New York State reaches landmark deal On Green New Deal-style climate bill – “The agreement to pass the so-called Climate & Communities Protection Act calls for New York to eliminate 85% of its overall planet-warming emissions by 2050, while offsetting or capturing the other 15%. The deal mandates 35% of state energy funding go to low-income, polluted communities, but sets a goal of investing 40%. The final legislation requires all state-financed energy projects to pay union wages. Once passed, the legislation would make New York the sixth state to adopt a 100% clean electricity target after Hawaii, California, New Mexico, Nevada and Washington. The CCPA goes further, requiring New York to generate 70% of its electricity from renewables by 2030, and completely eliminate utility emissions by 2040.” Our take: Additionally, this morning the head of New York’s Public Service Commission said that this 70% by 2030 was “likely to happen” at the REFF Wall Street Conference in New York City, and we will be covering this legislation as it moves through the State House. Source – Huffington Post
Electric utilities are pushing EVs because they will drive electricity demand – “‘Electric companies are participating in the development of EV charging infrastructure to support the growing number of EVs across the nation. A report released by EEI in November 2018 forecasted that the number of EVs on U.S. roads would increase from more than 1 million to more than 18 million in 2030. Utilities can not only help states meet their clean energy and transportation goals, but can also expand customer choice.” Source – Daily Energy Insider
Bloomberg sees LONGi as having strong financial health – “LONGi has topped the Bloomberg New Energy Finance (BNEF) Altman-Z score chart for solar module manufacturers for the first time – and with a highly increased score. The Altman-Z ratio measures a company’s financial security against five basic criteria which test the possibility of it going bankrupt in the next two years. LONGi Solar was ranked as the most secure PV manufacturer worldwide in BNEF’s 2Q-2019 PV Market Outlook, with an Altman-Z score ratio of 3.01.” Source – LONGi
Ameresco 1.6 MW hospital carport system (featured image) – “The solar panels installed by Ameresco are projected to offset 40 percent of the hospital’s overall electricity usage and 89 percent of electricity used at the Shea House. As an on-site source of renewable energy, SSRRH will avoid 1,725 metric tons of CO2emissions annually or the equivalent of 194,021 gallons of gasoline consumed. Carport solar panels installed at the hospital’s main parking lot and on the roof of the Bill and Elizabeth Shea House – a private, four-bedroom residence for families of hospitalized children – are expected to generate more than 2.4 million kWh of electricity annually – the equivalent of powering 206 households for one year.” Source – Ameresco
NREL Announces Participants for 2019 Executive Energy Leadership Program – “The four-month program, which begins this month, offers executive decision-makers an in-depth opportunity to learn from some of our laboratory’s most prominent scientists, engineers and professionals, tour our research facilities, and visit local renewable energy installations.” – Source – NREL
REFF Wall Street – pv magazine USA Editor Christian Roselund & Staff Writer John Weaver are in Manhattan for two days listening to renewable finance folk. We’ll be listening to conversations like:
Tax equity remains an important source of project finance in 2019. Prominent providers will offer commentary on the market’s trajectory as the sector increases reliance on alternative sources of capital.
- Securing tax equity prior to the phasedown of tax credits
- Bonus depreciation with lowered tax rates
- Continued effects of the BEAT provision
Find us if you’re around! – Source – REFF Wall Street
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