Coronavirus Creates Angst For Clean Energy Developers
Coronavirus-fueled disruptions in global supply chains for renewable energy projects have developers on edge that the resulting delays could jeopardize power purchase agreements and federal tax credits that are crucial to their projects getting built. The domino effect could be delays in renewable project development timelines. Any threats to the viability of a PPA or tax credit eligibility could also give investors second thoughts about sinking cash into renewable projects, experts say.
IRS Reveals How Carbon Capture Credits Will Be Implemented
The IRS released two items of draft guidance that begin to define how project developers and investors can take advantage of tax incentives for carbon capture and storage, known as the 45Q tax credits. Congress, in a bipartisan budget deal in 2018, expanded and extended the tax credits in what carbon capture advocates and analysts have said could be a boon for carbon capture in the United States.
$115M Investment for University of Iowa P3 Utility Upgrade
Hannon Armstrong Sustainable Infrastructure Capital, Inc., a leading investor in climate change solutions, announced its $115 million preferred equity investment in a public-private partnership between the University of Iowa and private entities ENGIE, Meridiam, and Hannon Armstrong to operate, maintain, and upgrade the University's energy and water utilities. This investment will help the University of Iowa meet its zero-carbon energy transition objective to become coal-free in energy production on campus by 2025.
Columbus, OH Poised to Take Bold Steps to Cut Greenhouse Gas Emissions
The City of Columbus, Ohio could soon ask its building owners to track and report how much energy and water is used at their properties as part of a new benchmarking and transparency ordinance. Building owners interested in reducing energy use can tap into Columbus' C-PACE program, and relatedly, Columbus is now exploring the adoption of R-PACE financing.
EPA Announces More Than $200M for Infrastructure Projects
The U.S. Environmental Protection Agency recently announced the availability of $2.7 billion for State Revolving Funds, including more than $200 million across Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. This funding assists states, tribes and territories with infrastructure projects that help protect surface water and provide safe drinking water to communities across the country.
Energy Storage Project Closes on $140M in Debt
esVolta, a developer of utility-scale battery energy storage projects, recently closed a $140 million senior secured credit facility to finance a 136 MW/480 MWh portfolio of eight storage projects in California. It's this type of institutional investing that's going to drive the massive growth expected from the energy storage industry.
Connecticut Green Bank Surpasses 300 Closed C-PACE Projects at the End of 2019
According to the Connecticut Green Bank, the state's Commercial Property Assessed Clean Energy (C-PACE) program surpassed 300 closed projects at the end of 2019, reaching a total of more than $163 million in clean energy financing investment in local businesses.
CA Senate Bond Measure Would Put $5.5B Toward Fighting Climate Change
A proposed $5.5-billion bond measure from the California Senate aims to combat climate change by funding various environmental preservation and expansion projects throughout the state. Senate Bill 45 would allocate the money based on environmental hazards faced in California. The bill would still need to be approved by the Legislature before being placed on the November ballot.
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