QUICK NEWS, November 13: $3/4 BIL TO AES FOR SOLAR POWER PLANTS; BUFFETT BUYS MORE WIND; ALL WIND WANTS IS WHAT NAT GAS GOT
$3/4 BIL TO AES FOR SOLAR POWER PLANTS AES Solar Wraps Up Financing Exceeding $750M
12 November 2012 (Solar Industry)
“AES Solar, the joint venture company of AES Corp. and Riverstone Holdings LLC, has completed three financings totaling $752 million. The capital is backing construction of the 266 MW Mount Signal project in California and a portfolio of three projects in France totaling 22.4 MW. The financing also provides AES Solar with a corporate revolving credit facility.
“AES Solar says its global portfolio now totals more than 500 MW in operation or construction in seven countries…The Mount Signal development (also known as Imperial Valley Solar 1, or IVS1) is located in Imperial County, Calif…”
“…Expected to be operational in early 2014, the facility will sell its output to San Diego Gas & Electric Co. via a long-term power purchase agreement. Mount Signal is being co-developed with 8minutenergy Renewables LLC.
“The French portfolio, which totaled about $90 million, consists of a 12 MW parking-lot project near Toulouse; an 8.7 MW parking-lot project near Lyon; and a 1.7 MW ground-mount project also near Toulouse…”
BUFFETT BUYS MORE WIND MidAmerican Acquires Two Wind Projects Linked With Tehachapi Transmission Project
9 November 2012 (Renew Grid)
“MidAmerican Wind - a subsidiary of MidAmerican Renewables, whose parent company is MidAmerican Energy Holdings Co., [a subsidiary of Warren Buffett’s Berkshire Hathaway] - has completed the acquisition of the 168 MW Alta Wind VII and the 132 MW Alta Wind IX projects from California Highwind Power, a subsidiary of Terra-Gen Power LLC.”
“The projects are located near Tehachapi, Calif., and will consist of 100 Vestas 3 MW V90 wind turbines. Both projects will interconnect to and utilize Southern California Edison's (SCE) Tehachapi Renewable Transmission Project, which includes a series of high-voltage transmission lines capable of delivering electricity from wind farms and other generating sources in northern Los Angeles and eastern Kern counties. When the Alta Wind VII and Alta Wind IX projects are complete, SCE will purchase electricity from the projects pursuant to the terms of long-term power purchase agreements.”
ALL WIND WANTS IS WHAT NAT GAS GOT In a shale state, give wind power its respective due
Jeff Perkins, November 12, 2012 (Pennsylvania Patriot-News)
“…Shale gas [went from a billion cubic feet to 400 billion between 2008 and 2010,] has revolutionized the commonwealth’s energy industry…[and might provide] energy independence and economic growth, but that progress could come at the cost of our natural resources, our communities and our health.
“…Since the 1970s, the federal government has offered a combination of tax credits, subsidies and other policies that helped to forge today’s shale industry…[T]he ‘father of shale gas,’ George Mitchell, used funding from the U.S. Department of Energy to drill his first horizontal well...But in the enthusiasm over shale, have we provided a level playing field for other energy resources?”
“During the last five years…[wind] has captured 35 percent of newly installed electricity generation capacity in the U.S…[and its production costs] are down more than 90 percent since 1980…Nine gigawatts — the equivalent of nine nuclear power stations — …is ready to be built in the coming years…[I]t’s looking much like the shale industry was a decade ago, but…inaction in Washington is threatening to derail this progress…
“…[Like] shale gas producers before them, wind power companies receive…[a] production tax credit [that] has helped to keep power prices low while enabling the wind power industry to reduce costs…[I]f Congress does not act, the production tax credit will expire at the end of this year, and the impact will be immediate and dire…As faith-based investors and members of the Investor Network on Climate Risk, we support the PTC…[I]f Congress values job creation, American industry, healthy communities and long-term, sustainable energy independence, we believe its choice is simple: Extend the production tax credit immediately.”
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