Having already entered the integrated solar combinged cycle technology licensing agreement, GE and eSolar are now planning a more strategic relationship. GE is planning to invest USD 40 million in eSolar. As part of the new strategic agreement, GE will obtain a seat on the eSolar board of directors.
Siemens has decided to separate its renewables business into two separate divisions, one dealing with wind energy and the other with solar and hydropower sectors – Siemens Wind Power and Siemens Solar & Hydro. The company explains the move is a consequence of the markets being at different levels of development. Solar & Hydro will move towards research and development in solar power, creating an opportunity for Siemens to further increase its competitiveness in the global solar energy market. Wind Power will concentrate on the wind energy market, where Siemens' presence is very strong, in order for the company to continue to grow further on the previously achieved success in this sector.
Gamesa and Iberdrola, Spain's largest wind manufacturer and developer, have decided to part ways and terminate their strategic partnership for the development of wind farms. The two companies have states this development is the result of global economic downturn, and the core changes in both companies' strategies.
AES Solar has closed EUR 68 million in financing for 18 MW PV capacity in Italy, in the Lazio, Puglia regions and Sicily. The financing facilities cover about 81% of the necessary funding for the development of these projects.
GE Capital and Mitsui have entered into a strategic partnership. Mitsui will establish an investment management program, and co-invest with GE Capital in US commercial finance assets. What is of interest to us in this bit of news is the fact the companies will also explore opportunities in financing for original equipment manufacturers and renewable energy.
EDP Renováveis (EDPR) has executed project financing for the 70 MW Tramandaí wind farm in Brazil, in Rio Grande do Sul. The wind farm, the company's first in Brazil, was commissioned in May 2011. The project's debt facility amounts to about EUR 102 million, with the final transaction expected to happen in Q3 2011.
DuPont has acquired Innovalight, a company specialized in the development and manufacture of advanced silicon inks and process technologies which help increase the efficiency of crystalling silicon solar cells. This acquisition puts DuPont ahead in the market, as the company will now be capable of offering a broader and more integrated range of PV materials.
Enel is going to invest USD 127 million in El Salvador's energy sector next year, as part of the original plan from three years ago. The original investment was stalled due to arbitration proceedings against ENEL Investment Energy (INE) and the Lempa River Hydroelectric Executive (CEL), which wouldn't allow the funding to take place. This would have given Enel a 50% stake in LaGeo, a Salvadoran geothermal development company. Since the arbitration proceedings have been concluded, Enel is back to make the investment.
EDP Renovaveis has secured USD 116 million of institutional equity financing from Bank of America Corporation and Paribas North America for the 99 MW Timber Road II wind farm in Ohio. In exchange for the financing, EDPR has given partial interest in the project to the investing parties. The wind farm has been completed, and is currently in the final stage of commissioning.
EDP Renovaveis has executed project financing for the 90 MW Pestera wind farm in Romania. The project finance structure agreement has been reached with a consoritum of banks, lead by the European Bank for Reconstruction and Development (EBRD) and the IFC. The loan amounts to EUR 73 million, and the transaction financial close is anticipated in Q3 2011.
