Powering the future: Banking on renewable energy
As a renewable energy advocate, Matt Nodtvedt is on a mission.
“Energy demand is increasing at a rate not seen in decades,” says the senior director of alternative energy banking at Synovus. “Economic and population growth, the rise of data centers, the electrification of vehicles and other advancements are putting a massive strain on our aging energy infrastructure. We need a lot more energy, and we need it immediately.”
Combining his passion for embracing complexity and bringing expertise in innovative banking solutions to the market, Nodtvedt launched AEB in April 2023. “We turned an opportunity into action, carving a path for the bank to respond to an emerging trend and make a positive impact,” he says.
AEB provides Synovus clients and stakeholders with the financial and intellectual capital they need to navigate this rapidly advancing sector.
Alternative energy is power produced from sources other than fossil fuels (coal, petroleum, natural gas). Nodtvedt explains that the transition to alternative energy is market-driven. Renewable technologies such as wind, solar and battery storage have advanced as the most cost-efficient and deployable energy solutions.
Since last year, the AEB business has led $130 million in financing solutions for energy projects in Georgia, South Carolina and Tennessee.
“While this is a new solution we’re offering to a new market for us, all of our clients depend on efficient and reliable energy to run their businesses and households, so it touches every part of the markets we serve.”
Nodtvedt shares the complexity of financing renewable power projects can be challenging. “Complexity has historically presented a barrier for regional banks. As a result, smaller projects and regional developers have relied on high-cost financing opportunities," said the former commercial banking manager. “By embracing and overcoming these complexities, Synovus has empowered our clients and communities to meet their growing energy needs.”
“AEB is an opportunity for Synovus to innovate, and it’s a line of business that we’re building organically using only internal talent and resources,” the Clemson University graduate says.
Brian Coffee, executive director of community investment capital, supports Nodtvedt’s passion. “We want to be in the renewable energy business because it’s right for our communities and our country,” he says. “By working with reputable developers and using federal tax credits, we’re helping to construct safe, sustainable and environmentally beneficial energy solutions.”
Nodtvedt expects AEB will have a sizable impact on the communities Synovus serves and beyond. “While this is a new solution we’re offering to a new market for us, all of our clients depend on efficient and reliable energy to run their businesses and households, so it touches every part of the markets we serve,” Nodtvedt explains.
Read more about how Synovus is enabling people to reach their full potential.