EEW Enters the Fast-growing United States Solar Market

EEW Enters the fast-growing United States solar market
Solar industry veteran Kaveh Ertefai to lead EEW in North America

New York - Eco Energy World, a leading developer of utility-scale solar energy projects, announces the expansion of its global operations with the establishment of a wholly owned U.S. subsidiary, E.E.W. Eco Energy World (US) LLC, and the opening of an office in New York City.

EEW has appointed finance and solar industry veteran, Kaveh Ertefai, as President of the US business to lead the move into the North American market. Kaveh has significant track record in the solar PV space from his roles as CEO of a private equity partnership focused on renewable energy and founder of a leading solar photovoltaic manufacturing and development start-up. He also brings extensive experience from his time in the financial services industry, having held several senior positions at UBS Investment Bank.

EEW is looking to capitalise on the Biden Administration’s ambitious decarbonisation targets. According to a recent study by the Department of Energy, solar energy has the potential to meet 40% of U.S. energy needs by 2035, employing up to 1.5 million people, without raising the cost of electricity.

The Company will continue growing its pipeline of utility-scale solar PV projects through greenfield developments and selectively pursue acquisition opportunities across the US, enabling the production of cleaner, renewable energy at a lower cost. With more than a decade of experience, EEW is a pioneer of the solar power industry having developed c.1,300 MW of solar PV capacity through 23 projects. This unrivalled expertise and allows the Company to develop highly cost-efficient projects.

As one of the fastest growing markets for solar, the U.S. represents a natural step in the Company’s long-term growth strategy to expand beyond its existing portfolio in Europe, Australia, the Middle East and Africa.

In support of the launch, EEW will be attending the Intersolar North America conference in Long Beach, California, on 13-15 January 2022.

Svante Kumlin, Chief Executive of EEW, said:

I am excited to announced EEW's entry into the fast-growing and potentially huge U.S. market. We are well-positioned to capture this growth opportunity given our strong track-record and we have defined a clear strategic roadmap for EEW in the U.S., retaining a strong focus on cost-efficient execution.

I am pleased to welcome Kaveh to our team to lead the U.S. business. The strength and depth of his experience will help facilitate the ambitions for solar capacity growth in the U.S. EEW looks forward to working with developers across the country to scale and commercialize new solar PV projects at pace to meet the country’s clean energy needs.

Kaveh Ertefai, President of EEW US, said:

"I am delighted to be driving EEW’s expansion into the U.S. market. There is a significant opportunity to rapidly increase access to renewable power and simultaneously support the U.S. Government’s ambitions for climate action. Solar energy is a cheap, reliable, and accessible source of clean energy, it will play a significant role in decarbonizing the U.S. power grid.