Quanta Services, Inc., Houston, has named a former McKinsey & Co. executive as the new leader for its renewable energy business. Peter Lorenz was named president of Quanta Renewable Energy Services, LLC. In this role, Lorenz will drive the growth of Quanta's presence in the renewable energy market while providing strategic oversight of the company's operations related to the planning, installation and interconnection of wind and solar generation infrastructure. While at McKinsey & Co., Lorenz led that firm's Global Solar Initiative over the past two years.
“Peter's leadership in the renewable market is a strategic fit with Quanta's long-term vision for growth,” said John R. Colson, chairman and CEO of Quanta Services. “We consider renewable energy the most rapidly emerging opportunity for Quanta. In this role, Peter will lead our renewable operations to leverage growth opportunities and further meet the evolving needs of our customers as they work to comply with renewable portfolio standards.”
Quanta has worked in the wind market for more than 10 years and has grown its business interests significantly in the solar market over the past year. The company provides complete engineer-procure-construct services for utility-scale and large commercial solar generation facilities.
The company's revenues for 2008 were a record high of $3.8 billion, compared to $2.7 billion for 2007. For the fourth quarter of 2008, income from continuing operations was $47.1 million, compared to $33.5 million for the fourth quarter of 2007.