EQT | July 06, 2021
EQT has agreed to buy US-based solar and storage company Cypress Creek Renewables with investment companies HPS Investment Partners and Temasek.
Cypress Creek, based in California, develops, finances, manages, and owns utility-scale and distributed solar and storage systems. The firm has 1.6GW of active assets and has monetised 11GW of projects since its launch in 2014. It has a presence in 25 US states.
The collaboration with EQT, located in Sweden, will help Cypress Creek increase its fleet of operational assets and scale its operations and maintenance business.
The developer will be purchased by the EQT Infrastructure V fund in the transaction, which is anticipated to conclude in the second half of 2021.
“Cypress Creek is essential to the development and infrastructure of renewable energy in North America. Its platform is well-positioned to profit from the tailwinds of rising and long-lasting demand for clean and responsible energy,” said Alex Darden, a partner on EQT Infrastructure's advisory team.
In conjunction with the transaction, Barclays served as financial advisor to EQT Infrastructure, while Simpson Thacher & Bartlett provided as legal counsel. Cypress Creek's financial advisor was Morgan Stanley & Co, and its legal counsel was Kirkland & Ellis.
Last year, Cypress Creek added almost 400MW of utility-scale and distributed solar to the grid, with facilities in Maryland, New York, North Carolina, South Carolina, and Texas, as well as the company's biggest installation to yet, the 162MW Wagyu solar project in Brazoria County, Texas.
The business concluded a US$200 million loan transaction for the holding company that controls its portfolio of operational solar energy projects in November.
The arrangement comes only weeks after EQT made a takeover offer for Solarpack, agreeing to purchase 51 percent of the Spanish solar developer's shares.
LG | February 12, 2021
LG Business Solutions USA today announced the release of two new solar panels with even higher output. According to LG, they are the company’s most powerful and highest-performing modules to date.
LG’s new 66-cell NeON R and NeON R Prime modules with Back Contact Technology are available to US homebuilders and homeowners this spring.
The LG NeON R 66-cell residential solar panel (left) has a power output up to 440W, while the LG NeON R Prime (above) comes in a 425W model. This puts both models at the maximum-range end of the spectrum of electricity output among solar panel manufacturers.
Both LG models have an efficiency of up to 22.1%. The average solar panel efficiency falls between 15-20%, so this is higher than what’s generally currently available on the market.
Solar panels usually produce between 250 and 400 watts of power, according to EnergySage, and of course other factors have to be taken into consideration in terms of efficiency, such as the size and quantity of the panels, the amount of sunlight they’re exposed to, how clean they are, and other environmental factors.
Both panels feature Back Contact Technology, which enables all interconnectors to be positioned on the cell’s underside to increase the potential for sunlight absorption and decrease vulnerability to environmental damage, such as micro-cracks that potentially increase energy loss. The electrodes have also been moved to the back.
Both panels come with a 25-year limited warranty that covers product, performance, and labor. They’re guaranteed to produce at least 92.5% of their labeled power output. LG makes its own solar panels in both South Korea and the US. The company opened a solar plant in Huntsville, Alabama in 2019.
Greenwood Sustainable Infrastructure | March 03, 2022
Greenwood Sustainable Infrastructure (GSI) announced it has taken a step towards providing more affordable, reliable, and clean access to energy for Americans. The North American solar energy investment and development subsidiary of the Libra Group announced that it has acquired a scalable portfolio of solar developments from AquaSan Network-subsidiary CMDAJ Holdings LLC (CMDAJ). This acquisition positions GSI to provide up to 233 megawatt (MW) in affordable, utility scale solar energy to new markets, including Minnesota, Colorado, Pennsylvania, South Carolina, and Wisconsin.
Initially, GSI will develop 40 MW of early-stage utility scale solar developments in Minnesota, with the option to build an additional 193 MW in Colorado, Pennsylvania, South Carolina, and Wisconsin, doubling its current footprint to 10 U.S. states. Following this transaction, Libra Group subsidiaries, including GSI, will be close to reaching the one-gigawatt development mark, proving 950 MW in solar, wind and waste-to-energy with over 220 projects owned, currently under development, or previously developed in six countries.
These developments will provide power to a combination of regulated utilities, investor-owned utilities and U.S. businesses allowing them to purchase solar energy to meet clean energy goals and lock in reduced electricity costs. The portfolio will increase access to reliable, clean energy and promote local job creation and the provision of clean, reliable and renewable water.
We were proud to partner with CMDAJ, a team of experienced renewable energy and water project developers in Denver Colorado, to complete this deal which will increase access to reliable, clean energy and promote local job creation. The company and this transaction represent a key part of the Libra Group's commitment to renewable energy in the Americas and around the world."
Camilo Patrignani, Libra Group EVP of Energy
The U.S. renewable energy market is a multibillion-dollar sector. A global focus on clean power, where many U.S. developers lead the field, has given rise to new solutions with improved technology offering greater efficiencies year upon year. The assets from this deal will be co-owned and co-developed by the GSI and CMDAJ partnership. Once the projects are ready to build, GSI plans to construct and operate the power plants.
"This is a very exciting announcement that will cement GSI's growth plans hand in hand with CMDAJ, and continue to support and advance the nation's transition to a reliable, clean energy future," said Mazen Turk, GSI CEO. "Since the start of operations in 2010, GSI has developed and built over 32 renewable energy assets and this acquisition furthers our exposure to the utility scale energy segment."
"CMDAJ's team has developed over 2 gigawatts of thermal, solar, biomass and wind projects over the last 20 years and this partnership will enable us to expand our development portfolio and vertically integrate our efforts in renewable energy and water" said Carmine Iadarola, CEO of CMDAJ and AquaSan Network, Inc.
About Greenwood Sustainable Infrastructure and Libra Group
Greenwood Sustainable Infrastructure is one of the clean energy subsidiaries of the Libra Group, a privately-owned international business group spanning 35 countries across six continents and active in renewable energy, aviation, hospitality, real estate and shipping as well as selected diversified investments.
GSI is focused investment, development, and operation of both distributed generation and utility-scale solar energy projects in North America. As of January 2022, the company developed approximately 200 MW in 32 renewable energy projects, many of which are still owned or operated by GSI. Recent partners include DTE Energy, Delmarva Power, and Duke Energy.
Its sister company, Greenwood Energy Latinoamérica, is currently developing or managing close to 100 MW of on-site solar energy systems for public and private sector organizations wishing to offset their energy costs in Latin America, including the first utility-scale project in Panama. The Libra Group also owns Convergen Latvia, operating three biogas plants in Latvia and EuroEnergy, which operates solar and wind farms across Europe.
About CMDAJ and AquaSan
AquaSan was formed in 1983 by its current CEO Carmine Iadarola to provide administrative and technical services for the water infrastructure business. Over time, Aquasan got involved in the development of renewable energy projects as well and since then had developed 1,100 MWs of natural gas power, 1,000 MWs of wind, and 500 MWs of solar. AquaSan is a family owned business that employs 5 people and has rendered services to companies like Nextera, GCL, Xcel, Dominion, Pine Gate, Candela, Google, Kiewit and others.