DOE offers conditional commitment of $3 billion for Sunnova’s Project Hestia; Crossroads Agriculture’s farmland for 1 GW NextEra PV projects; Sunergy to go public via SPAC deal; GSI acquires 1.4 GW solar and storage projects from Saturn Power.
$3 billion for Sunnova: Solar energy company Sunnova Energy International has secured a conditional commitment of $3 billion from the US Department of Energy’s (DOE) Loans Programs Office (LPO) to support the company’s activities under its new solar loan scheme called Project Hestia. Under this project, Sunnova targets to expand distributed energy resources (DER), including rooftop solar, battery storage, and virtual power plant (VPP) ready software available to disadvantaged communities in the US and Puerto Rico. The objective is to install 568 MW capacity of solar, battery and smart software systems to reduce energy waste over the next 25 years.
Sunnova plans to issue the first securitization under the program in H1/2023 and provide monthly servicing reports to DOE, while measuring the reduction in GHG associated with the project. DOE expects this arrangement, if finalized in Q2/2023, to enable around 75,000 to 115,000 homeowners in the US and its territories to secure loan for clean energy systems.
NextEra gets land for solar projects in Colorado: NextEra Energy Resources subsidiary has entered an agreement agricultural company Crossroads Agriculture to secure land for 1 GW solar PV capacity in Colorado. Crossroads has offered more than 7,500 acres of its farmland near Haswell and Cheyenne Wells to install solar panels with a life of around 30 years. It will provide enough time for the farmland and groundwater aquifer below to rest and regenerate, stated Crossroads. “We already have more than 30 wind turbines operating in New Mexico, with another 40 to be built in 2024 on Crossroads ground in Colorado, with hundreds more anticipated in the years to come,” said Chairman of Crossroads Agriculture, which is part of the Soloviev Group, Stefan Soloviev.
Sunergy to go public: Rooftop solar and storage company from Florida, Sunergy Renewables has announced signing a definitive business combination agreement to enter into a merger with blank-check special purpose acquisition company (SPAC) ESGEN Acquisition Corp to go public. It will then be listed on the NASDAQ. Combined enterprise value of the company will then be $475 million once it achieves closure in Q4/2023. Proceeds will provide it with growth capital to expand customer offerings and for general corporate purposes. It also plans to consider ‘strategic acquisitions of attractive targets to fuel growth and consolidate smaller companies in the heavily fragmented residential solar industry’.
GSI acquires 1.4 GW solar and storage projects: Greenwood Sustainable Infrastructure (GSI) has acquired 1.4 GW of solar and storage projects from Saturn Power’s development portfolio in 5 US states and 2 Canadian provinces. It expands the company’s geographic footprint to 12 US states. Acquired pipeline has 90% community solar projects adding up to a total of 72, and 6 battery storage projects.