ENERGY
businesswire | April 12, 2023
FirstLight Power, a leading clean power producer, developer, and energy storage company, today announced the company completed the planned integration of H2O Power, the third largest provider of hydroelectric power in Ontario. As the majority owner of over 150 Megawatts (MW) of generating capacity with an annual energy production of nearly 900,000 Megawatt hours (MWh), the addition of H2O Power brings the combined FirstLight portfolio to over 1,650 MW of operating capacity, with a development pipeline of over 2,000 MW. The integration represents FirstLight’s first venture into the Canadian market and scales FirstLight Power to one of the largest energy storage and clean energy generation platforms in North America.
“We are proud to expand our operations into Canada and welcome the 43 talented members of the H2O Power team to our growing company,” said Alicia Barton, President and CEO of FirstLight. “2022 was a transformative year for FirstLight, and we anticipate that 2023 will be no different as we kick the year off with this exciting integration and renewed momentum to support our mission to build and optimize diversified, reliable, and cost-competitive clean energy assets to decarbonize electrical grids across North America.”
The H2O Power portfolio is comprised of eight hydroelectric facilities, three control dams, and 140 km of transmission lines that operate to deliver clean, reliable, and flexible power to Ontario, making it the province’s third largest hydropower provider. Over the last ten years, H2O Power has completed significant upgrades to its fleet of hydroelectric facilities. The more than $100 million upgrade program consisted of turbine refurbishments, runner replacements, generator rewinds, and transformer replacements. The addition of the H2O Power portfolio follows FirstLight Power’s integration of two hydroelectric facilities in Western Pennsylvania last year from H2O Power, which represented an additional 31.5 MW of baseload capacity.
“We are pleased to join forces with FirstLight Power to become one of the leading clean energy operators in North America,” said Marc Mantha, who has been appointed Vice President & General Manager, Canadian Operations. “We have made significant investments to upgrade our fleet to enhance operations and increase capacity, bolstering our ability to provide more clean and flexible power to the region and the people of Ontario. Our talented workforce has vast experience operating renewable assets, which will be a tremendous benefit as FirstLight continues its expansion efforts across North America.”
FirstLight believes that the H2O Power assets are ideally positioned to help the province of Ontario meet its growing clean energy needs in the decades ahead. By providing high-capacity factor hydroelectric power, along with considerable storage capabilities in the associated river systems, the company anticipates that the assets will assist Ontario in integrating significant planned new additions of wind and solar capacity.
Substantial new intermittent renewable generation is being planned to meet Ontario’s goal of decarbonizing the electric sector by 2050, as outlined in the recent Pathways to Decarbonization report issued by the Ontario Independent Electricity System Operator (IESO). Further, Ontario Power Generation’s recently released Northern Hydro Report identified that 3,000 – 4,000 MW of new hydro development opportunities are available and can make a significantly increased contribution to meeting the province’s emergent electricity needs and help achieve decarbonization objectives. Following the completion of this integration, FirstLight will be exploring potential expansions or upgrades of these facilities as well as considering new hydro development projects to meet the forecasted increased clean electricity needs outlined in the Pathways to Decarbonization report.
“Combining FirstLight Power with H2O Power brings together two industry leading teams that have a track record of operational excellence and advancing clean technologies and solutions,” said Stephan Rupert, Managing Director and Head of Americas, Infrastructure Investments at PSP Investments. “This integration represents an important development for the North American clean energy sector, and it comes at an important time in the global response to climate change. It is also particularly exciting for our team at PSP as it advances our climate strategy and our intention to be a leading investor in assets that enable economy-wide decarbonization.”
The integration of H2O Power follows a number of strategic partnerships that have solidified FirstLight as a leading owner, operator, and developer of critical energy storage and renewable energy assets. Last year, FirstLight was part of a successful investment consortium that secured a lease in the recent NY Bight Offshore Wind auction. The company also completed the acquisitions of two hydroelectric facilities in Western Pennsylvania that expanded the company’s footprint into the PJM and New York electricity market. In addition, FirstLight announced a new partnership in Connecticut to advance new hybrid renewable energy projects at the company’s existing Connecticut properties. FirstLight also announced a strategic partnership with New Leaf Energy (formerly Borrego) to develop new solar and storage generation at FirstLight’s existing hydropower facilities in Massachusetts and Connecticut. These collaborations will advance the company’s mission to help accelerate the Northeast’s path to a fully decarbonized electric grid.
About FirstLight Power
FirstLight Poweris a leading clean power producer, developer, and energy storage company serving North America. With a diversified portfolio that includes over 1,650 MW of operating renewable energy and energy storage technologies and a development pipeline with 2,000+ MW of solar, battery, and offshore wind projects, FirstLight specializes in hybrid solutions that pair hydroelectric, pumped-hydro storage, utility-scale solar, large-scale battery, and offshore wind assets. The company’s mission is to accelerate the decarbonization of the electric grid by supporting the development, operation, and integration of renewable energy and storage to meet the world’s growing clean energy needs and deliver an electric system that is clean, reliable, affordable, and equitable. Based in Burlington, MA, with operating offices in Northfield, MA, and New Milford, CT, FirstLight is a steward of more than 14,000 acres and hundreds of miles of shoreline along some of the most beautiful rivers and lakes in North America. FirstLight is wholly owned by PSP Investments since 2016.
Read More
INDUSTRY UPDATES
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.”
About Heliogen
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.
Read More
ENERGY
businesswire | April 06, 2023
Nextracker, one of the world's leading providers of intelligent solar tracker and software solutions, today announced the signing of an agreement with Sterling and Wilson Renewable Energy Limited, one of the leading RE EPC and O&M solutions provider in the world, to deliver its award-winning solar trackers to NTPC Renewable Energy Limited's 1.255GW Solar PV Project in Khavda RE Park, Gujarat. Sterling and Wilson Renewable Energy Limited is implementing this 1.568 GWp Solar PV project in NTPC REL’s Khavda RE Park, Gujarat, using Nextracker's optimized bifacial solar tracker for additional energy gain.
Commenting on the partnership, Mr. Amit Jain, Global CEO of Sterling and Wilson Renewable Energy Group said, “Nextracker has been a great partner for us in India and in the global markets we serve, and we are glad to associate with them for this project. Together, we aim to deliver a landmark project and contribute to India’s renewable energy targets.” “At Sterling and Wilson Renewable Energy, we always aim to deliver spectacular, high-quality, cost-efficient and timely solar energy solutions, and achieve utmost customer satisfaction”, he added.
Due to improved tracker design efficiencies, there is an upward trend for the adoption of solar trackers combined with bifacial module technology in India. In addition to supplying solar tracker technology, components will be made with locally made steel from factories in Gujarat. The project is slated to be operational by first half of 2024.
“We are incredibly proud to be partnering with long-time customer, Sterling and Wilson Renewable Energy Limited for NTPC REL’s 1,568 MWdc solar PV project at Khavda RE Power Park, Gujarat,” said Nextracker founder and CEO, Dan Shugar. “The Khavda project is a phenomenal venture to be a part of where we can support Make in India with 75% of our system components manufactured in the country and it supports India’s target to reach 500 GW of renewable energy by 2030.”
With five gigawatts of manufacturing capacity in India annually, the company is successfully operating twenty-five projects successfully across India to further support the nation’s decarbonisation goals and contribute to critical programs like National Solar Energy Mission and global initiatives like One Sun, One World, One Grid.
The Khavda project expands Nextracker’s gigawatt portfolio in India. The company’s second largest office is in Hyderabad with over two hundred dedicated employees collaborating with customers across the continent and the Middle East with deep expertise to support the life cycle of every project.
About Nextracker
Nextracker is one of the leading providers of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar projects around the world. Our products enable solar panels in utility-scale power plants to follow the sun’s movement across the sky and optimize plant performance. With over seventy gigawatts shipped worldwide, Nextracker leads the solar industry with solar tracker technologies that optimize and increase energy production while reducing costs for significant plant ROI.
Read More