SolarCity Cuts IPO Price, Increases Number of Shares
SolarCity Corp. cut the proposed pricing of its initial public offering while increasing the number of shares offered. The California-based company sees a price of $8 each share after increasing the size of the offering to 11.4 million shares from 10.1 million. The IPO had been previously scheduled to price in the range of $13 to $15 apiece. Buyers in SolarCity’s IPO commanded a discount even as the company is poised for growth after completing the most equipment installations in California, the U.S.’s biggest solar-power market. SolarCity, which booked a $95 million net loss in the 12 months through September, is one of a handful of companies that lease solar panels to customers, install them on their property, and charge them below-market rates for the electricity they generate.
U.S. to Invest $29 Million in Solar Projects
In a December 10 statement, the DOE said $21 million would be spent over the next five years on designing photovoltaic systems that would make the process of purchasing and installing solar technologies quicker and less expensive. The USA’s Center for Sustainable Energy Systems and North Carolina State University will lead the projects to develop the PV technology and its components. Another $8 million would be invested into two projects that will help utilities and grid operators better forecast the amount of electricity that could be produced at U.S. solar energy plants. Researchers will be working with the DOE and the National Oceanic and Atmospheric Association to improve the accuracy of solar forecasts.
Jordan Shelves Nuclear, Adopts Renewable Energy Feed-in Tariffs
This week Jordan’s Electricity Regulatory Commission introduced tariffs that will be paid for generation from various renewable technologies. Very few details of the new policy are available in English. What is known is that the policy is a radical reversal of the previous direction in Jordanian energy policy and follows a festering dispute about the role of nuclear power. As recently as 2009, Jordan entertained the prospect of building nuclear power plants. Critics of the country’s previous nuclear plans have noted that Jordan has un-ambitious targets for renewable generation: 7% of consumption by 2015, and only 10% by 2020. The addition of Jordan to the ranks of jurisdictions using feed-in tariffs increases the gap between programs using feed-in tariffs and quota models (Renewable Portfolio Standards) for developing renewable energy.
Suntech and SunSystem Announce 25MW Sales Deal in Romania
Suntech Power Holdings Co., Ltd., one of the world’s largest producers of solar panels, and SunSystem, a leading Italian solar engineering company, have signed a contract for Suntech to supply 25 megawatts MW of polycrystalline solar panels. The Suntech solar panels will power two new photovoltaic projects under construction in Romania that is scheduled to be grid connected by the end of 2013. The two power plants will utilize Suntech’s 60-cell polycrystalline modules, with an improved frame design and more than 15% efficiency, ideally suited for large-scale commercial projects and rooftop installations. The installed Suntech solar panels will generate an estimated 30,000 MW-hours of electricity per year.The power plants will be operated by SunSystem and developed by RoEnergy, a SunSystem company in Romania. Since its inception, SunSystem has installed more than 2,000 solar systems, of which 700 were installed in 2012.
Indianapolis to Replace Entire Fleet with Electric, Hybrid Vehicles
Indianapolis wants to become the first major city to replace its entire fleet with electric and plug-in hybrid vehicles in a move designed to reduce U.S. reliance on foreign-produced fuels, city officials said Tuesday. Mayor Greg Ballard is expected to sign an executive order Tuesday mandating the city to replace its current sedans with electric or plug-in hybrids. After that, the city will work with the private sector to phase in snow plows, fire trucks and other heavy vehicles that run on compressed natural gas. The city hopes to complete the switch by 2025.