HARIN PATEL
Bridgewater,NJ
Summary
Talented Vice President with excellent client relationship management, interpersonal and analytical skills coupled with more than 20 years of experience in power generation, renewable energy (IPP, private equity, startup) and management consulting. Driven and ambitious individual with proven track record in closing transactions, asset and people management, and strategic analysis dedicated to enhancing revenue, achieving performance targets, and streamlining operations. Notable Transactions Include: TexGen closing on $225mm financing Blackstone’s $2.1bn acquisition of 5.2GW AEP PJM assets NRG’s $0.6bn sale of 1.7GW gas and 0.5GW coal assets NRG’s $1.7bn acquisition of GenOn Defense of hostile takeover attempts/valuation of unsolicited offers
Overview
21
21
years of professional experience
Work History
M&A Advisory
JERA
06.2022 - Current
- Market and competitive intelligence advisory to assess new avenues for growth: liquefied natural gas, green hydrogen for global energy company
Vice President
TexGen Power
09.2019 - Current
- Management team for privately held company owning natural gas facilities in ERCOT/Texas (2.3 GW portfolio)
- Fast-paced environment, five-person company requiring the ability to multitask across roles; develop five-year business plan, operating plan, and commercial strategy for the Board of Directors
- Evaluation and development of upgrade opportunities for existing assets; negotiate supply, EPC, and service provider agreements
- Lead key aspects of screening, analysis, and due diligence on potential acquisition or development projects
- Site assessment and development strategy for solar, bit coin mining behind the meter operations
- Ensure RTO, FERC, NERC, IMM, and other governmental compliance, as well as support regulatory advocacy efforts and initiatives
- Transaction Experience:
- Managed valuation for Board approval of $225mm financing
- Led diligence for Board approval of +$20mm in asset upgrade opportunities (turbine uprate, gas peaker expansion)
- Negotiated O&M agreements resulting in annual savings of $2mm in fees and $3mm in commercial/operational improvements
- Kindle Energy (Blackstone Portfolio Company) – Director, Asset Optimization and M&A
Director
04.2016 - 09.2019
- Blackstone portfolio company focused on mergers and acquisition, management, and optimization of power assets and energy companies located in North America (7 GW portfolio)
- Develop, maintain, and review complex financial models on investments in opportunities originated in-house/sales process for asset acquisitions, asset optimization, distressed asset investments, asset management, commercial and development opportunities that meet stringent private equity return requirements; evaluate potential risks and emerging issues that may impact investments as well as next buyer economics and growth strategy
- Defined market scope, investment and return economics for energy storage opportunities (battery storage/pumped hydro)
- Prepare Board presentations and recommendations for Blackstone and Investment Committees
- Manage team of analysts focused on asset management, commercial, M&A, development, and all finance/analytics support
- Transaction Experience:
- Lead for valuation and acquisition of $2.1bn, 5.2GW Lightstone portfolio (PJM coal/gas)
- M&A diligence - managed due diligence to highlight $50mm+ for calibration of bids to align offers received
- Annual asset optimization benefits - $100mm+ capital investments yielding $50mm+ in annual benefit
- Led diligence and valuation of environmental compliance strategies to address +$300mm in capital investment
- Led valuations of indicative bids ranging from single asset to portfolios (gas, coal, nuclear) $500mm-$6bn+
- NRG Energy –, , Strategy & Analytics 7/15
- 04.2016
- Led strategic and economic analysis for Northeast wholesale assets (17 GW PJM, 5 GW NY, 3 GW New England)
- Asset Sales:
- Key member of deal team for the Seward (525MW coal) and Shelby (352MW gas) asset sale totaling $138mm ($157/kW)
- Led M&A team on asset disposition targets in support of NRG’s Reset Plan, exceeded $500mm target in asset sales with $563mm completed; led process and valuation of Rockford (450MW gas) and Aurora (878MW gas) totaling $421mm
- Asset Optimization/Repowering:
- Supported analysis, Board approval, and funding for coal to gas conversions totaling +$400mm; the fuel switch significantly reduced greenhouse gas and other emissions, while maintaining reliability in the system to advance NRG’s sustainability commitments
- Developed fuel sourcing and environmental control options for coal-fired Avon Lake Unit 9 (638MW) to achieve MATS compliance
- Commercial Strategy:
- Led market capacity market bidding strategy for the northeast and developed a corporate policy for CP proposed penalty structure
Manager
NRG Energy
06.2014 - 07.2015
- Project valuation and P&L responsibility for 40+ generating assets within the East portfolio (budget, forecasts and variance analyses for operating assets and development of recovery plans as necessary)
- Evaluated environmental compliance strategy for MD coal assets (gas conversion, SCR, NOx bubbling strategy)
- Created ’30-30’ maintenance plan to optimize overhaul cycle for 520MW PJM waste coal facility with $20mm savings over 5 years and resulting operating performance improvement in forced outage/EFORd
Manager
NRG Energy
01.2013 - 06.2014
- Responsible for business development and strategic analysis of acquisitions and new investments, plant repowering, asset optimization, and asset divestitures (coal to gas conversions and optimization of environmentally challenged facilities)
- Asset Manager of 600MW PJM coal plant, identified and developed plans with shale gas developer to extend life beyond (5/2015)
- MATS compliance deactivation; received Board approval for coal to gas conversion with an est
- 2016 COD and $200mm investment
- Asset Manager of PJM 225MW coal plant, analyzed and executed plant deactivation (+$12mm incremental value)
Finance Manager
NRG Energy
03.2008 - 01.2013
- Due diligence, market research, and competitive landscape analysis of regional M&A and development opportunities
- Evaluation of environmental compliance, maintenance, commercial bidding strategy for East portfolio
- Development: valuation of over $2bn in fossil-fired development and M&A opportunities and joint venture partnership structures
- Renewables: valuation of over $1bn in Solar, Biomass, Plasma Gasification, Offshore Wind;
- Sourced and acquired offshore wind development company and developed 450MW offshore wind project; led S&P/Moody’s Ratings Agency assessment, DOE Loan Guarantee and subsequent JV/asset dispositions
- Formulated solar strategy for the northeast: development, acquisition, technology assessment, tax strategy, PPA/grants
- Transaction Experience:
- GenOn Acquisition $1.7bn - Developed standalone valuation of the 50+ assets leveraging NRG’s US portfolio metrics/KPIs
Associate
NRG Energy
09.2006 - 03.2008
- Origination: market analysis/deal support for cross-regional origination initiatives
- Treasury: analytical support for NRG’s growth value drivers working with Treasurer/CFO
- Northeast Real-Time Power Trading: Collaborated with real-time and senior traders/portfolio directors on market concepts, rules, bidding procedures, and creation of trading strategies to help optimize the Company’s real-time energy positions; transmission constraints/FTR congestion bidding
- PJM Generation Systems Operator Certification through independent self-study
Management Consultant
Accenture, Bank of America, Credit Suisse First Boston
01.2001 - 09.2006
- DTCC (Depository Trust and Clearing Corp), JP Morgan, UBS, Verizon Wireless
- Business analysis to lead the global effort of vetting requirements for daily processing across US, Europe, and Asia/Pac
- Researched areas for workstream developments for Finance Control initiatives
- Managed the launch of a best-in-class proprietary GPS enabled product and service (VZW)
- Integrated workflow and project management frameworks in the following areas: enhance performance through expanded sharing of proven practices; improve overall performance through portfolio and risk management
- Performed gap analyses, integrated processes, aligned priorities, enhanced reporting and resource management to improve portfolio management and overall accountability
Education
B.S - Computer Science, Chemistry
B.A. - Economics
Rutgers College, Rutgers University
Skills
StrategyAsset managementBusiness developmentProject managementOperations managementRegulatory complianceExecutive presentationsPower: Fossil, Renewable (Wind, Solar)Energy markets (ERCOT, ISONE, MISO, NYISO, PJM)Commercial: trading, operations, fundamentalsFinancial modeling, valuation, due diligencePerformance metrics analysisContract negotiation, Issue resolutionMarketingRelationship buildingFinancial planning and analysisTransition and integration
Timeline
M&A Advisory
JERA
06.2022 - Current
Vice President
TexGen Power
09.2019 - Current
Director
04.2016 - 09.2019
Manager
NRG Energy
06.2014 - 07.2015
Manager
NRG Energy
01.2013 - 06.2014
Finance Manager
NRG Energy
03.2008 - 01.2013
Associate
NRG Energy
09.2006 - 03.2008
Management Consultant
Accenture, Bank of America, Credit Suisse First Boston
01.2001 - 09.2006
- 04.2016
B.S - Computer Science, Chemistry
B.A. - Economics
Rutgers College, Rutgers University