North America PV Snippets: BayWa, Cenovus, Sunnova

BayWa Rebrands Enable Energy As BayWa R.E. Power Solutions; Canada’s Cenovus Energy Signs PPA For 150 MW Solar Project With Elemental Energy; $212 Million Securitization From Sunnova

North America PV Snippets: BayWa, Cenovus, Sunnova

Canadian oil and gas company Cenovus Energy has signed up for 150 MW solar project of Elemental Energy as part of its ESG commitments. Pictured is Cenovaus Energy’s Foster Creek steam generators. (Photo Credit: Cenovus Energy Inc.)

  • BayWa has given a new brand identity to Enable Energy, renaming it as BayWa r.e. Power Solutions
  • Elemental Energy has been contracted by Cenovus Energy for 150 MW solar PV capacity in Canada
  • Sunnova has priced a $212 million securitization of its residential solar and battery loan agreements

BayWa rebrands Enable Energy: BayWa r.e. USA LLC has rebranded and formally launched Enable Energy as BayWa r.e. Power Solutions Inc. as a solar and battery energy storage systems EPC company in the US which is focused on the US commercial, industrial and utility sectors. It acquired Enable Energy in September 2020. As BayWa r.e. Power Solutions, it has an installed capacity of 100 MW solar and 175 MWh of storage. This comprises both standalone and solar-plus-storage installations, while touting a late-stage project pipeline of 600 MW solar and 1 GWh storage. It includes a 47 MW solar and 135 MWh storage utility project in Hawaii. Through BayWa r.e. Power Solutions, the company said it will serve its global key accounts in the Americas with projects ranging from C&I to larger-scale utility projects.

PPA for 150 MW solar in Alberta: Oil and gas company Cenovus Energy from Alberta, Canada has signed up to source 150 MW of solar power for 15 years under a power purchase agreement (PPA) with Elemental Energy Inc., as part of its environmental, social and governance (ESG) focus areas to address climate and GHG emissions. The 150 MW project will be gird connected on completion and is expected to start producing electricity in 2023.

Sunnova’s $212 million securitization: US residential solar and storage company Sunnova Energy International has launched a new green financing framework that it said will guide the company’s investments in new and existing projects that have environmental benefits. It has also priced a $212 million securitization of its residential solar and battery loan agreements. The notes are backed by a diverse 6,435 solar rooftop systems distributed across 19 states and territories, the company informed. “This securitization, priced at a 1.82% blended coupon, represents Sunnova’s highest-rated, lowest cost of capital issuance to-date,” said Executive Vice President, and CFO of Sunnova, Robert Lane. “It is the second transaction structured to align asset debt service with asset cash flows, increase free cash flow to Sunnova, and accelerate the issuance of a bullet-maturity green bond.”

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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