Renewables to Receive Huge Chunk of $7.7 Trillion in Global Power Funding
Renewable energy may receive as much as two-thirds of the $7.7 trillion of the forecasted investment for building new power plants by 2030 as declining costs make it more competitive with conventional fossil fuel. An oversupply of wind and solar manufacturing capacity has brought down the prices of turbines and solar cells which translated to renewable energy investments surpassing fossil fuel for the first time in 2011. Solar and wind will increase their combined share of global generation to 16 percent in 2030 compared to only 3 percent last year. In all, about $5.1 trillion will be spent on renewable including hydro power.
New York State Gets First Solar Landfill
OnForce Solar will be spending six million dollars to build a 2.3 MW solar array in West Nyack’s decommissioned landfill located in Clarkstown, New York. The project will be the first landfill with a solar plant in the state. OnForce Solar will own and operate the solar plant. Over the course of its lifetime, the solar power plant is expected to save taxpayers about $4 million dollars. Clarktown’s 84,000 residents will be able to use electricity generated by the new plant when it is completed in the fall of 2014.
DOE Gives Cape Wind $150 Million Loan Guarantee
Cape Wind Associates LLC secured a conditional $150 million loan guarantee from the Department of Energy for its project off the coast of Massachusetts which would be the first utility-scale wind farm in the United States. Cape Wind will get the loan guarantee after securing the balance of an estimated $2.6 billion in project financing, with about a quarter of the funding from the sale of equity. In 2010, the U.S. awarded a lease to Cape Wind for a 25 –square mile area off Massachusetts’s Cape Cod.
Scotland Seen to Hold Billions of Barrels of Shale Oil
Scotland may have billions of barrels of shale oil under its most populated area, according to a report by the British Geological Survey. Geologists say that around 6 billion barrels of oil run along Glasgow and Edinburgh. While only a fraction of oil will end up being viable, the deposits could add to the U.K.’s 3 billion barrels of oil reserves, held mostly in Scotland’s North Sea fields. Exploiting the U.K.’s shale resources has been opposed by property owners due to risks of water pollution related to fracturing techniques.