Kennett Square, PA (June 1, 2011) ““ Charles Costenbader has been named Executive Vice President of Corporate Development for Tangent Energy Solutions.
Costenbader will be responsible for finding, negotiating and closing on project financing for Tangent, which lowers commercial and industrial (C&I) energy prices by combining on-site clean generation assets with efficiency technologies to save customers 10 percent to 20 percent in energy costs.
“Charles deep expertise in project finance, along with his extensive network in the energy and finance industries, will help drive growth for Tangent throughout the region and the country,” said Dean Musser, President and CEO of Tangent. “He will be a key addition to our team.”
Prior to joining Tangent, Costenbader was an Associate Director with Macquarie Energy LLC in Houston, Texas, where he primarily sourced power and gas storage assets for investment and commodity trading opportunities.
“After meeting Tangents management team I was impressed with their deep industrial relationships and their extensive pipeline of long-term energy projects,” said Costenbader. “The team, business model, customer base and investor pedigree all reflected a level of quality not often seen in a new company, and presented an exciting opportunity for me to join Tangent.”
Costenbader was instrumental in Macquarie Energy LLC sourcing and closing a recent $41 million deal with Lincoln Renewable Energy to develop the 10 megawatt New Jersey Oak Solar project. As part of the transaction team, Costenbader negotiated the documents providing the construction and term financing, along with off-take support using a pre-pay structure.
He returned to Macquarie after serving as Chief Financial Officer for a renewable fuels company, where he was responsible for investor relations, closing equity commitments with several private equity firms, sourcing term debt, working capital loans, and establishing risk management controls.
Costenbader also worked ten years in the Structured Finance Group of GE Capital, focusing on structuring and optimizing power, gas storage, refinery, renewable energy, and industrial manufacturing investments.
He graduated from Lafayette College with a BS in Mechanical Engineering and received an MBA degree from Columbia University. Costenbader also holds a Professional Engineering License certification in two states.
About Tangent Energy Solutions
Tangent Energy Solutions (www.tangentenergy.com) reverses the traditional utility driven approach to developing the smart grid by partnering with commercial and industrial customers to optimize the “grid behind the meter.” By providing clean energy assets and technologies at no capital cost, Tangent saves C&I energy customers 10 percent to 20 percent while increasing the amount of renewable content in their supply. Tangent actively manages on-site assets to decrease a customers reliance on grid sourced energy, especially during peak demand periods. As a result, both the end-customer and the utilities benefit. Tangent is a venture-backed company founded in 2009 by a management team that has been providing commercially successful energy innovations to mainstream C&I customers for 30 years.