Richard Corrigan, Senior Fellow

Energy Policy

rcorr@aol.com

Mr. Corrigan developed his financial skills over a thirty year career in international banking with Chase Manhattan Bank, Barclay’s Bank and The Overseas Private Investment Corporation (OPIC). During that period he managed units covering Country Management, Trade and Export Finance, Private Banking, Merchant Banking and Workout and Loan Recovery. Ten years were spent in senior positions Chase’s South East Asia branches including Malaysia and Singapore. Returning back to the United States in the 1990s he first turned his talents to helping the Federal Deposit Insurance Corporation (FDIC) and the Resolution Trust Corporation (RTC) manage the failed Savings and Loans in the Southern area of the United States including Georgia and Florida. His major focus was on managing and disposing of the assets of subsidiaries of distressed Savings and Loan Associations, which asset class was not covered by FIRREA, the legislation establishing the RTC. At its peak he was Chairman or President of over 200 subsidiaries and managed their windup and dissolution while returning all recoveries to the FDIC to help extinguish some of the U.S. Governments expenditures in rescuing the parent Savings and Loan Associations.

Following this career change Mr. Corrigan was recruited to join the Loan Guarantee Program at the Department of Energy to support financing for innovative renewable energy projects. . Mr. Corrigan eventually became Program Manager for IBM’s team of over 100 consultants engaged to support the DOE program. With the addition of Billions of Dollars of new authority to the program under the American Reinvestment and Recovery Act (ARRA), Mr. Corrigan developed new techniques within the structure of the Loan Guarantee Program rules to engage the private financial sector, the bond market and State and Local loan and guarantee authorities as partners to the DOE in utilizing the multi-billion appropriation the DOE had received to fund its role under ARRA. He became the lead coordinator for financing approaches to the nuclear energy industry, selected, environmental friendly fossil fuel projects and a wide range of proven and innovative renewable technologies including solar, wind, battery, geothermal and ethanol. Many of the projects developed under this program are still operating including significant large solar and urban solar facilities, the largest wind farm in the U.S,. and selected ethanol technologies now coming into their own at commercial production scales. Mr. Corrigan believes there is a major role going forward for urban sited renewable installations as part of the nation’s efforts to reduce carbon emissions and lessen reliance on fossil fuels.