pvmb 3/15/19 – Tesla gets a new car and CFO, FERC deletes its phone directory, and more!

pv magazine USA sees spring is around the corner, so here’s a fresh Morning Brief, including Fitch downgrading more California Solar and Toyota buying power from solar projects planned in Kentucky.

March 15, 2019 John Fitzgerald Weaver and Tim Sylvia

#InternationalWomensDay - SEIA

FERC removes phone directory – Following in the steps of the Department of Energy two years ago, the Federal Energy Regulatory Commission (FERC) has removed the online employee directory that once appeared on the commission’s website. Instead, the site now reads: “Page not found! We’re sorry, the page you were looking for could not be found on our web server.” The deletion directly contradicts the goal of late Chairman Kevin McIntyre who in 2017 stated that he wanted FERC to increase its transparency. Source: Environment and Energy News

Fitch downgrades Solar Star Funding’s Sr. secured notes to ‘BBB-‘ – “Fitch Ratings has downgraded Solar Star Funding, LLC’s (Solar Star) $1.325 billion senior secured notes to ‘BBB-‘ from ‘BBB+’ and has placed the rating on Negative Watch… The rating downgrade and rating watch are driven by Fitch’s recent downgrade of Southern California Edison’s (SCE) Long-Term Issuer Default Rating to ‘BBB-‘/Rating Watch Negative. Solar Star’s rating is constrained by the credit quality of SCE, Solar Star’s sole revenue counterparty under its long-term power purchase agreements (PPAs).” Source: Fitch Ratings

Largest in PA solar farm proposed – It seems like every other day we are hearing about proposals for the new largest solar farm in any given state. Well today is no different, as Conewago Township’s Zoning Hearing Board unanimously approved Dakota Power Partners’ proposed 80 MW near Lancaster, Pennsylvania. If all holds, when the project is operational in 2021 it will be the state’s largest. The project will be located on 540 acres of farmland west of Conewago Creek and east of Bowers Bridge Road in the township. Source: Lancaster Online

TESLA gets yet another new CFO – In more turnover for the company, Tesla has announced that Zachary Kirkhorn has been appointed as Chief Financial Officer, replacing Deepak Ahuja. Kirkhorn joined Tesla in March 2010 and has worked in finance for the company, most recently as Vice President, Finance, Financial Planning and Business Operations, a position he was appointed to in just December. Source: Tesla

Toyota to purchase from Kentucky solar plant – According to an inside source, Toyota is planning on purchasing 365 megawatts of solar over the next year, starting with the 100 MW solar project on the former coal mine in Kentucky from yesterday’s pvMB. If all goes well, Toyota will agree to a 15- to 20-year power purchase agreement for the plant. Source: WFPL

And along with that CFO, last night Tesla launched its next car, the Model Y – a seven seater crossover that is projected to get around 300 miles on a full charge. The Car will be available in Fall of 2020. The company now sells an S, 3, X and Y.

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