SunPower, Citi create US$105-million residential investment fund
July 29, 2011 | Comments Off
SunPower has established a new US$105-million investment fund alongside Citi that will help finance residential solar lease projects in the US.
PSE&G and Matrix Development Dedicate New Solar System
July 29, 2011 | Comments Off
South Brunswick warehouse is second Matrix site hosting a Solar 4 All™ project
July 28, 2011 – Public Service Electric and Gas Company (PSE&G) and Matrix Development Group today cut the ribbon on a new rooftop solar installation at a Matrix-owned building in South Brunswick, NJ. The 3.0-megawatt (MW) project is part of PSE&G’s Solar 4 All™ program, the utility’s flagship solar effort to help New Jersey reach its solar energy goals while creating jobs and fostering economic development.
Solar 4 All is a nationally recognized program that will over three years develop 80 solar megawatts – enough power to serve about 13,000 average-sized New Jersey homes. The program is structured so the financial benefits – the value of the solar credits (SRECs), federal tax credits and the sale of the solar energy and capacity– are returned to customers by offsetting the overall cost of the program.
In addition to the South Brunswick site, Matrix also hosts a 2.8-megawatt solar system in Perth Amboy that has been in service since January 2011. Both Matrix projects are part of the “centralized” half of Solar 4 All – PSE&G owns and maintains the grid-connected solar systems and leases the roof space from Matrix.
“We have put more than 43 megawatts of solar capacity into service over the last 18 month, and along the way created good jobs, developed the New Jersey solar market in a cost effective way and helped the environment,” said Al Matos, PSE&G’s Vice President – Renewables and Energy Solutions. “All of this solar power flows into the grid, to provide clean solar energy to all of our electric customers.”
The Partner in Charge, Richard F.X. Johnson, runs Matrix Renewable Energy Services, a division of Matrix Development Group of Cranbury, NJ.
“We are extremely proud of the partnership we’ve established with PSE&G in New Jersey, where Matrix is committed to energy-efficiency best practices at the more than 10 million square feet of commercial space that we own and manage throughout the state, as well as the buildings owned by clients of our Renewable Energy Services division,” stated Johnson. “This solar venture gives us the ability to play a significant role in expanding access to clean energy— an important step toward achieving the state’s goal of becoming a recognized leader in the renewable energy arena.”
The Matrix building is located at 45 Stults Road in South Brunswick, NJ. The solar system is comprised of 12,684 crystalline solar panels. The panels cover more than 318,000 square feet of roof space in total and are connected directly to the electric grid for the benefit of all PSE&G electric customers. They will produce enough solar electricity to power about 500 average-size homes.
“A key Solar 4 All objective is to develop New Jersey’s solar assets while also preserving open space,” Matos said. “We’re accomplishing this by installing solar capacity on utility poles and also by utilizing large warehouse roofs like this Matrix building. By building these rooftop systems we are conserving open space and providing a revenue stream to building owners while providing clean solar power for all of our electric customers to use.”
PSE&G is using leading solar energy companies to help deploy solar systems across the state. Pro-Tech Energy Solutions of Branchburg, NJ developed the Stults Road project.
“We are thrilled to have been selected from among the many solar companies in New Jersey for this project,” said John Drexinger, principal of Pro-Tech Energy Solutions. “PSE&G and Matrix have shown incredible initiative in helping New Jersey reach its solar energy goals with this installation, leading the way for other companies that are interested in going solar.”
In addition to the two Matrix sites, PSE&G has built solar systems at five Newark schools totaling 2.7MW and a 1.7 MW solar system on a CenterPoint Properties warehouse in Bayonne. PSE&G has also installed solar systems at it own facilities – a 0.9 MW system at its Central Division Headquarters in Somerset, NJ and a 0.7 MW system at its Edison Training and Development Center, which includes roof, ground, carport and pole-attached installations.
The utility also has four large ground-mounted solar farms in service on PSE&G-owned properties. These solar farms are located in Yardville (4.4 MW) Linden (3.2 MW), Edison (2.0 MW) and Trenton (1.3 MW). Each are among the largest solar farms developed in New Jersey and three (Edison, Trenton and Linden) were built on remediated brownfields.
State regulators approved PSE&G’s Solar 4 All program in July 2009. The approved program required the utility to make investments to install 80 megawatts of solar power, enhancing the economic growth of New Jersey, creating jobs and vastly increasing the amount of renewable energy capacity in the state of New Jersey. The program’s first segment consists of installing up to 40 megawatts of highly distributed pole-attached smart solar units in neighborhoods on utility poles in PSE&G’s electric service territory, which includes the state’s six largest cities and roughly 300 rural and suburban communities. This is the largest pole-attached solar installation in the world, with the smart solar units connected directly into PSE&G’s electric distribution system providing solar generated power to all customers.
The second segment of the Solar 4 All program focuses on 40 megawatts of centralized solar facilities, such as the Matrix system and other solar sites on PSE&G owned or leased properties connected directly to the grid thus benefiting all customers.
SunPower and Citi Team to Finance $105 Million in Residential Solar Lease Projects
July 29, 2011 | Comments Off
July 28, 2011 - SunPower Corp. (NASDAQ: SPWRA, SPWRB) and Citi (NYSE: C) announced a new fund for approximately $105 million in residential solar lease projects. SunPower will use the fund to extend its SunPower® Lease to customers in eight states, expanding the financing options available to homeowners interested in high-efficiency SunPower solar power systems, the most efficient solar technology available today. Citi is contributing $80 million to the fund.
“Citi’s global financial leadership combined with SunPower’s leading technology and quarter century of experience offer customers an unprecedented level of assurance that is vitally important when a homeowner enters into a 20-year lease agreement,” said SunPower CFO Dennis Arriola. “We are proud to partner with Citi, and applaud its commitment to promoting the use of solar power.”
“SunPower is the leading manufacturer of rooftop solar power systems in the U.S. because our customers know they can rely on high-efficiency SunPower technology to maximize the power generated on their roof — and their monthly savings,” said Jim Pape, president of SunPower’s residential and commercial business group. “Homeowners have many financing options when they choose a SunPower system, from cash purchase to loans to leases, and SunPower dealers work with customers to ensure they choose the financing option that is right for them. We are very pleased to extend the lease option to more of our U.S. customers.”
The SunPower Lease is now available in Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, New York and Pennsylvania. In addition to low monthly payments with zero down, benefits of the program include a direct-from-manufacturer performance guarantee and an early buy-out option that allows homeowners to capitalize on solar home resale values.
Homeowners can also obtain SunPower systems through cash purchase or SunPower’s loan program, which offers a variety of low-interest loans.
“Citi remains at the forefront of developing financial solutions that support the adoption of renewable energy and enable consumers to maximize energy efficiency. We are pleased to partner with SunPower, an undisputed leader in solar energy,” said Jason Cavaliere, director in the Alternative Energy Finance Group at Citi.
Citi was named “America’s Greenest Bank” in 2010 by Bank Technology News and “Most Innovative Investment Bank in Climate Change and Sustainability” by the Financial Times’ Banker Magazine in 2009 and 2010 for its ongoing commitment to environmental sustainability. The global financial services leader is in the midst of a 10-year, $50 billion initiative to support the commercialization and growth of alternative energy and clean technology in markets around the world. To date, Citi has directed over $30 billion as part of this initiative.
“This important initiative builds upon Citi’s robust track record in environmental sustainability and affirms our commitment to renewable energy finance by helping our clients provide economically attractive options for homeowners to save money and generate clean energy,” said Marshal Salant, head of Citi’s Alternative Energy Finance Group.
NextEra Plans $3.1 Billion Wind Investment
July 29, 2011 | Comments Off
UNITED STATES: US number one wind developer NextEra has announced it will spend up to $3.1 billion on wind projects over the next three years.
The company’s CEO Lewis Hay announced the plans as part of NextEra’s Q2 results presentation. Its earnings have risen by 38% compared to the same period in 2010.
Hay also said NextEra would spend $2.3-$2.7 billion on solar projects.
In 2010, NextEra Energy aggressively expanded its wind-power capacity in 2010, installing 754MW in North America including 70MW of acquisitions.
This took the company’s total capacity to 8.3GW and it ended the year as the largest owner of wind generation in the US and the fourth largest in Canada.
Anwell scores funding from local government for second thin-film production plant
July 28, 2011 | Comments Off
The Municipal Government of Dongguan has supplied Anwell Technologies’ wholly owned subsidiary, Dongguan Anwell Digital Machinery, with US$108.67 million (RMB700 million), which will go towards the company’s development of a second thin-film solar panel manufacturing facility in Dongguan.
Moser Baer Solar extends PV modules mechanical warranty to 10 years
July 28, 2011 | Comments Off
Moser Baer Solar (MBSL) revealed that it has doubled its mechanical warranty for its MBVP Max Series, Model CAAP BB and higher, PV modules to 10 years. The modules will continue to carry a 25-year performance warranty on top of the 10-year mechanical warranty.
Backside innovation: Canadian Solar’s Shawn Qu talks baseball, MWT cells, ‘virtual’ verticality
July 28, 2011 | Comments Off
Canadian Solar may have exceeded expectations with the recent upward revision of its second-quarter module shipment guidance by 40-50MW, but its accomplishment still doesn’t quite match the exploits of one of the Major League Baseball teams that the PV company sponsors, the San Francisco Giants, who surpassed even the most die-hard fans’ hopes when it won the World Series last year. Noting the landing of another corporate sponsorship with an even more storied MLB franchise, the New York Yankees, chairman/CEO Shawn Qu told me during an Intersolar North America interview that the possibility of a Giants-Yankees matchup in the championship would be a “win-win” from Canadian Solar’s point of view, especially if the series were to go a full seven games. But baseball wasn’t the only thing on our minds: we also discussed solar cell and module technology, the collaborative elements of his “virtual” vertical integration strategy, and regional and sector market development.
AES Solar subsidiary secures €68 million for 18MW portfolio
July 28, 2011 | Comments Off
A subsidiary of AES Solar has secured long-term non-recourse funding of €68 million to finance the construction of an 18MW portfolio in Italy. All of the systems are expected to be operating commercially before the end of Q3, thus qualifying for a 20-year regulated feed-in tariff under the Conto Energia renewable energy tariff structure.
Solarbuzz report expects Asia-Pacific PV markets to account for 25% of global demand by 2015
July 28, 2011 | Comments Off
In the new “Asia Pacific Major PV Markets” published by Solarbuzz, the expectation has been set for the Asia-Pacific solar markets to experience significant growth over the next four years. According to Solarbuzz, this market segment is anticipated to make up 25% of global PV demand by 2015, compared to the 11% it represented in 2010. The top five markets, China, Japan, India Australia and South Korea, will more than likely account for 3.3GW of demand in 2011 alone, with China and Japan leading the region. Growth, in terms of customer segments is anticipated to be guided by utilities, which Solarbuzz speculates will become the largest customer segment as the Asia-Pacific markets leave the prevailing residential installation model.
First Solar’s Series 3 thin-film PV modules granted new IEC certification for coastal installations
July 28, 2011 | Comments Off
First Solar’s Series 3 CdTe thin-film solar modules have received the International Electrotechnical Commission’s (IEC) 61701 certification for salt mist corrosion, confirming the use of the Series 3 modules in coastal environments. The certification involves testing and studying the module’s performance in coastal environments, which are prone to corrosive salt mist.