Shell-backed Savion's 800 MW US agri-PV project green signaled; Canadian Solar responds to Maxeon's lawsuit; Sunnova signs deal with The Home Depot; Invenergy raises $900M financing; Consumers Energy to build 250 MW solar plant in Michigan; REC Silicon provides Moses Lake update.
OPSB clears massive solar and storage plant: The Ohio Power Siting Board (OPSB) has approved an 800 MW solar project with 300 MW co-located battery energy storage system (BESS) in Ohio, despite public opposition. The board cleared the project in a meeting on March 21, a recording of which is available on its YouTube channel. This clears the way for one of the largest such facilities and what is being termed as the largest agrivoltaic project in the country announced to date. The Oak Run Solar Project of Shell-backed Savion is planned to be sited on 6,000 acres in Madison County and use a minimum of 2,000 acres of the project site for agricultural activities like growing commercial crops. According to the local daily The Columbus Dispatch, part of the farmland for this project is owned by Microsoft Founder Bill Gates. Power generated by the project will be connected to the PJM grid and will be enough to power close to 170,000 Ohio households. It is estimated to bring $250 million in tax revenue for the county over the project's 35-year operational life.
One of the intervening parties in the case, the Ohio Environmental Council (OEC), has applauded the green signal from OPSB saying it will bring down GHG emissions in the state.
Canadian Solar's response: Solar PV module manufacturer Canadian Solar, listed on the Nasdaq as CSIQ, has responded to the recent Maxeon Solar Technologies' allegations of TOPCon patent infringement. In a statement, the manufacturer has refuted the charges. It says the company's preliminary assessment of the lawsuit is that the claims in Maxeon's complaints are without merit. The Canada-headquartered solar manufacturer will 'vigorously' defend itself and is confident that its TOPCon technology and processes will be vindicated in the court at the appropriate time. Till then, it will continue to sell its products in the US and elsewhere. Maxeon's lawsuit, backed by its TOPCon patents, can disrupt the US solar industry, according to ROTH MKM's Philip Shen (see Maxeon Alleges Patent Infringement By Canadian Solar).
Sunnova bags The Home Depot deal: Sunnova Energy International has become the exclusive national solar and battery storage services provider for The Home Depot in the US. It will enable Sunnova to access consumers through more than 2,000 Home Depot stores. The solar company says it will leverage the local expertise of The Home Depot's extensive dealer network to staff stores and help customers with its Sunnova Adaptive Home energy offerings.
$900 million for RE: Renewable energy developer Invenergy has closed a $900 million Green Line of Credit (L/C) facility to support Invenergy Renewables Finance North America. It will support the group's growing pipeline of large-scale renewable and other clean energy generation and storage facilities in the Americas. Natixis Corporate & Investment Banking (CIB) acted as the sole bookrunner, syndication agent, administrative agent and green loan coordinator.
Mandated Lead Arrangers were Natixis CIB and Desjardins Group. Banco Bilbao Vizcaya Argentaria, S.A., New York Branch, Bank of Montreal, Chicago Branch, BNP Paribas, CaixaBank, S.A., Cooperatieve Rabobank U.A., New York Branch, HSBC Bank USA, National Association, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc , Mizuho Bank, Ltd., National Australia Bank Limited, Nomura Corporate Funding Americas, LLC, Norddeutsche Landesbank Girozentrale, New York Branch, Royal Bank Of Canada, New York Branch, and Société Générale served as lenders.
250 MW solar plant in Michigan: Consumers Energy has entered a partnership with the Muskegon County Resource Recovery Center to develop a 250 MW solar power facility. This is the utility's 1st large-scale solar project, to be realized as part of its goal to bring 8 GW solar capacity online by 2040. The 250 MW project will be located on some 1,900 acres of land within the center that treats wastewater and operates a farm that uses spray irrigation on crops as part of the treatment process. The Muskegon Solar Energy Center will enter construction in April 2024 to become operational in 2026.
REC Silicon's Moses Lake fab: REC Silicon ASA has started ramping up production at its silane-based high-purity granular production facility in Moses Lake, Washington. The company restarted the US polysilicon production fab in Q4/2023 after being idle for 5 years. Instead of Q1/2024 as forecast earlier, REC now expects the first shipment from the fab in early Q2/2024. It cites minor delays in the completion of the new post-production treatment, packaging and handling lines that have compressed the timeline needed to test and optimize the production. The management said it continues to look for opportunities to improve the shipment schedule. REC recently announced plans to shut down electronic-grade polysilicon production at its Butte, Montana fab while continuing with silane gas production (see REC Silicon Shutting Down Butte Manufacturing Fab).
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