David Crane, former U.S. Department of Energy Under Secretary for Infrastructure, takes the helm as CEO and Chairman of Generate Capital.
The leadership transition comes as Generate seeks to expand its role in financing and operating sustainable infrastructure amid volatile energy markets.
Crane’s focus will include maximizing portfolio value, scaling credit business, and deploying flexible capital into high-performing clean energy assets.
New Leadership in San Francisco
San Francisco-based Generate Capital, the public benefit corporation specializing in sustainable infrastructure, has appointed David Crane as its new Chief Executive Officer and Chairman. Crane succeeds co-founder Scott Jacobs, who led the firm for more than a decade and shaped it into a leading player in the clean energy financing space.
The appointment brings one of the most seasoned executives in the energy sector back into the private arena, following Crane’s recent tenure as Under Secretary for Infrastructure at the U.S. Department of Energy. His move signals a significant step for Generate, which is preparing for a period of expansion and heightened competition in clean energy markets.
Richard Kauffman, former Chairman and current independent director of Generate, framed the transition as both continuity and change. “We are deeply grateful to Scott for more than a decade of visionary leadership that built Generate into a trusted partner in sustainable infrastructure,” he said. “The Board is excited to welcome David into the CEO role. His decision to dedicate the next phase of his career to Generate strengthens the firm’s ability to deliver value to investors while advancing the energy transition.”
Crane’s Strategic Priorities
Crane emphasized that his immediate focus will be on portfolio performance and scaling Generate’s lending operations. “Our core strengths—an operator’s mindset, strong balance sheet, capital flexibility, and deep market insight—are especially valuable in today’s environment,” he said. “In the near term, we will focus on maximizing value in our portfolio, investing in high-performing assets, and building our credit business.”
That strategy aligns with investor demand for stable, income-producing assets as renewable markets face inflationary pressures, supply chain constraints, and evolving regulation. By leaning into credit products, Generate aims to broaden its role as a financier while continuing to own and operate assets directly.
A Career Spanning Public and Private Energy
Crane’s career spans more than two decades across both corporate boardrooms and government agencies. He has served as CEO of five publicly traded energy companies, earning recognition as Energy Industry CEO of the Year by EnergyBiz in 2010 and top energy sector CEO by Institutional Investor in 2011.
His board roles have included JERA Co., Inc., Saudi Electric Company, ACWA Power, and Tata Steel. That global footprint provides Generate with direct access to networks spanning power generation, industrials, and international utilities.
Most recently, Crane oversaw critical infrastructure programs at the U.S. Department of Energy, including investments tied to the Biden administration’s climate and infrastructure agenda. His move back to the private sector may position Generate as a bridge between government-backed funding and private capital eager to enter clean energy markets.
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Implications for Investors and the Energy Transition
For institutional investors, the appointment represents a signal of Generate’s intent to compete aggressively in the sustainable infrastructure space. The firm’s positioning—as both operator and capital provider—differentiates it from pure-play asset managers. That hybrid model has attracted pension funds, sovereign wealth funds, and corporates seeking exposure to clean energy without taking on full operational risk.
Crane’s experience at the DOE could also help Generate navigate U.S. policy frameworks such as the Inflation Reduction Act, as well as cross-border financing structures increasingly relevant to global infrastructure investors. His global board track record adds a further layer of credibility for international partners looking to deploy capital into North America.
A Global Transition with Regional Stakes
The leadership change comes at a pivotal moment for the energy transition. Rising interest rates have tightened financing conditions, while governments worldwide are pressing private capital to accelerate deployment of renewables, grid infrastructure, and low-carbon fuels.
Generate’s ability to expand its credit platform while maintaining operational control of assets could provide investors with a diversified approach to infrastructure exposure. For C-suite leaders and policymakers, the move highlights how talent from both government and industry is converging to address climate and infrastructure challenges.
As Generate enters this next phase, the appointment of Crane underscores the growing expectation that private infrastructure investors not only finance projects but also shape the direction of the global energy system.
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