CPV to build 200 MW DC solar plant on a coal mine site; Ontario plans to develop a CEC registry for businesses; Maxeon Solar to expand into US C&I segment through Omnidian; Sunrun raises $425 million new financing from new and existing lenders.
200 MW solar farm for former coal mine: Competitive Power Ventures (CPV) has secured Certificate of Public Convenience and Necessity (CPCN) from the Maryland Public Service Commission, paving the way for the construction of 200 MW DC Backbone Solar Farm. To be located in western Maryland's Garrett County in the US, the project, dubbed CPV Backbone, will come up on former Vindex/Arch Coal mining sites in the town of Kitzmiller. It will be spread on some 1,170 acres of the property. Project is likely to enter construction later this year and cost an approximate $210 million to $290 million private infrastructure investment.
CPV plans to use single axis trackers for the facility using over 500W solar modules that will generate enough clean energy to suffice close to 30,000 homes.
CEC registry planned for Ontario: Canada's Ontario plans to develop a new voluntary clean-energy-credit (CEC) registry in the province. These voluntary CES are certificates with each representing 1 MWh of clean electricity generated from a non-emitting generation source as solar. Businesses will be able to voluntarily purchase and retire these CECs. The provincial government has directed the Independent Electricity System Operator (IESO) to research and report back on the design of a provincial CEC registry which needs to be submitted by July 4, 2022. Post stakeholder input on the same, the registry will be ready by January 2023. Ontario's Minister of Energy, Todd Smith announced the plans on January 26, 2022 and said it will generate revenue which could be returned to the taxpayers to help lower electricity costs.
According to the Canadian Renewable Energy Association (CanREA) this a good move as it would enable more consumers to choose wind and solar energy to power their operations and help companies meet their ESG targets.
Maxeon Solar enters agreement with Omnidian: Singapore headquartered Maxeon Solar Technologies will sell its IBC solar panels branded Maxeon to the US commercial and industrial (C&I) segment through Seattle based protection and performance assurance plans provider for solar systems, Omnidian. The latter will bundle 1-year of its Shield Plan with Maxeon's commercial systems of over 250 kW capacity. Maxeon said this will enhance the bankability and increase return on investment for PV systems using its leading-edge module technology. Omnidian will also facilitate access for Maxeon to its existing US customer base.
Sunrun arranges for $425 million: Residential solar and storage installer in the US Sunrun has announced retiring $250 million recourse lending facility and arranged a larger $425 million facility at enhanced terms and longer tenor than its previous term extensions. It will mature in January 2025 and was raised from 3 new and 6 existing lenders. Company's CFO Tom vonReichbauer said the financing will support its continued growth. The new facility also comes with an accordian feature, allowing expansion of the facility to accommodate the growth of the business over time, it stated.