$2.5 billion for We Energies; Solar Landscape raises $847 million; pension funds invest in Pattern Energy; Innergex raises $100 million for Hawaii project; EDFR’s 177 MW project online; Doral Renewables’ 1.3 GW PV project approved; Ecofin offloading US distributed solar assets.
USITC investigation into Trinasolar’s complaint: The US International Trade Commission (USITC) has agreed to launch an investigation into Trinasolar’s patent infringement allegations against fellow solar PV manufacturer Canadian Solar. Trinasolar is separately pursuing a TOPCon patent infringement lawsuit against Canadian Solar in the District of Delaware. Notably, Trinasolar had wanted an investigation into Canadian Solar infringing its TOPCon-related technology patents. It wanted the USITC to issue a Limited Exclusion Order and Cease and Desist orders to bar Canadian Solar from selling or marketing its cells, modules and panels that allegedly infringe its patents in the US. Canadian Solar had hit back calling it a frivolous lawsuit (see TOPCon Patent War Heating Up: Trinasolar & Canadian Solar New Additions).
Trinasolar was previously also successful in getting the USITC to start investigations into its TOPCon-related patent infringement allegations against Runergy and Adani entities (see US To Investigate Runergy & Adani For Solar Patent Infringement).
Conditional loan guarantee for We Energies: The US Department of Energy (DOE) has offered a conditional commitment of up to $2.5 billion as an Energy Infrastructure Reinvestment (EIR) loan guarantee to We Energies, part of the Wisconsin Electric Power Company (WEPCO). This will help finance over 1.65 GW of wind, solar, energy storage, and hydropower capacity in the US as WEC Energy Group targets to exit coal by 2032, according to the Sierra Club.
Solar Landscape raises funding: US-based commercial and industrial (C&I) rooftop solar developer Solar Landscape has raised $847 million in project investment and financing in 2024. It will enable the company to deploy over 200 commercial rooftop solar installations across the country. It partnered with 10 investors and financing counterparties to raise these proceeds from debt, equity, and tax equity with KeyState Renewables committing $184 million for 2 commercial solar projects. Silicon Valley Bank led a $283 million green loan, among other lenders. Solar Landscape also signed contracts for 40 million sq. ft. of additional C&I rooftop space in 2024 to develop solar projects.
Pattern Energy gets equity investors: Renewable energy and transmission infrastructure company in the US, Pattern Energy, has announced that its investor Riverstone Holdings has agreed to sell its stake in the company to new investors. The new equity consortium investors include APG Asset Management N.V. (APG), on behalf of the largest Dutch pension fund ABP, and Australian Retirement Trust (ART). This consortium will become Pattern Energy’s new owners alongside existing stakeholder Canada Pension Plan Investment Board (CPP Investments) and Pattern management. The transaction will close in H1 2025. Pattern Energy said it will leverage this new investment to advance its more than 25 GW development pipeline of renewable energy and transmission projects, including solar, wind and storage. The company’s current operational and under-construction portfolio comprises close to 10 GW capacity across North America.
$100 million for Hawaii project: Canada-headquartered Innergex Renewable Energy has closed a CAD 142 million ($100 million) non-recourse bridge loan for its 30 MW Hale Kuawehi Solar and Battery Storage Project in Hawaii. This loan from the First Citizens Bank will support the project through its final stages and enable the company to repay the corporate revolving credit facility. The project is officially connected to the grid. It will become fully operational in Q1 2025. Power generated is contracted to be supplied to the Hawaii Electric Light Company under a 25-year power purchase agreement (PPA). Innergex says this facility is eligible to receive a federal Investment Tax Credit (ITC) sized to around 30% of the project’s eligible costs.
177 MW solar plant online: EDF Renewables North America (EDR) has grid-connected its 229 MW DC/177 MW AC Morris Ridge Solar Project in New York’s Mount Morris Town. It has the capacity to generate enough clean energy to suffice the power requirements of more than 47,000 average New York households, stated the company. It had secured the project under the 2018 Renewable Energy Standard Solicitation launched by the New York State Energy Research and Development Authority (NYSERDA).
1.3 GW PV project in Wisconsin: The Public Service Commission of Wisconsin in the US has approved the Vistas Sands Solar Project of Doral Renewables. At around 1.3 GW capacity, it will be the largest of its kind in Wisconsin, installed in Portage County’s Grant and Plover towns, according to the company.
Ecofin shedding DG assets: Renewable infrastructure fund Ecofin US Renewables Infrastructure (RNEW) is selling its distributed solar assets in the US to a subsidiary of True Green Capital Fund IV, LP for around $54 million, including $38.4 million cash. This is its 1st sale signed as part of its managed wind-down announcement of September 2024. RNEW had hired Marathon Capital last year to sell its renewable energy assets but found no buyers to agree on its terms hence it decided to go for a managed wind-down for an incremental sales program. This is aimed at repaying debts and returning capital to shareholders.
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