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TGE and Community Wind Projects in Bloomberg Brief Nov. 30, 2015 Bloomberg Brief Clean Energy & Carbon 12 FOCUS Community Wind, Solar – the Latest Way of Keeping Up With the Neighbors BY BRYONY COLLINS, megawatt is about $1.5 million so if you BLOOMBERG NEW ENERGY FINANCE have a 300-megawatt wind farm, the In West Texas, ranch land is making capex to get that to commercial operation way for renewables. The 500-megawatt is going to be about $450 million,” said South Plains Wind Farm in Floyd County Billingsley. is one example where local stakeholders, Phase I of the South Plains project, major corporations and a community- with a capacity of 200 megawatts, was focussed wind developer jointly bought by First Wind Holdings Inc., participated in a project. The concept and which arranged $254 million in project plan was the work in 2010 of Tri Global finance through tax equity from Energy LLC, but the project Mitsubishi UFJ Financial Group Inc. Source: Tri Global development equity for South Plains and debt from BayernLB Holdings AG. Tri Global wind project on farmland in Texas. came from accredited local investors, The second phase of 300 megawatts who chose to back the wind park on was sold to SunEdison Inc., which improve the environmental sustainability economic grounds and for community raised $390 million in construction loans of their local area. impact reasons. and tax equity, and subsequently A joint commitment between 68 U.S. A typical Tri Global wind farm attracts arranged a project energy offtake cities, states and businesses to promote some 100-150 accredited local investors arrangement with Hewlett Packard community solar was high on the agenda who receive a return of 2 to 8 times their Enterprise Co. at the National Community Solar Summit, original investment after a period of 2 to Tri Global has recently sold Hale hosted at the White House on Nov. 17. 3 years, investing on average $50,000 Community Energy LLC – a 1-gigawatt Some 68 partners including developer apiece, John Billingsley, chief executive portfolio of wind farms spread across 190 Clean Energy Collective LLC, of the Texas-based wind developer, told square miles – to a subsidiary of manufacturer First Solar Inc. and online- Clean Energy and Carbon in an NextEra Energy Resources LLC, and retailer Amazon Inc. are supporting the interview. Meanwhile, landowners are has another 3,800 megawatts-worth of program, which aims to make solar guaranteed a royalty and equity position projects up for grabs. energy available to a wide range of in the new LLC, regardless of whether a The company is also “getting its toes households. “Access to solar power turbine is placed on their land. into the solar industry”, having just could substantially reduce the energy “Previously there was a lot of protest acquired K12 Solar Power, a California- burden of low-income households by against the noise and aesthetics of wind based rooftop PV provider. “I have an providing stable electricity prices below turbines, and the fact some profit while idea for a community-based residential local utility rates,” a press release for the others don’t,” said Billingsley: “Now with and commercial rooftop solar model,” event said. U.S. state departments royalties being shared collectively, said Billingsley. including the Department of Energy and everyone has an economic interest and the Department of Agriculture are also can see the logic behind putting a wind involved in the initiative, which will make farm in their community.” Community Solar available federal resources and develop Investing in sustainable energy also The lofty heights of New York City’s the requisite business models. channels tax dollars back into local rooftops are the perfect breeding ground Some 50 percent of U.S. homes and schools and businesses and provides for shared solar arrays developed by businesses are unsuited to rooftop solar, clean energy supply for the community, Clean Energy Collective LLC (CEC). whereas with supportive regulation 100 according to Tri Global. Administered through local utilities, the percent would be eligible for shared “In the first 18 months of the business, arrays will be financed by local solar, according to a report by the the model was so popular in West Texas homeowners who make an upfront National Renewable Energy Laboratory: that we started 16 different wind projects investment in a portion of the system, in “Shared solar could represent 32 percent comprising 600,000 acres, with a total return for net metering credits on their to 49 percent of the distributed PV potential of 6,200 megawatts,” Billingsley energy bills. market in 2020… Representing $8.2 to said. To reach construction phase, a In other parts of the U.S., ground- $16.3 billion of cumulative investment.” typical 35-megawatt Tri Global project mounted solar arrays are popping up, Companies such as Next Step Living costs in the region of $3 to 4 million – funded by either an upfront purchase or a Inc. in Massachusetts are capitalizing on achieved collectively through subscription model, through a variety of the public’s willingness to go green. The participating local investors, he developers including Boston-based home energy provider is signing explained. Solstice Initiative and California-based contracts equivalent to 2 megawatts per Beyond that, equity from major Everyday Energy. Supporters say these month for shared solar gardens that are corporations and/or bank loans combine ‘community solar’ projects connected to the grid and are funded by to get the project to commercial enable members of the public to local operation. “The average cost per purchase solar power; stabilize their own power bills; and Nov. 30, 2015 Bloomberg Brief Clean Energy & Carbon 13 FOCUS... people, according to the company webs distributed generation, such as those in Mahrer. ite. “A customer can look forward to the Hawaii, California and Arizona, said Additionally, normalization – spreading certainty of lower electricity costs,” by Mahrer. the cost of utility property throughout its receiving solar net metering credits on lifespan, so that the cost and tax benefits their monthly credit bill, it says. of depreciation are borne equally by both “If people are optimistic about rooftop Utility Take-up current and future customers – has a and other distributed solar, they should Utilities are increasingly picking up on greater impact upon customer cost for be wildly optimistic about community the idea. Consumer Energy, a solar energy when the Investment Tax solar,” Eran Mahrer, senior director of subsidiary of Michigan utility CMS Credit stands at 30 percent, says Mahrer, utilities at First Solar Inc., told Energy Corp. has recently opened a than when it stands at 10 percent. “As a Bloomberg New Energy Finance. Solar Gardens program where result utilities will initiate (and regulators “Without a doubt community solar is a participants can subscribe to half-kilowatt will approve) much more solar asset more economical option – utility-scale blocks via a lump sum or subscription ownership within the regulated arena power plants are being deployed at payments, receiving net metering credit. when/if the ITC steps down,” Mahrer anywhere from $1.10 to $2.00 a watt Meanwhile, NV Energy Inc. has issued explained. installed, whereas with rooftop solar the requests for proposals of 10 megawatts best in class ranges from $2.50 to of PV to serve its subscription solar pilot. One community solar initiative in the U. $5.50.” “At this stage, our indicative pricing is K. presents a different twist – with project The California-based solar $60 per megawatt-hour, which relates capex incorporating skills training and manufacturer supplies equipment to down to about $4 for our 100 kilowatt- reinvestment in community care. Clean Energy Collective, the largest hour blocks,” Marie Steele, manager of Repowering – a London-based solar developer of community solar in the U.S. renewable energy at the Nevada utility, developer — has engineered a program The Colorado-based developer has 450 said. “Unlike some solar community engaging local people in their energy megawatts of solar plants in some stage programs, there is no virtual net choices in deprived areas of the capital. of planning and development and is in metering, meaning people will pay a Around 60,000 pounds ($92,000) has discussion with 160 utilities across the U. slight premium or around the same,” but been invested into the solar developer’s S., according to Tim Braun, company there are no upfront costs and the community projects from 300 local spokesman. Thousands of customers minimum contract is just one year, she people. Investors receive a return of have so far engaged in CEC projects. told Bloomberg New Energy Finance. between 3 and 5 percent annually with The case for community solar is that it Clean Energy Collective is also looking capital repaid in year 20, while offers better economics, and that the to introduce a new program that will allow investment values average 700 pounds assets are operated and maintained any regulated utility to own a shared ($1,000). Internships, mentoring and professionally, taking the upkeep solar facility and rate-base the asset for community investment all play an responsibility off the hands of consumers cost recovery. Take-up so far is going important role. and removing the impact on a well, Braun said. Utilities’ dissatisfaction Crowd-funding initiatives that homeowner’s real estate. Averaging a with the “inequitable transaction” of net democratize funding of renewable few megawatts in size, these assets can energy metering for rooftop solar will energy, such as Abundance and Trillion be sited close to load and can stabilize boost the attraction of community solar, Fund, are also gaining in popularity. grid networks with a high proliferation of said However, the Conservative government’s plan to reduce significantly feed-in tariffs (FiT) for small-scale solar and wind projects will mean that community and crowdfunding initiatives will have to search for new ways of making projects economic.
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