Morning Brief: Tesla’s lack of diversity, 7X Energy partners with Nestlé as tax equity investor for 250 MW solar project

Also in the brief: Senators optimistic that a bipartisan energy bill could be passed this year, CESA released a study that found a need for up 55 GW of long duration energy storage in California by 2045.

December 9, 2020 Eric Wesoff

7X Energy's 250 MW Taygete project in Texas.

Image: 7X Energy

7X Energy, a utility-scale solar developer, owner, and asset manager, partnered with Nestlé to be the sole tax equity investor for its 250 MWac Taygete I Energy Project in Pecos County, Texas. 7X has now successfully originated 1,350 MWac of solar projects in Texas. The projects combined represent a capital injection of over $1.5 billion dollars. The Project is in the final energization phase with full commercial operation expected in early 2021. A portion of the energy generated from the Taygete I solar project will be sold through a long-term hedge agreement to J. Aron & Company LLC., a subsidiary of Goldman Sachs. The project, covering approximately 2,000 acres, used NextTracker components, Power Electronic Freesun HEM inverters, and over 856,000 Jinko modules. Swinerton Renewable Energy constructed the Taygete I solar project under an engineering, procurement, and construction contract with 7X Energy. More information on the Taygete I Energy Project here. Source: 7X Energy

Senators are still optimistic that a bipartisan energy bill could be passed this year. The Senate is continuing to struggle through negotiations on the landmark Energy Innovation Act first introduced by Sens. Lisa Murkowski, R-Alaska, and Joe Manchin, D-W. Va., early in the year, but still hopes to pass it this year, according to Sen. Chris Van Hollen, D-Md. If passed, the bill would likely be a slimmed down version of what Democrats and the clean energy industry want to see in a comprehensive energy bill, and Democrats are urging President-elect Joe Biden to prioritize a green infrastructure bill “very early” in his term, Van Hollen said during a virtual conference hosted by the Coalition for Green Capital. Source: Utilit y Dive

The California Energy Storage Alliance (CESA) released a study that found a need for up 55 GW of long duration energy storage in California by 2045. The study modeled that California’s future grid will be heavily reliant on intermittent and variable solar generation. That dependance underscores the need for dependable, abundant, and long duration energy shifting resources that can provide more than four hours of power, currently the market standard in the state. Full report here. Source: CESA

Energy transition SPAC spreadsheet from Kevin Stevens.

Tesla’s first-ever Diversity, Equity and Inclusion Impact report shows the Elon Musk-helmed EV pioneer’s U.S. leadership is 83% male, and 59% white. (The Verge)

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