As 100% renewables goals proliferate, what role for utilities

Utility Dive | April 02, 2019

Utilities and state regulators take note: As of April 1, 114 U.S. cities have officially declared they want 100% renewables for their electric power needs in the next one to two decades. That will be a big change in electricity use. And it doesn't stop there. Over 300 U.S. localities have committed to a renewables or climate change goal, according to the World Resources Institute (WRI), which just received $70 million from Bloomberg Philanthropies to help make that change happen. And, led by local efforts, three states have committed to 100% carbon-free. Another dozen are moving that way. But while the goals are simple, the paths to achieving them are not.

Spotlight

Wendy Calvin of the National Geothermal Academy gives an update on the intensive 8-week summer programs' success, while graduate students Tyler Kent and Jonathan Payne discuss what they are working on in their Master's program and job prospects.

Spotlight

Wendy Calvin of the National Geothermal Academy gives an update on the intensive 8-week summer programs' success, while graduate students Tyler Kent and Jonathan Payne discuss what they are working on in their Master's program and job prospects.

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SOLAR+STORAGE

Sunstone Credit Announces Initial Fundraise to Make it Easy and Affordable for Businesses to Go Solar

Sunstone Credit | February 11, 2022

Sunstone Credit, Inc., a technology-enabled solar loan finance platform for businesses, announced the company's initial fundraise, including investments from Forbright Bank, Cross River Digital Ventures, Grotech Ventures, Early Light Ventures and the University System of Maryland Momentum Fund. In addition to their investments, Forbright Bank and Cross River will also serve as strategic partners to Sunstone, and provide the financing to back its loan portfolio. Sunstone is on a mission to enable more small and medium-sized businesses (SMBs) access to solar energy through its technology-driven platform offering affordable and easy-to-understand solar loan products. This round of investment will allow Sunstone to scale its team, invest in its best-in-class technology platform and continue to grow its national network of solar developer partners. Sunstone was founded with the mission of helping more businesses go solar. We are excited to have found such an incredible group of likeminded investors to join us. Together we are committed to building a platform that will drive commercial sales growth for our solar developer partners and enable cost savings for borrowers, while contributing to a cleaner future for the planet. Additionally, we are thrilled that Forbright Bank and Cross River have elected to further their relationship with Sunstone, by not only investing, but also providing the funds to back our loans as strategic partners." Josh Goldberg, Co-Founder of Sunstone Sunstone is the creation of Goldberg and Wilson Chang, who together have decades of solar industry experience. They are joined by a co-founding team with backgrounds across climate, financial services and technology. "We have a very high regard for Josh and his terrific team and look forward to a strong and growing partnership with Sunstone," said John Delaney, Founder of Forbright Bank. "Forbright is mission aligned around decarbonization and sustainability and helping build Sunstone into a leading solar lender for the small business marketplace aligns with that mission. We look forward to working with Josh as he builds a great business that will help decarbonize the world by 2050." Sunstone's loan products are affordable, easy to understand and backed by the significant lending capabilities of banks such as Forbright Bank and Cross River that have partnered with the company. "We have worked with Josh, Wilson and the team for years as they successfully revolutionized residential solar finance," said Hillel Olivestone, Head of Corporate Development at Cross River. "The Cross River Digital Ventures team is excited to back Sunstone as they bring the same entrepreneurial spirit and technology-first approach to financial services for the SMB commercial solar market." Designed to be simple and easy to use, Sunstone's best-in-class technology platform enables solar developer partners to offer straightforward loan financing options to their SMB customers through a streamlined online application. "From an investment perspective, Sunstone is an attractive combination of strong solar industry tailwinds, highly favorable market dynamics in the commercial solar lending space and great founder-market fit," said Lawson DeVries, Managing General Partner of Grotech Ventures. "Josh and team have the bold entrepreneurial vision needed to scale the business and are already starting on second base given their previous experiences building companies in the solar industry." With energy costs rising and climate change discourse growing increasingly prevalent, more SMBs than ever are seeking to reduce their electric bill and carbon footprint by going solar and Sunstone has developed the right loan products to meet this moment. "Sunstone taps into two of the most compelling themes today: fintech and the clean energy transition," said Mike Leffer, Principal at Early Light Ventures. "At the same time, they are offering a product that both is unique within the current commercial solar finance market and has high demonstrated demand. With the team's experience spanning solar, finance and technology, we are confident in Sunstone's ability to make solar more accessible for businesses through their platform." "Creating a connective tissue between financial institutions, solar installers, and SMB borrowers is a very clever way to bring much more solar to the U.S. via SMBs. Financial institutions want to grow their loans, SMB borrowers need a simple way to finance solar, and solar installers lack easy to use financial tools to scale their businesses," said Maryland Momentum Fund Managing Director, Claire Broido Johnson. About Sunstone Credit Sunstone Credit is on a mission to democratize access to solar for small and medium sized businesses (SMBs). Sitting at the intersection of climate, finance and technology, Sunstone has built a best-in-class technology platform and partnered with leading financial institutions and a national network of solar developers to provide SMB borrowers access to simple, affordable and easy-to-understand solar loan products with flexible terms and a streamlined application process. When SMB customers go solar using Sunstone's products, they save money and reduce their carbon footprint, driving a clean, green future for all.

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SOLAR+STORAGE

Green Development Announces the Completion of Solar Farms

Green Development LLC | February 24, 2021

Green Development, LLC announced today that they had completed construction on solar farm projects in Glocester and Hopkinton. The projects, which utilized many laborers, have been completed, associated with the lattice and are creating clean sustainable power. The "White Oak" project in Glocester is situated at 74 White Oak Lane. The farm and the land are claimed by the Phillips family, and they have been developing products of the soil for ages. The farm will stay in activity, as the solar venture will just utilize roughly 6 sections of land of the property, which aggregates more than 78 sections of land. The construction stage endured right around one year, and the solar farm will create 2,968,000 kWh yearly, enough to meet the yearly power needs of 442 family units. Around 85 to 95 individuals dealt with this undertaking, including subcontractors, electrical experts and Green representatives. The "Hopkinton Main" project situated at 310 Main Street in Hopkinton sits on around 67 sections of land of private land. Construction on this undertaking went on for one year utilizing more than 140 workers, merchants and subcontractors. The task will create 15,762,000 kWh every year – enough power to help 2346 family units a year. The two projects will give energy to Johnson and Wales University and a few lodging specialists and organizations across the state, including West Warwick Housing, Pawtucket Housing and ONE Neighborhood Builders. Green will likewise a sell a bit of the force straightforwardly to National Grid under the Renewable Energy Growth Program to help Rhode Island and National Grid meet their environmentally friendly power objectives. “The renewable energy sector continues to produce the jobs of the future, and we are extremely grateful to be able to create so many employment opportunities for Rhode Islanders during the pandemic. We also have the added benefit of building projects that continue to benefit Rhode Island’s environment and help us move one small step closer to fossil fuel independence. Each time a project is connected to the grid - no matter how small, no matter how big – it is a step forward,” stated Mark DePasquale, founder of Green Development. About Green Development Green Development LLC, founded by Mark DePasquale in 2009, is Rhode Island’s leading wind and solar energy company. It is distinguished by its project management efficiency, supply chain and logistics expertise, operations and maintenance capabilities and speed to market.

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ENERGY

NextEra, Iberdrola, Enel Challenging Major Green Energy Companies Exxon, BP

NextEra | December 14, 2020

A decade ago, NextEra, Iberdrola and Enel were lethargic local utilities with little name acknowledgment. Presently they are quickly developing monsters with market esteems matching any semblance of oil majors Exxon Mobil Corp. and BP PLC, on account of their initial in with no reservations wagers on wind and sunlight based homesteads. And still, numerous individuals have never known about them. Their initial lead in the worldwide progress away from oil has put these organizations on target to turn into the significant energy organizations of the coming many years—the "environmentally friendly power energy majors." But they currently face the danger of expanded rivalry as a portion of the oil titans that have generally ruled the energy business broaden into wind and sun oriented force. On the off chance that the green majors are apprehensive about a coming conflict, they aren't indicating it. NextEra Energy Inc. CEO James Robo excused the possibility that oil studies the U.S. and Europe represented a serious danger at a speculator gathering this fall, saying that the organizations' green tasks were among the most noticeably terrible he had seen.

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