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Renewable Energy Tax Credits News Briefs - September 2011

Reps. Nan Hayworth, R-N.Y., Mike Thompson, D-Calif., and Dan Lungren, R-Calif., introduced H.R. 2599, the Property Assessed Clean Energy (PACE) Assessment Protection Act of 2011. The PACE program, available in 27 states and Washington, D.C., allows property owners to finance energy efficiency and renewable energy projects for their homes and commercial buildings without using any government subsidies or taxes. According to the bill's sponsors, H.R. 2599 addresses action taken by Fannie Mae, Freddie Mac and their regulators at the Federal Housing Finance Agency that have prevented communities from harnessing PACE benefits.

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The U.S. Department of Energy (DOE) selected six projects in four states to receive nearly $7.5 million to advance next-generation designs for wind turbine drivetrains. The drivetrain is the part of a turbine that produces electricity from the rotation of the blades. The recipients are Advanced Magnet Lab in Palm Bay, Fla.; Boulder Wind Power in Boulder, Colo.; Clipper Windpower in Carpinteria, Calif.; Dehlsen Associates LLC in Santa Barbara, Calif.; GE Global Research in Niskayuna, N.Y.; and National Renewable Energy Laboratory in Golden, Colo. Each project will receive as much as $700,000 to conduct technology cost and readiness assessments during the first phase of the funding period. DOE said that advances in drivetrain technologies and configurations will help the United States maintain its position as a leader in wind energy technologies, support thousands of renewable energy jobs, and reduce the cost of future wind energy. More information about the awards is available at the Office of Energy Efficiency and Renewable Energy.

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The Gloucester Marine Terminal in New Jersey partnered with SunPower Corp. to build a 1.1 million-square-foot solar system on the roof of the terminal's refrigerated warehouse. The companies say the $42 million project will be the largest rooftop solar installation in North America. Called Riverside Renewable Energy, the system will generate 9 MW of electricity, the equivalent of nearly 80 percent of the terminal's power demand. The project relies on federal solar investment tax credits and solar renewable energy credits (SRECs), which the partnership will sell along with the system's associated environmental benefits. Rabobank is leading the venture's financing and Public Service Electric and Gas Company will play a critical role in the system's interconnection.

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Nautilus Solar Energy LLC announced the close of financing on a portfolio of solar projects in the Northeast and California totaling nearly 9 megawatts (MWs). The financing, supplied by U.S. Bancorp and KeyBank, provides long-term tax equity and debt financing for a series of distributed generation projects under power purchase agreements (PPAs), Nautilus Solar said. The projects are a combination of rooftop, canopy and ground-mounted installations that are expected to save their customers – school districts and municipalities – more than $17 million during the PPA term.

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Signal Energy LLC began construction on the 5 MW West Tennessee Solar Farm in Haywood County, Tenn. When complete, the 35-acre project will be the largest utility scale solar installation in the state and one of the largest in the Southeastern United States, Signal Energy said. Its more than 21,000 silicon-based photovoltaic modules are expected to produce more than 7 million kilowatt-hours of electricity annually. The Volunteer State Solar Initiative provided $31 million in American Recovery and Reinvestment Act funds to the project. The solar farm's initial 5 MW of installed capacity is slated for completion in early 2012.

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Kyocera Solar, NJ Solar Power and Solar Power Partners announced the completion of a 1.16 MW solar system at The Masonic Home of New Jersey. Designed and installed by NJ Solar Power, the photovoltaic project consists of 5,656 Kyocera solar modules. With an estimated annual power production of more than 1.5 million kilowatt-hours, the system is capable of powering as many as 145 homes. A PPA provided by Solar Power Partners, which used institutional financing and SRECs to help finance the project, will allow the Burlington Lodge Masons to purchase the electricity without incurring the upfront cost of system installation.

Journal Category:

Renewable Energy Tax Credits

Authors:

Novogradac

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