Clean Energy Capital Advisors Research
Important Note: This Firm Does Not Fit Traditional LMM M&A Advisory Profile
Clean Energy Capital Advisors is not a traditional sell-side M&A advisor for lower middle market companies (businesses valued at $5M-$250M seeking an exit). Instead, this is a specialized project finance and municipal advisory firm focused on large-scale infrastructure projects—primarily water desalination plants, renewable energy facilities, and public-private partnerships. The firm serves municipal utilities, government entities, and infrastructure developers rather than founder-owned businesses seeking exit liquidity.
Advisory Approach
Clean Energy Capital operates at the intersection of municipal finance, project finance, and infrastructure development. The firm advises clients throughout the entire project development cycle—from feasibility assessment and cost studies through contract negotiations to financial closing. Their core expertise lies in structuring complex financing for infrastructure projects that involve multiple stakeholders (municipalities, developers, contractors, and government agencies).
The firm was founded in 2008 and has helped clients raise more than $16 billion in project financing. This is project capital (debt, equity, tax equity for infrastructure assets) rather than M&A transaction value.
Sector Focus
Energy & Utilities: Utility-scale renewable energy projects including wind, solar, biomass, and geothermal. The firm has expertise in community choice aggregation (CCA), credit ratings for energy projects, and energy trading counterparty risk management.
Water Infrastructure: Desalination, water treatment, wastewater recycling, and water conveyance projects. The firm has been involved in major water infrastructure projects including the Carlsbad Desalination Plant, the Doheny Ocean Desalination Project, and the proposed Nueces River Authority desalination facility.
Municipal Finance: Advisory services to municipal utilities, joint powers authorities, and government entities. The firm is a registered Municipal Advisor.
Representative Engagements
The firm's work consists of infrastructure project finance advisory rather than traditional M&A transactions:
-
Doheny Ocean Desalination Project (SCWD): Advisor to South Coast Water District on this 5 MGD desalination facility; assisted with milestone achievement for Phase 1 design-build-operate-maintain contract (2024)
-
Carlsbad Desalination Plant: Monitored bond rating improvements; Fitch upgraded debt to 'A-' from 'BBB' (2025)
-
Nueces River Authority: Conducted industry briefing for proposed 100 MGD seawater reverse osmosis desalination plant on Harbor Island, Corpus Christi, Texas (2025)
-
South Coast Water District: Completed cost study on water pipeline construction and imported water purchasing options (2024)
Services
Clean Energy Capital provides:
- Municipal financial advisory
- Project advisory
- Mergers & acquisitions advisory (through National Securities Corporation, a FINRA-registered broker-dealer)
- Private placement of equity, tax equity, and debt
- Feasibility and valuation analysis
- Financial modeling and scenario analysis
- Contract negotiations
- Procurement advisory
- Due diligence
Regulatory Status & Affiliations
- Registered Municipal Advisor: Clean Energy Capital Advisors, LLC is registered as a Municipal Advisor
- M&A Services: Provided through National Securities Corporation, a Registered Broker-Dealer and FINRA/SIPC member
- Historical FINRA Registration: Clean Energy Capital Securities LLC (CRD# 153321) was previously registered as a broker-dealer but is no longer active
Process & Engagement Model
The firm is highly selective in engagements due to the level of commitment required. Their process involves:
- Feasibility assessment and pre-development analysis
- Financial structuring and plan of finance development
- Stakeholder coordination (municipal boards, contractors, developers)
- Contract negotiations support
- Financial closing and capital raising
Buyer Network
For traditional M&A services (buy-side and sell-side), the firm leverages National Securities Corporation's distribution network. However, the firm's primary focus is project finance rather than company M&A.
Geographic Coverage
Headquartered in the San Francisco Bay Area (Berkeley, CA) with additional offices in Pasadena, CA and Houston, TX. The firm provides national coverage for infrastructure and energy projects.
Competitive Positioning
Clean Energy Capital differentiates through:
- Infrastructure Specialization: Deep expertise in water and energy infrastructure project finance rather than generalist M&A
- Municipal Relationships: Established relationships with municipal utilities, water districts, and government entities
- Project Lifecycle Expertise: Advisory services spanning the entire project development cycle from feasibility to financial closing
- Technical Understanding: Knowledge of complex infrastructure financing structures including public-private partnerships, joint powers authorities, and multi-agency projects
Team
David M. Moore – Managing Director & CEO: Founder with 30+ years in energy and infrastructure. Formerly headed renewable energy finance nationwide at Citigroup's public finance division. Previous positions at Lehman Brothers and Credit Suisse First Boston. Holds PhD in Political Science from UC Berkeley (dissertation on nuclear power governance and financial risk) and BA from Harvard College (magna cum laude).
Brendan M. Dete – Managing Director: Experienced private equity and investment banking professional. Developed clean technology investment practice for H.I.G. Capital; sourced and assessed 300+ firms leading to investments including Suniva. Former investment banker at Lehman Brothers focused on renewable energy project investing. Holds BA in Economics & History from Davidson College (cum laude).
Not a Fit If
This firm is not appropriate for:
- Traditional sell-side M&A for founder-owned businesses in the $5M-$250M range
- Companies seeking exit liquidity through sale to PE or strategic buyers
- Businesses outside of infrastructure, energy, or water sectors
- Clients expecting a traditional M&A process (teaser, CIM, buyer outreach)
This firm specializes in infrastructure project finance and municipal advisory. Clients seeking traditional lower middle market M&A advisory services should look elsewhere.