The acquisition, valued at approximately $860 million with a provision for up to an additional $40 million upon commencement of construction on the advanced development projects, is an economically sound transaction that builds on the company’s commitment to renewable energy as part of Exelon 2020, a business and environmental strategy to eliminate the equivalent of Exelon’s 2001 carbon footprint. Exelon already is the least carbon-intensive of the large U.S. electric utilities, and this transaction marks its entry into owning and operating wind projects. Exelon will finance the transaction using Exelon Generation debt.

“Not only does this acquisition add value for Exelon shareholders, providing incremental earnings in 2012 and cash flows in 2013, but it also is one more way to implement a clean energy future,” said John W. Rowe, Exelon chairman and CEO. “Whether harmful emissions are priced or regulated, our combined capacity of nearly 19,000 megawatts of zero-emission wind, solar, hydro, landfill gas and nuclear power remains a clear competitive advantage that will only become more valuable.”

Under the terms of agreement, Exelon will acquire John Deere Renewables’ 735 megawatts of installed, operating wind capacity—enough to power 160,000 to 220,000 households—spread across 36 projects in eight states. Approximately 75 percent of the operating portfolio is already sold under long-term power purchase arrangements. As part of the acquisition, Exelon also has the opportunity to pursue 1,468 megawatts of new wind projects that are in various stages of development, including the 230 megawatts in advanced stages of development.

“We expect to see increasing demand for clean, efficient wind power at a national level and in the 29 states that already have a renewable energy standard,” Rowe said. “This acquisition gives Exelon a strong position in the wind generation business that adds diversity to our generation fleet and provides more options for future growth.”

The acquisition will become part of the Exelon Power division of Exelon Generation, which already includes more than 1,000 megawatts of owned and contracted renewable power, including hydroelectricity, wind, landfill gas and solar. Before this acquisition, Exelon was already the largest wholesale marketer of wind energy east of the Mississippi, with 352 megawatts of wind power capacity from five wind projects in Illinois, Pennsylvania and West Virginia. Exelon Power also owns and operates a 10-megawatt solar plant in Chicago, the largest urban solar plant in the country.

Exelon expects to close the transaction with John Deere Renewables in the fourth quarter of 2010.”

Source: Exelon Press Release

The proposed joint venture, which still requires regulatory approval, will produce and commercialize ethanol and power from sugar cane and distribute a variety of industrial and transportation fuels through a combined distribution and retail network in Brazil. It will also explore business opportunities to produce and sell ethanol and sugar globally.

“The proposed joint venture is set to pool our complementary businesses, enhance our growth prospects in ethanol production globally and support our growth platform for our retail and commercial fuels businesses in Brazil,” said Mark Williams, Shell Downstream Director. “Over the next 20 years, sustainable biofuels are one of the most realistic commercial solutions to reduce CO2 emissions from transport”.

“While there is still plenty of integration planning to do before we launch the proposed joint venture, this is an important milestone in our effort to create one of the world’s most competitive sustainable biofuels companies,” said Rubens Ometto Silveira Mello, Cosan’s Chairman of the Board and non-executive Chairman-elect of the proposed joint venture.

With annual production capacity of over 2 billion litres, the proposed joint venture will be one of the world’s largest ethanol producers. The inclusion of Shell’s interests in Iogen Energy and Codexis would enable the joint venture to deploy next generation biofuels technologies in the future.

The company will also generate electricity from sugar cane bagasse in cogeneration plants at all sites. Ten cogeneration plants are already operational. With total annual sales of about 18 billion litres of fuels, the proposed joint venture will have a competitive position in the Brazilian fuels distribution market built upon a network of about 4,500 retail sites.

Today’s agreement follows the signing in February of a non-binding memorandum of understanding. With the transaction terms agreed, Shell and Cosan, which remain as competitors, will now focus on securing regulatory approvals and starting integration planning before launching the new company.”

Source: Press Release

“We are delighted to extend our relationship with Silver Spring,” said Bryan Olnick, Vice President Customer Service, Smart Grid Solutions, FPL. “Over the past three years, Silver Spring has been an effective and valued strategic partner in our AMI Smart Grid implementation.”

Silver Spring’s managed-services offerings support a utility’s critical IT and operations by providing round-the-clock performance monitoring, system optimization and upgrades. Silver Spring reduces risk to the utility by including a fixed scope of services for a fixed price with performance guarantees.

“We are proud that Florida Power & Light Company has extended its trust in Silver Spring to continue to provide this vital service,” said Scott Lang, Chairman, President and CEO of Silver Spring Networks. “Our commitment is to provide our clients not only with best-in-class hardware and software, but also the services that are essential to build and operate the Smart Grid. We look forward to our continued work with one of the most respected utilities in the country.”"

Source: Press Release

In today’s transaction, Magma Sweden acquired 38.03% of HS Orka’s outstanding shares from Geysir Green Energy ehf in consideration for:

• payment today of 3,871,195,513 Icelandic Króner (“ISK”) (approximately US $32.3 million);
• issuance today of 24,808,569 subscription receipts of Magma Energy Corp.; and
• payment on November 30, 2010 of approximately 3,062,612,586 ISK (approximately US $25.6 million), subject to certain interest adjustments.

Each subscription receipt will convert into one common share of Magma Energy Corp. on December 18, 2010 for payment of no additional consideration. Magma Energy Corp. has the right at its sole option to repurchase the subscription receipts, in whole or in part, at prices ranging from 135.90 ISK to 142.24 ISK per subscription receipt at certain times between September 4, and December 11, 2010. The maximum aggregate cost to repurchase all of the subscription receipts will be approximately US $29.5 million.

Magma Sweden’s previously announced agreement to acquire Geysir’s remaining 14.32% interest in HS Orka has not yet closed and remains subject to certain outstanding closing conditions, which are expected to be met in the near term.”

Source: Press Release

Mark Morelli, ECD’s President and Chief Executive Officer, said, “We are aggressively reducing our cost structure to operate more effectively in the highly-competitive, global solar market, and, through these actions, we will better utilize our existing  capacity in Tijuana, without any additional capital costs. Our Auburn Hills campus remains an essential part of our manufacturing footprint for our solar cells. In fact, we are now retrofitting one of our Auburn Hills manufacturing lines with our next generation technology, and we expect to have this retrofitted line in commercial production in the spring of 2011.”

The Auburn Hills actions will result in the elimination of approximately 140 jobs at that campus, and employees affected by these actions will receive severance and outplacement. The company also indicated that it will be adding personnel to its Tijuana facility, including rehiring personnel who had previously been terminated due to global market conditions.”

Source: Press Release

The development funding will be repaid at each respective project’s financial close and does not impact Finavera’s equity position in the projects. GE Energy has co-developed thousands of megawatts of wind projects in North America and that expertise will be applied to this partnership in order to deliver high return projects on time and on budget.

“We are extremely excited to be working with GE Energy on the development of these wind projects,” said Finavera Renewables CEO Jason Bak. “This partnership combines Finavera’s exceptional wind projects with GE Energy’s outstanding technical experience to produce a team that will ensure the success of these projects. This deal significantly enhances our ability to move our projects to construction and grow our wind portfolio over the next several years.”

In March, Finavera was awarded 25 years electricity purchase agreements for four wind turbine projects totaling 301 megawatts of installed capacity. The JDA will provide Finavera with the funding necessary to continue to achieve project development milestones and to move the projects through to financial close.

The JDA replaces the Development Funding Agreement (“DFA”) announced by the Company January 21, 2010. The signing of the JDA also removes the DFA security provision against a minority interest in the Company’s Cloosh Valley wind project.

Read more: Press Release

The Alta Wind Energy Center is a 3,000 MW wind power development initiative. Along with the 150 MW Alta Project I utilizing GE turbines, which closed financing and commenced construction in March 2010, this financing puts Terra-Gen well on its way to completing what is anticipated to be the largest wind energy farm in the nation.

The $1.2 billion financing for the Alta Projects II-V included the issuance of approximately $580 million of pass through certificates due 2035 via a Rule 144A offering, a construction bridge loan facility of $499 million and ancillary credit facilities of $127 million. Proceeds from the certificates and bridge loans will be used to fund construction of the projects.

Citi, Barclays Capital and Credit Suisse acted as joint book-running managers for the issuance of the pass through certificates, and Mitsubishi UFJ Securities, Credit Agricole Securities, ING, and Rabo Securities acted as co-managers. MUFG Power & Utilities Group, Credit Agricole, ING Capital, Rabobank, Citi, Barclays, and Bank of Montreal provided the credit facilities, with Credit Agricole acting as administrative agent and MUFG Power & Utilities Group, Credit Agricole, ING Capital, Rabobank, Citi, and Barclays acting as joint lead arrangers.

The permanent financing of Alta Projects II-V is structured as a leveraged lease whereby Citibank, N.A. has committed to purchase the projects at the start of commercial operations and lease them back to Terra-Gen. Terra-Gen will continue to manage and operate the wind projects under long-term agreements. “We believe this transaction is the first to be structured as a leveraged lease in the wind space as well as the first 144A bond issuance for wind assets since 2005. We are hopeful that these benchmarks will expand the capital base available to fund future growth in the renewables sector,” said John O’Connor, CFO of Terra-Gen.

The Alta Wind Energy Center is expected ultimately to provide up to 3,000 MW of pollution-free electrical generating capacity, 1,550 MW of which will fulfill a power purchase agreement signed with Southern California Edison in 2006. With 720 MW of wind power, the initial five projects will increase the installed wind capacity in California by more than 25% and deliver enough clean, renewable energy to supply up to two hundred thousand homes.

“We are delighted to have closed this financing and to be working with Vestas and GE on the Alta projects. The project represents an important expansion of the renewable generating base of California and helps us advance our nation’s goals of achieving energy independence in an environmentally responsible manner,” said Jim Pagano, CEO of Terra-Gen. “The Alta projects I-V will create more than 1,500 domestic manufacturing, construction and operation and maintenance jobs, and inject more than $600 million into the local economy. We are grateful to Kern County, the State of California, the U.S. Congress, and the Treasury Department for their supportive renewable energy policies, without which ambitious projects like the Alta Wind Energy Center would simply not be possible.”

Project construction is expected to begin immediately, with commercial operation anticipated in the first and second quarters of 2011. Delivery and commissioning of the Vestas turbines will begin in October 2010. Alta Project I is anticipated to begin commercial operations in January 2011.

Terra-Gen is an affiliate of ArcLight Capital Partners and Global Infrastructure Partners. With more than 830 megawatts of generating capacity in operation and 720 megawatts under construction, Terra-Gen Power is one of the nation’s leading renewable energy providers and is the only American company that provides electricity on a utility scale from all three major renewable energy sources: wind, solar and geothermal power. Terra-Gen currently has 21 renewable energy projects in operation in six states, and more than 5,000 megawatts of renewable energy capacity under development.”

Source: Press Release

According to Reuters, “China on Tuesday disputed that it had surpassed the United States last year to become the world’s largest energy user, and defended its efforts in boosting cleaner energy sources.

The International Energy Agency estimates China last year consumed 2.265 billion tonnes of oil equivalent of energy from sources including coal, oil, natural gas, hydro and nuclear power, 4.4 percent more than the United States.

But Zhou Xian, spokesperson for China’s National Energy Administration, said on Tuesday that the IEA’s estimate of China’s energy consumption was too high, although he declined to give an alternative estimate.

The IEA estimate, he said, “could be used as a reference but is not very credible.”

“We believe that (IEA) did not understand fully the Chinese situation, in particular the efforts China made in energy saving, emission reductions and development in new energy sources,” said Zhou.

The IEA, adviser to 28 industrialised countries, is not the first provider of energy statistics to say China has become the top energy user.”

Read more: Reuters

Steven Chu

According to the press release, “At the world’s first Clean Energy Ministerial, U.S. Energy Secretary Steven Chu today announced that the United States is helping launch more than 10 international clean energy initiatives.  These initiatives will cut energy waste; help deploy smart grid, electric vehicle, and carbon capture technologies; support renewable energy markets; expand access to clean energy resources and jobs; and support women pursuing careers in clean energy.  The new programs offer partners concrete, technical actions to promote economic growth while reducing greenhouse gas emissions and other pollutants.  The initiatives will eliminate the need to build more than 500 mid-sized power plants world-wide in the next 20 years.

“The Clean Energy Ministerial has brought together leaders from around the world to take unprecedented actions to deploy clean energy technologies – from energy efficiency to renewable energy to smart grids to carbon capture.  These steps will promote economic growth, create jobs and cut greenhouse gas emissions,” said Secretary Chu.  “What we’ve seen here is that working together, we can accomplish more, faster, than working alone.”

At this week’s Clean Energy Ministerial in Washington, D.C., countries are launching and joining innovative initiatives to accelerate the global transition to a clean energy and low-carbon future.  Ministers from 24 governments are participating in the two-day Ministerial.  These countries represent more than 80 percent of global energy consumption and a similar percentage of the global market for clean energy technologies.

The United States helped lead the development of several initiatives as part of a Global Energy Efficiency Challenge.  These projects will cut energy waste around the world by deploying super-efficient appliances, improving industrial and building efficiency for large-scale facilities, implementing smart grid technologies, and helping to put millions of electric vehicles on the roads.

Under the Super-efficient Equipment and Appliance Deployment (SEAD) Initiative, for instance, governments will work with the private sector to transform the global appliance market.  The program will address both ends of the efficiency spectrum – incentivizing the deployment of super-efficient appliances while implementing and enforcing stronger appliance standards that push the most inefficient appliances off the market.  The program will initially focus on televisions and lighting – two globally-traded products that together account for about 15 percent of household electricity use.  Leading experts estimate that international efforts to improve the efficiency of televisions alone could reduce energy use equal to about 80 power plants by 2030.

As part of the Global Energy Efficiency Challenge, governments also joined the U.S. to improve efficiency in the buildings, industrial and vehicles sectors.  The Global Superior Energy Performance (GSEP) Partnership will help large buildings and industrial facilities measure and manage their energy use, which will save money and reduce greenhouse gas emissions.  Under this public-private partnership, governments will establish internationally-recognized certification programs to recognize facilities that adopt approved energy management systems and achieve significant and independently validated efficiency improvements over time.  To start, eight companies representing over $600 billion in annual sales and the Massachusetts Institute of Technology will pilot the program.

In the transportation sector, the U.S. and other countries are participating in the Electric Vehicles Initiative (EVI) to enhance global cooperation on the development and deployment of electric vehicles.  Through sister-city partnerships, high-level discussions, and information-sharing on electric vehicle investments and best practices, EVI will help countries deliver on their respective deployment targets.  According to the International Energy Agency, this initiative will help put participating countries on the path to deploy at least 20 million electric vehicles by 2020 and reduce global oil consumption by approximately one billion barrels over the next decade.

To further accelerate the introduction of electric vehicles, improve the reliability of the electrical system, promote the growth of renewable energy, and help consumers and businesses better measure and lower their energy use, 15 governments also joined the International Smart Grid Action Network (ISGAN).  This partnership will accelerate the development and deployment of smart electricity grids around the world by facilitating cooperation in key areas, including smart grid policy, regulation and finance; standards policy; technology research, development and demonstration; workforce skills and expertise; and consumer engagement.

Governments also came together to participate in an additional seven initiatives that will support the growing global market for renewable energy and carbon capture technologies; bring solar LED lanterns to more than 10 million of the world’s poorest citizens by 2015; launch virtual Clean Energy Solutions Centers to help developing countries transition to low-carbon technologies; and encourage young women to pursue careers in clean energy.

At the conclusion of the meeting, the United Arab Emirates offered to host the second Clean Energy Ministerial in spring 2011.  The United Kingdom offered to host the third Ministerial at a date to be determined.”

Read more: DOE Press Release

US President Barack Obama

According to the press release, “President Obama announced today in his weekly video address that DOE has offered a conditional commitment for a $1.45 billion loan guarantee to Abengoa Solar, Inc. The loan will support the construction and start-up of Solana, a 250 net megawatt (MW) concentrating solar power (CSP) plant in Arizona.

“After years of watching companies build things and create jobs overseas, it’s good news that we’ve attracted a company to our shores to build a plant and create jobs here in America”, said President Obama.

Solana will include six hours of molten salt thermal energy storage capability, which will allow energy to be dispatched as needed during cloudy periods and after sunset. With this capability, Solana will be able to generate electricity well into the evening to help meet the summer peak demand. The plant will be located 70 miles southwest of Phoenix, near Gila Bend, Arizona. Solana will produce enough energy to serve 70,000 households and will prevent the emission of 475,000 tons of CO2 per year compared to a natural gas burning power plant.

DOE’s Title XVII Loan Guarantee Program was created to support the deployment of innovative clean energy technologies pursuant to Section 1703 of Title XVII of the Energy Policy Act of 2005 (Title XVII). Title XVII of the Energy Policy Act of 2005 was amended by the American Recovery and Reinvestment Act of 2009 to create Section 1705, a new program for the deployment of renewable energy and electric power transmission projects. Solana is eligible for a loan guarantee under both sections of Title XVII.

Santiago Seage, CEO of Abengoa Solar, said that “this conditional guarantee could allow us to start construction of Solana this year. I want to recognize the leadership and effort of the DOE in making Solana possible through this guarantee.” Mr. Seage also added that Solana is in a very advanced stage of development and permitting, having received most of its authorizations from local, county, and state authorities. Recently, DOE conducted an Environmental Assessment study and issued a finding of no significant impact (FONSI) for the project. “What the project needs now is for Maricopa County and the state to continue their support and work expeditiously on the last remaining permits needed for construction to begin,” said Abengoa Solar’s Seage.

The construction and operation of Solana will bring many economic and environmental benefits to Arizona and will support the nation’s goals for energy independence through a “green” economy. The plant will create significant tax income for local communities and the state over the life of the project. Abengoa Solar’s Arizona Vice President Kate Maracas stated that “the building of Solana will also create between 1,600-1,700 new construction jobs, and operation of the plant will add another 85 permanent jobs. These construction and operating jobs will create a few thousand additional indirect jobs. Taken together, 98% of the jobs created by Solana will be American jobs – primarily from Arizona, and a smaller portion from neighboring states.”

Abengoa Solar signed a power purchase agreement with APS, the state’s largest electric utility, to sell the energy produced by Solana for a period of 30 years. “APS has demonstrated a strong commitment to solar energy and has shown leadership in moving solar energy toward the mainstream,” said Maracas.

Abengoa Solar has made it a priority to utilize U.S.-made components wherever possible for the Solana plant. More than 75% of the equipment and supplies required to build Solana will be manufactured in the U.S. These include steam generators, heat exchangers, power equipment, glass, steel, concrete and other construction materials.

As a direct consequence of the construction of Solana, a mirror manufacturing factory will be built in Surprise, Arizona. The mirror factory will employ almost 180 people, adding to the number of direct jobs created by Solana. This new facility will provide Arizona with the foundation upon which to expand its solar energy technology manufacturing capabilities and to support future CSP projects.

From an environmental perspective, Solana will provide Arizonans with clean, pollution-free and greenhouse gas free energy while, at the same time reducing Arizona’s need for fossil fuel based generation facilities, eliminating the emission of nearly a half-million tons of carbon dioxide per year. These reductions will contribute to state goals for renewable energy deployment as well as national targets for climate change abatement.

In late 2009 Abengoa Solar signed a power purchase agreement in California to supply electricity generated by a 250 MW CSP trough plant located in the Mojave Desert, 100 miles northeast of Los Angeles. The company also has several projects under development in the Southwest. Abengoa Solar is currently building 350 MW of solar plants worldwide, and with an additional 142 MW already operating, it is the only company worldwide building and operating both trough and power tower CSP plants. The Solana plant will be Abengoa Solar’s tenth CSP plant worldwide.”

Source: Press Release Abengoa Solar