Google and SunEdison to develop new solar project on an old oil field

Google recently finalised an investment to install an 82MW solar power plant on top of an old oil and gas field in California. The new installation will be located in California’s Kern County after Google signed a deal with solar company SunEdison. The Regulus solar plant will generate enough energy to power 10,000 homes and will be SunEdison’s largest developed and constructed project in North America. It is expected to begin operating later this year. The site was once the home of 30 oil wells but now there are only five as the oil resources were depleted. The solar project will be funded with the help of Google’s $145 million equity commitment and will bring 650 jobs to Kern County as well as feeding 82MW of clean solar energy into the grid via a 20-year power purchase agreement. Prudential Capital Group also provided financing for the project. The structured financing arrangements were developed, designed and executed by SunEdison which will be responsible for construction of the plant itself. It will consist of over 248,000 SunEdison mono-crystalline solar PV modules. California is committed to increasing the amount of energy it generates from renewable sources. The Kern County project is the latest of 17 renewable energy investments Google has made since 2010, including 5 in California. “We’re continually looking for newer, bigger and better projects that help us create a clean energy future” a company spokesperson said. “The more than $1.5 billion we’ve brought to these projects to date not only helps provide renewable energy to the grid and to the public, but as they perform, they allow us to invest in more renewable energy projects. This cycle makes financial sense for Google and our partners while supporting construction jobs in local communities and clean energy for the planet we share.” Bob Powell, president, North America at SunEdison added that Regulus is a prime example of how the company’s end-to-end approach benefits everyone involved in a solar project. For additional information: Google, SunEdison, Source: Article

Read More........→October 04, 2014

Global offshore wind power market to reach 40 GW by 2020

Robin Whitlockin: The global offshore wind power market is expected to grow from 7.1 Gigawatts (GW) in 2013 to 39.9 GW by 2020 according to research company GlobalData. More countries around the world are utilising offshore wind potential, creating at least a fivefold rise in global offshore wind capacity – a Compound Annual Growth Rate (CAGR) of 28 percent. GlobalData’s latest report states that the sector registered substantial growth between 2006 and 2013, rising from 0.9 GW in 2006 to 7.1 GW in 2013. Of this 1.6GW came online in 2013, driven mainly by the UK, Germany, Denmark and Belgium. Offshore wind is now expected to become one of the largest renewable power market segments by 2020 with significant contributions by the UK, Germany and China, thanks to a number of projects currently in the planning and construction stages. “Offshore wind power is increasingly being explored for its high yield, due to stronger and more consistent winds compared to onshore, and the scope that this provides for the construction of large-scale projects” said Swati Singh, GlobalData’s Analyst covering Power. “An additional benefit is the fact that future offshore wind power technology development will ensure a decline in the average cost per megawatt, although overall project costs are expected to rise in countries with wind farms planned in deeper water and further from the shore.” Singh added that the main obstacles that will hinder market growth are environmental concerns, the lack of skilled personnel and sophisticated technology catering to offshore requirements. Despite these barriers, GlobalData expects offshore wind’s share in the global wind power market to climb from 2.2 percent in 2013 to 6.1 percent by 2020, as more countries embrace the technology. GlobalData is a global research and consulting firm that offers advanced analytics to help clients make better, more informed decisions utilising data based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year. For additional information: GlobalData, Source: Renewable Energy Magazine, Image: flickr.com

Read More........→September 28, 2014