Tim Dwight, Falcons Standout, Headlines 8Th Annual Solar Summit
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Good Energy - 2015 Highlights 4 – 5
Annual Report & Financial Statements 2015 Contents Annual Report & Financial Statements Year ended 31 December 2015 2015 Strategic Report Strategic Annual Report Good Energy - 2015 highlights 4 – 5 Strategic Report 6 – 17 Chairman’s Statement 7 – 8 Strategic Review 9 – 11 Chief Executive’s Review 12 – 15 Chief Financial Officer’s Review 16 – 17 Directors’ Report Directors’ The Good Energy Group PLC Board 18 – 19 Directors’ Report 21 – 34 Directors’ Remuneration Report 31 – 34 Independent Auditors’ Report to the members of Good Energy Group PLC 35 – 39 Financial Statements Consolidated Statement of Comprehensive Income 41 Consolidated Statement of Financial Position 42 Parent Company Statement of Financial Position 43 Financial Statements Consolidated Statement of Changes in Equity 44 Parent Company Statement of Changes in Equity 45 Consolidated Statement of Cash Flows 46 Parent Company Statement of Cash Flows 47 Notes to the Financial Statements 48 – 90 Directors and Corporate Resources 91 3 Good Energy - 2015 highlights Revenue Gross profit EBITDA Compound annual growth Compound annual growth Compound annual growth over five years: 26% over five years: 27% over five years: 42% EBITDA is calculated using operating profit before exceptional costs. PBT Non current assets Compound annual growth Compound annual growth over five years: -29% over five years: 37% Financial summary Revenue increased 12% to £64.3m Cash balance £4.8m Gross profit increased by 13% to £21.3m Net debt £54.0m EBITDA increased by 28% to £7.3m Basic (loss) / earnings per share (1.4p) Profit before tax of £0.1m Total dividend for the year maintained at 3.3p 4 Strategic Report Strategic Customer growth Customers Good Energy continues to Electricity customer numbers grew 32% Directors’ Report Directors’ to 68,000 focus on building its customer base and delivering excellent Gas customer numbers rose 55% to 38,800 customer service. -
Solar ABS 101
Project Bond Focus U.S. Residential Solar ABS 101 U.S. Residential Solar ABS 101 ABC Introduction and PPAs contracts is typically responsible for the installation and maintenance of the solar equipment throughout the term of the contract. Asset-backed securities (ABS) secured by residential solar financing contracts continue to emerge as a new sector of Leases the U.S. securitization market. The key drivers of expansion are the overall growth of the U.S. rooftop solar market, as Customers pay a fixed amount per month, generally well as institutional investors' increasing comfort for this escalating every year and benefiting from the production of new asset class. the panels installed by the developer providing the lease, regardless of actual consumption. The contracts typically The residential solar sector has experienced solid growth in include a minimum production guarantee to mitigate the risk recent years, with a peak of more than 2.5GW of capacity of equipment underperformance. The minimum production installed in 2016, representing approximately 325 thousand guarantee payments are typically made by the installers to households. After a 16% decrease in installation in 2017 the homeowner and do not reduce lease payments (no due to lower customer acquisition in California and netting). In some contracts, true-up payments at year-end Northeastern states, as well as regulatory uncertainty in may be required for over/under performance. Nevada, the residential solar market grew by 7% in 2018. Historically leading states seem to be transitioning to more PPAs stable growth rates, while Texas, Florida and Nevada are Homeowners pay every month for the actual solar energy experiencing higher growth. -
The Unseen Costs of Solar-Generated Electricity
THE UNSEEN COSTS OF SOLAR-GENERATED ELECTRICITY Megan E. Hansen, BS, Strata Policy Randy T Simmons, PhD, Utah State University Ryan M. Yonk, PhD, Utah State University The Institute of Political Economy (IPE) at Utah State University seeks to promote a better understanding of the foundations of a free society by conducting research and disseminating findings through publications, classes, seminars, conferences, and lectures. By mentoring students and engaging them in research and writing projects, IPE creates diverse opportunities for students in graduate programs, internships, policy groups, and business. PRIMARY INVESTIGATORS: Megan E. Hansen, BS Strata Policy Randy T Simmons, PhD Utah State University Ryan M. Yonk, PhD Utah State University STUDENT RESEARCH ASSOCIATES: Matthew Crabtree Jordan Floyd Melissa Funk Michael Jensen Josh Smith TABLE OF CONTENTS Table of Contents ................................................................................................................................................................ 2 Executive Summary ............................................................................................................................................................. 1 Introduction ......................................................................................................................................................................... 1 Solar Energy and the Grid ............................................................................................................................................ -
2015-SVTC-Solar-Scorecard.Pdf
A PROJECT OF THE SILICON VALLEY TOXICS COALITION 2015 SOLAR SCORECARD ‘‘ www.solarscorecard.com ‘‘ SVTC’s Vision The Silicon Valley Toxics Coalition (SVTC) believes that we still have time to ensure that the PV sector is safe The PV industry’s rapid growth makes for the environment, workers, and communities. SVTC it critical that all solar companies envisions a safe and sustainable solar PV industry that: maintain the highest sustainability standards. 1) Takes responsibility for the environmental and health impacts of its products throughout their life- cycles, including adherence to a mandatory policy for ‘‘The Purpose responsible recycling. The Scorecard is a resource for consumers, institutional purchasers, investors, installers, and anyone who wants 2) Implements and monitors equitable environmental to purchase PV modules from responsible product and labor standards throughout product supply chains. stewards. The Scorecard reveals how companies perform on SVTC’s sustainability and social justice benchmarks 3) Pursues innovative approaches to reducing and to ensure that the PV manufacturers protect workers, work towards eliminating toxic chemicals in PV mod- communities, and the environment. The PV industry’s ule manufacturing. continued growth makes it critical to take action now to reduce the use of toxic chemicals, develop responsible For over three decades, SVTC has been a leader in recycling systems, and protect workers throughout glob- encouraging electronics manufacturers to take lifecycle al PV supply chains. Many PV companies want to pro- responsibility for their products. This includes protecting duce truly clean and green energy systems and are taking workers from toxic exposure and preventing hazardous steps to implement more sustainable practices. -
Setting the PACE: Financing Commercial Retrofits
Setting the PACE: Financing Commercial Retrofits Issue Brief Katrina Managan Program Manager, Institute for Building Efficiency, Johnson Controls Kristina Klimovich Associate, PACENow This report is the result of collaboration by the Johnson Controls Institute for Building Efficiency, PACENow, and the Urban Land Institute. February 2013 Table of Contents Introduction . 3 The Opportunity . 4 Background on PACE . 4 Early History of PACE . 5 PACE Market Activity Today . 6 PACE Financing . 7 Advantages of PACE Financing . 8 Financing Models . 10 Municipal Bond Funded Model (Figure 4) . 10 Privately Funded Model (Figure 5) . 11 Model Examples and Implications . 12 Program Administration . .13 Eligible Technologies and Projects . 14 Technologies and Measures . 14 Toledo, Ohio . 15 Transaction Size . 15 Loading Order Requirements . 16 Minimum Energy Savings Requirement . 17 Eligible Asset Classes, Target Market . 18 Building Owner Engagement . 18 Marketing and Outreach . 19 PACE Project Process . 20 Prologis HQ in San Francisco . 21 Conclusion. 22 Appendix 1: Research Methodology and Interview Questions . 23 Appendix 2: Active PACE Programs as of January 2013 . 24 Appendix 3: Building Efficiency Financing Options . 25 Appendix 4: Efficiency Measures Eligible in Each Program . 26 Appendix 5: Acknowledgements. 27 2 Institute for Building Efficiency www.InstituteBE.com Introduction Property Assessed Clean Energy (PACE) finance is a new and growing municipal approach to support energy efficiency and renewable energy upgrades in commercial buildings in the United States. As of February 2013, there were 16 commercial PACE programs accepting applications to finance building efficiency projects. Most of these have been active for less than a year, and some are just now working on their first projects. -
Chapter 6. Innovative Business Models and Financing Mechanisms
Chapter 6 Innovative Business Models and Financing Mechanisms for Distributed Solar Photovoltaic (DSPV) Deployment in China Sufang Zhang April 2016 This chapter should be cited as Zhang, S. (2015), ‘Innovative Business Models and Financing Mechanisms for Distributed Solar Photovoltaic (DSPV) Deployment in China’, in Kimura, S., Y. Chang and Y. Li (eds.), Financing Renewable Energy Development in East Asia Summit Countries. ERIA Research Project Report 2014-27, Jakarta: ERIA, pp.161-191. Chapter 6 Innovative Business Models and Financing Mechanisms for Distributed Solar Photovoltaic (DSPV) Deployment in China17 Sufang Zhang Abstract Following my report ‘Analysis of Distributed Solar Photovoltaic (DSPV) Power Policy in China’, this report looks into innovative business models and financing mechanisms for distributed solar photovoltaic power in China by reviewing existing literature and conducting interactive research, including discussions with managers from China’s policy and commercial banks, and photovoltaic projects. It first provides a comprehensive review of literature on business models and financing mechanisms. Then, the paper looks into the rapidly evolving business models and financing mechanisms in the United States, one of the countries leading the deployment of DSPV. The emerging innovative business models and financing mechanisms for DSPV projects in China are next discussed. The report concludes that: (a) innovative business models and financing mechanisms are important drivers for the growth of DSPV power in the United States; (b) enabling policies are determinant components of innovative business models and financing mechanisms in the country; (c) innovative business models and financing mechanisms in the Chinese context have their advantages and disadvantages; and (d) support through government policies is imperative to address the challenges in the emerging innovative business models and financing mechanisms in China. -
Environmental and Economic Benefits of Building Solar in California Quality Careers — Cleaner Lives
Environmental and Economic Benefits of Building Solar in California Quality Careers — Cleaner Lives DONALD VIAL CENTER ON EMPLOYMENT IN THE GREEN ECONOMY Institute for Research on Labor and Employment University of California, Berkeley November 10, 2014 By Peter Philips, Ph.D. Professor of Economics, University of Utah Visiting Scholar, University of California, Berkeley, Institute for Research on Labor and Employment Peter Philips | Donald Vial Center on Employment in the Green Economy | November 2014 1 2 Environmental and Economic Benefits of Building Solar in California: Quality Careers—Cleaner Lives Environmental and Economic Benefits of Building Solar in California Quality Careers — Cleaner Lives DONALD VIAL CENTER ON EMPLOYMENT IN THE GREEN ECONOMY Institute for Research on Labor and Employment University of California, Berkeley November 10, 2014 By Peter Philips, Ph.D. Professor of Economics, University of Utah Visiting Scholar, University of California, Berkeley, Institute for Research on Labor and Employment Peter Philips | Donald Vial Center on Employment in the Green Economy | November 2014 3 About the Author Peter Philips (B.A. Pomona College, M.A., Ph.D. Stanford University) is a Professor of Economics and former Chair of the Economics Department at the University of Utah. Philips is a leading economic expert on the U.S. construction labor market. He has published widely on the topic and has testified as an expert in the U.S. Court of Federal Claims, served as an expert for the U.S. Justice Department in litigation concerning the Davis-Bacon Act (the federal prevailing wage law), and presented testimony to state legislative committees in Ohio, Indiana, Kansas, Oklahoma, New Mexico, Utah, Kentucky, Connecticut, and California regarding the regulations of construction labor markets. -
Commercial Property-Assessed Clean Energy (PACE) Financing
U.S. DEPARTMENT OF ENERGY CLEAN ENERGY FINANCE GUIDE Chapter 12. Commercial Property-Assessed Clean Energy (PACE) Financing Third Edition Update, March 2013 Introduction Summary The property-assessed clean energy (PACE) model is an innovative mechanism for financing energy efficiency and renewable energy improvements on private property. PACE programs allow local governments, state governments, or other inter-jurisdictional authorities, when authorized by state law, to fund the up-front cost of energy improvements on commercial and residential properties, which are paid back over time by the property owners. PACE financing for clean energy projects is generally based on an existing structure known as a “land- secured financing district,” often referred to as an assessment district, a local improvement district, or other similar phrase. In a typical assessment district, the local government issues bonds to fund projects with a public purpose such as streetlights, sewer systems, or underground utility lines. The recent extension of this financing model to energy efficiency (EE) and renewable energy (RE) allows a property owner to implement improvements without a large up-front cash payment. Property owners voluntarily choose to participate in a PACE program repay their improvement costs over a set time period—typically 10 to 20 years—through property assessments, which are secured by the property itself and paid as an addition to the owners’ property tax bills. Nonpayment generally results in the same set of repercussions as the failure to pay any other portion of a property tax bill. The PACE Process *Depending upon program the structure, the lender may be a private capital provider or the local jurisdiction A PACE assessment is a debt of property, meaning the debt is tied to the property as opposed to the property owner(s), so the repayment obligation may transfers with property ownership depending upon state legislation. -
How Community Solar Supports American Farmers February 2020
How Community Solar Supports American Farmers February 2020 How Community Solar Supports American Farmers February 2020 Dave Gahl - Senior Director of State Affairs, Northeast www.seia.org 1 How Community Solar Supports American Farmers February 2020 Introduction As family farms are increasingly squeezed to make Community solar lease payments can provide an ends meet, farmers all over the country have found a economic lifeline to farmers, allowing farm operations new revenue stream that helps support their bottom to stay within families. In addition to generating local line: community solar projects. revenue, these projects help states make progress toward meeting their clean energy and climate goals. This fast-growing segment of the solar industry is now authorized in 19 states and Washington D.C. This short paper explains the community solar Companies specializing in community solar are model, describes the typical arrangements farmers increasingly negotiating deals with farmers to lease enter into with companies that build these projects, portions of their land to build these projects. As more presents five case studies from different states and more states continue encouraging the growth of showing the ways in which agricultural operations community solar, farmers – and landowners more have benefited from community solar on their generally – should be aware of the benefits of this property, and offers resources to help landowners potential new revenue stream. and solar firms. SEIA intends to update this document periodically and add new case studies from across the country. What is Community Solar? Community solar allows residents, small businesses, organizations, municipalities and others to receive credit on their electricity bills for the power produced from their portion of a solar array, offsetting their electricity costs. -
Kenneth P. Ksionek Community Solar Farm at the Stanton Energy Center
ANNOUNCING THE KENNETH P. KSIONEK COMMUNITY SOLAR FARM AT THE STANTON ENERGY CENTER The new solar farm, producing 13 megawatts (MW) of green power, has joined OUC’s family of innovative, sustainable solutions and is among the first to sit atop a closed byproduct landfill. Community Solar Farm Dedication_OBJ Insert_V2.indd 1 11/29/17 11:55 AM KENNETH P. KSIONEK COMMUNITY SOLAR FARM BY THE NUMBERS 37,544 SOLAR 2,100 PANELS HOMES 24 POWERED ACRES 539 OF LAND TONS OF STEEL 129 MPH WIND PROTECTION OUC’s Kenneth P. Ksionek Community Solar Farm is among the first in the nation to sit atop a byproduct landfill. Covering 24 acres at the Stanton Energy Center (SEC) in east Orlando, nearly 40,000 solar panels provide 13 megawatts (MW) of energy – enough to power 2,100 homes. The new farm doubles OUC’s solar capacity, allowing both commercial and residential customers who own or rent to reap the benefits of solar power without the upfront costs and hassle of installing their own rooftop array. TO SIGN UP, VISIT OUC.COM/COMMUNITYSOLAR. THE MAN BEHIND THE RELIABLE ONE KENNETH P. KSIONEK – A POWERFUL LEGACY After 32 years for 19 straight years compared to He was the driving force behind an of service and Florida investor-owned utilities, electric vehicle (EV) partnership with a plethora of according to data submitted to the the City of Orlando, leading to the accomplishments, Florida Public Service Commission. community being named one of the Ken Ksionek will Top 10 Most EV-Ready cities in the Under his tenure, SEC has retire as General United States. -
PACE) Financing
Frequently Asked Questions about Commercial Property Assessed Clean Energy (PACE) Financing General Questions What is PACE? Property assessed clean energy, or PACE, financing allows property owners to fund energy efficiency, water efficiency and renewable energy projects with little or no up-front costs. With PACE, eligible property owners living within a local government area that has adopted PACE can finance up to 100% of their project and pay it back over time as a voluntary property tax assessment through their existing property tax bill. Who administers PACE programs in Minnesota? Two public entities operate PACE programs: [1] the St. Paul Port Authority (SPPA) and the [2] Rural Minnesota Energy Board (RMEB). The St. Paul Port Authority is authorized to administer a PACE program after a city or county enters into a joint powers agreement with the SPPA. While the St. Paul Port Authority’s primary mission is to finance business expansion in the east metropolitan region, the authority operates a PACE program statewide, on behalf of the state Department of Commerce. Learn more about the Saint Paul Port Authority program. The Rural Minnesota Energy Board is an 18 county Joint Powers Board staffed by the Southwest Regional Development commission (SRDC). RMEB operates a separate PACE program for its member counties. RMEB counties include Cottonwood, Jackson, Lincoln, Lyon, Murray, Nobles, Pipestone, Redwood, Rock, Renville, Sibley, Brown, Watonwan, Blue Earth, Mower, Freeborn, Faribault and Martin. Learn more about the Rural Minnesota Energy Board program. How is this different from a traditional loan? PACE is a special assessment, commonly referred to as a PACE assessment, for a benefit tied to the property. -
Hawaii Clean Energy Initiative Hawaiian Electric Companies’ Energy Agreement One-Year Progress Update
Hawaii Clean Energy Initiative Hawaiian Electric Companies’ Energy Agreement One-Year Progress Update n October 2008, the Hawaiian Electric Companies joined the Governor of Hawaii; the Hawaii Department of Busi ness, Economic Development and Tourism; and Office of Consumer Advocacy in an energy agreement Ias part of the Hawaii Clean Energy Initiative. The agreement – the most aggressive such effort in the nation – aims to move Hawaii decisively away from imported oil for electricity and ground transportation toward diverse, local renewable energy and energy efficiency. Our goal is energy and economic security for Hawaii and reduced greenhouse gas emissions responsible for the climate change to which our islands are especially vulnerable. Making the needed investments now can provide more stable energy costs in the long-run. It will require unprecedented cooperation and commitment among individuals, businesses, institutions and government. We need unity of purpose through good and bad times, success and setbacks, no matter whether oil prices go up and down. This list summarizes some key actions by the Hawaiian Electric Companies in cooperation with others after only one year. Increased Renewable Portfolio Standards (Act 155 - 2009) Hawaiian Electric Companies supported placing into law an increased renewable energy requirement of 40 percent of electric sales by 2030 and a new Energy Efficiency Portfolio Standard. New HCEI proposals submitted to the Hawaii Public Utilities Commission (PUC) • Feed-In Tariff (FIT): Creates standard rates to ease the process for private developers to add renewable energy to Hawaiian Electric Companies’ grids. After detailed hearings to obtain input from a broad range of stakeholders, the PUC issued basic principles for such tariffs.