Canadian Solar Inc. | March 16, 2023
Canadian Solar Inc., a solar technology and renewable energy company, has recently announced that its three solar power projects in Japan, particularly in Gunma Takasaki, Oita Kitsuki, and Yamaguchi Hofu, have reached their commercial operation in early 2023, totaling about 42 MWp.
Canadian Solar's bifacial BiHiKu modules powered these projects. The grid operators from the respective areas purchased the energy generated from the projects through Japan's feed-in-tariff program. This purchase would continue for about 19 years at the rates of JPY32 (US$0.24), JPY14.49 (US$0.11), and JPY14.25 (US$0.10) per kWh in approximation. The projects would produce about 53,000 MWh of renewable energy. This energy will power over 15,000 households and avoid approximately 24,000 tons of carbon emissions per year. It is delivering more clean, safe and affordable solar energy to the world. Of the total project pipeline, 2.9 GWp of projects are in late-stage development and have secured energy offtake agreements. In addition, it has a geographically diversified utility-scale solar power project pipeline of around 10 GWp.
Chairman and CEO of Canadian Solar Inc., Dr. Shawn Qu said, "We are delighted to be part of the green transformation that Japan is going through with these additions to our portfolio. Our teams worked closely with the local communities and governments to bring these projects to fruition. Working closely with the local community to cultivate a sustainable long-term relationship is one of our ESG sustainable development goals. Canadian Solar's Sustainability Report provides a detailed discussion on our ESG goals, targets and approaches."
(Source – Cision PR Newswire)
About Canadian Solar Inc.
Headquartered in Guelph, Ontario, Canadian Solar Inc., a renewable energy semiconductor manufacturing company, offers solutions for solar projects, solar panels, PV applications, bankability, solar modules, solar farms, renewable energy, and sustainability. It has been working as a global energy and solar energy solutions provider and solar PV modules manufacturer since 2001. It has conducted successful business subsidiaries in different countries and delivered about 55 GW of solar modules worldwide. It runs solar power projects and plants with the commercial operation, with a resale value of approximately US$1.2 billion. It was listed as Bloomberg New Energy Finance's Tier 1 Module Manufacturer in bankability for Q4 2018. GTM Research named it the Top 3 Global Utility-scale Solar PV Project Developer for 2017.
businesswire | April 25, 2023
Heliogen, Inc. a leading provider of AI-enabled concentrating solar energy technology, announced that its Board of Directors (the “Board”) rejected the unsolicited, non-binding proposal it received on April 13th from Continuum Renewables, Inc. (“CRI”) to acquire all of the outstanding shares of common stock of Heliogen for cash consideration of $0.40 per share.
After careful consideration and consultation with legal and financial advisors, the Board concluded that the non-binding proposal substantially undervalues Heliogen. In fact, the proposal would result in an implied equity value for Heliogen common stockholders that is materially below Heliogen’s available liquidity. Additionally, the Board concluded that the proposal is subject to material contingencies, including CRI obtaining financing. Accordingly, the Board determined the proposal was not in the best interests of Heliogen and all of its stockholders.
“The Board remains fully committed to Heliogen’s management team and its strategic priorities of increasing sales, installing commercial projects and improving the Company’s financial position,” said Julie Kane, Chair of the Board. “We strongly believe that our new leadership’s execution of this dynamic plan is the best way to drive sustainable long-term value creation for all stockholders and is a superior path compared to CRI’s opportunistic proposal.”
Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost.
prnewswire | April 21, 2023
Braya Renewable Fuels ("Braya"), a Newfoundland and Labrador, Canada-based producer of low-emission renewable fuels, today announced a USD $300 million preferred equity investment from Energy Capital Partners ("ECP"), a leading energy transition focused investor in the electricity, clean energy, renewable and sustainable infrastructure sectors.
The investment from ECP completes the financing for the conversion of Braya's Come-By-Chance refinery to renewable fuel operations, which processes and refines renewable feedstocks for renewable fuel production, and builds on Braya's recent agreement with ABO Wind for the joint development of green hydrogen production at the facility. The proposed multi-phased ABO Wind project will provide hydrogen for Braya's needs as well as green ammonia for global export.
Combined, these fuels – renewable diesel, sustainable aviation fuel, hydrogen, and ammonia – will provide alternatives to fossil fuels and reduce the emissions associated with hard-to-abate sectors such as heavy transport, aviation and heavy industry.
Once operational, the project will initially supply 18,000 barrels per day of low carbon renewable fuel with expansion plans to increase capacity and enhance production of sustainable aviation fuel.
ECP joins Braya's current owners, Cresta Fund Management ("Cresta") and North Atlantic Refining Corp. ("NARC"), which is managed by Silverpeak. Dallas-based Cresta has been Braya's majority owner and controlling investor since 2021. NARC/Silverpeak, in addition to owning a minority stake in Braya, also owns and controls NARL Marketing, ensuring the continued supply of fuel to Newfoundland and Labrador as well as surrounding areas.
"We are excited to join forces with ECP to drive innovation, scale production, and create long-term value for our investors and stakeholders," said Frank Almaraz, CEO of Braya. "This investment is a testament to the Braya team – in particular those on-the-ground in Newfoundland and Labrador – who have been working over the last 18 months to convert the Braya refinery to renewable fuel operations. This is an exciting time for Braya as it moves closer to completing the first phase of its multi-stage growth plans and commencing the production and sale of renewable fuel later this year."
"We welcome ECP, a seasoned investor in the energy transition sector, to the Braya team," said Cresta's Managing Partner, Chris Rozzell. "This investment is a major step in positioning Braya to become one of the largest independently owned renewable fuel producers in the world."
"We are pleased to partner with Braya and its existing owners and expand our exposure to renewable fuel infrastructure," said Rahman D'Argenio, a partner at ECP and a member of its Investment Committee. "Our investment in Braya is not only a reflection of our commitment to funding infrastructure crucial to the energy transition, but also of our conviction in the Company's strong management team, unique location and experienced operations staff. We look forward to supporting Braya as they capitalize on the significant long-term growth opportunities in the renewable fuels sector that will be required to decarbonize heavy transport, industry and aviation."
Lazard acted as Braya's financial advisor in the transaction, and Kirkland & Ellis LLP, Norton Rose Fulbright Canada LLP, McInnes Cooper and Sidley Austin LLP represented Braya. Latham & Watkins and Blake, Cassels & Graydon LLP represented ECP.
About Braya Renewable Fuels LP
Headquartered in Come By Chance, Newfoundland and Labrador, Canada, Braya Renewable Fuels LP, a refinery, aspires to become one of the largest renewable diesel and sustainable aviation fuel production facilities in the world. Its refinery is in the conversion project process. It employs employees from different countries, backgrounds and cultures for global business. Previously, it was known as North Atlantic Refinery (NARL). It was named 'Braya' after the two endangered artic-alpine flowering plant species, Long's Braya and Fernald's Braya, mostly found in the Great Northern Peninsula of Newfoundland. These unique species adapt to the extreme climate conditions, and natural processes need to survive in the coastal limestone barrens of the Strait of Belle Isle.