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National Wind Buys Delphi Financial
Wind developer’s bank buy will be used for investments in communities surrounding projects.
September 5, 2008
National Wind, LLC, bought Delphi Financial Corp. for an undisclosed sum, it was announced.
The investment bank’s 18-year track record will be put to use supporting communities around the wind projects National Wind runs.
“We have established a long-term working relationship with Delphi Financial and understand their commitment to raising capital for large community wind energy projects,” says Leon Steinberg, National Wind’s chief executive. “An investment banking firm may seem like a strange acquisition for a utility-scale wind developer. However, our unique community-based model offers local landowners the opportunity to become project owners and in many cases necessitates the use of a registered broker-dealer.”
The deal is National Wind’s second buy in about a year; it bought in 2007 a consulting firm now known as National Wind Assessments.
“A core piece of National Wind’s development model is to keep a considerable share of the economic benefits from a wind project in the local community,” says Jack Levi, co-Founder and chairman of National Wind and previous owner of Delphi Financial Corp. “We generally create ownership opportunities in the community wind projects that we manage. With National Wind’s rapid growth, acquiring Delphi makes a lot of sense.”
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