Scout Clean Energy | January 03, 2022
Scout Clean Energy, a Colorado based renewable energy developer, owner and operator is pleased to announce the acquisition of the utility-scale Blue Sky Solar project from its original developer, RES (Renewable Energy Systems). The approved development plans call for the installation of a 369 MWdc solar facility to be located on 2,700 acres of land in Grundy County, IL.
We are pleased to complete another renewables investment with the team at RES. The Blue Sky project is one of the largest solar projects approved to date in the PJM and is the second Midwest solar project Scout has added to its expanding renewables portfolio this year. Blue Sky is a uniquely located project enabling the supply of significant solar power to the Greater Chicago region. Blue Sky further diversifies our fleet across wind, solar and storage. Scout will close out 2021 with over 12,000 MWdc in our development pipeline and more than 1,200 MWdc of renewable projects in operation across the United States."
Michael Rucker, CEO and founder of Scout Clean Energy
Blue Sky received unanimous approval for a Special Use Permit with Grundy County in December 2020, under the established Grundy County Solar Ordinance. RES began land acquisition and interconnection studies on the site in 2018. The project should receive its full interconnection agreement in the third quarter of 2022.
"We are excited to be working with Scout Clean Energy again," said John Rohde, CEO of RES in the Americas. "We are proud of our work in developing projects that focus on clean energy and a sustainable future. This deal and our partnership with Scout bring us closer to our vision of a future where everyone has access to affordable zero carbon energy."
The Blue Sky facility will be constructed near Morris, Illinois and is scheduled to begin commercial operations in 2024. Upon reaching commercial operations, Blue Sky will provide an estimated 585,000 megawatt hours of carbon-free, renewable electricity to the PJM grid each year, enough to power over 67,000 Illinois homes.
"Scout expects to invest over $400 million to bring Blue Sky through construction and into operations and will support over twenty new jobs in the ongoing operations phase. The power generated from this project will enable Scout to bring the many benefits of low cost and carbon-free solar energy to central Illinois," explained Rucker.
The project has a finalized and executed Property Tax Abatement Agreement in place with all taxing jurisdictions in Grundy County. It is estimated that the county taxing jurisdictions will receive $36.3 million in tax revenue over the life of the project, including $25.4 million slated to the local school district alone.
"Scout has accomplished so much in the last year which is a testament to our incredible team of experienced renewable energy professionals and to the ongoing support provided by our sponsor, Quinbrook Infrastructure Partners," continued Rucker. "Blue Sky Solar is among our first utility- scale solar projects and is another major step in Scout's rapid growth as a leading US renewable energy developer, owner and operator. We expect to announce further project investments and closings of PPAs in early 2022."
Scout is a portfolio company of Quinbrook Infrastructure Partners, a specialist global investment manager focused exclusively on renewables, storage, and grid support infrastructure.
About Scout Clean Energy
Scout Clean Energy is a renewable energy developer, owner-operator headquartered in Boulder, Colorado with over 1,200 MW of operating assets. Scout is actively developing a portfolio of over 12,000 MW of onshore wind, solar PV, and battery storage projects across 17 US states. Scout has expertise in all aspects of renewables project development, permitting, power marketing, finance, construction, 24/7 operations, and asset management. Scout is a portfolio company of Quinbrook Infrastructure Partners.
About Quinbrook Infrastructure Partners
Quinbrook Infrastructure Partners is a specialist investment manager focused exclusively on renewables, storage and grid support infrastructure and operational asset management in the US, UK, and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested c.USD 8.2 billion equity in energy infrastructure assets since the early 1990s, representing a total enterprise value of c.USD 28.7 billion or 19.5 GW of power supply capacity. Quinbrook has completed a diverse range of direct investments in both utility and distributed scale onshore wind and solar power, battery storage, reserve peaking capacity, biomass, fugitive methane recovery, hydro and flexible energy management solutions in the US, UK, and Australia.
RES is the world's largest independent renewable energy company active in onshore and offshore wind, solar, energy storage and transmission and distribution. At the forefront of the industry for over 40 years, RES has delivered more than 22GW of renewable energy projects across the globe and supports an operational asset portfolio exceeding 7.5GW worldwide for a large client base. Understanding the unique needs of corporate clients, RES has secured 1.5GW of power purchase agreements (PPAs) enabling access to energy at the lowest cost. RES employs more than 2,000 people and is active in 10 countries.
SunPower Corp. | October 06, 2021
SunPower Corp., a leading solar technology and energy services provider, announced it acquired Blue Raven Solar, one of the fastest growing residential solar providers in the U.S. Blue Raven's growth trajectory and complementary geographic footprint is expected to provide SunPower a path to quickly expand the solar market to serve more customers in underpenetrated areas including the Northwest and Mid-Atlantic regions.
"More than 100 million homeowners could save money by switching to solar today, and we are committed to enabling that transition quickly to benefit both customers and the planet. SunPower and Blue Raven share a vision of powering the world with affordable, resilient, sustainable energy. This acquisition will enable us to bring the most powerful and efficient solar technology available to a new set of homeowners and accelerate our growth strategy."
Peter Faricy, CEO of SunPower
The acquisition was made for cash consideration of up to $165 million. Blue Raven CEO Ben Peterson will join SunPower's executive team, and the company expects to build upon Blue Raven's current employee and contractor relationships.
Since its founding in 2014, Blue Raven has built a profitable and high-growth business, achieving 93% revenue compound annual growth rate (CAGR) with a direct-to-consumer sales and installation model. Blue Raven currently conducts more than 90% of its volume in 14 states that account for only about 5% of SunPower's sales, creating a significant net-new geographic coverage opportunity for SunPower.
"We've always been focused on making it easy for customers to get access to high-quality renewable energy. SunPower offers the most advanced solar solutions and shares our passion for delivering an incredible customer experience," said Peterson. "Together we will provide even more compelling reasons for homeowners to make the switch to clean, renewable energy. This is a clear win for our organizations and for homeowners everywhere we operate."
SunPower plans to combine its best-in-class products and digital marketing tools with Blue Raven's highly successful direct sales model to accelerate the go-to-market strategy and add new best practice capabilities to its national dealer network. In addition, SunPower expects that Blue Raven's volume will help expand its comprehensive suite of financial products and increase 2022 loan volume significantly.
SunPower to Focus on Residential and Light Commercial (RLC) Growth, Explore Alternatives for Commercial & Industrial Solutions (CIS) Business.
Today SunPower also announced it will focus its efforts and investments in growing its Residential and Light Commercial business. As such, it is exploring strategic options for Commercial & Industrial Solutions — which serves corporations and the public sector — including new ownership. This path would optimize SunPower's capital deployment for RLC while enabling CIS to better take advantage of its growing addressable market and opportunities like community solar, front-of-meter storage and infrastructure legislation tailwinds.
"SunPower is doubling down on residential growth. By investing in residential market expansion and technology innovation, we can put solar on more homes and provide customers with an incredible experience when they choose renewable energy. This clarity and focus will enable us to lead the industry and deliver maximum value to our investors, partners and customers," said Faricy.
Management Conference Call Information
SunPower will host a joint conference call for analysts, investors and media to discuss the definitive transaction agreement at 5:30 a.m. PT on October 5.
About Blue Raven Solar
Blue Raven Solar was founded in 2014 and has expanded to a national top selling solar brand. The company's mission is "to make homeowners' lives better by reducing their energy bills, increasing reliance on clean and abundant renewable energy and providing a world-class customer experience through a reliable sales process and a speedy, high-quality installation." Blue Raven Solar believes all homeowners should have equal opportunity to invest in simple, reliable, affordable, high-quality solar power.
Headquartered in California's Silicon Valley, SunPower is a leading Distributed Generation Storage and Energy Services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners, businesses, governments, schools and utilities.
Daqo New Energy | November 30, 2020
Daqo New Energy Corp. a main maker of high-immaculateness polysilicon for the worldwide sun oriented PV industry, today reported that it marked a drawn out high-virtue polysilicon flexibly concurrence with Trina Solar a worldwide driving sunlight based PV framework integrator.
Under the flexibly arrangement, Daqo New Energy will give Trina high-virtue mono-grade polysilicon in an aggregate sum of 30,000 MT ~ 37,600 MT between November 2020 and December 2023. Real costs will be haggled by the two players month to month as per economic situations. As a feature of the gracefully arrangement, Trina will make a development installment to Daqo New Energy.
Mr. Jifan Gao, Chairman of Trina Solar, remarked, "As a worldwide driving sunlight based PV arrangement supplier, we are constantly dedicated to development and quality improvement. We are satisfied to go into a drawn out association with Daqo New Energy. This will assist us with bettering execute our system, which is to give progressed sun based PV items and arrangements with higher proficiency to address quickly developing interest in sunlight based PV market, drive network equality and advantage society through efficient power energy."
Mr. Longgen Zhang, Chief Executive Officer of Daqo New Energy, remarked, "We are extremely satisfied to develop our participation with Trina Solar with this three-year polysilicon flexibly understanding. We will keep on giving five star polysilicon items to our clients and work with them to encourage development, improve transformation effectiveness, decrease levelized cost and accomplish lattice equality for sun powered PV energy.
About Trina Solar
Founded in 1997 as a world leading solar PV system integrator, Trina Solar's business includes R&D, manufacture and sales of solar PV modules, power plants and system products, solar PV power generation and operations and maintenance and service, R&D and sales of smart micro-grid, multi-energy system, and smart energy cloud platform operations.
About Daqo New Energy
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007, the Company is one of the world's lowest cost producers of high-purity polysilicon. Daqo's highly-efficient and technically advanced manufacturing facility currently has a nameplate annual polysilicon production capacity of 70,000 metric tons.