Monday, March 8, 2010
US Renewables Group Launches Wind Power Firm
Santa Monica-based US Renewables Group, a private equity firm focused on renewable power, biofuels, and clean technology, said this morning it has created a new company, Westerly Wind LLC, to provide capital and expertise to developers of wind power systems. The firm said the new company will be headed by Joe Cofelice, who has previously served as President of Catamount Energy Corporate and CEO of American National Power, Inc. US Renewables Group did not say how it has capitalized Westerly Wind. US Renewables Group is managed by Jim McDermott--who, aside from private equity experience and investment banking, was the founder of Stamps.com, Spoke Software, and Archive Inc--and Lee Bailey, formerly a partner with Rustic Canyon Partners.