GlassPoint Solar appoints new VP with IPO experience

Feb 24, 2016 16:30 CET by Tsvetomira Tsanova

February 24 – Sanjeev Kumar, former CFO of TerraForm Power (NASDAQ:TERP) and Enphase Energy (NASDAQ:ENPH), will lead the growth and financing initiatives for GlassPoint Solar Inc and its California projects.

The US-based firm is currently building the 1-GW Miraah solar thermal park in Oman to produce steam for enhanced oil recovery (EOR). It just announced the appointment of Kumar as senior vice president of project development in North America to speed up its growth on the home continent.

Kumar has helped take both TerraForm and Enphase Energy public and it will now be “overseeing fund raising activities” for GlassPoint. The new vice president also has 10 years of oil and gas experience as part of Occidental Petroleum Corp.

“Sanjeev has significant experience in both oil and gas and renewables, where he’s successfully taken two solar companies public. His understanding of both worlds will be instrumental in developing GlassPoint’s solar oilfield projects in California and beyond,” commented GlassPoint CEO Rod MacGregor.

GlassPoint major shareholders include Royal Dutch Shell Plc (AMS:RDSA) and the State General Reserve Fund (SGRF) in Oman. The company’s technology involves the use of large, curved mirrors to focus sunlight on a boiler tube containing water to produce steam. That steam is used to heat and extract heavy oil, avoiding the burning of large volumes of natural gas for steam generation.

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