News Update - What the RE Royalties Team is Reading
Check out some interesting reads on renewable energy the RE Royalties team has been reading this month!
Brookfield Renewable and TerraForm Power Enter Into a Definitive Merger Agreement
Brookfield Renewable Partners L.P. announced a merger agreement for Brookfield Renewable to acquire all of the outstanding shares of Class A common stock of TerraForm Power, other than the approximately 62% currently owned by Brookfield Renewable and its affiliates. The combined company will be one of the largest publicly-traded, globally-diversified, multi-technology, pure-play renewable power platforms, with total assets of approximately $50 billion and expected annual funds from operations of approximately $1 billion. Check out the full press release here.
Solar and Wind Costs Continue to Fall as Power Becomes Cleaner
The cost of solar and wind power continue to fall, making them even more competitive in generating electricity compared to fossil fuels. Solar PV and onshore wind are now the cheapest sources of new-build generation for at least two-thirds of the global population, according to the latest analysis by BloombergNEF. The research group says that the global benchmark levelized cost of electricity (LCOE) for onshore wind and utility-scale PV has fallen 9% and 4% respectively since the second half of 2019 – to $44/MWh and $50/MWh, respectively. Take a look at the full article here.
A Breakthrough Approaches for Solar Power
"One of the few parts of the UK economy to have a good April was solar power"
Solar power is one of the world's fastest-growing energy technology. However, this growth could be a lot faster if more efficient solar cells were made. Today's average commercial solar panel converts 17-19% of the light energy hitting it to electricity. This is up from 12% just 10 years ago.
Good news is that this might be possible with continuous developments even in times like this. A London based research company forecasts that even with the disruption caused by Covid-19, 105 gigawatts of solar capacity will be added worldwide this year. Check out the full issue at BBC.
California Energy Commission Clarifies that Solar and Energy Storage Installers are Essential Workers
The California Energy Commission (CEC) clarified and stated that the list of identified essential workers for the electricity industry includes “workers who maintain, ensure, or restore the generation, transmission, and distribution of electric power…”
The CEC says that 'this list includes workers whose efforts are needed to supply electricity to households and businesses, and essential workers such as electricians who provide services that are necessary to maintaining the essential operation of construction sites and construction projects (including those that support such projects to ensure the ongoing availability of electricity)'. Check out the full statement here at Solar Power World.
Thanks for tuning in and see you next month for more news!