Renewable Ventures completes $200m solar fund
The fund will enable the construction of PV plants totalling 35 megawatts (MW) within the next year.
“Solar Fund V has been designed to use capital and incentives available under the [US] stimulus programme in a way that can accelerate the development of more solar projects and quickly create jobs in the US renewable-energy sector,” says Matt Cheney, chief executive of Renewable Ventures.
The fund it structured to include both debt (issued by Manulife Financial Corporation) and equity (from Renewable Ventures itself and Wells Fargo). Cheney says the combination of debt and equity will enable the fund to seek a broader range of federal incentives.
Madrid-based Fotowatio’s purchase of Renewable Ventures makes it one of the largest solar-energy players in the US. Among other assets, the transaction included the purchase of the largest PV plant in North America, a 14MW project at the Nellis air base in Nevada.
The first project to be financed by Solar Fund V will be a 2MW array in Ft. Collins, Colorado, that will sell its electricity to Colorado State University and its green-energy credits to the utility Xcel Energy. The 15-acre solar plant will be one of the largest PV installations at a US university when it is completed later this year.
Fotowatio – owned by GE Energy Financial Services, Landon Group and Qualitas Venture Capital – is one of the world’s largest solar-energy developers. It currently owns and operates arrays totalling 130MW across Europe and the US, and it claims to have a project pipeline totalling more than 1 gigawatt, primarily focused in Spain, Italy and the US.
- New Renewable Energy Projects Approved by Obama Adminstration
- The Solar Robots are Coming!
- Florida Has Spoken: More Renewable Energy!
- Bloomberg Announces Insane NYC Climate Plan
- SunRun Wants Utilities to Innovate Rooftop Solar
- UW Professor Designs Solar Cells that Store Energy
- Buffet Bets Against Nuclear
- Squirrels: Solar’s Biggest Threat?
- Facebook’s Hydroelectric Data Center Opens in Sweden
- Renewable Energy Funding in South Africa
- New Jersey Solar: The Situation Gets Bigger
- Technology and The Green Movement
- Supply and Demand in Solar Materials Market
- Solar In The Classroom
- In Focus: How Green are Electric Vehicles?
- How First Solar Should Spend Their New Cash
- Silicon-Boron Electrodes: The Key to Longer Battery Life?
- U.S Solar Hits Milestone