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Acciona Closes Financing on Nevada Solar One

ACCIONA Energy has closed a $266 million long-term project financing for Nevada Solar One, its 64-megawatt Concentrated Solar Power (CSP) plant, the largest solar power plant built in the world in 16 years. The deal represents the first leveraged lease structured financing for a CSP plant in the United States. The leveraged lease structure was financed by debt participants Banco Santander and BBVA, headquartered in Spain, and Caixa Geral de Depositos, headquartered in Portugal, and equity investors JPMorgan Capital Corporation, Northern Trust and Wells Fargo. Santander, BBVA and Caixa were selected by Acciona to be the Mandated Lead Arrangers for the debt financing of the construction and term loan for Nevada Solar One. Capstar Partners and JP Morgan Capital Corporation co-led the equity syndication. CSP represents a new large scale renewable power source that provides clean renewable power during peak demand. As the demand for peak power increases in the Southwest U.S. by three times the normal demand, solar thermal provides a utility-scale solution with no CO2 emissions. Solar thermal closely tracks the power use, providing peak power when the demand for air conditioning is at its greatest. The transaction also marks Acciona’s commitment to advancing renewable energy solutions in […]

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SPX to Supply State-Of-The-Art Equipment to NorSun

SPX Corporation’s Kayex business was awarded a contract to design and manufacture state-of-the-art crystal growing equipment to support the rapid growth of the silicon-based solar energy market. The contract is with NorSun AS, a producer of mono crystalline ingots and wafers for the international solar industry. NorSun is headquartered in Oslo, Norway. John Way, a division president of SPX, said, “SPX is focused on helping to build global infrastructure. The growth in the solar energy market allows SPX additional opportunities to provide energy solutions for our customers. We are pleased to help NorSun become a significant manufacturer of solar materials by using our expertise and technology.” The contract is valued at $40 million. Shipment of equipment is scheduled to begin in the third quarter of 2007. Way said this contract further strengthens the position of Kayex as a major global provider of mono crystalline equipment. Kayex’s technology grows polysilicon into crystal ingots that are the base material for producing solar cells. These new crystal growing machines will primarily be installed in NorSun’s new solar wafer facility in Ardal, Norway. Once fully operational this facility will be among the largest of its kind in the world. “Norway is fast becoming a […]

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Millennium Cell Reports Q2 Results

Millennium Cell Inc. (NASDAQ: MCEL) has reported a net loss for the quarter ended June 30, 2007 of $2.7 million, or $0.05 per share, as compared to $4.7 million, or $0.10 per share in the same period of 2006. Total revenue and cost reimbursements were approximately $566,000 for the second quarter of 2007, up from $373,000 in the same quarter in the prior year. On a year-to-date basis, total revenue and cost reimbursements were approximately $1.0 million, up from $0.7 million in the same period of 2006. The increase in revenues and cost reimbursements is due to a larger number of funded contracts with the U.S. Air Force in 2007 than in the prior year. Total operating expenses on a year-to-date basis declined from 2006 levels due to a non-cash charge of $2.1 million related to preferred stock that was issued to The Dow Chemical Company during the second quarter of 2006. On a year-to-date basis, cash used in operating activities was $3.9 million in 2007 as compared to $4.1 million in the same period of 2006. “We continue to pursue the commercialization of our hydrogen battery technology with our various licensees,” stated H. David Ramm, Millennium Cell CEO. “During […]

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