A 7th grader’s prize-winning solar project, Canadian Solar secures $50 Million: pvMB 5/16/19

Hello one and all to the Thursday edition of the pvMB. Today we’ll be looking at Anheuser-Busch’s new 2.7 MW solar system at its New York brewery, Pivot’s awarding of 11 community solar projects in Illinois, Recurrent Energy selling its Mustang plant and more!

May 16, 2019 Tim Sylvia

PV in Champaign, Illinois.

Image: Harvest Energy

Canadian solar secures $50 million loan – “Canadian Solar Inc. today announced the closing of a US$50 million term loan from Credit Suisse AG, Singapore Branch… Canadian Solar intends to deploy the term loan to support the development of international solar project pipeline and for general corporate purposes. The U.S. dollar denominated term loan is expected to mature in April 2021. Credit Suisse further provided Canadian Solar with a cross-currency interest rate swap to hedge its cross-currency interest rate liabilities relating to the term loan.” Source: Canadian Solar

DC seventh grader wins first place prize for solar panel project – Today we give special recognition to 12-year-old Joshua McCrea, who won the DC STEM Fair for his studies on how solar panels respond to outdoor temperatures. McCrea has had a lifelong passion for environmental science, and while at this point he wants to be a child therapist, he plans on always pursuing that environmental passion. Keep it up, Joshua! Source: WJLA

Anheuser-Busch NY brewery gets solar plant – Keeping in line with the company’s goal to purchase 100% of its electricity from renewable sources by 2025, New York Governor Andrew Cuomo today announced the completion of a 2.76 MW solar project for Anheuser-Busch in Van Buren. The company already sources 50% of its energy from wind projects alone, which is more than enough electricity required to brew Budweiser in the United States. Source: NYSERDA Press Office

Canadian solar sells 100 MW project to Goldman Sachs – “Canadian Solar Inc. today announced its wholly owned subsidiary Recurrent Energy, LLC has sold its equity stake in the 134 MWp/100 MWac Mustang solar project to the Renewable Power Group of Goldman Sachs Asset Management, L.P. This transaction completes Recurrent Energy’s sale of equity stakes in the 973 MWp portfolio of California solar projects that came online in 2016. The Company expects to recognize the sales revenue from Mustang in the second quarter of 2019. Community choice aggregators (CCAs) Sonoma Clean Power and MCE (formerly Marin Clean Energy) are the purchasers of the electricity from the Mustang project under long-term power purchase agreements. Mustang became the first utility-scale solar project fully contracted with CCAs to obtain non-recourse financing in October 2015.” Source: Canadian Solar

Pivot awarded 11 Illinois community solar projects – The winners of Illinois’ lottery for community solar projects are starting to come forward and among them is Pivot Energy, which has been awarded 11 community solar projects totaling approximately 29 MWdc. The largest of these projects are in Blandinsville and Meredosia, both clocking in at 5.4 MW. This is the second largest portfolio awarded by the state, enough to power over 4,500 homes. Source: Pivot Energy

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