|By PR Newswire||
|August 13, 2014 01:15 PM EDT||
CORAL SPRINGS, Florida, August 13, 2014 /PRNewswire/ --
Expectations of an improving economy drive expansion for Energy Sector Companies with announcements of latest acquisitions, accomplishments and joint ventures as industry milestones are achieved: Juhl Energy Inc. (OTC: JUHL), First Solar, Inc. (NASDAQ: FSLR), FuelCell Energy Inc. (NASDAQ: FCEL), NRG Yield Inc. (NYSE: NYLD) and SolarCity (NASDAQ: SCTY)
Juhl Energy, Inc. (OTCQB: JUHL), a leading provider of clean energy solutions and a leader in community wind power development, announced today that the Company has completed its previously announced acquisition of two operating wind farms in Iowa. The $4 million acquisition closed on August 11th, 2014, and the wind projects are now wholly-owned by Juhl Energy. This Acquisition Brings JUHL's Total Owned and Operated Wind Farm Assets to Over $30 Million
The two GE XLE 1.62 MW wind turbines are located in North Central Iowa near the towns of Manley and Kensett. The wind turbines are installed on private farmland approximately 10 miles apart from each other and have been commercially operating since 2011. "This transaction underscores our ongoing commitment to building our residual, independent power production business made up of wind farms today and other forms of renewable energy in the future," stated John Mitola, President of Juhl Energy. "We believe that building our asset ownership and operating division, with its predictable revenue and cash flow, is the foundation for the ongoing strength of our Company. These two Iowa projects are representative of the hundreds of projects under 50 MWs -the market sector where Juhl stands head and shoulders above others in its ability to own, operate and maintain such assets."
Read the entire JUHL press release athttp://www.financialnewsmedia.com/profiles/juhl.html
"The Iowa projects are being acquired with bank financing and our Juhl Renewable Asset, Inc. preferred stock," continued Mitola. "Currently our JRAI Preferred stock is only available to accredited investors who have an existing relationship with the Company. Our JRAI subsidiary is similar to many of the "yieldcos" that have recently received attention in the market, and it is paying a 9% yield reliably since inception. Juhl and our JRAI subsidiary now own four wind projects totaling approximately 25 megawatts. We maintain our long-term goal of building ownership capacity and hope to progress to management's stated goal of up to 200 megawatts - which would represent energy production assets with an initial installed cost of approximately $400 million. We believe we can get there by adding small projects alongside medium-sized projects one step at a time over the next few years."
First Solar, Inc. (NASDAQ: FSLR) recently announced it has set a world record for cadmium-telluride (CdTe) photovoltaic (PV) research cell conversion efficiency, achieving 21.0 percent efficiency certified at the Newport Corporation's Technology and Applications Center (TAC) PV Lab. The record-setting cell was constructed at the company's Perrysburg, Ohio manufacturing factory and Research & Development Center, using processes and materials designed for commercial-scale manufacturing. The record has been documented in the U.S. Department of Energy's National Renewable Energy Laboratory (NREL) "Best Research Cell Efficiencies" reference chart. This certified result bests the previous CdTe record of 20.4 percent conversion efficiency, which was set by First Solar in February of 2014, and represents the seventh substantial update to CdTe record efficiency since 2011. The achievement also places First Solar's CdTe research cell efficiency above copper indium gallium diselenide based solar cells (CIGS) at 20.9 percent, and well above multicrystalline silicon (mSi), which peaked at 20.4 percent in 2004.
NRG Yield Inc. (NYSE: NYLD), a company created to hold mostly renewable-energy assets by NRG Energy Inc., bought North America's largest wind farm from Terra-Gen Power LLC. The company paid $870 million for the 947-megawatt Alta Wind facility in Tehachapi, California, and assumed $1.6 billion in non-recourse project financing, Princeton, New Jersey-based NRG Yield said today in a statement. The deal also includes a portfolio of land leases. Projects like Alta Wind contribute to "visible dividend growth" for investors, David Crane, NRG Yield's chairman and chief executive officer, said in the statement. The company is a so-called yield co, which own and operate renewable power plants, offering lower risk profile and returns from their electricity sales. It currently pays a dividend of 36.5 cents a share. Read the full story at http://www.bloomberg.com/news/2014-08-12/nrg-yield-acquires-north-america-s-largest-wind-project.html?cmpid=yhoo
FuelCell Energy Inc. (NASDAQ: FCEL), a global leader in the design, manufacture, operation and service of ultra-clean, efficient and reliable fuel cell power plants, announced a broadening and deepening of the existing relationship with NRG Energy (NRG) including a $35.0 million investment in FuelCell Energy common stock by NRG Energy and the establishment of a new $40.0 million revolving construction and term loan facility by NRG Energy for FuelCell Energy to use for project development. NRG Energy now owns approximately 17.0 million shares of the Company's common stock, or 6.0 percent, including 2.4 million shares owned prior to this transaction. "We believe that clean distributed power generation from fuel cells will be one of the key technologies that drive our country toward a cleaner energy future," said Mauricio Gutierrez, Chief Operating Officer, NRG Energy, Inc. "We want to actively participate in the construction of FuelCell Energy power plants in order to promote choice and meet the specific needs of our existing and future customers."
SolarCity (NASDAQ: SCTY) recently announced financial results for the second fiscal quarter ended June 30, 2014. In the second quarter of 2014, SolarCity continued to build out a stronger and broader platform to significantly expand the adoption of distributed, clean energy. We experienced unprecedented demand in the quarter with triple-digit year-over-year growth in all our key operating metrics. Our development efforts continued to gather momentum with 107 MW Deployed and 218 MW Booked in the quarter. We passed the 140,000-customer mark in June 2014-with more than 30,000 customers added in the second quarter alone-an increase of 218% over the year ago quarter. Read the full results at http://finance.yahoo.com/news/solarcity-announces-second-quarter-2014-200500482.html
In other Energy News: Kinder Morgan Energy Partners, L.P. (NYSE: KMP) recently announced that its 50-50 joint venture with Imperial Oil Limited (IMO.TO) has entered into additional firm take or pay agreements with strong, credit worthy oil company majors sufficient to allow a planned expansion project to move forward by adding incremental capacity of 110,000 barrels per day (bpd) at the Edmonton Rail Terminal. The terminal is now almost a year into construction. The Edmonton Rail Terminal will increase its capacity at startup in the first quarter of 2015 to over 210,000 bpd and potentially up to 250,000 bpd. The terminal will be connected via pipeline to Kinder Morgan's adjacent Edmonton storage terminal and will be capable of sourcing all crude streams handled by Kinder Morgan for delivery by rail to North American markets and refineries. The rail terminal is being constructed and will be operated by Kinder Morgan, and will connect to both Canadian National and Canadian Pacific mainlines. Including the addition of the expanded capacity, KMP's investment in the project now totals approximately $232 million.
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