SunEdison, North America's largest solar energy services provider, today announced that it has closed $131 million of private equity and $30 million of debt financing with new and existing investors over the last six months. Investors include Greylock Partners; HSH Nordbank AG; Applied Ventures, LLC; Black River Commodity Clean Energy Investment Fund, a fund managed by Black River Asset Management; MissionPoint Capital Partners; and Allco Renewable Energy Limited. These financings are designated to support the operational resources of SunEdison.
Sunday, May 25, 2008
Monday, May 19, 2008
The joint venture will not only build the plant, but it will also operate it. The plant is expected to be completed by the end of 2009, although the first 9 MW should be connected to the grid during 2008. The Ontario Power Authority will purchase the electricity produced by the plant.
In 2006, the Ontario government launched the Renewable Energy Standard Offer Program, a scheme to promote investment and employment in the green power industry. The First Light announcement is a clear sign that the goals set by the Standard Offer Program are reachable, according to both companies.
According to Mr Gerry Phillips, Ontario's Minister of Energy in just one year the Renewable Energy Standard Offer Program has met the target set for the next ten years. Ontario aimed for 2,700 MW of green power to be installed by 2010.
Indeed Canada, with plenty of land available and little population, could easily supply a substantial amount of energy with solar power in the coming years. A fast-growing network of solar companies is being developed in the country, so robust growth in solar capacity is only a matter of time.
VantagePoint Venture Partners, the company's initial investor, played a major role in forming the syndicate, which includes Google.org, BP Alternative Energy, StatoilHydro Venture and Black River. All of the company's existing investors, including Morgan Stanley, DBL Investors (formerly a subsidiary of JP Morgan), Draper Fisher Jurvetson, and Chevron Technology Ventures participated in the round.
"The quality of the investors in this round of financing, coupled with increased support from our earlier investors, underscores the confidence that major strategic players have in our ability to reliably generate clean, cost-effective, utility-scale solar power," said John Woolard, Chief Executive Officer of BrightSource. "We believe in the transformational role of solar energy, and that the broad reach of our new investors will enable us to accelerate the growth of solar thermal into a mainstream energy source."
In March 2008, BrightSource entered into a series of power purchase agreements with PG&E for up to 900MW of electricity. BrightSource is currently developing a number of solar power plants in the Mojave Desert of Southern California, with construction of the first plant planned to start in 2009.
"In working closely with BrightSource over the past several years, they have greatly impressed us with their commitment to efficiency and technological prowess," said Alan Salzman, Managing Partner of VantagePoint Venture Partners. "The work that we are helping finance is both an extraordinary business opportunity and a catalyst for transformative change to the energy world as we know it. It is exciting to be part of it."
Acorn Energy, Inc. ACFN Akeena Solar, Inc. AKNS Ascent Solar Technologies, Inc. ASTI Axion Power International Inc. AXPW.PK Azure Dynamics AZDDF.PK Beacon Power Corp. BCON BrightSource Energy, Inc. Private Capstone Turbine Corp. CPST ClearFuels Technology, Inc. Private CoaLogix Private Comanche Clean Energy Corporation Private Composite Technology Corporation CPTC.OB Detroit Electric Private Electrovaya Inc EFL.TO Energy Conversion Devices, Inc. ENER Energy Focus, Inc EFOI Ener1 Inc. ENON.OB EnerSys ENS Environmental Energy Services, Inc. Private Environmental Power Corp. EPG EPV Solar, Inc. Private Genesis Energy LP GEL Great Point Energy, Inc. Private groSolar Private Hoku Scientific, Inc. HOKU Hydrogenics Corp. HYGS Innovation Fuels Inc. Private Konarka Technologies, Inc. Private Lamina Lighting Inc. Private Lighting Science Group Corporation LSCG.OB Lime Energy LIME Linc Energy Ltd LNCGY.PK Maxwell Technologies Inc. MXWL Mechanical Technology Inc. MKTY Nexxus Lighting, Inc. NEXS Nova Biosource Fuels, Inc. NBF Nviro Cleantech NVR.L Phoenix MC, Inc Private Pursuit Dynamics PDX.L Quantum Fuel Systems Technologies Worldwide, Inc. QTWW Renaissance Lighting Inc. Private SolarCity Private Solar Power Inc. SOPW Soliant Energy, Inc. Private Synthesis Energy Systems, Inc. SYMX Syntroleum Corp. SYNM Thermoenergy Corp. TMEN.OB Westport Innovations, Inc. WPT.TO ZBB Energy Corporation ZBB ZENN Motor Company ZNNMF.PK ZPower, Inc. Private