Morning Brief: Bloom Energy shares fall drastically, 212 MW coming to Knoxville

Also in the brief: Brookfield Renewable Partners and TerraForm Power are set to become one, Diversified Communications acquires Energy Storage North America, 4.3 MW have been proposed in Ellsworth, Maine and more.

March 18, 2020 Eric Wesoff and Tim Sylvia

Image: City of Knoxville

Shares of Bloom Energy fell more than 23% after the fuel cell firm reported a larger-than-expected loss in the fourth quarter, sales that missed expectations, and yet another financial reinstatement. Bloom lost $67.1 million in the fourth quarter, compared with a loss of $114.2 million in the year-ago quarter. Sales rose 36% to $213.8 million. Bloom guided for first-quarter revenue between $140 million and $160 million, and a loss between $25 million and $15 million. Source: MarketWatch

212 MW of solar are coming to Knoxville, Tennessee, following a long-term power supply agreement made by the Knoxville Utilities Board and the Tennessee Valley Authority (TVA). Expectedly, the project would be the largest solar installation in the state, considering the state has installed just 350 MW to date. Prior to this project, the state’s largest checked in at 53 MW. By developing through TVA’s new Green Invest program, the city of Knoxville was able to get discounted wholesale rates on the project. Source: Kallanish Energy

Brookfield Renewable Partners and TerraForm Power are set to become one, as the companies have entered into a definitive merger agreement for Brookfield Renewable to acquire all of the outstanding shares of Class A common stock of TerraForm Power, other than the approximately 62% currently owned by Brookfield Renewable and its affiliates. Each share of Class A common stock of TERP will be acquired for consideration equivalent to 0.381 of a BEP unit, which represents a 17% premium to TERP’s unaffected trading price. TERP shareholders can elect to receive BEPC shares or BEP units. Source: Brookfield Renewable Partners

Diversified Communications has acquired Energy Storage North America (ESNA) from producer ESNA EXPO LLC. Now that Diversified Communications owns ESNA, the show will exist as a colocated event with Intersolar North America next year, according to Event Director Wes Doane. Energy Storage North America will join Intersolar North America at the Long Beach Convention Center in Long Beach, CA, next January 12-14, 2021. Source: Intersolar/ESNA

4.3 MW have been proposed in Ellsworth, Maine. Developer Sunraise Investments, based in Portsmouth, New Hampshire, intends to build the project on two campuses, one on 28.92 acres and the other 11.6 acres, on route 180, near its intersection with Route 1A. According to the project’s application, the installation would be located with an energy storage system. Central Maine Power and Emera Maine have been tossed around as likely candidates to purchase the electricity generated by the installation. Source: Bangor Daily News

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