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| add to favorites | Solar Sector Draws $207 Million From Venture Capital In Third Quarter | Cars - Pickups |
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Global venture capital (VC) funding in the third quarter of this year (Q3'13) totaled $207 million, up slightly from the $189 million raised in the second quarter (Q2'13), says a new report from clean energy consulting firm Mercom Capital Group LLC. VC funding was distributed across technology groups, with PV companies receiving the most at $57 million. The report says project funding and merger and acquisition (M&A) activity were up as well.Total corporate funding in the solar sector - including VC, debt financing and other equity financings raised by public companies - was $2.18 billion compared with $915 million raised in Q2'13. Mercom says the significant increase was due to public companies taking advantage of rising market values this quarter."
Overall market conditions for the solar sector continue to improve," says Mercom Capital Group CEO Raj Prabhu. "Project funding and M&A activity were at record levels, reflecting an improved demand outlook. Taking advantage of rising market values, we also saw significant financing activity among publicly traded companies this quarter."Mercom says the largest VC deal in Q3'13 was the $39.9 million raised by Solexel, a developer of high-efficiency crystalline-silicon solar cells and modules. Investors included Technology Partners, DAG Ventures, Northgate Capital, GSV Capital, KCPB Holdings and SunPower.
Other significant deals include the following:Concentrated solar power (CSP) project designer and developer eSolar raised $22 million from Oak Investment Partners;Clean Power Finance, a provider of third-party financing for distributed PV projects through its software platform, raised $20 million from the United Arab Emirates-based UAE Fund;HelioVolt, a manufacturer of thin-film solar modules, raised $19 million from SK Group; andDyesol, a manufacturer of solar cells using dye-sensitized PV technology, raised $16 million from Tasnee, a Saudi Arabia-based diversified conglomerate.The report says third-party solar finance companies raised $584 million in disclosed residential and commercial project funds in Q3'13.
Announced solar lease funding for the year to date amounts to $2.4 billion.Solar M&A activity increased in Q3'13 both in transactions and dollars, Mercom says, totaling $9.8 billion in 23 transactions, compared to $1.3 billion in 18 transactions in Q2'13. Most of this quarter’s M&A activity was either strategic or was acquisitions of distressed assets/companies/technologies on the cheap.There were 37 announced large-scale project-funding deals representing almost 1.27 GW in Q3'13, with a total value of $2.89 billion. Mercom also tracked about 5.5 GW of newly announced large-scale projects in various stages of development worldwide.Approximately 3 GW of projects changed hands in Q3'13. The report listed the top-five project acquisitions by project size as the following:
First Solar acquired Element Power’s 1.5 GW solar development project pipeline;A consortium led by GD Solar by Goldpoly New Energy acquired 400 MW of solar projects;The China Solar Power Group, a subsidiary of Goldpoly, acquired 300 MW of solar projects from Zhongli Talesun Solar;First Solar acquired the 250 MW Moapa Solar Project from K Road Power; andRainy River First Nations and Fiera Axium Infrastructure Canada II acquired seven Canadian projects totaling 67 MW from Global PVQ.
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| add to favorites | Weather Stations At 265 MW Imperial Valley Solar 1 To Help Optimize Output | Cars - Pickups |
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The 265 MW Imperial Valley Solar 1 - also known as Mount Signal Solar - is a showcase of solar technologies, including thin-film photovoltaic modules from First Solar and trackers from Array Technologies. The facility is also receiving weather stations that are expected to calculate its operating efficiency and help operators better meet grid demands.Folsom, Calif.-based Trimark Associates has been contracted to provide the monitoring and communications functions for the plant.
The company has selected Lufft USA to supply the weather stations that will gather the required real-time meteorological data.Santa Barbara, Calif.-based Lufft USA is the North American operation of G. Lufft Mess- und Regeltechnik GmbH of Fellbach, Germany. Ann Pattison, president of Lufft USA, says solar power facilities represent a growing area of the weather station manufacturer. Traditionally, Lufft weather stations have been used in the transportation sectors to keep track of conditions along roads, rail lines and at airports."Weather data is nice to have," Pattison says.
"State regulations in California say that weather stations must be a part of large solar projects in order to monitor the health and efficiency of the facility."The California Independent System Operator (CAISO), an operator of the state's electricity grid, requires all grid-connected solar resources in California generating more than 1 MW of power to provide at least one meteorological station. As a solar project generating over 200 MW of power, Imperial Valley Solar 1 required two meteorological stations to monitor ambient temperature, wind speed and direction, humidity, barometric temperature, solar irradiance, and back panel temperature.The purpose of the regulations, Pattison says, is to enable solar plant operators to report the precise conditions under which electricity is being produced.
Accurate, real-time weather monitoring and forecasting enables public utilities such as San Diego Gas & Electric (SDG&E), the utility receiving the electricity from Imperial Valley, to more accurately predict the availability of energy on the grid from renewable sources to avoid power shortages and ensure more efficient management of electricity and other energy resources.
The Lufft WS500-UMB compact weather station selected for Imperial Valley Solar 1 measures air temperature, relative humidity, air pressure, wind direction and wind speed. Relative humidity is measured by means of a capacitive sensor element. A negative temperature coefficient element is used to measure air temperature. An ultrasonic sensor takes wind measurements. In addition, Lufft has integrated a Kipp & Zonen solar radiation sensor into the unit to measure irradiance."A unique aspect of Imperial Valley Solar 1 is that the site network was not built to accommodate metrological stations," says Robert Hinchman, regional director of Trimark Associates, in a statement.
"Instead of trenching and installing fiber-optic cable between the control room and the stations, we recommended that the client connect the instruments with [Trimark's] Remote Intelligent Gateway via a secure radio frequency. This approach allows us to transmit to CAISO the data they require on generation and weather conditions while minimizing construction costs."Silver Ridge Power is developing Imperial Valley Solar 1, with Abengoa providing engineering, procurement and construction services. The storied project has had a number of owners and incarnations over the years. SDG&E will buy the electricity from the plant under a 25-year power purchase agreement. Last October, Google invested $103 million in the project, which is scheduled to go online this year.
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| add to favorites | SEIA Presents 15% By 2020 Plan, Solar Bill Of Rights At COP15 | Cars - Pickups |
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Leaders representing the U.S. solar energy industry reported the potential of solar energy to meet 15% of U.S. energy needs by 2020. The presentation was made at a United Nations Framework Convention on Climate Change press briefing in the Bella Center, where the United Nations Climate Conference (COP15) is under way.The "Expanding Solar Energy in the United States" briefing was hosted by the Solar Energy Industries Association (SEIA) and also featured a presentation of the Solar Bill of Rights, which SEIA says is needed to rapidly deploy solar energy to fight climate change and create jobs.
"The evidence is clear on the problem of climate change: we need to do more and do it quicker," said Rhone Resch, president and CEO of SEIA. "Solar energy is our immediate solution. The solar industry is ready now to do more, do it faster and create jobs. The only things holding solar back are antiquated policies developed over the last century that favor polluting sources of energy."In a report released jointly with solar industry groups representing more than 90 countries, SEIA presented an accelerated solar deployment scenario for the U.S. to meet 15% of electricity needs by 2020.
Twelve percent would come from solar electric power generated by photovoltaic solar panels and concentrating solar power plants. Another 3% of electricity would be offset by solar thermal systems.The report also noted the key policies needed for the industry to scale up and compete effectively. These policies are conveyed in the Solar Bill of Rights, unveiled by Resch. The platform lays out eight basic rights that give the solar industry equal access to the electricity marketplace and levels the playing field with the fossil fuel industries.
After the shakeout of the thin-film photovoltaics (TFPV) industry this year, industry analysis firm NanoMarkets LC sees a resumption of growth occurring in 2010, creating opportunities for materials firms of all kinds. According to the company's recent report on TFPV materials, consumption of these materials is now expected to rise to $13.1 billion by 2017.Copper indium gallium diselenide (CIGS) and cadmium telluride (CdTe) have always been sensitive to the atmosphere, especially when used in flexible cells, NanoMarkets says. However, new kinds of encapsulation materials are now opening up the market for CIGS and CdTe in flexible building-integrated photovoltaics applications.Announcements of polymer/ceramic dyad films came this year from Dow Chemical, FujiFilm, DuPont and 3M.
By 2017, sales of TFPV encapsulation materials are expected to reach $1.6 billion.The TFPV industry is rapidly moving away from the use of indium tin oxide as a transparent conductor, the report adds. The big beneficiaries in this move will be zinc oxide and tin oxide, whose use is expected to bring major cost savings for the industry. By 2017, almost 90% of the transparent conductor material used by the TFPV industry is expected to be zinc oxide or tin oxide.According to NanoMarkets, sputtering is on the decline for TFPV manufacturing, primarily because of the material wastage. Printing is on the increase, but the true unsung hero of TFPV manufacturing is electrodeposition, which is rapidly growing and proving itself worthy of widespread use. By 2017, TFPV absorber materials that are either printed or electrodeposited will amount to almost $300 million.
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| add to favorites | Southern California Edison Signs 831 MW Of Solar PPAs | Cars - Pickups |
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Southern California Edison (SCE) has signed power purchase agreements with SunPower Corp. and Fotowatio Renewable Ventures Inc. for more than 800 MW of solar-generated electricity that will go to the California power grid. The solar PV projects are located in California's Kern, Los Angeles and Merced counties.The three contracts with SunPower include 110 megawatts from Solar Star California XIII LLC, located in Los Banos, scheduled to be operational by Dec. 31, 2014; 325 MW from Solar Star California XIX LLC, located in Rosamond, scheduled to be operational by Oct. 31, 2016; and 276 MW from Solar Star California XX LLC, located in Rosamond, scheduled to be operational by Oct. 31, 2016.
The four contracts with FRV include 60 MW from Regulus Solar LP, located in Lamont, scheduled to be operational by Dec. 31, 2013; 20 MW from Cygnus Solar LP, located in Arvin, scheduled to be operational by Sept. 30, 2013; 20 MW from Mojave Solar LP, located in Mojave, scheduled to be operational by Dec. 31, 2013; and 20 MW from Mojave Solar 4 LP, located in Lancaster, scheduled to be operational by Dec. 31, 2013.The projects, which will interconnect with existing and forthcoming transmission lines, are a result of SCE’s competitive renewables solicitation and contingent on approval by the California Public Utilities Commission.
California-based Enphase Energy Inc. is issuing over 3.2 million shares of its common stock through current stockholders at $10.50 per share.The selling stockholders include entities affiliated with Bay Partners, KPCB Holdings, Madrone Partners, RockPort Capital Partners and Third Point LLC.The selling stockholders have granted the underwriters a 30-day option to purchase up to 482,476 additional shares of common stock to cover over-allotments, if any. The selling stockholders will receive all the proceeds from the offering. Enphase Energy will not receive any proceeds from the sale of common stock by the selling stockholders.Needham & Company LLC is acting as sole book-running manager. Roth Capital Partners and Northland Securities Inc. are acting as co-managers. The offering is expected to close on or about Aug. 19, subject to customary closing conditions.
Lincoln Renewable Energy (LRE), a developer of solar and wind projects in the U.S., has closed a $14 million round of private funding, led by venture capital firm Austin Ventures. Other participants included private investors, as well as LRE management and founding investors.LRE says it will use the capital to continue developing utility-scale solar photovoltaic projects, as well as targeted early-stage wind power development.
The company currently has projects under development in 11 states across the U.S.LRE recently announced site-plan approval for a $60 million solar farm in Salem County, N.J., in addition to another 10 MW project in neighboring Cumberland County, N.J. In early 2010, the company received a building permit for a 39 MW solar farm in southern Colorado's Alamosa County. LRE is also developing a 50 MW Homestead Solar project located on private land in Clark County, Nev., as well as projects in New Mexico and Texas.
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| add to favorites | U.S. DOE Awarding $27 Million To Reduce Soft Costs Of Solar Energy Systems | Cars - Pickups |
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As part of the Obama administration's SunShot Initiative to make solar energy cost-competitive with fossil fuels within the decade, U.S. Department of Energy (DOE) Secretary Steven Chu has announced the availability of more than $27 million in new funding.According to the DOE, this funding is designed to reduce the non-hardware costs of solar energy projects - a critical element in bringing down the overall costs of installed solar energy systems.
The funding will support a $12.5 million challenge to encourage cities and counties to compete to streamline and digitize permitting processes, as well as $15 million that will be made available to advance innovations in information technology systems, local zoning and building codes and regulations, and more.Both funding opportunities focus on reducing non-hardware balance-of-system (BOS) costs for solar, which generally refer to the costs of installing solar systems not associated with the solar panels, mounting hardware, electronics, etc.
These soft costs, including the capital required to pay for siting, permitting and installation, as well as the cost of connecting the systems to the grid, can represent up to 40% of the total cost of the solar energy system, the DOE says.The Rooftop Solar Challenge incentivizes local governments to develop innovative solutions in four key areas: standardizing permitting processes, updating planning and zoning codes, improving interconnection and net metering standards, and increasing access to financing.The $15 million BOS costs funding opportunity will create tools that local governments can use to streamline and expedite the process of installing solar energy. The DOE will fund one or more recipients under each of the following topic areas: codes, standards and processes; software design tools and databases; and regulatory and utility solutions.
Hanwha SolarOne Co. Ltd., a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic cells and modules in China, says it has entered into a supply agreement with Photowatt Ontario Inc. (PWO), a wholly owned subsidiary of ATS Automation Tooling Systems Inc.Under the terms of the agreement, PWO will produce Hanwha SolarOne PV modules to serve the Ontario marketplace. The agreement is for PWO to produce and deliver approximately 160 MW of modules over four years, using cells supplied by Hanwha SolarOne, with the potential for the parties to increase the volumes by up to another 160 MW over the four-year period.The modules, which are intended to serve demand in connection with the Ontario feed-in-tariff (FIT) program, will be fully compliant with FIT and microFIT program domestic-content requirements, according to the companies.Shipments are currently expected to begin in October.
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| add to favorites | U.S. PV Installation Market Predicted To Become The World's Largest By 2013 | Cars - Pickups |
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The U.S. photovoltaic market will become the largest market for annual PV installations in 2013 - overtaking Germany, Italy and Japan, according to a new report from ABI Research.An estimated 900 MW of installed capacity came online during 2010 in the U.S., and that number is expected to almost double this year. Renewable energy technologies are receiving a strong push in the U.S., with utility, industrial and commercial PV installations expected to drive growth."The U.S. federal government continues to focus on developing energy sources other than fossil fuels by extending its investment tax credits to 2016, and U.S. states are setting ambitious renewable portfolio standards (RPS)," says Josh Flood, senior analyst at ABI Research.Thirty U.S. states currently have an RPS in place, ABI Research notes.
In addition, the Federal Energy Regulatory Commission (FERC) clarified a ruling last year that previously had inhibited states from setting feed-in tariffs (FITs) for renewable energy technologies.ABI Research predicts that a number of states will introduce FITs before the end of 2012. California - which has a RPS target of 33% by 2020 - is likely to be the first state to introduce FITs for PV power generation, according to the report.The U.S. PV market is set to witness explosive growth over the next few years, with a forecast of 5 GW installed during 2013. This is particularly good news for companies such as First Solar, SunPower Corp. and Solar World, ABI Research says."These PV companies can expect to achieve considerable growth from the U.S. market," Flood predicts. "In total, the three will add a combined 3,000 MW of additional manufacturing capacity for PV modules during 2011 and 2012."
The U.S. Department of Energy (DOE) has finalized a $150 million loan guarantee to 1366 Technologies Inc. for the development of a multicrystalline wafer manufacturing project that the DOE believes could significantly drive down the costs of solar manufacturing.The conditional commitment was announced in June.The project will be capable of producing approximately 700 MW to 1,000 MW of silicon-based wafers annually using a manufacturing process called Direct Wafer. Phase I of the project will be located in Lexington, Mass., and is expected to fund 70 permanent jobs and 50 construction jobs.
Constellation Energy says that its retail business is offering a solar panel leasing program to residential customers in Maryland, New Jersey, New York, Massachusetts, Ohio and Pennsylvania. The program offers homeowners a choice of little to no money down or a prepaid lease for a 20-year term."Leasing can sharply reduce the up-front costs for solar, and in this economy, that's an important consideration," says Mark Huston, head of Constellation Energy's retail business. "For qualified residential customers whose homes meet the requirements for sun exposure and roof area, solar can have a considerable impact on reducing their electricity costs.
"In Maryland, Constellation will offer residential solar sales and leasing through its subsidiary BGE HOME. More information is available at bgehome.com.In markets outside of Maryland, Constellation will offer residential solar leasing under the brand "Leasing Powered by Constellation Energy." Maryland-based Astrum Solar is providing sales, installation and service support for Constellation's residential solar leasing program.
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| add to favorites | Day4 Energy CEO Steps Down; Company Lays Off 28 Workers | Cars - Pickups |
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Day4 Energy Inc., a provider of solar photovoltaic products, says Dr. John MacDonald, chairman and CEO, has resigned as CEO. The board of directors has appointed George Rubin to the role of president and CEO. MacDonald will continue in his role as Day4 Energy's chairman of the board.For the third quarter, the company reported revenues of $14.5 million, a decrease of $26.8 million - or 65% - from the same quarter in 2010 and by a decrease of $8.8 million - or 38% - from the second quarter of this year. The gross loss was 20.4%, and net loss was $9.3 million.
"Today, the PV industry is in the midst of a deep crisis," MacDonald says. "The European sovereign debt issue, an uncertain U.S. economic recovery and severe PV module overcapacity due to a dramatic manufacturing expansion over the prior year have all contributed to a perfect storm in our industry."The company initiated a reduction in workforce during the fourth quarter, affecting approximately 28 people located primarily within its British Columbia offices. Once this reduction in workforce is complete, Day4 Energy and its subsidiaries will employ 108 full-time employees globally.In addition, Day4 has signed a letter of intent to merge its operations through a plan of arrangement with Ever Energy Ltd., a Taiwan-based manufacturer of solar cells that is majority owned by Wangs Brother Motor Co. Ltd.
ABB has announced it will acquire Powercorp, an Australian renewable power automation company. According to ABB, the acquisition is intended to help the company manage the integration of renewable energy resources, such as solar power.Powercorp offers automation and intelligent control solutions to manage renewable energy generation in isolated grids, ensuring utility-grade power quality and grid stability, which ABB says enables very high levels of solar power penetration into isolated diesel-powered grids, thus reducing emissions and dependency on fossil fuels.Powercorp has installed several systems to integrate renewable power into remote grids and keep generation in balance with consumption. The company also supplies systems that store and release energy in response to frequency and voltage deviations in order to stabilize small or remote grids.The transaction is expected to close before year-end.
Local Power Inc. says it has received a notice to proceed from the San Francisco Public Utilities Commission (SFPUC) to write several requests for proposals (RFPs) to deploy a minimum of 210 MW of distributed renewable and demand-side in-city energy technologies to serve San Francisco residents and businesses by 2017 for the CleanPowerSF program.According to the company, this work will fulfill a decade of voter-approved mandates and board of supervisors' ordinances to provide a 51% renewable portfolio standard by 2017, while maintaining competitive utility bills.Local Power will prepare the RFPs after completing a cost model, a deployment schedule, and documentation of potential development sites.
Germany's millionth photovoltaic system is now connected to the power grid, according to industry group BSW-Solar. The milestone installation is located on the roof of the Institute for Sports Equipment Research and Development (Institut fur Forschung und Entwicklung von Sportgeraten in Berlin."When photovoltaics first took off in Germany and the thousand-roof program was launched in the fall of 1990, nobody expected that we would already reach the one-million-system mark by 2011," says Prof. Dr. Klaus Topfer, executive director of the Institute for Advanced Sustainability Studies in Potsdam.For this year, BSW-Solar expects an expansion of photovoltaic capacity by around 5 GW and that total installed capacity could reach 22 GW. Currently, solar power systems in Germany cover approximately 3% of gross electricity consumption.
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| add to favorites | Vote Solar: Community Solar Bill Would Bolster California's Economy | Cars - Pickups |
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S.B.843, legislation that would establish a framework for shared community renewable energy systems for California's utility customers, would create thousands of local jobs and deliver significant economic benefits to the state, according to a new report from Vote Solar, a nonprofit grassroots organization.Under the legislation, authored by Sen. Lois Wolk, D-Davis, customers in Pacific Gas & Electric, Southern California Edison and San Diego Gas & Electric's service territories would be able to participate in community solar programs. The customers would receive credit on their utility bills for their portion of the clean power generated, as if those renewable energy systems were located at their own home or business.
According to Vote Solar, three out of four energy customers - including the state's millions of renters - are currently unable to generate their own on-site power from solar, wind and other renewables. S.B.843 is designed to offer those customers a new path to clean energy and spur additional private sector investment and job growth in California's clean energy sector.Without requiring any public funding, the bill is expected to deploy 2 GW of new renewable energy capacity and approximately double the amount of rooftop solar currently installed in the state, Vote Solar adds.
"In very real terms, S.B.843 would be the job-creation equivalent of one of California's largest employers, putting more people to work in the state than Cisco or Applied Materials," says Hannah Masterjohn, policy advocate at Vote Solar and primary author of the report. "By simply enabling more Californians to invest in and receive the benefits of renewable energy systems, the state can unleash tremendous economic activity without using any precious state funds."In addition to creating at least 12,000 direct and induced local jobs, the bill would generate $230 million in tax revenues and provide $7.5 billion in total economic output, according to the report. This includes wages, salaries and revenues that can be reinvested into the state economy.
Talesun Solar USA Ltd., the U.S. subsidiary of PV product provider Zhongli Talesun Solar, has signed a cooperation framework agreement with CGN Solar USA, a subsidiary of China Guangdong Nuclear Power Holding Co. Ltd.Under the terms of the agreement, Talesun Solar USA will source, develop and construct 500 MW of PV power plants in the U.S. by 2015. Target project development totals are 100 MW for 2012, 200 MW for 2013 and 200 MW for 2014.
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| add to favorites | Despite Challenges, Cost Reductions To Make Unsubsidized Solar Cost-Competitive In U.K. | Cars - Pickups |
| add to favorites | PV Parity Project Analyzes Solar Cost Trajectories In Europe | Cars - Pickups |
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Grid parity for residential and commercial consumers is in sight in many European countries, according to new research from the PV Parity project consortium.The group assessed the evolution of system prices, retail electricity prices and cost of financing, as well as the capacity in various countries to self-consume photovoltaic electricity produced. The findings are decisive: Grid parity is imminent in several countries.
The smooth transition to full grid parity will be essential to adapt support schemes properly in the coming years, PV Parity adds.Different parameters affect the achievement of grid parity: Competitiveness in the residential and commercial/industrial segments depends on dynamic parameters, such as the evolution of retail electricity prices, system prices, cost of financing and the rate of self-consumption of electricity of each user.In the residential segment, the earliest date on which competitiveness can be achieved varies widely for the different target countries, depending on irradiation differences, the maturity of each national PV market and the level of retail electricity prices in each country.
According to the results, grid parity is starting to be achieved already in Germany, southern Italy, the Netherlands and Spain. These countries and regions are expected to be followed by northern Italy, Portugal and Austria in the next two years and then progressively by other countries.By the end of the decade, depending on how prices will evolve but also on the cost of financing, grid parity could be achieved in all target countries, according to the consortium.
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| add to favorites | Is Shell Boosting Its Presence in Cleantech? | Cars - Pickups |
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In recent years, the trend has been for Big Oil to back out of the renewable energy and cleantech business.In September, Chevron Corp. finalized the sale of its renewable energy subsidiary OpTerra Energy Services. The oil giant also sold the energy efficiency and renewables arm of Chevron Energy Solutions, a division of Chevron USA, and pulled back funding for biofuel projects.ExxonMobil Corp. has also dropped funding for biofuels projects. The British oil major BP divested its wind farm division in the United States last year to focus on its high-yield oil and gas projects.
And Royal Dutch Shell came under fire from environmentalists in 2009 for selling off its wind and solar projects to focus on biofuels and carbon capture and storage.For these century-old energy companies, the technologies of the future seem to be technologies that advance Arctic oil drilling and shale gas development rather than renewables. And why not? The core competencies of Chevron, Exxon and others lie in drilling, piping and shipping oil and gas. Even the most nimble of tech companies would hesitate before spending billions to enter an emerging industry where they don"t necessarily add value.However, environmentalists and cleantech advocates argue that by abandoning renewables, oil companies are missing out on an enormous business opportunity. Convincing Big Oil to leave fossil fuels in the ground is also necessary to avoid the most catastrophic effects of climate change.
Shell, it seems, might be listening to those arguments. At a cleantech event in Boston last week, Shell Technology Ventures executive Henrik Holland alluded to a renewed strategic interest in renewables and a commitment to long-term financial support."We"re entering a space where many have left," he said. "We can tolerate the high capex."At a time when venture capital investments in clean technology have slowed, the industry would undoubtedly welcome long-term backing from a large corporation like Shell. If projects are financed in the right way, Shell can "be there in twelve years' time, [and] when something goes wrong, we can be that partner on the other side of the table with some guarantees," Holland added.
Last spring, Shell Technology Ventures announced its plans to invest "hundreds of millions" in emerging technologies through a second-round venture fund. Geert van de Wouw, director of Shell Technology Ventures, told Greentech Media that three-quarters of the money would be aimed at investments in technologies across its oil and gas operations, including geophysical imaging, well construction and automation, and water and fluid treatment. The remaining quarter, said van de Wouw, would be invested in "future energy" technologies, such as advanced biofuels and solar-assisted enhanced oil recovery.Last week, Holland expanded on where Shell's interests lie today.
He noted Shell"s investments in Brazil"s biofuels industry and the company"s involvement in several wind projects (a total of ten wind parks, including a 36-turbine offshore wind project). Holland said that Shell is also looking at "various themes" for new businesses that will reduce carbon emissions, including grid-scale energy storage, industrial and residential efficiency and hydrogen technologies."And we"re interested in understanding where solar is going to go," he said. Shell has already invested in Japan-based CIGS solar cell maker Solar Frontier.For Shell, investing in low-carbon technologies is all about playing the long game. "We have a heavy oil and gas view of the world.
Projects we support will enable us, as an organization, to change," Holland continued. "Solar is very different from oil and gas. Financing challenges are very different. In an organization that has done the same thing for 100 years, we want to learn in that space by actually doing things."Working with partners is how Shell can ensure it survives through the next century. Energy demand is expected to grow dramatically, more than doubling by 2050 according to Shell"s own forecasts. Meeting that demand will require developing a lot of new energy resources, but also acting responsibly, which is why Shell is building a portfolio of new projects that include a carbon cost of 40 euros per ton, said Holland.Shell CEO Ben van Beurden underscored the urgency of mitigating carbon emissions in a recent speech at Columbia University. "The potentially devastating impact of climate change, if unchecked, is a concern for all of us," he said.He also backed growth in renewables and energy efficiency.
The U.S. Energy Information Administration estimates that 15 percent of global energy will come from renewable energy sources like hydropower, biofuels, wind, geothermal and solar by 2040, up from 11 percent today. Beurden said Shell"s scenarios team believes that figure could be as high as 25 percent by 2050.Energy demand in the coming decades will still need to be met by traditional sources like oil, gas and nuclear. But these recent comments from Shell executives could signal a strategic shift within the company that would see a greater emphasis on low-carbon technologies as part of a long-term move to diversify Shell"s business.Greentech Media contacted Shell for comment on changes to its strategy, but had yet to receive a response by the time of this writing.Environmentalists, at least, aren"t buying the "green" rhetoric."Actions speak louder than words. If Shell is serious about investing in a clean energy future they must stop actively undermining our climate and clean energy laws," said Merrian Borgeson, senior scientist at the Natural Resources Defense Council (NRDC).
Yesterday, NRDC released a report highlighting lobbying expenditures and front groups propped up by the oil industry -- including Shell -- aimed at curbing California"s clean energy action. NRDC called on major oil companies to distance themselves from the Western States Petroleum Association, which it says is leading the attack on climate change legislation in California.The Union of Concerned Scientists (UCS) also launched a campaign pressuring Shell to join tech firms including Microsoft, Google and Facebook in dropping support for the American Legislative Exchange Council, a group that has modeled legislation to oppose climate action and repeal incentives for renewable energy."It"s time that Shell makes good on its CEO"s words on climate science," wrote UCS.
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| add to favorites | Here Are the Top 10 Solar Developers in Latin America | Cars - Pickups |
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The results are in: SunEdison now tops the developer rankings for Latin America. The new Latin America PV Playbook shows that the utility-scale market in Latin America is truly buzzing, with developers flocking to the region and more project contracts being signed than ever before.Top 10 developer rankingsLarge international companies dominate the rankings, in terms of both operational capacity and pipeline.Source: GTM Research Latin America PV PlaybookSunEdison leads the market in operational capacity, with 100 megawatts more than the next-ranked company, Enel Green Power.
The top three companies have almost all of their capacity in Chile, except for one smaller project by Enel in Panama. Solarpack has a mix of projects in Chile and Peru, and T-Solar and Gestamp have their operational capacity in Peru. Gauss operates the largest plant in Mexico, a 39-megawatt plant in Baja California Sur, with Eosol running the second largest in Durango. CFE, the Mexican utility, developed two smaller projects -- and Greenergyze worked on the largest project currently operational in Central America, a 6-megawatt project in Guatemala.Enel Green Power leads the region in terms of pipeline, with more than 1 gigawatt of pipeline focused in Chile, Peru, and Central America. Alen Walung, a little-known company, is in second place, with more than 1 gigawatt of permits filed with the Chilean environmental agency.
Cox Energy, Ingenostrum, First Solar, Avenir, Rijn Capital and Pattern Energy also have their entire pipelines in the Chilean market. SunEdison has a more diverse portfolio, with projects in Chile, Mexico, Brazil and Central America. Mirroring the operational capacity statistics, eight of the top 10 companies with pipeline are international players. However, the remaining two local companies are based in the Chilean market, which has the most potential for pure-play activity.What to expect in 2015There are three trends to watch in 2015 and beyond.The first is that Enel Green Power is likely to gain market share on SunEdison as the year progresses, with pipeline in Chile and strong positioning for the Peru auction. Gauss and Gestamp are also likely to rise in the rankings, with Solairedirect breaking into the top 10.Second, we expect more pure-play developers to break into the rankings as time goes on.
This trend has already started to manifest, with newly announced capacity and newly contracted capacity in the fourth quarter evenly split between international and local companies. It is notable that more developers are reaching the contracting phase is because although announcing projects doesn"t cost anything, there are high costs involved in moving a project to the point where it can secure a contract. This indicates that local developers have tapped into more working capital, and are thriving in markets where local expertise is highly valued and there are a limited number of truly bankable projects. This morning"s announcement that Rijn Capital had secured financing from Corpbanca for a 54-megawatt project reinforces this view.
Of course, many of these projects are ultimately acquired, as was recently evidenced in Brazil, where local players Solatio and Renova sold stakes in newly contracted projects to SunEdison, Canadian Solar, and ACS.With more than 2 gigawatts expected in 2015, the Latin American region must be taken seriously by any company looking for a diversified downstream portfolio and high-potential emerging markets.
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| add to favorites | Why Did Apple Pay So Much for 130 Megawatts of PV From First Solar? | Cars - Pickups |
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Sometimes, we write articles that pose rhetorical questions in the title. This time, I have real questions and offer some possible answers.Here"s a little background. Several weeks ago, to great fanfare, Apple and First Solar announced that Apple was paying $848 million for 25 years' worth of the output of a 130-megawatt block of First Solar"s California Flats project in southeast Monterey County. (The other portion of the project is under contract to PG&E.)
First Solar"s press release heralded this as the "industry"s largest commercial solar deal," and Tim Cook noted that the solar electricity would offset a lot of Apple"s California consumption.My husband (who also works in the energy industry) and I took this up at the dinner table, much to our kids" annoyance. My husband did some quick math, and then grabbed a calculator to do the math again. He wanted to make sure he hadn"t screwed up. His calculations suggested that Apple had paid a significantly higher price compared to other recently announced power-purchase agreements for solar.He took the reported amount Apple was paying and divided it by an estimate of how much electricity the company would be buying.
He guessed that the plant would have a capacity factor of 30 percent and hence produce 342,000 megawatt-hours per year (.3 x 130 megawatts x 8,760 hours/year), or approximately 8.5 million megawatt-hours over the life of the contract. Assuming that the reported contract value reflects the undiscounted sum of the payments under the contract, this yields an average price of approximately $100/megawatt-hour ($848 million/8.5 million megawatt-hours).My husband was surprised because prices for other recent solar deals have hovered around $60 per megawatt-hour. The industry collectively cooed over a recent 25-year deal signed by Austin Energy to buy solar for $50 per megawatt-hour.A reporter for Forbes did a similar calculation. He used a higher capacity factor -- 33 percent -- and still seems surprised that Apple paid so much.
He concludes, however, that it"s not a horrible move by Apple given that future prices for utility-supplied power may go up.My guess is that Apple did not overpay. It is, after all, Apple.Here are a some possible explanations.1. Apple is receiving the tax equity in addition to the electricity.What does this mean? Through the end of 2016, a business that invests in a solar project is allowed to take 30 percent of the project cost as a tax credit. As I understand it (see here for a great explanation), this means that if a project costs $100 million, it will generate $30 million in potential tax savings through the federal Investment Tax Credit (ITC).
The problem is that First Solar is unlikely to have enough profits to take advantage of all the tax credits its projects generate. Historically, solar companies have sold the tax credits to banks or others in the financial sector, but, according to some reports, demand for what"s known as "tax equity" is drying up.So, one possibility is that at least a share of what Apple bought was the tax equity on its 130 megawatts. Accounting for this could make the price the company paid much more reasonable.
For instance, if Apple bought all the tax equity on the 130 megawatts, then we should think of the price it is paying for electricity as just 70 percent of the total $850 million, since it will be able to use 30 percent of the $850 million to offset future tax liabilities.Apple also may be able to obtain tax benefits from a share of the accelerated depreciation for which solar projects are eligible.This is where Google comes in. Late last week, Google announced that it was investing $300 million in a fund created by Solar City. Some of the press on this deal said it was structured to allow Google to get the tax equity, which makes me more likely to believe that Apple got a similar deal with First Solar.If this is what"s really happening, the headlines citing Apple"s $848 million purchase of solar-powered electricity are a bit misleading, at least as I see it. Sure, Apple is paying $848 million to First Solar, and part of what it"s getting is electricity, but it"s also getting the ability to avoid paying taxes in the future.
To me, this is like saying I paid $10 for a sandwich, and neglecting to mention that I also got $3 back in change. Counter to First Solar"s press release, this would not just be a solar deal, but a solar and tax deal.I can understand why companies like Apple might not boast about buying the right to pay lower taxes. It"s not in any way nefarious -- and could even help solar companies by keeping the market for the tax equity competitive -- but it doesn"t burnish the purchasing company's green image in the same way that buying solar electricity to power its data centers does.2. Something else is missing. Apple is getting something else out of the deal?3. Apple did screw up. We all make mistakes, even big, smart companies.Personally, I put my money on something along the lines of choice No. 1.
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| add to favorites | 8 Solar Trends to Follow in 2015 | Cars - Pickups |
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Every quarter, GTM Research's solar analysts compile the most important data and findings from the past three months. The most important charts from the Q4 2014 Solar Executive Briefing covering pricing, installations, financing, policy and business models follow.The new China solar tariff decision may drive panel prices below 65 cents per watt this year.Earlier this month, the U.S. Department of Commerce filed its preliminary review of the import tariffs on Chinese cells into the U.S. The review called for tariffs on Chinese cells to be reduced, and assuming the final decision doesn't stray too far from the review, GTM Research expects U.S. module prices to fall to 64 cents per watt this year.High-efficiency module technologies are gaining steam.
According to GTM Research's Shyam Mehta, the shift is "driven by the increased value proposition of high efficiency relative to module costs, an end-market mix shift toward rooftop applications, and reduced all-in costs for high-efficiency products."The megawatt-scale solar operations and maintenance (O&M) market still looks like the Wild West.Dozens of companies are fighting for market share in the operations and maintenance market, from inverter and module manufacturers to developers and EPCs.
Everyone wants a piece of the O&M pie.(Click to enlarge)Grid integration is becoming an increasing focus for inverter manufacturers.Inverter manufacturers are beginning to design solutions to help alleviate some of the integration challenges facing utilities. The chart below highlights a few markets with high PV penetration relative to electricity generating capacity.(Click to enlarge)Net energy metering is becoming popular outside of the U.S.Net energy metering has helped grow distributed generation PV markets in the United States, and other countries have started to take notice. GTM Research's Adam James highlights a few NEM proposals across three continents that aren't North America.(Click to enlarge)More than 4 gigawatts of utility-scale solar have been procured outside of RPS requirements in the past twelve months.
GTM Research's Cory Honeyman attributes the success of projects outside RPS guidelines to utility-scale PV's competitiveness with natural-gas alternatives.Best-in-class residential solar will be installed for less than $3 per watt this year.The largest cost difference between best-in-class installers and the rest of the market comes from labor and supply chain savings.Loans are the hottest thing in U.S. residential solar.As we reported last year, the market share for residential solar leases peaked in 2014 as loans have emerged and shifted the market back toward direct ownership. Solar Analyst Nicole Litvak developed a taxonomy of companies offering residential solar loans in the U.S.
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| add to favorites | Another Wind Power Record For South Australia - Energy Matters | Cars - Pickups |
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Wind farms in South Australia generated enough electricity to meet 43 percent of the state's power requirements last month. A new wind generated power benchmark for July was also set across the entire National Electricity Market (NEM) according to the Clean Energy Council (CEC) - around 6 percent. "Australia’s wind farms were working overtime in the cold conditions during July.
South Australia comfortably powered ahead to set a new wind power record, helped by a bit of extra renewable grunt from the new Snowtown II wind farm," said CEC Acting Chief Executive Kane Thornton. "With more than 40 per cent of the state’s power demand provided by wind energy for the entire month, it is clear that large amounts of renewable energy can be added to the system without the need for extra backup generation to be built." Mr.
Thornton stated more than $5 billion of wind power investment had poured into South Australia in the last decade, creating hundreds of greatly-needed jobs and providing the state with a low-cost, cleaner power supply. "None of this would be possible without the national Renewable Energy Target, which is currently under review. Approximately $15 billion of additional investment will be generated by the policy if the scheme if left as it is currently legislated."With jobs a huge issue in South Australia - the state has the nation's second highest unemployment level - the yet to be realised investment is sorely needed and may not ever happen if the outcome of the RET review recommends changes that would negatively impact on the sector.
As well as being a wind power leader, solar power in South Australia is also very strong. While the state may not have the most systems; it has the highest market saturation level. According to solar provider Energy Matters, a 5kW solar panel system installed in Adelaide can return of financial benefit of between $1,458 - $2,389 a year. Energy Matters' Australian Solar Index; which provides a snapshot of average internal rate of return (IRR) for solar power systems installed in various locations around Australia, shows an average IRR of 19.1% for Adelaide - making solar one of the best investments available.
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| add to favorites | India Roadmap To Solar Superpower - Energy Matters | Cars - Pickups |
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A new roadmap from India’s largest provider of solar solutions shows how the nation could become a global solar superpower within ten years, adding 145 GW of solar capacity through a network of residential, commercial, utility and ultra-mega-scale solar power systems. The joint report, "How should India drive its solar transformation? Beehives or Elephants", released by Tata Power Solar and consulting firm Bridge to India, examines the pros and cons of rolling out four different types of solar power generation – residential rooftop, 1-5 KW (solar bees); commercial rooftop, 10-500KW (solar pigeons); utility-scale, 5-50MW (solar horses); and ultra-mega projects, 1-3GW (solar elephants).
Although solar now accounts for just one per cent of India’s installed capacity, Bridge to India Director, Dr Tobias Engelmeier, says falling PV prices have changed the fundamentals of domestic energy supply since 2010, when India’s National Solar Mission set a target of installing 20 GW of grid-connected solar power by 2022. "The realisable potential for solar power generation in India is between 110 GW to 145GW across different types of systems. The four scenarios together could easily create over 675,000 solar jobs in India in the next 10 years.
But, the real issue is to choose the best way for India to go solar which entails a fair choice between millions of small systems ("bees") on one end of a spectrum and a few very large systems ("elephants") on the other, the former creating a consumer market and the latter an infrastructure market." Importantly, the report analyses each scenario not only in terms of the levelised cost of energy (LCOE) – the cost of building the systems - but also the landed cost of power (LCOP) which is the cost to the consumer at the point of consumption, rather than generation.
The report argues that LCOP costs can be as much as 30 per cent higher than LCOE, and is therefore a more accurate way to measure the economic viability of energy systems. The cheapest immediate option is the solar elephant, mega-scale plants of 1-3 GW capacity. Already on par with coal-fired power, they have a LCOE of INR 6.6/kWh (AUD 0.12/kWh) and a landed cost of INR 8.4/kWh (AUD 0.15/kWh).
But with coal import costs expected to soar over the next three years, the report finds all other scenarios –the horses, pigeons and bees will soon also reach price parity with coal. In the long term, large rooftop systems will be the cheapest option for Indian with a levelised generation cost of INR 6.6/kWh (AUD 0.12/kWh and a landed cost of INR 6.7/kWh (AUD 0.12/kWh) by 2024, the report states.
India has the potential to become one of the largest transformative solar markets in the world, free of subsidies and with a thriving solar value creation ecosystem. However, it must strike a balance among the various ramp-up opportunities it has – both via central and distributed generation. Thus, the report recommends specific actions in each of these areas.
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| add to favorites | City Of Adelaide Lightens Carbon Footprint By 19 Percent - Energy Matters | Cars - Pickups |
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Carbon emissions from the City of Adelaide's community have been reduced by 224,000 tonnes since 2007, thanks in part to solar power. Adelaide City Council says enthusiastic uptake of rooftop solar panel systems along with a massive $5.5 billion of investment in wind farms has reduced the carbon impact of South Australia’s electricity supply by 31% between 2004/05 and 2013/14."South Australia and the City community, particularly commercial property owners, have demonstrated that renewable energy and green buildings are highly effective strategies to reduce carbon emissions," said Dr Adrian Stokes, Adelaide City Council’s Program Manager of City Sustainability and Park Lands.
"Energy efficiency upgrades in buildings and public lighting have reduced Council’s own energy consumption by 10.3% since 2009/10. In 2013/14, energy efficiency projects saved Council $406,000 on electricity bills and reduced carbon emissions by approximately 1,500 tonnes."Among Adelaide City Council's more unique efforts in also cutting transport related emissions is its 100% solar powered bus - which represented a world first.Minister for Sustainability, Environment and Conservation, Ian Hunter applauded the community for its embracing of renewable energy and energy efficiency.
"The City of Adelaide stands as an example of what we can achieve as a community in our response to the challenge of climate change," said Minister Hunter.Already Australia's wind power stronghold and with a very high residential solar penetration (approximately 24%), South Australia has likely eclipsed its current 33 percent renewables target. Last month, the State Government further boosted the state's target to 50 percent by 2025.The state is home to 38% (1,203MW) of Australia's installed wind capacity and was the first to introduce solar feed-in tariff legislation in Australia.South Australia has also proven a very high level of renewables can be added to the mains grid without causing major problems with regard to network infrastructure.
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| add to favorites | Solar Power Slashes Energy Costs For Australian Pensioners - Energy Matters | Cars - Pickups |
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294 pensioners will have their energy bills slashed by solar power in a pilot program funded by Victoria's Darebin City Council; carried out in partnership with leading solar provider Energy Matters and Positive Charge.Installations under the new Solar $aver program are expected to save over $400 per annum.This pilot program focuses on helping senior home-owners make ends meet and offers the opportunity to install solar power at no up-front cost, with repayments to occur via council rates over the next ten years.Darebin City Council is funding this program with $900,000 allocated from their 2013/2014 budget.
"We were determined to find a way to make solar power available to even the lowest income earners in our ongoing efforts to make the homes of Darebin residents safer and less costly," said Darebin Mayor Steven Tsitas."Through the design of this program, Darebin City Council’s investment will also be returned after ten years, freeing up capital for other initiatives," continued MayorTsitas.Darebin pensioner, Mal Owen, who has had a 2kW solar panel system installed on his home, said he is thrilled with the steps Darebin City Council is taking to deliver the benefits of solar to elderly pensioners."Now that I’ve installed solar, I don’t have to worry about the cost of air conditioning, particularly as we approach the hottest months of the year," said Mr Owen.
"The demand for this program has been incredible," says Jeremy Rich, CEO of Energy Matters. "In just 9 weeks, we’ve reached installation capacity and there’s a waiting list for future installations.""The initial success of this pilot program with the Darebin City Council opens up a national discussion with councils throughout Australia. Our goal is to work with other councils around the country to implement this initiative and support low-income pensioner home-owners with the introduction of solar power," said Mr Rich.The solar power systems installed by Energy Matters are accompanied by a ten-year warranty on panels, inverters and installation.Editor’s Note: Energy Matters installed monitors in several Darebin households in order to predict the savings homeowners will earn through the program.
Energy Matters is one of Australia’s largest national companies solely dedicated to solar energy; with warehouses around the country and a staff of more than 60 people. The award winning business was founded in 2005 and has since installed over 15,000 solar systems on homes, schools and commercial buildings; including Australia's largest privately funded solar photovoltaic project, Melbourne’s NEXTDC data centre.Energy Matters is committed to helping Australians live in a world of energy abundance by providing quality solar systems at affordable prices.
Its nationwide team of passionate and knowledgeable solar advocates, expert installers and reputable brands are the foundation of its success. Energy Matters is 100% Australian owned and sources only products that have been tested in Australia’s harsh conditions. With expertise in both grid connect and stand-alone power, Energy Matters is able to provide flexible clean energy solutions to fit almost all needs.
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| add to favorites | Google Invests In Another Solar Power Project - Energy Matters | Cars - Pickups |
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Google and Norwegian power company Scatec Solar have partnered to construct the largest solar farm in Utah.Yahoo Finance reports Google, Scatec and Prudential Capital Group announced an investment of USD $188 million to build the 80 MW facility in Iron County, Utah. Google is the tax equity investor in the deal.The Utah Red Hills Renewable Energy Park is expected to generate approximately 210 million kilowatt-hours of electricity a year, enough to power around 18,500 homes. Electricity generated at the solar farm will be exported to the grid under a twenty-year Power Purchase Agreement (PPA) with PacifiCorp's Rocky Mountain Power.
Scatec says it will deploy approximately 325,000 solar panels on a single-axis tracking system for the project and the facility will interconnect to an existing transmission line."When complete, the Red Hills solar plant will be Scatec Solar's largest developed and constructed project in North America," says CEO Raymond Carlsen.Figures from Scatec Solar indicate the company has 219MW of solar capacity currently operational throughout the world, a project backlog of 214MW and a pipeline of 680MW.Electricity produced by Scatec constructed projects was an estimated 73,736 MWh in the third quarter last year.The Utah Red Hills Renewable Energy Park is Google's 18th renewable energy investment.
In September last year, Google announced it would be providing USD $145 million in equity financing for SunEdison, Inc.’s (NYSE: SUNE) Regulus solar plantOther Google-backed projects include.– Mount Signal Solar project– Makani Airborne Wind Turbine– Alta Wind Energy Center– a solar farm in Germany– Atlantic Wind Connection– a 114 megawatt wind farm in Iowa– a USD$280 million fund to finance residential solar power installations.– $75 million in Clean Power Finance– Ivanpah Solar Electric Generating System– Shepherds Flat Wind Farm in Oregon– Two wind farms in North Dakota– $94 million in a portfolio of four solar farms in California– Jasper Power ProjectGoogle has so far made agreements to fund over $1.5 billion in renewable energy projects and states total nameplate capacity of all it renewable energy project investments is over 2.5 GW.
Combined, the projects are expected to generate over 6 billion kWh annually"We're helping create a clean energy future that's better for our business and the environment," says the company.The giant of search is currently using renewable energy to power 35% of its operations and is continuing to look for ways to increase its use of clean energy.
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| add to favorites | NEWSFLASH : PM Abbott Reportedly Planning To Axe RET - Energy Matters | Cars - Pickups |
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The Australian Financial Review is reporting Prime Minister Tony Abbott has requested the head of the Renewable Energy Target review panel to "to do more work on the option of terminating the target altogether".
The revelation is sending shockwaves throughout the solar industry this morning; although this has been suspected by many for some time due to Prime Minister Abbott's views on renewable energy and the makeup of the review panel. The panel is led by former Caltex chairman and climate change sceptic Dick Warburton. Doubts have also been raised concerning the impartiality of some of the other panel members. The Clean Energy Council was quick to respond to the report. "Such a move would be reckless, given the government’s own analysis shows slashing the RET would save no money on power bills, yet would devastate billions of dollars of investments made in good faith in renewable energy projects across the country," said Clean Energy Council Acting Chief Executive Kane Thornton .
"It would also be out of touch with the vast majority of Australians who want more renewable energy, as demonstrated by the fact that 99 per cent of the 24,000 submissions to the review of the policy called for it to be maintained or increased –- and the fact that over 4 million Australians already live or work under a solar power system. Australians clearly want to follow the rest of the world in increasing the use of renewable energy." AFR sources state Environment Minister Greg Hunt has been sidelined from the process and is not happy about the situation. Earlier today we reported that even a scaling back of the RET would provide a windfall for coal and gas generators to the tune of $10 billion over the next 15 years; while increasing power bills for households and businesses.
Australian Solar Council CEO John Grimes stated the RET Review process was heading to a biased and predetermined outcome earlier this year. Axing the RET entirely would also remove existing incentives for households that reduce the cost of a solar power system by thousands of dollars. UPDATE: 4.30PM. Finance Minister Mathias Cormann has said the government's position was to "keep the renewable energy target in place". Business Spectator's Tristan Edis speculates the rumour of axing the RET is "actually a strategic leak by the Prime Minister’s Office to recast the terms of the debate.
Abbott is keen for the Warburton Review to push the boundaries of the debate, to make cutting the target to the ‘real 20 per cent’ option appear reasonable and middle of the road." We've also heard from the Australian Solar Council that the Prime Minister's office has today received the Warburton RET Review report, but at this point is refusing to release details.
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