Floating platform developer Gazelle Wind Power has appointed clean energy finance industry expert Álvaro Ortega as Chief Financial Officer (CFO).
Ortega is the former Vice President of Finance at Avangrid Inc., a publicly traded company on the NY Stock Exchange and the U.S. subsidiary of global energy leader Iberdrola.
“Finding someone with a track record like Álvaro’s is rare. Due to his financial expertise and passion for renewable energy, his joining the team is a home run for Gazelle as we enter an exciting phase in our company’s development,” said Gazelle CEO and Founder Jon Salazar. “As the financier of one of the first commercial-scale offshore wind projects in the U.S., his impressive résumé and commitment to clean energy development make him ideal for this position.”
As VP of Finance at Avangrid, Ortega managed investor relations and treasury for the company, which currently has a ~$12.1 billion market capitalization. Before that, Ortega served as CFO of Vineyard Wind, where he played a central role in achieving the financial close and commencement of construction for the first commercial-scale offshore wind farm in the United States, the 800MW Vineyard Wind 1.
"There were several factors that drew me to Gazelle, the first being Jon’s passion and the world-class Gazelle team. Moreover, I believe the company is positioned to lead the industry because its technology excels under the most extreme conditions while utilising fewer resources and less steel compared to its counterparts. Additionally, it offers a simpler assembly process and maintenance, which further enables the competitiveness and acceleration of offshore floating wind. This aligns with what the future of this industry demands,” commented Ortega.
Ortega has an MBA from Babson University, renowned for its entrepreneurship education. He holds a Bachelor of Science in Economics from the University of the Basque Country and a Certificate in Financing and Deploying Clean Energy from Yale University. Ortega will lead all financial aspects of Gazelle’s business as the company focuses on demonstrating its next generation design through a pilot plant in Aguçadoura, Portugal together with renewable energy developer WAM Horizon.
“Currently, in offshore development, the focus should not solely be on manufacturing the technology but also on making it affordable, especially during challenging times when supply chain costs have risen," Ortega added.