All right, everyone — we know your day isn’t complete without an infusion of solar energy news and related info. So here’s what we’ve got for you this morning: oil rigs will soon scour to the eastern seaboard (albeit 125 miles offshore) after a historic announcement by President Obama; California solar power developers are frantically navigating rules and regs in order to beat an end-of-year deadline for federal stimulus funding; a solar-energy only utility plans an initial public offering (IPO) on the London Stock Exchange; and it seems a U.S.-based solar panel maker is coming to Sacramento, Calif. Want more details? Keep reading…
The big energy-related story today? Drill, Obama! Drill! The President today announced plans to expand offshore drilling, effectively ending a long-standing ban on oil exploration along the East Coast. The move will allow companies to drill for oil and natural gas over some 167 million acres of ocean, stretching from south of New Jersey to the central coast of Florida. New Jersey northward will remain off limits, as will the Pacific Coast from Mexico to Canada. For a good look at what this may mean for America’s environment and economy, check out this piece from John Broder of NYTimes.com.
Developers of large-scale solar installations are racing to get the green light from the California Energy Commission so that they can break ground before year’s end, as USA Today relays. For the projects to be eligible for a federal grant program, construction must begin in 2009 or 2010. If all 49 projects seeking funding are completed, California stands to add more than just electricity to its economy, including “10,000 construction jobs, 2,200 operational jobs and up to $30 billion in investment, including up to $10 billion in federal stimulus dollars.”
In related California solar news, project developer Tessera Solar took a step closer to realizing its plan for a large solar-thermal power plant in the California desert, via NASDAQ. The California Energy Commission and the U.S. Bureau of Land Management have determined that the company’s “850-megawatt solar farm, proposed on 8,000 acres of federal land in San Bernardino County, could be built and operated in a way that minimizes its impact on the environment and the area’s aesthetics.”
In solar industry news, Solar Power Inc., a U.S.-based panel maker, will open a new headquarters and solar-panel manufacturing plant in Sacramento, Calif., reports Sunpluggers. The former McLellan Air Force Base, now called McLellan Business Park, will play host to the company’s new buildings. California Governor Arnold Schwarzenegger is on board with the news: ”The addition of this renewable-energy manufacturing facility is great news for Sacramento and the rest of the state because it will lead to more homes and businesses powered by sunshine while creating jobs in the clean-tech industry.”
In international solar news, an outfit by the name of Engyco is angling to become the first publicly listed European solar power utility company, and hopes to raise as much as a billion Euros on the London Stock Exchange, via ProActiveInvestors.co.uk. I’m not a financial analyst, but that valuation seems to represent a serious chunk of solar power potential. What does Engyco aim to do, exactly? A company statement reveals a few hints: “Since the end of 2008, the cost of capital has risen sharply and Spain has experienced a collapse in its real estate, construction and property sectors. As a result, many owners of solar assets are willing to sell these non-core assets, which provides a plentiful supply of operating solar assets.” Solar, it seems, is just like any other asset — buy low, sell high, baby.
And with that, we’ll call it a day. Thanks for reading. Come back and see us tomorrow.
