Corporate sector demand for renewable energy remains strong

first_imgCorporate sector demand for renewable energy remains strong FacebookTwitterLinkedInEmailPrint分享GreenBiz:While the pace of announced corporate renewable energy contracts slowed slightly in the second quarter compared with the first three months of 2018, large companies disclosed deals representing almost 1,500 megawatts of capacity.So far, big businesses have been involved in 31 transactions for clean power this year (not including onsite generation), the same as for all of 2017, according to data gathered by GreenBiz and the Rocky Mountain Institute’s Business Renewables Center (BRC). Indeed, the aggregate amount of electricity represented by those purchase agreements was only slightly less than last year’s total.The biggest single U.S. deal of the quarter was announced by AT&T — its 300 MW virtual power purchase agreement (VPPA) covering two wind farms in Texas brings the total capacity of contracts announced this year by the telecommunications giant to a whopping 820 MW.The second largest contract of the second quarter came outside the United States. Facebook’s 294 MW transaction for three contiguous Norwegian wind farms with asset manager Luxcara represents its biggest European deal to date. The project, when it becomes operational in the fourth quarter of 2019, will add more than 1 million megawatt-hours of renewable electricity to Norway’s grid on an annual basis.The second quarter also brought a milestone for utility renewable energy programs, with Georgia Power’s deal to bring online 177 MW of solar electricity in order to satisfy the clean power procurement requirements of four large companies: Google; Walmart; Target; and Johnson & Johnson. The arrangement was made possible through the approval of the utility’s 2016 Integrated Resource Plan (IRP), which committed the utility to adding 1.6 GW of new solar, wind and other renewable resources by 2021. The commitments by the group of four were necessary to help keep prices stable for other Georgia Power customers.The second quarter also demonstrated that creative arrangements for smaller chunks of capacity are becoming more common, said Kevin Haley, program manager for BRC. “More developers are willing to work with the corporate buyer to make things happen,” he said. “We see the market evolving to accommodate.”More: Clean energy deal tracker: AT&T, Facebook and Walmart stand out in another strong quarterlast_img read more

Supreme Court denies banks’ appeal in NCUA MBS suit

first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The Supreme Court has rejected an appeal from several banks regarding a lawsuit filed by the National Credit Union Administration involving the sale of residential mortgage-backed securities more than  seven years ago to two corporate credit unions. The Royal Bank of Scotland, Wells Fargo and Co., Nomura Holdings Inc. and Novation Companies Inc. were denied dismissal of the suit Monday.“NCUA has orchestrated a series of successful legal challenges to banks that sold flawed mortgage backed securities to some of the corporate credit unions,” said Mary Dunn, deputy general counsel for the Credit Union National Association. “Additional litigation is pending but the Supreme Court’s decision released Monday to reject these banks’ request for a  review is another positive development for the agency and credit unions.”The NCUA filed its lawsuit in its role as liquidating agent for U.S. Central FCU and Western Corporate FCU, which failed in 2009. The agency alleges the banks made misrepresentations about the securities when they were sold in 2006 and 2007, a violation of federal law.The banks alleged the NCUA had waited too long to file its lawsuit. The 10th U.S. Circuit Court of Appeals ruled last August in favor of NCUA, prompting the banks to take their case to the Supreme Court. continue reading »last_img read more