SOLARCYCLE’s new Georgia factory: Solar PV recycling start-up SOLARCYCLE will build a new solar panel recycling factory in Cedartown, Georgia in the US with 5 GW of annual capacity. This fab will have the capacity to recycle and recover materials from 10 million solar panels/year which should be enough to process around 25% to 30% of the US’ retired solar panels in 2030. It will start with a recycling capacity of 2 million panels/year. The new factory will be located adjacent to SOLARCYCLE’s solar glass factory, which will produce specialized glass for crystalline silicon (c-Si) PV modules with 5 GW to 6 GW annual production capacity (see US Solar Module Recycler Expands With New Factory).
REC Silicon raises $25 million: US-based polysilicon producer REC Silicon ASA has raised a $25 million short-term loan from Hanwha International LLC, a subsidiary of REC’s 2 largest shareholders, Hanwha Solutions and Hanwha Corporation. REC Silicon Inc., a wholly-owned subsidiary of REC Silicon ASA, along with its own wholly-owned subsidiaries have entered the loan agreement. This will support the capital needs of REC Silicon until the shipments of ultra-high purity FBR product commence. The maturity date of the loan is February 4, 2025. Both REC Silicon and Hanwha International have also agreed to extend the maturity date of the existing loan of $25 million announced on August 2, 2024 until February 2, 2025. According to an update on its recently restarted silane-based high-purity granular production facility in Moses Lake, Washington, REC said it has provided qualification material of ultra-high purity polysilicon to a 3rd party for testing which has been delayed, thus delaying the 1st shipment. It is targeting a successful restart of the Moses Lake factory to start providing ultra-high purity polysilicon to the US solar value chain.
1 GW contract for FTC: US solar tracker supplier FTC Solar has secured over 1 GW supply agreement with Dunlieh Energy, starting from 2025. The 1st project under the contract is the 500 MW Situal Energy Project currently under development in Banner County of Nebraska. It will be accompanied by a battery energy storage system (BESS). FTC will start delivery of its trackers for this project from H2 2025.
$225 million for Primergy: Utility-scale solar and storage projects developer and operator Primergy Solar, LLC has achieved a financial close of $225 million in project financing for its Valley of Fire (VoF) portfolio. The VoF portfolio comprises the Gemini Solar + Storage Project which was commissioned in early 2024. It also includes 5 additional projects in Nevada, Colorado, and Arizona. All of these together represent 2.65 GW of solar and up to 1.5 GW of battery storage capacity. The $225 million incorporates a $125 million tax credit sale for the Gemini Solar + Storage project and a $100 million revolving credit facility from Rabobank for the continued development of the other VoF projects.
Lightsource bp’s Texas projects: Solar PV developer Lightsource bp has secured a structured equity investment from climate solutions investor HASI for a 288 MW solar portfolio in Texas, US. This comprises the 163 MW Starr Solar Project in Starr County and the 125 MW Second Division Solar Project in Brazoria County. Both projects are backed by high-credit quality corporate offtakers and are expected to reach commercial operation by the end of 2024, said Lightsource bp.
The 125 MW Second Division Solar Project has a virtual power purchase agreement (PPA) with the Swedish fashion retailer H&M Group as the latter seeks to reduce its carbon footprint. Lightsource bp said this project will integrate agriculture in the form of sheep grazing.
815 MW solar plant in Texas: Canada-headquartered North American energy group Enbridge is moving ahead with its 815 MW Sequoia Solar Project in Texas, US after the management sanctioned the same. The $1.1 billion development is underpinned by long-term power purchase agreements (PPA) with AT&T and Toyota the company announced recently. This facility is expected to enter service in 2 phases in 2025 and 2026. The management said this will be one of the largest solar projects in North America on completion.
TD Cowen on US utility-scale solar: Analysts at TD Cowen see the US utility-scale solar market growing substantially in FY 2025 as demand grows with mushrooming data centers, artificial intelligence (AI), and electric vehicles (EV). They cite Wood Mackenzie’s forecast for a 5.7% increase in annual installations for this segment in 2025. However, TD Cowen’s Jeff Osborne believes the near-term challenges for utility-scale solar range from interconnection congestion to permitting delays, along with component and labor shortages. These are the same headwinds affecting the broader power industry in the US. According to a recent Berkeley Lab report, the country installed 18.5 GW AC utility-scale PV in 2023, with at least 1.085 TW in interconnection queues (see US Installed 18.5 GW AC Utility-Scale Solar PV Capacity In 2023).
Avantus offloads Catclaw project: Solar energy group Avantus has sold its 225 MW AC solar and 250 MW/1,000 MWh energy storage project in Buckeye, Arizona to D.E. Shaw Renewable Investments (DESRI). The Catclaw Solar and Energy Storage Project is contracted under a long-term PPA with Arizona Public Service (APS). Avantus was responsible for the initial greenfield development of the project including interconnection, site acquisition, and permitting, along with commercial negotiations with APS and procurement of select equipment. DESRI will bring the project online in 2026. This is Avantus’ 4th project sale to DESRI.
Recurrent Energy’s new tolling agreements: Canadian Solar subsidiary Recurrent Energy has signed 2 new tolling agreements with the Arizona Public Service Company (APS) in the US. The 20-year agreements encompass the 600 MWh standalone storage facility Desert Bloom Storage and the 150 MW AC Papago Solar projects. Both are located in Maricopa County, Arizona. These are scheduled to enter construction in 2025 and achieve commercial operations in 2026. Last year, Recurrent signed a 20-year tolling agreement with APS for the 1,200 MW Papago Storage Project. Together, the 3 announced agreements with APS total 1,800 MWh of energy storage and 150 MW AC of solar.