ESS Tech, listed on the New York Stock Exchange as “GWH”, announced it has secured a $50 million investment from the Export-Import Bank of The United States (EXIM).

The funds are expected to support the expansion of ESS production capacity at its Wilsonville, Oregon plant. The company develops long-duration energy storage iron flow batteries. The investment is expected to help ESS triple its manufacturing capacity at the Wilsonville plant.

“Our technology uses earth-abundant iron, salt and water to deliver environmentally safe solutions capable of providing up to 12 hours of flexible energy capacity for commercial and utility-scale energy storage applications,” said ESS Tech.

EXIM made the investment via its Make More in America Initiative, which makes available medium- and long-term loans, loan guarantees, and insurance to finance export-oriented domestic manufacturing projects.

ESS Tech is delivering iron flow energy storage systems to customers in Europe, Australia and Africa. The company manufactures 100% of its products in the United States, with a predominantly domestic supply chain that spans 29 states.

“Our partnership with EXIM underscores the critical role that American-made clean energy technology will play in the global clean energy transition,” said ESS chief executive officer Eric Dresselhuys. “ESS’s iron flow technology is already deployed in Australia and Europe and with this agreement, we are well positioned to meet the growing needs of our current and future global customers.” 

ESS battery systems are designed to operate for 25 years, while conventional batteries last about 7 to 10 years. The battery modules, electrolyte, plumbing, and other components may well last for decades longer with proper maintenance, said the company. The battery, for example, is expected to experience zero degradation over 20,000 cycles. The long duration energy storage (LDES) system can store and dispatch electricity for 12 hours or more.

According to the Department of Energy’s ‘Pathways to Commercial Liftoff: Long Duration Energy Storage’ report, the U.S. grid needs 225 to 460 GW of LDES capacity for power market application for a net zero economy by 2060. The global LDES market is estimated to be $50 billion per year and forecast to grow significantly with a cumulative investment of up to $3 trillion by 2040, according to the LDES Council and McKinsey & Co.

• David Rogers, founder & CEO of Amp Energy, welcomes Andy Hoffman, CFA, to the team as its newest Chief Financial Officer, joining from The Carlyle Group, where he led the origination, structuring, and underwriting of private credit real asset transactions within the firm’s $5B+ AUM Infrastructure Credit platform.
• Matthew Dorsen just joined Deriva Energy as their new Director of Development.
• Jiwan Singh is announcing their new role as Director of Engineering at Atwell, LLC.

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Origami Solar announced partnerships with three steel fabricators who will domestically produce steel solar module frames. The fabricators include with Welser Profile of Valley City, Ohio; Priefert, of Mt. Pleasant, Texas; and Unimacts of Houston, Texas. Origami expects to be able to ship steel frames to customers in the first quarter of 2025, and by producing regionally says that frames will get from the fabricator to the module manufacturer in one to two days.

“America has one of the world’s strongest steel industries” said Origami Solar CEO Gregg Patterson. “We have the energy efficient steel mills and the world-class fabricators that can produce every solar frame America will ever need.”

Origami Solar, founded in 2019 and based in Bend, Oregon, is a pv magazine 2023 award winner for manufacturing. The company produces patented, steel solar module frames that are said to lower cost and improve module performance. The company reports that the frames are made of “green” recycled steel, thereby reducing greenhouse gases by up to 93%, representing a reduction of 80 kg per module or 200 metric tons per MW.

A recent report by Wood Mackenzie and Origami Solar notes that while the U.S. is working toward building up its domestic module manufacturing, thanks for the IRA, a less well-known problem is U.S. dependence on aluminum module frames. The majority of these are currently imported from East and Southeast Asia, and the report says that they are all made from carbon-intensive aluminum.

Origami sees an opportunity to supply module manufacturers in the U.S. market who are switching from imported aluminum frames to domestically made steel frames. Its use of recycled steel from suppliers in the U.S. and Europe in its frames give it a competitive edge when it comes to greenhouse gas scoring as assessed by Boundless Impact

Patterson points out that by having regional fabrication centers in the U.S., customers will avoid “shipping issues, labor strife, or impoundments delaying the arrival of the frames they need.” He added that by procuring domestically produced steel frames customers won’t have the worry of “geopolitical tensions” or “ever-increasing tariffs.” In light of recent news about fragile solar panels, he noted that steel frames may alleviate the risk of frames failing to support ever-larger solar panels.

Switching to domestically produced products across the solar supply chain has the further benefit of supporting good-paying jobs.

“Thanks to our partnership with Origami, we were able to expand our investments in the solar industry, keep our Benton, Arkansas facility open, keep our current employees hard at work and expand to up to 70 additional skilled workers over the next three years,” said Rocky Christenberry, Priefert’s executive vice president

Basis Climate has delivered an investment tax credit (ITC) transfer worth $600,000 for a 1.2 MW solar project, complete with a twelve-page transfer agreement plus requisite due diligence documentation. This transaction, facilitated under the new provisions of the Inflation Reduction Act (IRA), signals a significant shift in the tax credit landscape, expanding access to smaller-scale solar projects.

Tax equity, a financing arrangement where investors fund solar power projects in exchange for federal tax benefits like investment tax credits, is a complex field that integrates capital and labor. Initial costs for assembling these deals can start under $100,000 but may quickly escalate to millions. These expenses, covering fees for lawyers, accountants, and engineers, support extensive review of data rooms and the drafting of extensive contracts, focusing on compliance and diligence. The objective is to ensure that large investment groups can safely deploy billions of dollars in compliance with the U.S. Internal Revenue Service regulations.

The introduction of the IRA brings about ITC transferability. This mechanism provides a less formal alternative to traditional tax equity, facilitating the use of solar ITCs by investors.

When pv magazine USA consulted tax equity professionals, now also working with transfers, at the Solar Energy Industries Association’s annual Finance, Tax, and Buyer’s Seminar in March about the potential for simpler “six- to eight-page” tax transfer contracts, their response was a mix of skepticism and amusement. Such brief documents would stand in stark contrast to the extensive documentation required for solar tax equity transactions due to their complexity and regulatory demands. Our sources indicate that shorter contract lengths would align better with those used in the movie industry, which also navigates its own tax credit processes.

In the past, even the smallest projects that attracted tax equity investors required $1 to $2 million in tax benefits to offset the $75,000 in fees. That landscape is now evolving.

Source: Basis Climate’s online portal

Basis Climate, an internet-based tax credit transfer platform, has closed nearly $250 million in deals and boasts a $2 billion pipeline across various technologies, including solar, energy storage, renewable natural gas, wind, and electric vehicle charging. Over the past month, the company has managed over $50 million in term sheets and offers, with more than $70 million in signed deals progressing towards closure.

WeWould Solar, a single-purpose entity providing ancillary power to on-site agricultural processing in Gainesville, Florida, partnered with Basis Climate on the $600,000 ITC sale. The project is for a net-metered, behind-the-meter solar power initiative within the utility region managed by the Clay Electric Cooperative. The transaction took place through Basis Climate’s website, with the ITC being acquired by Creditable Capital.

Derek Silverman, co-founder & chief product officer at Basis Climate, shared insights with pv magazine USA.

The project is slated for development in three phases, each anticipated to be 1.2 MW. Notably, since the initial phase was under 1 MWac, it was exempt from prevailing wage or apprenticeship requirements. The installation will use SMA Sunny High Power PEAK3 inverters, Canadian Solar bifacial BiHiKu 425 W modules, and TerraSmart’s Glade Wave racking.

Source: WeWouldSolar energy monitoring dashboard

Creditable has disclosed that it is underwriting ITC transfer transactions targeting a 10% to 15% return on investment, net of fees and expenses, for its investors. For a $600,000 transaction, with limited information available, a return in this range suggests that Creditable Capital paid approximately 85 to 87 cents on the dollar. This payment rate is at the lower end of the typical industry range, where 90 to 95 cents on the dollar is common for larger solar power projects involving investment-grade asset owners and sophisticated development and construction firms.

First Solar, meanwhile, received 97 cents on the dollar when it sold its manufacturing tax credits.

Risk management

Silverman highlighted that the project’s diligence covered approximately 20 key areas, including organizational documents, project design, construction plans, operational strategies, insurance placement, and project valuation and qualification. Finalizing these core areas early helped Creditable Capital concentrate on higher-risk aspects, such as determining the project’s eligible basis and mitigating recapture risks, which involve the risk of having to return tax benefits if the project fails to comply with regulatory requirements.

For projects where asset owners lack strong financial foundations, buyers commonly secure tax insurance to safeguard against recapture risk. This insurance also provides a financial safety net, known as a backstop indemnity, in case the project’s liabilities exceed its assets. In the case of Creditable, the financial guarantees provided by the asset owner were sufficient, eliminating the need for tax insurance. However, when sellers lack a robust balance sheet, buyers generally obtain tax insurance to ensure comprehensive protection.

Adam Stern, founding partner of Creditable Capital, commented on their funding strategy, stating:

Creditable is getting more comfortable with the funding at a point in time after diligence is completed with a holdback for the IRS registration. Creditable, through its investors and financial institution relationships, is working to provide bridge loans on projects that it is buying the credits for.

A lingering risk in these transactions is how the IRS will require buyers and sellers to verify aspects of the deal, such as the determination of the basis.

Determining the appropriate ITC is a complex process due to the US Internal Revenue Service’s (IRS) detailed and evolving definitions of what constitutes an eligible project ‘basis’. For example, essential infrastructure like fences and roads, required by code for project deployment, are not considered part of the eligible basis, thus not qualifying for the 30% ITC. Similarly, interconnection costs had been excluded until recent changes under the IRA, which now allows projects under 5 MWac to include these costs in their ITC calculations.

In the traditional tax equity market, buyers of ITC needed to demonstrate significant involvement in the solar projects, taking on considerable operational and developmental risks, and ensuring long-term revenue from the projects flowed to them through complex financing arrangements. Some of requirements have been relaxed, although thorough due diligence and responsible investment practices remain essential.

A community solar project developed by Wunder Power in Maryland, part of an ITC sale facilitated by Basis in 2023. Image: Basis Climate.

From pv magazine Germany

Meyer Burger’s new plant in Goodyear in Arizona passed the factory audit according to UL test standards without any deviations, and production can begin.

The solar cells required for module production have been delivered from the German site in Thalheim to the U.S. plant for some time now. This will continue to be the case in the future to ensure the ramp-up in the USA, Meyer Burger added.

In addition to the module factory, Meyer Burger also plans to build a cell factory in Colorado. It is not yet entirely clear when this will be able to start production. This depends on the conclusion of the 45X financing. The due diligence of a major U.S. bank on monetization in accordance with Article 45X of the Inflation Reduction Act (IRA) has been completed and negotiations on the loan agreements are currently underway.

Meyer Burger says it is aiming to complete the deal and make the payment by the middle of the third quarter. At this time, the payment of export financing by a German bank for the construction of photovoltaic production in the U.S. is also expected. The photovoltaic company has also submitted the final application for the loan from the U.S. Department of Energy to finance the cell factory. This is currently still being reviewed, says Meyer Burger.

In addition, a commercial agreement has already been negotiated with a U.S. industrial and technology group and a term sheet for a possible investment in Meyer Burger has been exchanged. This strategic cooperation would enable Meyer Burger to manufacture solar modules in the U.S. with an ever-increasing proportion of domestic components.

Meyer Burger has already signed several contracts with EPC companies and energy suppliers for the purchase of its solar modules manufactured in the U.S.. Now another purchase contract for up to 600 megawatts per year has been added with a large energy company from the U.S.. Delivery has been agreed for three years from 2026 with an extension option for two years. The agreement is to take effect when the financing of the solar cell plant in Colorado Springs is completed, Meyer Burger said.

Meyer Burger shut down its module plant in Freiberg, Saxony , in April after there was no agreement within the federal government on resilience measures for German and European photovoltaic manufacturers .

Maine may design a distribution system operator to advance distributed energy resources Maine has hired a consulting firm to evaluate whether forming a distribution system operator could speed deployment of distributed energy resources and support other state goals. Consultants are reviewing how the approach is used in five other countries.

New platform vets residential solar salespeople An industry plagued by deceptive practices is now verifying salespeople via a platform called Recheck.

Summit Ridge to procure 800 MW of Qcells solar panels The recent agreement brings the total to 2 GW of solar modules that the community solar specialist will purchase from Qcells, mostly manufactured in its facility in Georgia.

More solar installations coming to U.S. military bases In a partnership with Duke Energy valued at an estimated $248 million, the U.S. Department of Defense will be the exclusive purchaser of all output generated by two new solar facilities, which will serve five military bases.

Siting solar projects for best environmental results A new white paper from Clearloop identifies key U.S. regions for best carbon displacement impact of new clean energy projects.

Top solar panel brands in reliability, quality, and performance Solar modules are evaluated in the Renewable Energy Test Center annual PV Module Index.

pv magazine interview: ‘In the next year, some of these guys are going to be bankrupt’ At Intersolar in Munich, pv magazine spoke with Jenny Chase, solar analyst at BloombergNEF, about the incredibly low polysilicon prices, massive overcapacity, and increasing consolidation. According to Chase, this year there will be enough polysilicon capacity to produce 1.1 TW of solar modules, but global module demand is expected to reach around 585 GW. 

Leading residential solar industry financers and the Solar Energy Industry Association (SEIA) are partnering with the newly launched Recheck, a platform designed to create a registry of residential solar salespeople and vet their conduct.

Residential solar has long struggled with aggressive sales tactics that has led to negative customer experiences. Many installers outsource their sales efforts to a third party, which can create a disconnect between sales promises and installation realities.

The platform was launched by a consortium of the main players in U.S. residential solar finance, including Dividend Finance, Freedom Forever, GoodLeap, Mosaic, Palmetto,  Sungage Financial, Sunlight Financial, and Sunrun.

“A healthy solar industry is vital to consumers and the U.S. energy transition. Recheck is proud of its founding partners and is committed to building the tools to ensure long-term trust with consumers,” said Tim Trefren, Recheck co-founder and CEO.

Recheck creates an online registry of approved solar salespeople, issuing a Recheck ID that allows contractors, financiers, and technology platforms to confirm that their sales partners meet certification, licensing, and training requirements.

The platform marks a first-of-its-kind opportunity for solar finance, contractor, and technology partners to track sales conduct across the industry.

Recheck will also facilitate industry-wide data exchange across the platform. The data will businesses vet sales partners, prevent poor practices by unregistered salespeople, and identify individuals with a history of consumer protection violations that move from company to company.

“Solar remains America’s most popular form of energy and will be installed on 10 million homes by 2030. It’s our job to make sure the solar and storage industry is accountable to the millions of families that are putting their trust in us to power their lives,” said SEIA president and chief executive officer Abigail Ross Hopper.

Recheck founding partners will be part of an ongoing advisory board and have committed to driving the adoption of Recheck IDs within their platforms in 2024 and beyond.

Along with supporting the launch of Recheck, SEIA is developing industry wide standards for residential solar, with accreditation from the American National Standards Institute. SEIA is proactively tackling issues that build confidence among customers, regulators, investors, rating agencies, and other stakeholders. These standards will contribute assurance that solar and storage systems have been ethically, sustainably, and responsibly sourced, manufactured, transported, installed, operated, and recycled.

• David Rogers, founder & CEO of Amp Energy, welcomes Andy Hoffman, CFA, to the team as its newest Chief Financial Officer, joining from The Carlyle Group, where he led the origination, structuring, and underwriting of private credit real asset transactions within the firm’s $5B+ AUM Infrastructure Credit platform.
• Matthew Dorsen just joined Deriva Energy as their new Director of Development.
• Jiwan Singh is announcing their new role as Director of Engineering at Atwell, LLC.

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From pv magazine 6/24

The Invesco Solar exchange-traded fund (ETF) underperformed compared to other stock indexes in April 2024. The solar ETF was down 11% and the S&P 500 and DJIA decreased 4%. That fall followed a 3% gain for the Invesco Solar ETF in March 2024.

The top three performing April 2024 solar-related stocks in the United States were Atlantica Sustainable Infrastructure plc, up 5%; First Solar, Inc. up 3%; and Clearway Energy, Inc., up 1%. The three worst were Maxeon Solar Technologies, falling 39%; Daqo New Energy Corp., down 32%; and SunPower Corp., down 29%.

Residential solar stocks dropped 18% in April 2024, having dropped 2% in March 2024. This extended the 2024 fall for residential solar stocks to 44%. The companies in this measure are Enphase Energy Inc., SolarEdge Technologies., Sunnova Energy International Inc., and Sunrun Inc.

The situation was similar for utility scale solar equipment stocks, down 15% in April 2024 and 22% year to date. The companies in this measure are Array Technologies Inc., Shoals Technologies Group Inc., NEXTracker Inc., FTC Solar Inc., and First Solar Inc.

Independent power producers (IPP) fared better than utility scale or solar stocks. IPPs were down 8% for April 2024 and 22% year to date. This was despite poor performances from Emeren Group Ltd. (-22%) and Altus Power, Inc. (-24%).

The U.S. solar industry is experiencing a gray market for discounted Enphase products, fueled by large installers and rising competition from other microinverter brands. Chinese manufacturers are pricing and financing utility scale battery storage, challenging international firms.

For utility scale projects, rising module prices and uncertainty about retroactive duties are causing delays. Some firms have reassessed plans. Distributors are hesitant to take on new stock, leading to slower inventory clearance, contributing to market disruption. Within the IPP sector there has been an uptick in merger and acquisition activity, however.

Titan Solar Power, a residential solar installer founded in 2013 in Arizona, sent an email to its employees informing them it has failed to sell the company to prospective buyers and will close its doors permanently.

Titan was among the largest residential solar installers in the nation, with tens of thousands of installations across 16 states. It grew quickly through its Solar Dealer program, a network of partnerships with sales organizations that sold Titan services, while Titan focused on installations. The partnership was based on a pricing model where Titan charged a fee for completing the project, and dealers retained the remaining balance as sales commission.

“Despite these achievements, the company faced criticism over its business practices, workmanship, and customer service, leading to numerous negative reviews and legal disputes,” said Ara Agopian, chief executive officer, Solar Insure.

Solar Insure, a leading residential solar insurance provider, said the reliance of third-party dealers for sales created a layer of separation from Titan and its customers, leading to communication gaps and inconsistent service experiences. The insurance provider maintains a list of solar bankruptcies and business closures here.

Titan said it had been negotiating with a potential buyer for six months, and the deal fell through on June 11, causing management to make the decision to close operations. Solar Insure said the Federal Reserve’s rate hikes to combat inflation inadvertently impacted the solar sector by making borrowing more expensive. This led to decreased consumer demand for solar energy systems, as higher borrowing costs diminished the appeal of solar as a cost-saving investment.

The higher interest rate environment has led to increased cost of capital for installers, increased risk in solar lending packages and strained operating cash flows. This difficult financial environment was made worse by policy changes in key markets like California, which cut solar export compensation rates in its move to Net Energy Metering (NEM) 3.0.

Solar Insure said that while Titan’s dealer network business model was lucrative, it proved to be a double-edged sword. The sales organization dealers’ primary motivation was to maximize their commissions, which sometimes led to aggressive sales tactics and overselling of systems without adequate consideration for the customers’ specific needs, it said.

“This disconnect between sales promises and installation realities further strained Titan’s resources and customer relations. As economic conditions tightened and borrowing costs increased, the financial pressure on both Titan and its dealers intensified, exacerbating cash flow issues and operational inefficiencies,” said Agopian.

Customers of Titan Solar are now left in a situation where their 25-year workmanship warranty is now void. Solar Insure offers a program called Solar Detect, designed to assist homeowners abandoned by a bankrupt solar contractor with long-term maintenance service contracts.

Find more pv magazine USA reporting on the series of residential solar bankruptcies and business closures.

From pv magazine ESS News

California-headquartered renewables company Bitech is selling 2.425 GW of its total 3.840 GW solar project portfolio. According to its website, Bitech’s primary focus as owner operator is the monetization and modernization of its 1.96 GW pipeline of grid-balancing battery energy storage system (BESS) projects. Bitech says it has a combo pipeline of 5.8 GW of BESS and solar projects.

A large part of Bitech’s business model is building partnerships and M&A deals with other renewables businesses, such as Emergen, a company it purchased from Texas-based solar and storage developer Bridgelink on April 24. With this transaction, the solar assets that have now been offloaded had entered Bitech’s portfolio.

Bitech’s wholly owned subsidiary Emergen will receive $19,400,000 from “a non-related third-party purchaser”, if the projects achieve a Point of Interconnection and subsequently obtain all Necessary Land Rights and the option to return certain or all projects is not executed.

Commenting on the decision to divest…

Article continues here.

Giraffe Financial announces the launch of a service that aims to make Inflation Reduction Act (IRA) tax credits accessible to underserved small- and medium-sized businesses and tax-exempt organizations such as local governments, schools, and nonprofits.

The IRA represents over $1 trillion in tax credits to accelerate the adoption of clean energy technologies in the U.S.; however, the complexities are as vast as the opportunities. With transferable tax credits value projected to grow to as much as $100 billion by 2032, according to Giraffe, smaller companies may be challenged to tap into those benefits.

In addition, direct pay issues were finalized in April, enabling non-profits such as schools and churches reap incentives for clean energy investments. Giraff intends to help non-profits navigate the process of accessing these credits.

“We built Giraffe to address the paradox that many of the organizations the IRA is intended to support are the least equipped to take advantage of it; we’re bringing IRA tax credits within reach for a broader audience,” said Giraffe co-founder and CEO Jason Prince. “We’re making tax credits far more accessible for entities that don’t have the wherewithal to become tax experts themselves.”

Giraffe is an AI-powered, end-to-end online tax preparation solution that intends to help users understand their likely eligibility and estimate the value of their tax credit. The program will also help companies and non-profits follow all rules in order to stay in compliance. And it will help potential direct-pay recipients to aggregate, insure and sell credits that they’ve obtained.

Help is available for renewable energy and energy storage investments as well as EV and EV charging purchases.

Giraffe is currently working with a partner in the private sector, Cummins, which supports dealers that are electrifying bus fleets. As each dealer has to navigate grant, rebate and tax incentives for their own business, Giraffe is providing those dealers with guidance and expertise so they can take full advantage of all opportunities.

Other customers include Butte Valley Unified School District, Weed Union Elementary, EVC Holdings, FuSE, Bird Bus, and EV charging solution providers like SWTCH, Skycharger, and XCharge.

“When we were first introduced to Giraffe, we were excited to hear that they could helpus secure tax credits that would effectively reduce our out-of-pocket costs to $0 as we moved to purchase electric school buses and the associated charging infrastructure,”

“There are many benefits to having electric vehicle charging stations at a business or other property, yet implementation can be costly and complex,” said Dan Coyne, founder and partner, EVC Holdings. “Giraffe is making the important IRS tax credit component significantly easier for its customers.”

Giraffe was spun out of the Momentum X climate finance venture studio, and it is backed by its two parent companies, Momentum and Skyview Ventures. The $1.5 million pre-seed venture capital funding round was led by Skyview Ventures with participation from angel investors representing leading EV OEM, EV charging, AI, carbon, and environmental commodity organizations.

• Edgar Lim is starting a new position as Director of Business Development at Pure Power Engineering
• Hugo Lapie has joined 3E, a leader in the renewable energy industry, leaving Prescinto

North America’s leading renewable energy search firm

Community solar makes solar accessible to those who live in multifamily housing and don’t own their rooftops, can’t afford the upfront cost of solar or whose roofs are not oriented favorably for solar. A recent study by researchers at Lawrence Berkeley National Labs (LBNL) and published in Nature Energy, shows that community solar extends clean energy to communities that would have otherwise struggled to adopt rooftop solar.

“Their findings are compelling: community solar subscribers are 6x more likely to live in multifamily housing and 4x more likely to rent. This reaffirms what we have known to be true for years — community solar is one of the best ways to increase equity in our energy system,” said Molly Knoll, vice president of policy for the Coalition for Community Solar Access (CCSA).

Wood Mackenzie found that the share of community solar serving low-to-moderate income (LMI) subscribers grew from 2% to 10% in just one year, with costs decreasing 30% over the same period. In a report on community solar, Wood Mackenzie expects 7.6 GWdc of new community solar will come online in existing state markets between 2024 and 2028, and the national total of community solar installations are expected to pass 10 GW of cumulative capacity in 2026.

The Wood Mackenzie report noted that residential customers are representing an increasingly larger share of community solar subscriptions, suggesting a shift in focus for developers and providers. Low- and middle-income (LMI) customers rose from 2% of the customer base to 10% from 2022 to 2023, with costs to subscribe these customers declining 30% year-over-year.

Knoll pointed out that the Wood Mackenzie findings along with the LBNL findings, shows that policy that supports community solar adoption by LMI customers cannot only increase solar adoption but can also decrease overall costs.

For the first time, the researchers combine household-level data from Berkeley Lab’s Tracking the Sun rooftop solar adopter data set with data compiled under NREL’s Sharing the Sun community solar research, as well as additional community solar adopter data collected for the study. To determine how well community solar is serving the needs of those who are underserved by the rooftop solar market, the study looked at the demographic characteristics of the two adopter groups.

Based on a sample of 11 states, the LBNL study found that community solar adopters in 2023 were about 6.1 times more likely to live in multifamily buildings than rooftop solar adopters, 4.4 times more likely to rent, and earned 23% less annual income. Based on this, the researchers conclude that community solar has effectively expanded solar access to multifamily housing occupants, renters and low-income households.

The researchers also looked at what drives community solar participation: business models or policy. The business model removes barriers to adoption by allowing households to adopt solar without owning a home or having exclusive access to a rooftop. This is especially appealing to those who live in multifamily buildings and/or who are renters.

On the other hand, the researchers found that policy has helped to provide targeted support to help low-income households adopt community solar.

The conclusion was that business models and policy are equal in influencing community solar.

According to CCSA’s Knoll, this equitable access will increase substantially as more state policies include requirements that projects serve LMI customers. She noted that the $7 billion infusion from the EPA’s Solar for All competition will further speed LMI adoption.

“This study is important confirmation of one of the values community solar can bring to the electric grid and the tireless work our broad and diverse coalitions are doing to bring community solar to every state in the country,” said Knoll.

The authors of the Berkeley Lab study will host a free webinar on June 18^th at 11 a.m. PT/2 p.m. ET.

• Katlyn Lawver has accepted a role as VP of Pre-Construction with Convergent Energy and Power after 9 years with Borrego / New Leaf Energy
• Raman Mall is starting a new position as Director, Transmission & Distribution Engineering at SaskPower
• Michael Williams started a new position as Senior Vice President of Sales at Catalyze
• Chris Kalowes started a new position as Senior Key Account Manager- Energy Storage at Sungrow Power Supply

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The Turlock Irrigation District (TID) seeks to procure new or existing clean energy projects delivering either directly into California ISO (CAISO) or TID regions, via the Ascend Analytics Energy Exchange (AEX). TID is a publicly owned company that owns and operates an integrated and diverse electric generation, transmission and distribution system that provides power to a population of 240,000 in California.

The AEX is a marketplace that facilitates renewable energy transactions between buyers and sellers. Ascend AEX has facilitated the procurement of millions of megawatt-hours per year of renewable energy and battery storage capacity.

Offers may be structured as all-in power purchase agreements (PPAs), bundled renewable energy credits (RECs) or ownership offers.

All offers must have a minimum nameplate capacity of 50 MW or annual renewable generation of at least 150,000 MWh. Acceptable commercial operation dates are no later than December 31, 2030.

TID seeks proposals for Portfolio Content Category 1 (PCC) eligible renewable generation (including solar photovoltaic, wind, biomass, biofuel, small hydroelectric generation, and geothermal) or PCC1 renewable generation plus storage (hybrid). Storage discharge duration must be at least 4 hours.

Offers are grouped in two categories:

Group A: Proposals for direct delivery to TID’s balancing authority (BA) system Power Purchase Agreements (All-in): All-in PPAs must have a term length between 10 and 30 years. Ownership Options: EPC contracts for turnkey projects with the option of offering a long-term service agreement (LTSA).

Group B: Proposals for CAISO connected resources: PPAs (All-in, Energy + RECs, Index+): All-in PPAs must have a term length between 10 and 30 years and bundled RECs (fixed price or Index+) must be between 10 and 20 years. Ownership offers will not be considered for Group B projects.

Build option proposals can take the following forms:

1. Build a power generation facility, retain 100% ownership of the facility, operate the same facility, and sell the
facility’s output to TID (respondent submits a PPA offer).
2. Build a power generation facility, TID owns 100% of the facility, TID operates the same facility, and TID takes the
facility’s output (respondent submits an ownership offer).

Regardless of the form of the build option, Respondents submitting proposals that include a build option must provide,
after being shortlisted, a legal analysis of how their proposal will comply with California procurement laws. Proposed build
options that do not comply with the procurement laws of California will not be considered.

Note that standalone storage and RA-only offers will not be considered as part of this RFP.

The RFP team will host an informational webinar for interested bidders on June 19th at 11 a.m.PT. Submissions are due July 2, 2024, at 5 p.m. PT. To participate, ask questions, and receive RFP updates and materials, prospects must register on the TID RFP website.

• Daniel Smith started a new position as Director of Development Engineering at Catalyze
• Katlyn Lawver started a new position as VP of Pre-Construction at Convergent Energy and Power
• Raman Mall started a new position as Director, transmission & Distribution Engineering at SaskPower
• Nicole Tomasin started a new position as Head of Sales, US at SolaX Power US

North America’s leading renewable energy search firm

The Center for Rural Affairs (CFRA) has released an analysis, Sifting through Solar: Land-Use Concerns on Prime Farmland, which discusses the potential expansion of solar power by 2050 on Midwest farmland.

The report highlights that solar projects have generated 147,000 rural jobs and delivered substantial land lease payments to farm owners, with farm owners in Iowa receiving $73.4 million in 2022 alone.

According to the CFRA, the U.S. Department of Energy’s Solar Futures study estimates that by 2050, 1,600 GW of solar power will be needed to fulfill 40-45% of electricity demand, with 210 to 420 GW anticipated to be installed in the Midwest. The analysis further notes that if all the projected solar capacity for the Midwest were installed solely on farmland, totaling 114.8 million acres, “it would only occupy 1.45% to 2.90%” of farmland.

Moreover, a significant portion of land is neither considered prime farmland nor currently used for agriculture at all.

Challenges

The CRFA highlights Iowa, notable not only for its extensive ethanol production but also for significant resistance to solar development. Repurposing these ethanol-producing lands for solar could theoretically power the entire U.S., including all electric vehicles and heating systems.

The analysis identifies two technical land designations, “prime farmland” and “corn suitability rating” (CSR), as potential barriers to placing solar installations. These designations could be overly restrictive under current policies.

In Minnesota, advocates contend that the classification of prime farmland, established in the 1980s to curb the spread of coal and nuclear facilities, is outdated. Unlike these facilities, solar installations do not permanently alter the land and can be decommissioned, allowing the land to return to its original farming use after lying fallow, potentially improving its condition for future agricultural use.

In Iowa, proposed legislation aimed to limit solar installations to land with a CSR value of 65 or less failed to pass. Had it passed, placing solar installations on 65% of the state’s farmland would have been illegal, and a large portion of the remaining 35% was considered less than viable for solar due to various land characteristics.

CFRA’s efforts to address land use concerns could be deployed as part of an effective comprehensive educational strategy. Stakeholders must understand the significant income potential from solar installations alongside the threats posed by local anti-solar legislation to the financial security of family farms.

Financial comparisons and community impact

Considering the attractive solar lease rates, dedicating even a small percentage of farmland to solar energy can substantially enhance a farm’s financial stability. For example, in 2023, the United States Department of Agriculture’s National Agricultural Statistics Service reported that non-irrigated cropland cash rent averaged $269 per acre in Iowa and $259 in Illinois. High-quality farmland can command rents over $400 per acre, while the least profitable farmlands fetch as low as $58 per acre.

Contrast these figures with the typical solar lease in these states, ranging from $750 per acre for up to hundreds of acres to as much as $3,000 per acre for up to 20 acres.

Community solar programs, which tend to lease fewer acres, offer higher rates ranging from $1,200 to over $5,000 per acre depending on the state. For example, a farmer with 400 acres who converts their least productive 15 acres – representing 3.75% of their land – for a 2 MWac community solar farm could see annual earnings surge to $45,000. This amount is approximately 11.5 times the previous earnings of $3885 from these acres, based on the average cash rent of $259 per acre in Illinois.

Even at the lower end, solar leasing would at least double the cash rent of the most lucrative farmland and could provide a dramatic increase for less profitable lands. For instance, in Johnson County, Illinois, land renting at $58 per acre could see income increase 13-fold with a $750 per acre solar lease rate.

To achieve 1,600 GW of solar capacity in the U.S., just over 10 million acres would be required, of which 1.2 million to 2.5 million acres would be utilized from the Midwest’s almost 700 million acres of total land area.

With 10,300,000 acres available nationally for solar installations, projected land lease revenues available to owners would range from $7.725 billion annually to an impressive $30.9 billion, with billions in lease revenues available in the Midwest.

To further harmonize solar development with agricultural land use, several strategies can be implemented:

• Enhancing biodiversity: Planting native or perennial vegetation under panels can improve soil health and provide pollinators and wildlife. Sites managed with native vegetation have been shown to have a restorative effect on the environment.
• Integrating agrivoltaic practices: Agrivoltaic practices such as livestock grazing, crop growing, and beekeeping allow land to remain in agricultural use while simultaneously producing energy.
• Ensuring land restoration: Solar projects have a minimal impact on land quality, and the land can be restored to its original farmland state at the end of the project’s life cycle, estimated to be between 30 to 35 years.
• Implementing decommissioning plans: Once solar arrays reach the end of their life cycles, county decommissioning plans should mandate the restoration of the pre-construction environment.
• Combating disinformation Campaigns: Washington-based, fossil fuel-associated, groups such as Susan Ralston’s “Citizens for Responsible Solar’‘ focus on inciting controversy and disseminating misinformation. These groups actively work to influence local governments to impose bans and legislative limitations on solar projects.

Robert Gibbons, Strategic Development Manager at Trina Solar US, entered the world of photovoltaics about three years ago, coming from the oil and gas industry. Fossil fuel projects were becoming less common and a new universe seemed to be opening for renewable energy with the pending Inflation Reduction Act (IRA) Despite its rather misleading name, the IRA is a massive federal support mechanism for renewable energy.

“One of the biggest benefits of the Inflation Reduction Act has been raising the visibility of tax policy on prospective solar projects,” Gibbons told pv magazine USA. “When’s the last time you’ve had a 10 -year time frame where you feel pretty good that these tax credits are going to be there, right?”

The federal solar tax credit of the 2010s, which along with inexpensive China-source PV panels, energized the solar industry in the U.S. With that tax credit set to expire, Congress increased it from 26% to 30% and extended it through 2032.

Gibbons added that the IRA has come along at a time when just putting projects together has become that much more difficult because of a combination of rising interest rates and what he calls the structural constraints of longer interconnection queues. He said his 30 years in financing, mainly of infrastructure projects, a lot of which were for the oil and gas industry, has given him a good understanding of what is needed to move projects forward, especially during difficult economic times.

While critics point to the money being set aside under the IRA as being itself inflationary, Gibbons is more sanguine on the law’s positive effects, which he said helps enable effective and profitable solar projects to get the green light. He pointed out that an important element of the IRA is its provision for the transferability of tax credits.

In the proposal stage, solar projects may seem like a house of cards. A successful project needs a developer to oversee the design, engineering, land acquisition, legal issues and financing. Financers, in particular, want to know there are going to be guaranteed off-takers for the electricity generated. In addition, there has to be a dependable supply chain to equipment manufacturers and possibly resellers. Today, the availability of tax credits can make the difference in whether a proposed solar project is viable or not.

“We do not advise clients on how to manage a project to get the various tax credit adders,” Gibbons said, emphasizing that this was not Trina’s role. “However, with the transferability of tax credits under the IRA, we and our partners can buy these and provide clients with confidence in a project’s economics.”

Recent guidance from the Internal Revenue Service outlines the domestic content credit a clean energy project may receive for incorporating equipment manufactured in the United States. Because of the surge in interest in U.S. manufactured solar modules, Trina Solar US is building a 5 GW capacity solar module manufacturing facility in Wilmer, Texas. Gibbons said Trina moved quickly on the opportunity to develop the facility, which will produce PV components as well as assemble modules from components produced in China.

“We had a lot of interest on behalf of our clients in using modules from that facility,” Gibbons said. “Not only because of domestic content benefits, but wanting to also support the development of solar manufacturing in the U.S.”

As much as Gibbons appreciates the tangible benefits of the IRA and IRS rules to the U.S. solar industry, he is also cognizant that politics cannot be counted on forever to support PV and other renewable energy projects. The recent laws and rules have been key, he asserts, but at some point the industry will have to stand on its own. Yet at the same time, it may be too big to fail.

“The IRA starts to phase out and it’s gone by 2032,” Gibbons said. “At that point, we should have a large, sustainable solar generation and manufacturing industry, right? And if it needs more help after that, what politician is going to want to get in front of that and put an end to it?”

Impact investment firm Advantage Capital announced the appointment of energy executive Steven Lichtin as managing director and chief executive officer of Advantage Capital Renewables. Lichtin brings nearly 15 years of experience developing solar and energy storage projects totaling over 10GWs in various markets across the U.S. Prior to joining Advantage Capital, he was Vice President of Development at CypressCreek Renewables, a renewable energy independent power producer (IPP).

Additional job moves provided by EnergeiaWorks:

• Darren Devine started a new position as Chief Financial Officer at Linea Energy
• Ty Baccile II was promoted to Director of Development at New Energy Equity
• Oran Arms started a new positions as Director of Business Development at Catalyze
• Emilie Wangerman started a new position as Chief Operating Officer at Lightsource BP

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Schneider Electric announced the appointment of Ruben Llanes as CEO of Digital Grid, the company’s line of business that accelerates grid modernization through cutting-edge digital management software. Under Ruben’s leadership, Digital Grid will continue its mission of helping customers modernize their grid systems by maximizing resources and minimizing ecological footprints, helping to drive the industry’s global green energy transition. 

Lightsource bp is announced the appointment of Emilie Wangerman as its chief operating officer (COO) of the United States and member of our executive team, effective immediately. Emilie will lead the growth and development of our ambitious U.S. portfolio. Wangerman has been an integral part of Lightsource bp since joining in late 2017 to significantly accelerate expansion into the U.S. market. Over the last seven months, Emilie has been acting as interim COO of the U.S.

Key Capture Energy, LLC, a leading developer, owner and operator of battery energy storage systems in the United States today announced that Joel Vyduna is joining its growing team as executive vice president of technology and will be a member of the company’s leadership team. In addition, two members of the KCE team were promoted: Taylor Quarles is now executive vice president of development and Jim Brown is executive vice president of engineering and construction.

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From pv magazine Global

Trina Solar said it recorded $15.75 billion of revenue in 2023, up 33.32% year on year. Its net profit rose 50.26% to $768.2 million.

Its total PV module shipments reached 65.21GW in 2023, up 51.33% year on year. Its gross profit margin on module sales hit 15.54%. By the end of March 2024, Trina Solar’s cumulative global module shipments surpassed 205 GW, with high-power modules based on 210 mm large-size wafers accounting for more than 120 GW of its total shipments.

The company’s annual report highlighted significant growth across various business segments, with residential PV system shipments reaching 9.6 GW, for a 54.8% year-on-year increase. Its racking business delivered 9.6 GW (including 4.6 GW of trackers), marking a 118.2% year-on-year improvement. Trina Solar said it expects robust growth across these segments in 2024, with ambitious business targets of 80 GW to 90 GW of module shipments, a 20% expansion of its residential PV business, and 50% growth in its racking business.

Trina Solar’s production capacity across polysilicon wafers, solar cells, and PV modules stood at 55 GW, 75 GW, and 95 GW, respectively, by the end of 2023. N-type TOPCon cells accounted for 40 GW of its solar cell capacity. Looking ahead, it said it will scale up its production capacity to 60 GW, 105 GW, and 120 GW for polysilicon wafers, solar cells, and PV modules, respectively.

Trina Solar’s sales of large-scale energy storage containers and systems had penetrated six regional markets by the close of 2023, including China, Europe, Asia-Pacific, North America, Central and East Africa, and Latin America. Its cumulative shipment volume reached nearly 5 GWh. This year, it said it has solidified supply and strategic partnerships with energy companies such as Low Carbon, Pacific Green, and EcoSourcen.

Trina Solar allocated $768.1 million for R&D initiatives in 2023, up 19.69% year on year. The company is actively engaged in 26 R&D projects, with a particular focus on advancing energy storage solutions. These projects range from battery pack innovations to comprehensive system integration solutions.

Trina Solar said that short-term challenges stemming from price declines in the industrial chain due to heightened competition could affect enterprise profitability. However, the company noted that integrated enterprises with strong control over downstream component sales can safeguard their upstream operations, establish cost competitiveness, and expand market share.

From pv magazine global

The latest Sinovoltaics financial stability ranking of battery energy storage system producers, which is based on a balance sheet model and publicly available financial information, lists U.S.-based Tesla as number one, followed by South Korean’s LG Energy Solution, Taiwan-based Kung Long Battery and China’s Mustang Battery, along with U.S.-based Solid Power in the top five.

Sinovoltaics, a Hong Kong-based technical compliance and quality assurance service firm, has released its latest Energy Storage Manufacturers Ranking. The report, which is global in scope and covers 55 manufacturers, is available to download for free.  Results are calculated from June 2020 until March 2024 to provide insight into the stability of the scores over time.

The ranking uses a so-called Altmann Z-score, a quantitative formula to analyze multiple corporate income and balance sheet values to gauge the financial health of a company. It assesses a company’s financial strength based on publicly available information through a credit-strength test based on profitability, leverage, liquidity, solvency, and activity ratios. A score that is 1.1 or lower indicates a higher probability of bankruptcy within the next two years, while a higher score of 2.6 or greater indicates a solid financial position.

The manufacturers in the top ten of the energy storage ranking include Tesla, LG Energy Solution, Kung Long Battery, Mustang Battery, Solid Power, along with Ireland-based Eaton, China-based Sinexcel, Japanese manufacturers GS Yuasa and Sanyo, along with U.S.-based Livent.

Sinovoltaics has published several other manufacturer rankings this year, including reports focused on inverter manufacturers and module manufacturers. It points out that although the reports do not assess the quality of the equipment, they can be used by buyers and other industry stakeholders, such as financial institutions, as an element of the due diligence process, or to help identify financially stable partners.

Kiterocket announced it has hired Jessica Fishman as director for its renewable energy practice. As the climate tech sector experiences exponential growth, Fishman will lead the agency’s renewable energy client portfolio and continue its proven track record of advancing brands advancing the world.

Fishman brings 20 years of experience as a strategic marketing leader. Prior to joining Kiterocket, she worked at leading clean energy companies including Conergy and AlsoEnergy where she led marketing and communications departments. Fishman also spent nearly seven years as head of global public and media relations at SolarEdge where she built a highly effective and efficient public and media relations department during a high-growth period, which included three acquisitions and an IPO. The company ultimately emerged as an industry thought leader with a multi-billion-dollar valuation.

Wood Mackenzie announced that Jason Liu has been appointed chief executive officer (CEO). Mr. Liu replaces former CEO Mark Brinin, who is departing to pursue other opportunities after successfully leading the company through its transformative carve-out.

Mr. Liu is a distinguished leader with over 25 years of experience leading growth-oriented, private equity-backed companies in the software and data industries. He most recently served as CEO of Zywave, a prominent provider of software, data, and analytics in the insurance technology space, where his strategic vision and operational execution doubled the size of the company and substantially enhanced its market position.

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Anza, a solar and energy storage procurement platform, announced it has introduced expanded capabilities and now has over 20 energy storage products on its platform.

In 2023 Anza was spun out of Borrego Solar after Borrego developed the solar and battery storage online marketplace and optimization solution. The proprietary software that drives the digital marketplace identifies the most optimized solar module and storage components based on customer-provided project details.

The Anza marketplace is designed to give procurement professionals, developers and engineers access to the data they need to evaluate storage product pricing over a project’s lifetime. With solutions for the utility-scale and distributed generation market, Anza’s Effective $/Watt analytics allows users compare products based on risk, production and installation cost.

“Project developers and procurement professionals are faced with an escalating number of factors they must consider when evaluating an energy storage project, and the lack of real-time pricing among all the different product options and configurations slows decision making and increases risk,” said Mike Hall, CEO of Anza.

The Anza platform was developed to offer engineers and procurement professionals a streamlined way to obtain product and pricing data from multiple suppliers. Anza reports that its platform enables IPPs, developers and engineers the ability to instantly compare AC and DC energy storage systems (ESS), thus saving what could amount to considerable time and money.

“The Anza platform enables us to evaluate multiple energy storage products and PCS configurations in seconds,” said James Beach, co-founder and managing partner, EnerSmart Storage. “With Anza’s specialized technical and commercial expertise, it’s a no-brainer to partner with them in this rapidly evolving market.”

In its first year as a separate company, Anza has experienced 100% growth and the platform has facilitated the assessment of more than 35 GW of solar and 75 GWh of energy storage across over 1,000 projects to date, the company reports.

Microsoft announced it has entered the largest-ever corporate power purchase agreement (PPA) for renewable energy, signing on for more than 10.5 GW of capacity in the United States and Europe.

The projects are slated to begin construction in 2026. Bloomberg NEF estimates the portfolio will take over $11.5 billion to build. Microsoft and Brookfield said the deal is nearly eight times larger than any other single corporate renewable PPA.

The companies said the agreement will focus largely on solar and wind generation but will also include “new or impactful carbon free energy generation technologies.”

“It is absolutely the largest single announcement for a corporate clean-power purchase agreement ever,” said BloombergNEF analyst Kyle Harrison. “It cements Microsoft as the second-largest corporate buyer of clean energy through PPAs, after Amazon.”

U.S. power consumption has undergone minimal growth over the past two decades, but demand is ramping up quickly as datacenters supporting the development and operations of AI have enormous electricity requirements. Power generator Exelon Corp projected a 900% increase in power demand in the Chicago area from planned datacenters.

Sharply increasing power requirements combined with corporate goals for clean energy adoption are expected to continue to generate demand for renewables. Microsoft plans to match all its electricity consumption with net-zero energy purchases by 2030.

Microsoft has been active in solar PPA procurement, securing two PPAs for 400 MW in Texas, and a 98 MW project in Louisiana. It also agreed to a 12 GW solar module procurement deal with Qcells, which includes engineering, procurement, and construction (EPC) services from the module provider over an eight-year period.

In addition to procuring renewable energy to lessen its emissions profile, Microsoft is taking steps to reduce the power demand of its datacenters. The company is developing liquid-immersion cooling, grid-interactive uninterrupted power supply (UPS) batteries, and more.

Brookfield Renewable has undergone considerable growth in recent years. In 2023, it secured the largest merger and acquisition transaction in renewable energy, securing utility Duke Energy’s unregulated utility-scale commercial renewables business for $2.8 billion.

Solar microinverter and energy storage provider Enphase Energy has announced Mary Erginsoy as vice president and chief accounting officer. Erginsoy, who has around 20 years of experience in the solar industry’s financial sphere, is set to take over the role later this month. She is recognized for her expertise in operational accounting, financial reporting, and her time with SunPower Corporation and Ernst & Young.

EV battery grade lithium materials provider Stardust Power announced it named Randal Harris as director of construction. The company said the appointment marks a milestone in its mission to bridge the gap in the U.S. domestic supply of battery-grade lithium products.

Robroy Industries Enclosures Division announced the appointment of Alex Erwin as its central region development manager. Through its two brands, Stahlin and AttaBox, Robroy Enclosures offers a selection of non-metallic enclosures available for meeting the needs of diverse industries, interior and exterior applications, and physical property performance standards including NEMA 4X and NEMA 6P integrity.

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Tier 1 defense industry contractor RTX (formerly Raytheon) signed a deal with Engie North America to purchase 100% renewable energy in its quest to reduce emissions 46% by 2030 from 2019 levels.

The deal involves buying a mix of wind and solar sources through renewable energy certificates as well as direct energy purchases, all originating in the state. The clean energy will reportedly power 12 of its facilities in Texas.

While the companies did not report the dollar value of the deal, they did say RTX would receive 1.5 million MWh of renewable electricity over the next 10 years, reducing the company’s carbon emissions in Texas by 560,000 metric tons of CO2 over the lifetime of the agreement, which is scheduled to run through 2033. RTX’s Raytheon facility in McKinney, Texas is expected to consume more than 55% of the total clean energy procured.

Initially, the deal includes RECs from Engie’s existing Priddy Wind Project for a portion of RTX’s forecast load in 2024. The remainder of its load for 2024 and beyond reportedly will be sourced with electricity and RECs from several Engie renewable electricity projects in Texas, primarily new projects.

California-based Trio (formerly Edison Energy) is RTX’s energy advisor on the Engie deal. Joey Lange, senior managing director at Trio, said the agreement is notable for a number of reasons, including its size and the fact that it involves RECs and direct purchases of electricity. Also important is the fact that it will spur future development of renewable energy projects.

“This specific engagement is a little unique because it’s going to be a mix of already built assets and projects that are not online yet,” Lange told pv magazine USA. “The use of existing generation is going to allow RTX to hit its goals of a 10% reduction in carbon by 2025. The ramping up of new projects will enable it to reach 46% by 2028 and then extend through 2033.”

Lange said Trio’s role is to help its client, always the energy buyer, to achieve its corporate goals with regard to renewable energy and CO2 emissions reductions. He explained that the deal with Engie in Texas worked because of the concentration of RTX facilities there and the fact Engie has a nice combination of a deep bench of projects available and in the development pipeline.

The deal with RTX means that many projects will now go forward sooner rather than later. “Without that off-taker, the developer is not going to get the hundreds of millions of dollars they need to actually build the project,” Lange said.

Although Engie already has many projects both built and in development in Texas. For example, late last year, Engie inaugurated its 250 MW Sun Valley Solar project in Hill County, Texas, which incorporates 100 MWh of battery storage. It also has the 260 MW Sypert Branch solar project under development in Milam County, Texas. In 2022 the company acquired a 6 GW portfolio of late-stage projects across ERCOT, PJM, MISO, and WECC regions. The acquisition included 33 projects, comprised of about 2.7 GW of solar with 700 MW paired storage, and 2.6 GW of standalone battery energy storage.

From pv magazine global

Chinese inverter and battery producer Sungrow reported annual revenue of approximately $10.18 billion for 2023, marking a significant increase of 79.47% from the preceding year. Its net profit attributable to shareholders of listed companies hit $1.33 billion, up 162.69% year on year.

Sungrow credited the growth in its profit margin to factors such as the expanding brand premium, product innovation, scale effects, and reductions in freight costs and foreign exchange gains.

Sungrow’s main operations produce PV inverters, energy storage systems, and new energy investment and development. These segments represent 38.27%, 25.64%, and 34.23% of total revenue, respectively. About $5.48 billion of Sungrow’s revenue in 2023 originated from domestic operations in China, constituting 54% of the total.

Sungrow recorded substantial growth in core product shipments in 2023. PV inverter shipments reached 130 GW. The company also achieved a leading position among Chinese firms by shipping 10.5 GWh of energy storage systems throughout the world.

The Attorney General (AG) of Minnesota is taking legal action against GoodLeap, Sunlight Financial, Solar Mosaic and Dividend Solar Finance for allegedly inflating the cost of residential solar projects during financing. These finance companies are accused of selling over $200 million worth of residential solar projects from 2017 through 2023, inflating them by approximately $35 million by concealing fees within the financing agreements.

The state is seeking an injunction to halt these practices, along with the proper finance charge disclosures, refunds to affected consumers, and the payment of civil penalties.

Sunlight Financial filed for bankruptcy last year after continuing to offer low-interest rate loans despite rising interest rates.

The complaint summarizes the allegations: “Defendants deceive consumers by charging a hidden and costly upfront fee that they add into the stated price of each financed system while falsely telling consumers that the inflated price only reflects the system’s cost rather than financing.”

Key allegations include:

• Concealment of the upfront fee from consumers.
• Omission of the fee in sales proposals and finance cost disclosures.
• Prohibition of Minnesota solar companies from identifying and explaining the fee in their marketing and when offering alternative payment options. Finance companies are also alleged to have pressured solar companies to raise their cash prices to align with their financed prices.

The key aspect of the sales included very low interest rates combined with incentives based on the project price, making loan payments competitive with electricity rates. The instant loan approval, zero cash down, and minimal paperwork requirements allowed residential contractors to quickly facilitate high sales volumes.

Some have compared the streamlined loan process to the ‘no doc’ mortgages of the 2000s subprime housing crisis.

For some customers who did not scrutinize the fine print, the expected electricity savings were negated. The inflated loan amounts meant homeowners received higher tax credits, which needed to be applied to their bills. For those who did not follow through, or were ineligible for the full tax credit, the loan payments increased significantly. This happened after 18 months when the loan re-amortized at a higher amount that included the tax credit.

The upfront dealer fees varied between 10% and 30%, with some as high as 36% of the project, according to the AG. Over 5,000 individual systems were financed by the four companies during the period under review.

However, the four companies being sued did not make the loans; instead, they provided their financial tools to various local sales and installation companies. Notable among these were “All Energy Solar (2,311 sales financed by Defendants), Everlight Solar (1,742 sales financed by Defendants), Avolta Power (493 sales financed by Defendants), and Sun Badger Solar (307 sales financed by Defendants).”

The filing from the AG detailed the volume of loans made by each defendant:

• From 2018 through 2023, GoodLeap made at least $33,045,208.68 in loans to 853 Minnesota consumers. GoodLeap’s average fee is 19.32% of each loan. The average amount charged to consumers and added to their loan balance is $7,552.19. GoodLeap has charged at least $6,442,014.47 in fees on Minnesota consumers between 2017 and 2023.
• From 2017 through 2023, Sunlight Financial made at least $75,077,388.11 in loans to 2,162 Minnesota consumers.  Sunlight Financial’s average upfront fee is 21.4% of each Minnesota consumer’s loan amount. The average amount charged to Minnesota consumers and added to their balance is $6,285.79. Sunlight Financial has charged a total of at least $13,589,869.31 in upfront fees to Minnesota consumers between 2017 and 2023.
• From 2019 through 2023, Solar Mosaic made at least $85,477,542.01 in loans to 2,147 Minnesota consumers. Solar Mosaic’s average upfront fee is 17.6% of each consumer’s loan amount. The average amount charged to consumers and added to their loan balance is $5,842.59. Solar Mosaic has charged a total of at least $12,666,727.44 in upfront fees to Minnesota consumers between 2017 and 2023.
• Through 2023, Dividend made at least $14,104,831 in loans to 257 Minnesota consumers. The average amount of Dividend’s upfront fee is 18.8% of each borrower’s loan amount (including a small number of loans with 0% fees). The average amount charged to borrowers and added to their loan balance is $9,041.69. Dividend has charged a total of at least $2,323,714.32 in upfront fees to Minnesota consumers.

The market’s finance dynamics have shifted significantly due to these loans. Following prolonged low interest rates after the Great Recession in 2008, these companies expanded their market share against cash and third-party ownership in the United States.

According to Zoë Gaston, Principal Analyst of U.S. Distributed Solar at Wood Mackenzie Renewables & Power, the loan segment, after peaking in 2022 at nearly 70%, market share fell by 6% in 2023 and is expected to decline further in 2024. Gaston noted that, “the segment will start to recover in 2025 but will not gain market share until 2027, when it starts growing faster than the overall residential solar market.”

Wood Mackenzie forecasts that third-party ownership will fill the gap left by long-term loan products, achieving a 41% market share by 2026.

Residential solar, energy storage, and EV charging provider SunPower has announced it will close business segments as it restructures to lower costs.

The company’s stock is currently trading 96% lower than all-time highs and is down 86% over the past year. SunPower’s revenues reported last December reflected a 28% year-over-year decline, while operating expenses increased, and net income resulted in a loss of $123.9 million.

Its struggles reflect a market-wide retraction in residential solar, which has been battered by worsened economics from high interest rates and unfavorable policy and ratemaking changes.

Previous to the job cuts, the company employed 3,800 people in full-time positions, including employees at Blue Raven Solar. It announced in a press release today that it would cut 1,000 jobs as part of its restructuring.

SunPower announced plans to wind down its residential solar installation locations and the closure of its direct sales unit.

“While we worked hard to avoid this outcome, the market has been slower to recover than we initially expected,” said Tom Werner, principal executive officer. “Additionally, we have dedicated resources to improving our financial controls, and will continue to do so. We believe this shift in our strategy is necessary to safeguard the company’s future.”

After a short transition period, all project pipeline operations from pre-installation through system activation will now be conducted by Blue Raven Solar and other installation partners and SunPower certified dealers.

“Moving forward, SunPower will focus our efforts on serving our best-in-class Dealer Network and installation partners,” said Werner. “We plan to continue to invest in our New Homes business, which continues to grow. We will still manage ongoing customer service needs, including operations and maintenance (O&M), and will continue to honor our Complete Confidence warranty.”

Central Coast Community Energy (3CE), a community choice aggregator (CCA) in the CAISO region, is seeking projects to meet its renewable portfolio standard (RPS) and reliability goals.

3CE was established in 2017 and now serves over 436,000 customers in the Central Coast region of California, including in Monterey, Santa Cruz, San Benito, San Luis Obispo, and Santa Barbara Counties.

3CE aims to procure power purchase agreements (PPAs) using the Ascend Analytics Energy Exchange (AEX), a marketplace for renewable and storage projects that helps pair energy consumers with asset owners. Ascend Analytics reports it has helped procure over 10 million MWh per year of renewable energy and 12,000 MWh of battery storage capacity for its customers. It has been working with 3CE since April 2022 supporting 3CE in RFP valuation, portfolio risk management and resource planning. For this 3CE RFP, Ascend will also support in evaluating all conforming bids using its Energy Analytics Platform, PowerSIMM.

The community choice aggregator is seeking new or existing clean energy and storage projects with commercial operation dates no later than December 31, 2032, with PPA term lengths of 10 to 20 years.

3CE seeks proposals from qualified parties in three categories, each requiring an offered capacity of at least 20 MW:

1. Renewable generation only contracts: Zero emissions generation capacity or capacity that is eligible under the requirements of California’s Renewable Portfolio Standard (RPS) program and has an expected annual capacity factor of at least 80%. No storage projects shall qualify under this product category. RPS-eligible generation includes solar, wind and geothermal.
2. Renewable generation plus storage contracts: RPS-eligible generation paired with storage projects. The storage discharge duration must be at least 4 hours and the capacity cannot exceed 100% of the generation nameplate capacity.
3. Standalone storage: Contracts with a discharge duration of at least 4 hours.

3CE reports that it currently has seven projects online with 409 MW of renewable generation and 110 MW of battery storage. It also has nine projects currently in development for a total of 632 MW of renewable generation and 480 MW of battery storage.

Last year, for example, 3CE executed a 25-year power purchase agreement with Hydrostor, valued at nearly $1 billion, for 200 MW/1600 MWh energy storage from a planned 500 MW compressed air energy storage system. Its share of the project will help the agency meet its goal of providing 100% clean and renewable electricity by 2030 to its 447,000 customers between Santa Cruz and Santa Barbara counties, according to the aggregator.

The RFP team will host an informational webinar for this latest RFP interested bidders on May 2, 2024, at 11 a.m. PT. Submissions are due May 22, 2024, 5 p.m. PT. To participate, ask questions, and receive RFP updates and materials, prospects must register on the 3CE RFP website.

Julia Hamm joins Ad Hoc Group as partner. Julia brings decades of experience as the former CEO of the Smart Electric Power Alliance (SEPA), founder of RE+ (now the largest energy trade show in North America), and much more.

The American Council on Renewable Energy (ACORE) announced that Jeremy Horan has joined the organization as its new vice president of Government Affairs. Horan joins ACORE following nearly 20 years of service in the U.S. Congress and executive branch, where he worked extensively to advance and defend clean energy policies. He most recently served as director of Congressional and Public Affairs for the U.S. Department of Commerce’s Bureau of Industry and Security.

NeoVolta Inc., a San-Diego based specialist in smart energy storage solutions, appointed Ardes Johnson as its new chief executive officer. Mr. Johnson will officially assume his new role on April 29, 2024, bringing with him a wealth of experience and a proven track record of transformative leadership in the energy sector. His predecessor, Brent Willson, Founder and CEO of NeoVolta, will continue his role as chairman of the board and now serve as CTO.

Palmetto, a technology company accelerating residential clean energy adoption across the United States, announced the appointment of notable economist Lawrence H. Summers to its Advisory Board. Summers brings deep expertise to Palmetto, having served as Secretary of the Treasury under President Bill Clinton and Director of the National Economic Council under President Barack Obama. His extensive understanding of economic policy and commitment to sustainable development align firmly with Palmetto’s work to democratize access to renewable energy sources.

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The Coalition for Green Capital (CGC), a non-profit group focused on generating financing for climate technologies and clean energy projects, says public and private investments in its network increased over 50% in 2023 to $7 billion compared to $4.6 billion in 2022. The preliminary figures will be amended in the 501(c)(3) organization’s forthcoming annual report.

The CGC does business as the American Green Bank Consortium (AGBC), which consists of over 40 green banks and financing entities.

According to the preliminary reporting, which represents data from about half of the AGBC network accounting to date, $2.5 billion of the 2023 investments were from the members’ own capital, while $4.5 billion came from private capital they attracted. Reed Hundt, CGC’s founder chief executive officer, said in a statement that he expects total investment will reach $10 billion for last year when all data are reported.

Cumulatively, the organization says it has helped attract $21 billion in investment since 2011. It was founded in 2009 with a mission to address climate change by attracting investment in clean power and related technologies.

Rather than directing the financing to individual projects, the CGC works to promote so-called green banks in individual states, which in turn work to attract investors in projects and technologies. For example, the affiliated CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, recently announced a new offering in its crowdfunding campaign to attract investments that has enabled small businesses to take out $100 million Small Business Energy Advantage loans.

Such loans are part of a Connecticut program to encourage small businesses to modernize their facilities to improve energy efficiency and use of green energy. For example, the U.S. Environmental Protection Agency announced selectees that will receive $7 billion in grant awards through the Solar for All program to develop solar projects for those who might not be able to buy PV installations themselves. The role of the green bank in this case is to alert financial institutions that the government program exists and that a reliable entity is on hand to assure that investment.

Bryan Garcia, CEO of the Connecticut Green Bank and also chair of the CGC, told pv magazine USA that green banks are essential for pairing funded government clean-energy programs with public and private lenders that might otherwise be wary of the risk.

“The impetus is really around enabling ambitious public policies like, for example, a zero-emission renewable energy credit for commercial solar, to be affordable and accessible to everyone, even renters,” Gacia said. “How do you make the benefits of clean energy technologies affordable and accessible to everyone?”

Risk, as it turns out, is the operative word. Burt Hunter, chief investment officer of the Connecticut Green Bank, told pv magazine USA that organizations like green banks bridge the gap between government opportunities and private investment. If private lenders might balk at the apparent risks of backing clean energy projects, especially for underserved communities, green banks exist to reduce the risk.

“I think what we’ve discovered is that the reason things work so well in Connecticut is we have the right policies to provide the framework that encourages investment in clean energy,” Hunter said. “Investors are pretty straightforward. They just want to know that they’ll be able to get returns, and they also want to know that the rules won’t be changed too much to the detriment of the money that they’ve put out the door. So, it’s not a lot to ask.”

If green banks work to fulfill state policies with regard to clean energy development, might the concept work at the national level? Garcia says the CGC, which he describes as a “chamber of commerce” for state-level green banks, would support a national version of the institution.

The organization says it is seeking a total of $11.9 billion through the U.S. Environmental Protection Agency’s Greenhouse Gas Reduction Fund programs to establish a national green bank. The non-profit is currently active in 40 states. With a national reach, the CGC says it could expect to attract $35 billion in cumulative private-public investing in the first year of inception.

High interest rates are challenging the global transition to renewable energy  A report from Wood Mackenzie examines how the global shift to heightened interest rates to combat inflation is squeezing the energy transition.

Soltec launches dual-row, single-axis tracker  The SFOneX dual-row, single-axis tracker has a tracking range of up to 60 degrees, offering compatibility with 60-cell, 72-cell and 78-cell modules.

Solar module prices hovering at all-time lows  As solar module prices continue to fall, pvXchange.com founder Martin Schachinger explains how price pressure could increase in the weeks and months to come.

The role of energy storage systems in the electrification movement This Earth Month is the ideal time to highlight the trend toward electrification and offer businesses and homeowners a viable path to get there.

DOE aims for national collaboration to deploy advanced grid technologies  Advanced conductors and energy storage are among the technologies that have substantial potential to increase transmission capacity, says a Department of Energy “liftoff” report.

Earth Day celebrated with $7 billion solar funding announcement The Solar for All funding will bring clean solar energy to low-income and disadvantaged communities in every U.S. state and territory.

Solar market update: Southeast U.S. State-by-state insights shared at the RE+ Southeast conference held in Atlanta this month.

Renewable energy developer PivotGen hired Robert Dewchter as senior vice president of asset management.  With over 35 years of industry experience, Robert’s expertise will optimize the performance and longevity of PivotGen’s renewable energy projects.

Prior to joining PivotGen, Robert served as the Regional Vice President for Carlyle Power Partners’ Cogentrix Energy, where he oversaw assets across the northeast (PJM) and Texas (ERCOT). Before that, he held key positions at LS Power and Brookfield Renewable Energy Group, managing assets in diverse energy investment fund portfolios and in the generation portfolios of hydroelectric and wind energy facilities.

Spearmint Energy made four senior-level hires, bringing a diverse mix of project finance, capital markets, regulatory affairs, and commercial operations experience to its team. Hires include Michael Gray, managing director of project finance, Rafia Merchant, managing director of capital markets, Jack Clark III, director of regulatory, ERCOT & SP, Omar Longou, director of commercial operations.

The Solar and Storage Industries Institute announced market research expert Shawn Rumery will join as senior program director. Rumery will lead the organization’s programmatic work, including areas related to solar siting and permitting, interconnection, and agrivoltaics, as well as the organization’s external affairs activities.

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Elin Energy, a Turkish module manufacturer is now manufacturing solar modules in Texas.

Founded in 1981, Elin has been supplying solar modules to the European solar market, and since passage of the Inflation Reduction Act, now plans to do the same in the U.S. market.

Under the name Sirius PV USA, the company opened a 225,000 square foot module manufacturing plant in Waller County, near Houston, Texas, where it began production last month. Elin is leasing the facility which was previously used as a distribution center.

The company said it has an agreement with key U.S. distributors and it will begin with 1 GW annual production, intending to increase to 2 GW within 18 months. Sirius PV USA currently employs more than 100 associates locally in Texas, and reported plans to scale up to 500 associates as the company increases production.

While Elin is producing TOPCon modules in its facility in Turkey, Ercan Kalafat, CEO, Sirius PV USA told pv magazine USA that  it will initially use PERC technology in the U.S. with plans to shift to TOPCon beginning in July. Its PERC modules are bifacial and range from 410 to 580 Watts, catering to residential, commercial and utility-scale markets.

In Turkey Elin’s main product is the 580W TOPCon (bifacial, silver-framed) module, and the company also makes other types of modules including glass-to-glass. Elin reports that its combined manufacturing capacity in Turkey, across three factories, is 3.5 GW per year.

Kalafat told pv magazine USA that the company views the U.S. market as pivotal in its strategy to become a global brand, noting that the U.S. presents significant opportunities for the company to establish itself as a global player alongside its Chinese-origin competitors.

Elin joins a raft of other solar module makers who have set up production–or plan to–in Texas, including Trina Solar, Canadian Solar and SEG Solar.

Trina announced it will invest about $200 million in a Texas manufacturing plant with an annual manufacturing capacity of 5 GW. Trina’s new factory is expected to begin producing its Vertex line of modules with 210 mm wafers in 2024. The company expects to bring 1,500 jobs to Texas.

Last June, Canadian Solar announced an investment of $250 million in a factory in Mesquite, bringing 5 GW of TOPCon module manufacturing capacity, and also creating about 1,500 jobs.

SEG Solar, maker of TOPCon solar modules, announced last September that it is setting up a module manufacturing facility in Houston with plans for production to begin in March 2024. Future plans include manufacturing both cell and ingots in the U.S.

Mission Solar has been manufacturing solar modules in Texas for over ten years. Last year the company announced intention of expanding production by 1 GW.

Affordable Wire Management (AWM), a provider of solar cable management systems (CMS), announced that Linda Merritt has joined the company’s senior leadership as the Head of Quality. Merritt brings over twenty years of experience in positions including Director of Projects at PI Berlin, Director of Quality at Signal Energy, Solar Quality Manager at McCarthy Building Companies, and Construction Systems Manager at First Solar.

Generac appoints Jennifer Anderson as Executive Vice President of Global Corporate Strategy & Development. Anderson will also lead Generac’s Environmental, Social and Corporate Governance (ESG) efforts.

Jobs provided by EnergeiaWorks:

• Gregory Gangelhoff started a new position as Director at Energy and Environmental Economics, Inc.
• Saul Muskin started a new position as Principal at MKB & Co.
• Muhammed Senay started a new position as Senior Pre-Construction Manager at EDF Renewables North America
• Stephen Molden started a new position as Director of Execution and Delivery at Infinity Power

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Silfab Solar announced the appointment of Trevor Carson as chief financial officer.

“Trevor brings a proven track record and deep understanding of capital markets, investor relations, corporate development, and risk management amongst other operational areas,” said chief executive officer Paolo Maccario. “His insights and experience will be invaluable as Silfab continues to expand and support North America’s commitment to energy independence.”

Generac Power Systems, a global designer, manufacturer and provider of energy technology solutions and other power products, announced the appointment of Jennifer Anderson as executive vice president of global corporate strategy & development.

Anderson succeeds 34-year Generac veteran and Chief Strategy Officer, Steve Goran, who retired in March. In addition to corporate strategy and development, Anderson will lead Generac’s Environmental, Social and Corporate Governance (ESG) efforts.

Green Lantern Solar, a renewable energy developer, announced the promotion of Alan Pratt to vice president of operations. With a proven track record as Green Lantern Solar’s director of operations for 10 years and deep experience in EPC roles before then, Alan brings exceptional leadership qualities and a steadfast commitment to the company’s mission.

Jobs provided by EnergeiaWorks:

• Ben Macias started a new position as CRO at MGM Transformer Company
• H. Dafoe Bulen started a new position as Associate Director – Preconstruction at PowerFlex
• Michael Bath started a new position as Director, O&M Technical Services at SunGrid
• Michael Ducker started a new position as President & CEO at MHI Hydrogen Infrastructure

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Wholesale solar equipment distributor AEE Solar issued a statement that it plans to permanently close its business on May 3, 2024. The company said it is placing its remaining inventory on clearance sale before closing operations.

“Our Customer Support Team and Territory Sales Managers are available to address any questions or concerns you may have during this time,” said AEE in a letter to customers. “We are committed to transparency and will keep you informed throughout the process, including confirmation of the final closing date, well in advance.”

The company noted SnapNrack solar racking customers can reach out to their AEE territory sales manager to explore purchasing options direct from SnapNrack going forward.

AEE Solar was founded in 1979, launched by David Katz from his home. The company expanded to specializing in off-grid equipment sales in 2002, reaching $8 million in sales that year. In 2005, Mainstream Energy invested in the company, and in 2012 the company opened an 80,000 square foot distribution center in Sacramento California. It was acquired by Sunrun, among the largest U.S. residential solar installers, in 2014.

“We want to express our sincere gratitude for your ongoing support. It has been a privilege serving you, and we wish you continued success. We look forward to serving you during this wind-down period,” said the company in its notification to customers.

Weakened distributed solar demand, particularly in California, has been posing a challenge for equipment providers for several months. A glut of unsold inventory has also been a mounting problem in much of western Europe.

California pivots to propose $24 average fixed fee to electric bills  The Public Utilities Commission said the new billing structure will include a reduction of electricity rates by 5 to 7 cents per kilowatt hour.

Clean Energy Connector pilot launches in Illinois, New Mexico and Washington D.C. The software tool is designed to connect eligible households to community solar projects through the Department of Health and Human Services’ HHS’s Low-Income Home Energy Assistance Program (LIHEAP).

Environmental lifecycle assessment of PERC solar modules  IEA PVPS Task 12 analyzes the environmental impact of passivated emitter and rear cell (PERC) technology in PV installations in comparison to the monocrystalline silicon technology (AI-BSF) and the trend towards installing horizontal single-axis tracker systems as opposed to fixed tilt systems.

Solar module prices remain steady amid unchanged market fundamentals In a new weekly update for <b>pv magazine</b>, OPIS, a Dow Jones company, provides a quick look at the main price trends in the global PV industry.

The great untapped potential in non-residential rooftop solar for LMI residents The team used satellite imagery and AI to track unused rooftops with good solar potential, and found that it would bring reduced energy costs to residents.

U.S. solar industry week in review pv magazine USA spotlights news stories of the past week including market trends, project updates, policy changes and more.

Solar industry calls for domestic content revisions to support U.S. manufacturing With stronger support for the early stages of the process, U.S. module manufacturers would be less dependent on imports from Chinese-owned companies for these materials, according to a recent report from the Solar Energy Manufacturers for America Coalition.

IRENA says solar capacity rose by 345.5 GW in 2023 The International Renewable Energy Agency (IRENA) says developers installed 345.5 GW of solar throughout the world in 2023. China mainly drove the surge, accounting for nearly three-quarters of all new renewable energy, but IRENA says more equitable growth will be needed to hit 2030 deployment targets.

Solar panel production is struggling to stay clear of forced labor As necessary materials from outside China remain scarce, producers struggle to meet UFLPA compliance.

Rural electric co-ops lend money to customers to improve energy efficiency Some rural electric cooperative utilities allow customers to pay off energy efficiency improvement loans through their utility bills. That contributes to energy efficiency’s role in the renewables transition.

Half of homeowners see solar as a good investment, but 75% said cost is a problem  A survey report from solar design and sales software provider Aurora Solar showed continued customer interest in solar, but a high interest rate environment is dampening that interest.

West Virginia Governor vetoes bill that would double allowable solar project size  House Bill 5528 would have lifted the limit on utility-scale solar project size from 50 MW to 100 MW.

Solar and storage to replace last coal plants in New England  With the planned retirement of Merrimack Station in Bow, N.H. and Schiller Station in Portsmouth, N.H., New England will become coal-free.

Aurora Solar, a residential solar dales and design platform, released a report based on a database of more than nine million projects over the past two years, plus a survey of about 1,000 homeowners and 500 solar professionals.

The report found a strong interest in solar adoption but identified several barriers getting in the way of solar shoppers making a buying decision. Aurora found that 51% of surveyed homeowners believe solar is a “good investment.” But 75% of homeowners who do not have solar, but are interested, said overall system and installation costs are a problem.

Another issue for the industry is customer trust. In 2023, 22% of homeowners said they could not find a trustworthy solar company. This number doubled to 44% in the 2024 survey.

Aurora Solar said this emphasizes the need for solar installer sales teams take the time to educate their customers and help them understand the benefits unique to their home.

Key features of residential solar were largely not understood by survey respondents, emphasizing this need for installers work with their customers to build knowledge. Only 16% of customers were familiar with net energy metering (NEM), the process by which the utility credits a customer on their bill for sending excess electricity to the grid.

And despite three quarters of solar installers saying they are seeing increased interest in pairing energy storage with residential solar projects, only 10% of homeowners attached batteries with their residential solar array.

Homeowners also expressed interest in a more holistic approach to home energy management. Aurora said 38% of respondents said they view home solar as more valuable when paired with whole home electrification like heat pumps and electric appliances.

Homeowners also expressed concern that their utility bills will continue to rise, with 58% saying this was an issue for them. The average retail price of electricity rose 5.3% in 2023, according to the Energy Information Administration (EIA), outpacing the rate of inflation. Rates have risen about 30% since 2013, said EIA.

Despite residential solar having a rough 2023 and early 2024, two-thirds of surveyed professionals said their company increased in size this year.

Some conditions improved for residential installers this year. About 28% of respondents indicated “supply chain issues” were a challenge in meeting demand, and in the 2024 survey that figure dropped to 9%.

Supply chain issues moved out of the most common cited challenge by solar installers, and this was replaced by a difficulty to close sales. Installers said 38% of homeowners were reluctant to commit to quotes, up from 22% the previous year.

The top three reasons homeowners backed out of committing to a solar project were overall project costs (40% of respondents), poor return on investment (12%), or concerts over moving or selling property.

Aurora Solar said this highlights the opportunity for better customer education on available tax credits, financing options, and supplemental technologies for residential solar.

“It’s up to professionals to make sure homeowners are aware of all the incentives, all the financing options available, and all the potential paths to real ROI,” said the report.

Origis Energy announced the promotion of Vikas Anand to Chief Executive Officer (CEO). Anand joined the firm in August 2023 as Chief Operating Officer and Chief Financial Officer. Company founder Guy Vanderhaegen, who has served as Chief Executive Officer and President to date, moves into the new role of Executive Chairman. The leadership changes are effective immediately.

SolarEdge Technologies announced  the appointment of  Bertrand Vandewiele as the new General Manager of SolarEdge in North America. Mr. Vandewiele has a proven track record in the sustainable energy space and leading global commercial building solutions and has served in leadership positions at ABB, Honeywell and Phillips.

Soltec has added Alma Miller to its executive team as CEO of its Soltec Trackers division in the United States. This executive has more than 20 years of experience in financial services companies and technology industries. With this addition, Soltec strengthens its presence in the U.S. market and further expands its ranks to further consolidate its position as a strategic player in the U.S. solar industry.

Jobs provided by EnergeiaWorks:

• Alex Zafran started a new position as Director of Business Development at Logical Buildings
• Anna Toenjes started a new position as Associate Vice President, Impact & Business Development at Sol Systems
• Shane McCarthy started a new position as Director, Operations at Aecon Group Inc.
• Colin Smith started a new position as Manager of Policy and Market Research at Green Street Power Partners

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KKR and EIG invest more than $1 billion in equity and debt financing in Avantus With this climate strategy investment, KKR and EIG become sole equity investors in Avantus, a company assembling one of the largest solar-plus-storage portfolios in the United States.

California cuts interconnection costs for distributed solar developers that agree to export limits By agreeing to limit exports to the grid at peak generation hours, distributed energy resources like rooftop solar and energy storage can now avoid delays and costly infrastructure upgrades.

NABCEP conference 2024 shining bright in Raleigh The 14th annual continuing education conference of the North American Board of Certified Energy Practitioners is the largest ever, with over 1,000 registrants.

Sodium-ion batteries – a viable alternative to lithium? While lithium ion battery prices are falling again, interest in sodium ion (Na-ion) energy storage has not waned. With a global ramp-up of cell manufacturing capacity under way, it remains unclear whether this promising technology can tip the scales on supply and demand. 

Entries for the pv magazine Awards 2024 are now open  The pv magazine Awards celebrate outstanding achievement across the solar and energy storage supply chain, rewarding excellence and innovation within our industry.

Global investment firm KKR announced the signing of an agreement to acquire a majority stake in Avantus, marking KKR’s first U.S. investment under its global climate strategy.

The investment reflects the rapid growth in solar in the U.S. In 2023, solar made up over half of new generating capacity for the first time. The report estimates that in 2023, the U.S. solar market installed 32.4 GWdc of capacity, a 51% increase from 2022. This was the industry’s biggest installation year by far, exceeding 30 GWdc of capacity for the first time.

“Solar is the fastest growing electricity source in the U.S., and along with energy storage, will serve as the backbone of a modern electric grid that is clean, reliable and resilient,” said Patrick Goff, chief financial officer at Avantus. “KKR’s investment provides Avantus the financial backing and expertise to execute on our ambitious portfolio and lead the energy transition across the Western United States.”

Founded in 2009 as 8Minute Solar Energy by Tom Buttgenbach with the intention of fighting climate change by developing renewable energy at scale. The company expanded that vision in 2022 to include what it calls an “advanced ecosystem” of clean energy products and services. With the expanded vision came the new name, Avantus, and the plan to bring to life one of the largest clean energy development pipelines in the country.

Avantus has a project pipeline of 30 GW of solar and 94 GWh of battery storage, enough to provide 20 million people with clean energy. The company has developed and sold 6.5 GW and 6.3 GWh of solar and storage projects, respectively.

Following the close of the transaction, KKR and existing investor EIG, will be the sole equity investors in Avantus. Both equity sponsors secured commitments for a development financing facility alongside their equity commitments to the company, totaling upwards of $1 billion in the aggregate.

“To support an economy-wide energy transition, there is a need to significantly expand renewable energy generation by 2050 and enable grid electrification,” said Charlie Gailliot, partner and co-head of global climate strategy, KKR. “Because of these tailwinds, we see enormous opportunity for Avantus. The company’s impressive team and development track record, coupled with its mature project pipeline, set it apart from other renewables developers.”

Following the closing of the transaction, KKR announced plans to support Avantus in creating an equity ownership program to provide all employees the opportunity to participate in the benefits of ownership of the company. Since 2011, KKR reports its portfolio companies have awarded billions of dollars of total equity value to over 60,000 non-management employees across more than 40 companies.

Residential solar technology and energy services provider SunPower announced it has appointed Tony Garzolini as executive vice president and chief revenue officer.

“SunPower made great strides to improve our financial footing and we remain laser focused on achieving profitability and cash flow generation. As a part of this imperative, we’re pleased to welcome Tony back to SunPower as our first Chief Revenue Officer,” said Tom Werner, executive chairman of the board and principal executive officer of SunPower.

U.S. Energy Secretary Jennifer Granholm appointed Joe Powell, the founding executive director of the Energy Transition Institute at the University of Houston, to the U.S. Department of Energy’s Industrial Technology Innovation Advisory Committee (ITIAC).

The committee’s mandate includes identifying future investment opportunities and technical assistance programs and help move decarbonization technologies out of the lab and into the marketplace.

Global lithium supplier of the EV battery supply chain Piedmont Lithium announced Dawne Hickton has been appointed to its board of directors. Hickton is an accomplished leader in the aerospace, energy, and metals industries

Jobs provided by EnergeiaWorks:

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The Solar Energy Industries Association (SEIA) recently hosted its annual Finance, Tax, and Buyer’s Seminar in Times Square, New York City. This year’s seminar built on the main topic of 2023, the Inflation Reduction Act (IRA), and explored its various facets in greater depth.

Key topics included the much-discussed tax credit transferability rules, the process of filing for and monetizing “elective pay” (also known as direct pay), domestic content and brownfield tax adders, capital structures, and the evolving finance structures as the Internal Revenue Service (IRS) and Treasury Department continue to release financial guidance.

Tri Merit, a specialist in renewable energy tax credit solutions, presented “The Process for Monetization of Renewable Energy Tax Credits.” The presentation highlighted a significant talking point for selling solar to non-profits: to convert the IRA tax credit into a direct payment, the non-profit must file the IRS 990-T form.

Their presentation outlined the steps for submitting various applications to the IRS, including parts of the process currently delayed due to the development of necessary online tools that will allow for the submission of the required documents.

pv magazine USA’s discussion with Tri Merit revealed their approach of early collaboration with project developers and CPAs to develop financial models. Represented by Barry Define and Randy Burge, Tri Merit provides a comprehensive document for developers to integrate into their financial models. As projects progress, Tri Merit assists with finalizing documentation for IRS submission, working with tax professionals to fine-tune values and navigate IRS website forms.

Despite the purported simplicity of the tax credit transfer process, multiple presentations highlighted the risks and challenges associated with monetizing the credits, especially among larger organizations dealing in projects priced above $10 million. Foley & Lardner LLP, a law firm with extensive experience in tax and energy law, presented “General Overview of Tax Credit Transferability,” which delivered a wealth of high-level information on the subject.

The Foley presentation covered the risks of tax credit recapture by the IRS, which can occur when solar projects fail to meet the technical requirements that initially qualified them for tax benefits. These recapture risks are a major factor driving the extensive documentation requirements, which continue to include significant fees and recapture insurance, necessary to complete tax credit transfers.

The presentation also detailed the processes of the newly developed finance structure that has emerged with the introduction of transferability. This structure begins with the traditional tax equity finance model that has been in use for years, but it now incorporates an additional tax credit transfer step at the end. A key aspect of this process, which is more complex and costly than a simple tax credit transfer, is that it enables solar developers to include a “step up” (or development fee) in the transaction at an amount approved by the IRS. It also has the potential to monetize the project’s depreciation.

U.S. utility-scale solar is forecast set another record year in 2024, and new tax credit rules in the Inflation Reduction Act (IRA) of 2022 are beginning to ramp up financing of these projects. An example is the recent $140 million tax equity deal between Barclays and Lightsource bp, which will finance the construction of the Prairie Ronde 180 MW solar project in St. Landry Parish, Louisiana.

Lightsource bp plans to construct, own, and operate the solar farm, while McDonald’s will purchase all of the electricity generated by the project through a power purchase agreement. The output is equivalent to the annual energy demand of about 630 of its restaurants.

Construction is underway at the St. Landry Parish site, where 800,000 domestically produced First Solar modules are mounted on Array trackers. Commercial operation is expected late this year, and the company reports the project will create 250 new jobs during construction.

Lightsource expects more than $20 million in economic benefits for St. Landry Parish public services such as local school systems and emergency services over the life of the project, including $8.3 million in the first five years after construction begins. The project is also estimated to abate 231,800 metric tons of greenhouse gas emissions annually, or the equivalent of removing 50,000 fuel-burning cars from the road annually.

“Lightsource bp’s investment in St. Landry Parish represents a new day for our community and our schools,” said Jessie Bellard, president of St. Landry Parish. “Their funding boosts job-creating development projects, stronger infrastructure, and better education for our children. With this support, St. Landry Parish is poised to become a regional leader in innovation and opportunity for all.”

As with other Lightsource bp projects, the developer adhered to the local ordinance, which includes strategic placement of buffer zones and vegetative screening to limit visual impact, a biodiversity plan, decommissioning details, and more. The project’s long-term land maintenance and biodiversity plan is expected to support habitat conservation by planting pollinator-friendly crops at the site, restoring one area of the site to native Coastal Prairie, as well as putting Eastern Bluebird boxes around the perimeter.

Barclays acted as the sole external equity investor on the $140 million tax equity deal, which is one of the first to be led by Barclays’ new Sustainable Project Finance team. Working in partnership with the bank’s Energy Transition Group, the tax equity deal will contribute toward the bank’s target of facilitating $1 trillion of Sustainable and Transition Financing between 2023 and the end of 2030.

“Barclays is fully committed to a just transition and working with key clients such as Lightsource bp to evaluate all economic and societal opportunities as we scale climate finance,” said James Edmonds, global head of sustainable project finance at Barclays. “Mobilizing strategic capital is critical for the energy transition and ensures Barclays can make a demonstrable difference in accelerating the scale up of clean energy development projects.”

From pv magazine Global

Off-grid solar energy customers are currently facing several challenges, according to the Why Off Grid Energy Matters report released by US-based impact measurement company 60 Decibels.

The report analyzes issues such as product affordability, gender inequality, customer support, further investment in minigrids, and over-indebtedness, and proposes a series of recommendations to overcome them. The indebtedness recommendation, in particular, stems from reports from 5% of customers surveyed who said they find payments for their energy product or service to be a significant financial burden.

On customer support, Kat Harrison, director at 60 Decibels, told pv magazine there is room for improvement in the way some off-grid energy companies approach after-sale support. Issues ranging from technical faults, to a lack of customer education covering how to effectively use products, risk reputational damage for businesses and the off-grid technologies they sell.

“Some of these challenges prevent end users from unlocking the full benefits of energy access,” she stated. “So many of these markets rely on word of mouth. If your neighbor or friend is sharing their experience of their new solar product – and it doesn’t work or customer service is bad – then people won’t uptake these technologies.”

Despite these challenges, Harrison was positive about the role PV and other off-grid technologies can play in improving energy access globally. “Off-grid energy offers a real opportunity to get us closer to universal energy access, with benefits at a household level, and also a community and national level. We see real productivity, community, and economic impacts,” she added.

Solar lanterns

The report was compiled using survey data from more than 79,000 respondents in 31 countries. Field workers in each country contacted customers directly based on data supplied by 164 companies.

At a product level, the solar lantern offered the greatest return on investment in terms of quality of life improvement, according to the report. Of those surveyed, 64% of respondents with a solar lantern said it had “very much improved” their quality of life, while 62% of those with a residential PV installation said the same.

Around 88% of survey respondents live in Africa and East Africa was the largest region by number of customers surveyed, accounting for 68% of the total. A further 10% of respondents live in Asia and 1% were in Latin America.

Economic impact

The economic impact of off-grid energy was investigated as part of the survey fieldwork. It revealed that although 26% of off-grid energy customers had increased spending on energy, this was often accompanied by a higher level of service, such as longer-lasting or more reliable electricity access. And while 82% used off-grid energy products at home, 11% said they used off-grid energy in their business or farm, with 7% using energy products in both locations.

Economic gains were reported by those who did use off-grid energy products for business, with 58% stating they had experienced an increase in income due to the energy access.

Financing plays a significant role in off-grid solar deployment, according to the report. Of those surveyed, 74% said they bought energy products using some form of payment plan or loan. That figure rises to 92% when those who installed a PV system at home are considered in isolation.

Economic inclusivity was also examined and minigrids were revealed as the off-grid energy solution with the highest proportion of customers living in poverty. While 41% of all survey respondents were living below global poverty thresholds, 51% of minigrid customers were living in poverty. The survey also found users living in poverty tended to report higher impacts from gaining access to off-grid energy across a range of outcomes.