CIT Leads $85 Million Financing for 80-Megawatt Pioneer Solar Project in Colorado

CIT Group Inc. | June 24, 2020

CIT Group Inc. today announced that its Power and Energy unit served as sole lead arranger on an $85 million financing for the 80-megawatt Pioneer Solar project near Denver, Colorado. The financing was arranged on behalf of project sponsor Idemitsu Renewables (formerly Solar Frontier Americas), a leading solar project developer that has successfully built and sold hundreds of megawatts of utility-scale solar power since 2015. The project will sell power to Intermountain Rural Electric Association (IREA), a nonprofit electric distribution cooperative based in Sedalia, Colorado.

Spotlight

The global solar market continues to grow at a brisk pace, with almost 100 GW of new systems deployed in 2017, according to GTM Research. Utility-scale ground-mount systems comprise by far the largest portion of the newly installed capacity, with single-axis trackers (SATs) chosen for the majority of those installations. The increasing popularity of trackers comes largely from their proven ability to harvest 15–25% more solar energy compared to fixed-mount systems.

Spotlight

The global solar market continues to grow at a brisk pace, with almost 100 GW of new systems deployed in 2017, according to GTM Research. Utility-scale ground-mount systems comprise by far the largest portion of the newly installed capacity, with single-axis trackers (SATs) chosen for the majority of those installations. The increasing popularity of trackers comes largely from their proven ability to harvest 15–25% more solar energy compared to fixed-mount systems.

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Siemens Energy and Intermountain Power Agency Drive Transition to Sustainable Energy Through Study of Hydrogen Energy Storage

Siemens Energy | March 02, 2021

Siemens Energy reported today that it has collaborated with Intermountain Power Agency to play out an applied plan study on incorporating a hydrogen energy stockpiling framework into a high level class consolidated cycle power plant. The venture has been granted a $200,000 award from the U.S. Branch of Energy, one of four subsidizing grants got by Siemens Energy in late 2020 to propel hydrogen applications in the U.S. power age area. The study is set to start in March at the 840-MW Intermountain Generating Station in Delta, Utah. The objective of this study is to break down the general proficiency and dependability of without co2 power supply including enormous scope creation and capacity of hydrogen. Furthermore, the study will break down parts of incorporating the framework into a current power plant and transmission network, like the association with subsystems, measuring and expenses. “The study will be designed around Siemens Energy’s Silyzer technology, which uses electrolysis to generate hydrogen. The scope of our research will include hydrogen compression, storage and intelligent plant controls,” said Tim Holt, executive board member at Siemens Energy. “This is an exciting opportunity to work with the Intermountain Power Agency on integrating the cost-efficient use of CO2-free hydrogen in a power plant on a large scale basis. The outcomes will benefit customers, advance the knowledge about using hydrogen in the US power sector, and ultimately put us one step closer to decarbonizing electricity production.” The Intermountain Generating Station is progressing from coal to gaseous petrol, with plans to coordinate 30% hydrogen fuel at fire up in 2025 and 100% hydrogen by 2045. The task is to give 840 MW of power to clients in Utah and Southern California. “By switching from coal to a mixture of natural gas and hydrogen we can reduce carbon emissions by more than 75%,” said Dan Eldredge, general manager of Intermountain Power Agency. “We are committed to being a leader in the transition to a clean energy future while taking advantage of the significant energy infrastructure already in place at the Intermountain Power Project. This study will help pave the way for the successful transition to net-zero carbon power generation.” About Siemens Energy Siemens Energy is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. More than 50 percent of the portfolio has already been decarbonized. A majority stake in the listed company Siemens Gamesa Renewable Energy (SGRE) makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy.

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Keystone XL commits to become first pipeline to be fully powered by renewable energy

TC Energy | January 18, 2021

Media Advisory - TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the company) today announced a new sustainable energy initiative for the Keystone XL Project. The company will achieve net zero emissions across the project operations when it is placed into service in 2023 and has committed the operations will be fully powered by renewable energy sources no later than 2030. This announcement comes after an extensive period of study and analysis, and as part of the company’s ongoing commitment to sustainability, thoughtfully finding innovative ways to reduce greenhouse gas (GHG) emissions, while providing communities with reliable energy needed today. “Since it was initially proposed more than 10 years ago, the Keystone XL project has evolved with the needs of North America, our communities and the environment,” said Richard Prior, President of Keystone XL. “We are confident that Keystone XL is not only the safest and most reliable method to transport oil to markets, but the initiatives announced today also ensures it will have the lowest environmental impact of an oil pipeline in terms of greenhouse gas emissions. Canada and the United States are among the most environmentally responsible countries in the world with some of the strictest standards for fossil fuel production.” Following the successful implementation of this initiative, TC Energy expects to be among the top 10 corporate renewable sponsors in North America. Additionally, this is expected to eliminate more than three million tonnes of CO2 equivalent emitted every year in GHG emissions – the equivalent of approximately 650,000 cars taken off the road. As part of this announcement, TC Energy is expected to spur an investment of over US$1.7 billion in communities along the Keystone XL footprint creating approximately 1.6 gigawatts of renewable electric capacity, and thousands of construction jobs in rural and Indigenous communities. As part of its continued commitment to working with union labor in the U.S. and Canada, Keystone XL has also signed a Memorandum of Understanding (MOU) with North America’s Building Trades Unions (NABTU) to work together on the construction of TC Energy owned or sourced renewable energy projects. “With our continued commitment to safety, creating family-sustaining, middle class jobs, NABTU is pleased to announce our agreement with TC Energy to ensure building trades labor constructs renewable energy projects along the entire Keystone XL route,” said NABTU President Sean McGarvey. “This will help to meet KXL’s commitment to achieving net zero emissions by 2023, create the power capacity required to operate the pipeline from renewable energy sources and create thousands of jobs between now and 2030 – jobs for the highly skilled women and men of the building trades.” By implementing this initiative, Keystone XL will eliminate the impact of GHG emissions from the project’s operations. Additionally, Keystone XL will allow responsibly produced Canadian oil to be safely transported into the United States from many producers who have set their own net zero emissions goals. Canadian Oil Sands producers have cut emissions intensity by 21 percent in recent years and they are expected to fall another 27 percent by 2030.

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Portugal’s Proposed 1GW Solar Energy System to Be Supported by Tesla Batteries

Tesla | March 17, 2021

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