SOLAR+STORAGE,STRATEGY AND BEST PRACTICES
Tri Global Energy | September 30, 2022
Enbridge Inc. ("Enbridge" or "the Company") announced it has acquired Tri Global Energy ("TGE"), a leading US renewable project developer, for US$270 million in cash and assumed debt. Additionally, up to approximately US$50 million in payments could be made contingent on successful execution of TGE's project portfolio. TGE is currently the third largest onshore wind developer in the US, with a development portfolio of wind and solar projects representing more than 7 GW of renewable generation capacity.
"TGE will enhance Enbridge's renewable platform and accelerate our North American growth strategy, TGE's significant development pipeline, coupled with our renewable capabilities, and existing self-power opportunities, make this a truly synergistic investment that further positions us to grow organically at attractive equity returns. We're excited to be welcoming the TGE team to Enbridge, further strengthening our capabilities as we ramp up our renewable business."
-Al Monaco, Enbridge's President and Chief Executive Officer.
Enbridge expects North American renewable power fundamentals to remain robust. Rising targets for State renewable portfolio standards and growing private sector demand for zero carbon electricity are set to drive investment in wind and solar power generation significantly higher in the next decade.
TGE's large development portfolio is well-positioned to capitalize on this growth, including 3.9 GW of renewable generation projects TGE previously sold to operators, which will generate development fees and accretion to distributable cashflow per share in the first year following the acquisition of TGE. In addition, 3 GW of late-stage development of wholly owned projects are expected to be placed into service between 2024 and 2028, providing a visible ramp up in cash flows along with a large slate of further projects in earlier stage development beyond that period.
The TGE team has successfully developed and monetized over 6 GW of utility scale renewable projects since its inception in 2009. TGE's development team will remain in place following closing of the transaction, ensuring continuity of ongoing development activities. CIBC acted as financial advisor to Enbridge and Eversheds Sutherland acted as its external legal counsel.
At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil or renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on two decades of experience in renewable energy to advance new technologies including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We're committed to reducing the carbon footprint of the energy we deliver, and to achieving net zero greenhouse gas emissions by 2050.Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at Enbridge.com
About Tri Global Energy
Founded in 2009, Tri Global Energy is a leading renewable energy developer drawing on the natural, renewable resources of the wind and the sun to successfully address the growing demand for clean and sustainable energy. Tri Global Energy is among America's top utility-scale renewable energy developers. In fact, for more than a decade, the company has been the largest developer of wind energy projects currently under construction in Texas, the nation's leader in wind capacity. For further information on TGE please visit www.triglobalenergy.com.
STRATEGY AND BEST PRACTICES,ENERGY
Energy Dome | September 28, 2022
Energy Dome announced a memorandum of understanding (MoU) with Ørsted, the global leader in offshore wind and a market-leading renewable energy company, to run a feasibility study on the deployment of a 20 MW / 200 MWh energy storage facility using Energy Dome’s CO2 Battery technology at one or more Ørsted sites.
The partnership aims to use long-duration energy storage to provide baseload renewable energy to Ørsted’s end-use customers, mitigating the growing variability in energy supply, and providing grid stability services. The agreement includes an option to develop multiple additional CO2 Battery energy storage facilities, with the potential for the first 20 MW project slated to begin construction already during the second half of 2024.
The feasibility study project with Ørsted, which will dispatch renewable energy over periods of 10 hours or longer, is a milestone in Energy Dome’s roadmap on the development of multiple commercial CO2 Battery energy storage facilities. The first such site will be located in Continental Europe. This milestone follows the completion of Energy Dome’s first commercial demonstration facility in Sardinia, Italy.
For Ørsted, testing the CO2 Battery energy storage project is part of the company’s plan to provide a comprehensive flexible solution that increases both the availability and reliability of green energy also with the aid of long duration energy storage.
Kieran White, VP Europe Onshore at Ørsted, said: As a company focused on quickly scaling the build-out of wind, solar, Power-to-X and other renewable energy solutions, we are delighted to work with Energy Dome to explore how we can deploy their innovative long-duration energy storage technology. We consider the CO2 Battery solution to be a really promising alternative for long-duration energy storage. This technology could potentially help us decarbonise electrical grids by making renewable energy dispatchable.
“We are thrilled to collaborate with Ørsted, a clean energy pioneer and the world’s most sustainable energy company, on our shared vision of deploying as much energy storage as possible to enable 100 % renewable energy on the grid. Energy Dome looks forward to helping Ørsted achieve their renewable energy and energy storage goals as they expand into new markets.”
-Claudio Spadacini, Founder and CEO of Energy Dome
About Energy Dome
Energy Dome is an energy storage solution provider that is unlocking renewable energy by making solar and wind power dispatchable using the CO2 Battery. Led by a team with a track record of innovation in the energy sector, Energy Dome’s low-cost energy storage technology helps accelerate the global transition to renewable energy by enabling greater penetration of renewables on the grid. Energy Dome is developing a pipeline of projects in Europe, the U.S. and other regions around the world.For more information, please visit www.energydome.com.
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, and bioenergy plants. Moreover, Ørsted provides energy products to its customers. Ørsted is the only energy company in the world with a science-based net-zero emissions target as validated by the Science Based Targets initiative (SBTi), and Ørsted aims to deliver a net-positive biodiversity impact from all new renewable energy projects it commissions from 2030 at the latest. Ørsted ranks as the world’s most sustainable energy company in Corporate Knights' 2022 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 7,016 people. Ørsted's shares are listed on Nasdaq Copenhagen (Ørsted). In 2021, the group's revenue was DKK 77.7 billion (EUR 10.4 billion). Visit Ørsted.com or follow us on Facebook, LinkedIn, Instagram, and Twitter.
STRATEGY AND BEST PRACTICES,ENERGY
SPAN | September 30, 2022
SPAN, the leading innovator in smart home electrical panels, and Suntuity Renewables, a national residential solar, storage, electrification and renewable energy integrator, today announced a new partnership to include SPAN Panels with Suntuity solar panel systems to residential customers, through Suntuity’s national Dealer Network.As SPAN’s first Master Dealer, Suntuity's dealers and affiliates will immediately include SPAN Panel and SPAN Drive electric vehicle chargers with solar and solar plus battery systems offered to Suntuity’s customers. Adding a SPAN Smart Panel to a home solar system provides an unprecedented level of visibility and control over the home’s energy system. SPAN Panel provides homeowners with insights into their solar production in real-time, customizable circuit-level control and monitoring of every circuit in their home, and 40 percent longer battery backup power during an outage, on average. With the newly signed Inflation Reduction Act, rebates and incentives are available to lower the total cost of SPAN solutions for homeowners looking to electrify.
Additionally, SPAN and Suntuity will expand Suntuity University to train and upskill electricians to install SPAN solutions and the latest solar and renewable technologies. Funds provided by the HOPE for HOMES provision within the Inflation Reduction Act funding will support Suntuity University’s aim to address a core impediment to electrification and close the gap in the availability of green economy workers.
As SPAN ramps up production of SPAN Panels and adds new features and functionality, we are excited to partner with Suntuity, a SPAN Master Dealer, to make SPAN Panels available to more homeowners who want to generate their own clean energy, electrify their homes, or simply improve their quality of life,” said SPAN CEO Arch Rao. “We applaud Dan and the Suntuity team for their dedication to upskill technicians in our industry. As more customers transition to renewable energy systems and electrify their homes with more efficient electric appliances, the growth in available technician talent will be critical to our collective success towards a cleaner future.
“As a growing global solar and renewable energy developer, financier, engineering, procurement and construction provider, Suntuity is excited to partner with SPAN to ensure we're offering our solar customers and dealer partners the best products on the market by including SPAN’s groundbreaking home electrification technology with our own high-quality solar and battery systems. We expect the U.S. residential solar market to accelerate, thanks to new consumer incentives provided by the Inflation Reduction Act that reduce the cost of going solar, and we aim to provide best-in-class home electrification products and services to millions of American homeowners,”
-Suntuity Group President and CEO Dan Javan.
SPAN reinvented the 100-year-old electrical panel and is developing products that enable electrification and simplify the adoption of clean energy including solar, batteries, and electric vehicles. SPAN Panel gives customers circuit-level management, real-time monitoring, and actionable energy insights through the SPAN Home app’s intuitive interface. Designed with hardware innovation and purpose-built with intelligent software, SPAN Panel and SPAN Drive electric vehicle charger are an efficient and integrated solution for any home. Backed by leading investors in the clean energy space, SPAN aims to decarbonize by building products that remove barriers to electrification while providing a holistic approach to managing increasing demands on household energy. To learn more, visit www.span.io.
About Suntuity Group
The Suntuity Group is an American multinational company that consists of several national brands that encompass renewable energy, finance, water filtration and home services. Founded in 2008, the company has operations in several US states and countries and services thousands of customers across its service footprint. Discover how to become a channel partner with Suntuity Renewables and join forces with one of the fastest growing renewable energy leaders in the nation. For further information, please visit www.suntuitygroup.com
About Suntuity Solar
Suntuity Solar is a top solar and storage provider in the U.S. With thousands of customers and hundreds of dealers, the company delivers best in class solar PV and storage solutions in a fully financed package. For more information, please visit www.suntuityrenewables.com
About Suntuity Electric
Suntuity Electric is a licensed electrical contractor across several U.S. states and provides electrical installation and home electrification services to an ever-expanding residential and commercial customer base. For more information, please visit www.suntuityrenewables.com
About Suntuity Home
Suntuity Home is a licensed home builder and delivers state of the art home electrification and consumer technologies in several U.S. states. Its product offerings include home automation, roofing, water filtration and award-winning Net Zero home construction. For more information, please visit www.suntuityhome.com