Oman selects PassivSystems to manage 1 GW of residential solar PV
PassiveSystems has won a competitive tender to provide its PassivPro platform to the Authority for Electricity Regulation (AER) in Oman. AER will use the platform to manage 250,000 residential solar PV assets, from pre-installation through commissioning, operation, remote monitoring and maintenance.
The contract will see PassivSystems localise its platform to suit typical environmental operating conditions found in Oman. This will include providing support for the use of extra sensors to analyse the impact of extreme heat on output. Sensors will also be installed to detect localised build-up of debris on the panels as combinations of sand, high winds and early morning moisture can quickly lead to encrusted deposits. If left uncleaned, these deposits will severely degrade performance.
By integrating data from a network of physical sensors into the platform, PassivSystems will accurately forecast how yield changes with temperature and alert maintenance teams to carry out targeted cleaning of panels as and when required.
The Sahim initiative will provide a sustainable and affordable source of low-carbon energy. The solar power will reduce consumers’ bills, ease Oman’s reliance on natural gas and enable the Sultanate to defer investment in new grid infrastructure by using solar to contribute to the peak demands caused by the widespread use of air conditioning.
Qais Saud Al Zakwani, Executive Director at the Authority said: “PassivSystems technology demostrates clear benefits against its competitors’ by providing a platform that manages the full lifecycle of the solar PV assets. Its system collects daily generation data to help ensure we optimise yield and also allows us to track and manage workflows, including approvals, asset serial numbers and documentation – essential information that we need to track in order to efficiently manage a programme of this size and scale.”
“We’re delighted that AER has chosen our PassivPro platform to enable the Sahim initiative,” said Colin Calder, chief executive, PassivSystems. “We have collected over a terabyte of data from tens of thousands of rooftops in the UK and proven the scalability of our platform beyond doubt. Localising the platform to maximise yield, streamline support and reduce operational costs for the specific environmental conditions in Oman demonstrates the versatility of our technology. We help get the best out of the PV assets throughout their complete lifecycle, wherever in the world they are located.”
Financing rises in digital platforms and renewables projects
Cold Bore is leading a shift in the completions (fracking) industry towards safer, more autonomous operations by providing oil & gas companies with SmartPAD, a centralised fully integrated software and hardware platform designed to collect, analyse, and report data. Better utilisation of this data unlocks operators’ ability to make improvements across all KPIs.
Results from a recent SmartPAD implementation with Hibernia Resources, saw the Permian-based producer able to reduce the duration of their completions program by 15 days (27%), with commensurate reductions in cost and emissions.
Along with this investment from bp ventures, bp will be deploying Cold Bore’s SmartPAD in bpx energy’s US onshore operations. The technology will support bpx’s efforts to continuously improve its operations.
“The oil & gas industry has realised that technological innovation is key to meeting growing calls for reduced emissions and improved returns. Cold Bore is proud to be playing a leadership role in the future of oil & gas operations.” said Brett Chell, Co-founder & President at Cold Bore Technology.
“As we scale to meet incredible demand, we’re excited to have a strong strategic partner in bp, a forward-thinking international energy company, and to play a part in helping bp reach its carbon and operational targets. The future of the oil & gas industry is autonomous operations."
Existing investors include the Rice Investment Group (RIG), a $200M multi-strategy, energy sector investment fund.
Another company in the spotlight last week was Soltage, a leading independent renewable power producer, which has raised a $130M debt facility led by Silicon Valley Bank. The investment will finance a 110MW national portfolio of projects across North Carolina, South Carolina, Maine, Illinois, Virginia and Maryland.
The construction of this portfolio will be staged over the next three quarters, with construction currently underway on ten projects across four states. Customers purchasing electricity from the projects financed through this debt vehicle include Investor Owned Utilities buying power under Public Utility Regulatory Policies Act (PURPA) contracts, community solar subscribers and corporations purchasing power from the portfolio to meet clean energy goals and lower energy costs.
Silicon Valley Bank is the Sole Coordinating Lead Arranger of the debt facility with three other banks included as lenders. This facility includes an optional $100M expansion feature to finance additional projects beyond the current set of identified projects. This announcement marks the latest development for the Soltage Iris capital vehicle, following Soltage and Harrison Street's $250M commitment in March to deliver 450MW of new solar, solar+storage and standalone storage development across the US.
"Soltage continues to provide stable investment opportunities for capital providers who are looking for bankable approaches to sustainable infrastructure investment," said Sripradha Ilango, Soltage CFO. "We are pleased to continue to bring to market high quality project portfolios that open avenues for corporations, utilities and families to adopt solar power and achieve decarbonisation priorities."
"We are at a critical point where funding domestic infrastructure to bring more clean energy online in the United States is of the utmost importance," said Bret Turner, Market Manager at Silicon Valley Bank. "Our team is proud to work with Soltage to support building these essential zero carbon energy projects in key locations across the country."
This announcement is part of a continued movement of mainstream investors looking to solar and other renewable infrastructure assets for long-term investment opportunities. Soltage has deployed over $1B into clean energy assets across the US since its founding in 2005.
SVOLT Energy Technology Co., a leading EV battery manufacturer, held a B Round Financing Transaction Ceremony in Changzhou, Jiangsu on July 28. Following the completion of A Round Financing of RMB 3.5 billion ($538 million) at the end of February, the company rapidly closed this third round of market-based equity funding, raising a total amount of RMB 10.28 billion ($1.58 billion).
Last month also saw Longroad Energy, a US-based renewable energy developer, owner and operator, complete term financing for Sun Streams 2, its 200 MWdc solar project in Maricopa County, Arizona. Longroad owns 100 percent of the project after acquiring it in early 2021 from First Solar, the original developer.