New Project Media

RFP: Peninsula Clean Energy launches 2021 RFO for renewable energy and storage

“Peninsula Clean Energy is the official electricity provider for San Mateo County and, beginning in 2022, for the City of Los Banos.

Founded in 2016 with a mission to reduce greenhouse gas emissions in San Mateo County, the agency serves 295,000 customers by providing more than 3,500 gigawatt hours annually of electricity that is carbon-free and at lower cost than regional utility company Pacific Gas and Electric Company. Peninsula Clean Energy is on track to deliver electricity that is 100% renewable by 2025.

Scope of Work

This RFO seeks contract offers for both renewable energy generation and energy storage to meet PCE’s energy procurement obligations, its environmental objectives, and to offer its customers cost-competitive, clean energy options.

PCE is open to contract terms from 1 to 20 years, with a preference for shorter term lengths.

All renewable energy must meet the requirements for Portfolio Content Category 1 (PCC 1) under California Public Utility Commission (CPUC) and California Energy Commission (CEC) renewable portfolio standard (RPS) guidelines.

Projects must:

have a commercial operation date no later than January 1, 2026, with a preference for projects that can start delivering in 2024,

be located in the Western Electricity Coordinating Council (“WECC”) territory, within or outside California, with full deliverability to the CAISO grid

offer a maximum of 350,000 MWh of power per year

PCE is inviting the following type of offers:

Renewable energy generating facilities from a variable resource (i.e. wind or solar)

Renewable energy generating facilities meeting the definition of firm, clean resources

Renewable energy generating facilities (either variable or firm) paired with storage

Stand-alone storage projects

Shaped Offers

NPM tracks all major RFP issuances across the renewable energy spectrum. To see more of our extensive data + intel on live and historic RFPs, contact us at https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/rfp-peninsula-clean-energy-2021-rfo

RFP: Peninsula Clean Energy launches 2021 RFO for renewable energy and storage — New Project Media This RFO seeks contract offers for both renewable energy generation and energy storage to meet PCE’s energy procurement obligations, its environmental objectives, and to offer its customers cost-competitive, clean energy options.

INTERVIEW: CleanCapital CCO on firm's push for community solar and storage acquisitions

“Bell said the team would “absolutely” be continuing to target community solar acquisitions like these two projects in Massachusetts moving into next year. While Bell says collaborating with a good developer is key, the most critical piece to consider when targeting community solar acquisitions is subscriber management.

“When acquiring any operating project, it is important to understand off-taker performance,” Bell said. “For community solar, we pay close attention to the default rate among existing subscribers. The trickiest part is after acquisition when we transfer existing subscribers over to our subscriber billing and maintenance system. We want to make that transition as painless as possible.”

With these two projects in Massachusetts, CleanCapital’s total footprint in the state now exceeds 50 MW. Bell says the firm’s focus on Massachusetts directly correlates to the state’s SMART incentive program, which attracted strong community solar development in the state.

“Massachusetts is a great example of how forward-thinking and consistent state policies attract investment,” Bell said.

With a strong footprint established in Massachusetts, Bell says the firm is now setting its eyes on other states that have robust community solar markets like New York and Illinois.”

NPM provides subscribers with exclusive developer and capital provider interviews to better understand their expansion strategies heading into 2022. Connect with us here for a demo https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/interview-cleancapital-cco

INTERVIEW: CleanCapital CCO on firm's push for community solar and storage acquisitions — New Project Media CleanCapital has acquired two operating Massachusetts community solar projects from EDF Renewables with a combined capacity of 12 MW, marking their fifth acquisition close this year.

INTERVIEW: Standard Solar, Inc. CEO says interconnection costs may result in ‘unviable’ Northeast

“For years, Standard Solar has been a leader in community solar development, particularly in the Northeast where the market has thrived through a healthy environment for state incentives. The company now owns 223 operational projects with 60 projects finalized over the last year. But now, company CEO Scott Wiater, says he fears the ballooning cost and delays for interconnection are threatening to make the Northeast “unviable” for future development.

Although Wiater says the COVID-19 pandemic is partially responsible for slowing down permitting and interconnection, he says he views utility management and unwieldly state subsidies as bigger issues. Wiater highlights the New York market as a specific example. Standard Solar has 69 MW of operational solar in New York, the majority of which were established in the early days of the state’s VDER incentive program. Since then, however, multiple changes to the incentive structure have resulted in challenges penciling projects going forward.

“Unfortunately, New York’s a mess,” Wiater said. “Every time the legislators try to make things better up there; they make it worse. It’s just a really complicated, not very functional system.”

As highlighted in the recent NPM Community Solar Report on New York, the New York incentive program has gone through a number of changes. The allocated capacity for the state's most recent incentive, the upfront community adder, has been completely filled and closed, leaving developers waiting for further tranches to open up to proceed with planned projects. Wiater says Standard Solar is among those with “several good projects parked” waiting for new incentives.

“We’ll move forward when it makes sense, but there’s a lot of stranded projects in New York right now,” Wiater said.”

NPM strives to bring subscribers detailed accounts of the challenges that developers face in different regions throughout the country. For full access to our market intelligence, reach out to us at https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/standard-solar-ceo-interview

INTERVIEW: Standard Solar CEO says interconnection costs may result in ‘unviable’ Northeast — New Project Media For years, Standard Solar has been a leader in community solar development, particularly in the Northeast where the market has thrived through a healthy environment for state incentives. The company now owns 223 operational projects with 60 projects finalized over the last year.

INTERVIEW: Nexamp CEO details plans on utility-scale expansion

“Nexamp is looking to scale up its utility-scale business in a meaningful way in 2022 off a recent strategic hire and two successful rounds of capital raise.

The Boston-based developer has built up a huge book of business in community solar and C&I projects. However, this past year, it recruited former ENGIE Solar managing director Marc-Alain Behar to head up its utility-scale expansion efforts. Separately, it also raised USD 680m in capital through two separate transactions.

Nexamp is expected to lean on its core markets and its large corporate customers as initial drivers for its plans, but geographic expansion will also be in the cards.

“We’re seeing the need from large corporate customers that are interested in not only community solar but utility scale. We see synergies with what we have built and, in our sales, where we have this disconnected tissue with large energy buyers. So why wouldn’t we do this?” said Nexamp CEO Zaid Ashai in an interview with NPM.

One of these corporates, Walmart, closed a massive agreement with Nexamp back in August that contracted for 129 MW of energy from 23 separate community solar projects.

Nexamp plans to start out in its core markets such as Maine, Maryland, Massachusetts, New York, and Rhode Island. It has also begun branching out into Illinois and Georgia.”

NPM provides subscribers with exclusive developer interviews to better understand new business strategies. Connect with us here for a demo https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/interview-nexamp-ceo-details-plans-on-utility-scale-expansion

INTERVIEW: Nexamp CEO details plans on utility-scale expansion — New Project Media Nexamp is looking to scale up its utility-scale business in a meaningful way in 2022 off a recent strategic hire and two successful rounds of capital raise.

NPM MARKET DATA: Community Solar State Spotlight - New York

“Over the last five years, the New York State community solar market has become one of the most vibrant and important in the industry. NPM data currently tracks 185 operational community solar projects in the state with over 1,000 pre-operational projects in the interconnection queue.

As of Dec. 2020, the National Renewable Energy Laboratory reported an installed capacity of 410 MW of community solar in New York, making it the fourth most active community solar states in the nation behind just Minnesota at 663 MW, Florida at 593 MW and Massachusetts at 555 MW. Together, these four states account for 74 percent of the total community solar market in the US.

Top developers like Nexamp, Delaware River Solar, Borrego, BW Solar, and Omni Navitas are poised to be leaders in the community solar market of New York, according to queue application activity. In an interview with NPM, Nexamp CEO Zaid Ashai called New York “a very large market” for Nexamp’s overall community solar pipeline.
“New York did a tremendous job in seeding and growing that market in very quick order,” Ashai said. “We think they’re a leader in this country and we’re pleased DG is part of their vision.”

Similarly, Nautilus Solar Energy, LLC, has been active in New York since 2017 and now has 90 MW of operational projects in the state. Eric Paul, Nautilus’ Executive Director of Origination, and Nautilus president Jeffrey Cheng credit the rapid growth of New York’s community solar program because of its “robust incentive structure” that pushed developers to get in early with large projects.

However, New York’s market has also been a victim of its own success, leading to multiple incentive structure changes since 2017 that are starting to take their toll on development and may lead to a slowdown in the future without further adjustment.”

NPM combines best-in-class project data with in-depth reporting to highlight Community Solar developments, the fastest-growing part of the solar asset class. For full access, contact us at https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/npm-market-data-community-solar-state-spotlight-new-york

NPM MARKET DATA: Community Solar State Spotlight - New York — New Project Media Over the last five years, the New York State community solar market has become one of the most vibrant and important in the industry. NPM data currently tracks 185 operational community solar projects in the state with over 1,000 pre-operational projects in the interconnection queue.

M&A: Utility-scale battery storage developer esVolta hires Citi to run sales process


“Utility-scale battery storage developer esVolta has retained Citi to consider strategic alternatives, said three sources familiar with the situation.

Macquarie’s Green Investment Group (GIG) made an investment in the Aliso Viejo, California-based developer in January. The transaction resulted in New York-based RBP Partners, LLC remaining a substantial shareholder in the business.

RBP hired Citi to exit is remaining equity in the business, but GIG has some level of control including tag along rights for its common stock and a make whole provision on its preferred interest, added one of the sources.

The process launched in late October when teasers were distributed, and first-round bids are expected likely by the end of the year.”

Learn about tomorrow’s M&A deals, today on NPM. To access all of our proprietary coverage of live M&A situations, contact us here https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/utility-scale-battery-storage-developer-esvolta-hires-citi-to-run-sales-process

Utility-scale battery storage developer esVolta hires Citi to run sales process — New Project Media Utility-scale battery storage developer esVolta has retained Citi to consider strategic alternatives, said three sources familiar with the situation.

NPM is wrapping up its tour of Phoenix this week for !

Today's lineup includes the topic, Hybrid Storage and Generation featuring industry experts from Enel North America, Grid Strategies LLC, and Convergent Energy + Power.

The Next Decade of Energy Storage will focus on the technology, policy, and finance trends shaping the next decade of energy storage. Features Microsoft, PlusPower, and more.

If you are attending and would like to arrange an interview with one of our reporters, contact us in the conference app.

M&A: Texas-based renewable developer Tri Global pursuing sales process

“Renewable energy developer Tri Global Energy, have hired advisors to run a sales process, said two sources familiar with the situation.

The process is in its early days.

The Dallas-based project developer is among a swath of middle market developers expected to explore strategic alternatives after larger utility-scale developers were sold earlier in 2021.

Tri Global mostly develops onshore wind projects in Texas, but also has onshore wind, solar and storage projects in Nebraska, Illinois, Indiana, Pennsylvania and Virginia, according to its website.

Tri Global was founded in 2009 by John Billingsley Jr. and started off on a unique concept known as The Wind Force Plan. This allowed him to lease up 670,000 acres in West Texas land in fewer than three years on the premise that landowners would get guaranteed payments regardless if wind turbines were placed on their land. This approach led to initial onshore wind development and later solar.”

To access all of NPM’s proprietary coverage of live M&A situations, contact us here: https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/texas-based-renewable-developer-tri-global-pursuing-sales-process

Texas-based renewable developer Tri Global pursuing sales process — New Project Media The Dallas-based project developer is among a swath of middle market developers expected to explore strategic alternatives after larger utility-scale developers were sold earlier in 2021.

NPM is in Phoenix this week for ! We’re excited to be part of the discussion and looking forward to the in-person networking. If you would like to arrange an interview with one of our reporters, contact us in the conference app.

NPM Interconnections Podcast/Episode 20-Steve Levitas | Pine Gate Renewables

NPM Reporter C**t Shaw sits down with Steve Levitas, Senior VP for Regulatory and Government Affairs at Pine Gate Renewables, to talk about clean energy policy in the Southeast, including the Virginia Clean Economy Act and the Southeast Energy Exchange Market (SEEM), and more.

The two also discuss North Carolina's recent emissions bill, Levitas' role in authoring it, and the challenges that lie ahead in the law's implementation.



https://newprojectmedia.com/news/npm-interconnections-podcast-episode-20-steve-levitas-pine-gate-renewables

NPM Interconnections Podcast Episode 20: Steve Levitas | Pine Gate Renewables — New Project Media NPM Reporter C**t Shaw sits down with Steve Levitas, Senior VP for Regulatory and Government Affairs at Pine Gate Renewables, to talk about clean energy policy in the Southeast, including the Virginia Clean Economy Act and the Southeast Energy Exchange Market (SEEM).

SOLAR + STORAGE: Prolific data center build pipeline has knock-on impact to renewable equation

“Data centers need to operate 24 hours a day, seven days a week to service their customers, which leads to a complicated question of what mix of renewable and thermal generation is required?

“While we favor solar and wind, it is becoming more common to see hybrid projects that combine the two technologies, as well as add several hours of storage to get relatively close to a baseload product. Our PPAs are always with off-site projects, and we like to see 10-15-year fixed price agreements,” said Travis Wright, Vice-President of Energy and Sustainability for QTS Data Centers in an interview with NPM. Wright says QTS will look at various solutions to combat intermittency including battery storage and pumped hydro storage in select markets.

And there will be more opportunities to explore this mix down the road. The US data center market for new construction was valued at USD 8.4bn in 2020 and forecasted to reach a value of USD 13.9bn by 2026, according to the website Research And Markets. Microsoft, Google, and Facebook already occupy data centers in areas of Northern Virginia and Austin, Texas. Moving forward, what will drive expansion is those companies moving into tier 2 cities such as Columbus, Ohio and Denver, subsidized data centers to handle the healthcare industry and plans by the U.S. Army to spend up to USD 249m to deploy cloud computing services and data centers.

To help meet demand for further datacenters, companies such as DigitalBridge, who did transactions to recapitalize both Vantage Data Centers and DATABANK in recent years, and publicly traded behemoths such as CyrusOne and Digital Realty Trust are becoming major players. Blackstone, through its various fund groups, closed a USD 10bn take private of QTS earlier this year.”

Demand for renewable energy from data centers is one of the main drivers of new load growth across the country. Learn more about the up-and-coming players in the space and the cutting-edge offtake contract structures they are using by accessing NPM here: https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/prolific-data-center-build-pipeline

Prolific data center build pipeline has knock-on impact to renewable equation — New Project Media The notion of data centers being a major driver of power demand in the next decade is not going to abate any time soon. A similar movement is under way to “greenify” new projects.

OMERS acquisition of Navisun from Ares adds DG exposure following utility-scale deal with Leeward

“The deal will add to OMERS Infrastructure’s portfolio of renewable generation assets, which also includes Leeward Renewable Energy, LLC and a 19.4% stake in India-based independent power producer Azure Power Global Limited - a deal that happened earlier this year.

OMERS investment in Navisun adds diversification and offers new opportunities for OMERS in the U.S. renewables market,” said Annesley Wallace, Global Head, OMERS Infrastructure in an emailed statement to NPM. “With Texas-based Leeward Renewable Energy giving OMERS exposure to utility-scale renewables generation, and Navisun giving us a presence in distributed renewables generation, we have two well-positioned platforms to help us further invest in the energy transition theme,” she added.

The transaction is expected to close 1Q22, subject to regulatory requirements.

Navisun is among many smaller-to-middle market sized developers that could become attractive targets as infrastructure funds and others cast a wider net to invest in renewable developers beyond the largest players in the space, according to comments made by panelists at the Platts US Power Conference held last month.

Navisun was founded in January 2017 by John Malloy and Doug Johnsen, former executives at Greenwood Energy, in partnership with Ares Capital Corporation (ARCC), a publicly-listed business development corporation (BDC), which is externally managed by Ares Management Corporation.”

Institutional and pension funds are becoming increasingly sophisticated in how they target M&A opportunities to build on existing portfolio investments. Learn about the latest behind-the-scenes deal activity by accessing NPM here https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/omers-acquisition-of-navisun-from-ares-adds-dg-exposure-following-utility-scale-deal-with-leeward

OMERS acquisition of Navisun from Ares adds DG exposure following utility-scale deal with Leeward — New Project Media The deal will add to OMERS Infrastructure’s portfolio of renewable generation assets, which also includes Leeward Renewable Energy and a 19.4% stake in India-based independent power producer Azure Power Global Limited - a deal that happened earlier this year.

Auction for landfill waste-to-energy owner advances with bidder interest from private equity and infrastructure funds

“The auction for landfill gas-to-energy owner Cube District Energy has reached an advanced stage, said two sources familiar with the situation.

Cube District Energy is a portfolio company of I Squared Capital. Houlihan Lokey has been running the process.

The process has advanced past a second round and has attracted interest from private equity and infrastructure funds alike.
The privately held company lists nine waste-to-energy plants on its LinkedIn page.

This is inclusive of a portfolio of four projects it acquired from MAS Energy and EIV Capital in 2016.”

NPM covers live M&A activity across all renewables sectors, including the quickly growing market for biogas and RNG. To find out more about our proprietary intelligence and data, contact us here https://newprojectmedia.com/sign-up

https://newprojectmedia.com/news/mampa-auction-for-landfill-waste-to-energy-owner-advances-with-bidder-interest-from-private-equity-and-infrastructure-funds

Auction for landfill waste-to-energy owner advances with bidder interest from private equity and infrastructure funds — New Project Media The auction for landfill gas-to-energy owner Cube District Energy has reached an advanced stage, said two sources familiar with the situation.

Ahead of the Congressional Budget Office (CBO) releasing its cost estimate on the Build Back Better (BBB) Act, Adam Kobos, a partner in the tax practice of Troutman Pepper joins NPM Managing Editor Jonathan Berke on the NPM Interconnections Podcast.

The two discuss how developers of solar, wind and storage will benefit from extensions and expansions of the ITC and PTC tax credits in the revised framework for the BBB Act, the ramifications of including direct pay as an option over tax equity and finally how carbon capture will play into this.

Kobos also shares his thoughts on some immediate impacts of the already-passed federal infrastructure bill in the power sector.



https://newprojectmedia.com/news/npm-interconnections-podcast-episode-19-adam-kobos-troutman-pepper

NPM Interconnections Podcast Episode 19: Adam Kobos Troutman Pepper — New Project Media Ahead of the Congressional Budget Office (CBO) releasing its cost estimate on the Build Back Better (BBB) Act, Adam Kobos, a partner in the tax practice of Troutman Pepper joins NPM Managing Editor Jon Berke on the NPM Interconnections Podcast.

INTERVIEW: Hecate Grid lays out storage development plans following completion of Johanna facility

“Hecate Grid, a joint venture between Hecate Energy LLC and InfraRed Capital Partners Ltd, signed contracts to build 105 MW of energy storage projects next year in Riverside County, California and is looking to get another 1.5 to 2.5 GW of new projects online in 2023 and 2024.

This comes as demand for standalone storage continues to escalate particularly in California and in ERCOT. The likes of Southern California Edison (SCE) and Clean Power Alliance (CPA) have increased the search for storage resources to combat electric power shortages and to replace capacity from the retirement of old thermal plants.

The extremely cold weather in Texas in February 2021 accelerated the demand for resources to combat intermittency. Interconnection applications for Storage projects, totaling over 35 GW of capacity, are registered in the ERCOT queue, according to NPM data. Hecate is linked with seven of those project applications.

“Initially in ERCOT, the opportunity was a short duration ancillary services play, but as the market has more intermittent resources and regulations have evolved in the aftermath of the February event, longer duration systems are becoming more relevant,” said Gabe Wapner, VP Business Development at Hecate Grid, in an interview with NPM.”

NPM provides subscribers with exclusive developer interviews to better understand new business strategies. Connect with us here for a demo https://newprojectmedia.com/sign-up



https://newprojectmedia.com/news/hecate-grid-lays-out-storage-development-plans-following-completion-of-johanna-facility

Hecate Grid lays out storage development plans following completion of Johanna facility — New Project Media Hecate Grid has big plans in the coming years after completing its 20 MW/80 MWh Johanna energy storage system (ESS) earlier this month.

M&A: Next round of Savion, LLC bids submitted as high comp valuations emerge

“With funds ponying up massive premiums for independent renewable energy developers, it stood to reason that Kansas City-based developer Savion, LLC might follow suit.

However, the jury remains out as potential bidders are being taken through management presentations with new bids due 12 November, said two sources familiar with the situation. There is a question about whether the US-based infrastructure funds who still haven’t acquired a renewable developer are willing to pay the premium, while others are viewing foreign strategics or investors as potential buyers, said two of those sources.

Savion Energy hired Guggenheim Securities and Macquarie Capital in August.

Following the submittal of first round bids in September, potential bidders were in the middle of management presentations.

At the same time, Ares Management Corporation and Antin Infrastructure Partners successfully acquired stakes in Apex Clean Energy and Origis Energy, respectively. Both buyers took a majority stake in each developer and at enterprise valuation levels north of USD 1bn, according to both sources familiar.

Separately, EQT Infrastructure closed a deal to acquire Cypress Creek Renewables, also earlier this month, at an enterprise valuation in the mid-USD 800m range, they said.”

To access all of NPM’s proprietary coverage of live M&A situations, contact us here:

https://newprojectmedia.com/news/next-round-of-savion-bids-submitted-as-high-comp-valuations-emerge

NPM MARKET DATA: Community Solar State Spotlight – Minnesota

This NPM State Spotlight is the first in a new report series highlighting the rapidly evolving Community Solar development landscape across the country. All accompanying charts are produced using the extensive community solar data recently added to the NPM platform.

NPM combines best-in-class project data with in-depth reporting to highlight Community Solar developments, the fastest-growing part of the solar asset class. For full access, contact us at

https://newprojectmedia.com/sign-up

NPM MARKET DATA: Community Solar State Spotlight - Minnesota — New Project Media This NPM State Spotlight is the first in a new report series highlighting the rapidly evolving Community Solar development landscape across the country.

in·ter·con·nec·tion
/ˌin(t)ərkəˈnekSH(ə)n/

noun
noun: interconnection; plural noun: interconnections
1. a mutual connection between two or more people or things.

"the complex interconnections between businesses in a modern society"

You don’t want to miss our Interconnections US Developer & Finance Forum 2021, taking place in just about 24 hours from now.

Get in on our dive deep into "The Big Picture" where the best and brightest in the renewable energy landscape discuss how policy will affect renewable and alternative energy production, new trends in solar, wind and storage production. Direct pay, tax equity and more.

“The Pipelines” where will we delve into the highlights in 2021 and top growth drivers in each regional market and future 2022 sub-sectors for renewable energy and alternative energy development.
We’ll look at M&A trends that developers are taking advantage of to scale their operations and expectations for the pre-development financing market in 2022 and more.

Our virtual event space provides attendees:
Interactive agenda – choose which sessions to attend
Live event broadcast screening
Live audience Q&A and polling
Interactive speaker biographies
Interactive delegate list
Live virtual networking
Virtual exhibition booths with meeting rooms and resource downloads

Join us, registration is still open. Get a sneak peek at our next event…



https://newprojectmedia.wavecast.io/us-developer-finance-forum/us-developer-finance-forum-2021/agenda

Agenda He was previously the Editor-in-Chief of Fixed Income information products globally for Acuris and a Senior Reporter for Refinitiv.