SB Energy receives investment led by Ares to accelerate solar and renewable deployment

- PV JOUR - May 20, 2024 EST (NORTH AMERICA)

SB Energy was launched by SoftBank as the finance group's US Climate Infrastructure Technology platform to accelerate access to reliable and cost-effective renewable energy. SoftBank believes that combining AI and high-end technologies with renewable deployment at scale is critical to the energy transformation. This new investment from Ares brings together Ares' climate infrastructure experience, SoftBank's AI and technology ecosystem, and SB Energy's track record of execution into a single platform to deliver flexible renewable energy.

Since launching in the US market in 2019, SB Energy has completed development of, financed, and started construction on nearly 1.7 GW of utility-scale solar projects. And 1.3 GW of the capacity is currently providing clean, reliable energy to Texas and California.

SB Energy continues to aggressively grow its renewable energy and storage project pipeline through various channels, including greenfield development, partnerships, and acquisitions, while expanding its digital and technology capabilities. It also plans to deliver 10 gigawatts (GW) of renewable energy and storage projects either in operation or under construction by the end of 2025.

"With the support of both Ares and SoftBank, SB Energy will rapidly scale our strategic platform in renewable energy, storage, and new digital products as a developer, owner, and operator of the next generation of climate infrastructure and technology, " said Rich Hossfeld, co-CEO at SB Energy.

In addition to capital from SoftBank and Ares, SB Energy has forged partnerships with other leading financial institutions to secure more than $4 billion in tax equity and project financing.

Tandem PV transforms traditional silicon solar panels into high-efficiency tandems by leveraging perovskite-coated front glass via a drop-in manufacturing replacement, sharply decreasing installed systems costs and significantly increasing module manufacturing profit margins.

Bailie developed this unique technology during his doctorate at Stanford University. It is poised to offer 50% higher efficiency than the average solar panel and drive solar system costs down by 30% or more , contributing to substantially higher photovoltaic penetration worldwide. When replacing traditional panels, this tandem solar panel technology can potentially offset "three gigatons of CO2 equivalent per year," noted Chris Eberspacher, co-founder and Managing Director of Tandem PV.

"Tandem PV is on a fast track to develop, demonstrate and commercialize perovskite and silicon tandem solar panels for homes across the United States and worldwide," added Eberspacher.

EBRD invests €8.7 million in Qair's inaugural green bond issue to support solar and wind projects

- PV JOUR - May 20, 2024 EST (EUROPE)

The European Bank for Reconstruction and Development (EBRD) is investing in a €43.7 million Green Bond (Euro PP) issued by Qair International, a fast-growing developer of renewable energy projects in several EBRD countries of operations. The deal is consistent with EBRD's recent focus to provide experienced renewables developers with corporate funding support to accelerate the deployment of their project pipeline

The proceeds of the issue will support the company's corporate financing needs, particularly supplementing the funding requirements of the renewable energy projects being developed and built through its regional subsidiaries. Qair's strong pipeline of 1GW of projects in regions where the EBRD works includes 547MW in Poland, 250MW in Greece and 107MW in Romania.

Qair has pledged to invest at least twice the EBRD's proceeds into greenfield solar and wind projects in EBRD countries of operation in the next 36 months.

The investment has several innovative features. Not only does it include an Equal Opportunity Action Plan, supporting women's access to economic opportunities across all its operations, but it is one of the EBRD's first bond investments into a renewable developer at the holding company level, supplementing traditional project financing at the asset level. There is growing demand for this type of instrument from regional and local renewables developers, especially those working on smaller projects which require more bridge capital before they can reach target leverage.

EBRD participation should send a positive signal to other investors given the development bank's strong credentials as a green investor. The EBRD aims to align all its investments with the goals of the Paris Agreement on limiting global warming to 1.5°C by 2023, and make more than half its investments green by 2025.

The need for significant investment in renewables in EBRD countries of operation—central and eastern Europe, Central Asia and the Southern and Eastern Mediterranean (SEMED) is acute because on average they are more carbon-intensive than most European Union countries.

Dynamic growth of the renewables sector is vital, in particular, if EBRD countries of operation within the European Union are to play their part in ambitious EU greening plans. The EU has committed to a binding target of a net domestic reduction of at least 55 per cent in greenhouse gas emissions by 2030 compared to 1990, and achieving climate neutrality by 2050. The European Commission is aiming for a 40 per cent share of renewables in final energy consumption by 2030. Such ambitions require prompt implementation of significant investment in renewable electricity generation over what is often called "the critical decade". The achievement of global climate goals requires significant support from the private sector.

Qair, a company registered in France with a focus on Europe, has a three-decade history and an established track record in developing, financing and commissioning both solar and wind farms.

PECO launches the final phase of its two-year solar credit procurement program

- PV MAG - FEB 15, 2022 EST (NORTH AMERICA)

PECO, Pennsylvania’s largest electric and natural gas utility, has launched the final phase of its two-year solar credit procurement program. This program is part of a focused initiative to increase the company’s local solar credits by 8,000 annually and create longer-term market pricing for solar credits that will further support the development of local solar generation.

Last April, PECO launched a statewide RFP for 10-year fixed-price contracts for 4,000 annual Pennsylvania-based solar Alternative Energy Credits (AECs) from Tier I solar Alternative Energy Systems under Pennsylvania's Alternative Energy Portfolio Standards Act. An additional 4,000 solar AECs were purchased at the average RFP’s winning price of $34.07 per AEC from local solar resources located within PECO’s service territory of southeastern Pennsylvania.

This year, 8,000 fixed-price solar AECs will be purchased from the same areas as in 2021. By 2031, at the end of the 10-year process, 160,000 solar AECs will have been purchased across Pennsylvania. This represents the equivalent of 2,400 residential solar roof units in total, annually, and will double the number of solar credits purchased by PECO in prior 10-year agreements.

PECO will host a Solar RFP Overview Conference via Zoom on Wednesday, February 23, 2022 at 11 a.m. EST. Interested applicants should visit this for the meeting link and additional program details. Bids will open for the first round of this year’s solar credit procurement program (4,000 solar AECs) on Monday, March 7, 2022 to owners and aggregators of Pennsylvania-based PV solar generation. Winning bidders will be based on the lowest offer price. An additional purchase at this RFP’s average winning price for 4,000 solar AECs annually under the same 10-year agreement will be available to aggregators and owners of local southeastern PA-based solar providers later this year.

Supporting the growth of solar energy in the Greater Philadelphia region is a top priority for PECO as the company works to ensure a cleaner and brighter future for its customers and communities. Solar is an integral part of PECO’s Path to Clean plan, which includes a goal for PECO and the collective Exelon Utilities (Nasdaq: EXC) to reduce operations-driven emissions by 50 percent by 2030 and achieve net-zero emissions by 2050.

This solar credit procurement program extends the company’s commitment to protect and preserve the environment and combat climate change by playing a leading role in the Greater Philadelphia region’s transition to a clean energy future. It will help to provide a new long-term pricing market for locally generated solar AECs and increase the adoption of solar energy across the region.

U.K.-based Clean Growth Fund leads £2.4M investment in Above solar technology company

- PV MAG - FEB 15, 2022 EST (NORTH AMERICA)

The Clean Growth Fund, a U.K.-based venture capital fund, has led a GBP£2.4m (roughly USD$3.3m) investment in Above, a world-leading solar data and analytics company. The company is revolutionizing the solar industry, developing software, digital models and AI to help generate more solar power from big data.

Above has worked on over 2,500 solar assets and supported customers across six continents since 2016. It cooperates with many of the world's leading solar energy companies to collect solar plant data and deliver analytics through its interactive web-based platform, SolarGain. The company's technology digitizes solar assets, optimizing the operational efficiency and performance of ground-mounted and roof-mounted solar PV assets.

Besides conducting data analytics and AI optimization for existing solar assets, Above also provides its customers with a suite of data solutions that help companies design, build and manage better, more efficient solar plants. Its work includes aerial topographical mapping, construction management, and solar plant inspection solutions.

The Clean Growth Fund was established in 2020 with a focus on investing in the U.K.'s most promising early-stage "clean growth" companies that are pioneering carbon emission reductions in the areas of power and energy, buildings, transport and waste. This investment in Above is the fund's first investment in the U.K. solar industry.

With an established presence in the global solar industry, Above is in a very strong position to expand and grow its operations. With the deployment of solar forecast to increase globally by 165GW every year over the next three years, efficiency in condition monitoring and asset maintenance is becoming increasingly important for the industry to increase yield factors. Above's growth prospects are exciting.

—said Susannah McClintock, Investment Director at Clean Growth Fund.

According to Will Hitchcock, founder and Chief Executive of Above, this investment underlines confidence in the company's innovation and vision for how technology will transform the global solar industry. "We are at the heart of the digitalisation transformation now underway within a rapidly growing industry, a transformation which is critical in ensuring the rapid and sustainable deployment of solar across the world," said Will. Impressed by the consistent success of Above, Jeremy Elden, Chairman of Above, has made an additional investment in the company as part of this funding round.