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CIBC forms team to focus on green energy
April 06, 2010
Tyler Hamilton
Special to the Star
CIBC has become the first major Canadian bank to form an investment team focused on green energy and clean technology markets, forging a path that industry experts say is likely to be followed by its big-bank rivals.
Canada’s fifth-largest bank announced Tuesday it has appointed Don Roberts, a former managing director and forestry analyst at CIBC World Markets Inc., as vice-chairman of the new wholesale banking team.
Roberts told the Star the decision sends a clear signal to the market and internally at the bank that renewable energy and clean technologies are more than a passing investment fad.
“We’re really looking at a structural change in the economy to low-carbon energy sources,” he said. “So this isn’t just to take advantage of a short cycle. This is a long-term move for us.”
The 10-person team plans to offer a range of wholesale services, including pre-IPO private placements, project financing, public equity issues and corporate loans. It will also advise on mergers and acquisitions.
Tom Rand, head of the clean technology practice at Toronto’s MaRS Discovery District, said CIBC’s plan to more aggressively pursue the market – including everything from solar and wind projects to water technologies to biochemical production – could send ripples through the sector.
