China Hydroelectric Corp acquires 44MW hydro project
China Hydroelectric Corporation, a company that owns, develops and operates small-scale hydroelectric power projects throughout the People’s Republic of China (PRC) has agreed to acquire 100 percent of the Xiaopengzu hydroelectric power project. The installed capacity of the project, located in Yunnan province of the PRC, totals 44 megawatts. With this acquisition, the total installed capacity of the company is increased to 493.4 megawatts.
The equity purchase price of the project was $35 million, which an assumed debt of $22 million. The company is currently refinancing existing bank debt, and anticipates obtaining an additional $13 million in non-recourse bank debt from the Bank of China Fujian Branch. The execution of the definitive agreement for this acquisition was announced in February of 2010.
China Hydroelectric Corporation is also currently working toward the finalization of the acquisition of the Taiyu projects, in which the company has entered into a memorandum of understanding. The company has made down payments for the Taiyu projects memoranda, which includes penalties should the seller cancel the transaction. Subject to the satisfactory completion of its due diligence review, the company expects to enter into a definitive agreement for the acquisition and financing of these projects in the near future.
"We are pleased [about] the acquisition of the Xiaopengzu project in Yunnan province," stated Chairman & CEO John D. Kuhns of China Hydroelectric Corporation. "This acquisition significantly increases our total installed capacity and Yunnan province, where we already own and operate 114 megawatts of capacity, presents an excellent opportunity to expand our asset base in China. Our ability to acquire hydroelectric power projects has accelerated as a result of our January 2010 IPO and our favorable loan framework agreement with the Bank of China's Fujian branch."
UK Nissan fleet owners receive commercial charging service
UK fleet owners of Nissan Leaf and e-NV200 models can avail of a new commercial charging service using vehicle-to-grid (V2G) technology.
The V2G technology developed by DREEV, which is a joint venture between EDF and Nuvve, which specialises in V2G technology, allows for two-way energy flow; both recharging an EV’s battery when electricity is at its cheapest, and discharging excess energy to sell back into the grid.
Fleet customers will save around £350 savings per charger each year, which equates to approximately 9,000 miles of driving charge per year.
EDF’s V2G business solution includes:
The supply and installation of a two-way connected compact 11kW charger capable of fully charging a Nissan LEAF, depending on the battery model, in 3 hours and 30 minutes - 50 per cent faster than a standard charger - with integrated DREEV technology.
A dedicated DREEV smart phone app, to define the vehicles’ driving energy requirements, track their state of charge in real time, and control charging at any time
Philip Valarino, Interim Head of EV Projects at EDF, said today’s announcement marks an important step on the UK’s journey towards electric mobility. "By combining the expertise and capabilities of EDF, Nissan and Dreev we have produced a solution that could transform the EV market as we look to help the UK in its journey to achieve Net Zero," he said. “Our hope is that forward-thinking businesses across the country will be persuaded to convert their traditional fleets to electric, providing them with both an environmental and economic advantage in an increasingly crowded market.”
Andrew Humberstone, Managing Director, NMGB, said Nissan has been a pioneer in 100% electric mobility since 2010, and the integration of electric vehicles into the company is at the heart of Nissan's vision for intelligent mobility.
He added the Nissan LEAF, with more than half a million units already sold worldwide - is the only model today to allow V2G two-way charging and offers economic opportunities for businesses "that no other electric vehicle does today". Click here for more information.
FirstEnergy Corp, which aims to electrify 30% of its approximately 3,400 light duty and aerial fleet vehicles by 2030, has joined the Electric Highway Coalition. The group of electric companies, which has grown to 14 members, is committed to enabling long-distance EV travel through a network of EV fast-charging stations connecting major highway systems.
The Edison Electric Institute estimates 18 million EVs will be on US roads by 2030. While many drivers recognize the benefits of driving an EV, some are concerned with the availability of charging stations during long road trips. Through their unified efforts, the members of the EHC are addressing this "range anxiety" and demonstrating to customers that EVs are a smart choice for traveling long distances as well as driving around town.
Volta Industries has installed new charging stations at Safeway in Upper Marlboro, Maryland, and Renton, Washington.