Weekly Investor Roundup

In an effort to stimulate job creation in the United States, the Obama administration has
proposed a $5 billion expansion of tax-credits for cleantech
manufacturers. The funding would be in addition to $2.3 billion originally allocated in the economic stimulus package approved at the beginning of 2009. Those funds reportedly have been completely allocated, and Congress may choose to include the additional funding in a new jobs bill under consideration. Vice President Joe Biden made the announcement on Wednesday.

The World Bank’s Clean Technology Fund (CTF) approved financing of $750
million for the development of Concentrated Solar Power (CSP) in the Middle East and North Africa. The funds are expected to mobilize an additional $4.85
billion from other sources, to spur the technology Algeria, Egypt, Jordan, Morocco, and
Tunisia. The World Bank said the investment should lead to 900MW of capacity by 2020, as well as increased energy security and industrial growth in the region.

New York-based Private equity firm Hudson Clean Energy Partners announced
that it has closed its debut fund with
commitments of just over $1 billion. The funds will be used to expand Hudson’s investment portfolio of cleantech companies, which currently includes renewable energy project developer Recurrent Energy, solar manufacturer SoloPower and Wind to Power Systems, a
Madrid-based manufacturer of power electronics that enable connection
of renewables to the grid.

Fourteen major airlines from the United States, Mexico, Canada and Germany signed a memorandum of understanding with Seattle-based AltAir Fuels to negotiate the purchase of up to 750 million gallons of renewable jet fuel and diesel derived from camelina. The fuel will be produce at a new facility in Anacortes, Wash. in 2012, and it is expected to replace about 10% of the petroleum fuel consumed annually at Seattle-Tacoma International Airport. The camelina will be grown in Montana by Sustainable Oils. 

The airlines were represented by the Air Transport Association (ATA), wich announced a similar agreement earlier in the week for synthetic jet fuel to be produced by Rentech, Inc. in Mississippi. Rentech plans to make fuel through the gasification of coal and coke, a waste product from oil refining. Rentech said it will capture the carbon dioxide during the process and pipe it to Texas where it will be injected into depleted oil wells.

Deepwater Wind and New England utility National Grid have signed a 20-year, power-purchase
agreement for the electricity to be produced by the Block Island Wind
Farm off the coast of Rhode Island. Under the terms of the agreement, National Grid will purchase the
energy generated from the project at a cost
of 24.4 cents per kilowatt hour (kWh) in the first full year of operation, which is expected to be 2013. The price will then rise 3.5% a year. National Grid had previously rejected a bid of 25.3 cents per kWh in November. This is only the second such agreement for offshore wind power in the US.

United Technologies Corp. (NYSE:UTX) has agreed to acquire a 49.5%
stake in California-based wind turbine
manufacturer Clipper Windpower Plc (CWP.L) for approximately $270 million. UTC is already involved in blade technology, turbines
and gearbox design, as well as other high-tech products and support services. The acquisition will broaden UTC’s portfolio, while widening Clipper’s reach into the market. Clipper has a manufacturing plant in Cedar Rapids, Iowa, and research and development
facilities in Carpinteria, Calif., and Blyth Harbor, U.K. The company’s share’s were hit especially hard by the economic
downturn, falling from over $700 a share in January of 2008 to around
$70 a share in January of 2009, before recovering to around $175 a
share before this latest release.

Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM) (TSMC),
one of the largest semiconductor manufacturers in the world, plans to
buy its way into the solar industry. The company announced it will purchase a 20% stake in Motech
Industries Inc. (TWO: 6244). Motech is a leading solar cell manufacturer in
Taiwan. TSMC said it will spend the equivalent of about US$193
million a private placement of 75.32 million new Motech shares, making it the largest single shareholder.

Silver Spring Networks, a leading smart grid company,
announced the closing of a $100 million preferred equity round. The investment round included
existing investors Google Ventures and Kleiner Perkins
Caufield & Byers. The company said financing will be used to develop applications and add employees. Silver Spring systems are deployed with numerous utilities in the US
and abroad, including Florida Power & Light (NYSE: FPL), Pacific
Gas & Electric (NYSE: PCG) and Pepco Holdings, Inc. (NYSE: POM).

First Solar Inc. (Nasdaq: FSLR) announced 2010 financial guidance
and plans for the addition of eight production lines at its
manufacturing center in Malaysia planned for the
first half of 2011. First Solar expects net sales in 2010 to be between $2.7 to $2.9 billion, with earnings per share (EPS) of $6.05 to $6.85. First Solar CEO Rob Gillette said the expansions are needed to fill contracts for more than 6 gigawatts of solar modules through the year 2012. The additional manufacturing lines would give the company the capacity to produce 1.8 gigawatts per year.