4 January '10
2:02 PM UTC
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The Renewable Energy Giant: Solar Poised for Growth in China

A report released this morning by Barclays Capital’s Vishal Shah says solar development in China could significantly grow over the next decade, bolstered by a newly launched national feed-in-tariff system.

The feed-in-tariffs could jump start more than eight gigawatts of solar projects over the next three years, according to the Barclays report– see map below for an overview of ongoing projects. Read More »

19 March '09
1:45 PM UTC
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AIG sells stake in 35-MW of solar projects

, a listed  private equity fund focused on renewable energies, has acquired controlling interests in three Spanish solar plants from AIG Financial Products, the embattled unit of insurer American International Group (). The two companies  did  not disclose the terms of the deal.

AIG’s  financial service unit has been under heavy over the past days because of the bonuses it paid employees after taking hundreds of billions of dollars in government bailout money.

The  plants, purchased by HG Capital’s HG Renewable Power Partners fund, have a combined output of 34.5 megawatts and an enterprise value of 300 million euro ($229 million). The sale is part of AIG’s ongoing restructuring plan.

This is HG Capital’s first investment in the solar sector and its first since its 185 million euro of  the Havsnäs wind farm in central Sweden, announced last April.

Current economic conditions have slowed the development of new projects, making it hard to find investment opportunities, noted  Jens Thomassen, a partner at HG Capital.

“Tightening credit conditions and falling power prices mean there will be a decline in new renewables installations in Europe so we are pleased to have invested in three plants which are operating and generating income,” he explained.

HG Capital  now has controlling interests in 35 European renewable energy projects that are either in construction, operation or development.

19 March '09
8:48 AM UTC
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In and around the green

  • (San Antonio Business Journal)
  • (The Toronto Star)
  • (DowJones News via CNNMoney.com)
  • (GreenTechMedia.com)
  • (EnergyCurrent.com)
  • (Reuters)
  • (Seattle Times via The Huffington Post)
  • (NJ.com)
18 March '09
12:48 PM UTC
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Recurrent Energy to buy rival’s 350 MW project pipeline

San Francisco-based solar developer announced on Wednesday that it will purchase a 350-megawatt project portfolio from . The two private companies  have not disclosed terms of the deal.

The assets are either on the drawing board or further along in development and are located across the U.S. and in Canada, mostly in Ontario.

The deal comes as cleantech companies are wrestling with a credit freeze that makes it nearly impossible to fund projects. Although the federal stimulus is expected to change that, it could be a while before these funds reach developers. This has forced some of them to sell key assets as a way to raise cash.

About the acquisition Recurrent CEO Arno Harris says the ongoing economic crisis has created a buyers market. He tells Green Wombat:

“Since the financial crisis set in last year we’ve kept an eye out for opportunities to pick up a pipeline of projects. You’re seeing companies like Recurrent that are well-capitalized take advantage of the market consolidation.”

The deal follows First Solar’s $400 million acquisition of the 1,850-megawatt development pipeline of Silicon Valley developer OptiSolar, including a 550-megawatt plant it is developing in Central California for Pacific Gas and Electric. This month Spanish developer Fotowatio bought projects from MMA Renewable Ventures for $19.7 million.

Unlike some of its peers Recurrent is cash-rich thanks to a $75 million capital infussion last July from clean energy-focused private equity fund Hudson Clean Energy.

The deal gives Recurrent an entry in the Ontario clean energy market and its lucrative feed-in tarriffs for solar generation projects. for more on that, see here.

Current says it will finance and develop the UPC project and expects to have 100 megawatt come online by 2012.

17 March '09
8:11 AM UTC
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In and around the green

  • (Reuters)
  • (SustainableBusiness.com)
  • (DowJones News via CNN.com)
  • (The Business Insider)
  • (San Francisco Examiner)
  • (Reuters)
  • (London Times)
  • (Star Tribune)
  • (Reuters)
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