US ROUND-UP: CleanCapital in refinancing, Pennsylvania’s potential, Nautilus in NYC

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
One of the largest  C&I solar portfolios in the US, Tahoe was acquired from ATN International, Inc. subsidiary Ahana Renewables. Image: Kimco Realty / Flickr

Santander, CIT refinance CleanCapital's US 46.9MW solar portfolio

June 17: CleanCapital has closed on a refinancing of its largest solar portfolio, the 46.9MW Tahoe. One of the largest  C&I solar portfolios in the US, Tahoe was acquired from ATN International, Inc. subsidiary Ahana Renewables.

Lenders for the US$85.7 million financing that matures in 2026 are Santander Bank and CIT Bank.

Matt Eastwick, CleanCapital chief investment officer, said: “As we continue to build up our assets under management and optimise the value of those portfolios, partnering with the top banks in the market gives us best-in-class execution. We’re pleased to work with CIT and Santander Bank on this refinancing, which enhances investor returns on our largest and most diverse solar portfolio.”

Study: A 10% solar share would save Pennsylvania US$619 million annually

June 17: A new report commissioned by Community Energy noted that transitioning 10% of Pennsylvania’s electric generation to PV would cut the state’s wholesale electric costs by US$619 million on an annual basis.

The report adds that it would cost less than half of that US$619 million to make the transition while also lowering wholesale electric prices across the multi-state utility power grid, PJM Interconnection, by US$3 billion annually.

The study was conducted by the independent power analytics firm PowerGEM, which analysed the reliability and market impact of a potential future in which  7,500MW of solar generation is deployed in Pennsylvania, enough to supply about 10% of the in-state electric load.

Brent Alderfer, CEO at Community Energy, said: “We know that solar delivers ‘peak shaving’ and new jobs at multiples of the rates in other sectors. The news is the rapid drop in the investment cost to get there. This study confirms the winning economics of solar at scale, and we are excited to be a part of bringing the fastest growing energy sector in the world to Pennsylvania.”

Data from the National Renewable Energy Laboratory (NREL) states that a 10% share of PV in Pennsylvania’s energy mix would bring US$10 billion in new private investment in the state and create more than 65,000 jobs for electricians, surveyors, design and civil engineers, real estate agents, and geotechnical analysts, along with the full range of construction, operation and maintenance jobs.

Nautilus switches on first community PV park in New York

17 June: Nautilus Solar Energy has completed its first of three community solar projects that will serve both Orange and Rockland's utility service territory in New York state.

This first community PV installation, located in the hamlet of Westtown in Orange County, has an installed generation capacity of 2.83MW. Located over six hectares of land, the site will  provide energy cost savings to 300 homes, while bringing New York's renewable energy goals closer.

Nautilus will be responsible for the project management, long-term asset management and maintenance services for the projects. The company's other solar projects in the towns of Greenville and Chester are scheduled to become operational by Q3 2019.

The Westtown project received over US$1 million from the New York State Energy Research and Development Authority (NYSERDA) through NY-Sun, Governor Andrew M. Cuomo's $1 billion NY-Sun initiative designed to ramp up the PV sector within the state.

Read Next

February 15, 2021
US utility Duke Energy should refile its 2020 integrated resource plan (IRP) to effectively allow for the diversity benefits of solar and storage to be captured, it has been argued by energy consulting firm E3.
February 5, 2021
US wholesale energy provider Southern Power is adding battery energy storage to two solar sites in California.
February 5, 2021
Global energy major Total has continued its flurry of utility-scale solar acquisitions, picking up a 2.2GW pipeline of assets in Texas.
February 4, 2021
US renewables developer Borrego has been awarded a contract to develop a 110MWac utility-scale solar project in New York state.
February 4, 2021
A round-up of the latest news from the US solar market, as Shoals Technologies’ upsized IPO raises north of US$2 billion and Sunnova claims an industry first financing offer.
February 1, 2021
NextEra Energy Resources has revealed plans to add as much as 30GW of renewables to its portfolio by the end of 2024, as it continues to build its extensive backlog of projects.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
March 9, 2021
Solar Media Events
March 17, 2021
Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021
Solar Media Events
June 15, 2021