This week in clean energy, one of our member companies, Energetic Insurance, was featured in an article about innovation around de-risking commercial solar.
In other exciting news, electric utility company PG&E announced plans to ramp up the number of EV charging stations in California, and Shell continued to surge forward with investment in renewables by announcing a UK solar PPA. Internationally, Saudi Arabia, France, and Canada have announced efforts to accelerate and fund clean technology and renewable energy projects in the coming years.
What news have you been reading this week? Share with us @GreentownLabs!
Greentech Media –A Growing Roster of Startups and Developers Look to De-Risk Commercial Solar
- A growing number of startups are working towards de-risking and untangling the complexities and hurdles commercial solar still faces today. Greentown Labs member company, Energetic Insurance, is taking a new approach to the financial barrier to commercial projects by introducing a credit wrap insurance policy that will allow unrated off-takers to displace their credit risk to the insurer.
“’Ultimately we think this is a mispricing of risk — that the market isn’t really moving just because it’s a young market, not because it’s a bad risk’, said [Energetic Insurance cofounder] McAulay.”
Electrek – PG&E launches new program to install 7,500 electric vehicle chargers
- A major electric utility company in California, Pacific Gas and Electric (PG&E), is launching a program called the EV Charge Network, which aims to significantly increase the number of electric vehicle charging stations in the state.
“They are partnering with business customers and EV charging companies ‘to install 7,500 EV chargers at condominiums, apartment buildings and workplaces across Northern and Central California, including at sites in disadvantaged communities’.”
Bloomberg – Saudi Arabia Plans Up to $7 Billion of Renewable Energy Projects This Year
- In order to satiate domestic consumption, Saudi Arabia plans to ramp up its renewable energy projects, with solar leading the way.
“The kingdom wants to have 9.5 gigawatts of solar and wind capacity installed by 2023. Developers have been cutting their bids for solar power to record lows in recent years.”
Reuters – France plans to accelerate wind power projects
- This week, France is due to announce new measures to speed up the process of wind turbine installation and curtail opposition that has slowed the country’s attempt to achieve its goal of producing 26 GW by 2023.
“A working group formed in October to make approvals easier has finalised plans that include removing one legal avenue for blocking projects and paying a portion of wind farm taxes directly to affected communities.”
CleanTechnica –Shell Continues Renewable Investment Spree With UK Solar PPA
- Shell continues its investment in clean energy this week by announcing a Power Purchase Agreement in England, which will make it the primary offtaker of the 69.8 megawatt Bradenstoke solar power plant.
“The supply and demand of residential energy is rapidly changing, driven by new technologies that enable householders to better manage their energy use, and the need for a low-carbon energy system. This combination will enable Shell to enter a new part of the energy market in the UK and to improve choice for customers by delivering innovative services at competitive prices.”
Business Insider – Government of Canada investing in clean technology
- The Government of Canada has announced its plans to invest $700 million through the Business Development Bank of Canada (BDC) into clean technology, environmental protections, and job creation.
“Through today’s investment, BDC will take on more risk to help high-potential clean tech firms expand by providing them with the capital they need to hire new staff, develop products, support sales, and scale up and compete globally.”