Who We Are:

Bildmore invests minority structured equity in third party US renewables and clean energy tax credit projects. Bildmore helps project Developers and Sponsors more efficiently tap into the tax-related incentives under the Inflation Reduction Act (IRA).

We are a startup backed by EnCap Energy Transition Fund (EETF), a leader in energy transition private equity investment. David Haug, a 30-year energy and power industry veteran, founded Bildmore with EETF; he and the four EETF Managing Partners have a long-term project development background and orientation and history together.

How We Work:

Using structuring techniques from US and global energy project finance, clean energy finance, and traditional bank tax equity (TTE), we provide an alternative capital source for Developers and Sponsors who hoped for TTE, but can’t meet the narrow TTE criteria, and who are resigned to sell tax credits based on project cost as opposed to fair market value (FMV). Bildmore’s objective is to enhance the Developer’s (or Sponsor’s) economics by lowering their required net investment and/or increasing their IRRs through optimizing the available tax credits that they can sell as provided in the IRA.

Our current focus is on ready-to-build utility-scale projects, particularly battery (ITC) and solar (ITC or PTC) projects, but also wind, RNG and molecules. We have an affinity for projects other investors might not prioritize, including ones that:

• Have some or a lot of uncontracted offtake/merchant exposure; or
• Have sponsors with experienced team members, but little or no track record together; or
• Lack the deep balance sheet TTE requires to cover long-term indemnities

Our investment terms are flexible, including investment size, percentage of FMV step-up, allocation of tax credit proceeds, depreciation choices, expected flip date, Sponsor buyout rights, Sponsor technology selection and revenue strategy. We typically won’t require upstream parent guarantees, as tax credit buyers are protected by comprehensive tax insurance. We are a good fit for developers who want to maximize third-party debt and equity capital so they can allocate their own limited capital over more projects. We are very flexible on how losses and other tax attributes can be allocated to Sponsors to reduce taxes on step-up gain.

We are happy to deal directly with project sponsors, or to work with reputable tax equity advisors and investment banks.

Looking Forward:

We are continuing to grow and are looking for a small number of experienced team members attracted to a small fast-paced start-up culture, based in Houston, to help us invest in 10-15 projects annually, and 3000 to 5000 MW of projects in the next 24 to 36 months.

Get to Know Us:

Bildmore and EnCap executives are available to talk more about Bildmore, as well as at upcoming 2025 conferences. We look forward to connecting with sponsors, investment banks, legal/tax advisors, and tax credit intermediaries who would like to explore tax funding alternatives for themselves or their clients.

Looking for a challenging new career direction? If you're:

• Highly motivated
• Like working with numbers to solve complex financial challenges
• Looking to join a small, focused, interactive team
• In a fast-moving start-up environment

You can submit an application via our website's contact form below.

If you're leading the fundraising for a U.S. renewables or battery storage project that's ready to build in the next 6 months (or already in construction) that you'd like to discuss, send a description to newprojects@bildmore.com

• Contact Us
• Related Content

Our Team

Meet the minds behind our success:

David Haug

Chief Executive Officer

David Haug

Chief Executive Officer

David has led multiple companies and projects in the renewables and power project development and finance industries for over three decades. Together with EnCap's Energy Transition Fund partners, he formed Bildmore Renewables earlier this year to make tax equity alternative investments in third party IRA sponsors and projects that do not qualify for traditional bank tax equity but seek a better economic result than a straight tax credit transfer. Bildmore will take advantage of Mr. Haug’s lengthy background (and EnCap's) in developing and managing start-up power development projects and portfolios with one or more edgy features from a financing perspective, such as merchant risk or non-IG offtake, complex capital stack, evolving market rules, newer sponsor teams, or shallow balance sheets.

Prior to joining the EnCap family, Mr. Haug co-headed a private energy development, restructuring and advisory boutique he founded with a partner who is now one of the four EnCap MPs, focused on wind and solar, LNG, and pipelines in North America and Colombia. Earlier in his career, Mr. Haug developed several non-traditional IPPs and ran a large portfolio of non-utility energy infrastructure assets and divisions, principally power and gas/LNG in the US, UK, and emerging markets in the Middle East and Latin America/Caribbean. He began his career doing project and corporate finance, M&A, VC transactions and private equity fund structuring as a lawyer at Vinson& Elkins, before moving into US and then global IPP development. A UT grad in finance and law, he enjoys poker, golf, puzzles, competition and family.

Cedric Tiu

Senior Vice President

Cedric Tiu

Senior Vice President

Cedric is a Senior Vice President, and oversees our tax equity alternative investments, delivering capital solutions to third-party IRA sponsors and projects that do not qualify for traditional bank tax equity. Mr. Tiu specializes in complex structured investments tailored to the renewable energy sector, including preferred equity, tax equity alternatives, and other bespoke financing products.

Prior to joining Bildmore, he spent over a decade originating, structuring, and executing investments in renewable energy. He has led over $6 billion in commitments across solar, wind, energy storage, and other sustainable infrastructure asset classes. Mr. Tiu holds an MBA from The Wharton School and a Bachelor’s degree in Business Administration from the University of Southern California, where he graduated with honors. He is also a CFA Charterholder. He and his wife recently relocated from New Jersey to Houston.

Lennox Leighton

Senior Vice President

Lennox Leighton

Senior Vice President

Lennox is a Senior VP, focused on structuring innovative tax equity alternative investments in third-party renewables and storage projects outside the scope of traditional bank tax equity. He gained extensive experience in renewable energy finance from over two decades in banking at Bank of America and JPMorgan Chase while based in Chicago. Lennox has played a key role in more than $10 billion of tax equity transactions across wind, solar, and energy storage. His expertise includes crafting and executing complex financial structures, managing large-scale projects, and driving innovative strategies that enhanced returns and minimized risks for both his clients and the institutions he supported.

A Houston native, Lennox recently returned to his roots to join Bildmore. In addition to a Master’s in Accountancy, Lennox has earned his Series 69 and 73 licenses. Prior to banking, he worked as a CPA at a top global firm in accounting, auditing, and financial management. In his free time Lennox enjoys martial arts, strength training, and exploring the outdoors.

Carlos Garcia

Senior Manager

Carlos Garcia

Senior Manager

Carlos is a Senior Manager, focused on structuring and presenting tax equity alternatives for renewables and storage projects to enhance ITCs. Carlos has extensive experience in structuring tax equity and debt solutions to support the acquisition, development, and financing of renewable energy projects.

Prior to Bildmore, Carlos oversaw the financing activities for the Total Energies Distributed Generation group, facilitating the origination of PPA contracts and the execution of tax equity agreements for various community solar and behind-the-meter projects across the United States. Before that, Carlos led key structuring and execution efforts at Lightsource bp for tax equity and back-leverage financing for utility-scale projects in several US states. He began his project finance career at First Solar, focusing on utility scale solar deployment in emerging market countries.

Carlos graduated from SMU with a BBA in Finance and a BS in Economics with Financial Applications. In his free time, he enjoys traveling, playing board games with his family, and is currently learning to play tennis properly.

Jacob Totz

Analyst

Jacob Totz

Analyst

Jacob focuses on identifying and developing creative tax equity alternatives for solar and storage projects. He previously completed internships with Piper Sandler in the Energy & Power investment banking group, Chiron Financial in the investment banking group, and Sunnova Energy International on the Capital Markets and FP&A teams. Jacob earned his bachelor’s degree from Tufts University, where he was a member of the Men’s Varsity Soccer Team, served as a board member of the Tufts Investment Banking Club, and completed an honors thesis on hybrid tax equity structures to accelerate the deployment of battery energy storage systems in the US. In addition, he holds his Series 63 and SIE licenses.

Shubhi Arora

Analyst

Shubhi Arora

Analyst

Shubhi previously worked on the Corporate Finance and Investments team at AMPYR Energy USA. She holds a Master degree from Columbia University and a Bachelors in Chemical Engineering from India. Her prior work experience includes energy policy analysis and providing engineering solutions for decarbonization in Indian oil and gas industry.

Drop us a line!

We'd love to hear about your project.