North America Solar PV News Snippets

Xcel Energy proposes 3.6 GW new wind & solar in the US; SunPower gets relief from lenders; Vesper raises $590 million for 600 MW AC; centrotherm equipment for Suniva; Reactivate partners with Walmart & US Bancorp for community solar; Altus acquires 84 MW PV from Vitol. 

Xcel Energy's new clean energy plan: US utility Xcel Energy has proposed a new clean energy plan for the Upper Midwest under which it aims to add 3.6 GW of new wind and solar PV capacity by 2030. It will also add 600 MW of battery energy storage capacity, along with more than 2.2 GW of 'always-available resources' to back up renewables and supply power during peak demand on the hottest summer days and coldest winter nights. 

The plan also includes extension of carbon-free Prairie Island by 20 years and Monticello nuclear plants by 10 years, through the early 2050s. Xcel aims to exit coal power plants by the target year. The management said the plan will keep costs low for customers by unlocking $5.7 billion in estimated tax credit savings from the Inflation Reduction Act for renewable generation and energy storage additions. 

Relief for SunPower: Residential solar power company SunPower Corporation has received additional waiver extensions from Atlas Securitized Products Holdings and Bank of America until February 16, 2024. It has also received commitments of up to $20 million in financing from its majority shareholders TotalEnergies and Global Infrastructure Partners (GIP). The company said it will use the runway afforded by this financing and the extensions to continue discussions with key financial partners as it evaluates all strategic alternatives towards a long-term financial solution. 

Finance for 600 MW AC solar project: Vesper Energy has achieved financial closure for its 745 MW DC/600 MW AC Hornet Solar Project in Texas. It secured a $590 million debt financing package for the facility from MUFG Bank, Nord/LB and Santander Corporate & Investment Banking as the coordinating lead arrangers, BayernLB as the joint lead arranger and Associated Bank as the lender. 

The Hornet project is one of the largest single-phase solar projects in the US, according to Vesper. It added that the facility will monetize over $500 million of Production Tax Credits (PTC) for over 10 years. The company plans to use bifacial solar modules on a single-axis tracking system. Blattner Energy is currently constructing the project that's contracted to 4 offtake partners through individual power purchase agreements (PPA). 

Suniva buying equipment: US solar manufacturer Suniva has contracted German solar PV equipment manufacturer centrotherm international AG to supply it with thermal production equipment for Georgia factory. The German manufacturer has been Suniva's supplier of turnkey production lines in 2008 and 2009. This time around, it is supplying its equipment for thermal process steps annealing, diffusion and PECVD (anti-reflective coating and passivation) to the US company. In October 2023, Suniva announced plans to restart its Norcross-located monocrystalline silicon cell fab with 1 GW capacity, to be followed by another 1.5 GW (see IRA Breathes Life Into Shuttered US Solar Factory).  

Invenergy company's community solar partnership: Community solar company Reactivate has entered into a partnership with Walmart and US Bancorp Impact Finance for a new portfolio of 7 community solar projects. Located in Illinois and New York, this portfolio will help close to 5,000 households, along with area non-profits, businesses and the public school district, save as much as 20% on their monthly electricity costs. An Invenergy company, Reactivate closed a tax equity transaction on the new portfolio worth 14.4 MW AC combined capacity, recently. Total customer savings from these facilities are expected to exceed $17 million over their lifetime, according to the developer. 

Altus Power's 84 MW acquisition: Altus Power has completed the acquisition of around 84 MW of commercial-scale solar portfolio from energy trader Vitol in the US for close to $118 million. It comprises rooftop, ground mounted and carport arrays located in New York, New Jersey and Maine. These assets will benefit nearly 2,000 community solar subscribers and serve an additional 20 municipal, education and enterprise clients. Altus said the acquisition was closed using cash on hand. It expects to expand its funding facility with Blackstone in the near term to secure long-term financing.