Six Rockland | October 06, 2020
Six Rockland County municipalities announced that they are launching a cost-cutting energy program to provide their residents and small businesses with more affordable, locally-sourced renewable energy. The initiative will be offered through Rockland Community Power (RCP), a collaborative program that enables residents and small businesses to purchase renewable energy at a fixed cost that is lower than they have paid historically for standard (non-renewable) electricity supply. The six participating communities—the Town of Clarkstown, Village of Haverstraw, Village of Nyack, Town of Orangetown, Village of South Nyack, and Village of Upper Nyack—are working in partnership with Joule Community Power (Joule) to offer the program that is scheduled to launch on November 1, 2020. Joule will serve as the Program Administrator.
National Grid Renewables | June 14, 2021
National Grid Renewables today announced significant economic benefits provided by its MiSolar Portfolio, which recently began operation and includes two Michigan solar projects, Bingham Solar and Temperance Solar, located in Clinton and Monroe counties, respectively. Combined, the projects produce 40 megawatts (MW) of clean solar energy. Together with its affiliated entities, National Grid Renewables owns and operates both solar projects, and each project has a Power Purchase Agreement (PPA) with Consumers Energy.
National Grid Renewables contracted with Michigan-based Engineering, Procurement, and Construction (EPC) contractor J. Ranck Electric, Inc. to construct the projects. During peak construction, MiSolar employed approximately 160 workers, 95% recruited from communities within 100 miles of each site. Additional MiSolar job and economic benefits resulted from utilizing Michigan-based subcontractors, including The Hydaker-Wheatlake Company, based in Reed City, Michigan.
Now operational, three full-time operations and maintenance staff work at the MiSolar project sites. During the first 20 years of operation, MiSolar is projected to further benefit the community by creating approximately $6 million in new tax revenue, based on current Michigan law. Throughout that same period, using the United States Environmental Protection Agency's (EPA) greenhouse gas equivalencies calculator, the combined projects are estimated to offset carbon dioxide emissions by over 50,000 metric tons annually.
About National Grid Renewables
National Grid Renewables, part of the competitive, unregulated National Grid Ventures division of National Grid, develops, owns, and operates large-scale renewable energy assets across the United States, including solar, wind, and battery storage. As a farmer-friendly and community-focused business, National Grid Renewables develops projects for corporations and utilities that seek to repower America's electricity grid by reigniting local economies and reinvesting in a sustainable, clean energy future.
National Grid Renewables has a robust development pipeline of wind, solar, and battery storage projects in various stages of development throughout the United States and geographically diverse operational assets across the country. It supports National Grid's vision of being at the heart of a clean, fair, and affordable energy future for all.
About Consumers Energy
Consumers Energy, Michigan's largest energy provider, is the principal subsidiary of CMS Energy, providing natural gas and electricity to 6.8 million of the state's 10 million residents in all 68 Lower Peninsula counties.
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.