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GE Energy Takes Equity Position in Ocean Energy

GE Financial Services – its loan unit – has taken an equity stake in UK’s Ocean Power Delivery, Ltd., developer of the world’s first commercial facility that will generate electricity from offshore ocean waves. GE will take an undisclosed equity position as part of OPD’s $22.5 million (GBP 13 million) equity raise as Ocean Energy prepares to deliver on its first commercial contract for a wave power farm. The transaction also extends a loan facility of $2.6 million (GBP 1.5 million). Ocean Power developed the Pelamis Wave Energy Converter, which generates 750 kilowatts of electricity from offshore wave motion. The company’s first order is from a Portuguese consortium, which will install the system. OPD expects to install and commission the first stage of the project during the summer of 2006. Yesterday, we reported that GE Finance is expanding its renewable energy financial services unit to serve this growing market. Energy Financial Services is seeking to grow its renewable energy investments to more than $3 billion by 2008.

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Weekly Clean Energy Roundup:April 20, 2006

News and Events New Jersey Increases its Renewable Energy Requirement AES and DuPont Form New Global Alternative Energy Divisions Lexus Debuts the First V8 Hybrid Sedan in New York Green Roofs are Gaining Acceptance in U.S. Cities, Says Survey Energy Connections Analysis: Airline Industry is Hamstrung by Rising Fuel Prices News and EventsNew Jersey Increases its Renewable Energy RequirementThe New Jersey Board of Public Utilities (BPU) approved new regulations last week that will require the state’s electric utilities to draw on wind power, solar power, and sustainable biomass power for 20 percent of their electricity by 2020. Previously, the BPU required utilities to draw on renewable energy sources for 4 percent of their power supply by 2008. That older requirement had ratcheted up to 3.5 percent renewable energy this year, but starting in June, utilities will have to meet an accelerated schedule geared toward the 2020 goal. The new regulations also require solar photovoltaic power to provide 2 percent of the state’s electricity needs by 2020, requiring the installation of 1,500 megawatts of solar electric power. On a per capita basis, that’s the largest solar requirement in the United States, cementing New Jersey’s status as a solar power leader. New […]

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Germany: Prime Solar to Set up EUR 425 million Silicon Wafer Manufacturing Facility

Prime Solar Pty Ltd, based in Australia, is setting up a silicon manufacturing facility in Germany with annual production capacity of 680 MW, at a cost of EUR 425 million. The facility will operate 24 hours a day and offer over 1,000 full time employment opportunities. The silicon wafers commonly known as silicon chips are the base components for the fabrication of solar cells and the wafers produced by Prime Solar will be used in the manufacture of silicon solar cells by Q-Cells of Germany. “The first phase of the project of 50 MW per annum capacity will be set up at Thalheim, Germany’s “Solar Valley” approximately 50 km North of Leipzig in 2006-07 with a total project cost of EUR 36.5 million”, Mr John Carstairs, Chairman of Prime Solar said. The German Government will provide up to 45% non-refundable grants. Negotiations are being held with the Commerzbank for debt funding and working capital. Prime Solar recently entered into an agreement with Q-Cells to supply up to 100% of its wafer production for ten years. Q-Cells is the world’s second largest manufacturer of mono and multicrystalline solar cells. In 2005, Q-Cells produced 165.7 MW of solar cells. This represents an […]

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MidAmerican Energy to Double Wind Energy

MidAmerican Energy Company, already a national leader in terms of installed wind energy capacity among rate-regulated utilities, received approval Tuesday from the Iowa Utilities Board to build up to 545 megawatts of additional wind-powered electric generation in Iowa. MidAmerican currently owns and operates 360.5 megawatts of wind energy facilities in northwest and north central Iowa that have the capability to produce enough electricity to power 100,000 homes. The new projects, utilizing improved wind turbine technology, would have the capability of generating enough electricity for up to 200,000 more customers. The ultimate project size, cost and locations have not been finalized. The first phase of the expansion is scheduled to be completed in 2006. The 99-megawatt project, being constructed by Invenergy Wind Development Iowa LLC, will use 66 GE Energy 1.5-megawatt wind turbines. If the full 545 megawatts of wind generation are added by the end of 2007, MidAmerican would own or have under contract, in Iowa, more than 1,000 megawatts of wind, biomass and hydroelectric energy. Based on American Wind Energy Association information, Iowa currently has more than 830 megawatts of installed wind energy capacity, making it third in the country, behind California and Texas, in the production of wind […]

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