Unforeseen Oil Boom in U.S. Alters Market as More Drilling Continue
According to IEA records, 15 European refineries have closed in the past half-decade as the U.S. went from depending on Europe for oil to becoming a major exporter to the region. Nigeria now only ships fewer than three supertankers of oil a month compared to previous shipments of a dozen supertankers. Additionally, cheap oil from the Rocky Mountains will soon allow West Coast companies to reduce imports of more expensive oil grades from Venezuela and Saudi Arabia.
China Development Bank to Lend $162 Million to Shunfeng
China Development Bank will lend 980 million yuan ($162 million) to units of Shunfeng PV International, a Chinese solar panel-maker, to develop solar power plants in China’s northwestern region of Xinjiang. The loan will fund Shunfeng solar farms with a combined generation capacity of 130 megawatts. China Development Bank, a state-owned bank, has lent over 7 billion yuan for developments this month. Other borrowers from the bank include JinkoSolar Holdings and China WindPower Group Ltd.
Solar Gardens Flourishes in Colorado
The state of Colorado passed a community solar garden act in 2010 to provide solar power opportunities to individuals living in apartments and homeowners that could not afford their own solar-powered systems. Apartment renters and small business owners can get power from a solar community garden, if one can be built near them. Homeowners can also buy a share of the solar garden. About 22 solar gardens are now being built in Colorado. Commercial businesses that buy solar from the gardens get a 15.8 cent credit per kilowatt- hour while residents get a credit of 6.8 cents.
Marubeni Buys 90% Stake in EDF’s California Wind Development
Marubeni Corporation, a Japanese trading firm, has acquired a 90 percent stake from a wind project from EDF Renewable Energy in Solano County, California. EDF Renewable Energy, a unit of French utility Electricite de France SA, will keep the remaining 10 percent of the 102.5 megawatt Shiloh IV wind farm, the Tokyo-based Marubeni said in a statement yesterday. Details of the financial arrangements were not disclosed.