Georgia Power won approval from state regulators to buy 970 MW of solar power from five other utilities.
The 30-year power purchase agreements are part of Georgia Power’s renewable energy programs included in its 2019 Integrated Resource Plan.
The new PPAs include CED Timberland Solar, 140 MW; Decatur Solar Energy Center, 200 MW; Double Run Solar, 220 MW; Wadley Solar, 260 MW; and Washington County Solar, 150 MW.
The company plans to have about 5,400 MW of renewable energy resources in its portfolio by the end of 2025, accounting for about 22% of its power generation mix.
Separately, Georgia Power is facing both federal and state scrutiny over its ongoing work to add two nuclear generating units at its Vogtle station. The U.S. Nuclear Regulatory Commission is looking into Southern’s response to problems with an electrical cable system used as a safety mechanism at the new units. And state regulators are looking into construction delays that have resulted in the plant being years behind schedule and billions of dollars over budget.
FirstSolar investment targets social equity gaps
First Solar said it has invested $11 million in what it said is an effort to “revitalize American communities and bridge racial gaps in health, wealth, and opportunity.” As part of the initiative, the company bought $10 million in Impact Notes from the Local Initiatives Support Corp. (LISC) and made a $1 million Transformational Deposit in the HOPE Credit Union.
LISC is a national non-profit Community Development Financial Institution conceived by the Ford Foundation in 1979. The Impact Notes are fixed-income debt securities issued by LISC, which help fund community and economic development projects across 36 cities and 2,100 rural counties in 45 states.
First Solar’s deposit in Mississippi-based HOPE Credit Union is intended to help provide business, mortgage, and consumer loans, and other financial services to Black communities across the South. HOPE works to import capital into underbanked communities where poverty has constrained the amount of savings and other assets.
BlackRock lines up clean energy finance pledges
BlackRock said it lined up more than $250 million in commitments from global institutional investors, governments, and philanthropies for its Climate Finance Partnership (CFP), a finance vehicle focused on investing in climate infrastructure across emerging markets.
The governments of France, through the French Development Agency (AFD); Germany, through KfW Development Bank (KfW); and Japan, through Japan Bank for International Cooperation (JBIC); together with the Grantham Environmental Trust, the Quadrivium Foundation, and another unnamed private foundation committed a combined $112.5 million in capital. This capital will be used to leverage a broader institutional capital raise, starting with commitments from Dai-ichi Life Insurance, Standard Chartered Bank, and MUFG Bank.
CFP will target investments in Asia, Latin America, and Africa. The fund’s focus on the climate infrastructure sector include grid connected and/or distributed renewable power generation; energy efficiency in residential, commercial and/or industrial sectors; transmission or energy storage solutions; and ultra-low emission or electrified transportation and mobility services. The Partnership is targeting at least $500 million.
Hull Street acquires Foundation Solar
Hull Street Energy acquired the management team and development pipeline of Foundation Solar Partners, an independent renewable development company that specializes in identifying and developing utility-scale solar generation projects in the eastern U.S. Foundation Solar Partners was established in 2019 and has developed and sold 1 GW of solar projects in the PJM transmission territory.
Through affiliates, the firm will own 52 power generation stations providing 900 MW of renewable, gas-fired, and dual-fueled generation capacity. Baker Botts LLP acted as legal counsel to Hull Street Energy and Jon Staley acted as legal counsel to Foundation Solar Partners.
Energy storage firm secures Koch investment
Eos Energy Enterprises said that Koch Strategic Platforms will make a $100 million investment in convertible senior notes to support the company’s growth. Eos manufactures long-duration energy storage batteries that use its zinc-based battery technology.
Under terms of the investment, a Koch unit will buy $100 million in convertible senior notes with an initial conversion price of $20.00 per share. The notes will mature in June 2026. Interest payments made in cash will be based on an interest rate of 5.0% per year, and interest payments made by issuing additional notes will be based on an interest rate of 6.0% per year.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.