Ørsted's US projects secure financing; Green signal for Entergy Louisiana's 3 GW PV; Acciona Energia commissions 458 MW; Polis signs Powering Up Colorado bill into law; US exceeds 5 million PV installations; SunPower adds Tesla Powerwall 3; Nasdaq notices for SunPower & Maxeon.
$680 million for Ørsted: Ørsted has secured tax equity financing for a portfolio of solar and storage assets in the US from J.P. Morgan. The $680 raised will help it advance its portfolio of Eleven Mile Solar Center with 300 MW solar and 300 MW/1,200 MWh storage in Arizona's Pinal County. It will also support the 250 MW solar project in Mineral, Texas. Ørsted calls it one of the largest solar and storage tax equity transactions that uses a combined production tax credit (PTC) and investment tax credit (ITC) structure since the passage of the Inflation Reduction Act (IRA). While the Eleven Mile project will receive 1 time ITC for its battery energy storage system (BESS), the solar part will generate PTCs over a 10-year period. Both the facilities are scheduled to start commercial operations in 2024.
Nod to Entergy's 3 GW PV plans: US utility Entergy Louisiana has secured approval from the Louisiana Public Service Commission to add 3 GW solar power capacity to its power generation portfolio. The utility calls it the largest renewable power expansion in the state's history. The approval authorizes the company to undertake an auction process for this capacity within Louisiana. Entergy says this aligns with the Entergy Corporation's plans to achieve net-zero carbon emissions by 2050.
Acciona Energia's largest PV plant online: A subsidiary of Spain's Acciona, Acciona Energia has commissioned a 458 MW solar power plant in Texas, US. It calls the project the company's largest solar complex built to date, the 458 M Red-Tailed Hawk project is located near Houston in Wharton County. It is expected to generate 742 GWh annually. The project expands its existing portfolio of renewable energy projects in North America where it has now installed 2.7 GW. Acciona is also building a 325 MW PV project in Ohio.
Colorado's shift to clean energy: The State Governor of Colorado Jared Polis has signed into law a bill that accelerates the state's shift towards clean energy. The SB24-218-The Modernize Energy Distribution Systems Act (Powering Up Colorado) will foster the adoption of clean energy technologies. According to Colorado Solar & Storage Association (COSSA), the plan will help home and business owners to connect planned clean energy projects and unlock more than 300 MW on hold by modernizing the grid. Utilities will be required to prioritize investments in income-qualified or disproportionately impacted communities with residential capacity constraints. It will encourage citizen participation in demand response programs and virtual power plants (VPP).
Over 5 million PV installations: The Solar Energy Industries Association (SEIA) and Wood Mackenzie say the US has officially exceeded 5 million solar installations, 8 years after it achieved 1 million installations in 2016. The latter milestone was achieved 40 years after the 1st grid-connected solar installation in 1973. Over half of all US solar installations came online since 2020 beginning and more than 25% since the IRA became a law in August 2022. These comprise ground mounted as well as distributed solar systems. Residential segment accounts for 97% of the total number of installations. California leads with 2 million. They forecast the country to double its PV installations to 10 million by 2030 and triple to 15 million by 2034.
SunPower & Tesla: SunPower Corporation says it has added Tesla Powerwall 3 to its curated portfolio of high quality and affordable solar and storage products. The Powerwall 3 comprises 11.5 kW of power and 13.5 kWh of energy to provide whole-home backup using solar energy with an integrated inverter. It is fully compatible with the SunPower Equinox system. SunPower SVP Corporate Development and Product Strategy Shawn Fitzgerald called the addition of the Powerwall 3 with its Equinox system a natural progression in offering homeowners the best products on the market. It has also expanded its suite of solar financing options to include loan and lease financing for Tesla battery since close to 82% of its customer choose to finance their solar-plus-storage systems.
Nasdaq notices for PV companies: SunPower and its manufacturing spin-off Maxeon Solar Technologies have both received separate notices from Nasdaq due to delay in filing their financial reports. SunPower has been served the notice for not filing its Q1/2024 financial report on 10-Q with the Securities and Exchange Commission (SEC). The company says it plans to file the plan as soon as practicable.
Maxeon has also received a notice of non-compliance for not filing its 2023 annual report on form 20-F. It is also yet to file its Q1/2024 financial report. On May 30, 202, it has scheduled a conference call to provide an update on the business.
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