Nova Scotia approves $8 million for SolarHomes program; 8minute raises $400 million from EIG; MPSC expands net metering program; ExxonMobil aims for net zero status by 2050; BluEarth Renewables commissions 46 MW solar in Alberta.
$8 Million for Nova Scotia's SolarHomes: The Canadian province of Nova Scotia has announced an investment of CAD 8 million for its SolarHomes incentive program out of CAD 37.3 million from the Green Fund. The SolarHomes program is the government initiative to support single-family homes to install solar PV systems. Since its launch in August 2018, the program has provided rebates on close to 5,000 systems. In February 2021, it offered CAD 5.5 million for the program (see Canadian Province Offers Rebates To Promote Solar). "Solar power is poised to make an important contribution to achieving the Province's target of 80% renewable electricity by 2030 while helping Nova Scotia households to manage their energy costs and reduce their carbon footprints," said Nicholas Gall, Canadian Renewable Energy Association (CanREA) Director, Ontario and Distributed Energy Resources.
$400 million financing for 8minute Solar Energy: American solar power company 8minute Solar Energy has achieved closure on $400 million financing it has raised from institutional investor EIG. The financing includes a portion of growth equity and a letter of credit, bringing in EIG Chairman and CEO R. Blair Thomas to join the company's board. 8minute will use the proceeds to operate and grow its clean energy assets that add up to over 18 GW of solar and 24 GWh of storage. These assets are spread across California, Texas and the southwestern US. This capacity is enough to provide clean energy to 20 million people, according to the company. 8minute said it will also be able to focus on technology innovation and advanced solar power plant design, along with being able to start building projects on its own balance sheet.
Mississippi updates net metering rules: The Mississippi Public Service Commission in the US has updated its net metering and interconnection rules, expanding the existing net metering program and improving total compensation rates for solar customers, according to the US Solar Energy Industries Association (SEIA). The updated policy prioritizes solar adoption for low-to-moderate income (LMI) customers, covering households that are 250% of the federal poverty line and below. However, SEIA expressed its disappointment over the commission not offering the full retail rate for net metering while hailing the order saying easy-to-understand net metering programs can encourage rooftop solar adoption.
Exxon Mobil aims for net zero status by 2050: American oil and gas multinational ExxonMobil Corporation has announced plans to achieve net zero GHG emissions for operated assets by 2050. Among measures it contemplates to achieve the target includes using renewable energy or lower-emission power to electrify its operations. Detailed roadmaps will be finalized by the end of 2022. Overall, it calculates an investment of over $15 billion by 2027 on lower-emission initiatives. ExxonMobil's efforts to lower carbon emissions from its operations finally follow the footsteps of its peers in the oil and gas space as bp plc and Shell among others that are carving out a role for low-carbon technologies for their businesses amidst a world transitioning towards clean energy and growing pressure from investors.
BluEarth commissions 46 MW AC solar: BluEarth Renewables has commissioned 2 solar projects with 46 MW AC combined capacity in Canada's Alberta province. Both Hays and Jenner solar facilities are co-owned by local indigenous community Conklin Métis Local 193. BlueEarth now counts its total solar capacity in Alberta whose construction it has completed and commissioned as having crossed 100 MW AC in the form of 5 assets. Overall its operational wind, hydro and solar portfolio in Canada now includes 513 MW AC and 800 MW AC in the US that are either contracted under power purchase agreements (PPA) or have offtake contracts under negotiations.
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