FEATURED DEAL
Siemens buys solar thermal firm Solel for USD418m
German engineering firm Siemens is paying around USD418m to acquire Israeli solar thermal firm Solel Solar Systems. The firm manufactures solar thermal systems and develops power projects using the technology. Siemens claims Solel generated USD90m in revenue in the first six months of 2009. The acquisition remains subject to regulatory approval and is expected to close before the end of the year.
According to the Wall Street Journal, Siemens initially offered around USD250m for Solel, but was forced to up its bid due to competition from French power firms Alstom and Areva.
In January last year, UK-based investment firm Ecofin paid USD105m to acquire a 40% stake in the firm. The funding was reportedly earmarked to support the development of a 553MW solar thermal plant in California’s Mojave Desert.
Solel uses parabolic trough technology, which involves sun-tracking mirrors concentrating sunlight on a solar receiver. The receiver contains a heat transfer liquid which is heated into steam and used to drive a turbine and generate electricity.
Last month, the firm received a EUR1.8m (USD2.6m) grant from the Spanish government to build a manufacturing plant for solar thermal equipment. The facility will be located in La Carolina, in southern Spain and is scheduled for completion in 2012.
Solel is developing three solar thermal power projects in Spain as part of a joint venture with construction firm Sacyr. The plants will have a combined capacity of 150MW and are expected to cost around USD1.3bn.
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SOLAR
PG&E to buy solar power from NextLight
NextLight Renewable Power subsidiary Agua Caliente Solar plans to supply solar energy generated at a 290MW photovoltaic plant under development in Yuma County, Arizona, to Californian utility Pacific Gas and Electric (PG&E). The project is scheduled for completion in 2014.
Acciona and Clark to develop USD2bn solar project
Acciona Solar and Clark Energy Group have received a contract from the US Army to develop a 500MW solar energy project in the Mojave Desert. The joint venture is expected to cost around USD2bn and will employ solar thermal and solar photovoltaic technology.
Phoenix to build 20MW Bulgarian solar farm
Germany’s Phoenix Solar has signed a deal with Krass Capital Group to build a solar farm in Bulgaria. The project will have a 20MW capacity and is scheduled for completion next year. Under the deal, Phoenix will operate and maintain the plant.
Dyesol and Merck partner for dye solar cells
Australia’s Dyesol is partnering with German chemical and pharmaceutical firm Merck KGaA to develop electrolytes for dye solar cells (DSCs). The pair will initially focus on developing new electrolytes, increasing the life span of materials and optimising the electrolytes for volume production.
Siemens buys solar thermal firm Solel for USD418m
German engineering firm Siemens is paying around USD418m to acquire Israeli solar thermal firm Solel Solar Systems. The firm manufactures solar thermal systems and develops power projects using the technology. Siemens claims Solel generated USD90m in revenue in the first six months of 2009. The acquisition remains subject to regulatory approval and is expected to close before the end of the year.
Innovalight gets USD15m for silicon ink - Rumour
California-based Innovalight has raised USD15m in funding from undisclosed investors, according to a regulatory filing. The firm hopes to raise a further USD5m in the round. Innovalight is developing silicon ink technology for solar photovoltaic applications. It claims that by using inkjet manufacturing instead of vacuum-based processing it can reduce production costs.
Applied Materials wins 150MW Indian solar contract
California-based Applied Materials has received a contract from India’s KSK Surya Photovoltaic Venture to supply two of its SunFab thin-film solar production lines. KSK is investing around USD500m to build an R&D centre and manufacturing facility in Hyderabad, where the lines will be installed. When complete, the facility will have a production capacity of approximately 150MW, which the firm claims will make it the largest solar photovoltaic factory in India.
Morgan Solar raises USD4.7m for CPV modules
Toronto-based Morgan Solar has raised USD4.7m in a first tranche of Series A funding from Iberdrola Renewables, Nypro and Turnstone Capital Management. The firm hopes to raise a further USD3.8m before the round’s close. Morgan is developing a concentrated photovoltaic (CPV) solar panel which uses an acrylic and glass-based thin optical structure to focus sunlight to the solar cells. The firm claims the technology, called รข€˜light-guide solar optic’ (LSO), enables it to build thinner and lighter modules which also cost less than conventional CPV systems.
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WIND
Sempra buys Shell wind farm
Sempra Generation is paying an undisclosed sum to acquire Hawaii-based Auwahi Wind Energy from Royal Dutch Shell subsidiary, Shell WindEnergy. Auwahi is developing a 22MW wind farm on the Ulupalakua Ranch in south eastern Maui. Construction is expected to begin in 2011 and is scheduled for completion in 2012. The project will include a battery storage system capable of storing up to 28MWh of electricity. This would enable electricity generated at off-peak times to be saved for periods of high demand.
A-Power gets USD36m wind farm contract
Shenyang-based A-Power Energy Generation Systems has received a USD36.2m contract from Datang International Power Generation to develop a wind farm in eastern China. The Rizhao Donggan Wind Farm project, located in Shandong Province, will be owned by Datang subsidiary Rizhao City Hengyuan Wind Power, and have a capacity of 19.5MW, expandable to 100MW. The provincial government has granted approval to the project and Shandong Electricity has granted a permit for the transmission to the power grid.
Green Star and Wellbury to build wind farm in Serbia
San Diego-based Green Star Alternative Energy is partnering with Wellbury Infrastrukturberatungsgesellschaft to develop a wind farm in north-east Serbia. The project, located in the autonomous province of Vojvodina, will have capacity of up to 120MW. The pair will share ownership of the development and are setting up a subsidiary company.
RES to invest USD1.1bn in Turkish wind farms
UK-based Renewable Energy Systems (RES) is paying an undisclosed sum to an unnamed seller to acquire a portfolio of wind energy projects in Turkey. The firm plans to invest close to EUR750m (USD1.1bn) developing the wind farms, which have a potential combined capacity of 500MW. The projects will be developed over a period of three to four years.
Suzlon completes USD100m turbine blade retrofit
Suzlon Energy says it has completed a global programme to strengthen the blades of its 2.1MW wind turbines. The programme cost the Indian firm around USD100m and followed the discovery of cracks in some the blades of its installed turbines in 2007.
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MARINE AND HYDRO
OPT and Lockheed aim for utility-scale wave power
New Jersey-based Ocean Power Technologies (OPT) has signed an engineering services deal with Lockheed Martin to adapt OPT’s wave energy systems for utility-scale power projects. Lockheed is providing expertise in systems integration, lean manufacturing, and test and optimisation analysis. The partnership builds on a deal signed in January to develop utility-scale wave power projects in North America.
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CLEAN TRANSPORT AND ENERGY STORAGE
Zytek to supply electric drivetrains to Modec-Navistar venture
UK-based Zytek will supply electric drivetrains to electric commercial vehicle maker Modec, for its joint venture with Navistar International. Modec and Zytek plan to produce electric vehicles for the North, Central and South American markets. Zytek will provide 70kW drivetrains for the venture, which aims to manufacture 400 vehicles next year.
Seaside 88 buys stake in battery firm Valence
Private equity firm Seaside 88 has signed a deal to purchase shares of Texas-based Valence Technology over the next 12 months. The firm will buy up to 16.9m shares in 26 closings of 650,000, the first of which will see Seaside paying USD1.45 per share, or USD947,770. If the closing price preceding a sale falls below USD1, Seaside will not purchase any shares and the total purchasable amount of shares will decrease by 650,000.
ABAT wins USD8.8m battery deal
China-based Advanced Battery Technologies (ABAT) will supply lithium-ion phosphate batteries to U Long Run Sheng Technology Development, under a CNY60m (USD8.8m) contract. ABAT will ship the batteries over the next 12 months. U Long will receive two types of battery packs, one for electric motorcycles and the other for other electric vehicles.
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ENERGY EFFICIENCY AND SMART GRID
Hara raises USD14m for energy management software
California-based Hara has raised USD14m in a Series B funding round led by JAFCO Ventures. Other participants in the round include Nth Power and existing investor Kleiner Perkins Caufield & Byers. The firm has developed software which enables companies to monitor and manage their natural resource consumption and environmental impact.
Cement maker gets USD179m to cut emissions
Azerbaijan-based Garadagh Cement is receiving a EUR120m (USD178.7m) loan from the European Bank for Reconstruction and Development (EBRD) to reduce energy consumption and expand production. The firm will use the funding to convert a wet-process cement plant to use dry process production technology. The upgraded cement kiln is scheduled for completion in 2011.
GE invests in Tendril and SolarEdge
General Electric unit GE Energy Financial Services is investing undisclosed sums in smart grid firm Tendril Networks and Israeil solar equipment firm SolarEdge. The investment in Colorado-based Tendril is in addition to a USD30m Series C funding round secured by Tendril in June. GE also participated in the USD23m Series B investment round of Israel’s SolarEdge, alongside Vertex Venture Capital, Genesis Partners, Walden International, ORR Partners and Opus Capital.
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CLEAN COAL AND CCS
Siemens selected for Finnish CCS project
Germany’s Siemens Energy has signed a deal with Finnish utilities Fortum and Teollisuuden Voima Oyj (TVO) to apply its carbon capture and storage (CCS) technology at a coal-fired power plant in Finland. The demonstration project will be located at the Meri-Pori facility in western Finland which has a capacity of 565MW. Fortum and TVO will apply for the EU Flagship Programme for CCS which will undertake the first tranche of selections in 2011. If selected, the project is scheduled for completion in 2015.
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POLLUTION MANAGEMENT
W2 and Toxco to generate electricity from battery waste
W2 Energy is forming a joint venture with Canadian battery recycler Toxco to generate electricity from battery waste. W2 will annually process 600 tons of plastics and carbon from recycled batteries and convert it into electricity and liquid fuel using gasification technology. This will be done in a mass-to-energy unit fitted into a truck trailer. The fuel and electricity generated will be supplied back to Toxco.
CEMEX and WRG plan waste-to-fuel plant
Mexican cement producer CEMEX is partnering with Waste Recycling Group to develop a mechanical biological treatment (MBT) plant in the West Midlands region of England. The facility, which is awaiting approval from the local council, will process 300,000 tonnes a year of commercial and industrial waste and produce 150,000 tonnes a year of refuse-derived fuel, which will be used instead of coal to power CEMEX’s cement kilns. The facility is to be located near an existing cement plant in Rugby, Warwickshire.
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OTHER BREAKING NEWS
American Renewables sells biomass plant
Southern Power, a subsidiary of Atlanta-based electric utility Southern Company, is paying an undisclosed sum to acquire a biomass energy project from American Renewables. The firm will own, construct and operate the Nacogdoches Power project, which will have a 100MW capacity. American Renewables will provide consulting and advisory services for the Texas development. Construction is expected to begin later this year and is scheduled for completion in mid-2012.
Soros to invest USD1bn in cleantech
George Soros has announced plans to invest more than USD1bn in clean technology. The billionaire investor is also donating USD100m over the next decade to the Climate Policy Initiative, an organisation he is setting up to support public interest in climate change-related policies and programs. Soros has not disclosed the areas in which he would invest, however he claims each opportunity will adhere to stringent criteria and make a real contribution to solving climate change.
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