Bosch to pay SolarWorld up to €130m for Arnstadt operations
Bosch is set to pay SolarWorld some €130m in order to acquire the majority of its German solar operations.
The firm will continue to employ the majority of the personnel in Arnstadt, in the german state of Thuringia, the Wall Street Journal reported citing people familiar with the agreement.
Expected to close next month, the deal was agreed in late November but the balance due to SolarWorld will be due later, and could be under €130m if operations in Arnstadt take a turn for the better.
In exchange, SolarWorld will be unable to use the Arnstadt assets as debt collateral for several years – a move by Bosch that will prevent the operations in Arnstadt from falling into the hands of SolarWorld’s creditors.
SolarWorld is currently highly indebted and is planning a financial restructuring in February, with plans to offer investors new shares in place of 55 per cent of the company’s liabilities.
Areva, Gamesa Form Offshore Wind Power Business
French energy engineering firm Areva and Spain's Gamesa Corporación Tecnológica Monday said they were joining forces to create an offshore wind power business, embracing the consolidation wave of an industry plagued by massive costs.
The two groups will have an equal share of the joint venture which still has no name, Areva renewables division's head Louis-Francois Durret said during a conference call.
The move highlights the hurdles faced by the burgeoning offshore wind power industry, as massive research and development costs have hampered growth even though governments around Europe and elsewhere are eager to boost the green part of their energy mix. The costs have triggered consolidations; this latest tie-up follows the creation of a joint venture between Japan's Mitsubishi Heavy Industries Ltd. and Denmark's Vestas Wind Systems last autumn.
Renewable Energy at $254 Billion? Let's Make It a Clean Trillion
Billionaire bankers gathered at the United Nations yesterday to call for more investment in renewable energy -- $1 trillion a year, to be exact.
It won’t be easy. Global investment in renewable energy fell 12 percent in 2013 to $254 billion, according to data released by Bloomberg New Energy Finance (BNEF), casting a shadow over the notion of a “clean trillion.”
Last year was the second decline in renewable investments since 2011’s record-high $318 billion. Investors and climate-policy advocates including hedge-fund billionaire Tom Steyer and former U.S. Treasury Secretary Robert Rubin called for changes to financial markets that would boost investment. Financing must double by 2020 and double again to $1 trillion by 2030 in order to avoid global warming of more than 2 degrees Celsius, reports Ceres, the host of yesterday's conference.
These top-line numbers are fuzzy and paint a picture that’s perhaps more bleak than reality. First, the price of solar energy continues to tumble, so more renewable energy is being generated with fewer dollars invested. Second, while BNEF’s clean-energy tally is the most comprehensive for renewable energy, it’s not all-encompassing; it doesn’t include most energy-efficiency measures, fuel-efficiency gains or expanded public transportation.
After a building boom, solar energy's prospects now aren't as sunny
Five years after the Obama administration's renewable energy initiative touched off a building boom of large-scale solar power plants across the desert Southwest, the pace of development has slowed to a crawl, with a number of companies going out of business and major projects canceled for lack of financing.
Of the 365 federal solar applications since 2009, just 20 plants are on track to be built. Only three large-scale solar facilities have gone online, two in California and one in Nevada. The first auction of public land for solar developers, an event once highly anticipated by federal planners, failed to draw a single bid last fall.
Several factors are responsible, industry analysts say. The tight economy has made financing difficult to obtain, and the federal government has not said whether it will continue to offer tax credits of the size that brought a rush of interest in large-scale solar five years ago.
"I would say we are in an assessment period," said Amit Ronen, director of the George Washington University Solar Institute. "Nobody's going to break ground on any big new solar projects right now — utilities want to see how farms coming online this year fit into the grid, and developers are waiting for more certainty about state policies and federal tax credits."
Full Article:
California Renewable Energy Wishes for 2014
The California Public Utilities Commission has determined that the three largest investor-owned utilities already have met the 20 percent standard and are on track to meet the goal of generating 33 percent of the state's electricity from renewable energy resources.
Controlled Nuclear Fusion:
The Energy Source That Is Always A Few Years Away
In my opinion the potential payoff of nuclear fusion is too big and important for the world to ignore.
Technology to Aid Geothermal Industry Growth
By utilizing Web-based technology, organizations involved in geothermal energy can realize significant cost-savings, in a paperless environment, through efficiencies in critical aspects of projects.
Case Study - Crowne Plaza Times Square
To enable remote monitoring and control of the HVAC system in each guestroom at the Crowne Plaza, the EcoWave thermostats connect wirelessly to a robust property-wide network.
New Battery Innovation Promising For Cheap Renewable Energy Storage
Harvard University researchers have invented an new kind of “flow battery” that could be used on large-scales, such as within electricity grids, to store intermittent renewable energy from sources such as wind and solar. The research describing the new “metal free organic-inorganic aqueous flow battery”, was published in the journal Nature on 9 January.
To create the battery, the Harvard researchers say they have been working with a previously overlooked group of organic compounds called quinones. These can be used to make inexpensive batteries that can charge and discharge renewable energy more quickly than current batteries are able to.
The researchers maintain that their new battery can work as well as existing batteries with chemistries based on metals, which are far more expensive to make. The new battery does not use a precious metal catalyst, it’s underlying chemistry is metal-free; instead, it uses the naturally abundant quinones.
Quinones are water-soluble compounds that store energy in plants and animals. They are found in all green vegetables, and the molecule the researchers used is almost identical to the one in rhubarb. Because quinones are naturally abundant and water-soluble, large, inexpensive tanks could be set up to store electricity, rather than using the traditional, and more expensive solid-state batteries.
New York Governor Announces $1 Billion For Solar Energy
New York governor Andrew Cuomo delivered his State of the State address on Wednesday and announced an even greater commitment to clean energy, including $1 billion in new funding for solar energy projects.
Launched in 2012, Cuomo’s NY-Sun Initiative has already been a tremendous success, with almost 300 megawatts (MW) of solar photovoltaic capacity installed or under development, more than was installed in the entire decade prior to the program.
Now with another major financial boost, Cuomo aims to install 3,000 (MW) of solar across New York. “That’s enough solar to power 465,000 New York homes, cut greenhouse gas emissions by 2.3 million tons annually — the equivalent of taking almost 435,000 cars off the road — and create more than 13,000 new solar jobs,” according to the Natural Resources Defense Council.
In addition to the ten-year financial boost for NY-Sun, Cuomo announced a new program entitled K-Solar, which will incentivize the deployment of solar energy by using the state’s 5,000 schools as “demonstration hubs” to increase the number of solar energy projects in their surrounding communities.
Yingli Sees Return to Profit as Solar-Panel Demand Gains
Yingli Green Energy Holding Co. (YGE), the world’s biggest solar-panel maker, expects to post its first quarterly profit in three years as early as next quarter as demand climbs and cost controls show results.
The Chinese company “will see a gradual rise each quarter” after reporting a “small loss” or breaking even in the first three months of the year, Chief Financial Officer Wang Yiyu said today by telephone.
The forecast indicates increasing optimism that solar-panel makers are recovering from a plunge in prices caused by surplus manufacturing capacity. Trina Solar Ltd. and JinkoSolar Holding Co. (JKS) already have returned to profit. Canadian Solar Inc. (CSIQ), the best-performing stock among peers in the past year, posted its first quarterly net income in more than two years in November.
Yingli’s American depositary receipts increased 8.4 percent to $7.08 at the close in New York, the highest since Oct. 24.
Yingli has surged more than 40 percent this year after agreeing to form a venture with China’s Datong Coal Mine Group to develop solar plants in Shanxi province.
Wind power was Spain's top source of electricity in 2013
Remarkable new figures from Spain's grid operator have revealed that greenhouse gas emissions from the country's power sector are likely to have fallen 23.1% last year, as power generation from wind farms and hydroelectric plants soared.
Red Eléctrica de España (REE) released a preliminary report on the country's power system late last month, revealing that for "the first time ever, [wind power] contributed most to the annual electricity demand coverage". According to the figures, wind turbines met 21.1% of electricity demand on the Spanish peninsular, narrowly beating the region's fleet of nuclear reactors, which provided 21% of power.
In total, wind farms are estimated to have generated 53,926 gigawatt hours of electricity, up 12% on 2012, while high levels of rainfall meant hydroelectric power output was 16% higher than the historical average, climbing to 32,205GWh.
"Throughout 2013, the all-time highs of wind power production were exceeded," the report stated. "On 6 February, wind power recorded a new maximum of instantaneous power with 17,056MW at 3:49 pm (2.5 per cent up on the previous record registered in April 2012), and that same day the all-time maximum for hourly energy was also exceeded reaching 16,918MWh. Similarly, in January, February, March and November wind power generation was the technology that made the largest contribution towards the total energy production of the system."
An increase in wind power capacity of 173MW coupled with an increase in solar PV capacity of 140MW and solar thermal capacity of 300MW meant that by the end of the year renewables represented 49.1% of total installed power capacity on the Spanish peninsula.
Major solar energy plan for Minnesota wins support over gas
In an unprecedented decision, a Minnesota judge this week held that utility supplier Xcel Energy should invest in the solar energy developer Geronimo Energy rather than in natural gas generators because that choice is the better economical and environmental deal for the state.
Judge Eric Lipman's ruling must be approved by the Minnesota Public Utilities Commission, which initially ordered the proceeding to force energy companies to compete on price. The commission is expected to issue its final ruling in March.
Lipman said in the 50-page ruling, issued Tuesday, that the Geronimo project "will have numerous socioeconomic benefits, minimal impacts on the environment and best supports Minnesota's efforts to reduce greenhouse gases."
The decision, if approved, would help Xcel fulfill its requirement to attain 1.5 percent of its power from the sun by 2020 under a new state energy law.
Geronimo Vice President Betsy Engelking said the decision marks a turning point for the solar industry because it is the first time that unsubsidized solar energy has gone head-to-head with natural gas resources and been selected as the best option.
"The judge decided that it was the best option for economic and environment reasons," Engelking told Al Jazeera. "Economically, the judge found that it was the lowest cost option offered."
If the decision stands, Geronimo plans to build roughly 20 solar arrays at a cost of $250 million.
Solar Market Predictions for 2014
Worldwide PV installations are set to rise by double digits in 2014, solar manufacturing capital spending is recovering, module prices are stabilizing and emerging markets are on the rise.
Milestones for Residential Solar Power in 2013
We're seeing that 2013 was one of the best years for solar installations ever, with prices dropping for the third year in a row. Even the White House installed solar panels on its roof.
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