Masdar expands US presence with EDF Renewables North America project; SunPower raises $450 million; Duke Energy Florida grid connects 150 MW; CPUC approves $200 million community microgrids program for California.
Masdar’s US solar acquisition: Abu Dhabi’s Masdar has completed the acquisition of a 50% stake in a combined solar and battery storage project from EDF Renewables North America. California located Big Beau Project with 128 MW AC PV and 40 MW/160 MWh battery energy storage system is part of an 8 wind and solar project portfolio with a combined 1.6 GW capacity that the 2 companies have agreed to partner on. All the projects are online. Masdar said along with a consortium of private investors in the US, it will lead the development of 15 GW of clean energy projects in the US before 2035 as part of the UAE and US commitment to allocate $20 billion to fund this capacity.
New financing for SunPower: Residential solar company SunPower Corporation has raised over $450 million financing commitments for its residential solar and storage loan program from climate solutions investor HASI and sustainable financier Crédit Agricole CIB. It will enable SunPower Financial to provide customers with attractive loan options at tenors up to 25 years for their transition to a cleaner and lower-cost future, according to the company.
Duke Energy brings online 150 MW PV: Energy utility Duke Energy Florida has commissioned 150 MW solar PV capacity in the form of 2 projects as part of its community solar program portfolio, Clean Energy Connection. The High Springs Renewable Energy Center in Alachua County and Hildreth Renewable Energy Center in Suwannee County have each 74.9 MW installed capacity.
California’s microgrid program: As California’s new net metering regime under NEM 3.0 brings down incentives for solar energy fed into the grid from April 15, 2023, the California Public Utilities Commission (CPUC) has approved rules for the new Microgrid Incentive Program (MIP). Under the MIP, projects selected can be supported with up to $15 million in funding to help build community microgrids in disadvantaged, vulnerable communities and tribal communities as these experience power outages. The $200 million funding amount for the MIP will be distributed as $79.2 million for Pacific Gas and Electric Company (PG&E), $83.3 million for Southern California Edison (SCE), and $17.5 million for San Diego Gas & Electric (SDG&E). These utilities will build complex projects that can operate independently for extended periods. Details about the MIP are available on CPUC’s website.