Richard Payne serves as a managing director of ReNew Petra Investment Fund and ReNew Petra Integrators, LLC. Payne’s responsibilities include leading and managing the firm’s project development and financial efforts as well as handling strategic management and operational oversight of ReNew Petra’s business units.
Richard Payne has over 10 years of experience in development, project management, capital raising, and legal transactions. Through the ReNew umbrella, Mr. Payne is currently involved in the development of approximately 30MW of solar projects in various capacities. ReNew Petra has a current pipeline of over $50 million of active projects. The company facilitates the development of projects and actively matches buyers, financiers, developers and sellers of renewable energy projects to provide synergies within the industry.
Mr. Payne has been responsible for strategic development and monetization of renewable energy projects in the United States, Caribbean and Africa, including raising corporate and project debt and equity financing from investors and institutional partners. He also has experience in preparing and reviewing investment memorandum and proposals, including financial models with sensitivities, state and federal tax equity structures, IRR hurdles and compliance requirements.
Prior to ReNew Petra, Mr. Payne worked for Crescent Communities, LLC, one of the leading real estate developers in the Southeast United States with a multifamily real estate pipeline of over USD $1.5 Billion and over USD $250 million of assets under management. Mr. Payne reported directly to the chief executive officer to tackle a host of challenging core and alternative development projects, including a strategy to develop over 100MW of solar photovoltaic developments on a portion of Crescent’s 50,000 acres of legacy land holdings in North and South Carolina. Additionally, he managed over $20 million of development projects for corporate clients while working for Lincoln Harris, a private real estate developer in the Charlotte, North Carolina.
Mr. Payne earned a law degree from George Washington University Law School and a bachelor’s degree from Seton Hall University. His legal background gives him the capability to draft and review legal documents including purchase power agreements, limited partnership agreements, loan agreements, operations & maintenance agreements, and purchase & sale offers to facilitate development, construction and financing.
Active in the community and industry, Mr. Payne is a member of several trade organizations including Urban Land Institute and the Association for Blacks in Energy. He is also a current board member of the North Carolina Sustainable Energy Association.