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People’s United Bank has formed a new corporate banking specialization that will focus in part on the renewable energy industry.
The Connecticut-based bank, which has branches throughout Massachusetts, has hired Stephen Hoffmann to lead a team that will work with public and private clients involved with building, owning and operating energy infrastructure. The bank said in a statement that its focus on renewable energy is part of its commitment to “support the major transition toward clean power that is underway in the country’s energy industry.”
As managing director of utilities, power and renewable energy for People’s United’s corporate banking, Hoffman will lead a team providing a wide range of financing, risk and treasury management options. The bank said prospective clients include investor-owned utilities, local distribution companies, electric cooperatives, municipal utilities, transmission companies and renewable energy companies, such as solar, wind and battery storage.
“We are excited to welcome Stephen to People’s United as we continue to expand our value proposition and strengthen our focus on sustainability, social impact and change in our communities,” Amy Le Blanc Hackett, managing director of corporate banking at People’s United Bank, said in a statement. “His industry expertise and understanding of the complexities companies face and how to successfully navigate them, coupled with a relationship-based approach to service, directly aligns with our strategy. The utilities, power and renewable energy sector is one of the largest industries in the US and presents a significant opportunity for growth. We are thrilled to have Stephen lead this effort.”
Hoffman has more than 25 years of corporate and commercial banking experience, with a focus on the energy industry. He was most recently the managing director of energy banking at Huntington Bank, where he founded their energy banking group. Prior to that he was managing director for Bank of America’s natural resources group, where he managed their natural resources portfolio, and before that, he was director of Fleet Bank’s energy and utilities division, where he managed a portfolio of and mid-sized energy companies nationwide.
“I am excited to join the team at People’s United at a time of strategic growth and expansion in their capabilities,” Hoffmann said in the statement. “The power and utilities industry are expected to lead the charge in the ambitious goal of net-zero greenhouse emissions by as early as 2035. These plans will require a significant capital investment and my goal is to serve as a trusted financial advisor to clients undertaking this project of major importance to the country.”
The $63 billion People’s United Bank has more than 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine. The corporate banking team works with U.S. and multi-national corporations across major industries. Officials throughout New England are working to dramatically grow the state’s renewable energy production, particularly via wind power.
