Green Energy Reporter http://greenenergyreporter.com Financial News and Policy Insights for Renewable Energy Thu, 05 Jan 2012 10:29:21 +0000 en hourly 1 Publisher’s Note: In a Bear Market, Bears Hibernate http://feedproxy.google.com/~r/GreenEnergyReporter/~3/ytkPDahX_Hc/ http://greenenergyreporter.com/features/publishers-note-in-a-bear-market-bears-hibernate/#comments Thu, 05 Jan 2012 10:29:21 +0000 Terrence Murray http://greenenergyreporter.com/?p=16109
Dear Readers, Since it’s founding in 2009 Green Energy Reporter has published nearly 2,000 articles chronicling the most important developments in the North American renewable energy industry. We are proud to have brought our readers exclusive, actionable market intelligence for over two years. However, given the continuing challenges affecting this sector, we have made the difficult decision to...]]>

Dear Readers,

Since it’s founding in 2009 Green Energy Reporter has published nearly 2,000 articles chronicling the most important developments in the North American renewable energy industry.

We are proud to have brought our readers exclusive, actionable market
intelligence for over two years. However, given the continuing challenges affecting this sector, we have made the difficult decision to suspend daily publication.

Today renewables are an essential source of energy, and their share of the North
American energy supply will continue to grow in the coming years. We at G.E.R.
recognize that market conditions are always changing, and we hope that they will
change in a way that will allow us to resume our coverage of green energy finance and policy.

Over the last few years we have truly been honored by your continued readership, and we hope to reconnect with you in the future.

Please contact us by email at editors@greenenergyreporter.com if you have any
comments or questions.

Best regards,

Terrence Murray and Mark Pabst

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NRG Suspends Offshore Development http://feedproxy.google.com/~r/GreenEnergyReporter/~3/zGNY7k8fFYU/ http://greenenergyreporter.com/renewables/wind/nrg-suspends-offshore-development/#comments Wed, 14 Dec 2011 20:43:38 +0000 Terrence Murray http://greenenergyreporter.com/?p=16097
NRG Energy, blaming  a lack of federal subsidies and regulatory uncertainty, has stopped development work supporting its offshore wind projects, including a 200-megawatt initiative in Delaware. The suspension, NRG said, would impact the Mid-Atlantic Wind Park, a 200-megawatt projects slated for construction off the coast of Delaware. NRG, which acquired the Mid-Atlantic project as part...]]>

NRG Energy, blaming  a lack of federal subsidies and regulatory uncertainty, has stopped development work supporting its offshore wind projects, including a 200-megawatt initiative in Delaware.

The suspension, NRG said, would impact the Mid-Atlantic Wind Park, a 200-megawatt projects slated for construction off the coast of Delaware.

NRG, which acquired the Mid-Atlantic project as part of its 2009 buyout of New Jersey developer Bluewater Wind, said it’s been forced to scale down its offshore ambitions because it was unable to find a partner to help finance Mid-Atlantic and other projects. The company also blamed the overall regulatory uncertainty and a lack of subsidies. All of these factors made the project unfinanceable and financially untenable, the company said.

NRG said it had terminated the long-term PPA it had signed with Delmarva Power & Light Co., back in 2008.

Despite a deep offshore potential, the U.S. has so far been unable to build a single project. Cape Wind, the country’s pioneering developer of a 486-megawatt project in Massachusetts, has been trying to get an offtaker for half of its unsold output for years and can’t launch construction until it has secured this second PPA. In 2010 National Grid said it would buy half of Cape Wind’s output.

When NRG acquired Bluewater, in 2009,  the outlook for offshore wind was much more positive. The Obama administration had clearly stated that it wanted to populate the U.S. coasts with large wind farms. This political goodwill helped Bluewater receive preferential development rights for a project it was developing off the coast of New Jersey. The project was inline to get a Department of Energy Loan Guarantee.

A little more than two years later, with DOE loan guarantees no longer available and investment and production tax credits not extended, the outlook for U.S. offshore is bleak.

Its seems Bluewater founder, Peter Mandelstam, which two years ago engineered the sale to NRG, hasn’t given up on the Delaware project or on any of his other projects. Trade publication North American Windpower reports that he has been out in Europe, scouting for investors to take over Bluewater’s project pipeline.

 

 

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As Expected First Solar Cuts Earnings http://feedproxy.google.com/~r/GreenEnergyReporter/~3/_nDd6yyXZfs/ http://greenenergyreporter.com/renewables/solar/as-expected-first-solar-cuts-earnings-estimates/#comments Wed, 14 Dec 2011 19:31:05 +0000 Terrence Murray http://greenenergyreporter.com/?p=16086
First Solar, the U.S. developer of thinfilm photovoltaic panels, has reduced its earnings estimate for this year and next year and has announced plans to cut  100 jobs. Under its revised guidance, First Solar expects 2011 net sales to range between $2.8 billion and $2.9 billion, down from an initial range  of $3.0 to $3.3...]]>

First Solar, the U.S. developer of thinfilm photovoltaic panels, has reduced its earnings estimate for this year and next year and has announced plans to cut  100 jobs.

Under its revised guidance, First Solar expects 2011 net sales to range between $2.8 billion and $2.9 billion, down from an initial range  of $3.0 to $3.3 billion. Next year, First Solar forecasts net sales of  $3.7 to   $4.0 billion. According to Bloomberg the company had expected 2012  revenues of $4.06 billion.

The earnings’ cut reflects the challenging market conditions faced by Western solar panel makers, which are competing with a flood of cheap Chinese panels. Specific to  First Solar, overproduction has also  cut into the Arizona company’s revenues. To reverse the situation, last month, First Solar founder Michael Ahearn rejoined the company as interim CEO, replacing Robert Gillette, a former executive with Honeywell International’s aerospace division, who had joined the company three years earlier.

In a prepared statement First Solar’s Ahearn said the company was recalibrating its business “to focus on building and serving sustainable markets rather than pursuing subsidized markets.” He  also remains optimistic about his company’s long-term success. “Our diverse business model and robust project pipeline will help First Solar generate a significant amount of cash in 2012 while improving operational efficiencies,” Ahearn explained.

While these lower costs have helped push solar generation closer to grid parity, it’s also forced a number of capital-intensive solar companies to shutdown. Just this year EverGreen Solar, Solyndra and SpectraWatt all filed for bankruptcy protection, and  on Wednesday the tough market conditions pushed solar module company Solon to seek creditor protection, reports GreenTechMedia.

 

 

 

 

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Energy PE Firm First Reserve Forms $1B Wind Venture http://feedproxy.google.com/~r/GreenEnergyReporter/~3/VmKBn2wJXSE/ http://greenenergyreporter.com/renewables/wind/energy-pe-first-reserve-forms-1b-wind-venture/#comments Mon, 05 Dec 2011 19:38:13 +0000 Terrence Murray http://www.greenenergyreporter.com/?p=16066
Energy private equity firm First Reserve has teamed up with Spanish developer  Renovalia Energy to invest up to $1 billion on European and North American wind power projects. First Reserve is putting $150 million of its own equity in the venture, writes Reuters, which first reported the news. Fully developed First Reserve and Renovalia could invest...]]>

Energy private equity firm First Reserve has teamed up with Spanish developer  Renovalia Energy to invest up to $1 billion on European and North American wind power projects.

First Reserve is putting $150 million of its own equity in the venture, writes Reuters, which first reported the news. Fully developed First Reserve and Renovalia could invest as much as $1 billion.

The First Reserve investment comes as project finance banks, pressed by the European debt crisis, are tightening lending, forcing renewable energy developers to secure new sources of capital to finance their projects. Also, in the U.S. the end of some key subsidies, has wrapped the local industry  in uncertainty. This challenging climate hasn’t stopped large, PE investors, including First Reserve, to invest in the sector, attracted by the long-term, stable returns generated by contracted wind and solar farms.

Renovalia oversees 295 megawatts of operating wind-powered capacity, largely in Europe. In the U.S., Canada and Mexico Renovalia has a 494-megawatt project pipeline.

First Reserve is invested in solar developer 9Ren New Energies Group, formerly Gamesa Solar. First Reserve also holds a stake in the 70-megawatt Rovigo solar PV power plant.

We’ve reached out to First Reserve for more details.

 

 

 

 

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Solazyme Venture Signs Landmark Supply Deal With Pentagon http://feedproxy.google.com/~r/GreenEnergyReporter/~3/IBMfOfe1Bi8/ http://greenenergyreporter.com/renewables/biofuel/solazyme-venture-signs-landmark-supply-deal-with-pentagon/#comments Mon, 05 Dec 2011 18:36:51 +0000 Terrence Murray http://www.greenenergyreporter.com/?p=16060
A joint venture between Tyson Foods and a unit of Solazyme, the Bay Area maker of algae-based biofuel, have secured a contract to sell the U.S. Navy up to 450,000 gallons of next-generation drop-in biofuels. The navy will buy a biofuel blend made from non-food waste distilled by Louisiana-based Dynamic Fuels, which is jointly-owned by Tyson...]]>

A joint venture between Tyson Foods and a unit of Solazyme, the Bay Area maker of algae-based biofuel, have secured a contract to sell the U.S. Navy up to 450,000 gallons of next-generation drop-in biofuels.

The navy will buy a biofuel blend made from non-food waste distilled by Louisiana-based Dynamic Fuels, which is jointly-owned by Tyson Foods and Solazyme unit, Syntroleum Corporation.

The deal is part of the Obama’s administration’s $510 million, three-year investment program to advance the development and deployment of drop-in biofuels to substitute conventional, carbon-based diesel and jet fuel. The Agriculture, Energy, and Navy departments oversee the program.

The purchase, which still has to be approved by Congress, could act as a catalyst that could speedup the commercialization of next-generation biofuels.

“In March, the President challenged me, Secretary Mabus, and Secretary Steven Chu to work with the private sector to cultivate a competitively-priced—and domestically produced—drop-in biofuel industry that can power not just fighter jets, but also trucks and commercial airliners,” said Agriculture Secretary  Tom Vilsack. Dynamic Fuels’ Andy Rojeski added: “This contract clearly demonstrates that we’re building momentum for the continued commercialization of advanced renewable fuels production here in the U.S.”

 

 

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