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
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
STRATEGY AND BEST PRACTICES
Duke Energy | September 01, 2022
With the completion of a new 74.9-megawatt (MW) solar facility in Hardee County, Duke Energy reached a significant milestone – it has delivered on its commitment to provide 700 MW of clean energy to Florida customers.
The Charlie Creek Solar Power Plant is the last of 10 solar sites that are part of the company's multiyear plan on file with the Florida Public Service Commission to deliver 700 MW of solar generation from 2018 through 2022.
Elected officials and community leaders joined Duke Energy today at a commemorative ribbon cutting and solar panel signing ceremony at 10:30 a.m. to celebrate this significant milestone and grand opening of the new site.
"Today we are delivering on our promise to build a cleaner, brighter energy future for our customers, By 2024, we plan to provide 1,500 MW of solar generation as part of our ongoing strategy to offer cleaner, smarter energy solutions that will benefit all Florida customers."
-Melissa Seixas, Duke Energy Florida state president.
In addition to carbon reduction and the benefits of creating a diverse energy infrastructure, solar development fosters economic development and job creation in the areas that Duke Energy serves. During construction, the projects brought nearly 2,400 temporary construction jobs to the area.
All 10 solar facilities are located throughout Florida, as far south as Highlands County and as far north as Hamilton County. At peak output, the sites will generate enough energy to effectively offset the carbon emissions that would be equivalent to consuming about 140 million gallons of gasoline every year.
The 10 solar power plants under this commitment include:
Hamilton (completed December 2018) in Hamilton County. Click here for video.
Trenton (completed December 2019) in Gilchrist County. Click here for video.
Columbia (completed March 2020) in Columbia County. Click here for video.
DeBary (completed June 2020) in Volusia County. Click here for video.
Twin Rivers (completed March 2021) in Hamilton County. Click here for video.
Santa Fe (completed March 2021) in Columbia County. Click here for video.
Duette (completed November 2021) in Manatee County. Click here for photos.
Lake Placid (completed December 2021) in Highlands County. Click here for video.
Sandy Creek (completed May 2022) in Bay County. Click here for video.
Charlie Creek (completed August 2022) in Hardee County. Click here and here for videos.
Solar generation commitment
With a combined investment of more than $2 billion, Duke Energy Florida's solar generation portfolio will include 25 grid-tied solar power plants, which will benefit all Florida customers and will provide about 1,500 MW of emission-free generation from approximately 5 million solar panels by 2024. Over the next decade, the company will continue to make innovative and targeted investments in additional solar power plants, battery storage technology, community solar, transportation electrification and a modernized power grid to help meet customers' needs for diverse, reliable energy solutions.
Duke Energy Florida
Duke Energy Florida, a subsidiary of Duke Energy, owns 10,300 megawatts of energy capacity, supplying electricity to 1.9 million residential, commercial and industrial customers across a 13,000-square-mile service area in Florida. Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 28,000 people. Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business and at least a 50% carbon reduction from electric generation by 2030 and net-zero carbon emissions by 2050. The 2050 net-zero goals also include Scope 2 and certain Scope 3 emissions. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear. Duke Energy was named to Fortune's 2022 "World's Most Admired Companies" list and Forbes' "America's Best Employers" list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.