opportunities in renewable energy," said Gaetan Frotte, Chief Financial Officer of SB Energy. "I look forward to accelerating SB Energy's growth and strengthening the company's financial infrastructure, as we differentiate SB Energy as the leading renewable energy platform combining technology and infrastructure at scale."

About SB Energy 

SB Energy is a leading utility scale solar, energy storage, and technology platform backed by SoftBank Group Corp. and funds managed by the Infrastructure and Power strategy of Ares Management Corporation. With 1.7 GW of solar in operation and another 8 GW of solar and 14 GWh of storage under development, SB Energy develops, owns, and operates some of the largest and most technically advanced renewable projects across the U.S. SB Energy's mission is to provide flexible renewable energy at scale, accelerating the global energy transition, and benefiting our planet, customers, communities, and people. For more information, visit SBEnergy.com.

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SOURCE SB Energy

FAQ

Who is the new CFO of NRG Energy?

Gaetan Frotte has joined SB Energy as Chief Financial Officer.

What is the target clean energy capacity for SB Energy by 2024?

SB Energy aims to reach 3 GW of clean energy capacity by the first half of 2024.

How much financing has SB Energy secured for its growth?

SB Energy has secured over $5 billion in project and corporate financing.

What is Gaetan Frotte's previous experience before joining SB Energy?

He held various leadership positions in corporate and project finance at NRG Energy for over 16 years.