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U.S. Senate Takes Steps to Restore DOE Geothermal Research Program

The U.S. Senate approved a $125 million amendment proposed by Sen. Lisa Murkowski for next year’s budget for geothermal, ocean and small scale hydro-electric. The amendment provides $50 million for geothermal research and development, $50 million for ocean energy research and $25 million for research and grant assistance for small hydro development. The amendement is part of the Senate version of the FY 2007 Supplemental Appropriations bill, S.965 (S. Rept 110-37). Senator Lisa Murkowski told the Senate she was offering this amendment because “..the budget shortchanges three areas of great energy potential: geothermal, ocean energy and small hydro electric development.” Senator Murkowski continued, “..by this amendment I am making a clear statement that this senator wants to see money not just restored, but increased for geothermal energy research and development, and provided for research and development of all forms of ocean energy ­ current, tidal and wave projects — and also for small hydroelectric developments, those that do not involving the damming of major river systems, but instead use water from lake taps, creeks or from run-of-river projects to generate power.” The amendment would reverse Administration initiatives to achieve “major savings” in the federal budget by closing these two renewable […]

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Five Ethanol Conversion Projects Get $23M in Federal Funding

U.S. Department of Energy (DOE) announced just over $23 million in federal funding, subject to negotiation of final project plans and funding, for five projects focused on developing highly efficient fermentative organisms to convert biomass material to ethanol. “These projects will play a critical role in furthering our knowledge of how we can produce cellulosic ethanol cost-effectively,” Assistant Secretary Karsner said. The projects support the goals of President Bush’s Twenty in Ten Initiative, which aims to increase the use of renewable and alternative fuels in the transportation sector to the equivalent of 35 billion gallons of ethanol a year by 2017. Commercialization of fermentative organisms is crucial to the success of integrated biorefineries. Fermentative organisms speed refining by converting lignocellulosic biomass material to ethanol. Projects were selected for the organism’s capacity to convert lignocellulosic biomass to ethanol in process-relevant conditions that would be economical in the commercial market. Additionally, the organism must be able to survive a wide range of environmental conditions and remain stable from adverse mutation. Selectees must have the ability to produce at commercial scale in the future and have a sound business strategy to market the organism. Combined with the industry cost share, more than $37 […]

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11MW PV System Inaugurated in Portugal

One of the world’s largest solar power plants has begun generating electricity on 60-hectares (150-acre)in Portugal. The Serpa plant consists of 52,000 PV modules spread across the equivalent of over 80 football fields, with a capacity of 11 MW. After eight months of construction and testing, GE Energy Financial Services, a unit of General Electric (NYSE: GE), PowerLight, a subsidiary of SunPower Corporation (NASDAQ: SPWR) and Catavento dedicated the 11-megawatt Serpa solar power plant on schedule. GE Energy Financial Services financed and purchased the project in an approximately US $75 million transaction last year. PowerLight, a leading global solar power system provider, designed, deployed, operates and maintains the plant. The plant uses PowerLight’s innovative PowerTracker® system that follows the sun’s daily path across the sky to generate more electricity than conventional fixed-mounted systems. Catavento, a leading Portuguese renewable energy company, developed and manages the project, which began feeding Portugal’s electricity grid in late January. Kevin Walsh, Managing Director and leader of renewable energy at GE Energy Financial Services, said, “This project is successful because Portugal’s sunshine is plentiful, the solar power technology is proven, government policies are supportive, and we are investing and delivering under GE’s ecomagination initiative to help […]

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Energias de Portugal Acquires Horizon Wind

Portuguese power company Energias de Portugal, S.A. (EDP.LS) has agreed to acquire Horizon Wind Energy LLC from The Goldman Sachs Group, Inc. (GS.N) for $2.15 billion. The transaction is expected to close in June. Horizon has about $180 million in debt. The acquisition will be adjusted for investments, which are estimated at $600 million, EDP said. The purchase would be financed by $2.5 billion in debt and a tax credit worth $400 million, with an enterprise value for Horizon of $2.9 billion. EDP, which is Portugal’s largest industrial company, said the purchase gives it a foothold in the U.S. as concerns about global warming increase demand for renewable energy. By adding Horizon, EDP hopes to generate more than half its electricity from renewable energy by the end of the decade. The merger will result in a new global renewables player, with more than 3,800 megawatts (MW) of wind power generation in operation by the end of 2007. Founded in 1999, Horizon owns 600 MW of operating wind projects and has 997 MW of projects due to begin operating this year. Horizon also has a projects in various stages of development in 15 states in the U.S., with combined capacity of […]

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UPC Wind Secures Equity Financing

UPC Wind has secured $44 million in equity financing for its Mars Hill Wind Farm, the first utility scale wind project in New England. Investors are JPMorgan Capital Corporation and WFC Holdings Corporation (affiliates of JPMorgan Chase & Co. and Wells Fargo, respectively). Said Paul Gaynor, President and CEO of UPC Wind, “This investment is significant as it demonstrates the financial community’s serious commitment to developing and funding renewable sources of electricity generation.” The Mars Hill Wind Farm began construction in the first quarter of 2006 and achieved full commercial operations on March 26, 2007. Today, Mars Hill supplies approximately 42 megawatts of wind-generated power. About UPC Wind UPC Wind is based in Newton, Massachusetts, with offices in Maine, Vermont, New York, Pennsylvania, California, Oregon and Hawaii. UPC Wind is an American-owned company which develops, owns and operates well-sited, community-friendly wind farms. Website: http://www.upcwind.com     

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Goldman Sachs' Green Touch

URL: http://www.fool.com/investing/general/2007/03/27/goldman-sachs-green-touch.aspx Website: http://www.fool.com/investing/general/2007/03/27/goldman-sachs-green-touch.aspx     

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