SAN FRANCISCO, USA: Renewable Ventures, a Fotowatio company, announced the completion of Solar Fund V to finance more than $200 million of new solar energy projects across the United States.
The fund's first project is a two-megawatt solar photovoltaic project located in Ft. Collins, Colorado that will sell energy to Colorado State University and renewable energy credits to one of the state's utilities, Xcel Energy.
Solar Fund V, the fifth fund organized by Renewable Ventures and the first as Fotowatio's US-based subsidiary, reinforces the company's growth strategy in the United States. The fund will focus on the development and acquisition of commercial, public sector, and utility-scale solar projects from one to 10 megawatts in size.
"With this new infusion of capital, we stand ready to work with businesses, utilities and others to immediately finance, develop, or acquire megawatts of large-scale solar projects in the U.S.," said Renewable Ventures CEO Matt Cheney.
Solar Fund V is structured to include both debt from John Hancock (a unit of Manulife Financial Corp., and equity from Renewable Ventures and Wells Fargo, and will enable the construction and permanent financing of around 35 megawatts in the next year.
The combination of debt and equity enables the fund to seek a broader range of federal government incentives, improving project economics for prospective customers such as municipalities, universities, electric utilities and companies.
"Wells Fargo's and John Hancock's continued commitment to investing in renewable energy will allow us to replicate the success of our previous relationships," added Cheney. "Solar Fund V has been designed to use capital and incentives available under the stimulus program in a way that can accelerate the development of more solar projects and quickly create jobs in the US renewable energy sector."
"We are pleased to continue building our relationship through setting up this fund with Renewable Ventures," said Barry Neal, director of Environmental Finance at Wells Fargo. "Wells Fargo's commitment to clean energy and Renewable Ventures' development and operating experience together will help our nation take advantage of clean, renewable energy."
"John Hancock is proud to be working once again with Renewable Ventures, extending our partnership by helping to finance, develop, and deliver clean, renewable energy projects making a difference globally and to the communities we serve," said Jerry Hanrahan, Managing Director, at John Hancock.
The fund's first project, to be located at Colorado State University, will generate enough solar power to provide more than 10% of the electricity needs on the university's Foothills Campus. The 15-acre solar power plant is expected to be one of the largest solar installations at a US university when it is completed in 2009.
Showing posts with label Wells Fargo. Show all posts
Showing posts with label Wells Fargo. Show all posts
Tuesday, August 4, 2009
Tuesday, June 30, 2009
SunPower, Wells Fargo to finance $100mn in solar projects
SAN FRANCISCO & SAN JOSE, USA: Wells Fargo and SunPower Corp. have announced a new, collaborative effort to fund up to $100 million in SunPower commercial-scale solar systems.
Under the financing program, SunPower will enter into power purchase agreements with qualified customers and Wells Fargo will finance the solar power systems that SunPower will design, build, operate, and maintain.
Customers hosting the systems will buy the electricity from SunPower at prices that are competitive with retail rates, providing them with a long-term hedge against rising power prices and the ability to take advantage of the environmental and financial benefits of solar power with no initial capital investment.
"We see increasing opportunities over the next several years to support renewable energy markets," said Barry Neal, director of Wells Fargo's Environmental Finance. "By teaming up with SunPower, we intend to support growth in the solar energy market by making it easier and more affordable for businesses and public entities to benefit from solar electricity today."
The first projects financed under the program include a 1.1-megawatt system for University of California, Merced, and a 1-megawatt system for the Western Riverside County Regional Wastewater Authority.
Scheduled for completion by year end, both will be ground-mounted systems using the patented SunPower T20 Tracker technology, which follows the sun throughout the day and delivers up to 30 percent more energy than fixed-tilt ground systems.
"SunPower offers high performance solar technology and financing expertise that helps customers maximize savings on their electricity expenditures. Our relationship with Wells Fargo strengthens our project finance efforts, streamlining the implementation of clean, renewable solar power for SunPower's large commercial and public customers throughout the US," said Mac Irvin, managing director of SunPower's structured finance group.
SunPower has more than 500 large public and commercial solar power systems installed or under contract, representing more than 400 megawatts. The company pioneered the use of solar power purchase agreements in 2000.
Wells Fargo has provided more than $1.75 billion in financing for renewable energy projects since 2006. That includes funding for 27 wind projects, more than 150 commercial-scale solar projects and 1 utility-scale solar thermal project.
Under the financing program, SunPower will enter into power purchase agreements with qualified customers and Wells Fargo will finance the solar power systems that SunPower will design, build, operate, and maintain.
Customers hosting the systems will buy the electricity from SunPower at prices that are competitive with retail rates, providing them with a long-term hedge against rising power prices and the ability to take advantage of the environmental and financial benefits of solar power with no initial capital investment.
"We see increasing opportunities over the next several years to support renewable energy markets," said Barry Neal, director of Wells Fargo's Environmental Finance. "By teaming up with SunPower, we intend to support growth in the solar energy market by making it easier and more affordable for businesses and public entities to benefit from solar electricity today."
The first projects financed under the program include a 1.1-megawatt system for University of California, Merced, and a 1-megawatt system for the Western Riverside County Regional Wastewater Authority.
Scheduled for completion by year end, both will be ground-mounted systems using the patented SunPower T20 Tracker technology, which follows the sun throughout the day and delivers up to 30 percent more energy than fixed-tilt ground systems.
"SunPower offers high performance solar technology and financing expertise that helps customers maximize savings on their electricity expenditures. Our relationship with Wells Fargo strengthens our project finance efforts, streamlining the implementation of clean, renewable solar power for SunPower's large commercial and public customers throughout the US," said Mac Irvin, managing director of SunPower's structured finance group.
SunPower has more than 500 large public and commercial solar power systems installed or under contract, representing more than 400 megawatts. The company pioneered the use of solar power purchase agreements in 2000.
Wells Fargo has provided more than $1.75 billion in financing for renewable energy projects since 2006. That includes funding for 27 wind projects, more than 150 commercial-scale solar projects and 1 utility-scale solar thermal project.
Tuesday, June 2, 2009
Sunrise Solar joins Energy Leadership in Washington
SAN ANTONIO, USA: Sunrise Solar Corp. announced that it’s President, Maurice Stone, is the Chairman of the Energy Committee of the National Black Chamber of Commerce.
The Chamber actively works with members of Congress and the leaders of a number of national agencies and associations to provide a voice for small business in designing America’s new energy policies.
"Maurice Stone, NBCC Energy Committee Chairman, and I have been meeting with various associations and organizations in Washington, DC discussing the American Clean Energy and Security Act of 2009 H.R. 2454, commonly referred to as the Waxman/Markey or Climate Change Bill, and its effects on "Green Jobs" and the economy." stated Harry Alford, President and CEO of the National Black Chamber of Commerce and Chairman of the Regulatory Committee of the US Chamber of Commerce. “We expect a lot of debate in the House and very robust debate in the senate regarding this important bill."
The National Black Chamber includes some of the most influential corporations in America, such as energy stalwarts Chevron and Exxon, telecom giant AT&T, and even financial powerhouse Wells Fargo.
The National Black Chamber of Commerce is dedicated to economically empowering and sustaining African American communities through entrepreneurship and capitalistic activity within the United States. The Chamber reaches more than 100,000 Black owned businesses nationwide and provides an advocacy that reaches 1 million Black owned businesses. African Americans have over $800 billion in expendable income each year according to the US Bureau of Census.
“We expect to lead, not follow, in the development of energy policy in the United States,” noted Maurice Stone, President of Sunrise Solar Corp. “We believe the interests of our company and its shareholders are best served if we have a voice at the table when energy policy decisions are being made.”
The Chamber actively works with members of Congress and the leaders of a number of national agencies and associations to provide a voice for small business in designing America’s new energy policies.
"Maurice Stone, NBCC Energy Committee Chairman, and I have been meeting with various associations and organizations in Washington, DC discussing the American Clean Energy and Security Act of 2009 H.R. 2454, commonly referred to as the Waxman/Markey or Climate Change Bill, and its effects on "Green Jobs" and the economy." stated Harry Alford, President and CEO of the National Black Chamber of Commerce and Chairman of the Regulatory Committee of the US Chamber of Commerce. “We expect a lot of debate in the House and very robust debate in the senate regarding this important bill."
The National Black Chamber includes some of the most influential corporations in America, such as energy stalwarts Chevron and Exxon, telecom giant AT&T, and even financial powerhouse Wells Fargo.
The National Black Chamber of Commerce is dedicated to economically empowering and sustaining African American communities through entrepreneurship and capitalistic activity within the United States. The Chamber reaches more than 100,000 Black owned businesses nationwide and provides an advocacy that reaches 1 million Black owned businesses. African Americans have over $800 billion in expendable income each year according to the US Bureau of Census.
“We expect to lead, not follow, in the development of energy policy in the United States,” noted Maurice Stone, President of Sunrise Solar Corp. “We believe the interests of our company and its shareholders are best served if we have a voice at the table when energy policy decisions are being made.”
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