Energy Update
By Daniel Sperling, University of California, Davis
California is embarking on an audacious new climate plan that aims to eliminate the state’s greenhouse gas footprint by 2045, and in the process, slash emissions far beyond its borders. The blueprint calls for massive transformations in industry, energy and transportation, as well as changes in institutions and human behaviors.
Qcells said it will work with Microsoft to develop solar projects as well as provide panels and engineering, procurement and construction (EPC) services to selected solar projects that Microsoft has contracted for through power purchase agreements.
The capacity covered under the announcement is expected to total around 2.5 GW.
Chicago-based developer Hecate Energy said it closed a five-year $550 million credit facility package, including a $250 million term loan and $300 million letter of credit to support its solar and energy storage project pipeline.
The credit facilities are expected to be collateralized by the company’s roughly 35 GW pipeline of renewable development projects, along with its minority ownership in Hecate Grid. No additional guarantees or credit supports were provided.
Startup WattCarbon said it raised $4.5 million in a seed round to launch a 24/7 carbon-free energy marketplace.
NextEra Energy, the parent company of Florida Power & Light and the largest developer of clean energy in the U.S., said it deployed 5,000 MW of new renewable energy resources and energy storage in 2022, while adding 8,000 MW of projects to its pipeline.
Equinor subsidiary East Point Energy has launched a project acquisition venture that aims to acquire standalone energy storage, solar, and solar+storage projects in the U.S.
The venture initially is expected to target standalone storage projects that can achieve commercial operation in 2024 and 2025 in ERCOT, PJM, NYISO, and ISONE. The company said it also would review and consider projects in all power markets.
The U.S. has ambitious goals to generate clean energy from offshore wind farms. But Inadequate or non-existent transmission infrastructure remains a well-known hurdle to achieving those targets.
Latvian startup Aerones has secured $30 million in growth capital to scale its wind turbine inspection and maintenance business globally.
The company specializes in robot-enabled turbine inspection and maintenance and plans to use this funding round to grow its technical and sales functions, expand its presence in fast-growing markets including Africa and Australia, and bring new services to market.
Ten teams are semifinalists in the American-Made Geothermal Geophone Prize. They each earn $75,000 in cash prizes and $75,000 in vouchers for technical help to advance technologies to further develop the renewable energy resource.
Geophones are tools that are used to detect underground acoustic vibrations or to listen for seismic noise. They are useful in a variety of applications and increasingly in geothermal reservoir monitoring.
Midcontinent Independent System Operator (MISO) is not offering a soft landing for solar on the transmission grid. MISO is going out of its way to penalize solar by reducing the capacity value to zero, insisting developers pay more for non-firm transmission access to go along with continued delays in processing interconnection studies.
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