New Project Media

12/16/2021

RFP: Peninsula Clean Energy launches 2021 RFO for renewable energy and storage

“Peninsula Clean Energy is the official electricity provider for San Mateo County and, beginning in 2022, for the City of Los Banos.

Founded in 2016 with a mission to reduce greenhouse gas emissions in San Mateo County, the agency serves 295,000 customers by providing more than 3,500 gigawatt hours annually of electricity that is carbon-free and at lower cost than regional utility company Pacific Gas and Electric Company. Peninsula Clean Energy is on track to deliver electricity that is 100% renewable by 2025.

Scope of Work

This RFO seeks contract offers for both renewable energy generation and energy storage to meet PCE’s energy procurement obligations, its environmental objectives, and to offer its customers cost-competitive, clean energy options.

PCE is open to contract terms from 1 to 20 years, with a preference for shorter term lengths.

All renewable energy must meet the requirements for Portfolio Content Category 1 (PCC 1) under California Public Utility Commission (CPUC) and California Energy Commission (CEC) renewable portfolio standard (RPS) guidelines.

Projects must:

have a commercial operation date no later than January 1, 2026, with a preference for projects that can start delivering in 2024,

be located in the Western Electricity Coordinating Council (“WECC”) territory, within or outside California, with full deliverability to the CAISO grid

offer a maximum of 350,000 MWh of power per year

PCE is inviting the following type of offers:

Renewable energy generating facilities from a variable resource (i.e. wind or solar)

Renewable energy generating facilities meeting the definition of firm, clean resources

Renewable energy generating facilities (either variable or firm) paired with storage

Stand-alone storage projects

Shaped Offers

NPM tracks all major RFP issuances across the renewable energy spectrum. To see more of our extensive data + intel on live and historic RFPs, contact us at https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/rfp-peninsula-clean-energy-2021-rfo

This RFO seeks contract offers for both renewable energy generation and energy storage to meet PCE’s energy procurement obligations, its environmental objectives, and to offer its customers cost-competitive, clean energy options.

12/15/2021

INTERVIEW: CleanCapital CCO on firm's push for community solar and storage acquisitions

“Bell said the team would “absolutely” be continuing to target community solar acquisitions like these two projects in Massachusetts moving into next year. While Bell says collaborating with a good developer is key, the most critical piece to consider when targeting community solar acquisitions is subscriber management.

“When acquiring any operating project, it is important to understand off-taker performance,” Bell said. “For community solar, we pay close attention to the default rate among existing subscribers. The trickiest part is after acquisition when we transfer existing subscribers over to our subscriber billing and maintenance system. We want to make that transition as painless as possible.”

With these two projects in Massachusetts, CleanCapital’s total footprint in the state now exceeds 50 MW. Bell says the firm’s focus on Massachusetts directly correlates to the state’s SMART incentive program, which attracted strong community solar development in the state.

“Massachusetts is a great example of how forward-thinking and consistent state policies attract investment,” Bell said.

With a strong footprint established in Massachusetts, Bell says the firm is now setting its eyes on other states that have robust community solar markets like New York and Illinois.”

NPM provides subscribers with exclusive developer and capital provider interviews to better understand their expansion strategies heading into 2022. Connect with us here for a demo https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/interview-cleancapital-cco

CleanCapital has acquired two operating Massachusetts community solar projects from EDF Renewables with a combined capacity of 12 MW, marking their fifth acquisition close this year.

12/13/2021

INTERVIEW: Standard Solar, Inc. CEO says interconnection costs may result in ‘unviable’ Northeast

“For years, Standard Solar has been a leader in community solar development, particularly in the Northeast where the market has thrived through a healthy environment for state incentives. The company now owns 223 operational projects with 60 projects finalized over the last year. But now, company CEO Scott Wiater, says he fears the ballooning cost and delays for interconnection are threatening to make the Northeast “unviable” for future development.

Although Wiater says the COVID-19 pandemic is partially responsible for slowing down permitting and interconnection, he says he views utility management and unwieldly state subsidies as bigger issues. Wiater highlights the New York market as a specific example. Standard Solar has 69 MW of operational solar in New York, the majority of which were established in the early days of the state’s VDER incentive program. Since then, however, multiple changes to the incentive structure have resulted in challenges penciling projects going forward.

“Unfortunately, New York’s a mess,” Wiater said. “Every time the legislators try to make things better up there; they make it worse. It’s just a really complicated, not very functional system.”

As highlighted in the recent NPM Community Solar Report on New York, the New York incentive program has gone through a number of changes. The allocated capacity for the state's most recent incentive, the upfront community adder, has been completely filled and closed, leaving developers waiting for further tranches to open up to proceed with planned projects. Wiater says Standard Solar is among those with “several good projects parked” waiting for new incentives.

“We’ll move forward when it makes sense, but there’s a lot of stranded projects in New York right now,” Wiater said.”

NPM strives to bring subscribers detailed accounts of the challenges that developers face in different regions throughout the country. For full access to our market intelligence, reach out to us at https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/standard-solar-ceo-interview

For years, Standard Solar has been a leader in community solar development, particularly in the Northeast where the market has thrived through a healthy environment for state incentives. The company now owns 223 operational projects with 60 projects finalized over the last year.

12/08/2021

INTERVIEW: Nexamp CEO details plans on utility-scale expansion

“Nexamp is looking to scale up its utility-scale business in a meaningful way in 2022 off a recent strategic hire and two successful rounds of capital raise.

The Boston-based developer has built up a huge book of business in community solar and C&I projects. However, this past year, it recruited former ENGIE Solar managing director Marc-Alain Behar to head up its utility-scale expansion efforts. Separately, it also raised USD 680m in capital through two separate transactions.

Nexamp is expected to lean on its core markets and its large corporate customers as initial drivers for its plans, but geographic expansion will also be in the cards.

“We’re seeing the need from large corporate customers that are interested in not only community solar but utility scale. We see synergies with what we have built and, in our sales, where we have this disconnected tissue with large energy buyers. So why wouldn’t we do this?” said Nexamp CEO Zaid Ashai in an interview with NPM.

One of these corporates, Walmart, closed a massive agreement with Nexamp back in August that contracted for 129 MW of energy from 23 separate community solar projects.

Nexamp plans to start out in its core markets such as Maine, Maryland, Massachusetts, New York, and Rhode Island. It has also begun branching out into Illinois and Georgia.”

NPM provides subscribers with exclusive developer interviews to better understand new business strategies. Connect with us here for a demo https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/interview-nexamp-ceo-details-plans-on-utility-scale-expansion

Nexamp is looking to scale up its utility-scale business in a meaningful way in 2022 off a recent strategic hire and two successful rounds of capital raise.

12/07/2021

NPM MARKET DATA: Community Solar State Spotlight - New York

“Over the last five years, the New York State community solar market has become one of the most vibrant and important in the industry. NPM data currently tracks 185 operational community solar projects in the state with over 1,000 pre-operational projects in the interconnection queue.

As of Dec. 2020, the National Renewable Energy Laboratory reported an installed capacity of 410 MW of community solar in New York, making it the fourth most active community solar states in the nation behind just Minnesota at 663 MW, Florida at 593 MW and Massachusetts at 555 MW. Together, these four states account for 74 percent of the total community solar market in the US.

Top developers like Nexamp, Delaware River Solar, Borrego, BW Solar, and Omni Navitas are poised to be leaders in the community solar market of New York, according to queue application activity. In an interview with NPM, Nexamp CEO Zaid Ashai called New York “a very large market” for Nexamp’s overall community solar pipeline.
“New York did a tremendous job in seeding and growing that market in very quick order,” Ashai said. “We think they’re a leader in this country and we’re pleased DG is part of their vision.”

Similarly, Nautilus Solar Energy, LLC, has been active in New York since 2017 and now has 90 MW of operational projects in the state. Eric Paul, Nautilus’ Executive Director of Origination, and Nautilus president Jeffrey Cheng credit the rapid growth of New York’s community solar program because of its “robust incentive structure” that pushed developers to get in early with large projects.

However, New York’s market has also been a victim of its own success, leading to multiple incentive structure changes since 2017 that are starting to take their toll on development and may lead to a slowdown in the future without further adjustment.”

NPM combines best-in-class project data with in-depth reporting to highlight Community Solar developments, the fastest-growing part of the solar asset class. For full access, contact us at https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/npm-market-data-community-solar-state-spotlight-new-york

Over the last five years, the New York State community solar market has become one of the most vibrant and important in the industry. NPM data currently tracks 185 operational community solar projects in the state with over 1,000 pre-operational projects in the interconnection queue.

12/06/2021

M&A: Utility-scale battery storage developer esVolta hires Citi to run sales process


“Utility-scale battery storage developer esVolta has retained Citi to consider strategic alternatives, said three sources familiar with the situation.

Macquarie’s Green Investment Group (GIG) made an investment in the Aliso Viejo, California-based developer in January. The transaction resulted in New York-based RBP Partners, LLC remaining a substantial shareholder in the business.

RBP hired Citi to exit is remaining equity in the business, but GIG has some level of control including tag along rights for its common stock and a make whole provision on its preferred interest, added one of the sources.

The process launched in late October when teasers were distributed, and first-round bids are expected likely by the end of the year.”

Learn about tomorrow’s M&A deals, today on NPM. To access all of our proprietary coverage of live M&A situations, contact us here https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/utility-scale-battery-storage-developer-esvolta-hires-citi-to-run-sales-process

Utility-scale battery storage developer esVolta has retained Citi to consider strategic alternatives, said three sources familiar with the situation.

12/03/2021

NPM is wrapping up its tour of Phoenix this week for !

Today's lineup includes the topic, Hybrid Storage and Generation featuring industry experts from Enel North America, Grid Strategies LLC, and Convergent Energy + Power.

The Next Decade of Energy Storage will focus on the technology, policy, and finance trends shaping the next decade of energy storage. Features Microsoft, PlusPower, and more.

If you are attending and would like to arrange an interview with one of our reporters, contact us in the conference app.

12/02/2021

M&A: Texas-based renewable developer Tri Global pursuing sales process

“Renewable energy developer Tri Global Energy, have hired advisors to run a sales process, said two sources familiar with the situation.

The process is in its early days.

The Dallas-based project developer is among a swath of middle market developers expected to explore strategic alternatives after larger utility-scale developers were sold earlier in 2021.

Tri Global mostly develops onshore wind projects in Texas, but also has onshore wind, solar and storage projects in Nebraska, Illinois, Indiana, Pennsylvania and Virginia, according to its website.

Tri Global was founded in 2009 by John Billingsley Jr. and started off on a unique concept known as The Wind Force Plan. This allowed him to lease up 670,000 acres in West Texas land in fewer than three years on the premise that landowners would get guaranteed payments regardless if wind turbines were placed on their land. This approach led to initial onshore wind development and later solar.”

To access all of NPM’s proprietary coverage of live M&A situations, contact us here: https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/texas-based-renewable-developer-tri-global-pursuing-sales-process

The Dallas-based project developer is among a swath of middle market developers expected to explore strategic alternatives after larger utility-scale developers were sold earlier in 2021.

12/01/2021

NPM is in Phoenix this week for ! We’re excited to be part of the discussion and looking forward to the in-person networking. If you would like to arrange an interview with one of our reporters, contact us in the conference app.

11/30/2021

NPM Interconnections Podcast/Episode 20-Steve Levitas | Pine Gate Renewables

NPM Reporter C**t Shaw sits down with Steve Levitas, Senior VP for Regulatory and Government Affairs at Pine Gate Renewables, to talk about clean energy policy in the Southeast, including the Virginia Clean Economy Act and the Southeast Energy Exchange Market (SEEM), and more.

The two also discuss North Carolina's recent emissions bill, Levitas' role in authoring it, and the challenges that lie ahead in the law's implementation.

NPM Reporter C**t Shaw sits down with Steve Levitas, Senior VP for Regulatory and Government Affairs at Pine Gate Renewables, to talk about clean energy policy in the Southeast, including the Virginia Clean Economy Act and the Southeast Energy Exchange Market (SEEM).

11/29/2021

SOLAR + STORAGE: Prolific data center build pipeline has knock-on impact to renewable equation

“Data centers need to operate 24 hours a day, seven days a week to service their customers, which leads to a complicated question of what mix of renewable and thermal generation is required?

“While we favor solar and wind, it is becoming more common to see hybrid projects that combine the two technologies, as well as add several hours of storage to get relatively close to a baseload product. Our PPAs are always with off-site projects, and we like to see 10-15-year fixed price agreements,” said Travis Wright, Vice-President of Energy and Sustainability for QTS Data Centers in an interview with NPM. Wright says QTS will look at various solutions to combat intermittency including battery storage and pumped hydro storage in select markets.

And there will be more opportunities to explore this mix down the road. The US data center market for new construction was valued at USD 8.4bn in 2020 and forecasted to reach a value of USD 13.9bn by 2026, according to the website Research And Markets. Microsoft, Google, and Facebook already occupy data centers in areas of Northern Virginia and Austin, Texas. Moving forward, what will drive expansion is those companies moving into tier 2 cities such as Columbus, Ohio and Denver, subsidized data centers to handle the healthcare industry and plans by the U.S. Army to spend up to USD 249m to deploy cloud computing services and data centers.

To help meet demand for further datacenters, companies such as DigitalBridge, who did transactions to recapitalize both Vantage Data Centers and DATABANK in recent years, and publicly traded behemoths such as CyrusOne and Digital Realty Trust are becoming major players. Blackstone, through its various fund groups, closed a USD 10bn take private of QTS earlier this year.”

Demand for renewable energy from data centers is one of the main drivers of new load growth across the country. Learn more about the up-and-coming players in the space and the cutting-edge offtake contract structures they are using by accessing NPM here: https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/prolific-data-center-build-pipeline

The notion of data centers being a major driver of power demand in the next decade is not going to abate any time soon. A similar movement is under way to “greenify” new projects.

11/24/2021

OMERS acquisition of Navisun from Ares adds DG exposure following utility-scale deal with Leeward

“The deal will add to OMERS Infrastructure’s portfolio of renewable generation assets, which also includes Leeward Renewable Energy, LLC and a 19.4% stake in India-based independent power producer Azure Power Global Limited - a deal that happened earlier this year.

OMERS investment in Navisun adds diversification and offers new opportunities for OMERS in the U.S. renewables market,” said Annesley Wallace, Global Head, OMERS Infrastructure in an emailed statement to NPM. “With Texas-based Leeward Renewable Energy giving OMERS exposure to utility-scale renewables generation, and Navisun giving us a presence in distributed renewables generation, we have two well-positioned platforms to help us further invest in the energy transition theme,” she added.

The transaction is expected to close 1Q22, subject to regulatory requirements.

Navisun is among many smaller-to-middle market sized developers that could become attractive targets as infrastructure funds and others cast a wider net to invest in renewable developers beyond the largest players in the space, according to comments made by panelists at the Platts US Power Conference held last month.

Navisun was founded in January 2017 by John Malloy and Doug Johnsen, former executives at Greenwood Energy, in partnership with Ares Capital Corporation (ARCC), a publicly-listed business development corporation (BDC), which is externally managed by Ares Management Corporation.”

Institutional and pension funds are becoming increasingly sophisticated in how they target M&A opportunities to build on existing portfolio investments. Learn about the latest behind-the-scenes deal activity by accessing NPM here https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/omers-acquisition-of-navisun-from-ares-adds-dg-exposure-following-utility-scale-deal-with-leeward

The deal will add to OMERS Infrastructure’s portfolio of renewable generation assets, which also includes Leeward Renewable Energy and a 19.4% stake in India-based independent power producer Azure Power Global Limited - a deal that happened earlier this year.