XGS Energy has announced the appointment of Richard Chong as Chief Financial Officer, bringing over 25 years of energy finance experience to the role.
Richard joins from Calpine Corporation, where he served in financial leadership for nearly two decades. At Calpine, he led all aspects of project finance, including leading the US$2.25bn project financing of the Geysers, the world’s largest geothermal power complex.
Mano Nazar, XGS Board Director, said, “The geothermal industry has struggled to access efficient, low-cost project finance due to the historical unpredictability of asset performance. XGS has demonstrated that its technology solves that challenge, and Richard brings the financial leadership and capabilities to finance that solution at a mega-scale. Richard's world-class geothermal project finance experience and deep capital markets relationships will be instrumental in delivering XGS's growth objectives.”
Richard Chong commented, “XGS Energy is executing on a multi-gigawatt commercial pipeline, and I am thrilled to be joining the team. The combination of our proven, reliable technology, surging market demand for clean, firm power, and a clear path to project-level cash flows is a strong foundation for a compelling financing platform. I look forward to applying the experience I’ve built over two decades in energy finance to help XGS deliver clean, reliable power to customers and unlock the massive development opportunity ahead for next-generation geothermal."