Justin Worland for Time: Crescent Dunes looks and sounds a bit like an invention lifted from a science fiction novel. Deep in the Nevada desert more than 10,000 mirrors—each the size of a highway billboard—neatly encircle a giant 640-foot tower. It looks like it might be used to communicate with aliens in deep space.
But the engineers and financiers behind the facility, located in the desert about halfway between Las Vegas and Reno, say the power plant’s promise is anything but fiction. The solar power facility built and operated by the company SolarReserve can power 75,000 homes. What sets it apart from other big solar projects is that this plant can store power for use when it is most needed, including cloudy days and after dark—a major advance for renewable energy technology. Cont'd...
Swedish Start-Up Announces Nanowire Breakthrough For Solar Energy;Has Potential to Boost Module Performance By More Than 50 Percent
PEG BRICKLEY and ANNE STEELE for The Wall Street Journal: Solar-energy Company SunEdison Inc. on Thursday filed for chapter 11 bankruptcy protection, a dramatic move for a company whose market value stood at nearly $10 billion in July.
SunEdison said its publicly traded entities, TerraForm Power Inc. and TerraForm GlobalInc., aren’t part of the filing. The two so-called yieldcos—separate entities that buy operating projects from developer SunEdison and pay out cash flow to their shareholders—said Thursday they believe they have sufficient liquidity to run their businesses and meet financial obligations, although SunEdison’s bankruptcy “will present challenges.”
Bankruptcy has been a near-certainty for SunEdison for some time. The company borrowed heavily to buy up wind and solar developers, accumulating a pile of debt that worried investors. Disappointing earnings didn’t ease their fears about the pace of SunEdison’s growth, and an accounting move last year that reclassified more than $700 million worth of debt heightened anxieties. Cont'd...
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