Power Plants

On January 1, 2011, Oregon’s Department of Energy put new rules into effect, which have allowed for SolarCity to offer its first residential solar lease in the State. As of the first of this year, Oregon residents who lease their solar systems are able to receive the residential tax credit (RETC), which was previously only offered to customers who had purchased their system. Since the credits cannot be passed onto SolarCity, the company will allow its customers to postpone the remaining system cost that is not covered by the lease payments until the customer receives their RETC.

Led by Austin Venture, Lincoln Renewable Energy (LRE) has closed its most recent round of private funding at US$14 million. Aside from Austin Ventures, contributors also included private investors and LRE management and founding investors. Furthermore, Ken DeAngelis, general partner, and Clark Jernigan, venture partner, and both part of Austin Ventures, will become members of LRE’s board.

Colexon Energy closed out 2010 with the sale of three of its solar power plants to an undisclosed Irish investment company. The €11.5-million sale marks the largest order volume of Colexon in the Italian market to date. The three plants: Leo at 998kWp, Corvo at 997kWp and Valle at 997kWp were developed and constructed as turnkey projects by Colexon Italia, a subsidiary of Colexon Energy.

Zigor has agreed to work with Guascor Solar and supply inverters and cabinets for two of Guascor Solar’s Italian PV plants. The total power for the two fixed structures will stand at 10.5MW with Zigor delivering its Sunzet 125MV inverter, grouped in a 500kW configuration.

Plutonic Power and GE Energy Financial Services have agreed to buy three of First Solar’s power plants in Ontario, Canada. Permitting for the projects, which have a combined capacity of 50MW, is expected to take place this spring and construction scheduled to start in June.

TerniEnergia has completed the construction of 31 industrial sized photovoltaic plants, together totalling 33.3MWp. A sum of 4.4MWp was developed for Joint Venture’s power generation business, with the remaining built on behalf of third parties. The new plants are located in Sardegna, Umbria, Lazio, Puglia, Piemonte, Abruzzo, Veneto, Toscana e Campania regions.

Ceradyne has completed its acquisition of VIOX, a specialty glass company based in Seattle, Washington. Over the past few years VIOX has seen around 70% of its sales come from solar glass products, which have been specifically formulated for polycrystalline silicon solar PV applications. Ceradyne bought VIOX with a US$27 million cash payment at closing, which also includes a post-closing adjustment in two months. Additionally, conditional payment of up to US$22 million may be paid if VIOX reaches certain sales diversification and earnings targets over a 30-month period after the closing.

LDK Solar, along with its polysilicon manufacturing subsidiary, has signed a definitive agreement with China Development Bank Capital Corporation, Excel Rise Holdings, Prosper East and an investment fund associated with another Chinese bank, where the investors will all subscribe to a collective US$240 million in series A redeemable convertible preferred shares of LDK Silicon & Chemical Technology. The wholly owned subsidiary of LDK Solar, contained in the Cayman Islands, will hold and operate LDK Solar’s polysilicon division once all PRC government approvals for foreign investments have been completed.

NuGen Capital Management and KDC Solar have come together for the formation of a joint venture, which will aim to develop, construct, own and operate commercial-scale behind-the-meter PV solar installations in New Jersey. The projects will range in size from 1MW to 10MW, with the first project being installed on White Rose Food’s distribution warehouse in Carteret, New Jersey.

Xtreme Power and Xcel Energy will cooperatively install a 1MW solar system at the Solar Technology Acceleration Center (SolarTAC) in order to gather operational data for energy storage combined with solar energy systems. Xtreme’s utility-scale energy storage Dynamic Power Resources (DPR) system will be used on the project to conduct various energy storage and grid asset functions, which include output smoothing, time shifting and forecast error mitigation.