People’s United Bank appointed Stephen Hoffman managing director of utilities, power and renewable energy corporate banking. The newly formed corporate banking specialization will focus on both public and private clients that build, own and operate energy infrastructure.

Under Hoffman’s leadership, the team will deliver a range of financing, risk and treasury management options. Prospective clients include investor-owned utilities, local distribution companies, electric cooperatives, municipal utilities, transmission companies and renewable energy companies that provide solar energy, wind energy and/or battery storage.

“We are excited to welcome Stephen to People’s United as we continue to expand our value proposition and strengthen our focus on sustainability, social impact and change in our communities. His industry expertise and understanding of the complexities companies face and how to successfully navigate them, coupled with a relationship-based approach to service, directly aligns with our strategy,” Amy Le Blanc Hackett, managing director of corporate banking for People’s United Bank, said. “The utilities, power and renewable energy sector is one of the largest industries in the U.S. and presents a significant opportunity for growth. We are thrilled to have Stephen lead this effort.”

Hoffman joined People’s United with more than 25 years of corporate and commercial banking experience, with a focus on the energy industry. Most recently, he served as managing director and director of energy banking at Huntington Bank, where he founded the company’s energy banking group. Before that, he was managing director for Bank of America’s natural resources group, where he managed the natural resources portfolio. Prior to Bank of America, he was director of Fleet Bank’s energy and utilities division, managing a portfolio of and mid-sized energy companies across the U.S.

“I am excited to join the team at People’s United at a time of strategic growth and expansion in their capabilities,” Hoffman said. “The power and utilities industry [is] expected to lead the charge in the ambitious goal of net-zero greenhouse emissions by as early as 2035. These plans will require a significant capital investment and my goal is to serve as a trusted financial advisor to clients undertaking this project of major importance to the country.”