FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., Sept. 20, 2023 /PRNewswire/ -- - Electricity demand worldwide is growing rapidly because of economic progress and population growth. The rising level of lifestyle and the expansion of infrastructure are driving up demand for power generation. As a result, most countries are building new solar plants or upgrading old ones to fulfil the rising demand. This is projected to augment demand for ground-mounted solar, propelling the market forward even faster. In the future electricity generation through solar energy will increase, which will boost the need for new facilities related to solar energy projects, this will create an opportunity for the ground mounted solar market. A report from Industry ARC projects that the global ground mounted solar market size is forecast to reach $9.65 billion by 2027, growing at a CAGR of 9.56% during 2022-2027. The report said: "The solar panels mounted on the ground are a fixed tilt solar system that can be readily installed in a big yard or field. Furthermore, the panels are identical to pole-mounted solar panels, except that they are placed directly on the ground rather than being elevated on poles. Materials such as crystalline silicon, metals, and more are widely utilized in ground-mounted solar panels because these materials have higher efficiencies, which make them ideal for ground-mounted solar application. A solar panel system equipped with a single-axis solar tracker witness a performance gain from 10% to 30%. Apart from this, ground mounted solar market is primarily driven by the growth of the utility industry. Also, the growth from the commercial sector for ground-mounted solar is further boosting the demand for ground-mounted solar, thereby, propelling the ground mounted solar industry growth during the forecast period (2027). Active Companies from around the markets with current developments this week include: SolarBank Corporation (OTCQX: SUUNF) (CSE: SUNN), Tesla, Inc. (NASDAQ:TSLA), Altus Power, Inc., (NYSE: AMPS), Sunrun (NASDAQ: RUN), NextEra Energy, Inc. (NYSE: NEE).
Industry ARC continued: "The crystalline silicon segment is analysed to grow with the highest CAGR of 8.96% in the global ground mounted solar market during 2022-2027. Crystalline silicon is a widely employed material in ground-mounted solar panels because silicon cell outperforms any other mass-produced single-junction device in terms of efficiency. Since fewer solar cells need to be manufactured and installed for a given output, higher efficiencies lower the cost of the final installation. Moreover, when compared with other types of panel material such as metal frames, crystalline silicon has higher conversion efficiency. Apart from this, when comparing the types of crystalline silicon, polycrystalline and monocrystalline solar panels, both are cost-effective solutions for power generation; however, monocrystalline is more effective when temperature changes, whilst polycrystalline is less effective. Thus, due to these factors, the demand for crystalline silicon is increasing for the application of ground mounted solar, benefiting the ground mounted solar market growth."
SolarBank Completes Sale of 21MW Community Solar Sites in Upstate New York to Honeywell International -
- Total transaction value is US$41 million
- Projects are construction ready and SolarBank will act as EPC Contractor
- Expected to operate as community solar sites, selling credits to subscribers
- Expected to be eligible to participate in the NYSUN program to receive NYSERDA incentives
SolarBank Corporation (OTCQX: SUUNF) (CSE: SUNN) (FSE: GY2) ("SolarBank" or the "Company") is pleased to announce that Honeywell International ("Honeywell") has acquired the Company's proposed 21 MW DC ground-mount solar power projects that are under development in upstate New York (the "Projects"). The Projects are known as SB 13-1, SB 13-2 and SB-14.
SolarBank originated the sites in upstate New York and the Projects have received positive interconnection results via a completed Coordinated Electric System Interconnection Review (CESIR). The Projects will be developed as three separate 7 MW DC solar power projects. The Company will now continue to build the Projects for Honeywell to commercial operation via an engineering, procurement, and construction ("EPC") agreement. The sale of the Projects and EPC agreement have a total value of approximately US$41 million. The Company also expects that it will retain an operations and maintenance contract for the Projects following the completion of construction.
"The relationship between Honeywell and SolarBank continues to grow and these projects represent the largest to date that will be constructed by the Company for Honeywell," said Dr. Richard Lu , Chief Executive Officer at SolarBank. "We look forward to partnering and supporting the transition away from fossil fuels while reducing impacts to the electrical grid and lowering greenhouse gas emissions."
Once completed, the Projects will be operated as community solar projects. Community solar is a group of solar panels with access to the local electricity grid. Once the panels are turned on and generating electricity, clean energy from the site feeds into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can save money from the electricity that is generated by the project. By subscribing to a project, a homeowner earns credits on their electric bill every month from their portion of the solar that's generated by the project, accessing the benefits of solar without installing panels on their home. The Projects are expected to be eligible for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program.
The Company previously announced that it had entered into a funding arrangement with Honeywell whereby Honeywell provided funding for deposits/advance payments by the Company's subsidiaries that currently own the Projects (the "Project Companies") to vendors in furtherance of the development of the Projects. These advances, which total approximately US$2.668 million, will be offset against the money due from Honeywell to the Company under the definitive agreements for the Projects. CONTINUED… Read this and more news for SolarBank Corporation at: https://www.financialnewsmedia.com/news-sunn/.
In other industry developments and happenings in the market this week include:
Tesla, Inc. (NASDAQ:TSLA) recently announced that, in the second quarter, it produced nearly 480,000 vehicles and delivered over 466,000 vehicles. Tesla posted its financial results for the second quarter of 2023 after market close on Wednesday, July 19, 2023. At that time, Tesla it issued a brief advisory containing a link to the Q2 2023 update, which will be available on Tesla's Investor Relations website. Tesla management held a live question and answer webcast that day at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss the Company's financial and business results and outlook. An archived version of the webcast is available on the Company's website. For additional information, please visit https://ir.tesla.com. Q2 2023 Update: https://ir.tesla.com / Webcast: https://ir.tesla.com (live and replay).
Its net income and cash flow results were be announced along with the rest of our financial performance when we announced Q2 earnings. Tesla vehicle deliveries represent only one measure of the company's financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.
Altus Power, Inc., (NYSE: AMPS), the leading commercial-scale provider of clean electric power, and Brightcore Energy, a leader in developing and implementing renewable energy solutions for the commercial and institutional market, recently announced a new solar project with Morgan Stanley (MS) that will be installed on Morgan Stanley's parking structure at its campus in Purchase, NY.
"Morgan Stanley is a leader in the global financial markets, and we're excited to provide its Westchester site with a new source of clean energy benefiting their campus and the surrounding community," said Gregg Felton, Co-CEO and Co-Founder of Altus Power. "We look forward to additional opportunities to work with Brightcore and Morgan Stanley in the future."
"We are excited to see our work with Morgan Stanley become reality," said Mike Richter, President of Brightcore Energy. "We are now looking forward to building the project and working with our trusted partner, Altus Power, who will own and operate the system and manage the off-take."
Sunrun (NASDAQ: RUN), the nation's leading provider of residential solar, storage and energy services, recently announced it has priced a securitization of leases and power purchase agreements, known as Sunrun's solar-as-a-service offering.
"The capital markets continue to recognize the high quality of Sunrun's residential solar assets, and the company's industry-leading performance as an originator and servicer. This latest securitization sets new records, representing the largest securitization in Sunrun's history and also the largest across the entire residential solar industry. Combined with a senior portfolio term-out financing closed in July, the Class A Notes represent over $1 billion of senior term debt financing raised this quarter, demonstrating deep access to attractively-priced capital across multiple private and public markets," said Danny Abajian, Sunrun's Chief Financial Officer.
NextEra Energy, Inc. (NYSE: NEE) NextEra Energy Transmission Southwest, LLC, a subsidiary of NextEra Energy Transmission, LLC, was recently awarded the Crossroads – Hobbs – Roadrunner 345-kilovolt (kV) Competitive Upgrade project in New Mexico by the Southwest Power Pool (SPP). This is the fifth and largest competitive transmission project that the SPP has released to date and the third competitive project that NextEra Energy Transmission Southwest has been awarded by SPP.
The project emerged from SPP's integrated transmission planning process during which SPP assesses the future transmission needs of its grid to develop transmission solutions that provide reliable and economic delivery of energy and maximize the benefits to customers. The Crossroads – Hobbs – Roadrunner 345-kV Competitive Upgrade project will deliver lower-cost generation to the region and unlock significant customer benefits by building a 345-kV double-circuit transmission line interconnecting the Crossroads, Hobbs and Roadrunner substations.
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