ENERGY
Onward Energy | January 20, 2023
Onward Energy recently announced that the company had completed the previously disclosed acquisition of Global Atlantic Financial Group's 1,171 MW operating solar portfolio. The acquisition comprises operating solar assets in eight states and positions the company as one of the most extensive operators of solar assets in the United States. With the completion of this acquisition, Onward will own and operate more than 4.3 GW of renewable energy in twenty-two states. The deal represents the largest renewable investment in Onward's history and diversifies the company's 6 GW energy generation portfolio.
Chief Executive Officer of Onward, Steve Doyon, said "Onward Energy is a committed partner in the energy transition and this acquisition marks an important step in our continued leadership towards a future powered by clean energy. We are grateful to the Global Atlantic team for their collaboration throughout this process."
(Source- Cision PR Newswire)
Concurrently with the closure of the deal, Onward secured long-term financing from KeyBank, which acted as the administrative agent for a bank group of relationship lenders comprising NatWest, Commerzbank, CoBank, ING, and Truist. During the deal, Global Atlantic had Onpeak Capital LLC as its financial advisor and Mayer Brown LLP as its legal advisor. Milbank LLP served as Onward's legal counsel.
About Onward Energy
Onward Energy is an independent company that generates and operates about 6 GW of renewable energy from solar, wind and gas generation projects in the U.S. It is one of the national leaders in developing clean, renewable energy. The company is a pioneer in the transition into clean energy, investing in the next generation of clean, reliable technologies that will expedite the customers and communities to meet their decarbonization objectives faster.
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ENERGY
BlueWave | March 20, 2023
BlueWave Solar, a leading solar and battery storage developer in the Northeast U.S., recently announced an official name change to BlueWave, heralding expansive growth beyond solar development into additional areas of the clean energy space. BlueWave's expertise and suite of capabilities now encompasses the development, engineering, construction and ownership of solar, solar plus storage, and standalone battery storage projects.
The name change, while subtle, marks a significant next phase of growth, fueled by resources and funding from its new parent company, Axium Infrastructure, an infrastructure investment management firm with a deep North American renewables portfolio. The 100% stake acquisition, completed in May 2022, has allowed BlueWave to expand its leadership in innovative solar development and grow into the long-term asset ownership of its development pipeline and also expansion into battery storage, both coupled with solar and as standalone assets.
"We are on a journey to transform access to renewable energy and strive to develop and build the most effective systems to make that possible," Trevor Hardy, CEO and Co-Founder of BlueWave noted. "Our capabilities now go beyond solar development, and we are better poised to address and innovate how energy is stored and transmitted, ultimately creating greater access. Increasing battery storage on the U.S. electric grid is absolutely critical in order to achieve our nation's economic and climate goals. We welcome this next chapter for our team as we continue to push the boundaries of a clean energy future."
Battery storage is an integral part of renewable deployment—it is critical to the effectiveness of clean energy initiatives and vital to the stabilization and integration of renewables to the existing grid. Battery storage enables further decarbonization of the utility grid by allowing solar and wind energy to contribute to the available electricity supply, even when the sun isn't shining or the wind isn't blowing, by storing and then releasing energy when it's needed most. BlueWave committed to pursuing battery storage development in 2021 and is proud to bring its thoughtful approach to development and energy expertise to the deployment of both distribution and transmission scale battery storage assets.
BlueWave is in the early stages of battery storage development within multiple states that have battery storage policies in place including Maine, Massachusetts, and New York, and has been working with local municipalities and state policy makers to best understand and meet storage needs on a local, state and regional basis. The potential community benefits from battery storage are substantial, including local revenue to landowners, improved grid reliability during summer peaks, a cleaner environment that is free of fossil fuels and robust job growth in the burgeoning cleantech economy.
"Battery storage is an essential part of the conversation that cannot be ignored as we seek to decarbonize the electric grid," said Mike Marsch, Chief Development Officer of BlueWave. "Given our proven success with solar development and ability to work collaboratively with local communities and state policymakers to achieve outcomes benefiting all involved, we believe that our added battery storage capabilities will contribute immensely to our overall positive impact on the world. We seek to support our communities by enhancing grid reliability while also facilitating much needed climate policy guidance across multiple states."
About BlueWave:
BlueWave's vision is to protect our planet by transforming access to renewable energy. As a pioneering renewable energy company that develops and owns solar and battery storage projects, BlueWave has developed and built more than 150 MW of solar projects to date and is actively developing battery storage projects to ensure our grid is reliable and efficient in a clean energy future. As built, these projects collectively generate enough solar energy to avoid more than 144,000 metric tons of carbon emissions annually.
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INDUSTRY UPDATES
EDF Renewables | February 07, 2023
EDF Renewables North America recently announced that it had signed a 20-year virtual power purchase agreement (VPPA) with Thermo Fisher Scientific, one of the world leaders in serving science. The VPPA covers the entire output of the 200-megawatt ac/256-megawatt direct current (MWac/MWdc) Millers Branch Solar Project, which is in Texas and will begin commercialization in the year 2025, December. The addition of Miller's Branch to renewable energy procurement portfolio of Thermo Fisher has resulted in the company purchasing enough renewable energy to cover 100% of its present annual electricity consumption in the United States by 2026.
According to U.S. (EIA) Energy Information Administration after completion, the project is expected to produce 545,000 MWh of renewable energy annually, sufficient to supply the needs of approximately 51,000 average homes. This will avoid the equivalent the greenhouse gas emissions from 83,000+ gasoline-powered passenger vehicles driven in one year, as calculated by the U.S. EPA Greenhouse Gas Equivalencies.
As North America's largest renewable developers, EDF Renewables, is committed to offering solutions that meet the carbon-reduction goals of the customers. EDF Renewables, with 35 years of experience and 24 gigawatts of solar, wind, and storage projects developed, offers integrated energy solutions ranging from grid-scale power to electric vehicle charging.
About EDF Renewables North America
Based in San Diego, California, EDF Renewables one of the North America's market leaders in producing independent power and scale power. Established in 1987, the company has expertise in renewable energy with 35 years of experience. It provides grid-scale power: wind (onshore and offshore), storage projects and solar photovoltaic; distribution-scale power: solar and storage; asset optimization: operational, technical, and commercial expertise to increase the performance of creating projects, and onsite solutions, through its PowerFlex subsidiary. In addition, it offers a full suite of onsite energy solutions for industrial and commercial customers: solar, storage, energy management systems, EV charging, and microgrids.
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