Michigan Governor signs clean energy package into law; REC Silicon ramping up Moses Lake fab; Swift Current Energy signs 20-year NYSERDA PPA for solar project; JinkoSolar’s 1 GW US fab update; Summit Ridge Energy acquires 19 community solar projects; Nasdaq notice to SunPower.
Michigan goes for 100% clean energy: Governor Gretchen Whitmer of Michigan, US has signed the clean energy legislation, setting the state on track to target 100% clean energy by 2040. The Clean Energy and Climate Action Package will reduce household utility costs by an average of $145/year and deliver close to $8 billion of federal tax dollars to the state for clean energy projects, according to the governor. The legislation comprises Senate Bills 271, 273 and 502 that increase the cap of rooftop solar from 1% to 10%, and also protects farmers’ rights to host solar projects on their own land (see North America Solar PV News Snippets).
REC Silicon’s Moses Lake fab update: Norwegian polysilicon manufacturer REC Silicon has successfully started its Washington-located Moses Lake fab where it operates silane-based high-purity granule production facility. With this, the production of its first granular polysilicon has started. Full capacity of granular polysilicon is scheduled to be available in Q4/2024. It aims to start the first deliveries of high-purity granular polysilicon in Q1/2024. REC said the reopening of the Moses Lake fab will enable it to supply polysilicon to the US solar value chain and potentially supply silane gas for anode material to the battery industry. REC shareholder Hanwha Solutions has signed a 10-year take or pay offtake agreement with the company for its FBR polysilicon (see REC Silicon Secures 100% Offtake Agreement With Hanwha).
20-year NYSERDA contract for solar project: Swift Current Energy has secured a 20-year contract for its 402 MW AC Mineral Basin Solar Project with the New York State Energy Research and Development Authority (NYSERDA). Swift says this is the largest land-based energy project selected as part of the latter’s 2022 Renewable Energy Standard Solicitation. It is scheduled to come up on reclaimed coal mine sites in Clearfield County, Pennsylvania. One of the ‘largest’ solar facilities in the US to be sited on former mine land, the project is expected to start construction by summer 2024 and come online by H2/2026. Energy generation and renewable energy credits (REC) from the plant will be delivered to the New York Control Area while Swift will remain its long-term owner and operator.
JinkoSolar’s US factory plans move forward: JinkoSolar has secured the green signal from the Development and Reform Commission of Jiangxi province in China to invest in its 1 GW solar module production factory in the US. The company plans to dismantle its 400 MW solar cell and module production line in Jacksonville, Florida with advanced equipment and expand it to an annual capacity of 1 GW. It will cost the company around RMB 570.9 million ($82.74 million) in investment, reported local media in China.
100 MW community solar portfolio changes hands: Summit Ridge Energy has acquired 19 community solar projects with an aggregate 100 MW capacity in the Commonwealth of Virginia, US. According to the commercial solar company, this represents more than 2/3rd of the projects to be built under Virginia’s Shared Solar Program that’s designed to support the state’s decarbonization goals and incentivize equitable access to clean energy. It acquired these 19 projects from 7 companies including Apex Clean Energy, ESA Solar, ForeFront Power, New Leaf Energy, RWE Clean Energy and SolAmerica Energy through its joint venture (JV) with Osaka Gas USA Corporation. These are expected to come online in late 2024.
Notice to SunPower: The Nasdaq Stock Market LLC has sent a notice to US residential solar company SunPower Corporation for not filing its Form 10-Q with the Securities and Exchange Commission (SEC). This implies filing quarterly financial reports. It has now asked the management to submit a plan to regain compliance with the Listing Rule within 60 calendar days, following which Nasdaq may grant it an extension until May 20, 2024 to regain compliance. SunPower recently reported its Q3/2023 financials with a net loss of -$30 million, but it needs to restate the financial statements for FY 2022, Q1/2023 and Q2/2023 (see US Residential Solar Company Lowers 2023 Annual Forecast).