SAN DIEGO--(BUSINESS WIRE)--K Road Power Holdings, LLC ( “K Road”) announced today its wholly owned subsidiary K Road Sun, LLC has acquired the Calico Solar Project from Tessera Solar North America, Inc.
Calico Solar, located near Barstow, CA is one of California’s few fully permitted utility scale solar power facilities. Calico Solar has an interconnection agreement to supply 850 MW, enjoys strong support from the State of California and is well positioned to contract financeable power purchase agreements with California’s leading retail power suppliers. Total capital investment is estimated to be $3.0 billion. Once in operation the Calico Solar project will provide clean, reliable, California based renewable energy to meet the annual demand of up to 350,000 California households.
“While 100 MW of Phase 2 will be reserved for new generations of SES SunCatcher technology, K Road’s Calico Solar Project will convert the first 750 MWs to widely tested and accepted photovoltaic technology, insuring the project’s immediate financeability, further reducing environmental impacts, and providing the lowest cost solar production to help meet California’s renewable portfolio standard,” said William Kriegel, K Road’s founder and Chief Executive Officer.
K Road Sun is exclusively dedicated to developing, owning, and operating utility scale solar power facilities in the western United States. The K Road team has a unique, proven track record in power generation with decades of experience developing, constructing and operating generation plants worldwide, including solar, wind, biomass and hydro facilities. K Road believes that in order to be the lowest cost, most environmentally friendly source of sustainable energy, companies must be indifferent to technology and source production capacity from the most efficient, robust and economically viable sources.
K Road’s Managing Partner, Gerrit Nicholas added, “We are excited to move the Calico Solar Project into a financeable position, and we look forward to developing, constructing, and operating one of the world’s largest solar projects. In addition, we are pleased to play a role in creating economic opportunity for the Barstow community and helping society wean itself off of carbon based power supplies through environmentally advanced technology.”
Credit Suisse acted as financial advisors and Dewey LeBoeuf as legal advisors to K Road.
Wednesday, December 29, 2010
Dominion Foundation Awards $30,000 Grant for Solar-Powered Coffee Shop at Southwest Virginia College
ABINGDON, Va., Dec. 29, 2010 /PRNewswire/ -- Virginia Highlands Community College students soon will be able to start their day with a cup of coffee from a solar-powered, eco-friendly coffee shop.
The Dominion Foundation, the philanthropic arm of Dominion Resources Inc., has awarded a $30,000 grant to the 4,000-student community college for the development of "Wolf Grounds," an on-campus, student-run coffee shop. The non-profit business will involve 100 percent organically grown and recyclable products, local suppliers, Energy Star appliances, and both solar hot-water heating and solar photovoltaic technologies.
The coffee shop project will serve as a learning tool that will cross many academic disciplines and touch several hundred students across the 4,000-student campus.
"Dominion's grant will allow our students to experience first-hand the process of opening and operating a business within the security of college supervision," said Virginia Highlands President Ron Proffitt. "This is an outstanding opportunity for our students, and we are grateful to Dominion for their support of the college, our students and this project."
Besides providing experience to business students in running a self-sustaining business, the project also will provide a hands-on learning opportunity to students in solar energy system design, equipment installation, and system maintenance and repair. More than 200 students will be directly involved in the planning and design of the project, including business, marketing, drafting, Web design, ecology, heating and air-conditioning and electricity and energy-technology students.
The coffee shop, which is scheduled to open in April, will be managed by the campus organization Students in Free Enterprise. Roughly half the students involved in the project's development will continue their involvement in the shop's operation. For example, information technology students will continue to maintain the shop's Web page and produce brochures, marketing students will promote the business and accounting students will manage the books.
The Dominion grant will help pay for materials and supplies and for construction that is necessary to get the coffee shop up and running. It will be located in the Learning Resources Building, which houses the college's library, auditorium, business division office and numerous classrooms. The high visibility of this location will help in achieving a project goal of making students, faculty and visitors more aware of the need for eco-friendly and energy-saving measures in their lives.
"Dominion is excited about supporting this hands-on learning project and particularly because of its emphasis on energy conservation, efficiency and alternative energy generation," said Preston Sloane, station director for the Virginia City Hybrid Energy Center. The power station is being built in nearby Wise County, about 30 miles from the campus, by Dominion Virginia Power, a subsidiary of Dominion Resources.
The grant is among 16 grants totaling $500,000 made this year by the Dominion Foundation to Virginia colleges and universities. The grants are part of a new Foundation giving program created especially for higher education. The Dominion Foundation focuses its giving on preservation of natural resources, work-force development, education, diversity initiatives, neighborhood and community development and basic needs for food and shelter.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 27,600 megawatts of generation. Dominion operates the nation's largest natural gas storage system and serves retail energy customers in 13 states. For more information about Dominion, visit the company's website at www.dom.com.
The Dominion Foundation, the philanthropic arm of Dominion Resources Inc., has awarded a $30,000 grant to the 4,000-student community college for the development of "Wolf Grounds," an on-campus, student-run coffee shop. The non-profit business will involve 100 percent organically grown and recyclable products, local suppliers, Energy Star appliances, and both solar hot-water heating and solar photovoltaic technologies.
The coffee shop project will serve as a learning tool that will cross many academic disciplines and touch several hundred students across the 4,000-student campus.
"Dominion's grant will allow our students to experience first-hand the process of opening and operating a business within the security of college supervision," said Virginia Highlands President Ron Proffitt. "This is an outstanding opportunity for our students, and we are grateful to Dominion for their support of the college, our students and this project."
Besides providing experience to business students in running a self-sustaining business, the project also will provide a hands-on learning opportunity to students in solar energy system design, equipment installation, and system maintenance and repair. More than 200 students will be directly involved in the planning and design of the project, including business, marketing, drafting, Web design, ecology, heating and air-conditioning and electricity and energy-technology students.
The coffee shop, which is scheduled to open in April, will be managed by the campus organization Students in Free Enterprise. Roughly half the students involved in the project's development will continue their involvement in the shop's operation. For example, information technology students will continue to maintain the shop's Web page and produce brochures, marketing students will promote the business and accounting students will manage the books.
The Dominion grant will help pay for materials and supplies and for construction that is necessary to get the coffee shop up and running. It will be located in the Learning Resources Building, which houses the college's library, auditorium, business division office and numerous classrooms. The high visibility of this location will help in achieving a project goal of making students, faculty and visitors more aware of the need for eco-friendly and energy-saving measures in their lives.
"Dominion is excited about supporting this hands-on learning project and particularly because of its emphasis on energy conservation, efficiency and alternative energy generation," said Preston Sloane, station director for the Virginia City Hybrid Energy Center. The power station is being built in nearby Wise County, about 30 miles from the campus, by Dominion Virginia Power, a subsidiary of Dominion Resources.
The grant is among 16 grants totaling $500,000 made this year by the Dominion Foundation to Virginia colleges and universities. The grants are part of a new Foundation giving program created especially for higher education. The Dominion Foundation focuses its giving on preservation of natural resources, work-force development, education, diversity initiatives, neighborhood and community development and basic needs for food and shelter.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 27,600 megawatts of generation. Dominion operates the nation's largest natural gas storage system and serves retail energy customers in 13 states. For more information about Dominion, visit the company's website at www.dom.com.
Sunvalley Partners With TianWei SolarFilms to Service Agricultural Market
WALNUT, Calif., Dec. 28, 2010 /PRNewswire/ -- Sunvalley Solar, Inc. (OTC Bulletin Board: SSOL), a leading solar power technology and solar system integration company, announces an agreement with its partner Baoding TianWei SolarFilms Co., Ltd., a solar thin film supplier in China, to promote thin film solar power systems in Palm Springs, Thermal City and other cities in the Eastern Los Angeles area.
Since 2010, Sunvalley Solar has worked to bring the power of solar electricity and energy efficiency to farm owners in Palm Springs and Thermal City. In these agricultural locales, thin film modules have better performance in high temperature environments than crystalline modules making thin film modules a perfect fit for these climates. The good irradiance conditions in desert areas combined with the thin film technology offered by Sunvalley Solar provide an efficient and cost effective means of solar power for agricultural clients. Though thin-film panels require more area for installation, this is a non-issue at these large agricultural locations where space is readily available and the benefit of increased efficiency and lower utility costs far outweigh the space requirement.
Sunvalley Solar and TianWei SolarFilms recognize the potentially big opportunities for thin-film solar system in this area, especially with the strong solar incentive support from local utility companies. With Sunvalley's expertise in solar installation and TianWei SolarFilms' supply of high quality thin-film panels and related technical support they agree to collaborate closely to win contracts and implement solar systems in these areas.
"Baoding TianWei SolarFilms has taken a leading role in facilitating the Clean Energy Revolution by providing its high efficiency thin film solar panels," said James Zhang, CEO of Sunvalley Solar. "TianWei's high quality, low cost thin film panels, and experienced technical support help us to decrease costs and ensure the continued high quality supply of solar solutions to our clients in Palm Springs and Thermal City."
"TianWei SolarFilms is ready to provide full support for Sunvalley Solar Inc.'s Green Farm Program for clients in Palm Springs and Thermal City. We feel confident that Sunvalley Solar Inc. can offer a superior solar program to its customers. They are an experienced solar development company with strong technical background and solar equipment supplying partners and have an established excellent track record. The partnership between Sunvalley Solar Inc and TianWei SolarFilms will allow Sunvalley to possess competitive advantages in cost, service, warranties and support in order offer a complete solar installation program," said Mickey Liu, Sales Manager of TianWei SolarFilms when she visited Sunvalley Solar with her sales team in October of this year.
Since 2010, Sunvalley Solar has worked to bring the power of solar electricity and energy efficiency to farm owners in Palm Springs and Thermal City. In these agricultural locales, thin film modules have better performance in high temperature environments than crystalline modules making thin film modules a perfect fit for these climates. The good irradiance conditions in desert areas combined with the thin film technology offered by Sunvalley Solar provide an efficient and cost effective means of solar power for agricultural clients. Though thin-film panels require more area for installation, this is a non-issue at these large agricultural locations where space is readily available and the benefit of increased efficiency and lower utility costs far outweigh the space requirement.
Sunvalley Solar and TianWei SolarFilms recognize the potentially big opportunities for thin-film solar system in this area, especially with the strong solar incentive support from local utility companies. With Sunvalley's expertise in solar installation and TianWei SolarFilms' supply of high quality thin-film panels and related technical support they agree to collaborate closely to win contracts and implement solar systems in these areas.
"Baoding TianWei SolarFilms has taken a leading role in facilitating the Clean Energy Revolution by providing its high efficiency thin film solar panels," said James Zhang, CEO of Sunvalley Solar. "TianWei's high quality, low cost thin film panels, and experienced technical support help us to decrease costs and ensure the continued high quality supply of solar solutions to our clients in Palm Springs and Thermal City."
"TianWei SolarFilms is ready to provide full support for Sunvalley Solar Inc.'s Green Farm Program for clients in Palm Springs and Thermal City. We feel confident that Sunvalley Solar Inc. can offer a superior solar program to its customers. They are an experienced solar development company with strong technical background and solar equipment supplying partners and have an established excellent track record. The partnership between Sunvalley Solar Inc and TianWei SolarFilms will allow Sunvalley to possess competitive advantages in cost, service, warranties and support in order offer a complete solar installation program," said Mickey Liu, Sales Manager of TianWei SolarFilms when she visited Sunvalley Solar with her sales team in October of this year.
AQT Solar Announces First Customer Shipments
SUNNYVALE, Calif.--(BUSINESS WIRE)--AQT Solar, a leading developer of low-cost CIGS (copper-indium-gallium-diselenide) thin-film solar cells, today announced the first shipment of modules containing AQT CIGS solar cells. The company also announced that it has shipped cells to several customers and currently has an order backlog of 160MW, approximately 50MW of which is due in 2011. This first shipment rounds out a year of rapid progress and growth for AQT, which included the grand opening of its fully-operational facility in Sunnyvale, California, in August of this year.
AQT achieved this commercial milestone in just two years and with a little over $20M in funding. This rapid path from inception to commercialization validates AQT’s CIGS 2.0 model, a capitally efficient solution that leverages partnerships to reduce costs and time to market while increasing scalability and bankability. Between revenue and order pre-payments, the company is now generating cash and focusing on expansion.
“We set aggressive commercialization goals for 2010 and we achieved them, capped by the delivery of our first customer orders,” said Michael Bartholomeusz, CEO, AQT Solar. “I am extremely proud of what our team has achieved to date and am confident as we enter into the New Year. 2011 and 2012 are going to be very important years for AQT as we transition past the inflection point from commercialization to high volume manufacturing.”
AQT achieved this commercial milestone in just two years and with a little over $20M in funding. This rapid path from inception to commercialization validates AQT’s CIGS 2.0 model, a capitally efficient solution that leverages partnerships to reduce costs and time to market while increasing scalability and bankability. Between revenue and order pre-payments, the company is now generating cash and focusing on expansion.
“We set aggressive commercialization goals for 2010 and we achieved them, capped by the delivery of our first customer orders,” said Michael Bartholomeusz, CEO, AQT Solar. “I am extremely proud of what our team has achieved to date and am confident as we enter into the New Year. 2011 and 2012 are going to be very important years for AQT as we transition past the inflection point from commercialization to high volume manufacturing.”
Xtreme Power and Xcel Energy Partner With SolarTAC on Utility-Scale “Solar-to-Battery” Distribution Project
DENVER--(BUSINESS WIRE)--Xtreme Power Inc., provider of Dynamic Power Resources™ (DPRs) for utility-scale energy storage, and Xcel Energy (NYSE:XEL) today announced a partnership to install a 1 megawatt (MW) system to collect operational data on the integration of energy storage and solar energy systems at the Solar Technology Acceleration Center (SolarTAC).
SolarTAC is a private facility in Aurora, Colo. that serves as a solar industry test bed to validate and demonstrate a variety of solar technologies. The role of Xtreme Power’s DPR is to perform a number of energy storage and grid asset functions, including output smoothing, time shifting and forecast error mitigation for solar energy generated at the site.
The project aims to display the real-world results of integrating storage systems with solar installations, to more efficiently incorporate energy output from renewable sources onto the power grid. Results will be made public to reflect the system’s performance over the course of three years.
“Taking part in the SolarTAC project with Xcel Energy affords us an opportunity to work alongside one of the most progressive utilities in the industry,” said Carlos Coe, CEO of Xtreme Power. “We expect the results to highlight the broad range of benefits battery energy storage brings to PV manufacturers, project developers and power producers, ultimately enabling a more effective utilization of clean energy around the world.”
“We hope that this demonstration will prove to be a pivotal point for PV solar energy combined with energy storage, and in turn underscore for utilities and other electricity providers that viable energy storage systems can become a commercial reality,” said Frank Novachek, Xcel Energy director for business planning.
The DPR will be operational at the site by the end of 2010.
SolarTAC is a private facility in Aurora, Colo. that serves as a solar industry test bed to validate and demonstrate a variety of solar technologies. The role of Xtreme Power’s DPR is to perform a number of energy storage and grid asset functions, including output smoothing, time shifting and forecast error mitigation for solar energy generated at the site.
The project aims to display the real-world results of integrating storage systems with solar installations, to more efficiently incorporate energy output from renewable sources onto the power grid. Results will be made public to reflect the system’s performance over the course of three years.
“Taking part in the SolarTAC project with Xcel Energy affords us an opportunity to work alongside one of the most progressive utilities in the industry,” said Carlos Coe, CEO of Xtreme Power. “We expect the results to highlight the broad range of benefits battery energy storage brings to PV manufacturers, project developers and power producers, ultimately enabling a more effective utilization of clean energy around the world.”
“We hope that this demonstration will prove to be a pivotal point for PV solar energy combined with energy storage, and in turn underscore for utilities and other electricity providers that viable energy storage systems can become a commercial reality,” said Frank Novachek, Xcel Energy director for business planning.
The DPR will be operational at the site by the end of 2010.
Solar Power, Inc. Selected to Build Five Megawatt Rooftop Solar System in New Jersey
ROSEVILLE, Calif.--(BUSINESS WIRE)--Solar Power, Inc. (OTCBB:SOPW), announced today that it has entered into a contract to design, engineer, and construct a five-megawatt rooftop system for installation on the expansive White Rose, Inc. distribution warehouse located in Carteret, New Jersey and owned by private equity firm KTR Capital Partners. NuGen Capital Management, LLC (“NuGen”) and KDC Solar LLC, (“KDC Solar”) who have formed a joint venture to own and operate the system, selected Solar Power, Inc. for the Engineering, Procurement and Construction (EPC) of the project. In addition to performing as EPC contractor, Solar Power, Inc. will also monitor and service the power plant once completed. The system will feature Solar Power, Inc.’s SkyMount® racking system and the Company’s solar modules.
“This is a significant project for us,” said Steve Kircher, Chairman and CEO of Solar Power, Inc. “The White Rose installation will be one of the largest systems of its type in the nation. More importantly, the project allows us to continue to develop our presence and portfolio in the Northeastern U.S. It also provides our Company the opportunity to showcase the unique talents and abilities we offer - it’s a perfect fit for our products and our system design and construction expertise. We look forward to working with NuGen and KDC Solar as the project commences,” Mr. Kircher concluded.
“A project of this scope and scale requires a significant amount of research and due diligence on behalf of everyone involved. Ultimately, Solar Power, Inc.’s highly adaptable SkyMount® racking system coupled with its track record in the solar industry made a big difference,” said David Milner, CEO for NuGen, the project developer. “I am pleased to be working with Solar Power, Inc., and look forward to a continued relationship as NuGen develops additional opportunities throughout the Northeast.”
The White Rose Food building is located in Carteret, New Jersey and serves as White Rose Food’s corporate offices and as a major hub in its distribution network. White Rose Food serves supermarket chains, independent retailers and members of voluntary cooperatives, providing more than 18,000 food- and non-food products to more than 1,800 stores from Maryland to Connecticut. The company is the largest independent wholesale food distributor in the New York City and New Jersey metropolitan areas, which make up the biggest consumer market in the United States.
The project is scheduled to begin in January, 2011 and conclude early in the second half of the year.
“This is a significant project for us,” said Steve Kircher, Chairman and CEO of Solar Power, Inc. “The White Rose installation will be one of the largest systems of its type in the nation. More importantly, the project allows us to continue to develop our presence and portfolio in the Northeastern U.S. It also provides our Company the opportunity to showcase the unique talents and abilities we offer - it’s a perfect fit for our products and our system design and construction expertise. We look forward to working with NuGen and KDC Solar as the project commences,” Mr. Kircher concluded.
“A project of this scope and scale requires a significant amount of research and due diligence on behalf of everyone involved. Ultimately, Solar Power, Inc.’s highly adaptable SkyMount® racking system coupled with its track record in the solar industry made a big difference,” said David Milner, CEO for NuGen, the project developer. “I am pleased to be working with Solar Power, Inc., and look forward to a continued relationship as NuGen develops additional opportunities throughout the Northeast.”
The White Rose Food building is located in Carteret, New Jersey and serves as White Rose Food’s corporate offices and as a major hub in its distribution network. White Rose Food serves supermarket chains, independent retailers and members of voluntary cooperatives, providing more than 18,000 food- and non-food products to more than 1,800 stores from Maryland to Connecticut. The company is the largest independent wholesale food distributor in the New York City and New Jersey metropolitan areas, which make up the biggest consumer market in the United States.
The project is scheduled to begin in January, 2011 and conclude early in the second half of the year.
Tuesday, December 28, 2010
The X-Change Corporation Announces Subsidiary Name Change for Solar Silicon Production
DALLAS, TX--(Marketwire - December 28, 2010) - The X-Change Corporation (PINKSHEETS: XCHC) today announced that it has changed the name of its subsidiary, Commerce Services, Inc., to PolySilicon, Inc. PolySilicon will undertake the production of solar-grade silicon metal in new furnaces ordered after X-Change's purchase of the License of the IP of 21-Century Silicon on December 8th. The new furnaces are scheduled to be completed during the first quarter of 2011. The Company is still awaiting the decision by the State of Texas agreeing to the asset purchase agreement signed by the Company and 21-Century on December 8, 2010. The existing plant of 21-Century has been closed since the exclusive licensing agreement with the Company was concluded.
PolySilicon will manufacture solar-grade silicon metal at half the manufacturing cost, one-tenth the plant setup cost, and in one quarter of the plant setup time of its major competitors, enabling its customers to benefit from the company's major cost advantages and receive a high-purity product at a price competitive with that offered elsewhere within the industry.
PolySilicon will manufacture solar-grade silicon metal at half the manufacturing cost, one-tenth the plant setup cost, and in one quarter of the plant setup time of its major competitors, enabling its customers to benefit from the company's major cost advantages and receive a high-purity product at a price competitive with that offered elsewhere within the industry.
Solar Energy Initiatives Announces Letter of Intent for $1.2 Million Delaware School Solar Project
PONTE VEDRA BEACH, FL--(Marketwire - December 28, 2010) - Solar Energy Initiatives, Inc. (OTCBB: SNRY), with businesses in solar project development, distribution and workforce training, today announced that the Company has secured a letter of intent to complete a solar PV PPA project with a Delaware Charter School. The project is expected to generate approximately $1.2 million in revenue.
The undertaking is designed to utilize approximately 1,325 solar panels and is projected to reduce hazardous carbon dioxide emissions by 500 tons annually. The system is planned for up to 300 kilowatts (KW) of roof mounted solar panels. The Company anticipates that the project will commence in 2011, with completion scheduled during the fall of 2011.
Solar Energy Initiatives will serve as the project developer, overseeing the construction process and providing all of the solar equipment and balance of system to the commercial site. In addition to product sales and services, the Company also expects to receive revenue from the management of the sale of the newly generated solar electricity. Solar Energy plans to partner with a major funding source, as well as a recognized local solar installer, to launch the solar systems.
"This agreement is yet another example of Solar Energy's ability to expand its market presence into new geographic regions due in large part to the universal appeal our solar energy solutions offer for schools," stated Mr. David Fann, Chief Executive Officer of Solar Energy Initiatives. "Management is encouraged by the significant growth opportunity that the northeast region of the United States has presented us with and we will strive to leverage the area's commitment to solar and clean energy into additional contracts. As our sales pipeline continues to grow, we will remain dedicated to following this proven business model in order to continue establishing our market presence, securing additional contracts, and increasing our revenue generation."
The undertaking is designed to utilize approximately 1,325 solar panels and is projected to reduce hazardous carbon dioxide emissions by 500 tons annually. The system is planned for up to 300 kilowatts (KW) of roof mounted solar panels. The Company anticipates that the project will commence in 2011, with completion scheduled during the fall of 2011.
Solar Energy Initiatives will serve as the project developer, overseeing the construction process and providing all of the solar equipment and balance of system to the commercial site. In addition to product sales and services, the Company also expects to receive revenue from the management of the sale of the newly generated solar electricity. Solar Energy plans to partner with a major funding source, as well as a recognized local solar installer, to launch the solar systems.
"This agreement is yet another example of Solar Energy's ability to expand its market presence into new geographic regions due in large part to the universal appeal our solar energy solutions offer for schools," stated Mr. David Fann, Chief Executive Officer of Solar Energy Initiatives. "Management is encouraged by the significant growth opportunity that the northeast region of the United States has presented us with and we will strive to leverage the area's commitment to solar and clean energy into additional contracts. As our sales pipeline continues to grow, we will remain dedicated to following this proven business model in order to continue establishing our market presence, securing additional contracts, and increasing our revenue generation."
Etrion Completes Matino Solar Park in Italy
GENEVA, SWITZERLAND--(Marketwire - Dec. 28, 2010) - Etrion Corporation ("Etrion" or the "Company") (TSX:ETX)(OMX:ETX), an independent solar power producer, announces the completion of the Matino solar park in Puglia, Italy.
Marco Northland, Etrion's CEO, commented, "We are pleased to announce the completion of the third park from our 3 MW SVE project in Italy."
The Matino park has a total capacity of 1 MW and is expected to produce over 1.7 million kilowatt hours ("kWh") of clean electricity and more than 600,000 euros of earnings before interest, taxes, depreciation and amortization ("EBITDA") per year.
The project is expected to benefit from the 2010 feed-in-tariff of 0.346 euros per kWh plus a market price of approximately 0.08 euros per kWh.
The Italian feed-in-tariff is a premium purchase price for solar electricity that is guaranteed by the Italian government for 20 years from the start of operations.
The 1 MW Matino park is a ground-based solar PV power plant using SunPower's high-efficiency PV modules and single axis tracker technology with Siemens inverters.
Centrobanca, an Italian bank, provided 83% of the financing for the project with a 17.5-year, non-recourse loan.
Marco Northland, Etrion's CEO, commented, "We are pleased to announce the completion of the third park from our 3 MW SVE project in Italy."
The Matino park has a total capacity of 1 MW and is expected to produce over 1.7 million kilowatt hours ("kWh") of clean electricity and more than 600,000 euros of earnings before interest, taxes, depreciation and amortization ("EBITDA") per year.
The project is expected to benefit from the 2010 feed-in-tariff of 0.346 euros per kWh plus a market price of approximately 0.08 euros per kWh.
The Italian feed-in-tariff is a premium purchase price for solar electricity that is guaranteed by the Italian government for 20 years from the start of operations.
The 1 MW Matino park is a ground-based solar PV power plant using SunPower's high-efficiency PV modules and single axis tracker technology with Siemens inverters.
Centrobanca, an Italian bank, provided 83% of the financing for the project with a 17.5-year, non-recourse loan.
LDK Solar Reaches 3.0 GW Wafer Production Capacity
XINYU CITY, China and SUNNYVALE, Calif., Dec. 28, 2010 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers and PV products, today announced that the Company reached the milestone of 3.0 gigawatts (GW) annualized capacity at its wafer plants. Mr. Xiaofeng Peng, Founder, Chairman and CEO hosted a ceremony to celebrate at the company's facilities in Xinyu City, China.
"As the world's leading wafer company, we are pleased to achieve this milestone," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "This achievement positions the Company to continue to capitalize on the demand for its PV products."
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products and the world's largest producer of multicrystalline wafers. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, modules and cells. The Company also engages in project development activities in selected segments of the PV market. Through its broad product offering, LDK Solar provides its customers with a full spectrum of PV solutions. LDK Solar's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about our company and products, please visit www.ldksolar.com
"As the world's leading wafer company, we are pleased to achieve this milestone," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "This achievement positions the Company to continue to capitalize on the demand for its PV products."
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products and the world's largest producer of multicrystalline wafers. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, modules and cells. The Company also engages in project development activities in selected segments of the PV market. Through its broad product offering, LDK Solar provides its customers with a full spectrum of PV solutions. LDK Solar's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about our company and products, please visit www.ldksolar.com
KYOCERA to Supply 204 MW of Solar Modules for One of S.E. Asia's Largest Solar Power Projects
KYOTO, Japan--(BUSINESS WIRE)--Kyocera Corporation (NYSE:KYO)(TOKYO:6971) today announced that it has agreed to supply roughly one million solar modules equivalent to 204-megawatts (MW) for Thailand's largest solar power project, which is being implemented by Solar Power Co., Ltd. Under the project, 6MW "Solar Farms" are to be constructed at 34 sites concentrated in northeastern Thailand.
In total, the Solar Farm project will provide electricity for the local area with an annual power output sufficient for roughly 170,000 average Thai households*.
"We chose Kyocera modules for this project due to their high quality and reliability, and the company's 35 years of experience in the industry. With these we plan to deliver the benefits of the sun's energy to the people of Thailand," stated the president of Solar Power Co., Ltd., Ms. Wandee Khunchornyakong.
The Solar Farm Project is being planned, constructed and managed by Solar Power Co., Ltd., and the power generated from the project will be routed to the Provincial Electricity Authority of Thailand (PEA) and then supplied to homes and businesses. The project plans to build 34 individual 6MW Solar Farms for a total output of 204MW.
In order to reduce its energy dependency, Thailand has been aggressively pursuing the adoption of energy-saving products and alternative energies. Moreover, blessed with good weather and a high amount of annual solar radiation, the use of solar power is expected to grow in the future. Since the introduction of a feed-in-tariff in 2007 the implementation of solar power has begun in earnest. Furthermore, the Thai Government has announced a plan to install 500MW of solar power by 2022.
"Kyocera is honored to be able to contribute to meeting the renewable energy targets of Thailand," stated Kyocera Corporation vice president and general manager of the Corporate Solar Energy Group, Mr. Tatsumi Maeda. "We have a proven track record of supplying modules for large-scale solar power plants across the globe, including projects in Spain, Germany and the U.S., and we will deliver a stable supply of high-quality products for the completion of this project."
In total, the Solar Farm project will provide electricity for the local area with an annual power output sufficient for roughly 170,000 average Thai households*.
"We chose Kyocera modules for this project due to their high quality and reliability, and the company's 35 years of experience in the industry. With these we plan to deliver the benefits of the sun's energy to the people of Thailand," stated the president of Solar Power Co., Ltd., Ms. Wandee Khunchornyakong.
The Solar Farm Project is being planned, constructed and managed by Solar Power Co., Ltd., and the power generated from the project will be routed to the Provincial Electricity Authority of Thailand (PEA) and then supplied to homes and businesses. The project plans to build 34 individual 6MW Solar Farms for a total output of 204MW.
In order to reduce its energy dependency, Thailand has been aggressively pursuing the adoption of energy-saving products and alternative energies. Moreover, blessed with good weather and a high amount of annual solar radiation, the use of solar power is expected to grow in the future. Since the introduction of a feed-in-tariff in 2007 the implementation of solar power has begun in earnest. Furthermore, the Thai Government has announced a plan to install 500MW of solar power by 2022.
"Kyocera is honored to be able to contribute to meeting the renewable energy targets of Thailand," stated Kyocera Corporation vice president and general manager of the Corporate Solar Energy Group, Mr. Tatsumi Maeda. "We have a proven track record of supplying modules for large-scale solar power plants across the globe, including projects in Spain, Germany and the U.S., and we will deliver a stable supply of high-quality products for the completion of this project."
Monday, December 27, 2010
SunEdison Receives Final Milestone Payment for Rovigo Solar Power Plant
BELTSVILLE, Md., Dec. 27, 2010 /PRNewswire/ -- SunEdison, a leading worldwide solar energy services provider and a subsidiary of MEMC Electronic Materials (NYSE: WFR), announced today that it has received the final milestone payment of 230 million Euros from First Reserve for the sale of a 70 megawatt (MW) photovoltaic (PV) power plant located in Northeast Italy, near the town of Rovigo.
As previously announced, the Rovigo solar power plant was acquired by First Reserve for approximately 276 million Euros, through a joint venture established between First Reserve and SunEdison. In October 2010, First Reserve made an initial milestone payment of 46 million Euros to SunEdison and on December 23, 2010 funded the final 230 million Euro milestone payment.
"The development and sale of the Rovigo power plant was a major achievement and defining moment for SunEdison in 2010," stated Carlos Domenech, President of SunEdison. "In less than ten months, we designed and developed one of the largest single operating solar power plants in Europe. In addition, we worked with project investors to develop the finance structures needed, reached out to local government agencies to understand their renewable energy goals and job creation needs, and brought the right people and technologies together to make this project a reality. The Rovigo project is a testament to the strength, experience and the talent that SunEdison offers."
The Rovigo solar plant is expected to create significant environmental benefits in addition to the construction and maintenance jobs that benefit the local community. In its first year of operation, the system is expected to generate enough energy to power approximately 16,500 homes and prevent the emission of 40,000 tons of CO2, which would equate to the removal of 8,000 cars from the road. SunEdison will manage the ongoing operations and maintenance of the 70MW power plant.
As previously announced, the Rovigo solar power plant was acquired by First Reserve for approximately 276 million Euros, through a joint venture established between First Reserve and SunEdison. In October 2010, First Reserve made an initial milestone payment of 46 million Euros to SunEdison and on December 23, 2010 funded the final 230 million Euro milestone payment.
"The development and sale of the Rovigo power plant was a major achievement and defining moment for SunEdison in 2010," stated Carlos Domenech, President of SunEdison. "In less than ten months, we designed and developed one of the largest single operating solar power plants in Europe. In addition, we worked with project investors to develop the finance structures needed, reached out to local government agencies to understand their renewable energy goals and job creation needs, and brought the right people and technologies together to make this project a reality. The Rovigo project is a testament to the strength, experience and the talent that SunEdison offers."
The Rovigo solar plant is expected to create significant environmental benefits in addition to the construction and maintenance jobs that benefit the local community. In its first year of operation, the system is expected to generate enough energy to power approximately 16,500 homes and prevent the emission of 40,000 tons of CO2, which would equate to the removal of 8,000 cars from the road. SunEdison will manage the ongoing operations and maintenance of the 70MW power plant.
ET Solar Signs 370MW Solar Cell Procurement Agreement with Neo Solar
NANJING, China, Dec. 27, 2010 /PRNewswire-Asia/ -- ET Solar Group Corp. ("ET Solar"), a leading China-based photovoltaic ("PV") system turnkey solution provider and integrated manufacturer of PV products, announced a long term procurement agreement with Neo Solar Power Corp. ("Neo Solar") for a total volume of 370MW solar cells between 2011 and 2013.
During the agreement signing ceremony, ET Solar awarded "Top Partner of 2011" to Neo Solar for the strong business collaboration that the two firms achieved in the past three years.
Mr. Dennis She, President of ET Solar, commented, "The "Top Partner" award carries our appreciation for the high product quality and outstanding customer service that Neo Solar delivered to us. The three-year long term procurement agreement will further strengthen our supply chain management and ultimately benefit our customers. In addition, we have also commenced joint efforts for new product development with Neo Solar. This multi-facet relationship clearly warrants a stronger partnership between the two firms going forward."
"We are thrilled to cooperate with ET Solar, one of the leading solar system companies in China. This agreement further enhances the long-term strategic partnership and competitiveness on both sides. It's our honor that NSP has been chosen as Top Partner by ET Solar since 2009 for two consecutive years. Recently, we have been securing material supplies with upstream manufacturers by consolidating agreements to actively strengthen our support for the clients' growth. We will continue to supply high performance PV cells to ET Solar to expand sales for both parties and advance in global market share," stated Dr. Quincy Lin, Chairman of Neo Solar Power.
During the agreement signing ceremony, ET Solar awarded "Top Partner of 2011" to Neo Solar for the strong business collaboration that the two firms achieved in the past three years.
Mr. Dennis She, President of ET Solar, commented, "The "Top Partner" award carries our appreciation for the high product quality and outstanding customer service that Neo Solar delivered to us. The three-year long term procurement agreement will further strengthen our supply chain management and ultimately benefit our customers. In addition, we have also commenced joint efforts for new product development with Neo Solar. This multi-facet relationship clearly warrants a stronger partnership between the two firms going forward."
"We are thrilled to cooperate with ET Solar, one of the leading solar system companies in China. This agreement further enhances the long-term strategic partnership and competitiveness on both sides. It's our honor that NSP has been chosen as Top Partner by ET Solar since 2009 for two consecutive years. Recently, we have been securing material supplies with upstream manufacturers by consolidating agreements to actively strengthen our support for the clients' growth. We will continue to supply high performance PV cells to ET Solar to expand sales for both parties and advance in global market share," stated Dr. Quincy Lin, Chairman of Neo Solar Power.
Trina Solar Announces Three-Year $800 Million Investment in Changzhou Trina PV Park
CHANGZHOU, China, Dec. 27, 2010 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic (PV) products from the production of ingots, wafers and cells to the assembly of PV modules, announced that it intends to invest approximately $800 million over three years in Changzhou Trina PV Park.
The investments in Changzhou Trina PV Park from 2011 to 2013 will be made for the purposes of expanding the Company's manufacturing capacity and research and development facilities. The announcement was made during a ceremony held at the Changzhou Administration Centre on December 26 and attended by Mr. Zhang Wei Guo, Vice Governor of Jiangsu Province and Mr. Fan Yan Qing, CPC Secretary of Changzhou Municipal Committee.
The Company also announced that its wholly owned subsidiary Changzhou Trina Solar Energy Co. Ltd. surpassed the revenue milestone of 10 billion Renminbi for the calendar year 2010. This figure does not represent the consolidated revenue of Trina Solar Limited in 2010.
"We are pleased to announce the continuing investments in our capacity expansion and R&D within the Changzhou Trina PV Park to meet the increasing global demand for our PV products and brand," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "The investments will also include the establishment of our State Key PV Research Laboratory to accelerate the advancement and delivery of new technologies and products to solidify our position as a global PV industry leader."
"We are also proud that our local Changzhou operating entity surpassed the milestone revenue of 10 billion Renminbi for 2010, reflecting our on-going and successful execution of our business strategy and operations growth."
As announced on November 30, 2010, the Company reiterates its total 2010 PV module shipments to be approximately 1 GW, representing an increase of approximately 151% from the annual PV module shipments in 2009.
The investments in Changzhou Trina PV Park from 2011 to 2013 will be made for the purposes of expanding the Company's manufacturing capacity and research and development facilities. The announcement was made during a ceremony held at the Changzhou Administration Centre on December 26 and attended by Mr. Zhang Wei Guo, Vice Governor of Jiangsu Province and Mr. Fan Yan Qing, CPC Secretary of Changzhou Municipal Committee.
The Company also announced that its wholly owned subsidiary Changzhou Trina Solar Energy Co. Ltd. surpassed the revenue milestone of 10 billion Renminbi for the calendar year 2010. This figure does not represent the consolidated revenue of Trina Solar Limited in 2010.
"We are pleased to announce the continuing investments in our capacity expansion and R&D within the Changzhou Trina PV Park to meet the increasing global demand for our PV products and brand," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "The investments will also include the establishment of our State Key PV Research Laboratory to accelerate the advancement and delivery of new technologies and products to solidify our position as a global PV industry leader."
"We are also proud that our local Changzhou operating entity surpassed the milestone revenue of 10 billion Renminbi for 2010, reflecting our on-going and successful execution of our business strategy and operations growth."
As announced on November 30, 2010, the Company reiterates its total 2010 PV module shipments to be approximately 1 GW, representing an increase of approximately 151% from the annual PV module shipments in 2009.
Yingli Green Energy Announces Redemption of Its Zero Coupon Convertible Senior Notes Due 2012
BAODING, China, Dec. 27, 2010 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand "Yingli Solar," today announced that in December 2010, it re-purchased US$171.3 million aggregate principal amount of its zero coupon convertible senior notes due 2012 (the "Notes") for a total cash consideration of US$199.4 million based on a yield to maturity or yield to put of 5.125%. As of the date of this press release, the Company only had US$1.3 million Notes outstanding due December 2012.Yingli Green Energy may from time to time seek to make additional repurchases of the US$1.3 million outstanding Notes.
"We are pleased to announce the repurchase of these convertible notes, which is expected to reduce our interest expense and enhance our balance sheet," Mr. Zongwei Li, Director and Chief Financial Officer of Yingli Green Energy, commented. "We still maintain a cash balance of approximately US$700 million in bank accounts as of the date of this press release after making the US$199.4 million payment for this repurchase. As of the date of this press release, with approximately RMB 4.8 billion in unutilized short-term lines of credit and RMB 2.6 billion committed long-term credit facilities that can be drawn down in the near future, which includes the scheduled issuance of RMB 1.4 billion medium-term notes in the second quarter of 2011 by one of our operating subsidiaries in China, we are confident in maintaining our financial capability and flexibility in executing our strategic growth plan."
"We are pleased to announce the repurchase of these convertible notes, which is expected to reduce our interest expense and enhance our balance sheet," Mr. Zongwei Li, Director and Chief Financial Officer of Yingli Green Energy, commented. "We still maintain a cash balance of approximately US$700 million in bank accounts as of the date of this press release after making the US$199.4 million payment for this repurchase. As of the date of this press release, with approximately RMB 4.8 billion in unutilized short-term lines of credit and RMB 2.6 billion committed long-term credit facilities that can be drawn down in the near future, which includes the scheduled issuance of RMB 1.4 billion medium-term notes in the second quarter of 2011 by one of our operating subsidiaries in China, we are confident in maintaining our financial capability and flexibility in executing our strategic growth plan."
SunPower Completes Sale of 44-Megawatt Montalto di Castro Solar Park
SAN JOSE, Calif., Dec. 27, 2010 /PRNewswire-FirstCall/ -- SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced that it has completed the sale of its 44-megawatt (MW) Montalto di Castro solar park to a consortium of international investors that include MetLife, Fondo PPP Italia (managed by Fondaco SGR S.p.A and advised by Equiter S.p.A) and Voigt & Collegen (with its funds SolEs 22 and SolEs 23). SunPower designed and built the solar power plant and will provide ongoing operations and maintenance services for the new owners. Barclays Capital advised MetLife on this transaction.
"With the sale of this power plant now completed, we have met the goal of developing, constructing and monetizing 72 megawatts from the Montalto di Castro solar park," said Dennis Arriola, SunPower chief financial officer. "We are proud of this accomplishment and recognize the dedicated team and various independent parties that helped to deliver this successful outcome."
The Montalto di Castro solar park, developed by SunPower, is located in the Lazio region of Italy near Rome, where the 20-MW first phase was connected to the grid in November of 2009, several weeks ahead of schedule. The 8-MW second phase was commissioned earlier this fall, and the third and fourth phases, totaling 44 MW, were completed earlier this month. SunPower financed the development and construction of the 44-MW with proceeds from the solar industry's first-of-its-kind solar bond.
"With the sale of this power plant now completed, we have met the goal of developing, constructing and monetizing 72 megawatts from the Montalto di Castro solar park," said Dennis Arriola, SunPower chief financial officer. "We are proud of this accomplishment and recognize the dedicated team and various independent parties that helped to deliver this successful outcome."
The Montalto di Castro solar park, developed by SunPower, is located in the Lazio region of Italy near Rome, where the 20-MW first phase was connected to the grid in November of 2009, several weeks ahead of schedule. The 8-MW second phase was commissioned earlier this fall, and the third and fourth phases, totaling 44 MW, were completed earlier this month. SunPower financed the development and construction of the 44-MW with proceeds from the solar industry's first-of-its-kind solar bond.
Critigen Debuts Solar Map for Salt Lake City
DENVER--(BUSINESS WIRE)--Critigen, a global technology consultancy, today lifted the veil on its latest solar map, which has been built for the citizens of Salt Lake City. The map, which can be viewed at: www.slcgov.com/solar/, was developed in collaboration with The Solar Salt Lake Project, an innovative partnership among Salt Lake City, Salt Lake County, Utah Clean Energy and other partners; as well as through work with CH2M HILL and funded by the U.S. Department of Energy’s Solar America Cities program. Debuting today, the solar map gives the citizens of Salt Lake City the ability to visit the site, enter in a property address and see a visual snapshot of the property rooftop and its suitability for solar panels.
“Critigen’s user-friendly solar map provides residents with easy access to information about the potential of solar energy in our neighborhoods,” said Salt Lake City Mayor Ralph Becker. “As part of broader livability initiatives, Salt Lake City has set a goal to facilitate at least 10 megawatts of solar installations by 2015. With tools like the solar map, we take the next steps to encourage adoption and further livability in our city,” he added.
“Critigen’s user-friendly solar map provides residents with easy access to information about the potential of solar energy in our neighborhoods,” said Salt Lake City Mayor Ralph Becker. “As part of broader livability initiatives, Salt Lake City has set a goal to facilitate at least 10 megawatts of solar installations by 2015. With tools like the solar map, we take the next steps to encourage adoption and further livability in our city,” he added.
Thursday, December 23, 2010
GCL-Poly Signs Long-Term Contract With Solarfun to Supply 2,500 MW of Wafer and Polysilicon Products
SHANGHAI, Dec. 23, 2010 /PRNewswire/ -- Solarfun Power Holdings Co., Ltd. ("Solarfun" or the "Company") (Nasdaq: SOLF), a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic ("PV") cells and modules in China, today announced that it has signed a long-term supplementary wafer and polysilicon product supply contract with GCL-Poly Energy Holdings Limited (3800.HK) ("GCL-Poly"). GCL-Poly will provide Solarfun with a total of 2,500 MW wafer and polysilicon products over the next five years.
Under the supplementary wafer and polysilicon product supply contract between Solarfun and GCL (Suzhou) Solar Energy Technology Company Limited, a subsidiary of GCL-Poly, GCL-Poly will provide a total of 2,500 MW wafer and polysilicon products from January 2011 to December 2015 to Solarfun. A price adjustment mechanism is included in the contract.
"By signing this long-term supplementary wafer and polysilicon contract with GCL-Poly, we are further strengthening the long-term strategic collaboration between both parties," said Mr. Peter Xie, President and Chief Executive Officer of Solarfun. "We expect this to satisfy our requirements for key raw materials on a cost-effective basis, and allow us to continue expanding in scale as we meet our growing customer needs worldwide."
Mr. Shu Hua, Executive Director and Executive President of GCL-Poly, added, "We are pleased to maintain our close strategic collaboration with Solarfun, one of the world's leading solar companies. We will provide high quality services to support Solarfun's rapid development. We look forward to achieving a win-win situation with Solarfun in the global solar industry."
Under the supplementary wafer and polysilicon product supply contract between Solarfun and GCL (Suzhou) Solar Energy Technology Company Limited, a subsidiary of GCL-Poly, GCL-Poly will provide a total of 2,500 MW wafer and polysilicon products from January 2011 to December 2015 to Solarfun. A price adjustment mechanism is included in the contract.
"By signing this long-term supplementary wafer and polysilicon contract with GCL-Poly, we are further strengthening the long-term strategic collaboration between both parties," said Mr. Peter Xie, President and Chief Executive Officer of Solarfun. "We expect this to satisfy our requirements for key raw materials on a cost-effective basis, and allow us to continue expanding in scale as we meet our growing customer needs worldwide."
Mr. Shu Hua, Executive Director and Executive President of GCL-Poly, added, "We are pleased to maintain our close strategic collaboration with Solarfun, one of the world's leading solar companies. We will provide high quality services to support Solarfun's rapid development. We look forward to achieving a win-win situation with Solarfun in the global solar industry."
Entech Solar Announces Appointment of Carl Pope to Board of Directors
FORT WORTH--(BUSINESS WIRE)--Entech Solar, Inc. (OTC BB: ENSL) (the “Company”, “Entech Solar”, or “Entech”), a leading developer of renewable energy technologies and sustainable daylighting solutions, today announced that Carl Pope, Chairman of the Sierra Club, has been appointed to its Board of Directors and to the Special Committee of the Board.
"Entech Solar is very pleased to welcome Carl to our Board of Directors. Carl brings a great deal of experience in working with individuals, companies, associations and governments to help make our planet a more environmentally friendly place to live. His expertise and insight will be helpful as we move toward commercializing Entech Solar’s new generation of environmentally friendly products including our concentrating solar modules and tubular skylights," said David Gelbaum, CEO and Chairman of Entech Solar.
Mr. Pope has been the Chairman of the Sierra Club since March 2010, after serving for more than seventeen years as the Sierra Club's Executive Director. Mr. Pope received a B.A., summa cum laude, from Harvard College in 1967 and is the author or co-author of several books and articles on environmental issues.
"Entech Solar is very pleased to welcome Carl to our Board of Directors. Carl brings a great deal of experience in working with individuals, companies, associations and governments to help make our planet a more environmentally friendly place to live. His expertise and insight will be helpful as we move toward commercializing Entech Solar’s new generation of environmentally friendly products including our concentrating solar modules and tubular skylights," said David Gelbaum, CEO and Chairman of Entech Solar.
Mr. Pope has been the Chairman of the Sierra Club since March 2010, after serving for more than seventeen years as the Sierra Club's Executive Director. Mr. Pope received a B.A., summa cum laude, from Harvard College in 1967 and is the author or co-author of several books and articles on environmental issues.
AES Solar Closes on €103 Million Project Financing for a 24 MW Photovoltaic Portfolio in Italy
ARLINGTON, Va.--(BUSINESS WIRE)--AES Solar, a joint venture between The AES Corporation (NYSE: AES) and Riverstone Holdings LLC, announced today that one of its subsidiaries closed on long-term non-recourse financing facilities of €103 million for a 24 MW portfolio of solar photovoltaic (PV) projects, named ”Il Terzo.” The Il Terzo portfolio is located throughout the Lazio, Puglia and Sicilia regions of Italy.
David Sundstrom, AES Solar Country Manager for Italy stated: “The Il Terzo financing was an especially challenging endeavor as it was a multi-project financing, covering seven of our Italian PV projects which were in various stages of construction throughout the financing process. Closing our third financing in Italy in the space of eight months underlines the quality of AES Solar’s capabilities in project finance and development and the strength of our banking relationships.”
Two banks participated in this financing: Dexia Crediop (as Agent) and Société Générale. The facilities cover approximately 85 percent of estimated project costs with a final maturity date of 18 years post construction.
The seven plants composing Il Terzo are expected to reach commercial operation by the end of the first quarter of 2011, which will qualifies the portfolio for a 20-year regulated feed-in tariff under the “Conto Energia” scheme.
AES Solar currently has a global operating portfolio of 37 MW in France, Greece and Spain, and with the addition of the Il Terzo portfolio, has approximately 135 MW of projects in operation or under construction.
David Sundstrom, AES Solar Country Manager for Italy stated: “The Il Terzo financing was an especially challenging endeavor as it was a multi-project financing, covering seven of our Italian PV projects which were in various stages of construction throughout the financing process. Closing our third financing in Italy in the space of eight months underlines the quality of AES Solar’s capabilities in project finance and development and the strength of our banking relationships.”
Two banks participated in this financing: Dexia Crediop (as Agent) and Société Générale. The facilities cover approximately 85 percent of estimated project costs with a final maturity date of 18 years post construction.
The seven plants composing Il Terzo are expected to reach commercial operation by the end of the first quarter of 2011, which will qualifies the portfolio for a 20-year regulated feed-in tariff under the “Conto Energia” scheme.
AES Solar currently has a global operating portfolio of 37 MW in France, Greece and Spain, and with the addition of the Il Terzo portfolio, has approximately 135 MW of projects in operation or under construction.
Wednesday, December 22, 2010
Ethosolar: New Domestic Content Rule has People Going 'Local' for Solar
BARRIE, ONTARIO--(Marketwire - Dec. 22, 2010) - Ontario manufactures of PV solar panels are informing customers to prepare for potential price increases on their Micro Fit and Fit Solar projects as of the New Year. Brought on by the Ontario Power Authority's (OPA) requirement that will have people comply with the 60% domestic content rule laid out in the Green Energy Act, this will mean people could be paying for more expensive solar panels produced here in Ontario.
Ken Rounds of Ethosolar, a family-run company who began building solar projects on farms in late 2009, is on an awareness campaign to inform his customers as well as the public about the potential effects of the content change and what to expect.
"The accountability for meeting the content requirements is on the owner, therefore, it's paramount that people be discerning buyers in the months ahead," said Rounds, a farmer of more than 16 years.
Anyone who applied for a solar project prior to July 2, 2010 must have their project installed and integrated into the grid prior to May 31, 2011 if they wish to stay within the current 40% domestic content level. Those who applied later will be subject to a 60% content level as of January 1, 2011*.
Rounds lays out a few things that people should be aware of to lessen the effects of the change:
Ethosolar, a preferred partner to Canadian Solar - soon to be Ontario's largest manufacturer of solar panels, has committed to holding their 2010 prices during the content rule change.
Earlier this year, the OPA reduced its promised payment of 80.2 cents per Kilowatt hour (kWh) to 64.2 cents per kWh for all micro-FIT ground-mounted solar projects of 10 kW or less.*
"There has been so much confusion and change surrounding solar projects this year. We would like to help those with conditional offers from the OPA make the best choice possible when sifting through the different offers that they may be hearing," said Rounds.
Ken Rounds of Ethosolar, a family-run company who began building solar projects on farms in late 2009, is on an awareness campaign to inform his customers as well as the public about the potential effects of the content change and what to expect.
"The accountability for meeting the content requirements is on the owner, therefore, it's paramount that people be discerning buyers in the months ahead," said Rounds, a farmer of more than 16 years.
Anyone who applied for a solar project prior to July 2, 2010 must have their project installed and integrated into the grid prior to May 31, 2011 if they wish to stay within the current 40% domestic content level. Those who applied later will be subject to a 60% content level as of January 1, 2011*.
Rounds lays out a few things that people should be aware of to lessen the effects of the change:
- Be wary of big price discounts on solar projects!
- Lock in your project today.
Ethosolar, a preferred partner to Canadian Solar - soon to be Ontario's largest manufacturer of solar panels, has committed to holding their 2010 prices during the content rule change.
- Choose a trusted supplier with installation capability
Earlier this year, the OPA reduced its promised payment of 80.2 cents per Kilowatt hour (kWh) to 64.2 cents per kWh for all micro-FIT ground-mounted solar projects of 10 kW or less.*
"There has been so much confusion and change surrounding solar projects this year. We would like to help those with conditional offers from the OPA make the best choice possible when sifting through the different offers that they may be hearing," said Rounds.
Etrion Completes Ruffano Solar Park in Italy
GENEVA, SWITZERLAND--(Marketwire - Dec. 22, 2010) - Etrion Corporation ("Etrion" or the "Company") (TSX:ETX)(OMX:ETX), an independent solar power producer, announces the completion of the Ruffano solar park in Puglia, Italy.
Marco Northland, Etrion's CEO, commented, "We are pleased to announce the completion of another solar park in Italy. We continue to execute on our projects under construction and expect to exit the year with almost 50 MW operational."
The Ruffano park has a total capacity of 1 MW and is expected to produce over 1.7 million kilowatt hours ("kWh") of clean electricity and more than 600,000 euros of earnings before interest, taxes, depreciation and amortization ("EBITDA") per year.
The project benefits from the 2010 feed-in-tariff of 0.346 euros per kWh plus a market price of approximately 0.08 euros per kWh.
The Italian feed-in-tariff is a premium purchase price for solar electricity that is guaranteed by the Italian government for 20 years from the start of operations.
The 1 MW Ruffano park is a ground-based solar PV power plant using SunPower's high-efficiency PV modules and single axis tracker technology with Siemens inverters.
Centrobanca, an Italian bank, provided 83% of the financing for the project with a 17.5-year, non-recourse loan.
Marco Northland, Etrion's CEO, commented, "We are pleased to announce the completion of another solar park in Italy. We continue to execute on our projects under construction and expect to exit the year with almost 50 MW operational."
The Ruffano park has a total capacity of 1 MW and is expected to produce over 1.7 million kilowatt hours ("kWh") of clean electricity and more than 600,000 euros of earnings before interest, taxes, depreciation and amortization ("EBITDA") per year.
The project benefits from the 2010 feed-in-tariff of 0.346 euros per kWh plus a market price of approximately 0.08 euros per kWh.
The Italian feed-in-tariff is a premium purchase price for solar electricity that is guaranteed by the Italian government for 20 years from the start of operations.
The 1 MW Ruffano park is a ground-based solar PV power plant using SunPower's high-efficiency PV modules and single axis tracker technology with Siemens inverters.
Centrobanca, an Italian bank, provided 83% of the financing for the project with a 17.5-year, non-recourse loan.
GT Solar Receives $23.8 Million Order for DSS450HP Multicrystalline Ingot Growth Systems from Trina Solar
MERRIMACK, N.H.--(BUSINESS WIRE)--GT Solar International, Inc. (NASDAQ: SOLR), a global provider of polysilicon production technology, and sapphire and silicon crystalline growth systems and materials for the solar, LED and other specialty markets, today announced that it has received two orders totaling $23.8 million order from Trina Solar for its DSS450HP™ crystalline ingot growth systems. The orders will be included in GT Solar’s backlog for its current Q3 FY11, which ends on January 1, 2011.
“Trina Solar is one of the top ten PV cell and module manufacturers and we are pleased that they have selected our DSS450HP systems to meet their ingot growth production needs,” said Tom Gutierrez, GT Solar’s president and CEO. “Our crystalline ingot growth systems provide value to customers because of their proven performance and reliability and help PV manufacturers lower their cost of manufacturing.”
The additional DSS450HP systems will help Trina Solar achieve its goal of significantly expanding its manufacturing capacity. Since the introduction its first DSS240™ in 2003, the company has shipped over 2,000 systems primarily to manufacturers located in Asia. The company has made significant investments in customer service resources to support its growing installed base of customers throughout the Asia Pacific region. GT Solar’s installation teams can get customers up and running through a field-proven, fast commissioning process that reduces the time to volume production
“Trina Solar is one of the top ten PV cell and module manufacturers and we are pleased that they have selected our DSS450HP systems to meet their ingot growth production needs,” said Tom Gutierrez, GT Solar’s president and CEO. “Our crystalline ingot growth systems provide value to customers because of their proven performance and reliability and help PV manufacturers lower their cost of manufacturing.”
The additional DSS450HP systems will help Trina Solar achieve its goal of significantly expanding its manufacturing capacity. Since the introduction its first DSS240™ in 2003, the company has shipped over 2,000 systems primarily to manufacturers located in Asia. The company has made significant investments in customer service resources to support its growing installed base of customers throughout the Asia Pacific region. GT Solar’s installation teams can get customers up and running through a field-proven, fast commissioning process that reduces the time to volume production
EVSO Prepares Memorandum of Understanding with Career Transition Center
THE WOODLANDS, Texas--(BUSINESS WIRE)--Evolution Solar Corp. (PinkSheets: EVSO) announced today that the company is prepared to sign a memorandum of understanding with the Career Transition Center (UCTC), an organization based in Houston dedicated to assisting workers to transfer their current skills into new industries.
The purpose of the memorandum is to facilitate and promote cooperation between EVSO and UCTC towards a potential partnering agreement. The two organizations are in talks to collaborate on a training program in Houston that could assist dislocated and unemployed workers learn to apply their skills to alternative energy projects.
“Creating a viable green-energy workforce in the nation’s energy capital would be a tremendous step toward providing cost-effective solar power and other alternative energy projects in the region,” said Evolution Solar President Robert Hines. “UCTC has the expertise to help make that idea a reality, and we look forward to signing a definitive agreement soon.”
Any renewable energy training program produced through collaboration between EVSO and UCTC would likely include apprenticeships as well as the establishment of hands-on solar demonstration projects, Hines said. Under such a scenario, EVSO would provide solar panels and solar-power experts to facilitate the training process. UCTC, in turn, could provide qualified training participants.
Recently, Evolution Solar has made fostering alternative-energy education a priority. Last month, EVSO sent cutting-edge Konca solar panels to North Carolina as part of the company’s efforts to enhance the green technology curriculum at Barber-Scotia College’s energy institute. In October, the company partnered with Texas Southern University in Houston to install eight AmpleSun thin-film photovoltaic panels on the campus to serve as a cornerstone of the new TSU Green Technology Center. The project was the first array featuring the AmpleSun panels in the U.S.
These education projects are intended to help Evolution Solar acquire new business in a sector that is growing to compete in the energy industry, which includes First Solar, Inc. (NASDAQ: FSLR), Altera Corp. (NASDAQ: ALTR), Linear Technology Corp. (NASDAQ: LLTC) and NVIDIA Corp. (NASDAQ: NVDA).
The purpose of the memorandum is to facilitate and promote cooperation between EVSO and UCTC towards a potential partnering agreement. The two organizations are in talks to collaborate on a training program in Houston that could assist dislocated and unemployed workers learn to apply their skills to alternative energy projects.
“Creating a viable green-energy workforce in the nation’s energy capital would be a tremendous step toward providing cost-effective solar power and other alternative energy projects in the region,” said Evolution Solar President Robert Hines. “UCTC has the expertise to help make that idea a reality, and we look forward to signing a definitive agreement soon.”
Any renewable energy training program produced through collaboration between EVSO and UCTC would likely include apprenticeships as well as the establishment of hands-on solar demonstration projects, Hines said. Under such a scenario, EVSO would provide solar panels and solar-power experts to facilitate the training process. UCTC, in turn, could provide qualified training participants.
Recently, Evolution Solar has made fostering alternative-energy education a priority. Last month, EVSO sent cutting-edge Konca solar panels to North Carolina as part of the company’s efforts to enhance the green technology curriculum at Barber-Scotia College’s energy institute. In October, the company partnered with Texas Southern University in Houston to install eight AmpleSun thin-film photovoltaic panels on the campus to serve as a cornerstone of the new TSU Green Technology Center. The project was the first array featuring the AmpleSun panels in the U.S.
These education projects are intended to help Evolution Solar acquire new business in a sector that is growing to compete in the energy industry, which includes First Solar, Inc. (NASDAQ: FSLR), Altera Corp. (NASDAQ: ALTR), Linear Technology Corp. (NASDAQ: LLTC) and NVIDIA Corp. (NASDAQ: NVDA).
Trina Solar Supplies PV Modules for Large Scale China Solar Project
CHANGZHOU, China, Dec. 22, 2010 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic (PV) products from the production of ingots, wafers and cells to the assembly of PV modules, announced today that its subsidiary, Changzhou Trina Solar Energy Co. Ltd, previously signed a supply agreement with CECEP Solar Sheyang Power Company, a subsidiary of China Energy Conservation and Environmental Protection Group ("CECEP"), for a ground-mounted solar project in China.
Under the terms of the agreement, Trina Solar has been supplying PV modules for the construction of a ground mounted solar project of approximately 20 MW located in Sheyang, Jiangsu Province, China. Additionally, together with local partners, the Company has been designing and managing the construction and development of the project. The project is expected to be completed by the end of December 2010.
The solar power station is believed to be one of the largest solar projects being built in China in 2010. The installation uses an optimized combination of both fixed and single-axle tracking systems and will be a useful platform on which to evaluate the performance of monocrystalline and multicrystalline module performance on a large scale basis.
"We are excited to partner with CECEP Solar Sheyang Power Company to supply our high quality solar PV modules for the development of this large scale solar PV power plant in China," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "This is an important and significant milestone in the development of China's solar industry as Trina Solar continues to actively promote the adoption of large scale solar projects and solutions as part of its commitment to creating sustainable PV solutions."
"We are very pleased to partner with one of the industry's PV leaders on this landmark project powered by Trina Solar's high performance products and system integration capabilities," said Mr. Cao Huabing, General Manager of PV Solar Business of CECEP. "We look forward to continue building our partnership with Trina Solar to develop more large scale solar projects in China."
Under the terms of the agreement, Trina Solar has been supplying PV modules for the construction of a ground mounted solar project of approximately 20 MW located in Sheyang, Jiangsu Province, China. Additionally, together with local partners, the Company has been designing and managing the construction and development of the project. The project is expected to be completed by the end of December 2010.
The solar power station is believed to be one of the largest solar projects being built in China in 2010. The installation uses an optimized combination of both fixed and single-axle tracking systems and will be a useful platform on which to evaluate the performance of monocrystalline and multicrystalline module performance on a large scale basis.
"We are excited to partner with CECEP Solar Sheyang Power Company to supply our high quality solar PV modules for the development of this large scale solar PV power plant in China," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "This is an important and significant milestone in the development of China's solar industry as Trina Solar continues to actively promote the adoption of large scale solar projects and solutions as part of its commitment to creating sustainable PV solutions."
"We are very pleased to partner with one of the industry's PV leaders on this landmark project powered by Trina Solar's high performance products and system integration capabilities," said Mr. Cao Huabing, General Manager of PV Solar Business of CECEP. "We look forward to continue building our partnership with Trina Solar to develop more large scale solar projects in China."
Western Wind has Secured Financing of $24 Million for Kingman
VANCOUVER, Dec. 21 /PRNewswire-FirstCall/ - Western Wind Energy Corp ("Western Wind" or the "Company") has closed a $24 million financing for its 100% wholly owned 10.5 megawatt ("MW") combined wind and solar project located in Kingman, Arizona. The financing includes a one year construction loan convertible to a 7 year term loan, a bridge loan to the ITC cash grant from the US Department of Energy and some vendor financing. Construction will start immediately.
The proceeds of this financing will be used to complete construction of the 10.5MW solar - wind project that is believed to be the first utility scale renewable energy project that combines wind and solar under one power purchase agreement. Western Wind now has 165.5 MW of wind and solar capacity either in production or in construction.
KeyBank National Association (KeyBank) has arranged a construction loan of $16 million and a cash grant bridge loan of $4.2 million. The bridge loan will be repaid upon receipt of the cash grant and the $16 million construction loan would convert to a 7 year term with a hedged fixed interest rate averaging approximately 6.78% per annum. The term loan is amortized over 18 years. The KeyBank loans are secured by the assets of Kingman Energy Corp and a guarantee through the construction period has been provided by Western Wind.
A $4 million subordinated loan was provided by a vendor at an interest rate of 6% per annum and secured by a second lien on the cash grant and assets of the Kingman Energy Corp. The loan matures the earliest of the date upon which the Cash Grant is received and one hundred and thirty five (135) days after the Commercial Operations Date.
The proceeds of this financing will be used to complete construction of the 10.5MW solar - wind project that is believed to be the first utility scale renewable energy project that combines wind and solar under one power purchase agreement. Western Wind now has 165.5 MW of wind and solar capacity either in production or in construction.
KeyBank National Association (KeyBank) has arranged a construction loan of $16 million and a cash grant bridge loan of $4.2 million. The bridge loan will be repaid upon receipt of the cash grant and the $16 million construction loan would convert to a 7 year term with a hedged fixed interest rate averaging approximately 6.78% per annum. The term loan is amortized over 18 years. The KeyBank loans are secured by the assets of Kingman Energy Corp and a guarantee through the construction period has been provided by Western Wind.
A $4 million subordinated loan was provided by a vendor at an interest rate of 6% per annum and secured by a second lien on the cash grant and assets of the Kingman Energy Corp. The loan matures the earliest of the date upon which the Cash Grant is received and one hundred and thirty five (135) days after the Commercial Operations Date.
KYOCERA Celebrates One-Millionth Solar Module Produced in North America
TIJUANA, Mexico--(BUSINESS WIRE)--Kyocera today announced that its manufacturing facility in Tijuana, Mexico, has produced its one-millionth solar module. More than 400 employees gathered for a celebration by signing the back of the module to commemorate the event.
The millionth module testifies to Kyocera’s early involvement in solar manufacturing. In December 2004, nearly 30 years after manufacturing its first solar modules in Japan, the company commenced module production in Tijuana. In response to rising demand, Kyocera expanded that facility with a second plant in 2009, increasing the capacity in Tijuana to 240 megawatts (MW) per year. In June 2010, the company began its first U.S. production of solar modules, with an initial capacity target of 30MW per year in San Diego.
Solar energy is now one of Kyocera’s fastest-growing businesses globally, with the company targeting global production capacity of 1,000 megawatts annually (equal to one “gigawatt”) by March 31, 2013. In addition to the operations in San Diego and Tijuana, Kyocera currently has solar module manufacturing facilities in Japan, China and the Czech Republic.
As an illustration of Kyocera’s global expansion plan, the one-gigawatt capacity will allow the company to supply 3.5-kilowatt solar-electric systems for about 285,000 homes each year.
More than 20 Kyocera facilities worldwide already incorporate their own on-site solar-electric generating systems, including a 214-kilowatt Solar Grove parking lot in San Diego and a 100-kilowatt rooftop system in Tijuana.
“Our Mexico facility’s one-millionth module will go on display to symbolize how far we’ve come locally in just six years,” stated Steve Hill, president of Kyocera Solar, Inc. “This milestone demonstrates Kyocera’s 35-year history of commitment to quality and innovation in the solar industry, and serves as an example of how Kyocera is making sustainable energy a truly global effort.”
Kyocera established U.S. operations in 1969, and started a trend as the first Japan-based corporation with manufacturing operations in the State of California (in 1971). Kyocera Group companies currently employ approximately 4,000 people in the United States.
The millionth module testifies to Kyocera’s early involvement in solar manufacturing. In December 2004, nearly 30 years after manufacturing its first solar modules in Japan, the company commenced module production in Tijuana. In response to rising demand, Kyocera expanded that facility with a second plant in 2009, increasing the capacity in Tijuana to 240 megawatts (MW) per year. In June 2010, the company began its first U.S. production of solar modules, with an initial capacity target of 30MW per year in San Diego.
Solar energy is now one of Kyocera’s fastest-growing businesses globally, with the company targeting global production capacity of 1,000 megawatts annually (equal to one “gigawatt”) by March 31, 2013. In addition to the operations in San Diego and Tijuana, Kyocera currently has solar module manufacturing facilities in Japan, China and the Czech Republic.
As an illustration of Kyocera’s global expansion plan, the one-gigawatt capacity will allow the company to supply 3.5-kilowatt solar-electric systems for about 285,000 homes each year.
More than 20 Kyocera facilities worldwide already incorporate their own on-site solar-electric generating systems, including a 214-kilowatt Solar Grove parking lot in San Diego and a 100-kilowatt rooftop system in Tijuana.
“Our Mexico facility’s one-millionth module will go on display to symbolize how far we’ve come locally in just six years,” stated Steve Hill, president of Kyocera Solar, Inc. “This milestone demonstrates Kyocera’s 35-year history of commitment to quality and innovation in the solar industry, and serves as an example of how Kyocera is making sustainable energy a truly global effort.”
Kyocera established U.S. operations in 1969, and started a trend as the first Japan-based corporation with manufacturing operations in the State of California (in 1971). Kyocera Group companies currently employ approximately 4,000 people in the United States.
ContourGlobal Enters Joint Development Agreement With Guascor Solar and Places First 6 MW Solar Facility Into Operation
MILAN, Dec. 21, 2010 /PRNewswire/ -- ContourGlobal and Guascor Solar today jointly announced that they have signed an agreement to co-develop 30 MW of photovoltaic projects in Italy and that their first facility, a 6 MW photovoltaic plant in Sabaudia, has been placed into service. Under the agreement, ContourGlobal and Guascor Solar will co-develop the solar facilities to be owned and operated by ContourGlobal and constructed by Guascor Solar. In addition to the facility in Sabaudia, Italy, the next project in the pipeline are 8.5 MW in Sicily that is expected to break ground in early 2011.
Joseph C. Brandt, ContourGlobal's President and Chief Executive Officer, said: "We are very excited to enter into this joint development agreement with Guascor Solar and place into service this substantial project. Our teams complement one another very well and we are looking forward to realizing together our substantial pipeline in 2011."
Jon Azua, Vice President and Chief Executive Officer of Grupo Guascor, said: "This is an extraordinary opportunity for both groups' cooperation and development. We expect this first experience in solar photovoltaic energy to be a promising starting point for future collaborations involving the complete the portfolio in renewable energy and power system Grupo Guascor can offer."
Joseph C. Brandt, ContourGlobal's President and Chief Executive Officer, said: "We are very excited to enter into this joint development agreement with Guascor Solar and place into service this substantial project. Our teams complement one another very well and we are looking forward to realizing together our substantial pipeline in 2011."
Jon Azua, Vice President and Chief Executive Officer of Grupo Guascor, said: "This is an extraordinary opportunity for both groups' cooperation and development. We expect this first experience in solar photovoltaic energy to be a promising starting point for future collaborations involving the complete the portfolio in renewable energy and power system Grupo Guascor can offer."
SunEdison Secures $50 Million in Revolver Financing From Rabobank International for the Construction of Solar Deployments in the U.S.
BELTSVILLE, Md., Dec. 21, 2010 /PRNewswire/ -- SunEdison LLC, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials (NYSE: WFR), has secured a three-year, $50 million construction revolver with Rabobank International for the deployment of solar photovoltaic power plants in the U.S.
"We are pleased to provide financing that enhances SunEdison's ability to execute on its significant pipeline of solar projects," said Ron Klein, a Managing Director with Rabobank's Renewable Energy Group. "This type of innovative, multi-project, non-recourse facility is possible because of SunEdison's successful track record and expertise. Additionally, it illustrates the maturity of the renewables industry and specifically the solar sector."
SunEdison will utilize the revolver to finance construction of photovoltaic power plants at client (host) locations. Upon completion, the solar hosts will buy the energy produced at prices at or below retail rates while avoiding upfront costs typically associated with solar deployments.
"SunEdison makes investing in solar a smart choice," said William Lee, SunEdison Vice President of Project Finance and Corporate Development. "With close to 250MW of solar deployed worldwide, SunEdison has the experience and know-how that project investors and customers trust. SunEdison looks forward to working with Rabobank as we continue to make solar a reality for our customers across the nation."
Currently sized at $50 million for U.S. projects, the construction revolver is expected to expand significantly over the life of the deal with the addition of more lenders. Projects will range in size from small commercial to utility scale.
"Over the past couple of years, financial institutions have become more comfortable with solar photovoltaic construction risk so we expect a number of parties to be interested in joining the facility," said Thomas Emmons, Head of Rabobank's Renewable Energy Group in New York.
"We are pleased to provide financing that enhances SunEdison's ability to execute on its significant pipeline of solar projects," said Ron Klein, a Managing Director with Rabobank's Renewable Energy Group. "This type of innovative, multi-project, non-recourse facility is possible because of SunEdison's successful track record and expertise. Additionally, it illustrates the maturity of the renewables industry and specifically the solar sector."
SunEdison will utilize the revolver to finance construction of photovoltaic power plants at client (host) locations. Upon completion, the solar hosts will buy the energy produced at prices at or below retail rates while avoiding upfront costs typically associated with solar deployments.
"SunEdison makes investing in solar a smart choice," said William Lee, SunEdison Vice President of Project Finance and Corporate Development. "With close to 250MW of solar deployed worldwide, SunEdison has the experience and know-how that project investors and customers trust. SunEdison looks forward to working with Rabobank as we continue to make solar a reality for our customers across the nation."
Currently sized at $50 million for U.S. projects, the construction revolver is expected to expand significantly over the life of the deal with the addition of more lenders. Projects will range in size from small commercial to utility scale.
"Over the past couple of years, financial institutions have become more comfortable with solar photovoltaic construction risk so we expect a number of parties to be interested in joining the facility," said Thomas Emmons, Head of Rabobank's Renewable Energy Group in New York.
STR Holdings Completes Acquisition of US Manufacturing Facility
ENFIELD, Conn.--(BUSINESS WIRE)--STR Holdings, Inc. (NYSE: STRI), a leading global provider of high quality, superior performance solar encapsulants to the photovoltaic module industry, today announced that it closed on its previously announced acquisition of land and a 275,000 square foot building located in East Windsor, CT. STR will relocate the majority of its U.S. manufacturing to the new location. In addition, the facility will house U.S.-based product management and sales teams, as well as a new 20,000 square foot research and development laboratory. The facility acquisition enables STR to complete the planned expansion of its Connecticut manufacturing capacity to approximately 3.0 GW in 2011.
The Company continues to anticipate installing 1.2 GW of new production equipment in Connecticut during the third quarter of 2011 and will cease manufacturing at its current facilities in Enfield and Somers, CT after moving its existing equipment into the new facility during the next 9 to 12 months. The Company estimates spending approximately $19 million to complete the expansion, $5 million of which will be spent in 2010, with the balance incurred in 2011.
Dennis L. Jilot, Chairman, President and Chief Executive Officer of STR Holdings, stated, “The acquisition of our new East Windsor facility marks another important milestone for STR Solar. This facility will provide ample space to increase Connecticut production capacity up to approximately 6.0 GW in support of our continued strong growth and to enable us to increase our industry-leading innovation with a newly dedicated, state-of-the-art research and development facility.”
The Company continues to anticipate installing 1.2 GW of new production equipment in Connecticut during the third quarter of 2011 and will cease manufacturing at its current facilities in Enfield and Somers, CT after moving its existing equipment into the new facility during the next 9 to 12 months. The Company estimates spending approximately $19 million to complete the expansion, $5 million of which will be spent in 2010, with the balance incurred in 2011.
Dennis L. Jilot, Chairman, President and Chief Executive Officer of STR Holdings, stated, “The acquisition of our new East Windsor facility marks another important milestone for STR Solar. This facility will provide ample space to increase Connecticut production capacity up to approximately 6.0 GW in support of our continued strong growth and to enable us to increase our industry-leading innovation with a newly dedicated, state-of-the-art research and development facility.”
CNPV Becomes the Major Chinese Supplier for Donauer Solartechnik
LUXEMBOURG, GILCHING, Germany, and DONGYING, China, Dec. 21, 2010 /PRNewswire-Asia/ -- CNPV Solar Power SA, a public limited liability company organized under the laws of the Grand Duchy of Luxembourg and a leading integrated manufacturer of solar photovoltaic products, today announced that it has entered into a long-term strategic partnership agreement with Donauer Solartechnik Vertriebs GmbH, a leading project developer and supplier of solar photovoltaic and solar thermal products, with over 15 years' experience in the renewable energy sector.
Under the terms of this strategic agreement, CNPV will supply Donauer with a total of 200MWp of high performance PV Modules from 2011 to 2013. Scheduled deliveries within the agreement include 40MWp during 2011 as well as 60MWp and 100MWp in 2012 and 2013 respectively.
"Elated" enthused Mr. B. Veerraju Chaudary, CNPV's COO,CTO & Member of the Board, "To be chosen from the numerous 'Tier 1' worldwide suppliers, tested against the class leading criteria utilised by Donauer is a fantastic result for us. Their stringent procedures for selection underwrite their market leading statements and successes. We are both flattered, and honoured to support Donauer in maintaining and developing this position."
Mr Donauer, CEO of Donauer Solartechnik Vertriebs GmbH: "Meticulous selection, state-of-the-art products and unfailing support allows us to 'really' exceed the customer's expectations. Our choice of CNPV as our major Asian supplier was based not on geography, but on their ability to join us in delighting the end users. The strategic agreement is evidence of our confidence that together we can offer even more assurances and investment returns to our customers and hence grow our market."
Chief Procurement Officer of Donauer Solartechnik Vertriebs GmbH, Mr Carl Freudhoefer expanded on this theme, "Our clients and their investment teams require good security on their investment, an industry leading annual return, and of course, long duration. CNPV with their high quality, high performance and European insured modules allows us to demonstrate the improvements on the buyers needs. "
Under the terms of this strategic agreement, CNPV will supply Donauer with a total of 200MWp of high performance PV Modules from 2011 to 2013. Scheduled deliveries within the agreement include 40MWp during 2011 as well as 60MWp and 100MWp in 2012 and 2013 respectively.
"Elated" enthused Mr. B. Veerraju Chaudary, CNPV's COO,CTO & Member of the Board, "To be chosen from the numerous 'Tier 1' worldwide suppliers, tested against the class leading criteria utilised by Donauer is a fantastic result for us. Their stringent procedures for selection underwrite their market leading statements and successes. We are both flattered, and honoured to support Donauer in maintaining and developing this position."
Mr Donauer, CEO of Donauer Solartechnik Vertriebs GmbH: "Meticulous selection, state-of-the-art products and unfailing support allows us to 'really' exceed the customer's expectations. Our choice of CNPV as our major Asian supplier was based not on geography, but on their ability to join us in delighting the end users. The strategic agreement is evidence of our confidence that together we can offer even more assurances and investment returns to our customers and hence grow our market."
Chief Procurement Officer of Donauer Solartechnik Vertriebs GmbH, Mr Carl Freudhoefer expanded on this theme, "Our clients and their investment teams require good security on their investment, an industry leading annual return, and of course, long duration. CNPV with their high quality, high performance and European insured modules allows us to demonstrate the improvements on the buyers needs. "
Wattner: Solar Park Near Leipzig Procured for Sunasset 2 Fund
COLOGNE, Germany, December 21, 2010 /PRNewswire/ -- The Wattner Group of Cologne, Germany, which is specialized in energy investments, has procured one of the largest solar parks in Germany. The solar park in Sietzsch, with a total capacity of approximately 12 megawatts, is located just a few kilometers from Leipzig airport. Market leaders BP Solar and IBC Solar each supply half of the solar park's crystalline solar modules. The solar power plant extends across 33 hectares of industrial zone, an area the size of more than 40 soccer fields. The solar park receives the high electricity remuneration rate from the first half of this year, as the zoning plan was drawn up at an early date.
The financing partner for the solar park in Sietzsch is Deutsche Kreditbank AG (DKB), one of the preeminent German banks for the financing of renewable energy projects. With the investment in the Sietzsch solar park, the investment volume of the closed-end short-term Wattner SunAsset 2 fund increases to nearly 80 million Euros, with a total of 11 solar power plants.
Managing director Ulrich Uhlenhut estimates that over the next 12 months, Wattner will reach an investment volume worth approximately 250 million Euros. Already today, Wattner is one of the major German investors in the field of solar energy. With new solar funds, there are also plans for an increased financing of projects abroad: "We are considering politically stable EU countries, but we are also currently conducting very detailed assessments of Canada and England in terms of the profitability of installations. Negotiations with project partners are right on track," says Ulrich Uhlenhut.
The financing partner for the solar park in Sietzsch is Deutsche Kreditbank AG (DKB), one of the preeminent German banks for the financing of renewable energy projects. With the investment in the Sietzsch solar park, the investment volume of the closed-end short-term Wattner SunAsset 2 fund increases to nearly 80 million Euros, with a total of 11 solar power plants.
Managing director Ulrich Uhlenhut estimates that over the next 12 months, Wattner will reach an investment volume worth approximately 250 million Euros. Already today, Wattner is one of the major German investors in the field of solar energy. With new solar funds, there are also plans for an increased financing of projects abroad: "We are considering politically stable EU countries, but we are also currently conducting very detailed assessments of Canada and England in terms of the profitability of installations. Negotiations with project partners are right on track," says Ulrich Uhlenhut.
SECP Partners with POSCO Power to Build the World's Largest Solar Power Plant
DIAMOND BAR, Calif.--(BUSINESS WIRE)--Sustainable Energy Capital Partners (SECP), a California-based developer of renewable energy projects, announced a joint venture partnership with POSCO Power to develop and build a 300-megawatt (MW) photovoltaic solar power plant in Boulder City, Nevada.
The Boulder City power plant adds to SECP's growing portfolio of more than 400MW of solar projects in the Southwestern United States. For POSCO Power, the largest independent power producer in South Korea, this opportunity represents the first overseas renewable energy project developed without the involvement of their parent company, POSCO (NYSE-PKX).
“This project is the world’s largest solar PV power plant and it meets the POSCO Group’s actively promoted green energy strategy. It will be the foundation of our entry into the US and other overseas markets for new and renewable energy,” said Soung-Sik Cho, President and CEO of POSCO Power.
Parsons Corporation, one of the world’s largest engineering, construction, technical, and management services firms, has been engaged to participate in the project. Construction is scheduled to take place during the second half of 2012 and is expected to create hundreds of jobs for the local community. Once the solar power plant is fully operational, it will have the capacity to provide electricity to nearly 135,000 households for 25 years.
"Our partnership with POSCO Power will become an example of what’s possible in today’s solar industry when global companies work together to implement a shared vision. We, at SECP, are certainly pleased to be bringing much-needed jobs to Nevada while advancing our mission of providing power that is both clean and sustainable,” said Steve Herr, Managing Director of SECP.
The Boulder City power plant adds to SECP's growing portfolio of more than 400MW of solar projects in the Southwestern United States. For POSCO Power, the largest independent power producer in South Korea, this opportunity represents the first overseas renewable energy project developed without the involvement of their parent company, POSCO (NYSE-PKX).
“This project is the world’s largest solar PV power plant and it meets the POSCO Group’s actively promoted green energy strategy. It will be the foundation of our entry into the US and other overseas markets for new and renewable energy,” said Soung-Sik Cho, President and CEO of POSCO Power.
Parsons Corporation, one of the world’s largest engineering, construction, technical, and management services firms, has been engaged to participate in the project. Construction is scheduled to take place during the second half of 2012 and is expected to create hundreds of jobs for the local community. Once the solar power plant is fully operational, it will have the capacity to provide electricity to nearly 135,000 households for 25 years.
"Our partnership with POSCO Power will become an example of what’s possible in today’s solar industry when global companies work together to implement a shared vision. We, at SECP, are certainly pleased to be bringing much-needed jobs to Nevada while advancing our mission of providing power that is both clean and sustainable,” said Steve Herr, Managing Director of SECP.
Abengoa Solar Closes $1.45 Billion Financing for the World’s Largest Solar Generation Plant
DENVER--(BUSINESS WIRE)--Abengoa Solar announced today that it has finalized $1.45 billion financing to build Solana, the world’s largest parabolic trough concentrating solar plant. This plant, with a total investment of around $2 Billion, will generate 250 net megawatts (MW).
Santiago Seage, CEO of Abengoa Solar, stated, “Solana is the first large scale CSP plant for Abengoa Solar in the U.S. and will be a key milestone for our development in this country as it allows us to strengthen our relationships with the local community as well as with the state and federal public authorities that have contributed notably to this project.” Abengoa Solar signed a power purchase agreement with Arizona Public Service Co. (NYSE:PNW), Arizona’s largest electric utility, to buy the energy produced by Solana for a period of 30 years.
Following the Conditional Commitment announced by President Obama last July, the Department of Energy (DOE), through the Loan Programs Office, has issued a loan guarantee to support this project.
“I want to recognize the leadership of the Department of Energy’s Loan Programs Office in making Solana possible through this loan guarantee. Without DOE’s determination and commitment to solar energy this project would have never become a reality,” said Seage.
“The plant will be located 70 miles southwest of Phoenix, near Gila Bend, Arizona. Solana will produce enough energy to serve 70,000 households and will prevent the emission of 475,000 tons of CO2 per year compared to a natural gas burning power plant. The construction and operation of Solana will bring many economic and environmental benefits to Arizona and will support the nation’s goals for energy independence through a “green” economy.
The Solana project is the first large-scale solar plant in the United States capable of storing the energy it generates. Solana will include six hours of molten salt thermal energy storage capability, which will allow energy to be dispatched as needed during cloudy periods and after sunset. With this capability, Solana will be able to generate electricity well into the evening to help meet the summer peak demand for air conditioning.
The plant’s construction and operation will produce much-needed tax income for local communities and the state of Arizona, and support the nation’s goals for energy independence and developing a clean energy economy.
Abengoa Solar estimates that the Solana project will create between 1,600 to 1,700 new construction jobs and over 85 permanent jobs. Approximately 98 percent of the jobs created by the project will be American jobs, primarily in Arizona, in addition to neighboring states. Furthermore, around 75% of the equipment and supplies required to build Solana will be manufactured in the U.S.
Additionally a mirror manufacturing factory will be built in Surprise, Arizona to supply the mirrors needed for the Solana project. The mirror factory will employ almost 180 people, adding to the number of direct jobs created by Solana. This new facility will provide Arizona with the foundation upon which to expand its solar energy technology manufacturing capabilities and to support future CSP projects.
In late 2009 Abengoa Solar signed a power purchase agreement in California to supply electricity generated by a 250 MW net CSP trough plant located in the Mojave Desert, 100 miles northeast of Los Angeles. The company also has several projects under development in the Southwest.
Abengoa Solar is currently building 930 MW of solar plants worldwide and, with an additional 193 MW already operating, it is the only company worldwide building and operating both trough and power tower CSP plants. The Solana plant will be Abengoa Solar’s fourteenth CSP plant worldwide.
Santiago Seage, CEO of Abengoa Solar, stated, “Solana is the first large scale CSP plant for Abengoa Solar in the U.S. and will be a key milestone for our development in this country as it allows us to strengthen our relationships with the local community as well as with the state and federal public authorities that have contributed notably to this project.” Abengoa Solar signed a power purchase agreement with Arizona Public Service Co. (NYSE:PNW), Arizona’s largest electric utility, to buy the energy produced by Solana for a period of 30 years.
Following the Conditional Commitment announced by President Obama last July, the Department of Energy (DOE), through the Loan Programs Office, has issued a loan guarantee to support this project.
“I want to recognize the leadership of the Department of Energy’s Loan Programs Office in making Solana possible through this loan guarantee. Without DOE’s determination and commitment to solar energy this project would have never become a reality,” said Seage.
“The plant will be located 70 miles southwest of Phoenix, near Gila Bend, Arizona. Solana will produce enough energy to serve 70,000 households and will prevent the emission of 475,000 tons of CO2 per year compared to a natural gas burning power plant. The construction and operation of Solana will bring many economic and environmental benefits to Arizona and will support the nation’s goals for energy independence through a “green” economy.
The Solana project is the first large-scale solar plant in the United States capable of storing the energy it generates. Solana will include six hours of molten salt thermal energy storage capability, which will allow energy to be dispatched as needed during cloudy periods and after sunset. With this capability, Solana will be able to generate electricity well into the evening to help meet the summer peak demand for air conditioning.
The plant’s construction and operation will produce much-needed tax income for local communities and the state of Arizona, and support the nation’s goals for energy independence and developing a clean energy economy.
Abengoa Solar estimates that the Solana project will create between 1,600 to 1,700 new construction jobs and over 85 permanent jobs. Approximately 98 percent of the jobs created by the project will be American jobs, primarily in Arizona, in addition to neighboring states. Furthermore, around 75% of the equipment and supplies required to build Solana will be manufactured in the U.S.
Additionally a mirror manufacturing factory will be built in Surprise, Arizona to supply the mirrors needed for the Solana project. The mirror factory will employ almost 180 people, adding to the number of direct jobs created by Solana. This new facility will provide Arizona with the foundation upon which to expand its solar energy technology manufacturing capabilities and to support future CSP projects.
In late 2009 Abengoa Solar signed a power purchase agreement in California to supply electricity generated by a 250 MW net CSP trough plant located in the Mojave Desert, 100 miles northeast of Los Angeles. The company also has several projects under development in the Southwest.
Abengoa Solar is currently building 930 MW of solar plants worldwide and, with an additional 193 MW already operating, it is the only company worldwide building and operating both trough and power tower CSP plants. The Solana plant will be Abengoa Solar’s fourteenth CSP plant worldwide.
Solarfun Announces New Business Developments in Italy
SHANGHAI, Dec. 21, 2010 /PRNewswire/ -- Solarfun Power Holdings Co., Ltd. ("Solarfun" or the "Company") (Nasdaq: SOLF), a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic ("PV") cells and modules in China, today announced several new business developments in Italy, including two significant contracts and the opening of a new office in Milan.
Italy is advancing as a strong PV market in Europe, with the country's installed capacity forecast to be over 1,500 MW in 2010. In August 2010, Solarfun entered into an agreement with 9REN Group, a European renewable energy company, to deliver 20.4 MW of PV modules for a new solar park in Italy. The park is expected to be operational by the third quarter of 2011. In addition, the Company also signed a contract with Gestamp Asetym Solar, a Spain-based solar solutions company, for approximately 11 MW of PV modules. The modules will be used for solar parks in both Spain and Italy, all of which are scheduled to be operational in mid 2011.
In light of Solarfun's expanding activities in Italy, the Company has opened an office in Milan. The new office is expected to increase regional access to Solarfun's high-quality PV products and provide technical and marketing support for utility, commercial, and residential customers.
Mr. Claudio Giorla will head Solarfun's Italian operations as the Company's country manager of Business Development and Operations. Prior to joining Solarfun, Mr. Giorla worked as a key account manager and business development manager for the EPC contractor, Guascor Solar Italia. Previously he served as the general plant manager at Tecnograf, Mondadori Group, a leading European publishing company.
"I am pleased to announce the addition of Mr. Giorla to our team," said Andreas Liebheit, VP and Managing Director of Europe, Middle East and Africa for Solarfun. "His addition to our Business Development and Operations team is an important part of implementing our growth strategy in Europe. Mr. Giorla's market knowledge and relationships in Italy will help support our growing customer base in this important region."
Dr. Peter Xie, President and Chief Executive Officer of Solarfun, commented, "Solarfun's expansion and investment in Italy is a significant milestone in our strategy, as the Italian market is of high priority for us in Europe. We expect our installation base in Italy to grow to over 50 MW in 2010, driven largely by our established relationships with leading regional developers such as Tozzi, Scatec, Gransolar, Rusol, Meridian, the Loh-Group and 9REN."
Italy is advancing as a strong PV market in Europe, with the country's installed capacity forecast to be over 1,500 MW in 2010. In August 2010, Solarfun entered into an agreement with 9REN Group, a European renewable energy company, to deliver 20.4 MW of PV modules for a new solar park in Italy. The park is expected to be operational by the third quarter of 2011. In addition, the Company also signed a contract with Gestamp Asetym Solar, a Spain-based solar solutions company, for approximately 11 MW of PV modules. The modules will be used for solar parks in both Spain and Italy, all of which are scheduled to be operational in mid 2011.
In light of Solarfun's expanding activities in Italy, the Company has opened an office in Milan. The new office is expected to increase regional access to Solarfun's high-quality PV products and provide technical and marketing support for utility, commercial, and residential customers.
Mr. Claudio Giorla will head Solarfun's Italian operations as the Company's country manager of Business Development and Operations. Prior to joining Solarfun, Mr. Giorla worked as a key account manager and business development manager for the EPC contractor, Guascor Solar Italia. Previously he served as the general plant manager at Tecnograf, Mondadori Group, a leading European publishing company.
"I am pleased to announce the addition of Mr. Giorla to our team," said Andreas Liebheit, VP and Managing Director of Europe, Middle East and Africa for Solarfun. "His addition to our Business Development and Operations team is an important part of implementing our growth strategy in Europe. Mr. Giorla's market knowledge and relationships in Italy will help support our growing customer base in this important region."
Dr. Peter Xie, President and Chief Executive Officer of Solarfun, commented, "Solarfun's expansion and investment in Italy is a significant milestone in our strategy, as the Italian market is of high priority for us in Europe. We expect our installation base in Italy to grow to over 50 MW in 2010, driven largely by our established relationships with leading regional developers such as Tozzi, Scatec, Gransolar, Rusol, Meridian, the Loh-Group and 9REN."
Evergreen Solar Extends Materials & Workmanship Warranty to 10 Years
MARLBORO, Mass.--(BUSINESS WIRE)--Evergreen Solar, Inc. (NasdaqGM: ESLR), a manufacturer of String Ribbon® solar panels with its proprietary silicon wafer technology, today announced it will extend its Materials & Workmanship Warranty on its ES-A and ES-E solar panels to 10 years. The new warranty doubles the existing five-year warranty and is valid for first end-user purchases of both the ES-A and ES-E products on or after January 1, 2011.
The warranty extension comes as a result of a successful quality improvement program that was first implemented by Evergreen Solar more than two years ago. The quality improvement initiative incorporates a reliability improvement program designed to address all aspects of our product life cycle by implementing more robust product safety, reliability monitoring and supplier quality management programs.
"In keeping with our brand promise of delivering more electricity with less impact on the environment, our product development team consistently explores ways to improve the end product that Evergreen Solar delivers to its customers," said Peter Rusch, Evergreen Solar's vice president of global sales. "Our products have consistently delivered superior field performance and combined with our enhanced quality improvement program this translates to being able to back our impressive quality record with a much improved product warranty for our customers."
The warranty extension comes as a result of a successful quality improvement program that was first implemented by Evergreen Solar more than two years ago. The quality improvement initiative incorporates a reliability improvement program designed to address all aspects of our product life cycle by implementing more robust product safety, reliability monitoring and supplier quality management programs.
"In keeping with our brand promise of delivering more electricity with less impact on the environment, our product development team consistently explores ways to improve the end product that Evergreen Solar delivers to its customers," said Peter Rusch, Evergreen Solar's vice president of global sales. "Our products have consistently delivered superior field performance and combined with our enhanced quality improvement program this translates to being able to back our impressive quality record with a much improved product warranty for our customers."
Monday, December 20, 2010
Distributed Sun Announces 1.1 Megawatt Solar Carport in New Jersey
EAST RUTHERFORD, NJ--(Marketwire - December 20, 2010) - Distributed Sun LLC (D-SUN), a DC-based solar project developer, owner and operator, announced today it has signed a 20 year, 1.1 Megawatt power-purchase-agreement (PPA) to generate solar electricity for the Sheraton Meadowlands Hotel & Conference Center. In the first of several Megawatt-scale, commercial solar projects to be commissioned in 2011, D-SUN will construct and operate a solar powered carport facility in partnership with The Buccini/Pollin Group (BPG), the owner of the property, and Pollin/Miller Hospitality Strategies, Inc. (PMHS), the property manager. The solar system will be owned by Distributed Sun's Solar Energy Investment Company (SEIC), sunTWO, and combines clean, on-site power with architectural-grade, shaded parking and green power savings, generating over 1.2 Gigawatt hours of electric power per year, and more than 40 Gigawatt hours over its lifetime.
"We are very excited to expand our partnership with The Buccini/Pollin Group," says Jeff Weiss, Managing Director of Distributed Sun's SEICs. "This project marks another milestone in the relationship, demonstrates the company's long-term view with -- and commitment to -- our trusted real-estate partners, and further proves the unique benefits of our replicable and scalable business model."
D-SUN's solar services to BPG and PMHS are widely considered to be much better for the environment than conventional energy -- offsetting an estimated 75 million pounds of CO2, or the equivalent of removing more than 6,500 cars from the road. Solar power from D-SUN also costs the Sheraton less per kilowatt hour generated than the electricity it buys from the grid, and under contract terms that guarantee savings for PMHS will grow each year, compounding for 20 years.
"We have made clear our commitment to having the cleanest, most energy efficient, and most efficiently run properties in our industry," says Dave Pollin. "The partnership between PMHS and Distributed Sun at the Hilton BWI Airport, the Sheraton Meadowlands, and elsewhere reaffirms this promise to green our portfolio with best-practice solutions and partners that improve our bottom-line."
As part of the agreement, Distributed Sun has agreed to a capital investment for renovation to the hotel parking lot. In return, the PPA rate schedule adjusts the price per kWh paid on-site until the additional expense is recovered for sunTWO -- at a reasonable capital cost to both partners. Even with this incremental cost, the rate schedule can provide the Sheraton solar electricity savings versus the conventional alternative even before this cost is recovered. "Pioneers and leaders in the commercial real-estate industry like Dave Pollin and Chris Buccini recognize that on-site renewable electricity is a game-changer," offers Chase Weir, CEO of D-SUN. "Combining capital improvements and increased property values with electricity savings on the one hand, and solar investment returns and a cleaner environment on the other, is a powerful and motivating combination for us and our partners."
"We are very excited to expand our partnership with The Buccini/Pollin Group," says Jeff Weiss, Managing Director of Distributed Sun's SEICs. "This project marks another milestone in the relationship, demonstrates the company's long-term view with -- and commitment to -- our trusted real-estate partners, and further proves the unique benefits of our replicable and scalable business model."
D-SUN's solar services to BPG and PMHS are widely considered to be much better for the environment than conventional energy -- offsetting an estimated 75 million pounds of CO2, or the equivalent of removing more than 6,500 cars from the road. Solar power from D-SUN also costs the Sheraton less per kilowatt hour generated than the electricity it buys from the grid, and under contract terms that guarantee savings for PMHS will grow each year, compounding for 20 years.
"We have made clear our commitment to having the cleanest, most energy efficient, and most efficiently run properties in our industry," says Dave Pollin. "The partnership between PMHS and Distributed Sun at the Hilton BWI Airport, the Sheraton Meadowlands, and elsewhere reaffirms this promise to green our portfolio with best-practice solutions and partners that improve our bottom-line."
As part of the agreement, Distributed Sun has agreed to a capital investment for renovation to the hotel parking lot. In return, the PPA rate schedule adjusts the price per kWh paid on-site until the additional expense is recovered for sunTWO -- at a reasonable capital cost to both partners. Even with this incremental cost, the rate schedule can provide the Sheraton solar electricity savings versus the conventional alternative even before this cost is recovered. "Pioneers and leaders in the commercial real-estate industry like Dave Pollin and Chris Buccini recognize that on-site renewable electricity is a game-changer," offers Chase Weir, CEO of D-SUN. "Combining capital improvements and increased property values with electricity savings on the one hand, and solar investment returns and a cleaner environment on the other, is a powerful and motivating combination for us and our partners."
Canada's Premier Solar Training School Launches Free Tuition Promotion
TORONTO--(Marketwire - December 20, 2010) - ISPQ-accredited Ontario Solar Academy (OSA) recently announced a holiday contest in which one lucky individual will be able to attend OSA's 5-Day Solar Photovoltaic (PV) Design & Installation Course absolutely free. Prospective students need only send in a 500-word essay explaining why they should receive the training. The two runners-up will each receive a 50% discount.
Normally priced at $2,995, OSA's intensive solar training course equips students with the regulatory and technical expertise needed to safely install PV technology within Ontario's rapidly expanding green economy.
OSA Director, Jacob Travis, comments, "Times are difficult right now with the recession and holidays. We receive daily requests from enthusiastic candidates who, because of tight finances, cannot join our course." He adds, "Our Early Bird Discount and Price Match Offer have helped many students, but we designed this promotion for those needing additional assistance in securing solar career training."
Like all OSA students, the contest winner will receive 5 days of intensive solar PV installation and design training from a NABCEP-certified instructor. And like all OSA graduates, the winner will also receive automatic membership in Ontario Solar Network -- a fast-growing non-profit association dedicated to advancing business development for its members in Ontario's solar PV market.
Billed as a "Free Opportunity to Learn a Green Career," the promotion applies to the Academy's next 5-day training, scheduled from January 31 to February 4 in the GTA. Interested candidates should call 416-900-7191 or email contest@solaracademy.ca for application info. The application deadline is January 7, 2011.
Those wishing to register for Ontario Solar Academy's standard 5-day PV courses should visit www.solaracademy.ca for more details. Upcoming dates include Jan 31-Feb 4, Feb 21-Feb 25, and Feb 28-Mar 4. Those who register 3 weeks in advance automatically receive a $350 discount.
Normally priced at $2,995, OSA's intensive solar training course equips students with the regulatory and technical expertise needed to safely install PV technology within Ontario's rapidly expanding green economy.
OSA Director, Jacob Travis, comments, "Times are difficult right now with the recession and holidays. We receive daily requests from enthusiastic candidates who, because of tight finances, cannot join our course." He adds, "Our Early Bird Discount and Price Match Offer have helped many students, but we designed this promotion for those needing additional assistance in securing solar career training."
Like all OSA students, the contest winner will receive 5 days of intensive solar PV installation and design training from a NABCEP-certified instructor. And like all OSA graduates, the winner will also receive automatic membership in Ontario Solar Network -- a fast-growing non-profit association dedicated to advancing business development for its members in Ontario's solar PV market.
Billed as a "Free Opportunity to Learn a Green Career," the promotion applies to the Academy's next 5-day training, scheduled from January 31 to February 4 in the GTA. Interested candidates should call 416-900-7191 or email contest@solaracademy.ca for application info. The application deadline is January 7, 2011.
Those wishing to register for Ontario Solar Academy's standard 5-day PV courses should visit www.solaracademy.ca for more details. Upcoming dates include Jan 31-Feb 4, Feb 21-Feb 25, and Feb 28-Mar 4. Those who register 3 weeks in advance automatically receive a $350 discount.
Distributed Sun Accelerates 2011 Project Calendar
WASHINGTON, DC--(Marketwire - December 20, 2010) - Distributed Sun LLC (D-SUN), a DC-based solar project developer, owner and operator, revealed today the formation of its Fast-track Commercial Group, with new partners and new construction finance, as the company prepares to announce both small and large project roll-outs. D-SUN and Prospect Solar, a division of Prospect Waterproofing, have formed a partnership that fast-tracks the deployment and financing of the company's small projects pipeline. Beginning with $4 million in engineering, procurement and construction finance, the deal contemplates project types that will revolve capacity four times in 2011.
By aligning finance facilities and EPC partners to project size, the company substantially increases its capacity for project construction. Where D-SUN will commission four new commercial solar facilities in three states in December, the new operational structure will support simultaneous construction at ten or more sites in up to six states by the end of the next quarter, and increasing thereafter.
"We continue to implement and prove our strategy to build one of the most scalable, distributed and profitable platforms within our segment," says Chase Weir, CEO of Distributed Sun. "Our close partnership with Prospect Solar only accelerates this key stage of growth." The division of projects by type and size effectively separates assets, partners and finance sources. With high-return, diversified, and smaller sites unlocked as a group with Prospect in one project consortium, D-SUN will shortly announce the grouping of larger, $5-10 million individual projects into separate blocks of $25-50 million + master finance facilities.
"Prospect Solar has chosen to align its solar initiatives with a company that is redefining the next generation of the developer-owner-operator model," says James Stamer, President of Prospect. "Distributed Sun's wide geographic reach and strong pipeline of rooftop sites is a compelling investment and partnership opportunity."
Leading the next-generation of solar business and finance model innovation, D-SUN installs significantly more solar capacity per dollar invested than the national average, while offering one of the most competitive solar power discounts available. That means D-SUN's model is better for ratepayers, taxpayers, and the environment -- and for investors, who achieve better returns than the industry norm. Its first Solar Energy Investment Company (SEIC), sunONE, is fully commissioned and serving power to Mid-Atlantic sites in 2010, and delivered nearly three times the industry average project yields.
By aligning finance facilities and EPC partners to project size, the company substantially increases its capacity for project construction. Where D-SUN will commission four new commercial solar facilities in three states in December, the new operational structure will support simultaneous construction at ten or more sites in up to six states by the end of the next quarter, and increasing thereafter.
"We continue to implement and prove our strategy to build one of the most scalable, distributed and profitable platforms within our segment," says Chase Weir, CEO of Distributed Sun. "Our close partnership with Prospect Solar only accelerates this key stage of growth." The division of projects by type and size effectively separates assets, partners and finance sources. With high-return, diversified, and smaller sites unlocked as a group with Prospect in one project consortium, D-SUN will shortly announce the grouping of larger, $5-10 million individual projects into separate blocks of $25-50 million + master finance facilities.
"Prospect Solar has chosen to align its solar initiatives with a company that is redefining the next generation of the developer-owner-operator model," says James Stamer, President of Prospect. "Distributed Sun's wide geographic reach and strong pipeline of rooftop sites is a compelling investment and partnership opportunity."
Leading the next-generation of solar business and finance model innovation, D-SUN installs significantly more solar capacity per dollar invested than the national average, while offering one of the most competitive solar power discounts available. That means D-SUN's model is better for ratepayers, taxpayers, and the environment -- and for investors, who achieve better returns than the industry norm. Its first Solar Energy Investment Company (SEIC), sunONE, is fully commissioned and serving power to Mid-Atlantic sites in 2010, and delivered nearly three times the industry average project yields.
tei Solutions, Mears Technologies and K2 Energy Collaborate for Improved Efficiency of Solar Cells
TSUKUBA, JAPAN--(Marketwire - December 20, 2010) - tei Solutions, an integrated foundry providing 100mm and 300mm R&D services, announces a collaboration with Mears Technologies, a US-based emerging materials technology company, to explore the use of the Mears Silicon Technology (MST) in the development and production of solar cells. Mears will utilize tei's 100mm Super Clean Fab to produce cells for testing in January 2011.
The MST technology involves the production of an altered or "nano-doped" layer of silicon that can be used in the manufacturing of silicon solar PV wafers; a process already proven in traditional semiconductor manufacturing. The introduction of this layer potentially increases the efficiency parameter for Photovoltaic (PV) technology and solar power generation in silicon PV cells. By improving the efficiency parameter, the use of MST technology in the PV cell development process could reduce the amount of silicon required, potentially making PV cells significantly more effective and much less expensive.
"The impact of the MST technology in the processing of silicon PV cells could greatly benefit solar manufacturers," said Robert Mears, CEO of Mears Technologies. "tei Solutions provides the necessary expertise and services needed for a fabless company such as ourselves to develop and commercialize this exciting new technology to ultimately provide tremendous cost-savings for those producing solar cells."
Earlier this year, K2 Energy Limited, located in Sydney, Australia, acquired the exclusive rights to the MST IP for all solar applications from Mears Technologies. K2 has provided the funding necessary for the R&D required to test and develop Mears' MST technology for use by large-scale solar panel manufacturers.
"We are excited to embark upon this project with Mears Technology to support the growth of Photovoltaic development," said Shuji Ikeda, CEO of tei Solutions. "Our goal is to enable our customers to be successful by providing the R&D resources needed to commercialize new and emerging technologies."
The MST technology involves the production of an altered or "nano-doped" layer of silicon that can be used in the manufacturing of silicon solar PV wafers; a process already proven in traditional semiconductor manufacturing. The introduction of this layer potentially increases the efficiency parameter for Photovoltaic (PV) technology and solar power generation in silicon PV cells. By improving the efficiency parameter, the use of MST technology in the PV cell development process could reduce the amount of silicon required, potentially making PV cells significantly more effective and much less expensive.
"The impact of the MST technology in the processing of silicon PV cells could greatly benefit solar manufacturers," said Robert Mears, CEO of Mears Technologies. "tei Solutions provides the necessary expertise and services needed for a fabless company such as ourselves to develop and commercialize this exciting new technology to ultimately provide tremendous cost-savings for those producing solar cells."
Earlier this year, K2 Energy Limited, located in Sydney, Australia, acquired the exclusive rights to the MST IP for all solar applications from Mears Technologies. K2 has provided the funding necessary for the R&D required to test and develop Mears' MST technology for use by large-scale solar panel manufacturers.
"We are excited to embark upon this project with Mears Technology to support the growth of Photovoltaic development," said Shuji Ikeda, CEO of tei Solutions. "Our goal is to enable our customers to be successful by providing the R&D resources needed to commercialize new and emerging technologies."
Solar By Weller Offers Economical Electricity Alternative in Shadow of PA Deregulation
BOYERTOWN, Pa.--(BUSINESS WIRE)--Solar By Weller – solar panel installer in Southeastern, PA – continues to offer the economical alternative of capitalizing on renewable solar energy with the deregulation of the Pennsylvania electricity markets looming throughout Pennsylvania in 2011. The deregulation is expected to cause an increase in electricity rates for businesses, federal agencies, non-profit organizations and residents alike as it has in other states.
It can be argued that electricity deregulation helps to promote competition and market efficiency. However, California residents experienced quite the opposite with a deregulated electricity market in 2001. Unpredictable electricity prices and frequent blackouts became prevalent when there was not ample electricity available during peak demand hours.
Many concur that the best solution for Pennsylvania residents is to incorporate renewable energy resources such as solar, which reduce dependency on energy from the electric companies and produce energy during times of peak demand.
Currently, customers can still capitalize on remaining rebates available through the Pennsylvania Sunshine Solar Program, providing $100 million in rebates to help fund solar electric (solar photovoltaic) and solar hot water (solar thermal) projects for homeowners and small businesses in Pennsylvania.
According to the Pennsylvania Department of Environmental Protection which oversees the program, rebates are being awarded on a first-come, first-served basis to approved applicants while funds remain. Households may receive one solar photovoltaic (PV) rebate for up to 10 kilowatts (kW) of installed PV generating capacity plus one solar thermal rebate not to exceed $2,000. A small business may submit one PV and one solar thermal application at a time and must complete the project and rebate process prior to submitting another application.
Solar By Weller is part of the largest and fastest growing solar dealer network in the United States and Bermuda enabling them to have purchasing power resulting in their ability to pass on lower costs to the consumer for the high-quality products they install. Solar By Weller is a certified dealer for Solar Energy Initiatives, UMA and multiple solar manufacturers, and is a licensed and approved PA Sunshine Rebate and Keystone HELP contractor.
For more information on Solar By Weller, visit the all-new www.solarbyweller.com or call 610.845.0412.
It can be argued that electricity deregulation helps to promote competition and market efficiency. However, California residents experienced quite the opposite with a deregulated electricity market in 2001. Unpredictable electricity prices and frequent blackouts became prevalent when there was not ample electricity available during peak demand hours.
Many concur that the best solution for Pennsylvania residents is to incorporate renewable energy resources such as solar, which reduce dependency on energy from the electric companies and produce energy during times of peak demand.
Currently, customers can still capitalize on remaining rebates available through the Pennsylvania Sunshine Solar Program, providing $100 million in rebates to help fund solar electric (solar photovoltaic) and solar hot water (solar thermal) projects for homeowners and small businesses in Pennsylvania.
According to the Pennsylvania Department of Environmental Protection which oversees the program, rebates are being awarded on a first-come, first-served basis to approved applicants while funds remain. Households may receive one solar photovoltaic (PV) rebate for up to 10 kilowatts (kW) of installed PV generating capacity plus one solar thermal rebate not to exceed $2,000. A small business may submit one PV and one solar thermal application at a time and must complete the project and rebate process prior to submitting another application.
Solar By Weller is part of the largest and fastest growing solar dealer network in the United States and Bermuda enabling them to have purchasing power resulting in their ability to pass on lower costs to the consumer for the high-quality products they install. Solar By Weller is a certified dealer for Solar Energy Initiatives, UMA and multiple solar manufacturers, and is a licensed and approved PA Sunshine Rebate and Keystone HELP contractor.
For more information on Solar By Weller, visit the all-new www.solarbyweller.com or call 610.845.0412.
Toray Plastics Unveils Solar PV System
Toray Plastics (USA), Inc., (www.torayfilms.com), the only American manufacturer of precision-performance polypropylene, polyester, and bio-based films for packaging and industrial applications, is pleased to begin announcing a plan to build in Q2 2011 $ 2,000,000 446 kilowatts (kW) photovoltaic (PV) field on his 70-acre campus in North Kingstown, Rhode Iceland. The new solar field occupy about three acres, consisting of 1,650 PV panels trackers with utility-scale single-access, and the largest solar plant in the state. Toray estimates that efficient clean energy, designed to create greater energy efficiency when compared with conventional fixed-mounted PV modules will be 625 megawatt hours (MW h) produce a year to help curb rising energy costs and reduce CO2 emissions by 340 tonnes per year. The funding for the solar field will come from Toray, grants and loans from the Rhode Iceland Economic Development Corporation Fund for renewable energy, and state and federal grants through the Federal Ministry American Recovery and Reinvestment Act of 2009. Construction is expected in the 3rd Quarter of 2011 to be completed.
“Toray has been immersed in sustainable business practices for years and we are very excited to launch this major clean-energy undertaking in 2011. We’re also very pleased that the installation will bring new jobs to Rhode Island residents.”
In 2004, Toray a comprehensive sustainability initiative that has significantly improved its ecological profile and now the company is saving 29 million gallons of water to 8.5 million kW h of electricity and 10.1 billion BTUs per year. Surgical innovations have also contributed to zero waste landfills. The company also strict recycling program, 285 tons of wood, 152 tons of metal, 59 tons of cardboard and 46 tons of paper, bottles and cans saved each year.
Toray Plastics (USA), Inc. is a leading manufacturer of polyester, polypropylene and bio-based films for flexible and rigid packaging, lidding, graphic, industrial, optical and electronic applications. The company is a subsidiary of Toray Industries, Inc., the world leader in synthetic fibers and textiles, carbon fibers, plastics, chemical, pharmaceutical and high-performance films, and their annual turnover of more than U.S. $ 19,000,000,000th Visit the Toray Plastics (USA), Inc., website www.TorayFilms.com.
“Choosing solar technology to help power our operations is another example of our commitment to the well-being of our business, the community, and the planet,” says Richard Schloesser, President and CEO, Toray Plastics (America), Inc. “Toray has been immersed in sustainable business practices for years and we are very excited to launch this major clean-energy undertaking in 2011. We’re also very pleased that the installation will bring new jobs to Rhode Island residents.”
For more information on the entire line Toray polyester, polypropylene and bio-based films, to Mary Gervais, mary.gervais @ toraytpa.com. Phone 401-294-4511, fax 401-294-1480, Toray Plastics (USA), Inc., is located at 50 Belver Avenue, North Kingstown, RI 02852-7500.
“Toray has been immersed in sustainable business practices for years and we are very excited to launch this major clean-energy undertaking in 2011. We’re also very pleased that the installation will bring new jobs to Rhode Island residents.”
In 2004, Toray a comprehensive sustainability initiative that has significantly improved its ecological profile and now the company is saving 29 million gallons of water to 8.5 million kW h of electricity and 10.1 billion BTUs per year. Surgical innovations have also contributed to zero waste landfills. The company also strict recycling program, 285 tons of wood, 152 tons of metal, 59 tons of cardboard and 46 tons of paper, bottles and cans saved each year.
Toray Plastics (USA), Inc. is a leading manufacturer of polyester, polypropylene and bio-based films for flexible and rigid packaging, lidding, graphic, industrial, optical and electronic applications. The company is a subsidiary of Toray Industries, Inc., the world leader in synthetic fibers and textiles, carbon fibers, plastics, chemical, pharmaceutical and high-performance films, and their annual turnover of more than U.S. $ 19,000,000,000th Visit the Toray Plastics (USA), Inc., website www.TorayFilms.com.
“Choosing solar technology to help power our operations is another example of our commitment to the well-being of our business, the community, and the planet,” says Richard Schloesser, President and CEO, Toray Plastics (America), Inc. “Toray has been immersed in sustainable business practices for years and we are very excited to launch this major clean-energy undertaking in 2011. We’re also very pleased that the installation will bring new jobs to Rhode Island residents.”
For more information on the entire line Toray polyester, polypropylene and bio-based films, to Mary Gervais, mary.gervais @ toraytpa.com. Phone 401-294-4511, fax 401-294-1480, Toray Plastics (USA), Inc., is located at 50 Belver Avenue, North Kingstown, RI 02852-7500.
Solar Capital Ltd. Closes New Credit Facility
Solar Capital Ltd. (NASDAQ: SLRC) today announced a new $ 100,000,000 Senior Secured Credit Facility with a new lender. The facility, which expires in December 2015 with an interest rate of LIBOR plus 3.00%. The company originally based on the new facility was used to repay the remaining balance of its 8.75% senior unsecured debentures at par.
“With the addition of this new credit facility, we have expanded our borrowing capacity to $490 million and have established a relationship with a new lender. We used borrowings under this facility combined with the proceeds from our recent equity private placement to extinguish our 8.75% Notes and decrease our cost of capital," said Michael Gross, Chairman and Chief Executive Officer of Solar Capital Ltd.
“With the addition of this new credit facility, we have expanded our borrowing capacity to $490 million and have established a relationship with a new lender. We used borrowings under this facility combined with the proceeds from our recent equity private placement to extinguish our 8.75% Notes and decrease our cost of capital," said Michael Gross, Chairman and Chief Executive Officer of Solar Capital Ltd.
Wednesday, December 15, 2010
Xcel Energy and SunEdison Break Ground on a 54MW (DC) Solar Deployment in Lea and Eddy Counties, New Mexico
BELTSVILLE, Md., Dec. 15, 2010 /PRNewswire/ -- Community leaders and renewable developers today broke ground on a 54MW photovoltaic solar deployment to be built on five separate sites in Lea and Eddy counties, New Mexico.
SunEdison, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR) and Xcel Energy's regional operating company, Southwestern Public Service Company, along with local and state dignitaries, today began construction at one of the sites and discussed its potential with the community.
Held at the Woolworth Community library in Jal, New Mexico, the groundbreaking event highlighted the five-site deployment that is expected to be fully operational by the end of 2011. The five sites will be comprised of utility-scale, photovoltaic solar power arrays that are expected to deliver more than 112 million kilowatt hours of clean solar energy in the first year of operation alone. The five-site deployment will help enable Xcel Energy to continue meeting New Mexico's renewable portfolio standard, which requires that regulated electric utilities meet 15 percent of their electricity needs by 2015, and 20 percent by 2020, through renewable energy sources, including solar technologies.
"Xcel Energy has built its reputation on responsible stewardship of our environment while meeting customer expectations for innovation, reliability and competitively priced energy," said Riley Hill, president and CEO of Southwestern Public Service Company, an Xcel Energy company. "The SunEdison project positions us as a leading provider of solar power and a reliable partner in the development of a renewable energy economy in New Mexico."
The five installations will be built, financed and maintained by SunEdison, under a 20-year solar power services agreement with Xcel Energy, which will buy the solar energy generated by the solar power plants. The deployment will not only provide clean renewable energy to the citizens of New Mexico but will also stimulate local economic growth and job creation.
"I commend SunEdison and Xcel Energy for locating this sustainable energy project in southeast New Mexico," said State Senator Caroll Leavell. "Lea and Eddy counties embrace oil, gas and nuclear and this will further diversify our local economy as well as the energy security of the nation. It is special that one of the five units will be located on Woolworth Trust property. This private trust funds the Jal Senior Citizen's Center and Woolworth Library. This project will benefit our citizens for years into the future."
"The Carlsbad Department of Development, the City of Carlsbad, and Eddy County have all come together to help make SunEdison's project in Carlsbad a reality," said Tom Martin, President of the Carlsbad Department of Development. Carlsbad and Eddy County look forward to SunEdison's first portion of its two–county project being completed in Carlsbad. "I know SunEdison can expect great support in its construction and operation of the project, as well as support for future growth and expansion in Eddy County."
"The Economic Development Corporation of Lea County and the Lea County leadership have worked diligently with SunEdison and Xcel Energy to help make this project a reality," said Lisa Hardison, President and CEO of the Economic Development Corporation of Lea County. "We are very proud to have one of the nation's largest solar projects breaking ground in the EnergyPlex."
This 54MW deployment eclipses the 8.22MW (DC) solar power system SunEdison constructed and activated for Xcel Energy in Alamosa, Colorado in December 2007. Once constructed, the 54MW deployment will be the largest in New Mexico.
"SunEdison is proud of our continued relationship with Xcel Energy," stated Carlos Domenech, President of SunEdison and Executive Vice President of MEMC. "Having recently activated a 70MW deployment in Italy, SunEdison has proven our ability to construct and finance large utility-scale solar deployments. We look forward to working with Xcel Energy in helping them reach their renewable energy goals."
It is expected that the 54MW deployment will generate more than 2 million megawatt hours of clean, renewable energy over twenty years—enough energy to power more than 192,000 average US homes for one year.
SunEdison, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR) and Xcel Energy's regional operating company, Southwestern Public Service Company, along with local and state dignitaries, today began construction at one of the sites and discussed its potential with the community.
Held at the Woolworth Community library in Jal, New Mexico, the groundbreaking event highlighted the five-site deployment that is expected to be fully operational by the end of 2011. The five sites will be comprised of utility-scale, photovoltaic solar power arrays that are expected to deliver more than 112 million kilowatt hours of clean solar energy in the first year of operation alone. The five-site deployment will help enable Xcel Energy to continue meeting New Mexico's renewable portfolio standard, which requires that regulated electric utilities meet 15 percent of their electricity needs by 2015, and 20 percent by 2020, through renewable energy sources, including solar technologies.
"Xcel Energy has built its reputation on responsible stewardship of our environment while meeting customer expectations for innovation, reliability and competitively priced energy," said Riley Hill, president and CEO of Southwestern Public Service Company, an Xcel Energy company. "The SunEdison project positions us as a leading provider of solar power and a reliable partner in the development of a renewable energy economy in New Mexico."
The five installations will be built, financed and maintained by SunEdison, under a 20-year solar power services agreement with Xcel Energy, which will buy the solar energy generated by the solar power plants. The deployment will not only provide clean renewable energy to the citizens of New Mexico but will also stimulate local economic growth and job creation.
"I commend SunEdison and Xcel Energy for locating this sustainable energy project in southeast New Mexico," said State Senator Caroll Leavell. "Lea and Eddy counties embrace oil, gas and nuclear and this will further diversify our local economy as well as the energy security of the nation. It is special that one of the five units will be located on Woolworth Trust property. This private trust funds the Jal Senior Citizen's Center and Woolworth Library. This project will benefit our citizens for years into the future."
"The Carlsbad Department of Development, the City of Carlsbad, and Eddy County have all come together to help make SunEdison's project in Carlsbad a reality," said Tom Martin, President of the Carlsbad Department of Development. Carlsbad and Eddy County look forward to SunEdison's first portion of its two–county project being completed in Carlsbad. "I know SunEdison can expect great support in its construction and operation of the project, as well as support for future growth and expansion in Eddy County."
"The Economic Development Corporation of Lea County and the Lea County leadership have worked diligently with SunEdison and Xcel Energy to help make this project a reality," said Lisa Hardison, President and CEO of the Economic Development Corporation of Lea County. "We are very proud to have one of the nation's largest solar projects breaking ground in the EnergyPlex."
This 54MW deployment eclipses the 8.22MW (DC) solar power system SunEdison constructed and activated for Xcel Energy in Alamosa, Colorado in December 2007. Once constructed, the 54MW deployment will be the largest in New Mexico.
"SunEdison is proud of our continued relationship with Xcel Energy," stated Carlos Domenech, President of SunEdison and Executive Vice President of MEMC. "Having recently activated a 70MW deployment in Italy, SunEdison has proven our ability to construct and finance large utility-scale solar deployments. We look forward to working with Xcel Energy in helping them reach their renewable energy goals."
It is expected that the 54MW deployment will generate more than 2 million megawatt hours of clean, renewable energy over twenty years—enough energy to power more than 192,000 average US homes for one year.
Pacific Blue Energy Updates Progress at Gila Bend Solar Project
PHOENIX, Dec. 15 /PRNewswire/ - Pacific Blue Energy Corp. (OTCBB - OTCQB: PBEC), a publicly traded developer of renewable energy projects, today announced this progress update detailing developments at the Company's planned solar farm in Gila Bend, Maricopa County, Arizona.
On December 10, 2010, Pacific Blue received vendor approval to restructure the Gila Bend land acquisition and extend the closing date to March 10, 2011. The amended agreement allows for PBEC to acquire a larger initial land position of 115 acres, an increase of 15% over the previously proposed transaction. To facilitate this expansion and extension, PBEC advanced an additional $50,000 to the vendor. To date, PBEC has advanced about $129,000 of the overall $850,000 purchase price.
"The larger land position and extended closing date will provide us improved project development options and greater financial flexibility as we move this and other opportunities forward in the coming months," said Joel Franklin, CEO of Pacific Blue. "We remain firmly committed to our business strategy to build and manage large scale renewable energy projects. Acquiring a land base in Gila Bend and maintaining a strong balance sheet are both key elements of that strategy."
Gila Bend is located only thirty miles West of downtown Phoenix, Arizona. Town leaders in Gila Bend are committed to making the region into the solar capital of the world. The PBEC Gila Bend project is ideally situated in close proximity to three other solar projects under construction within a quarter mile of an electrical substation on land previously zoned for solar energy development by the local municipal authority.
In response to questions regarding the actions of the Alberta Securities Commission, Mr. Franklin stated, "We maintain the assertion that PBEC has been unfairly included in the interim cease trade order and believe that we will be fully exonerated in this matter. However, despite our best efforts and full co-operation with the ASC, it has become evident that contesting the order further would not be productive and would continue to consume valuable financial and human resources that would be better focused on building shareholder value."
The interim cease trade order, which will be reviewed by the ASC in March 2011, prevents the trading of the PBEC shares in the Province of Alberta, Canada. The interim cease trade order does not prevent trading of PBEC shares in any other jurisdiction. Trading of PBEC shares is not affected on the OTCBB or OTCQB markets in the United States.
Further information regarding the progress of Gila Bend and other Pacific Blue renewable energy projects will be released as it becomes available. Shareholders and other interested parties are urged to contact PBEC at info@pacificblueenergycorp.com to receive press release alerts direct from the Company.
On December 10, 2010, Pacific Blue received vendor approval to restructure the Gila Bend land acquisition and extend the closing date to March 10, 2011. The amended agreement allows for PBEC to acquire a larger initial land position of 115 acres, an increase of 15% over the previously proposed transaction. To facilitate this expansion and extension, PBEC advanced an additional $50,000 to the vendor. To date, PBEC has advanced about $129,000 of the overall $850,000 purchase price.
"The larger land position and extended closing date will provide us improved project development options and greater financial flexibility as we move this and other opportunities forward in the coming months," said Joel Franklin, CEO of Pacific Blue. "We remain firmly committed to our business strategy to build and manage large scale renewable energy projects. Acquiring a land base in Gila Bend and maintaining a strong balance sheet are both key elements of that strategy."
Gila Bend is located only thirty miles West of downtown Phoenix, Arizona. Town leaders in Gila Bend are committed to making the region into the solar capital of the world. The PBEC Gila Bend project is ideally situated in close proximity to three other solar projects under construction within a quarter mile of an electrical substation on land previously zoned for solar energy development by the local municipal authority.
In response to questions regarding the actions of the Alberta Securities Commission, Mr. Franklin stated, "We maintain the assertion that PBEC has been unfairly included in the interim cease trade order and believe that we will be fully exonerated in this matter. However, despite our best efforts and full co-operation with the ASC, it has become evident that contesting the order further would not be productive and would continue to consume valuable financial and human resources that would be better focused on building shareholder value."
The interim cease trade order, which will be reviewed by the ASC in March 2011, prevents the trading of the PBEC shares in the Province of Alberta, Canada. The interim cease trade order does not prevent trading of PBEC shares in any other jurisdiction. Trading of PBEC shares is not affected on the OTCBB or OTCQB markets in the United States.
Further information regarding the progress of Gila Bend and other Pacific Blue renewable energy projects will be released as it becomes available. Shareholders and other interested parties are urged to contact PBEC at info@pacificblueenergycorp.com to receive press release alerts direct from the Company.
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