Our monthly series returns with the latest news from the USA's renewable energy industry. Catch up with everything you need to know from August with The Renewables Roundup, hosted by energy expert Eddy Maunder.
Watch the video or read on below to learn all the biggest stories, including:
- Swift Current Energy close a $779m solar deal for the Double Black Diamond project
- NextEra announce their 250GW of renewable and storage projects in development
- RWE signs eight long-term power agreements with Dominion Energy Virgina
- Clearway Energy Group obtains $821.5 million for their project pipeline
- Five Chinese solar panel makers will be hit with tariffs after trying to circumvent import duties
Swift Energy closes $779m for Double Black DIamond project
Swift Current Energy has closed one of the largest solar project financings in U.S. history, over $779M for its 800 MW Double Black Diamond project, located in Sangamon County, Illinois. The project will bring $100M in tax revenue to Sangamon and Morgan counties. The majority of the project’s 1.6M solar panels will be manufactured in the United States, allowing Swift to take advantage of the IRA domestic content bonus credit.
Swifts CEO Eric Lammers noted, “The Double Black Diamond solar project brings together American-based businesses McCarthy, First Solar and Nextracker to construct a market-leading project that we hope will serve as an example for other projects to come.”
NextEra announces growth plans
NextEra, the largest renewable energy developer in the United States, said during in its second-quarter earnings call
“We have a pipeline of roughly 250 GW of renewables and storage projects in various stages of development, this includes projects in early stage diligence in our current backlog and is supported by roughly 145 GW of interconnection queue positions.”
NextEra also discussed its unique approach to interconnection challenges. The company said that the 145 GW of its pipeline with secured interconnection positions is likely unparalleled in the United States. It also noted that wherever it is feasible, it is taking control of these interconnection issues through its subsidiary, NextEra Transmission. The company disclosed a $400 million transmission development opportunity in the California Independent System Operator region.
RWE signs with Dominion Energy Virginia
RWE announced it signed eight long-term power purchase agreements with Dominion Energy Virginia, adding 300 MW of solar capacity. The projects are expected to add enough capacity to power the equivalent of 70,000 homes in the state.
Dominion is procuring more renewable energy resources as it moves towards its goal of achieving net-zero carbon emissions by 2050. The utility serves over 2.8 million customers in Virginia.
The portfolio acquired contains 7 projects ranging from 15 to 75MWs, In addition to the utility-scale projects, RWE signed an additional eight distributed energy resource power purchase agreements with Dominion, combining for 24 MW of capacity.
Clearway Energy Group obtains $821.5 million for project pipeline
San Francisco-based renewables company Clearway Energy Group has recently obtained corporate credit facilities for a total of $821.5 million to progress the development of its project pipeline.
According to a press release, the company has secured a $300-million revolving credit line, a $171.5-million green term loan and a $350-million letter of credit facility. Natixis CIB served as coordinating lead arranger and lead sustainability and lead green loan coordinator, while Canadian Imperial Bank of Commerce acted as passive sustainability and passive green loan coordinator.
Chinese solar panel makers hit with tariffs
Finally Five Chinese solar panel makers will be slapped with new tariffs after US regulators found out they have been trying to circumvent current import duties by completing the assembly of their products in third countries within Southeast Asia.
The US Department of Commerce announced its final determination on Friday, confirming earlier findings from a preliminary investigation. The case examined eight companies that have been conducting minor processing of their China-made PV components in Cambodia, Malaysia, Thailand and Vietnam before shipping them to the US in order to avoid paying antidumping and countervailing duties.
True Expertise Delivered
They were the top stories from the US renewables market in August, the Renewables Roundup will be back with more updates next month. Follow us on LinkedIn and Youtube to keep up with the latest episodes.
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