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Ontario Launches $150M Efficiency, Renewables Program

Ontario, Canada is launching a $150 million program to help homeowners become more energy efficient and save money. The program offers: – up to $5000 for home energy retrofits – Energy Star furnaces, solar water systems and insulation – sales tax exemption for Energy Star light bulbs, decorative lights, refrigerators, dishwashers, clothes washers, freezers, dehumidifiers and room air conditioners, purchased, rented or leased after July 19, 2007 and before July 20, 2008 – Sets a target of 100,000 solar systems in Ontario and extends the sales tax rebate on qualifying solar, wind, micro hydro-electric and geothermal equipment to January 1, 2010 – Partnership with Ontario organizations to establish a one-stop-shop on solar installation information for households and businesses. – a partnership with Ontario green energy retailers to helps people buy 100% green power, and a pilot program which would offer zero-interest loans for homeowners to install renewable energy systems. The program adds to yesterday’s announcement that the Ontario government is creating a C$650 million (US$611 million) incentive fund to help develop greener cars and related technologies.

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Global Investment in Renewable Energy Astounding

Renewable energy and efficiency have moved into the mainstream, with investors worldwide pouring $100 billion into the sector in 2006, up 25% from 2005, according to a United Nations Environment Program report. About 20% was invested in the developing world. The total is likely to leap to $120 billion in 2007. $71 billion of the $100 billion came from IPOs and spending on research and development; mergers and acquisitions added almost US$30 billion. Renewable energy stocks have far outpaced the world stock market benchmarks this year. Through the public markets, investment more than doubled in 2006 to reach $10.3 billion, but the greatest growth has been in private equity investments, which hit $7.1 billion in 2006, more than twice as much as the previous year. Almost 10% of investments were in China. Investments in India were slightly lower, while Latin America received 5%. The wind sector received 38% of investments, followed by biofuels with 26% and solar with 16%. 18% of the world’s investment in energy generation now goes to renewables, which still only constitute 2% of the energy supplies. “One of the new and fundamental messages of this report is that renewable energies are no longer subject to the […]

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SunTechnics to Build 1.9 MW Solar Plant

SunTechnics Energy Systems Inc. has contracted to build the third largest solar plant on the US West Coast, and one of the largest in the US, for South San Joaquin Irrigation District. The renewable energy turnkey provider will engineer, procure and construct a 1.9 MW single-axis solar tracking system to provide electricity to the state-of-the-art DeGroot Water treatment Plant. The $12.5 million installation consists of 11,040 solar modules that will produce 3.7 million kilowatt hours of electricity output annually, enough to power 550 homes. The solar array will start operating in early 2008. The water treatment plant has experienced power outages and high electricity bills since opening in 2005. The solar plant will wipe out almost all of the $500,000 electricity bill that the District pays yearly to run the plant. The agreement includes an energy performance guarantee in which SunTechnics ensures a pre-defined energy output for 10 years to give the District an optimal return on investment. The SunTechnics performance guarantee is the only one in the industry offering monetary compensation regardless of system size and type of installation. SunTechnics also offers professional financing through independent partners that help keep payments low and cash-flow positive from the start. SunTechnics […]

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Bull Moose Energy Secures $60M for Biomass Plants

Morgan Stanley has agreed to invest up to $60 million in San Diego-based, woman-owned Bull Moose Energy. The company plans to build biomass power plants near urban centers. The first project will be with San Diego Gas & Electric (SDG&E), which has has contracted with Bull Moose to purchase 20 MW of biomass electricity year. The company anticipates breaking ground on the new plant in fall 2007 and delivering the first power in 2008. “With new technology, we have the opportunity to recycle a byproduct of our everyday lives that is currently being discarded into the local landfills,” said Amanda Martinez, CEO of Bull Moose. “Today, some 30 percent of the waste being discarded is clean wood. By locating our facility where both a large renewable fuel source exists and the power is used, the efficiencies and benefits multiply. Localized green power production will divert waste from landfills, extending their lives and reducing tipping fees paid by local governments.” The Bull Moose facility will gasify green waste, such as tree trimmings, providing electricity for over 20,000 homes.

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Hoku Signs Silicon Agreement with Solar-Fabrik

Hoku Scientific Inc. (Nasdaq: HOKU) shares jumped after it announced a second important polysilicon supply agreement, this time with Germany-based Solar-Fabrik AG (SFX.DE). The seven year, $185 million contract is with Solar-Fabrik’s Global Expertise Wafer Division. It comes on the heels of a 10-year, $678 million deal with China-based Suntech Power Holdings Co. Ltd. (NYSE: STP) Both contracts begin in 2009. The company now has contracts to supply polysilicon worth $1.2 billion over the next ten years. Hoku reported $5.4 million in revenue for the fiscal year ended March 31. Hoku plans to increase the capacity of a polysilicon plant it is building in Idaho to 3,000 metric tons of polysilicon per year, up from its previous goal of 2,000 metric tons. The company still has about 500 metric tons of capacity available, and will likely sign another similar contract this year. Hoku shares rose 15.8% ($1.10) on the news. It looks like Hoku is shifting out of the solar manufacturing business – Hoku Solar plans to resell the 15 MW a year solar module production line that it agreed to purchase from Spire Corp. for $2 million. It is canceling plans to install the line in Hawaii, and its […]

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AMSC Announces Public Offering

American Superconductor Corp (Nasdaq: AMSC), a leading grid management and renewables components company, has filed a registration statement with the SEC for a proposed public offering of 4.7 million shares of its common stock. Morgan Stanley will act as bookrunner for the offering. Co-managers of the offering will be Jefferies & Company, Inc. and Needham & Company, LLC. The offering will include an option for the underwriters to purchase up to an additional 705,000 shares to cover over-allotments, if any.

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Lehman Brothers Buys Stake in SkyPower

Lehman Brothers’ Private Equity arm has acquired a significant equity stake in Canadian renewable energy developer SkyPower Corp. The investment includes an up-front acquisition payment, commitments to future project financing and other investment opportunities in the renewable energy. A portion of the up-front payment will be used by the Adler Renewable Energy Foundation which is being formed to help place solar and wind on select schools and needy communities in Canada. “We are excited to partner with the SkyPower management team in embracing the dynamic growth opportunities available in wind and solar energy,” said Michael Odrich, global head of Private Equity for Lehman Brothers. “This investment is consistent with our Private Equity strategy of backing premier management teams and underscores the Firm’s commitment to renewable energy.” Since its inception in 2003, SkyPower has focused on developing wind and solar power projects and has focused on a community-based development strategy which aims to include the First Nations of Canada and local municipalities in their renewable energy efforts. The transaction is expected to close in mid June 2007 – specific terms were not disclosed. About SkyPower SkyPower has interests in over 50 wind and solar projects at various stages of development across […]

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It's About Time! Legislation Would Close Hummer Tax Loophole

Legislation introduced last night would finally close a loophole that allows for tax write-offs for the largest luxury SUVs. Introduced by Reps. Earl Blumenauer (D-OR), Rahm Emanuel (D-IL) and Allyson Schwartz (D-PA), who all serve on the Ways and Means Committee, as well as Rep. Ed Markey (D-MA), Chairman of the Select Committee on Energy Independence and Global Warming, the legislation would fix a serious mistake in the tax code that provides an additional tax incentive for business purchases of luxury SUVs weighing over 6,000 lbs. “This bill fixes a perverse, unintended incentive to buy the biggest and most polluting vehicle on the market,” said Congressman Blumenauer. Originally intended to help businesses buy necessary heavy-duty work vehicles, the “Hummer Tax Loophole” has for years allowed write-offs of anywhere from $100,000 to the current figure of $25,000 for the purchase of the largest, most gas-guzzling luxury SUVs, even as concerns over gas prices and dependence on oil have grown. The change would not affect legitimate business investments in trucks or vans, such as plumber and contractor trucks, farm vehicles, construction vehicles, flatbed trucks, cement mixers, and a variety of other vehicles as designated by the IRS. Over 30 models of SUVs […]

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