Chinese car makers are fueling a new global buying binge of clean-energy assets, with the latest word that Geely Automobile (HKEx: 175) is buying a British electric car startup. This is in addition to Geely announced a new joint venture to produce electric cars with Kandi Technologies (Nasdaq: KNDI). Geely’s deal comes just weeks after China’s Wanxiang Group completed its second major acquisition of a clean energy firm in the US, hinting at a growing wave of global M&A by tech-hungry Chinese car makers. This flurry of deals also comes as China’s leading electric vehicle (EV) maker, BYD (HKEx: 1211; Shenzhen: 002594; OTC:BYDDF), spotlights new government data that showcases its own technology development prowess. [Read more...]
Attorneys and a state Senator are getting involved in a still-unawarded geothermal contract Hawaii Electric Light Co. (HELCO) had originally said would be awarded before the end of 2013. The RFP was posted in early 2013 and asked for a 50-MW influx of geothermal power development on the Big Island of Hawaii. Disruptions caused by the continuing delay include losses of the companies that submitted proposals, and a breach of public trust lawsuit has been brought against the State of Hawaii; Governor Neil Abercrombie; the Public Utilities Commission (PUC); Department of Commerce and Consumer Affairs; Department of Business, Economic Development, and Tourism; Hawaiian Electric Company (HECO); Maui Electric Company; Hawaii Electric Light Company (HELCO); and Hawaiian Electric Industries (HEI).
It is no secret that renewable energy project development cycles present many unique challenges — as well as promising opportunities — for developers, investors and power users alike. Geothermal energy project development in particular can be a challenging endeavor, based on the extended timelines involved in successfully proving a resource, mitigating drilling risk and managing the subsurface reservoir on an ongoing basis. These are unique “geo sector-specific” issues that must be managed, in addition to the typical power plant development and construction issues inherent in any energy project endeavor. Due to these challenges, the corresponding financing of geothermal projects must be carefully tailored to match these specific features.
Clean energy assets in the Middle East and North Africa will more than double in capacity by the end of next year, the Dii GmbH industry association said.