Solar Power Leading Cleantech Investments

Posted on January 6, 2012 by quest

Cleantech Group, a global research firm focused on cleantech innovation, today released preliminary 2011 results for clean technology venture and corporate investments around the globe, totaling $8.99 billion, a 13 percent increase over 2010. Cleantech mergers & acquisitions reached record highs in 2011 with 391 deals and a dollar volume of $41.2 billion, a robust 153 percent growth over 2010. Solar was the leading sector by amount invested ($1.81 billion), followed by energy efficiency ($1.46 billion) and transportation ($1.12 billion). Energy efficiency was the most popular sector measured by number of deals, with 150 funding rounds, ahead of solar (111 deals) and transportation (61 deals).

“Despite some of the well-publicized headwinds, venture capitalists continue to invest in cleantech. Based on our historical data, we believe 2012 will be an all-time record year for global cleantech investments.”“While 2011 has been a difficult year for cleantech and venture capital, our 2011 numbers show surging interest in cleantech from global enterprises,” said Sheeraz Haji, CEO of Cleantech Group. “Despite some of the well-publicized headwinds, venture capitalists continue to invest in cleantech. Based on our historical data, we believe 2012 will be an all-time record year for global cleantech investments.”

Throughout 2011, investment totals grew while the number of deals declined by 7 percent compared to 2010, an indication that average round size is increasing. Of the 713 deals, 61 percent (438) were Series B or later rounds, accounting for 85 percent ($7.64 billion) of all money invested during the year.Investments in North America grew significantly from $5.20 billion in 2010 to $6.81 billion in 2011, or a 30 percent increase. On the other hand, Europe and Israel took a step back, with $1.30 billion invested in 2011 compared to $1.84 billion in 2010.In the public markets, China remained strong for cleantech IPOs. 28 of the 51 IPOs in 2011 came out of China, led by several massive offerings by large renewable energy corporations such as Sinohydro, Sinovel Wind Group and Huaneng Renewable Energy.

U.S. Solar Industry Reaches New Heights

New SunWater Solar Power In San Francisco Tenderloin

Posted on December 30, 2011 by quest

SunWater Solar and Tenderloin Neighborhood Development Corporation (TNDC) recently announced new solar thermal systems at two affordable housing buildings in the heart of San Francisco’s Tenderloin District. The two systems, consisting of 40 solar collectors and 24 collectors, respectively, garnered a total of $85,867 in California Solar Initiative-Thermal (CSI-Thermal) rebates. One hundred percent of this rebate money was used to fund system components and installation. “Solar thermal systems can greatly reduce water-heating bills for large, low-income housing buildings,” said Justin Weil, President of SunWater Solar. “With CSI-Thermal rebates currently funding roughly 30% of system cost, it’s a sound business decision to invest now in the technology.” The solar power systems benefit low-income San Francisco residents, provide green jobs and help to reduce carbon emissions.

“It’s exciting to see non-profit organizations such as TNDC benefiting from the CSI-Thermal incentive program,” said Nick Stimmel, Senior Program Manager at Pacific Gas & Electric. “PG&E encourages other owners of affordable housing buildings to consider solar thermal for their own properties.” The solar water-heating systems are one element of TNDC’s Green Retrofit Initiative, an effort aimed at making TNDC buildings more energy efficient. Co-sponsored by the San Francisco Mayor’s Office of Housing (MOH) and Enterprise Community Partners, the initiative also included boiler replacements, and the installation of energy-efficient lighting and low-flow showerheads and toilets. Fine Line Construction of San Francisco was the general contractor for the project.

“The San Francisco MOH and Enterprise Community Partners structured the financing in such a way that these solar water-heating installations are a highly cost-effective means of reaching Green Retrofit Initiative goals,” said Don Falk, TNDC Executive Director. “The technology makes sense from both a financial and an environmental perspective.” SunWater Solar is a solar thermal integrator that manages the design and installation of commercial solar thermal systems.

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SunPower Expands Its Global Solar Shine

Posted on December 27, 2011 by quest

SunPower Corp the Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, just recently announced that it has signed a definitive agreement to acquire Tenesol SA, a global solar provider headquartered in La Tour de Salvagny, France. Tenesol, a wholly-owned subsidiary of Total SA, has operations in 18 countries and solar panel manufacturing facilities in France and South Africa.

“Our acquisition of Tenesol is another step toward differentiating ourselves in the competitive solar market, further expanding our downstream presence and benefiting from the strong backing of Total,” said Tom Werner, SunPower president and CEO. “We said on day one that the partnership with Total would provide strength to our balance sheet, access to new markets and investment in research and development. In six short months, we have seen these benefits accrue to SunPower.””Combining the activities of Tenesol with SunPower is a step forward in Total’s strategy to become a world player in the promising solar industry,” said Philippe Boisseau, president, Total Gas and Power Division. “SunPower brings the world’s highest efficiency, highest reliability technology to market with guaranteed performance. Tenesol’s well-established channels, manufacturing base and complementary global footprint will help expand SunPower’s market reach and accelerate its share gain during market consolidation.”

Under the terms of the agreement, SunPower will acquire Tenesol from Total for $165.4 million in cash. Concurrently with the closing of the acquisition, Total has agreed to purchase 18.6 million shares of SunPower common stock in a private placement at $8.80 per share, a 50 percent premium to SunPower’s December 22, 2011 closing price. The transaction has been approved by an independent committee of SunPower’s board of directors and is expected to close early in 2012 following the satisfaction of customary closing conditions. SunPower expects the acquisition will positively affect its financial position in 2012. After the sale of Tenesol, Total will own approximately 66 percent of SunPower’s common shares.

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California Focusing On 2020 Solar Vision

Posted on December 22, 2011 by quest

Governor Jerry Brown who just recently led the Climate Change Conference At The California Academy Of Science in San Francisco was also on hand for the dedication of Soitec’s new North American solar headquarters and manufacturing plant in San Diego at a ceremony held on Friday, December 16. The governor noted, “The expansion of clean energy businesses is a direct result of legislation mandating that one-third of California’s electricity come from renewable sources by 2020. That’s a goal and we’re going to meet it. In fact, we are going to do better.”The factory is located in San Diego to supply more than 300 megawatts (MW) in solar projects to provide electricity to SDG&E.

Also participating in the factory dedication were San Diego Mayor Jerry Sanders, Jessie J. Knight, chairman and CEO of San Diego Gas & Electric Company (SDG&E) and California Public Utilities Commissioner (CPUC), Timothy Simon. They were joined by governmental officials and over 300 community and business leaders that attended the dedication event. “SDG&E has signed more contracts using CPV technology than any other utility in the world – a distinction we’re proud of,” said Jessie J. Knight, Jr., chairman and CEO of SDG&E. “At the time we began our talks with Soitec, we realized we had a unique opportunity to negotiate not only a good contract for solar energy at prices that competed head-to-head with other technologies, but also to solidify an agreement that would bear fruit for years to come in new local jobs and overall economic benefits. From a reliability and grid stability perspective, this technology is far superior to other typical ground-mounted arrays.”

“Soitec‘s new facility will create hundreds of well-paying jobs and build on San Diego’s growing reputation as one of the world’s leading clean-technology clusters,” commented San Diego Mayor Jerry Sanders. “We are so honored and proud to welcome Soitec to the San Diego community, and I know that San Diego’s collaborative business community will continue to work with Soitec to ensure the company’s success and prosperity.”

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Maui Welcomes The Power Of Solar

Posted on December 15, 2011 by quest

The Maui Arts & Cultural Center and SolarCity celebrated the installation of a large solar project to provide renewable power on-site at the Center. The 463-kilowatt system, with close to 2,000 panels, is one of the largest to date on Maui. Maui Arts & Cultural Center President and CEO Art Vento said, “We are proud to have this large scale solar installation at the MACC. As a non-profit it is essential to find ways to reduce overhead in order to maintain our ability to provide the maximum products and services delivered to the community. This installation will meaningfully reduce our energy costs, and contribute to a more sustainable environment by significantly reducing our carbon footprint,” said MACC President and CEO Art Vento.

SolarCity’s photovoltaic installation is a component of the MACC’s overall environmental plan. Initiated five years ago, the MACC’s plan targeted reduced energy consumption and upgrades to higher-efficiency equipment, as well as integration of biodegradable products and an integrated recycling plan.As part of the power purchase agreement, SolarCity installed the system at no cost to MACC, and MACC will pay for the solar power the panels produce at a rate lower than they currently pay for electricity. The project for MACC is one of the first major commercial projects completed by SolarCity in the state of Hawai’i. The construction of the project was completed in partnership with Honolulu Builders, LLC, and is being interconnected to the utility grid by Maui Electric Company Ltd.

“We’re honored to be able to provide an organization that serves Hawai’i like MACC with a green energy solution and look forward to additional opportunities to spread economical solar powered energy to other non-profits across the state,” said Pete Cooper, SolarCity’s regional director in Hawai’i.“A dedication ceremony on December 14, 2011 included a traditional Hawaiian blessing and remarks by Hawaii Governor Neil Abercrombie, Maui Mayor Alan Arakawa, and representatives from the project partners.

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U.S. Solar Industry Reaches New Heights

Posted on December 14, 2011 by quest

“The U.S. solar industry is on a roll, with unprecedented growth in 2011,” said Rhone Resch, President and CEO of SEIA. “Solar is now an economic force in dozens of states, creating jobs across America. But our industry needs stable policy on which to make business decisions, and unfortunately an underlying mechanism for financing solar projects is scheduled to expire on December 31. To keep the industry growing and creating jobs in the U.S. we need Congress to extend the 1603 program. The 1603 program has done more to expand the use of renewable energy than any other policy in U.S. history. Our country is not in a position to have Congress turn their back on American industries, and it is critical that Congress extend the 1603 program in the few days left before the end of the year.” More U.S. solar electric capacity came online in Q3 2011 than all of 2009 combined, and Q4 2011 is predicted to be even larger.

The residential PV market grew 21 percent over Q2 2011 to reach nearly 75 MW.California regained a substantial share of overall PV installation in Q3 2011 with 44 percent; the next six largest state markets combined comprised 45 percent of quarterly installations.While domestic solar markets are booming more than ever, the report also finds that U.S. solar is facing more uncertainty than at any point in recent history. On one hand, solar module prices are falling precipitously and system prices have never been lower; on the other hand, the market faces substantial risks in the form of legislative, financing, political, and market barriers.

“U.S. solar is entering 2012 with a sense of cautious optimism,” said Shayle Kann, Managing Director of the solar practice at GTM Research. “There are three questions on the mind of everyone in the market: one, what would be the impact of the 1603 Treasury Program’s expiration; two, can emerging commercial markets like Massachusetts, Colorado, Ohio, Tennessee, and Hawaii ramp up as major markets like California, New Jersey and Pennsylvania trend downward; and finally, how will the trade petition against Chinese solar imports impact market dynamics, both in the immediate term and if duties are ultimately levied?”