CleanTechies #257 Betting on $2 Trillion in Climate Infrastructure & Lessons from the DOE Loan Programs Office | Brendan Bell (Aligned Climate Capital)
Aug 20, 2025
Brendan Bell serves as the Chief Operating Officer and Partner at Aligned Climate Capital, having previously worked at the Sierra Club and the Department of Energy's Loan Programs Office. He delves into the dual strategy of venture capital versus infrastructure investment in clean energy. Listeners will learn about the importance of understanding capital markets, the evaluation of infrastructure projects, and lessons learned from government loan programs. Brendan's journey highlights the delicate balance between innovative technologies and tangible assets in driving the clean energy transition.
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Different Goals For Venture Versus Infrastructure
- Infrastructure investing targets stability and predictable cash yields rather than outsized venture-like returns.
- Align separates venture and infrastructure funds because investors seek different outcomes and risk profiles.
Career Path From Activism To DOE LPO
- Brendan Bell described his path from the Sierra Club to the DOE Loan Programs Office and later to Aligned Climate Capital.
- He and Peter Davidson were political appointees tasked with rebuilding LPO credibility after Solyndra.
LPO Reopened And De-Risked Early Projects
- At LPO they focused on getting previously financed projects built and restoring trust with industry partners.
- They executed the first large utility-scale solar loans and early loans to Tesla and automakers.