30 April '10
12:55 PM UTC
No Comments
  Funding

Cleantech Earnings Roundup

First Solar, the thin-film PV company, first-quarter profit rose 4.7 percent to $172.3 million from $164.6 million. First Solar expects  sales this year will be between  $2.7 billion to $2.9 billion. Because of tightening government subsidies in Europe,  to grow sales First Solar is acquiring project developers in the U.S. This week the company paid $285 million for San Francisco utility-scale solar power developer NextLight Renewable Power [].

Danish wind turbine maker Vestas reported a first quarter loss of €83 million ($109.9 million) from a €56 million profit posted in the previous profits.  In a statement the company said “The decline in revenue and earnings reflects the much lower level of activity and Vestas’ decision not to adjust its capacity further because of short-term market developments.” The company says the slowdown is short-term and remains bullish for the long-term.  It says production capacity by the end of the year will stand at 10,000 megawatts. Vestas recently scored a huge contract to supply 1,500 megawatts worth of turbines to Portuguese clean energy company EDP Renovaveis [].

29 December '09
9:20 AM UTC
No Comments
  Wind

Horizon Wind Energy Secures $90M Financing from JPM Capital

Horizon Wind Energy, the U.S. unit of Portuguese clean energy company EDP Renováveis (EDPR), has secured a $90 million equity financing from Dallas-based JPM Capital for an undisclosed stake in Horizon’s 101 megawatts Lost Lakes Wind Farm, which went live this month in Dickinson County, Iowa. Read More »

15 October '09
7:57 AM UTC
No Comments
Cornerstone Conversation

Confidence in Green Energy Growing Faster Than the Dow

263316801_02333138f5The Dow Jones Industrial Average surged above the 10,000 mark yesterday as market confidence that an economic recovery is underway reached a new high.

Of course, green energy companies have been feeling bullish for a while now, spurred on by $3 billion in investment from the government stimulus plan.

But does the optimism in the sector reflect reality? Read More »

3 September '09
1:30 PM UTC
No Comments
  Wind

Horizon Wind Energy Secures $100M Financing

picture-2Horizon Wind Energy, the U.S. unit of Portuguese clean energy company EDP Renováveis (EDPR), has secured $101.9 million of institutional equity financing from JPM Capital to support the development of its 100.5-megawatt Rail Splitter wind farm in central Illinois.

The transaction is interesting because it is structured around the stimulus-funded direct cash grant program implemented by the Department of Energy and the Treasury Department to support the construction of clean energy assets.

In exchange for the financing, JPM Capital, of Frisco, Texas, will get a stake in Rail Splitter as well as access to the cash grants that the farm is expected to receive in lieu of tax credits. In short, JPM not only secures a lump of cash backed by the U.S. government — you don’t do better than that in terms of guarantees — but also earns a share of the revenues generated over time from Rail Splitter power sales.

Rail Splitter was installed in June and is located north of Springfield, the state capital.

On Tuesday
, Treasury and the DOE released — see for the press release — the first batch of these much anticipated grants, some $502 million out of an expected $3 billion. The big winner was Spain’s Iberdrola, which got some $236 million for wind farms in Texas, Oregon and Minnesota and an additional $59 million for a Pennsylvania wind project. Horizon got $47.7 million for its 97-megawatt Wheat Field wind farm in Oregon.

4 February '09
6:26 PM UTC
No Comments
  Solar

Iberdrola, EDP Renovaveis are Morgan Stanley’s favorites

Morgan Stanley has picked Spanish renewable energy operator and , the Portuguese wind producer, as its top clean energy picks for 2009.

In these uncertain times, the bank says that it likes that each of these companies are backed by fixed power prices.

Overall, Morgan Stanley  says the green sector faces a challenging year as it deals with a lack of liquidity and developers cuting investments.

(MarketWatch)