Morning Brief: Rhode Island utilities collaborate on solar contract, Utah battery incentive program proposed

Today in the brief: True Green Capital Management closes financing for 70 MW New York community solar portfolio, Connecticut regulators decide to be honest, Brightcore Energy names chief strategy officer and more.

February 6, 2020 Tim Sylvia

Image: True Green Capital Management LLC

Three Rhode Island utilities collaborate on solar contract: For the first time ever, all three of Rhode Island’s electric utilities, National Grid, Pascoag Utility District and Block Island Utility District have agreed to split the generation from a solar power purchase contract. The contract is for the energy generated by a 50 MW solar plant set to be developed at a gravel mine near Hartford, Connecticut. The 20-year contract comes in at a fixed price of 5.3¢/kWh. Source: Rhode Island Office of Energy Resources

Utah battery incentive program proposed: A bill has been introduced in the Utah state senate, sponsored by Sen. Lincoln Fillmore (R), which would create a $5 million grant fund from which individuals could secure up to $7,500 and business owners up to $100,000 in offsets for the purchase of a battery storage system that is fed by renewable energy. This is the second such effort headed by Sen. Fillmore, with the prior failing to get a vote on the House floor in 2019. Source: Deseret News

True Green Capital Management closes financing for 70 MW New York community solar portfolio: “True Green Capital Management today announced that its has closed on $42.8 million in debt financing and $41.1 million in tax equity financing supporting NY Solar Farms, a 70 megawatt community solar portfolio located in central and northeastern New York State. The solar portfolio – one of the largest of its type comprising 10 projects across six different sites – is owned by TGC’s third fund. Combined, TGC’s funds have approximately 400 megawatts of solar projects operating and over 200 megawatts under construction or development, including an additional 80 megawatts of NY community solar projects.” Source: True Green Capital Management

Connecticut regulators decide to be honest: “After months of standing their ground, Connecticut regulators have relented and agreed to limit private communications between themselves and interested parties in a proceeding that will serve as the basis for a comprehensive study of the “value of solar.” Environmental groups have called for such a study for years, but regulators announced last August that they were waiving the usual prohibition on what’s known as ex parte communications in the matter — essentially allowing communications between themselves and interested parties to take place outside of public view.” The full article is available here, a great read and a win for transparency. Source: Energy News Network

Brightcore Energy names chief strategy officer: “Brightcore Energy announced today the appointment of Steven Berkenfeld to the newly created post of Chief Strategy Officer. Berkenfeld will work closely with Brightcore’s management team on business development, helping establish and drive strategic customer, channel partner and investor relationships, as well as identifying new technologies for the company to deploy and finance.” Source: Brightcore Energy

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