Prior to joining US Renewables Group, Mr. McDermott started his career as a public power banker with Credit Suisse First Boston’s Municipal Finance Group in New York City. Working in a variety of roles including new issue, refinancing, capital markets and derivatives, Mr. McDermott covered several of CSFB’s clients in the western US. Clients included Southern California Public Power Authority (“SCCPA”), Los Angeles Department of Water and Power (“LADWP”), Washington Public Power Supply System (“WPPSS”) and Salt River Project (“SRP”), Intermountain Power Authority (“IPA”) and several other West Coast municipal utilities. During his tenure at CSFB, Mr. McDermott structured, refinanced and issued over $3 billion in corporate, general obligation, revenue-backed, industrial development and tax-anticipation bonds. In addition to his time as a public finance banker, Mr. McDermott has also worked in private equity and as an entrepreneur. As a private equity investor, Mr. McDermott interned for Allen & Company, Inc. and Prudential’s Private Capital Group. Mr. McDermott focused on development stage energy projects, early-stage software technologies and private placements for independent power producers.
As an entrepreneur, Mr. McDermott founded several software startups and invested in numerous others. As the founder of Stamps.com, Inc. (NASDAQ: "STMP“), Mr. McDermott conceived, launched, and ran Stamps.com. Mr. McDermott grew the company to over 300 in three years, raising in excess of $400 million of debt and equity financing, negotiating major relationships with 3M, Deluxe, ZDNet, Westvaco, OfficeDepot and America Online, overseeing company business development efforts and setting corporate strategy.
Mr. McDermott holds a BA in Philosophy from Colorado College and an MBA from the Andersen School at UCLA.
