The Renewables Roundup returns with all the biggest news stories from the US energy market from the last month, brought to you by Principal Consultant Eddy Maunder.
In May 2024 we saw updates from brands including Matrix Renewables, Pivot Energy, Rivian Automotive, Orsted, Santander and JP Morgan. Watch Eddy's monthly update or read on for the top stories.
US Renewable Energy Use Hits 30%
Our top story this month is the release of data on renewable energy use from March 2024, showing that renewables provided almost 30% of electric generation in the US: an increase compared with 2023. Small-scale solar alone grew by 20.4%, while utility-scale solar expanded by 28.4% - substantially faster than any other energy source.
Hydropower’s output rose 4.3% compared to the first three months of 2023. Moreover, for March alone, hydro production was 13.6% above the level reported a year earlier.
In the first quarter of 2024, electrical generation by wind was still 2.8% less than that of a year ago. However, wind-generated electricity in March 2024 was 2.9% above that recorded in March 2023.
Electrical generation by the mix of all renewables (i.e., solar, wind and hydropower plus biomass and geothermal) grew by 3.7% in the first quarter of 2024 compared to the same period a year earlier and provided 24.7% of total generation. That share rose to 29.2% in the month of March alone. A year earlier, it had been 26.3%.
Matrix Renewables Agrees €300 Million Deal With Santander
Matrix Renewables, the TPG Rise-backed global renewable energy platform, and Santander Corporate & Investment Banking have successfully closed a €300 million corporate debt financing. The financing will allow Matrix to expedite the growth of its platform by allocating funds towards the construction of its advanced development portfolio in all of its existing markets, including Spain, the US, Italy, and Chile. Matrix, a leader in ESG practices, successfully secured this financing as Green and Sustainability-Linked, aligning it with the Green and Sustainability-Linked Loan Principles.
This facility is central to Matrix Renewables’ strategic goals of long-term growth, optimization of the equity deployed, and management of its renewable energy generation projects. It capitalizes on its existing advanced development portfolio, which comprises 2.5GW out of the 14GW total portfolio across Matrix geographies.
Pivot Energy Partners with Rivian For Illinois Community Solar Projects
US renewables company Pivot Energy said it has partnered with electric vehicles maker Rivian Automotive Inc to realise 60 MWdc of community solar projects in Illinois.
Rivian will support the projects by purchasing renewable energy certificates from a 50-MW development and will subscribe to 10 MW of community solar from Pivot Energy.
The solar subscription was done on behalf of Rivian’s factory in Illinois.
Orsted to finance $680 million solar and storage projects in Texas and Arizona
Renewable energy developer Orsted announced it has secured a $680 million tax equity financing for a portfolio of solar and storage assets in Texas and Arizona.
The project portfolio includes Eleven Mile Solar Center, a 300 MW solar and 1200 MWh storage project in Pinal County, Arizona and Sparta Solar, a 250 MW solar project in Mineral, Texas.
J.P. Morgan made the tax equity investment, which was comprised of production tax credit and investment tax credit assets available through the Inflation Reduction Act. The investment bank now supports over 1.8 GW of Orsted’s 5.7 GW portfolio.
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Connect with Eddy
Eddy is a Principal Consultant at CMC and as an expert in the Renewable Energy market he oversees our Renewable Energy division in the US. He specializes in the engineering and construction phase of utility-scale projects as well as onshore/offshore projects across solar, BESS and wind. Connect with him today.