In cooperation with Northwestern School Corporation, NativeEnergy Inc., a company that specializes in renewable energy credits, was able to successfully install a 900 kilowatt wind turbine at Indiana’s Northwestern High School. With the help of its engineering partners at Performance Services Inc. (PSI), the group is currently in the process of installing the same technology in two more Indiana campuses, one in Francesville and one in Morocco.
In each instance, the school district owns the windmill and takes advantage of the net metering incentive offered by the local electric utility. This metering incentive will allow the district to realize tremendous cost savings on their electric bill.
Western Wind secures $25 Million Term Loan
Western Wind, a company that owns and operates wind and solar generating facilities in California and Arizona, has closed a term loan facility at an aggregate sum of US$25,000,000.
The term loan is structured in two parts, the first draw amounting to 15 Million and other 10 Million to follow. Adding variable market rates to the base interest rate of 10.5%, the interest rate can reach a maximum of 11.5% per annum. The term of the loan is 5 years and can be repaid at any time.
The loan facility is intended to retire expensive debt as well as furnish extra equity for the company’s Yubucoa solar project.
Gas prices drops by 7 cents
The average price for a gallon of gasoline in the United States fell during the last two weeks according to the recent Lundberg Survey.
With the 7 cent drop, the nationwide price of a gallon of regular gasoline is now at $3.47, midgrade gasoline at $3.65 and Premium at $3.78. A 4-cent drop is also being enjoyed by Diesel consumers, which is now at $4.04 a gallon.
The highest prices for regular gasoline recorded in the recent survey were on Long Island, New York, at an average of $4.18 a gallon, while drivers in Memphis, Tennessee, has the lowest rate by only paying $3.04 per gallon.
VayuGrid to create Biofuel Cluster in Africa
VayuGrid, a bio fuel company based in Bangalore, signs a deal to create a bio fuel cluster in Ethiopia. The cluster is part of a master plan to develop a large-scale bio fuel park in the region. The project is expected to create $2.5 million in investment opportunities.
The long term goal is to create a fully sustainable 100,000-acre bio fuel cluster.
Ethiopia was chosen strategically based on its economics and agriculture. Its large banks of dry and unproductive land makes it an ideal site in creating bio fuel that will supply green energy to local and global markets over the next 60 years.
Harvest Natural Resources commences drilling operations in West Africa
Harvest Natural Resources, Inc., an independent Texas-based energy company, announced the commencement of its drilling operations on the Dussufu Tortue Marin-1 exploration well located at Gabon, West Africa. This exploration well will be drilled using semi-submersible drilling equipment, starting off at a water depth of 380 feet and targets to reach approximately 10,500 feet below sea level. The drilling is anticipated to require 40 days and in the event of success, additional time will be required to test and evaluate the well.