CHARLOTTESVILLE, VA – Sigora Solar, a top 25 US solar company and the largest residential and commercial solar company in Virginia, continues to increase its reputation and influence as a solar market leader through changes in leadership and elected positions at the national trade association, SEIA.
Sigora, announces Mike McDermitt as the company’s Chief Investment Officer and Chief Financial Officer.
Sigora also announces that Karla Loeb, its Chief Policy & Development Officer, has been elected by her fellow board members to a three-year term as Chair of the State Policy Committee and to the Executive Committee of SEIA’s Board of Directors.
McDermitt joined Sigora in December of 2020. McDermitt will work to expand the financing capabilities for Sigora as the company continues its transformational growth and expansion across the country.
“Mike’s experience is right in line with our direction as a company,” said Sigora CEO Logan Landry. “Connecting with the right investors and partners is crucial to reaching our full potential and empowering our customers. Mike will play a critical role in helping us achieve our growth and expansion goals.”
McDermitt has worked with a number of residential solar companies over the past five years, in addition to Solar Mosaic. While at Mosaic, he was part of the team that successfully introduced residential solar loans to Wall Street, in the process raising hundreds of millions of dollars in rated and unrated capital. Prior to entering the solar industry in 2015, he led a team at Moody’s Investors Service that rated new issue asset backed securities. Previously McDermitt was an investment banker at Smith Barney. “There is a delicate balancing act between becoming a successful company and connecting with and prioritizing the needs of your customers,” said McDermitt. “Sigora is on its way to becoming a household name because we are focused on taking the financial and mental stress of these projects away by being a one-stop shop for going solar. As CIO/CFO I look forward to capitalizing on Sigora’s strengths to expand access to clean energy services to more homes, businesses and municipalities across the country.”
Loeb, who joined Sigora in 2017, stated that “strengthening SEIA’s position in state policy nationally is imperative for the long-term health of the solar industry. State Policy has been the primary battleground for energy policy, particularly for distributed generation and rooftop solar, for years. We must make sure any federal policy developed under the new administration does not undermine the gains the industry has made at the State level.”
In addition to her election as SEIA’s State Policy Committee Chair and member of the Executive Committee, Loeb serves as SEIA’s elected Distributed Generation Chair.
Loeb has been at the forefront of energy policy at the state-level for years, in particular playing an instrumental role in building support for the recently-passed Virginia Clean Economy Act. The VCEA is one of the nation’s most ambitious clean energy policies mandating that the Virginia’s investor-owned utilities become 100% carbon-free by 2050 and included a litany of polices to expand access to distributed generation in the Commonwealth. As the largest provider of distributed generation in Virginia, Sigora successfully advocated for provisions for its customer-base with highlights that included a renewable portfolio standard carve out for home and business owners, the expansion of net metering and power purchase agreement caps, and the increase of net metered system size eligibility. Each provision helps home and business owners take greater control of their energy needs and provides greater financial security.
“Karla has been a driving force behind our policy wins in Virginia and other state markets,” said Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA). “As the leader of our state policy committee, she will continue to advocate for bold and sensible state-level policies that promote competition and support the continued rise of local and resilient distributed solar energy. Karla will also play a key role in our federal advocacy strategy over the coming months as we engage federal leaders on the American Jobs Plan and the solar industry’s ability to lead our economic recovery.”
“I look forward to using the lessons learned in State Policy development to support the realization of the Administration’s Infrastructure package being contemplated by Congress. This must include a robust distributed generation foundation to ensure the energy and economic transition away from fossil fuels in a just transition.” said Loeb. “It is responsible for the largest share of jobs in the solar industry, more than 80%, and has the most forward-facing image to the public. Roof top solar provides direct financial and environmental benefits to ratepayers, primarily composed of home and small business owners.”
Additionally, Loeb actively participates in Clean Energy Advisory Board work, which she helped to create through legislation with Del. Lashrecse Aird (D-Petersburg) in 2019. The Board seeks to establish a sustainable pilot program to incentivize Virginia’s low-to-moderate income customers to install solar and energy efficiency in their homes. In 2020 the Interstate Renewable Energy Council (IREC) named Virginia and the Clean Energy Advisory Board to their Clean Energy States Honor Roll for its commitment to clean energy equity and access.
Sigora Solar has consistently appeared on Inc.’s list of fastest growing companies in the U.S., operating in 14 states, and is Virginia’s largest residential and commercial solar installer, according to Solar Power World. In 2019, Sigora was named Solar Power World’s “Most Forward-Thinking Company,” highlighting an innovative and equity-inspired business model that incorporates solar and energy efficiency services paired with a Pearl Certification™ and Sigora’s One For One™ program which provides free connections to clean, reliable electricity for families in Haiti – many of whom have never had access to electricity before.
Sigora’s mission is to empower people and communities through energy and technology services enabling a more sustainable and equitable energy economy.