Battery/Storage companies raise $69 million; Energy Efficiency companies raise $140 million
Project finance increases 12% to $44 billion ----YieldCo activity robust despite weak quarter for public markets deal activity ----Venture capital and private equity slips to five-year low
GE Energy Financial Services Invests in Green Power Investment Corp's Solar Project in Futtsu City, Japan
The Futtsu solar plant is currently under construction and is expected to reach commercial operations in January 2016.
Apple just agreed to back two large solar farms in China. It’s the biggest deal of its kind for a U.S. company operating in China. For China, the deal is only a beginning.
China has been installing more renewable-power capacity than fossil fuels for several years, a gap that's growing. In 2015, China will install 15 gigawatts to 18 gw of solar power alone, double the solar deployment in the U.S., according to an analysis by Bloomberg New Energy Finance (BNEF).
The chart shows how, in the next 15 years, China is on track to have more low-carbon electricity than the entire capacity of the U.S. power grid. "Think of what their grid will look like in 2030," Michael Liebreich, founder of BNEF, said at the organization's annual summit last week in New York. "A very competitive advantage."
For Apple, the 40-megawatt partnership extends Chief Executive Officer Tim Cook's solar aspirations beyond U.S. borders. Cook announced an $850 million deal in February to purchase enough solar to power all its California operations: stores, offices, headquarters, and a data center. By making a similar push in China, the tech giant begins to offset its considerable manufacturing pollution, which is almost entirely overseas.
Many U.S. tech giants—not just Apple—have been criticized for outsourcing their pollution, says Justin Wu, head of Asia research for BNEF. Apple is "hitting back at that whole line of arguments," he says. "This is the beginning of something. Manufacturing in China is going to get greened."
The growth of the solar industry is truly astounding, particularly in China, the world’s solar leader. Between 2011 and 2012 the Chinese solar market grew by 500 percent. According to a 2014 report by Frost & Sullivan, a consulting firm, the global solar market earned revenues of nearly $60 billion in 2013. The firm estimates that by 2020 it will double to $137.2 billion.
With all this growth, somebody was obviously going to get rich, and it didn’t take long for Oilprice.com to identify some of the biggest beneficiaries of the push toward renewables. The following are 5 of the world’s most successful renewable energy business leaders and their net worth.
1. Li Hejun, Chairman, Hanenergy Holdings. $31.5 billion.
2. Elon Musk, Founder/CEO, Space Exploration Technologies Corp., Tesla Motors. $12.2 billion.
3. Wang Chuanfu, Founder, BYD Company. $5.3 billion.
4. Aloys Wobben, Founder/Owner, Enercon. $4.2 billion.
5. Zhu Gongshan, Chairman, GCL-Poly Energy Holdings.
Total Corporate Funding in Solar Sector Comes in at $6.4 Billion in Q1, VC Funding Down, Record $1.9
Billion Raised by Residential and Commercial Solar Funds, Reports Mercom Capital Group
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