Cannon Power Group Closes $547 Mill Power Sales Transaction With So. California Public Power Authority
Del Mar-based Cannon Power Group announced today the closing of the sale of a 20-year block of renewable power to Southern California Public Power Authority (SCPPA) for $547 million. This is believed to be the largest transaction of its kind in the power industry. The power will be provided from Cannon Power Group's 262-megawatt (MW) Windy Flats wind project in Goldendale, Washington under a long-term power purchase agreement entered into last year by the parties. "This uniquely structured transaction is a true win-win for both parties," said Gary Hardke, president of Cannon Power Group. "It combined SCPPA's low-cost, tax exempt bond financing with the federal stimulus grant program to produce a very attractive long-term cost of renewable power." SCPPA reportedly closed its 20-year bond financing at the end of August at pricing of less than four percent, according to Bloomberg News. Cannon Power Group received total federal stimulus grants of $220 million in connection with the project. "This was really a remarkable and innovative transaction," said attorney Tom Trimble, partner and co-head of the Renewable Energy Practice at Washington D.C.-based Hunton & Williams, who represented Cannon Power Group in the transaction. "It allowed the parties to navigate the credit crisis and take advantage of the low interest rate environment." Cannon Power Group's Windy Flats project went on line earlier in 2010. It is part of the company's 500 MW Windy Point/Windy Flats project. The project, one of the largest wind projects in the United States, and representing an investment of over $1.2 billion, spans over 26 miles along the Columbia River. It is expected to be completed in 2011 and has provided over 350 new jobs to the local area. Cannon Power developed and constructed the project.
Scientists develop self-healing solar cells
Over time, most solar cells degrade due to prolonged exposure to the sun's scathing rays and are rendered useless. But with a little inspiration from nature, researchers have now created a new solar material that regenerates its damaged energy-capturing packets on-demand. A small prototype solar cell built from the self-healing material can continuously produce electricity for an entire week without losing any efficiency, the scientists report. The team was inspired by plants in nature. The ingredients within a plant’s leaves that turn sunlight into energy aren't actually immune to the sun’s damage. Instead, the molecules do their job (pump out sugar), get destroyed, and in less than an hour they regenerate. This process happens over and over again – enabling the leaves to produce energy at the same efficiency as they did on day one of their operation. Read the full article by Michelle Bryner here.
Call for Solutions!: Downeast Launches $5 million Biomass Engineering Competition
The DownEast 2010 Biomass Engineering Prize Competition seeks innovative solutions and technologies capable of transforming an underperforming biomass-fueled electricity generating facility in Maine into a vibrant part of the green energy grid. A recent operations audit concluded that available conventional retro-fitting options were uninspiring. This challenge has two simple goals: return the facility to profitability and utilize new and disruptive biomass-fueled electricity generation technologies that do not require massive capital investments and that can achieve sustained profitable operations. All manners of solutions will be considered, including new technologies and novel applications of existing technologies, process improvements and site re-use. In short, DownEast is seeking creative ingenuity from innovators across the globe.
San Diego gym turns spin bike into a power source
The Greenasium really wants to be green. To do it, the new gym in San Diego is turning its customers into real gym rats. The Greenasium , which opened Wednesday, has three specialty spin bikes straight out of Gilligans Island that push electricity back into the grid, helping provide power to the gym and other electricity customers. Its the first human-powered fitness studio in San Diego, according to its owners. "The bike's are retrofitted by a company up in Seattle that we work with called Resource Fitness ," said Greenasium's co-owner Byron Spratt. "As the bike (spins), the wheel creates DC power, converts it to AC power, which is plugged back into the wall, which puts energy back into the grid." Spratt expects to add elliptical bikes in October to help offset their carbon footprint to an even greater extent.
Case Study: Lockheed Martin Facility Roadways
Outdoor lighting systems for a main entrance roadway and
the main loop road serving the facility Lockheed Martin, Lake Underhill Facility.
Altenergymag Interview With AMtec Solar
AMtec Solar has applied its 25 years of experience in the Semiconductor, HVAC, Pharmaceutical, Alternative Energy, and Industrial Control markets to the solar industry. The produce solar combiner boxes, re-combiner boxes, tracker panels, MET stations and DAS boxes for some of the biggest names in the solar industry.
A Vision of the New Environmentalist
The new post-BP environmentalist, I predict, will stand taller than those from Earth Day and from Yale and Harvard. They will be more immediate and less technical. They will be pumped up on the steroids of Hollywood, mass media, and Twitter more than the schooling of MBAs. And they will attract massive audiences, with their green eyes and softer training on behalf of the Earth.
Fuel Additives and the Environment
Largest Solar Rooftop Project in U.S. to be Built in Salt Lake City
Salt Lake County and its project partners, NexGen Energy and Bella Energy, announced the construction in downtown Salt Lake City of one of the largest roof-top solar panel installations in the United States. The estimated 600,000 square-foot system will be built atop the Calvin L. Rampton – Salt Palace Convention Center. When completed, the system will produce 2.6 megawatts of electricity, one-quarter of the annual needs of the convention center. The team presented a plan to install up to 2.6 megawatts of solar modules on the structure. If built to that capacity, the Salt Palace will host the largest rooftop solar facility in the United States, generating more than 3,330,000 kilowatt hours of electricity every year while reducing the building’s consumption by 25%.
Deere & Co. sells its wind unit to Exelon for $900 million
Deere & Co. said Tuesday it would sell its John Deere Renewables unit, including wind farms, to Exelon Corp. in a deal valued at $900 million. Exelon said it's expanding its role in the wind generation business by adding 735 megawatts of wind energy, plus 230 megawatts under development, via the deal. Deere plans to take an after-tax charge of approximately $25 million in its fourth quarter results as part of the sale. Exelon said it would use debt to pay for the deal. Source: Steve Gelsi of Market Watch.
MECASOLAR installs 42 MW of solar trackers in Italy in 2010
The Spanish multinational MECASOLAR will end 2010 with more than 4,200 trackers and fixed structures in solar farms throughout Italy,which will reach an output of 42 MW. This figure makes the Spanish company the leader in its sector in the Italian market. With MECASOLAR in Italy , the multinational will reach at the end of the current year 282 MW accumulated in tracker installations throughout the world, a figure which is equivalent to the manufacture and start up of more than 22,000 solar trackers in countries such as the United States, Greece, Italy, Germany, France or Spain, among others.
Why Conservatives Are Bad on Energy: It's All About the Costs
When you compare the real costs of solar with the fully loaded real costs of coal and oil and natural gas and nuclear power, apples to apples, solar is cheaper.
Sigh of Relief from Solar Stakeholders
You could almost hear the collective sigh of relief on August 13 when the Ontario Power Authority (OPA) announced that its proposed price reduction to the solar microFIT program would not be as far-reaching as originally believed.
Airborne Wind Energy
The concept of large-scale wind power production using aerodynamically efficient kites was first proposed by University of California researcher M.L. Loyd who published seminal work in the Journal of Energy thirty years ago. In that paper, he described kites that utilized aircraft construction flying transverse to the wind at high speed.
Altenergymag Interview With Tom Mealey Of Virtual Industries, Inc.
For more than 20 years, Virtual Industries has been a leading supplier of manual vacuum handling solutions to the world's top technology firms. Based in Colorado Springs, CO, the US-based company provides an extensive and innovative range of hand-based operator tools, and focuses on being in tune with the industry sectors it supports and the customers within them.
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