Energy Update
Tesla’s Elon Musk and solar evangelist Bill Walton called on California officials to reject proposed changes to the state’s residential solar rooftop rules.
Investment platform Lafayette Square and renewable energy developer Invenergy launched Reactivate, a community solar energy platform to support renewable energy development in local communities.
Global Infrastructure Partners (GIP) and co-investors closed on a $500 million investment in independent power producer BrightNight, LLC, a Florida-based solar and energy storage developer. The investment includes preferred equity and a letter of credit facility.
GIP made the investment through Global Infrastructure Partners Capital Solutions Fund II (GIP CAPS II).
Startup Delorean Power LLC said that Greenbacker Capital Management made a $20 million strategic equity investment into the company.
Delorean is a developer and owner-operator of standalone battery energy storage projects up to 250 MW in size in the United States. In addition to the Greenbacker investment, Delorean said it is working to raise a “significant” amount of asset-level capital to support its project pipeline.
Concept drawing of an energy storage system.
Battery storage is having its moment in the sun.
In its most recent Electricity Monthly Update, the U.S. Energy Information Administration said that when it totals up the numbers for 2021, it expects they will show that battery storage capacity grew by 4.5 GW, or 300%, in the year just ended.
Hydrostor is getting a boost for its long-term energy storage projects.
Goldman Sachs is investing $250 million to help the company build more than 1 GW/8.7GWh of its Advanced Compressed Air Energy Storage (A-CAES) projects in California and Australia. Some development is already underway.
The U.S. Energy Information Administration (EIA) says nearly half of planned capacity additions in 2022 will be solar energy resources.
The Welsh flag
Wales has always been on the forefront of British renewable developments. The Celtic nation was one of the first in Europe to take green technologies seriously with the Centre for Alternative Technology opening and spearheading research back in the early 1970s.
Blackstone Infrastructure Partners said it will make a $3 billion equity investment in Invenergy Renewables Holdings, a Chicago-based renewable energy developer.
Blackstone’s investment will provide capital to speed Invenergy’s renewables development activities. Caisse de dépôt et placement du Québec (CDPQ) and Invenergy management remain majority owners and Invenergy will continue as managing member.
China Three Gorges (CTG) said it has begun construction of the 1.7 GW Tiantai pumped storage power station in Zhajiang Province.
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