Episode Summary: In this episode of the Solar Maverick Podcast, Benoy sits down with Rob Sternthal, Managing Director at Expedition Infrastructure Partners, to break down how investors evaluate solar platforms and development pipelines. Rob brings more than 20 years of experience in investment banking, tax equity, structured finance, and renewable energy, and he explains the real criteria that determine platform value today. Benoy and Rob discuss why platforms are being repriced, how rising SG&A and longer development timelines are reshaping exits, and what investors are prioritizing in the current market. They also cover the Pine Gate bankruptcy, the renewed shift toward “develop and flip,” battery economics, tax credit insurance constraints, FEOC uncertainty, and the wave of distress expected to define the industry over the next two to three years. Biographies Benoy Thanjan Benoy Thanjan is the Founder and CEO of Reneu Energy, solar developer and consulting firm, and a strategic advisor to multiple cleantech startups. Over his career, Benoy has developed over 100 MWs of solar projects across the U.S., helped launch the first residential solar tax equity funds at Tesla, and brokered $45 million in Renewable Energy Credits (“REC”) transactions. Prior to founding Reneu Energy, Benoy was the Environmental Commodities Trader in Tesla’s Project Finance Group, where he managed one of the largest environmental commodities portfolios. He originated REC trades and co-developed a monetization and hedging strategy with senior leadership to enter the East Coast market. As Vice President at Vanguard Energy Partners, Benoy crafted project finance solutions for commercial-scale solar portfolios. His role at Ridgewood Renewable Power, a private equity fund with 125 MWs of U.S. renewable assets, involved evaluating investment opportunities and maximizing returns. He also played a key role in the sale of the firm’s renewable portfolio. Earlier in his career, Benoy worked in Energy Structured Finance at Deloitte & Touche and Financial Advisory Services at Ernst & Young, following an internship on the trading floor at D.E. Shaw & Co., a multi billion dollar hedge fund. Benoy holds an MBA in Finance from Rutgers University and a BS in Finance and Economics from NYU Stern, where he was an Alumni Scholar. Rob Sternthal For the last 20+ years, Rob has been a leading investment banking executive and recognized platform builder across the renewable power, energy, ESG and real assets sectors, advising on more than $25 billion of transactions. Prior to joining XIP, Rob was a Managing Director focusing on renewable power at Piper Sandler. Before that, Rob was responsible for building platforms at Rubicon Capital Advisors as well as CohnReznick (now CRC-IB). He founded and built CohnReznick’s Capital Markets group (CRC) into a market-leader over ten years, completing nearly $20 billion in transactions and managing a team of 30 professionals. Prior to CRC, Rob established and led multiple real estate and asset-backed securities practices for Credit Suisse in the United States as well as internationally. He began his career as an attorney for the U.S. Securities & Exchange Commission as well as in private practice at Milbank. Rob received a bachelor’s degree in economics and French, with honors, from Emory University and a Juris Doctorate, cum laude, from the Temple University School of Law. Rob is a Registered Representative of BA Securities, LLC. Member FINRA, SIPC. Stay Connected: Benoy Thanjan Email: info@reneuenergy.com LinkedIn: Benoy Thanjan Website: https://www.reneuenergy.com Website: https://www.solarmaverickpodcast.com Rob Sternthal Linkedin: https://www.linkedin.com/in/robert-sternthal-548b287/ Website: https://xipllc.com/ Email: Rob@xipllc.com NPM Podcast related to XIP’s partnership with Gordian: https://newprojectmedia.com/npm-interconnections-us-episode-172-rob-sternthal-peter-kauffman-xip-gordian/ If you enjoyed this episode, please rate, review and share the Solar Maverick Podcast so more people can learn how to accelerate the clean energy transition. Join Us for the Winter Solstice Fundraiser! I’m excited to invite you to our Winter Solstice Fundraiser, hosted by Reneu Energy and the Solar Maverick Podcast on Thursday, December 4th from 6–10 PM at Hudson Hall in Jersey City, NJ! https://www.tickettailor.com/events/reneuenergy/1919391 This event brings together clean energy leaders, entrepreneurs, and friends to celebrate the season while raising funds for the Let’s Share the Sun Foundation, which installs solar and storage systems for families and communities in need in Puerto Rico. We’ll have: -Great food and drinks -Amazing networking with solar and sustainability professionals -Sports memorabilia auctions (with proceeds benefiting Let’s Share the Sun) -An inspiring community focused on making an impact through solar energy If you or your company would like to get involved as a sponsor, please message us at info@reneuenergy.com. Reneu Energy Reneu Energy provides expert consulting across solar and storage project development, financing, energy strategy, and environmental commodities. Our team helps clients originate, structure, and execute opportunities in community solar, C&I, utility-scale, and renewable energy credit markets. Email us at info@reneuenergy.com to learn more.
