Morning Brief: Loanpal’s record originations means residential solar is going strong, SCE adds 590 MW of energy storage


Loanpal tweeted that solar loan originations are at their “highest monthly level of $372.4 million in October 2020.” Yesterday, Loanpal closed its largest residential solar securitization to date: Goldman Sachs sponsored the securitization of approximately $434 million of loans originated on the Loanpal platform and previously purchased by Goldman Sachs, Blackstone Credit and GoodFinch. Source: Loanpal

SCE adds 590 MW of energy storage capacity: Southern California Edison just signed long-term contracts for four projects totaling 590 MW of battery energy storage resources. These contracts increase SCE’s total amount of installed and procured battery storage capacity to approximately 2,050 MW. Three of the four projects (from Recurrent, Hawwha Group and NextEra) are utility-scale projects totaling 585 MW, while the fourth project, led by Sunrun, is a 5 MW demand response contract that leverages customer-owned energy storage. As laid out in Pathway 2045, SCE estimates the state needs to add 30 GW of utility-scale storage to the grid and 10 GW of storage from distributed energy resources to meet the state’s clean energy and carbon neutrality goals. Source: SCE

Six Clearway Community Solar projects kick off construction across Illinois: Clearway Energy Group announced that construction is underway on six of its Illinois community solar projects, totaling 18 MW of Clearway’s 60 MW Illinois community solar portfolio. The projects are part of an 18-project, 54 MW portfolio sold to Clearway in 2019 under a purchase agreement with Cypress Creek Renewables. Clearway recently announced that four other Illinois community solar projects from this master purchase agreement have broken ground on construction as well.

The U.S. Department of Energy (DOE) announced the winners of the American-Made Solar Prize Round 3 and the 20 semifinalist teams selected to advance to the next phase of Round 4. Through the Solar Prize, DOE works to bring hardware technology innovations to market faster and to bolster American competitiveness in solar hardware manufacturing. The two Round 3 winning teams will each receive a grand prize of $500,000 in cash and $75,000 in vouchers. The Round 3 winning teams are:

  • Maxout Renewables (Livermore, California) developed an appliance powered by a flywheel that can turn a residential solar installation into a microgrid.
  • Wattch (Atlanta, Georgia) created a solar monitoring platform to increase operational efficiency for commercial and industrial PV plants.

Read the Round 4 project descriptions here. The American-Made Solar Prize is administered by NREL and is funded by the Solar Energy Technologies Office. Source: DOE

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