Indian Renewable IPP Greenko gets 46 M$ funding from GEF

Private equity firm Global Environment Fund (GEF) announces the completion of an investment of $46.3 million in Greenko PLC, which is based in Hyderabad, India. Greenko is one of India’s largest independent power producers focused exclusively on renewable energy generation through the development, acquisition, construction, and operation of run-of-river hydro and biomass-fired plants. GEF is the only non-public investor and holds two seats on the Board of Directors of the company’s Mauritian subsidiary.

Since its formation in 2006, Greenko has sought to be a premier clean energy player in India, with a diverse portfolio of scaled renewable energy assets. GEF’s investment will accelerate the company’s growth objectives as it addresses the massive shortfalls in power supply needs in India in the coming years.

Anil Chalamalasetty, Chief Executive of Greenko, said, “We are delighted to receive funding from Global Environment Fund which shows confidence in Greenko’s business model and its long-term ambition to be a leading clean energy player in the fast growing Indian economy and energy markets. We believe GEF’s experience in investing in clean energy projects in other emerging economies will be a good value addition to the platform.”

H. Jeffrey Leonard, President, Chief Executive Officer and Founding Partner of GEF, commented, “GEF is pleased to enter into a long-term partnership with Greenko, a leading and scaled renewable energy platform in India with a robust pipeline of expansion opportunities. Consistent with GEF’s investment strategy, Greenko represents a proven management team that should help meet India’s need for sustainable sources of power in the future.”

Renewable energy on the EU Agenda

The implementation of an European Energy Research Alliance was recently defended in Bruxels, a measure that is intended to boost up new technologies and favour the use of clean energy in the European Union (EU).

The measure was proposed by the European Commission and is seen by entities as a «determining factor» in the sense that it may improve the growth of new technologies which may distinguish themselves by producing low carbon emissions and help increasing the scale of the clean energy tech market.

The main EU research institutes will be responsible for the alliance, which is based on the idea of «amplifying and improving the means» dedicated to the investigation of the energetic sector.

The creation of cooperative programs at state and EU level will serve as a starting point for fulfilling the «triple challenge of: energetic safety, climatic change and competitiveness, which the EU is facing today»

This alliance was created on the framework of the Set-Plan, a model intended to promote the development of renewable energy and reduce, on the long-term, the EU dependence on fossil fuel imports.

CO2 storage, bio, solar and wind energy, sustainable fusion and intelligent electric supply are amongst the processes intended to be improved through the creation of this plan.

Source: IOL PortugalDiário

More info:
EU Innovation and technological development in energy

ChooseRenewables.com Launches – Offers Free Custom Data and Evaluations for At-Home Wind and Solar Energy Solutions

ChooseRenewables™ today announced the launch of its Web site at www.ChooseRenewables.com, offering a one-stop destination that helps consumers understand their energy impact and take action to improve it. As global warming continues to generate headlines and energy prices escalate, consumers are increasingly seeking ways to reduce the impact of their energy use and save money. With ChooseRenewables’ free MyEnergy Analyst™ consumers receive a clear picture of their personal energy impact and can implement a simple plan to reduce it with a MyEnergy Makeover™. The one-of-a-kind MyWatts Renewables Estimator™ allows users to simply enter their address and receive a free evaluation of potential solar and wind options they may be eligible to install at their home or business.

“Our mission is to not only educate consumers, but to empower them to take action by connecting them with realistic, easy-to-implement solutions that can dramatically reduce and diversify their energy use,” said Michael Ford, founder and president of ChooseRenewables. “We encourage our customers to focus on reducing their energy use by adopting energy efficient technologies and changing their own behavior – and then use a portion of the savings reaped by energy conservation to support a clean and independent energy future through on-site renewable energy generation and other means.”

Personalized Energy Tools and Solutions

ChooseRenewables offers three main measurement tools that together offer the most comprehensive way for consumers to reduce their energy impact. They include:

·The MyEnergy Analyst helps consumers calculate the impact of their annual energy use by pooling statistics and data from the U.S. Department of Energy to measure emissions of carbon, mercury, nitrogen oxides, sulfur dioxide and total cost of energy. Once calculated, the MyEnergy Analyst breaks down the energy impact at home, while driving, and while flying and compares the consumer’s impact to that of the average individual with a similarly-sized home in their region.

·Users can then create and implement a MyEnergy Makeover to reduce their energy use through conservation, offsets or generation of renewable energy. ChooseRenewables encourages its customers to implement energy saving technology and behavior, and then use a portion of those dollar savings to fund their commitment to renewable energy.

·ChooseRenewables’ exclusive MyWatts Renewables Estimator allows users to enter their home or business address and instantly see their on-site wind and solar power potential. The tool provides an estimated payback period for a wind turbine or solar installation based on the magnitude of wind and solar incentives available to them, combined with the average wind speed, solar radiation, state and federal incentives and current electricity cost at that location. An algorithm then examines the viability of an on-site wind or solar power installation, and within seconds provides an intelligent display of the on-site solar and wind power potential coupled with a detailed Google Earth map of the physical location. The tool uses data published by the National Renewable Energy Laboratory to estimate the average wind speed and solar radiation.

The U.S. market for small wind solutions is estimated to continue growing at a 14-25% annual rate[1], with solar solutions forecasted to grow 27-32% per year[2]. For consumers with a good site for wind or solar energy generation, ChooseRenewables offers a detailed analysis of their options based on local market data and site-specific wind speed data to arm them with the information they need to make a sound renewable energy investment.

If consumers discover they have limited wind and solar options for their home, the ChooseRenewables Online Store also offers a variety of products and services to help homeowners conserve as much energy as possible, including an energy conservation kit that contains compact florescent light bulbs, insulation and gap fillers, low-flow shower heads and a programmable thermostat.

ChooseRenewables also provides options to help consumers offset their conventional energy use through renewable energy credits (RECs). By purchasing RECs, consumers can displace other non-renewable sources from the electric grid.

www.ChooseRenewables.com

Renewable Energy: The Regional Debate

The U.S. Senate is currently debating a National Renewable Energy Standard. Under an amendment sponsored by Sen. Jeff Bingaman (D-N.M.), who chairs the Senate Energy and Natural Resources Committee, electric utilities would be required to obtain a growing percentage of their electricity from renewable energy sources (biomass, geothermal, new hydro, solar, wind), with the percentage reaching 15% by 2020.

Notwithstanding the fact that the Bingaman amendment would be Congress's first major action to address the growing issue of global warming, Senate Republicans are blocking it by threatening a filibuster (meaning that 60 votes would be needed to pass it rather than a majority.) During the debate, much was made of the argument that some states are not windy, and would therefore be disadvantaged by the Bingaman amendment, and that it would "shift wealth" from one region to another. For example, Sen. Pete Domenici (R-N.M.) said, "We cannot ignore the reality that some regions of the country cannot meet the [standard]. Since they cannot produce it, they’ll have to pay a fine, a pretty whopping penalty."

It's an interesting and compelling point, if true. Would a Renewable Energy Standard really introduce a sweeping change into the way that energy is currently produced and distributed in the U.S.? Consider:

Most if not all states import fuel--coal from other states; natural gas from other states, Canada and overseas; uranium, ditto; oil from overseas (yes, some imported oil is indeed used to generate electricity, mostly in New England and Hawaii).

"Importing" wind--a domestic "fuel"--from state to state (via transmission lines) will benefit the whole country (due to reduced imports of natural gas and oil from overseas), and is not a departure from current practice on behalf of other fuels.

A very preliminary (all we have had time for so far) look at state-by-state distribution of commercial energy production reveals the following:

32 states have commercial wind installations (and at least one more will soon)
32 states have natural gas production
28 states have petroleum production
25 states have coal
3 states have uranium

Thus, wind is actually one of the most widely distributed natural resources. Also, it appears that huge transfers of wealth are no problem for opponents of the Bingaman amendment, as long as they are already happening--only modest future transfers that might run in some different direction need to be stamped out.

We’ve made investments to move natural gas, coal and uranium across state lines and, in some cases (e.g., building transmission lines to so-called "mine-mouth" electric power plants that are built next to coal mines), to use the fuel on location. Likewise, wind is a resource we should encourage all states to use.

(In addition, all of the Southeastern states that have poor wind resources have excellent biomass energy potential, according to the U.S. Department of Energy--but that's another story.)

The Bingaman amendment may come up soon for a vote in the Senate. If you support this first meaningful step to fight global warming, contact your Senator's office through the U.S. Capitol switchboard at 202-224-3121 and let him/her know you support the Bingaman Renewable Energy Standard. Or go to powerofwind.com.

Regards,
Tom