Morning Brief: EV expansion in New Jersey, Visa is 100% renewable

Hello readers and welcome to another Hump Day morning brief. Today we’ve got Pepsico going 100% renewable, Sonnedix closing $15 million financing in Puerto Rico, JLC Infrastructure buying out Greenskies and more!

January 15, 2020 Tim Sylvia

Environmental Defense Fund

NJ likely to pass EV law: Starting off in the Garden State, which by all accounts is set to pass important legislation regarding electric vehicles. First comes S2252, which would establish two rebate programs: an incentive program of up to $500 for individuals who install in-home EV equipment and a special non-lapsing fund to provide incentives of up to $5,000 for the purchase or lease of an eligible electric vehicle (Nissan is running a very similar program to this in Kauai). This program would last for 10 years, or until $300 million of rebates are dispersed, whichever happens first. S2252 also includes mandates for at least 1,000 level-two chargers to be made available for public use by 2025, and percentage targets for overnight charging infrastructure at multi-family buildings, hotels, and state-owned vehicles. Source: NRDC

Visa reaches 100% renewable electricity goal: “Visa today announced the company has met its goal to use 100 percent renewable electricity by 2020, furthering the company’s commitment to lead responsibly and sustainably across the company’s global operations, including 131 offices in 76 countries and four global processing centers. With a commitment to support the broader renewable electricity transition, Visa also joined and followed the guidelines of RE100, a global collaborative of influential businesses committed to 100 percent renewable power led by The Climate Group in partnership with CDP; became a member of the Renewable Energy Buyers Alliance (REBA); and signed the Renewable Energy Buyers’ Principles.” Source: Visa

We’re actually not done with companies going 100% renewable because…

Pepsico to go 100% in the U.S.: Pepsico has announced plans to achieve 100% renewable electricity for its U.S. direct operations this year. To achieve 100% renewable electricity, PepsiCo plans to use Power Purchase Agreements and Virtual Power Purchase Agreements with wind and solar projects, though no specific projects were offered as examples. Pepsico will also be installing onsite solar. Source: Pepsico

Sonnedix closes $15 million financing in Puerto Rico: “Sonnedix has announced the completion of a non-recourse financing of solar photovoltaic plants in Puerto Rico, at a value of $15 million. City National Bank, Florida’s third-largest bank, acted as lender. Sonnedix started operations in Puerto Rico in 2015, where it currently has two operational solar PV plants with a combined capacity of 73MW and more than 50MW of solar power capacity under development on the island.” Source: Sonnedix

JLC Infrastructure buys out solar developer Greenskies to build a C&I group: Greenskies Renewable Energy has been reborn as Greenskies Clean Energy, following an investment from JLC Infrastructure. The new-look Greenskies will deliver for JLC the ability to originate, design, construct, finance, own and operate commercial and industrial solar + storage projects. Source: JLC Infrastructure

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