Powering Alaska's Future: Innovations in Sustainable Energy Finance
The Alaska Sustainable Energy Conference, held from June 3 to 5, 2025, brought together experts and innovators to discuss the critical issue of financing the future of sustainable energy. A standout panel, "Financing the Future of Sustainable Energy," delved into the complexities of the capital stack for Alaska's renewable projects and the transformative impact of technology on energy solutions.
Moderated by Lesil McGuire of New Energy Alaska, the panel featured an esteemed lineup: Adam Penque from Meridiam Infrastructure North America, Brian Solan from Ameresco, Brian Figenshow from Sustainability Partners, and Ileana Riveron from Banyan Infrastructure. Their collective insights underscored a shared commitment to developing resilient, localized energy solutions that hold immense promise for Alaska's sustainable future.
Alaska's All-of-the-Above Energy Approach
Lesil McGuire opened the discussion by highlighting Alaska's long-standing "above all energy" policy, a pragmatic approach that acknowledges the need for both traditional and renewable energy sources. This philosophy, she noted, sets Alaska apart from other states, which are often locked in a "renewable vs. oil and gas" debate. The conference itself served as a testament to this blend, showcasing how diverse energy sources can collaboratively meet the state's unique needs.
McGuire also shared compelling statistics from a recent New Energy Alaska poll:
- 82% of Alaskans support building renewable energy infrastructure.
- 86% believe more renewable energy will create new jobs.
- 74% agree it will help diversify the economy.
A clear majority thinks it will lead to long-term energy independence.
"The numbers speak for themselves. Alaskans are ready, and now it's up to us to help them make that vision move forward," McGuire stated, setting the stage for a discussion on how to overcome financing challenges and seize opportunities.
Bridging the Capital Gap: Insights from the Experts
Adam Penque, of Meridiam Infrastructure North America, a sustainable infrastructure developer, investor, and long-term operator, emphasized the company's unique commitment to the communities it serves, having never sold an asset in its 20-year history. Penque highlighted their work on a long-duration energy storage project with GVEA and Westinghouse, emphasizing that their involvement extends beyond mere financing to encompass long-term operation and value delivery.
Penque stressed the importance of interconnected utilities in the Railbelt, enabling large-scale, low-cost generation projects that simplify financing by unlocking long-term revenue potential. He pointed to a "once-in-a-generation opportunity" in Alaska, driven by anticipated load growth, diverse generation possibilities, and upcoming permitting reforms.
Brian Solan, Ameresco, a design-build energy services company with a 20-year presence in Alaska, offers a unique model that includes designing, building, operating, and arranging financing for projects. Solan explained their use of contractual vehicles, such as energy savings performance contracts and power purchase agreements, which shift risk from customers and provide guaranteed long-term performance with minimal to no upfront capital.
Ameresco's diverse projects in Alaska range from hydropower in the southeast to Kodiak's advanced microgrid and major efficiency upgrades at military installations, such as Elmendorf Air Force Base. "There is a lot to do in Alaska and a lot of opportunities," Solan remarked, highlighting their ability to unite work from communities to large institutions.
Brian Figenshow, Sustainability Partners specializes in "Infrastructure as a Service," an innovative model that funds public infrastructure without requiring governments to take on debt or long-term maintenance obligations. Figenshow explained how they make initial investments and ensure long-term asset reliability and renewal.
Working with government agencies, utilities, schools, and hospitals across 14 states, Sustainability Partners handles everything from electrifying public fleets (as in Hawaii) to packaging charging assets, solar batteries, and microgrids. "Because it's a service, they have no upfront costs with us," Figenshow said. The model addresses a "fundamental misalignment" in how public agencies have historically funded infrastructure, ensuring long-term health and viability, especially crucial in Alaska, where resiliency is a prime concern.
Ileana Riveron, Banyan Infrastructure, addressed the anxiety surrounding fluctuating federal grant funding and urged Alaskan communities to embrace private investment. She articulated that "the energy crisis in Alaska isn't going to wait for us... the capital is ready." Riveron emphasized that attracting private credit and public-private partnerships is critical, describing it as "an organizational problem, not a capital problem."
She highlighted the dire situation of 200 remote and island communities, which pay three to five times the national average for electricity, stressing that wind, solar, and batteries offer the fastest path to relief and energy sovereignty. Riveron cited the Coalition for Green Capital's $10 million investment in Spruce Root, a local Native CDFI, as a catalytic example of foundational public-private partnerships capable of transforming lives by leveraging private capital for small-scale projects.
Navigating Future Financing and Technology Adoption
The discussion also touched on strategies for 2025 and beyond. Penque noted that while federal funding expectations may scale back, this creates an opportunity for reprioritizing projects. Strong projects that support long-term energy transition "tend to pencil with or without federal dollars," especially with anticipated permitting reforms reducing development risk.
Figenshow echoed this, stating that mission-critical projects with clear economic, social, and developmental impacts can still move forward. He emphasized the long-term view: "You get it in the ground today, because you know that energy is not getting cheaper right now."
Solan explained Ameresco's rigorous vetting process for new technologies. As a technical engineering company with over 50% engineers, they are technology-agnostic, focusing on applying "the correct technology in the correct spots." He praised programs like Launch Alaska for piloting technologies, ensuring their viability before deploying them on a utility-scale basis. "We want to be on the cutting edge of technology, but we don't want to be on the bleeding edge of technology," Solan quipped.
Riveron shed light on the challenges of financing small-scale distributed generation projects, noting that traditional project finance models, designed for multi-billion-dollar deals, are ill-suited for half-million-dollar projects. She announced Banyan's marketplace initiative, designed to streamline workflows using AI and automation, create a digital convening place for developers and financiers, and ultimately enable secondary markets for distributed generation by aggregating data and standardizing deals. The latest software and technology, she believes, will optimize capital flow into remote Alaskan communities.
A Collaborative Path Forward
The panel concluded with a resounding call for collaboration and innovative financing. The convergence of private capital, smart technology, and strategic partnerships offers a powerful pathway to addressing Alaska's unique energy challenges. The insights shared by these experts provided a clear vision for how Alaska can move towards greater energy independence, economic vitality, and a sustainable future.