QUICK NEWS, August 8: BIPARTISAN SENATE VOTE BOOSTS NEW ENERGY; NEW ENERGY LONG BALLS FOR GRID, STORAGE; $64 MIL FROM BANKS TO BACK SUN INSTALLER

BIPARTISAN SENATE VOTE BOOSTS NEW ENERGY Senate Committee Passes One-Year PTC, ITC Provisions

3 August 2012 (North American Windpower)

“The U.S. Senate Finance Committee passed a $205 billion tax extender package as part of the Family and Business Tax Cut Certainty Act of 2012 that includes a one-year extension of the wind energy production tax credit (PTC) and the investment tax credit (ITC)…"

click to enlarge

“…[The bipartisan] tax extenders legislation includes tax cuts for small businesses, working families, research and development and renewable energy…Notably, the PTC and ITC provisions are for wind projects started in 2013…

“Republicans had reportedly withdrawn the wind energy PTC as a show of loyalty to presidential candidate Mitt Romney, who came out against the incentive…[I]n support of the wind PTC were Sens. Jeff Bingaman, D-N.M., John F. Kerry, D-Mass., Debbie Stabenow, D-Mich., Maria Cantwell, D-Wash., Bill Nelson, D-Fla., Benjamin Cardin, D-Md., and Kent Conrad, D-N.D."

click to enlarge

“The tax package passed the committee, 19-5, with the most conservative members voting against it. The extenders package measure is likely to be a top priority when the Senate returns in September…Although some are withholding judgment as to the bill's prospects - it still needs to pass the House - the news was welcomed by industry advocates…”

Tweet

NEW ENERGY LONG BALLS FOR GRID, STORAGE ARPA-E Awards Funds For Grid Reliability, Energy-Storage Projects

3 August 2012 (Renew Grid)

"Several projects designed to help improve the efficiency and reliability of the electrical grid and advanced electric vehicle (EV) technology will receive $43 million in funding from the U.S. Department of Energy's (DOE) Advanced Research Projects Agency-Energy (ARPA-E).

These projects are supported through two new ARPA-E programs: Advanced Management and Protection of Energy Storage Devices (AMPED) and Small Business Innovation Research (SBIR)…"

click to enlarge

"Twelve research projects have received $30 million in funding under the AMPED program, which aims to develop advanced sensing and control technologies that could provide new innovations in safety and performance for grid-scale and vehicle batteries. AMPED is focused on maximizing the potential of existing battery chemistries.

"ARPA-E has also awarded a total of $13 million for seven projects to enterprising small businesses to pursue energy-storage developments for stationary power and EVs. The goal of these projects is to develop new battery chemistries and battery designs, according to the DOE."

Tweet

$64 MIL FROM BANKS TO BACK SUN INSTALLER Borrego Solar Creates $64.4 Million Solar Project Fund Backed By Two Large Banks

31 July 2012 (Solar Industry)

“Borrego Solar Systems, Inc., a designer, installer and financier of grid-tied solar photovoltaic systems, has closed a new $64.4 million fund to finance solar energy projects for corporate, education and municipal customers.”

click to enlarge

“Minneapolis-based U.S. Bank and Washington, D.C.-based National Cooperative Bank (NCB) invested in the new fund, which is Borrego Solar's largest since 2009 and brings its total amount of capital raised to over $225 million…[T]he fund will be used to build more than 18 MW of solar energy systems, totaling eight projects, including four municipal landfill installations and one school district…”

Tweet