This Week in Climate & Clean Energy Wins: Week of 10/9/23

This week in private sector news, clean energy finance company Evergrow announced completed funding on the first-ever clean energy tax credit transfer – a new method of funding clean energy development in the United States. Leeward Renewable Energy announced project milestones on three wind and solar projects in Ohio, Illinois, and Arizona that are projected to generate nearly 450 MW of clean energy. Also, XCel Energy announced plans to double the amount of renewable resources on its site in Colorado over the next year. 

A new analysis from the World Economic Forum found that farmers are using clean energy to cut costs and reduce their carbon footprint. Innovative applications of renewables in the agriculture industry include biodiverse solar panels, geothermal greenhouses, and swapping natural gas for biogas. A new report from Environment America found that last year, the U.S. tripled the amount of solar, wind, and geothermal power produced a decade ago – generating enough solar and wind energy to power 60 million homes.

Last week, the Biden Administration announced plans to kick off the third Investing in America Tour – also known as the advanced manufacturing workforce sprint. In line with the Tour’s agenda, President Biden is visiting Pennsylvania on Friday to spotlight how Bidenomics is spurring the clean energy transition and delivering good-paying union jobs for American workers. The U.S. Department of Agriculture (USDA) is receiving piqued interest from rural communities around federal funding for clean energy infrastructure thanks to a USDA program that aims to provide grants and loans to accelerate the clean energy transition. The program has received 157 proposals to date – accounting for nearly 750 clean energy project applications across the country.

Lastly, El Paso Electric issued a request for proposals for renewable energy projects with a total annual output of 150,000 MWh. In Michigan, the state is preparing to receive $1.6 billion in new federal infrastructure funding to expand its electric vehicle charging network. In Arizona, Silicon Ranch and Sulphur Springs Valley Electric Cooperative completed their 20MW solar farm and storage project, helping the cooperative meet the increasing power demand in the region.   

Private Sector

• Clean energy finance company Evergrow announced they have completed funding on the first-ever clean energy tax credit transfer. [PR Newswire, 10/10/2023] 
  • Enabled by the Inflation Reduction Act, tax credit transfers are a new way to fund the development of clean energy in the U.S. – building clean energy projects such as solar power, battery storage, and electric vehicle chargers. 
• Leeward Renewable Energy announced project milestones on three wind and solar projects that will have the capacity to generate nearly 450 MW of clean energy. [Business Wire, 10/10/2023] 
  • The projects are in Ohio, Illinois, and Arizona. 
• Xcel Energy plans to double its renewable resources in Colorado. [Utility Dive, 10/10/2023] 
  • Bank of America analysts project that this could lead to more than 14% upside in the company’s stock price over the next year. 

New Reports

• Farmers worldwide are using renewable energy innovatively to cut costs and reduce their carbon footprint. [World Economic Forum, 10/10/2023]
  • This includes biodiversity-boosting solar panels, geothermal greenhouses, and biogas for cooking and heating as a more sustainable and often cheaper alternative to natural gas.
• Last year, the U.S. tripled the amount of solar, wind, and geothermal power produced a decade ago. [Environment America, 10/11/2023]
  • The U.S. produced enough wind and solar energy in 2022 to power 60 million homes.

Biden Administration

• President Biden is visiting Pennsylvania on Friday to discuss how his economic plan is accelerating the clean energy transition and combating the climate crisis. [Pennsylvania Capital Star, 10/9/2023]
  • The visit is a part of the administration’s third Investing in America Tour, which kicked off last Friday.
  • The tour – also called the Advanced Manufacturing Workforce Sprint, aims to build a diverse, skilled pipeline of workers for good-paying advanced manufacturing union jobs.
• The Biden Administration is expected to announce the recipients of $7 billion in federal funding for hydrogen hubs. [Reuters, 10/10/2023]
  • The initiative is aligned with President Biden’s goal for the U.S. to produce 50 million metric tons of clean hydrogen fuel by 2050.
• A USDA program that aims to provide grants and loans to speed up the clean energy transition received 157 proposals from nearly every state and Puerto Rico. [Politico, 10/10/2023]
  • The record demand of roughly 750 clean energy project applications represents rural America’s interest in federal funding for clean energy infrastructure, even as Republicans in some red states oppose funding.

State-Level  

• El Paso Electric has issued a request for proposals for renewable energy projects to serve its customers in New Mexico. These energy projects will have an annual output of 150,000 MWh. [PV Tech, 10/9/2023]
• The White House announced that Michigan will soon receive $1.6 billion in new federal infrastructure funding. Expanding the state’s electric vehicle charging network is a high priority for these funds. [IPR, 10/9/2023]
• Silicon Ranch and Sulphur Springs Valley Electric Cooperative completed their 20MW solar farm and storage project in Arizona. [Power Technology, 10/10/2023]
  • The project features an 80 MWh battery energy storage system, which will empower the cooperative to meet the increasing power demand in the region.