CIT Power and Energy Business Leads $118.5 Million Financing for North Carolina's Harts Mill Solar Project

CIT Group Inc. | July 08, 2020

CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as lead arranger on a $118.5 million financing for the utility-scale Harts Mill Solar project in Edgecombe County, North Carolina. The project is owned by Kayne Anderson Capital Advisors L.P., a leading alternative investment manager, and marks their first solar investment supplying the PJM Interconnection grid. Kayne has partnered with Birch Creek Development and Pine Gate Renewables, a successful utility-scale solar developer based in Asheville, North Carolina. Pine Gate EPC will also be constructing the 112-megawatt facility. In leading this financing, CIT extends its track record as one of the top renewable energy lenders nationwide, according to market research firm Inframation, an Acuris company.

Spotlight

South Korea is equipped with a completed manufacturing chain of solar photovoltaics, from silicon wafer production to the installation of PV systems, which also shows Korean competitive power. Therefore, South Korea is available for a developed solar market. In addition, South Korea stopped its Feed-in-Tariff (FiT) scheme of solar energy in 2011 nationwide, while the Renewable Portfolio Standard (RPS) scheme has acted as the main impetus in the development of PV around the country from then on. Combined with other subsidy programs and regional policies, the national renewables projects, especially solar ones, are excited, and relevant regulations and implements are more and more improved. In this report, it is aimed to provide an overview of South Korean solar situation, as well as its energy background, solar manufacturing chain, solar projects and Korean particular policies on renewables and solar. At the end, a future insight of floating PV is introduced since South Korea is developing its status in this very field.

Spotlight

South Korea is equipped with a completed manufacturing chain of solar photovoltaics, from silicon wafer production to the installation of PV systems, which also shows Korean competitive power. Therefore, South Korea is available for a developed solar market. In addition, South Korea stopped its Feed-in-Tariff (FiT) scheme of solar energy in 2011 nationwide, while the Renewable Portfolio Standard (RPS) scheme has acted as the main impetus in the development of PV around the country from then on. Combined with other subsidy programs and regional policies, the national renewables projects, especially solar ones, are excited, and relevant regulations and implements are more and more improved. In this report, it is aimed to provide an overview of South Korean solar situation, as well as its energy background, solar manufacturing chain, solar projects and Korean particular policies on renewables and solar. At the end, a future insight of floating PV is introduced since South Korea is developing its status in this very field.

Related News

ENERGY

Breakthrough Energy Ventures, National Grid Partners and NextEra Energy Invest in TS Conductor to Meet Demand for Greener Electricity

TS Conductor Corp. | November 16, 2021

TS Conductor Corp., a pioneer in high-efficiency conductors for electricity grids, announced that Breakthrough Energy Ventures, National Grid Partners and a subsidiary of NextEra Energy have joined Talkot and Hervé Touati in its oversubscribed Series a financing, for a total $25 million in funding. The new capital will be used to build the company’s first state of the art manufacturing plant in the United States. “We are thrilled to have Breakthrough Energy Ventures, National Grid Partners and a subsidiary of NextEra Energy investing in TS Conductor. Our mission is to make electricity networks greener. TS achieves that through a combination of energy efficiency and faster and cheaper renewable integration.” Dr. Jason Huang, CEO at TS Conductor Corp While the electricity generation segment of the energy industry has progressed to cleaner and more efficient solutions, the overhead conductor technology used by transmission and distribution grid operators has not materially changed since the emergence of Aluminum Core Steel Reinforced (ACSR) cables in 1908. ACSR still today represents over 95 percent of the utility cables deployed across the world. According to Market Study Report, LLC, the global wires and cables market was estimated to represent $183 billion of sales in 2020, with an annual compounded growth rate anticipated to exceed 4 percent until 2028. Global investment in the power sector reached $780 billion in 2020 and was largely dominated by renewable power (48 percent) and electricity networks (32 percent) investments, according to the International Energy Agency (IEA). While considerable, the IEA notes that current levels of renewable energy and energy efficiency investments still fall short of what is needed to maintain global temperatures well below a 2 ºC rise. The UN climate targets create the need for new cable technologies that can reduce electricity network losses and accelerate the connection of wind and solar farms, which is one of the major bottlenecks of renewable energy expansion. Network losses amount to approximately 2000 TWh annually, or 6.7 times the electricity consumption of the U.K. “Transmission is fundamentally important to our climate mission, yet it has seen limited innovation over the years. It is rare to find a transmission technology like TS Conductor with as much potential in terms of deployability, cost and efficiency,” said Carmichael Roberts, Breakthrough Energy Ventures. “TS Conductor will be a major enabler of increasing electricity demand and increasing penetration of renewables in a critical time. We are delighted to lead this round with a stand-out team and an outstanding technology.” “National Grid has committed to reducing our greenhouse gas emissions 90 percent by 2040 and to net zero by 2050, and to accelerating the incorporation of wind, solar and battery storage in our grids in the UK and North America,” said Lisa Lambert, Chief Technology and Innovation Officer of National Grid and the President and Founder of National Grid Partners. “There are few solutions enabling grid operators to reduce their electricity consumption, and TS Conductor is the most impressive solution I have encountered so far to decarbonize electricity grids. Their product, when combined with a top-notch management team, positions TS Conductor to be a leader in the market.” TS Conductor was founded in 2018 by Rulong Chen, James Huang and Jason Huang, based on James Huang’s patented conductor design. This new class of conductors is based on a unique combination of carbon composite and aluminum encapsulation of the composite core. The conductors can be installed with the same tools and operating procedures as ACSR cables. And they are compatible with industry standard field practice and can be used for: Line reconductoring, allowing for the doubling of capacity of an existing line without having to change or retrofit any structures. Energy efficiency upgrades, reducing technical line losses by half without having to change or retrofit any structures. Insulation upgrades of distribution networks, reducing forest fire risks without having to change the poles or towers. Building new lines with lower structure costs and/or better characteristics (in capacity, efficiency, insulation). TS Conductor is also part of the first cohort of Third Derivative. Founded by Rocky Mountain Institute and New Energy Nexus, Third Derivative is a global climate technology startup accelerator with the mission of building an inclusive ecosystem that rapidly finds, funds and scales climate tech innovation. About TS Conductor TS Conductor products allow transmission & distribution grid operators to be active participants to the energy transition – by reducing line losses and accelerating the integration of wind, solar and battery storage - while leveraging existing infrastructure assets. Our products can be used to substitute ACSR conductors using the same tools and installation procedures. TS Conductor is a Minority Business Enterprise (MBE), and a public benefit company focused on sustainable development and GHG reduction. About Breakthrough Energy Ventures Backed by many of the world’s top business leaders, Breakthrough Energy Ventures (BEV) invests in cutting-edge companies that will lead the world to net-zero emissions. BEV has more than $2 billion in committed capital to support bold entrepreneurs building companies that can significantly reduce emissions from agriculture, buildings, electricity, manufacturing, and transportation. BEV’s strategy links government-funded research and patient, risk-tolerant capital to bring transformative clean energy innovations to market as quickly as possible. The first fund was created in 2016 as part of the Breakthrough Energy network of initiatives and entities, which include investment funds, non-profit and philanthropic programs, and policy efforts linked by a shared commitment to scale the technologies needed to address climate change and achieve a path to net zero emissions by 2050. About National Grid Partners National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc., one of the largest investor-owned energy companies in the world. NGP invests for strategic and financial impact and leads companywide disruptive innovation efforts. The organization provides a multi-functional approach to building startups, including innovation (new business creation), incubation, corporate venture capital, business development and venture acceleration. NGP is headquartered in Silicon Valley and has offices in Boston, London, and New York.

Read More

MARKET RESEARCH

HONOR Announced Latest Updates to Its Environmental Credentials

HONOR | June 10, 2022

HONOR, a worldwide technology brand, today revealed the most recent upgrades to its environmental credentials in honor of World Environment Day. HONOR incorporates green techniques in the whole life cycle of products and its daily operations to actively encourage sustainable development for a greener future, from manufacture and packaging to trash management. A new HONOR Magic Moments Monthly Challenge with the topic "Earth View in the Mirror" recently launched on Instagram, Facebook, and the HONOR Global Club, with the goal of raising more awareness about the environment and sustainability. The goal of the challenge is to get people to admire and photograph gorgeous landscapes all over the world. HONOR's official website has also been revamped to include a new environmental page. "At HONOR, we are committed to minimizing the environmental impact of our products, With sustainability and circular economy as part of our product design philosophy, we strive to enhance the eco-friendliness of our products by evaluating their carbon footprint throughout the full life cycle, at the same time reducing the consumption of resources and energy." -George Zhao, CEO of HONOR Device Co., Ltd. HONOR maintains a more stricter set of internal environmental standards in addition to meeting international criteria in order to actively participate in the elimination of potentially dangerous elements from its smartphones, tablets, and other devices. HONOR aspires to lower its ecological footprint through energy conservation and emission reduction during its manufacturing and operations, with a particular emphasis on environmental protection. HONOR improves facility management to cut energy usage in daily operations while researching the use of clean energy to reduce carbon dioxide emissions in its industrial park. This is done by keeping energy records and monitoring and analyzing pertinent data. HONOR will continue to focus its environmental, social, and governance activities on green initiatives, adopting sustainability practices with industry partners. With innovation and technology, HONOR seeks to create a new intelligent environment for everyone while accomplishing the company's long-term growth.

Read More

SOLAR+STORAGE

LGCY Power Launches Rooftop Solar Installation Division

LGCY Power | August 16, 2021

LGCY Power (pronounced Legacy Power) today it has launched its first rooftop solar install office in Hurst, Texas, adding an additional business division to the rapidly growing national solar company. LGCY has been involved in more than 40,000 residential solar builds prior to entering the Lonestar State. The Silicon Slopes, Utah-based residential solar provider already has a presence in Texas and will bring more than 30 clean energy jobs to the Hurst location with additional cities and more Texas jobs to be added in the future. "LGCY Power is pleased to be adding clean energy jobs to Texas, and even though we are based in Utah, we picked Texas first to give its citizens the electricity options they need after the power outages this past winter," said Doug Robinson, CEO of LGCY Power. "LGCY was founded to help people become the best versions of themselves, and we believe that includes living in communities that have options for reliable, clean and sustainable energy. We will be expanding throughout Texas and other states in the near future." The Utah-based company was started in 2014 by Doug Robinson & Luke Toone as a customer acquisition company for residential solar, and worked exclusively in that capacity for six years. LGCY has since grown to a presence in 30 states, and selected Texas to launch the installation division. These are often referred to as an EPC, or an engineering, procurement and construction company for solar. "The demand for capable and efficient rooftop solar installation companies continues to grow, and LGCY brings the experience of more than 40,000 residential solar system builds to Texas," said Alex Mortensen, President of LGCY Power and head of the team behind the solar installation division. "The U.S. faces greater demand than ever on its electric grid as evidenced by the many power outages across the nation recently, and solar power not only helps alleviate that demand, but also shows immense promise for sustainability." LGCY also recently added a veteran team to its staff to lead the expansion of its installation arm from its Utah headquarters, including Chris Iglesias as Vice President of Operations; Adam Bohe, Vice President of Supply Chain & Asset Management; and Brett Martin as Director of Field Operations. LGCY has acquired more than 16,000 square feet of office and warehouse space for the expansion at 1516 Central Park Dr., Hurst, TX 76053. ABOUT LGCY POWER LGCY Power is one of the largest privately held solar companies in the United States and has been named to the Inc. 5000, an Emerging Eight company, A Best Place to Work by Glassdoor.com, and is focused on providing an extraordinary solar experience for customers in the United States. By offering a cleaner, cheaper alternative to traditional electricity, LGCY assists residential homeowners by providing solar power at little to no upfront cost. LGCY's focus on technology innovation has spurred its growth.

Read More