European mid-market private equity and renewable energy infrastructure investor HgCapital has added another two professionals to its renewable energy team, which now comprises seven specialists. The new associates are Luigi Pettinicchio and Luis Quiroga.
Pettinicchio previously worked at Goldman Sachs's investment banking division in London, where he focused on European power utilities and renewables, and at McKinsey & Company in Milan.
Quiroga joins HgCapital from Credit Suisse, where he was part of the European Energy Group, focusing on M&A activity in the European power, utilities and renewables sectors. Prior to that, Quiroga worked at BCG.
HgCapital's renewable energy team is led by Tom Murley and also includes Emma Tinker, Rob deLaszlo, Jean Perarnaud and Jens Thomassen.
Murley said, 'These new hires underline HgCapital's long-term commitment to the renewables sector and our conviction that well-considered investments offer strong long-term returns despite the current difficult market conditions. Luis's and Luigi's sector experience enhances our sector depth and execution capabilities. This suits us well going into the downturn as the need for strategic, experienced equity will be even more important to the sector. We are now well placed to continue investing our capital in strong projects and management teams.'
HgCapital started building its dedicated energy investment team in 2004, the year in which is also launched the €300m Hg Renewable Power Partners fund.
The fund invests in renewable power technologies across Western Europe, including wind power, biomass, landfill gas, waste, hydro, geothermal and solar. Investments range from development stage support to operational projects. Hg Renewable Power Partners is currently approximately 50 per cent committed. Its portfolio includes the Havsnas Wind Farm in Sweden.
HgCapital has about €2bn under management.