Glasswing's team consists of renewable energy, tax equity, and investment experts who bring with them decades of experience from industry leading companies in renewable energy and financial services.

Justin Amirault, Originations

Jonathan Cheng, Originations

Mandy Fryer, Structured Finance


Justin Amirault

Justin Amirault is a Partner and Co-founder of Glasswing Capital Management where he is responsible for fund raising, project origination, underwriting, and investment. He has devoted the last decade of his professional career to helping to bring renewable energy and clean technologies to the marketplace.

Most recently, Justin spent over 3 years at Renewable Energy Trust Capital (RET), an owner and operator of utility-scale solar and wind projects, as the Vice President of Acquisitions helping to acquire a portfolio of over 400MW of assets with a value exceeding $1 billion. His responsibilities included identifying and developing relationships with long term asset partners, securing investment opportunities, and closing transactions.

Prior to RET, Justin served several years as Director of Acquisitions & Development at CleanPath Ventures, a mezzanine investment fund sponsored by Kyocera.  Additionally, Justin worked on the utility scale solar and power plants group at SunPower developing and acquiring large utility scale projects in North America totaling over 800MW. Justin began his career in renewables and clean technologies as an investment banker in San Francisco.

Justin holds an MBA from the Haas School of Business at UC Berkeley and a BA in Economics from Colby College. 

Jonathan Cheng

Jonathan Cheng is a Partner and Co-founder of Glasswing Capital Management where he is responsible for project origination, underwriting, and investment. Jon has spent the last 8 years focused on M&A, development and project finance in the renewable energy space.

Prior to Glasswing, Jon was Managing Director at Renewable Energy Trust Capital, an owner and operator of utility-scale solar and wind projects, where he focused on transacting acquisitions of solar and wind projects and developing strategic partner relationships.  In that role, he helped structure a 50% equity partnership with a third-party investor and contributed to project development for a 335MW solar project in California.

Before Renewable Energy Trust Capital, Jon was Director at GCL Solar Energy where he led the acquisition and development of 8 utility scale and distributed generation solar projects across North America with a combined capacity of 200MW and total capital cost of over $760 million.  In addition, Jon contributed to successful divestitures of 11 projects with a combined capacity of 311MW valued over $880 million.

Previously, Jon worked in structured finance at Bear Stearns, and earlier in his career, spent several years in management consulting. He received his BS in Business and Economics from Cornell University and his MBA from New York University Stern School of Business.

Mandy Fryer

Mandy Fryer is a Partner and Co-founder of Glasswing Capital Management where she is responsible for transaction structuring, financial modeling, and project underwriting. Mandy has spent the last 15 years focused on all aspects of competitive generation, renewable and utility finance, structuring, and M&A. She has extensive knowledge of asset valuation, tax structuring, and asset based financing.

Mandy joined Glasswing from Duff & Phelps, the largest global independent valuation firm, where she was Managing Director, Power and Utilities, advising the world’s largest power and utilities companies on tax and accounting valuation and structuring issues. Prior to Duff & Phelps, Mandy spent nine years at NextEra Energy Inc (NYSE: NEE), most recently as Senior Director, M&A Valuation, for the competitive generation subsidiary, NextEra Energy Resources, a world leader in renewable energy generation. In her capacity as head of M&A Valuation, she led the department responsible for the financial evaluation and financial structuring of all acquisition transactions considered by NextEra Energy Resources and NextEra Energy Partners (NYSE: NEP), NextEra’s publicly traded “Yieldco” vehicle. During her tenure at NextEra, Mandy also held senior roles in distributed generation development and NEE Inc corporate development.

Mandy began her career with Duff & Phelps in the power and utilities group and graduated magna cum laude from Villanova University with both a BA in Finance and a BS in Accountancy.