USA: IFC, a member of the World Bank Group, issued a $1 billion green bond that will be used to support IFC climate-friendly projects in developing countries. The bond sets a precedent as the largest green bond issue to date and was principally allocated to socially responsible investment portfolios.
By making the three-year bond a benchmark issue available to investors globally, IFC aims to strengthen this growing asset class. The bond, which was heavily oversubscribed, was sized to address the demand from an increasing number of investors interested in climate-related opportunities.
“IFC is ramping up its climate-related investments because the private sector can play a leading role in addressing climate change,” said Jingdong Hua, IFC VP and treasurer. “Through its Green Bond Program, IFC enables large-scale investors to support projects related to climate change in developing countries.”
In FY12, IFC invested $1.6 billion in climate-related investments—more than 10 percent of the institution’s overall commitments for the year. About 70 percent of IFC’s investments in the power sector involved energy efficiency and renewable energy. By FY15, IFC expects to double its climate-related investments to roughly $3 billion per year.
Stephanie Miller, IFC director of Climate Business, said: “The IFC Green Bond Program supports one of IFC’s strategic priorities to develop and promote innovative financial products that attract greater investments to support renewable energy, energy efficiency, and other climate-friendly projects.”
The bond received overwhelming support from investors focused on promoting socially responsible investments. Some of the participants in the bond include, 3M, Blackrock, the California State Teachers’ Retirement System (CalSTRS), Calvert Investments, Ellomay Capital, Fjärde AP-fonden, Ford Motor, Local Government Super (LGS), Parnassus Investments, Praxis Intermediate Income Fund , SSGA High Quality Green Bond Fund, TIAA-CREF, and the Washington State Investment Board among others.
Maria Kamin, manager of Environmental, Social and Governance Research at Parnassus Investments, said: "The IFC Green Bond complements our responsible investment strategies. We focus on incorporating environmental, social, and governance analysis into our investment research. By giving investors in the Parnassus Fixed-Income Fund exposure to this unique bond, we can further support climate-related investments and receive a positive financial return."
Bill Hartnett, Head of Sustainability at Local Government Super (LGS), said: “LGS is proud to be the ultimate owner of part of this IFC Green bond issuance. The green bonds appeal to LGS on many fronts. They are triple-A-rated notes with competitive terms. They are financing much needed green infrastructure projects globally.”
IFC green bonds support projects to reduce greenhouse emissions—for example, by rehabilitating power plants and transmission facilities, installing solar and wind power, and providing funding for new technologies that result in significant reductions in emissions. To date, IFC has issued about $2.2 billion in such bonds.
Criteria for the use of IFC green bond proceeds are certified by Cicero, an independent research center associated with the University of Oslo.
Monday, February 18, 2013
Memorandum in relation to development of solar PV power stations
CHINA: This is a voluntary announcement made by China Gogreen Assets Investment Ltd.
The board is pleased to announce that on 16 February 2013, Beijing Jun Yang, a non wholly-owned subsidiary of the company, entered into the Memorandum with Xuchang Government in relation to the development of the Xuchang solar PV power stations (with an aggregate installed capacity of 60-megawatt) in Xuchang City, Henan Province, the PRC.
The total investment of the project is expected to be approximately RMB720,000,000 (equivalent to HK$892,800,000) which shall be funded by the Group with its internal resources and bank borrowings, together with government subsidy from the “Golden Sun Demonstration Project.
The board considers that the Memorandum offers a good opportunity to the Group to broaden its business.
The board is pleased to announce that on 16 February 2013, Beijing Jun Yang, a non wholly-owned subsidiary of the company, entered into the Memorandum with Xuchang Government in relation to the development of the Xuchang solar PV power stations (with an aggregate installed capacity of 60-megawatt) in Xuchang City, Henan Province, the PRC.
The total investment of the project is expected to be approximately RMB720,000,000 (equivalent to HK$892,800,000) which shall be funded by the Group with its internal resources and bank borrowings, together with government subsidy from the “Golden Sun Demonstration Project.
The board considers that the Memorandum offers a good opportunity to the Group to broaden its business.
Friday, February 15, 2013
PV demand in the Asia Pacific region to reach 13.5 GW in 2013
USA: Solar photovoltaic (PV) demand from the Asia Pacific (APAC) region is forecast to grow to 13.5 GW in 2013, growing 50 percent Y/Y, according to the NPD Solarbuzz Q1’13 Asia Pacific Major PV Markets Quarterly report.
China, Japan, India, and Australia remain dominant for PV demand in the APAC region, and they will account for 90 percent of APAC demand in 2013. However, discrete end-market demand environments are now evolving in each of these countries. As a result, PV suppliers and technologies are being selected in each territory based upon factors such as domestic manufacturing, policies, import duties, and customer preferences.
“Having a single go-to-market strategy to meet growing PV demand across the entire APAC region is no longer viable,” stated Chris Sunsong, analyst at NPD Solarbuzz. “Leading APAC countries are now evolving into micro-climates that create customized supply channels. Suppliers are being forced to pick and choose the countries and application segments that overlap with their product portfolios and corporate strategies. Quarterly cycles also continue to define PV demand, reflecting the effects of policy deadlines and weather-related seasonality.”
Source: NPD Solarbuzz Q1’13 Asia Pacific Major PV Markets Quarterly report.
In Australia, the elimination of the Solar Credit Multiplier, along with incentive reductions in Victoria and Queensland, will slow PV growth during 2013. In Japan, demand will peak during Q1’13, ahead of scheduled tariff reductions in April.
The Chinese government will likely re-adjust the goals of its 12th Five-Year Solar Development Plan, and the country will see over 75 percent of its 7 GW demand in 2013 occur in 2H’13. However, it is crucial that any changes to the feed-in-tariff rates drive PV developers to complete their projects earlier in the year, thus avoiding the dramatic year-end demand swings experienced in the past.
In India, the final version of Phase II of the National Solar Mission program is still pending. The country could see a capacity increase from 3.7 to 9 GW, with an increased focus on the off-grid and rooftop sectors.
The threat of further trade wars involving APAC countries, along with other import restrictions, is segmenting the APAC region into country and application-specific markets. Domestic content restrictions on imported modules into India may strongly affect c-Si supply from China or any thin-film imports to India.
The APAC region is becoming more selective about technologies. In Japan, high-efficiency modules have become the preferred technology for locations with constrained space. In China, domestically manufactured multi c-Si modules are satisfying ground-mounted requirements. And in India, 1 GW of new demand will come from rooftop projects under Phase II of the National Solar Mission, which could further shrink this key market for thin-film suppliers.
“There are various factors driving overall PV demand across the APAC region, but each country is still subject to a number of risk factors,” added Sunsong. “For example, the Chinese and Indian markets are constrained by bank financing and grid accessibility, and Australia remains vulnerable to future policy shocks."
China, Japan, India, and Australia remain dominant for PV demand in the APAC region, and they will account for 90 percent of APAC demand in 2013. However, discrete end-market demand environments are now evolving in each of these countries. As a result, PV suppliers and technologies are being selected in each territory based upon factors such as domestic manufacturing, policies, import duties, and customer preferences.
“Having a single go-to-market strategy to meet growing PV demand across the entire APAC region is no longer viable,” stated Chris Sunsong, analyst at NPD Solarbuzz. “Leading APAC countries are now evolving into micro-climates that create customized supply channels. Suppliers are being forced to pick and choose the countries and application segments that overlap with their product portfolios and corporate strategies. Quarterly cycles also continue to define PV demand, reflecting the effects of policy deadlines and weather-related seasonality.”
In Australia, the elimination of the Solar Credit Multiplier, along with incentive reductions in Victoria and Queensland, will slow PV growth during 2013. In Japan, demand will peak during Q1’13, ahead of scheduled tariff reductions in April.
The Chinese government will likely re-adjust the goals of its 12th Five-Year Solar Development Plan, and the country will see over 75 percent of its 7 GW demand in 2013 occur in 2H’13. However, it is crucial that any changes to the feed-in-tariff rates drive PV developers to complete their projects earlier in the year, thus avoiding the dramatic year-end demand swings experienced in the past.
In India, the final version of Phase II of the National Solar Mission program is still pending. The country could see a capacity increase from 3.7 to 9 GW, with an increased focus on the off-grid and rooftop sectors.
The threat of further trade wars involving APAC countries, along with other import restrictions, is segmenting the APAC region into country and application-specific markets. Domestic content restrictions on imported modules into India may strongly affect c-Si supply from China or any thin-film imports to India.
The APAC region is becoming more selective about technologies. In Japan, high-efficiency modules have become the preferred technology for locations with constrained space. In China, domestically manufactured multi c-Si modules are satisfying ground-mounted requirements. And in India, 1 GW of new demand will come from rooftop projects under Phase II of the National Solar Mission, which could further shrink this key market for thin-film suppliers.
“There are various factors driving overall PV demand across the APAC region, but each country is still subject to a number of risk factors,” added Sunsong. “For example, the Chinese and Indian markets are constrained by bank financing and grid accessibility, and Australia remains vulnerable to future policy shocks."
Panasonic in exclusive multi-year solar PV solutions development agreement with Coronal
USA: Panasonic Eco Solutions North America has signed an exclusive multi-year solar photovoltaic (PV) solutions development agreement with Coronal Management LLC.
The agreement highlights Panasonic efforts to bring the only comprehensive, end-to-end solution for solar PV projects from 250 kilowatts up to 20 megawatts to the commercial, industrial, municipal, and small utility sectors. Together, the two companies aim to develop, build and operate a portfolio of solar PV systems in the United States and Puerto Rico.
"The agreement with Coronal Management brings additional momentum to our platform as we become an integrated solar energy solution provider for customers with a shared understanding of the value of solar energy production and sustainability, both on the bottom line and from an environmental perspective," said Jamie Evans, MD, Panasonic Eco Solutions North America. "We are committed to developing and promoting eco solutions, and with Coronal we can deliver more value for our customers."
The Panasonic and Coronal offering provides a single solution that includes financing, development, engineering, procurement and construction (EPC), as well as operations and maintenance (O&M) for the life-cycle of its installed solar systems. With its formidable financial strength, engineering and project management expertise, active environmental commitment and a robust system performance guarantee, Panasonic solutions will benefit both customers and partners for decades to come.
The leadership of Coronal Management brings over 80 years of unparalleled experience, expertise and success in investment and asset management, as well as a strong record of success in solar PV project development and financing. With the capability to bring to market a complete financing and asset management solution for scalable solar PV projects, the combination of Panasonic and Coronal results in a complete development, implementation, financing, and maintenance solution for solar systems.
"Working with Panasonic, we firmly believe we offer a truly unique platform to create the optimal, end-to-end solution for commercial, industrial, municipal and small utility solar PV projects," said Jonathan Jaffrey, CEO of Coronal Management. "This agreement allows Panasonic and Coronal to fill a critical gap in the solar market, with the potential to bring hundreds of solar projects into production, generating power for our customers, spurring the economy and helping the environment."
Thursday, February 14, 2013
Japan, EU appeal renewable energy panel reports
EUROPE: On 11 February 2013, Japan filed a cross appeal in the dispute involving “Canada — Renewable Energy” (WT/DS412) and the European Union filed a cross appeal in the dispute involving “Canada — Feed-in Tariff Program” (WT/DS426). Canada had earlier appealed these reports on 5 February 2013.
Parties to a dispute can appeal a panel's ruling. Appeals have to be based on points of law, such as legal interpretation — they cannot re-open factual findings made by the panel. Each appeal is heard by three members of a permanent seven-member Appellate Body comprising persons of recognized authority and unaffiliated with any government.
The Appellate Body membership broadly represents the geographic range of WTO membership, with each member appointed for a fixed term. Generally, the Appellate Body has up to three months to conclude its report.
Parties to a dispute can appeal a panel's ruling. Appeals have to be based on points of law, such as legal interpretation — they cannot re-open factual findings made by the panel. Each appeal is heard by three members of a permanent seven-member Appellate Body comprising persons of recognized authority and unaffiliated with any government.
The Appellate Body membership broadly represents the geographic range of WTO membership, with each member appointed for a fixed term. Generally, the Appellate Body has up to three months to conclude its report.
SunWize to develop two solar PV projects in Ecuador as member of North American consortium
USA: SunWize Technologies Inc. is working with three other organizations as members of a North American consortium to develop two major solar photovoltaic projects in the Republic of Ecuador.
These projects will help Ecuador diversify its renewable energy resources and promote energy efficiency among its people. In addition to SunWize, the consortium includes Solexica Energy Corp., JCM Capital, and Radical Energy Inc.
"Photovoltaic solar energy doesn't pollute air, soil or water, making it a sustainable and environmentally-friendly choice for energy production worldwide. As members of the North American Consortium, we look forward to providing the people of Ecuador with an energy resource that will serve them well in the years ahead." said Scott Tonn , CEO of SunWize.
The two photovoltaic projects—known as Condor Solar and Solarconnection represent 30 MW(AC) and 20 MW(AC) respectively. Combined, these installations will have an estimated peak capacity of 62.5 MW(DC) and will feature approximately 234,000 solar panels, multiple inverters and a substation to process and distribute energy to over 100,000 households in northern Ecuador.
The Condor Solar and Solarconnection projects will generate 200-400 temporary jobs during their construction phase and 10-15 permanent jobs. In addition to providing local jobs and clean energy, the two projects will also reduce Ecuador's carbon footprint by eliminating the production of approximately 47,000 tons of carbon dioxide per year, equivalent to removing 8,697 midsize cars from Ecuadorian roadways.
The Condor Solar and Solarconnection projects will be constructed in a region of the Andes Mountains called Canton Pedro Moncayo. The area's average temperature allows solar panels to operate at optimum efficiency, while its altitude and location near the equator offer abundant sunshine with few impediments. In addition to its climate, there are other factors which make Pedro Moncayo an ideal location for solar projects.
" Pedro Moncayo 's geographic location will help these projects be both economical and efficient," explains SunWize president and COO, David Kaltsas. "However, the area is also surrounded by a number of tourist attractions, including the Mojanda stratovolcano. As a result, Pedro Moncayo is uniquely positioned to serve as a model of sustainable energy use that thousands of tourists will have the opportunity to discover and appreciate in the years ahead."
During the development of both solar projects, surrounding communities will host activities to promote and ensure sustainable development throughout the region. These activities will include training programs focused on renewable energy, health, sustainable agriculture, and arts and culture.
"The Condor Solar and Solarconnection projects are prime examples of how positive things can happen when likeminded organizations join forces," Tonn says. "Both as a member of the North American Consortium and as an individual company, SunWize remains dedicated to helping businesses, organizations and people worldwide discover the many benefits of renewable energy."
These projects will help Ecuador diversify its renewable energy resources and promote energy efficiency among its people. In addition to SunWize, the consortium includes Solexica Energy Corp., JCM Capital, and Radical Energy Inc.
"Photovoltaic solar energy doesn't pollute air, soil or water, making it a sustainable and environmentally-friendly choice for energy production worldwide. As members of the North American Consortium, we look forward to providing the people of Ecuador with an energy resource that will serve them well in the years ahead." said Scott Tonn , CEO of SunWize.
The two photovoltaic projects—known as Condor Solar and Solarconnection represent 30 MW(AC) and 20 MW(AC) respectively. Combined, these installations will have an estimated peak capacity of 62.5 MW(DC) and will feature approximately 234,000 solar panels, multiple inverters and a substation to process and distribute energy to over 100,000 households in northern Ecuador.
The Condor Solar and Solarconnection projects will generate 200-400 temporary jobs during their construction phase and 10-15 permanent jobs. In addition to providing local jobs and clean energy, the two projects will also reduce Ecuador's carbon footprint by eliminating the production of approximately 47,000 tons of carbon dioxide per year, equivalent to removing 8,697 midsize cars from Ecuadorian roadways.
The Condor Solar and Solarconnection projects will be constructed in a region of the Andes Mountains called Canton Pedro Moncayo. The area's average temperature allows solar panels to operate at optimum efficiency, while its altitude and location near the equator offer abundant sunshine with few impediments. In addition to its climate, there are other factors which make Pedro Moncayo an ideal location for solar projects.
" Pedro Moncayo 's geographic location will help these projects be both economical and efficient," explains SunWize president and COO, David Kaltsas. "However, the area is also surrounded by a number of tourist attractions, including the Mojanda stratovolcano. As a result, Pedro Moncayo is uniquely positioned to serve as a model of sustainable energy use that thousands of tourists will have the opportunity to discover and appreciate in the years ahead."
During the development of both solar projects, surrounding communities will host activities to promote and ensure sustainable development throughout the region. These activities will include training programs focused on renewable energy, health, sustainable agriculture, and arts and culture.
"The Condor Solar and Solarconnection projects are prime examples of how positive things can happen when likeminded organizations join forces," Tonn says. "Both as a member of the North American Consortium and as an individual company, SunWize remains dedicated to helping businesses, organizations and people worldwide discover the many benefits of renewable energy."
Dr. Charlie Gay elected to National Academy of Engineering
USA: Applied Materials Inc., the market leader in solar photovoltaic (PV) manufacturing equipment, announced that Dr. Charlie Gay, president of Applied's Solar division, has been elected to the National Academy of Engineering (NAE) for his seminal leadership contributions to the development of the global solar PV industry.
Founded in 1964, the NAE provides engineering leadership in service to the nation. Academy membership honors those who have made outstanding contributions to engineering research, practice, or education and is among the highest professional distinctions accorded to an engineer.
"We're delighted to welcome Charlie as a member of the NAE," said NAE president Charles M. Vest. "His achievements embody our mission to provide leadership and expertise for projects focused on relationships between engineering, technology and quality of life."
"Charlie's life-long passion for solar energy has greatly contributed to the industrialization of solar PV and we congratulate him on this well-deserved recognition," said Mike Splinter, Applied Materials chairman and CEO. "Charlie has been instrumental in driving the industry roadmap to bring down the cost of this technology and making solar a more significant contributor to the global energy mix."
An industry veteran with more than 35 years of solar experience, Dr. Gay's contributions across solar energy technology, manufacturing and deployment have helped the global solar PV market become a $50 billion industry and enabled the cost of solar to come down by a factor of 50 since 1978. More than 85 percent of all solar panels manufactured in the last three decades have been made using the groundbreaking metallization and packaging technology solutions developed by Dr. Gay and his teams over the duration of his career.
"It is an honor to join the ranks of NAE's prestigious members, whose innovations in engineering continue to improve our world," said Dr. Gay. "Over the past several decades, we've seen significant technological advancements and cost reductions in solar energy, many in the last few years alone as we enter the zone of inflection where solar energy is now cost competitive with residential power. There has never been a more exciting time to influence the world's long-term energy supply."
As founder of the Greenstar Foundation, Dr. Gay has worked continuously to apply solar technology to improve people's lives by delivering solar power to villages in developing countries. The Greenstar model has received recognition from international awards programs as diverse as the World Bank, the Stockholm Challenge, the Davos Conference and the Tech Awards. More recently, Dr. Gay was chairman of a project to electrify all the homes and schools in the rural Shaanxi Province of China.
Founded in 1964, the NAE provides engineering leadership in service to the nation. Academy membership honors those who have made outstanding contributions to engineering research, practice, or education and is among the highest professional distinctions accorded to an engineer.
"We're delighted to welcome Charlie as a member of the NAE," said NAE president Charles M. Vest. "His achievements embody our mission to provide leadership and expertise for projects focused on relationships between engineering, technology and quality of life."
"Charlie's life-long passion for solar energy has greatly contributed to the industrialization of solar PV and we congratulate him on this well-deserved recognition," said Mike Splinter, Applied Materials chairman and CEO. "Charlie has been instrumental in driving the industry roadmap to bring down the cost of this technology and making solar a more significant contributor to the global energy mix."
An industry veteran with more than 35 years of solar experience, Dr. Gay's contributions across solar energy technology, manufacturing and deployment have helped the global solar PV market become a $50 billion industry and enabled the cost of solar to come down by a factor of 50 since 1978. More than 85 percent of all solar panels manufactured in the last three decades have been made using the groundbreaking metallization and packaging technology solutions developed by Dr. Gay and his teams over the duration of his career.
"It is an honor to join the ranks of NAE's prestigious members, whose innovations in engineering continue to improve our world," said Dr. Gay. "Over the past several decades, we've seen significant technological advancements and cost reductions in solar energy, many in the last few years alone as we enter the zone of inflection where solar energy is now cost competitive with residential power. There has never been a more exciting time to influence the world's long-term energy supply."
As founder of the Greenstar Foundation, Dr. Gay has worked continuously to apply solar technology to improve people's lives by delivering solar power to villages in developing countries. The Greenstar model has received recognition from international awards programs as diverse as the World Bank, the Stockholm Challenge, the Davos Conference and the Tech Awards. More recently, Dr. Gay was chairman of a project to electrify all the homes and schools in the rural Shaanxi Province of China.
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