Google and SunPower Form $250 Million Solar Lease Plan
SunPower Corp., the second-biggest solar manufacturer in the U.S., and Google Inc. are forming a $250 million program to finance residential solar systems. The California-based SunPower said in a statement that they will be committing $150 million while Google pledges $100 million. The program is aimed at making solar accessible to more families while at the same time support solar leases for rooftop systems that use SunPower solar panels. Google, a well-known supporter of sustainable energy, has already invested more than $1 billion in clean energy programs throughout the globe.
UK Awards First Guaranteed Power Price Contracts to Offshore Wind and Biomass Projects
Dong Energy A/S and SSE Plc will get guaranteed power prices for offshore wind projects, the first renewable energy projects to benefit from a new U.K. aid program. A project by Drax Group Plc to convert a coal-fed unit to burn biomass was also on the list that the Department of Energy and Climate Change said had won the new contracts. The contracts are the first under a new assistance system for renewable that will guarantee the price power generators will get for their power for the next 15 years.
Yingli’s Debt Burden to Ease with Increase of Solar Shipments
Yingli Green Energy Holdings Co., the largest solar-panel maker in the world, expects its debt woes to ease as higher shipments puts the company closer to turning a profit after three consecutive annual setbacks. Yingli Energy Co. is seen to return to profit in the second quarter, while the listed company may do the same in the third quarter, says Chief Financial Officer Wang Yiyu. After turning to profit, the debt-to-asset ratio will decrease and Yingli should be able to raise financing from capital market to further reduce the debt ratio, Wand added.
GE Reportedly in Talks to Acquire Alstom for $13 Billion
General Elecric Co. is reportedly in talks to buy Alstom SA, the French manufacturer of trains and power plants, in what would be General Electric’s biggest acquisition ever. A deal may be announced as early as next week and GE may pay more than $13 billion, said the people with knowledge of the matter, who asked not to be identified because the talks are private. GE has been shifting its focus towards firms that make industrial equipments, locomotives and jet engines while shrinking its finance division, called GE Capital, which imperiled the company during the global financial crisis.