Aspen announces credits transfer deal: US distributed generation (DG) platform Aspen Power has announced its 1st solar Investment Tax Credit (ITC) transfer deal, with private investor Dan Kalafatas. This transaction monetizes the ITCs generated by 5 projects located across California and New York. The ITC under the Inflation Reduction Act (IRA) allows solar developers to transfer tax credits to 3rd party investors. This enables them to monetize the credits without relying solely on traditional tax equity investors. While Aspen gains access to immediate cash flow that it reinvests into new projects, buyers can reduce their tax liabilities. The transaction’s structure spans both 2023 and 2024 projects.
Google PPA for 37 MW DC: ORIX Group backed Elawan Energy has secured Google as the offtaker for energy generated by a 37 MW DC solar project in Hill County, Texas in the US. The corporate power purchase agreement (PPA) will be facilitated through LevelTen Energy’s Accelerated Process, co-developed by Google and LevelTen Energy. This will contribute to Google’s 2030 goal to run on carbon-free energy (CFE) on every grid where it operates, 24x7. The said project is currently at an advanced stage of development with commercial operations scheduled to commence in 2026. Recently, Google agreed to offtake the entire output from X-Elio’s 128 MW Bell Solar PV Plant in Texas (see North America Solar PV News Snippets: X-Elio Secures 128 MW Solar PPA With Google In US & More).
US IPO size reduced: Malaysia-based solar EPC company Founder Group has lowered the proposed deal size of its upcoming initial public offering (IPO) in the US. In August 2024, it filed the draft IPO papers with the Securities and Exchange Commission (SEC) to raise up to $11 million, valuing the company at an $82 million market cap. According to the IPO research platform Renaissance Capital, Founder Group now plans to raise $7 million by offering 1.6 million shares at a price range of $4 to $5/share, as against 2.5 million shares as planned earlier for the same share price range. It will raise 35% less in proceeds than previously anticipated, and command a market cap of $78 million, according to Renaissance Capital.
Alternus scraps solar deal: Clean energy independent power producer (IPP) Alternus Clean Energy has scrapped its plans to acquire close to 80 MW of solar PV capacity across 8 US states. It said that the seller, C2 Taiyo Fund I, LLP, is unable to meet the required closing conditions and fundamental changes in the portfolio of assets planned to be acquired. Hence, the company has terminated its Membership Interest Purchase and Sales Agreement (MIPSA). The deal was originally announced on May 1, 2024. Alternus targets to achieve 3 GW of operating projects within 5 years through organic development and targeted strategic opportunities. Meanwhile, the company has received a delisting notice from Nasdaq for not gaining compliance with the minimum closing bid price requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). Alternus said it plans to appeal the decision within the 7-day period allowed.
Sunrun’s 12th securitization since 2015: US clean energy company Sunrun has priced a securitization of leases and power purchase agreements (PPA). This is its 12th securitization since 2015, and 3rd issuance in 2024. Priced $365 million senior securitization of residential solar and battery energy storage systems (BESS), the deal comprises Class A notes totaling $75 million and $290.4 million. The notes are backed by a diversified portfolio of 21,281 systems distributed across 19 states and Puerto Rico, and 73 utility service territories.
DOE’s solar & storage plant: The US Department of Energy (DOE) has selected NextEra Energy Resources Development LLC to enter early negotiations for a carbon-pollution-free electricity generation project at its Waste Isolation Pilot Plant (WIPP). Under the Cleanup to Clean Energy Initiative, NextEra will negotiate a realty agreement to deploy at least 150 MW of grid-connected solar energy capacity with a 100 MW storage system on up to 1,800 acres of land at the location. The WIPP is the only repository in the US for the disposal of transuranic waste generated by atomic energy defense activities. It is located in the Chihuahuan Desert in New Mexico, far from major population centers. Waste is disposed of in a set of panels located nearly one-half mile below the surface in a deep geologic salt bed.
Arevon’s $351 million financing: Renewable energy developer Arevon Energy has closed financing on a $351 million package to build the 251 MW DC Gibson Solar Project in Gibson County, Indiana. Currently, the project is under construction. It has raised a construction loan with CoBank, Societe Generale, PBC Bank, and a letter of credit (LC) facility from CoBank. Arevon’s Chief Investment Officer Denise Tait said this represents its 6th completed financial package in the last year, amounting to $3 billion in capital.
DAH Solar in the US: Chinese solar PV manufacturer DAH Solar made its debut in the US solar market at RE+ 2024 in California. It presented the company’s patented product, the TOPCon full-screen PV module. It has been commercially producing these modules since October 2021. DAH said its full-screen panels have no frame on the front side so these achieve no water accumulation and dust at the bottom, thereby increasing the power generation by 6% to 15%.
Ammper’s 50 MW solar PPA: Texas, US-based energy retailer (REP) and qualified scheduling entity (QSE) Ammper Power has signed a power purchase agreement (PPA) for 50 MW AC solar energy capacity out of a project that’s scheduled to come online in Q4 2025. Power supplied by this Texas-located project will be supplied by Ammper to commercial and industrial (C&I) customers, and government organizations across the state.