Oct 19, 2020

Sol Customer Solutions to fund US renewable energy projects

solarpower
Financing
USA
Dominic Ellis
2 min
Joint venture involving Sol Systems and Capital Dynamics gets green light for financing 24 projects
Joint venture involving Sol Systems and Capital Dynamics gets green light for financing 24 projects...

Sol Customer Solutions, a joint venture involving Sol Systems and private asset management firm Capital Dynamics, has secured financing for a 24-strong pipeline of projects across the US after receiving a Distributed Generation Tax Equity commitment from Bank of America.

The first tranche funding under the Tax Equity Commitment occurred in July seeded the first twenty projects totaling approximately 30 megawatts (MWdc), which included the Amazon ACY2, a 5.5 MWdc rooftop solar project on the Amazon fulfillment center located in New Jersey; Altamont, a 645 kWdc ground-mount solar project in Illinois, supplying power to the City of Altamont through a power purchase agreement (PPA) with Illinois Municipal Electric Agency (IMEA); and the 20.7 MWdc Walmart Portfolio, which consists of seventeen rooftop and ground mount projects that supply power to Walmart Supercenter and distribution centres across Illinois. 

The second tranche occurred in September and seeded an additional four projects, comprising Rock Falls, a 1.3 MWdc ground-mount solar project in Illinois, and three additional Walmart projects in California.

Tim Short, Managing Director, Clean Energy Infrastructure at Capital Dynamics in New York, said distributed generation is a cornerstone of its investment strategy. "Together with Sol Customer Solutions, we are able to deliver the highest quality portfolios of contracted, distributed solar and storage assets, offering our investors access to a differentiated set of opportunities in this critical part of the US energy transition," he said. 

The key to scaling distributed generation is building a platform that combines competitive capital with proven expertise and laser focus on the customer, added Andrew Gilligan, Sol Customer Solutions' Vice President. "The muscle behind this partnership with Capital Dynamics, together with Bank of America through the Tax Equity Commitment, means we can offer customers unmatched end-to-end service."

Sol Customer Solutions celebrated its first successful project completion with Capital Dynamics earlier this year with the commissioning of Scottsbluff, a 5.2 MWdc ground-mount solar project in Nebraska.  Scottsbluff is supplying power to the City of Scottsbluff through a PPA with Nebraska Public Power District.

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Jun 7, 2021

Trafigura and Yara International explore clean ammonia usage

Shipping
fuel
Decarbonisation
ammonia
Dominic Ellis
2 min
Commodity trading company Trafigura and Yara International sign MoU to explore developing ammonia as a clean fuel in shipping

Independent commodity trading company Trafigura and Yara International have signed an MoU to explore developing ammonia as a clean fuel in shipping and ammonia fuel infrastructure.

Reducing shipping emissions is a vital component of the fight against global climate change, yet Greenhouse Gas emissions from the global maritime sector are increasing - and at odds with the IMO's strategy to cut absolute emissions by at least 50% by 2050. 

How more than 70,000 ships can decrease their reliance on carbon-based sources is one of transport's most pressing decarbonisation challenges.

Yara and Trafigura intend to collaborate on initiatives that will establish themselves in the clean ammonia value chain. Under the MoU announced today, Trafigura and Yara intend to work together in the following areas:

  • The supply of clean ammonia by Yara to Trafigura Group companies
  • Exploration of joint R&D initiatives for clean ammonia application as a marine fuel
  • Development of new clean ammonia assets including marine fuel infrastructure and market opportunities

Magnus Krogh Ankarstrand, President of Yara Clean Ammonia, said the agreement is a good example of cross-industry collaboration to develop and promote zero-emission fuel in the form of clean ammonia for the shipping industry. "Building clean ammonia value chains is critical to facilitate the transition to zero emission fuels by enabling the hydrogen economy – not least within trade and distribution where both Yara and Trafigura have leading capabilities. Demand and supply of clean ammonia need to be developed in tandem," he said.  

There is a growing consensus that hydrogen-based fuels will ultimately be the shipping fuels of the future, but clear and comprehensive regulation is essential, according to Jose Maria Larocca, Executive Director and Co-Head of Oil Trading for Trafigura.

Ammonia has a number of properties that require "further investigation," according to Wartsila. "It ignites and burns poorly compared to other fuels and is toxic and corrosive, making safe handling and storage important. Burning ammonia could also lead to higher NOx emissions unless controlled either by aftertreatment or by optimising the combustion process," it notes.

Trafigura has co-sponsored the R&D of MAN Energy Solutions’ ammonia-fuelled engine for maritime vessels, has performed in-depth studies of transport fuels with reduced greenhouse gas emissions, and has published a white paper on the need for a global carbon levy for shipping fuels to be introduced by International Maritime Organization.

Oslo-based Yara produces roughly 8.5 million tonnes of ammonia annually and employs a fleet of 11 ammonia carriers, including 5 fully owned ships, and owns 18 marine ammonia terminals with 580 kt of storage capacity – enabling it to produce and deliver ammonia across the globe.

It recently established a new clean ammonia unit to capture growth opportunities in emission-free fuel for shipping and power, carbon-free fertilizer and ammonia for industrial applications.

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