Sun Still Shining On Solar Investments

Posted on October 11, 2013 by QuestPoint

Mercom Capital Group, llc, a clean energy communications and consulting firm, released its report on funding and mergers and acquisitions (M&A) activity for the solar sector during the second quarter of 2013. Solar venture capital : (VC) investments increased to $189 million (M) in 19 deals in Q2 2013 compared to $126M in 26 deals in Q1 2013. Solar downstream : companies received most of the funding with $128M. Total corporate funding in the solar sector including, VC funding :, debt financing and other types of funding raised by public companies through sale of shares totaled $915M.

“With solar technology companies struggling, investments have been going to downstream companies,” commented Raj Prabhu, CEO of Mercom Capital Group. “That said, investments into solar technology companies haven’t completely dried up. Small venture rounds are still going to several niche technology companies instead of the larger deals that were typical for thin film:, CSP: and CPV:companies.” The largest VC deals in Q2 2013 included the ~$69M raised by Chinese developer Hefei Golden Sun Energy Technology. Clean Power Finance raised $42M from Edison International, Kleiner Perkins Caufield & Byers, Google Ventures, Claremont Creek Ventures, Clean Pacific Ventures, Sand Hill Angels, Hennessey Capital, Duke Energy, and others. Solexel raised $14.8M, followed by Tigo Energy which raised $13M from Alon Ventures. Scifiniti raised $10M from Alloy Ventures, Firelake Capital Management, I2BF Global Ventures and Peninsula Ventures.

Solar lease companies raised $1.33 billion (B) in disclosed residential and commercial solar project funds this quarter Solar M&A : activity in Q2 2013 amounted to $1.27B in 18 transactions. Themes emerging out of this quarter’s M&A activity included: consolidation in the inverter market, strategic acquisitions, and acquisitions of distressed assets/companies. The largest disclosed M&A transaction by dollar amount in Q2 2013 was ABB’s acquisition of inverter company, Power-One, for approximately $1B. Announced large-scale project funding in Q2 2013 came in at $2.94B. Solar Star Funding, the wholly owned subsidiary of Warren Buffet’s MidAmerican Energy, completed a $1B bond offering this quarter, the largest solar bond financing deal to date. There were more than 670 MW of disclosed projects that changed hands in Q2 2013. Loans, credit facilities and other types of debt agreements from Chinese banks now stand at about $53B.

SunPower Lights Up Desert

Posted on May 7, 2013 by QuestPoint

SunPower and Mid Atlantic Solar join forces to begin construction of the largest solar energy system in the world.

SunPower Energizing Exploratorium’s New Home

Posted on September 22, 2012 by QuestPoint

SunPower Corp announced the completion of a 1.3-megawatt high efficiency SunPower solar power system on the roof of the Exploratorium’s future home on San Francisco’s Embarcadero. The system is designed to ultimately generate 100 percent of the electricity demand at the new state-of-the-art facility, which is scheduled to open in spring 2013.

“The SunPower system is a critical piece of the puzzle in meeting our ‘net-zero energy’ goal, reducing our impact on the environment, and eliminating a significant operational cost,” said Dennis Bartels, executive director of the Exploratorium. “The savings will allow us to invest more in the innovative learning experiences for which we are known worldwide, as well as create learning opportunities about the physics of energy.”

The system uses SunPower solar panels that are up to 50 percent more efficient than conventional panels. System performance, updated every 15 minutes, will be displayed in the lobby of the new facility. According to estimates provided by the U.S. Environmental Protection Agency, the SunPower solar power system will avoid the emissions of 33,150 tons of carbon dioxide over the 30-year life of the system, which is equivalent to removing 5,910 cars from California’s highways.

“Only with SunPower’s high efficiency technology will the Exploratorium be able to generate all of its electricity demand from a rooftop system – no other solar panel on the markettoday can achieve the same results within the limited roof area,” said Tom Werner, SunPower president and CEO. “SunPower is proud to be one of the Exploratorium’s sustainability partners, enabling the museum to achieve significant long-term savings that will support its important work advancing scientific learning for all ages.”

To meet its net-zero energy goal, as well as to qualify as a LEED gold facility, a number of additional features have been integrated into the design of the new Exploratorium facility, including an innovative heating and cooling system using filtered water from the San Francisco Bay, high performance glass to limit heat gain, maximized use of natural light, and use of low-emitting materials and materials with recycled content.

The Romney Energy Plan

Sunpower Expands Solar Buying Options

Posted on August 8, 2012 by QuestPoint

SunPower Corp. today announced new commitments from Citi and Credit Suisse that will provide financing to support approximately $325 million of residential solar lease projects. SunPower will use the funds to supplement its successful SunPower® Lease program to U.S. residential customers, expanding the financing options available to homeowners interested in high-efficiency SunPower solar power systems, the most efficient solar technology available today.

“Citi is proud to support SunPower’s efforts to make renewable energy more accessible to American homeowners,” said Jason Cavaliere, director at Citi. “Financing the expansion of the SunPower Lease offer builds on Citi’s commitment to environmental sustainability and our continued support for the green economy and green jobs in the U.S.”
“Credit Suisse is pleased to help more U.S. homeowners take advantage of the environmental and economic benefits of SunPower technology,” said Jerry Smith, managing director at Credit Suisse.

“The global financial leadership of Citi and Credit Suisse, combined with SunPower’s leading technology and quarter century of experience, offer customers an unprecedented level of assurance that is vitally important. The SunPower Lease is now available in Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, New York, Pennsylvania and Vermont. SunPower is the leading manufacturer of rooftop solar power systems in the U.S. because our customers know they can rely on high efficiency SunPower technology to maximize the power generated on their roof – and their monthly savings,” said Howard Wenger, SunPower president, regions. “Homeowners have many financing options when they choose a SunPower system, from cash purchases to loans to leases, and SunPower dealers work with customers to ensure they choose the financing option that is right for them. We are very pleased to extend the lease option to more of our U.S. customers.”

Trade And Rumours Of Solar War

Posted on July 20, 2012 by QuestPoint

The Coalition for American Solar Manufacturing (CASM) today issued the following statement, attributable to Gordon Brinser, president of SolarWorld Industries America Inc., based in Oregon.

“Today’s announcement by the Chinese government proves once and for all that China is intent on unfairly and illegally allowing its manufacturers to dominate the global solar industry. While it was not unexpected, the announcement of retaliatory investigations into U.S. polysilicon production is harmful to the international trade system. The Chinese government has been telegraphing this move since last October. It is a common Chinese tactic and an abuse of international trade rules. It represents yet another cynical attempt by the Chinese government to bully the U.S. government by injecting politics into a judicial investigation that is sanctioned under international trade rules, as today’s announcement tacitly confirms. Fortunately, when the Chinese government has attempted such blatant retaliatory actions in the past, those actions have been declared illegal by the World Trade Organization.

“The American people understand that the Chinese do not play by the rules and are demanding action. In one recent poll, more than two-thirds of voters think China’s violations of international trade rules are costing the U.S. jobs. As a result, 62 percent of voters favor getting tough on China’s illegal trade practices.

“Today’s announcement is also an attempt to decimate another competitive American industry: the polysilicon industry. It is an attempt to shut down the Chinese market all while the Chinese government injects billions of dollars of likely WTO-illegal subsidies to build up its own domestic polysilicon companies, as it outlined in its latest Five Year Plan. At the same time, the Chinese government and its agents are browbeating U.S. manufacturers into arguing for unilateral trade disarmament. This ploy affects not just the U.S. solar industry, but also the semiconductor industry, another industry in which Chinese companies lag American manufacturers.”

In March, the U.S. Department of Commerce announced preliminary countervailing duties ranging of up to 4.73 percent against Chinese solar manufacturers in response to WTO-illegal government subsidies. This was followed by preliminary antidumping subsidies of 31 percent to 249.96 percent in May. The Commerce Department will announce its final determination in both cases on October 9, 2012. The International Trade Commission will announce its final ruling on the cases in November 7, 2012.

US Postal Service Planting Green Roofs

Posted on July 2, 2012 by QuestPoint

The U.S. Postal Service recently celebrated another example of environmental leadership as local officials announced a green roof atop the Colvin-Elmwood Post Office. The 11,300 square foot green roof will be built at no cost to the Postal Service through an innovative sustainability partnership with Onondaga County, NY. “The Postal Service continues to lead the way when it comes to making a positive impact on the environment,” said Chief Sustainability Officer, Thomas G. Day. “We’re pleased to be collaborating with the good people of Onondaga County on our second green roof, which will help the Postal Service conserve water and energy in the Syracuse metropolitan area.”

Working cooperatively with Onondaga County’s Save the Rain initiative, the Colvin-Elmwood Post Office’s roof was deemed structurally sound to support the additional weight of the soil, vegetation and other requirements of a green roof. The green roof will consist of a new membrane, layers of drainage sheet, mat, separation fabric, indigenous vegetation and a wind blanket. The green roof plan fits perfectly into the Postal Service’s commitment to create sustainable spaces and facilities wherever possible. The green roof also addresses practical concerns. The roof’s expected lifespan is up to 50 years, twice as long as the roof it will replace. It also will reduce the amount of contaminants in storm water runoff flowing into Syracuse’s municipal water system.

“At more than 11,000 square feet, the Colvin-Elmwood green roof will be one of the largest in New York,” said Day. “The Colvin-Elmwood green roof will help us meet our goals to reduce energy usage 30 percent by 2015 and greenhouse gas emissions 20 percent by 2020.”The Colvin-Elmwood green roof is part of the Postal Service’s greener facilities strategy, which includes the use of environmentally friendly building components, renewable materials, energy-efficient lighting and HVAC, low volatile organic compound parts, low-water use fixtures and solar photovoltaic systems. In the last 12 months, the Postal Service also has expanded its recycling program in Central New York to include mixed paper and cardboard, resulting in nearly 1,055 tons of materials recycled in the past year. With more than 700 postal locations, including Post Office locations in Syracuse and Central New York, and with a recycling rate of 95 percent, District Manager, Edward F. Phelan, Jr., noted the Albany district is one of the Postal Service’s first Zero Waste districts.