Renewable energy is revolutionizing the global energy markets; in fact, in some regions, renewables are growing so quickly that they are the leading source of new generating capacity. As a larger and broader group of investors embrace renewables and incorporate them into their portfolios, they expect these assets to be well-managed, generating a steady financial return. Many of these new investors are not investing because they are “green”; they are doing so because of the attractive yields offered by these assets. As a result, developers and project managers should expect an increasing level of scrutiny from these new investors, requiring them to take a closer look at how they manage O&M (operations and maintenance) in the field as well as how they deal with asset management in the office.
After COP21 in Paris, there are still many questions being posed: how will the U.S., and the world, meet these ambitious emissions reductions targets? Will time run out before we can cut emissions enough to avoid the irreversible consequences of climate change? Should the U.S. turn to other technologies like nuclear generation to meet emissions targets? To answer these questions, many leaders from around the world are looking to Denmark to study how this small country has become a leader in implementing renewable energy solutions and serving as a catalyst for change. Within Denmark, one needs look no further than Samsoe for inspiration.
Over the next two weeks, leaders from around the world will convene in Paris for the United Nations Climate Change Conference, also known as COP21. This year, there is renewed, if cautious optimism about the possibility of a binding agreement among governments to act on this critical global issue.
But there’s another side to the climate change story that’s being written not in parliaments or at diplomatic summits, but in boardrooms and corporate executive suites.
In late September, I traveled to Virginia’s Eastern Shore to join Governor Terry McAuliffe and other state and local officials for his announcement of the Commonwealth’s issuance of its first permit for a new 80 megawatt solar facility that will be constructed in Accomack County. Amazon Web Services (AWS) has partnered with Community Energy to build the new installation — Amazon Solar Farm US East — and the project is expected to more than quadruple the amount of solar energy currently installed in Virginia. In his announcement, Governor McAuliffe said: “The partnership between Community Energy and Amazon Web Services, which will result in the largest solar facility in the mid-Atlantic, is indicative of the types of opportunities that my Administration is working toward through our commitment to build a new Virginia economy.”
I was speaking with a friend the other day when she asked, “What’s going on with renewable energy tax extenders this year? Are the PTC and ITC going to be extended?” As we know, the Production Tax Credit (PTC) expired at the end of 2014 and the 30 percent Investment Tax Credit (ITC) will expire at the end of 2016. That’s in addition to a dozen other energy credits affecting biofuels, electric vehicles, and energy efficiency that have also expired.
Recently, the Government of India asked ACORE and the Confederation of Indian Industry (CII) to co-host an exclusive roundtable discussion with the Honorable Piyush Goyal, Minister of State for Power, Coal and New & Renewable Energy in the Government of India to discuss financing renewable energy. The meeting was held recently on September 20, 2015, and a senior group of American and Indian industry leaders gathered to explore ways in which U.S. industry can work with the Indian government and industry to achieve Prime Minister Modi’s goals of deploying 175 GWs of new renewable energy by 2022.