POWER June 2020 - 13

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(BNEF) said that the cost for wind power
fell 9% in the second half of 2019, with
the cost for solar down 4%. The group
said the cost of renewable energy is
less than fossil fuel-powered generation
across two-thirds of the world. Longterm
power purchase agreements also
are providing steady returns on investments
in renewable energy, at a time
when falling demand for electricity is battering
wholesale power markets.
France's Engie once had several coalfired
power plants, but divested those
assets over the past few years, and in
2019 announced it would exit all coal activities.
A subsidiary, Engie North America,
in April announced what it said is the
largest tax equity deal of its kind in the
U.S., including 2 GW of renewables-1.5
GW of wind power (Figure 3), and 500
MW of solar, financed with $1.6 billion in
tax equity commitments from Bank of
America and HSBC. The announcement
came just days before RWE Renewables
said it had completed tax equity financing
for a 151-MW wind farm through
Bank of America.
In another deal, BayWa r.e. said it
secured tax equity for a 133.6-MW solar
farm, expected to come online this
June 2020 |POWER
INDUSTRY-LEADING WARRANTIES
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ENERGY-EFFICIENT DESIGNS
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1.866.643.1010
summer, and supplying energy to four
companies (Cox, Gap, Salesforce, and
Bloomberg) that partnered in an aggregation
deal. Said Freedman: " I've been
in this [business] 24 years. I've done
big coal projects, and big gas projects.
I started doing wind and solar back in
the late '90s when nobody was doing
wind and solar. There was no tax equity
back then. Looking back at where
we've come in 24 years, I think that's
just a natural trend. " He noted the state
incentives tied to renewable energy
projects have been an important part
of the sector's growth. " There's a very
heavy state push for renewables, and it
doesn't really go along classic political
lines, " he said, noting both Republican
and Democrat governors are backing renewable
energy projects.
NextEra Energy, a Florida-based
power provider and aligned with Florida
Power & Light, has said it expects to
bring 5 GW of renewable power online
this year. John Ketchum, the company's
president and CEO, in a recent earnings
call said there has been " no dropoff, no
slowdown " in NextEra's project construction
or deals.
In much of the world, including states
www.powermag.com
such as California and Texas, wind and
solar power is now produced more
cheaply than gas- or coal-fired generation,
making renewables attractive to
utilities and investors. Developers also
can build wind and solar farms more
quickly than thermal power plants,
though for the moment, some projects
are on hold due to the coronavirus pandemic.
Those delays do not mean the
projects will be canceled.
" There are concerns about financiers
saying just wait and see, but I have not
heard about anyone trying to renegotiate
a project, " said Kelly Speakes-Backman,
CEO of the Energy Storage Association,
in an interview with POWER. " I can tell
you I don't see this crisis impacting the
long-term ability of storage to grow.
We're expecting a 300% increase in
storage deployment this year, so even a
50% drop in that means we're still doing
well. I really feel like this is going to
be a near-term situation for our industry.
People have already begun to realize the
importance of energy storage to decarbonizing
the grid, and I don't think that
goes away with this crisis. "
-Darrell Proctor is POWER
associate editor.
13
http://www.clearspan.com http://www.powermag.com

POWER June 2020

Table of Contents for the Digital Edition of POWER June 2020

Contents
POWER June 2020 - Cover1
POWER June 2020 - Cover2
POWER June 2020 - Contents
POWER June 2020 - 2
POWER June 2020 - 3
POWER June 2020 - 4
POWER June 2020 - 5
POWER June 2020 - 6
POWER June 2020 - 7
POWER June 2020 - 8
POWER June 2020 - 9
POWER June 2020 - 10
POWER June 2020 - 11
POWER June 2020 - 12
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POWER June 2020 - 52
POWER June 2020 - Cover3
POWER June 2020 - Cover4
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