Intersect Power, LLC | January 13, 2023
Intersect Power, LLC announced that its Athos III solar project in Riverside County, California, will start making money on December 22, 2022. The Athos III solar project was constructed by union workers, with solar panels, batteries, and steel piles made in America. This means that it is expected to comply with the domestic content and prevailing wage requirements of the Inflation Reduction Act (IRA).
The Athos III solar project (Blythe Mesa Solar II) is generating 224 MWac/310 MWp of dependable solar energy to power about 94,000 households and features 448 MWh of co-located storage.
Sheldon Kimber, Intersect Power CEO, stated, "Today marks a major milestone for the Intersect Power team and our impact as a clean energy developer, owner, and operator."
Source – Cision PR Newswire
Intersect Power's Athos III solar project is part of its near-term portfolio, which includes 2.2 GW of solar photovoltaic and 1.4 GWh of co-located storage. The majority of the portfolio will go live in 2023. As a result, the Athos III solar project generated 500 peak union positions.
Funding for the project's operations and construction was secured as part of the expanded portfolio financing announced in November 2022, when Intersect Power closed on commitments from critical financial institutions and investors for portfolio-level term loans, tax equity, and construction finance.
HPS Investment Partners provided the portfolio term debt. The tax equity was delivered by Morgan Stanley Renewables Inc. The construction debt was provided by coordinating Lead Arrangers Santander Corporate & Investment Banking and MUFG. Along with Cobank, Helaba, KeyBanc Capital Markets, and Nord LB as joint lead arrangers.
About Intersect Power
Intersect Power is a clean energy firm that provides retail and wholesale energy markets with innovative and scalable low-carbon solutions. The corporation produces some of the world's most significant clean energy resources, supplying North American clients with low-carbon power, fuels, and related products. Intersect Power's base portfolio consists of 2.2 GW of solar PV and 1.4 GWh of co-located storage that are either under development or in service. The company's business model calls for expanding grid-connected renewables and large-scale clean energy assets like green hydrogen.
STRATEGY AND BEST PRACTICES,ENERGY
Palmetto | January 12, 2023
On January 11, 2023, Palmetto, the leading clean energy technology company, announced the strong results of its new Clean Energy Operating Platform, which is transforming the end-to-end consumer solar journey, allowing sales partners to achieve their growth potential, creating operational efficiencies, and most importantly, providing the best industry customer experience (CX) with a 70 or higher Net Promoter Score.
The redesigned Palmetto platform, released in 2022, has proven to streamline customer transactions experience and automate end-to-end operations, from sales to design, installation, and system activation. In addition, the company's all-in-one sales tool has resulted in a faster, more efficient process for sales partners, ultimately leading to satisfied clients who become solar energy ambassadors in their communities.
Palmetto cites several key performance indicators to indicate the success of its enhanced operating system.
Streamlined automation and procedures and improved turnaround times accelerated the installation rate. This expedited the installation of household solar systems by 37 days compared to the previous average.
Palmetto's total installations surged 75% YoY, and system activation grew 82% YoY as a result of the company's already robust growth trajectory over the last year.
Palmetto Founder and CEO Chris Kemper said, "We are passionate about delivering an exceptional customer experience and removing friction from the sales process. The Clean Energy Operating Platform gives us greater opportunities to achieve those goals."
Source: Cision PR Newswire
The platform provides a seamless, nationwide fulfillment network, serving homeowners with local sales and installation professionals to boost the clean energy economy in communities around the country. In addition, Palmetto's energy intelligence models and stimulates the energy load profiles and solar potential for 84% of U.S. roofs, including local requirements for 130+ utility service areas and building-level data.
Palmetto, a leading clean technology software and fulfillment firm headquartered in Charleston, South Carolina, is dedicated to developing The New Utility, a distributed, decentralized energy source that will replace The Old Utility's fossil-fueled, centralized energy paradigm. The company aims to democratize energy by returning power and control to consumers and empowering them to make ecologically responsible decisions.To achieve this objective, Palmetto has established a clean energy marketplace with patented technologies meant to make it simpler and more economical for homeowners to get their energy from renewable sources, such as solar power. In addition, the company has created products that cut expenses and promote the mass distribution of simple energy management solutions.
PRODUCTS,MARKET RESEARCH,INDUSTRY UPDATES
NextEra Energy Partners, LP | December 08, 2022
NextEra Energy Partners, LP today announced an offering of $500 million in aggregate principal amount of its convertible senior notes due 2026 (the "notes") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").
Holders may convert all or a portion of their notes at any time prior to their maturity date in principal amounts equal to $1,000 or an integral multiple thereof. Upon conversion, NextEra Energy Partners will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, NextEra Energy Partners common units or a combination of cash and common units, at NextEra Energy Partners' election, in respect of the remainder, if any, of NextEra Energy Partners' conversion obligation in excess of the aggregate principal amount of the notes being converted. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by NextEra Energy Operating Partners, LP, a direct subsidiary of NextEra Energy Partners.
NextEra Energy Partners intends to use the net proceeds from this offering to fund a portion of its previously announced acquisition of a 1,080-megawatt net interest in a renewable portfolio, to repay a portion of the borrowings under the corporate revolving credit facility, to pay the initial cost of the capped call transactions described below and for general partnership purposes.
In connection with the offering of the notes, NextEra Energy Partners intends to enter into one or more capped call transactions with the initial purchaser of the notes or its affiliate or other financial institutions. If, upon conversion of the notes, the price per unit of NextEra Energy Partners common units during the relevant valuation period is above an agreed strike price, the capped call transactions are expected to generally result in a payment to NextEra Energy Partners (if the partnership elects to cash settle) or to reduce the potential dilution to NextEra Energy Partners common units (if the partnership elects to settle in NextEra Energy Partners common units).
The offer and sale of notes, the guarantee and NextEra Energy Partners common units, if any, issuable upon conversion of the notes have not been registered under the Securities Act or the securities laws of any other jurisdiction. Accordingly, the notes are being offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act. The notes, the guarantee and NextEra Energy Partners common units issuable upon conversion of the notes are not transferable absent registration or an applicable exemption from the registration requirements of the Securities Act. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction.
NextEra Energy Partners, LP
NextEra Energy Partners, LP is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind, solar and energy storage projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania.