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Nov 20
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Holocene Clean Energy commences construction of Twittys Creek Solar, LLC, a 14-megawatt-AC solar installation located in Charlotte County, Virginia

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Cardinal Renewables, a strategic partnership between The Carlyle Group and Alchemy Renewable Energy, secures PPA with Direct Energy Business

SPRINGFIELD, November 13, 2020 (GLOBE NEWSWIRE) – 

Cardinal Renewables, a strategic partnership between the global investment firm, The Carlyle Group, and Alchemy Renewable Energy, an industry leader in renewable energy projects and tax equity financing, has secured a power purchase agreement (PPA) with Direct Energy Business, one of North America’s largest retail providers of electricity, natural gas, and home business energy-related services, through Twittys Creek Solar, LLC, supporting construction of its a 14 MWAC solar power installation located in Charlotte County, Virginia.

Providing a lasting clean energy alternative to traditional fossil fuels, Twittys Creek reduces the amount of harmful carbon emissions released into the atmosphere. The new solar installation, developed by Holocene Clean Energy, is expected to be operational in December 2020.

“We are excited to expand our operations with Twittys Creek, allowing us to broaden our coverage into Virginia and launching us one step closer to the clean energy transition,” said Lacie Clark, CEO of Alchemy Renewable Energy. “The project would not have been possible without our joint venture with Carlyle, and collaboration with Direct Energy Business and Holocene Clean Energy.”

The new installation spans approximately 75-acres and will generate nearly 14 MWAC of clean power, which is estimated to offset over 700,000 Mt CO2e over 40 years of operation. This emissions reduction is equivalent to powering about 2,250 homes, removing nearly 4,125 passenger cars from the road, or reducing gasoline consumption by 2.1 million gallons every year the project generates electricity. By adding a new, renewable energy generation source to the grid, Twittys Creek Solar, LLC, fosters a cleaner future for power supply.

“Each of our renewable energy projects creates new power generation assets for the United States,” said Pooja Goyal, Co-Head of the Infrastructure Group at The Carlyle Group. “Twittys Creek Solar, LLC, is expected to have a positive impact on the community of Charlotte County and the region by providing a clean energy source that is intended to provide efficient power delivery, improve the environment, and reduce dependency on fossil fuels.”

“We appreciate our collaboration with Cardinal Renewables and Direct Energy Business, who ultimately helped give life to the project. After working so closely with our partners and Charlotte County, seeing the stakes put into the ground was a truly joyful moment for our team,” said Laura Tillett, Business Development at Holocene Clean Energy.

“Direct Energy is proud to have partnered with Holocene and Cardinal Renewables to commence construction on Twittys Creek. It is important for us to have sustainable assets as part of our supply portfolio to assist our customers in achieving their carbon reduction goals,” said Ray Polakowski, Manager of Wholesale Origination for Direct Energy Business. 

“Competitive markets drive cost-effective renewable energy adoption and create associated localized economic development benefits. This 14 MWAC solar project located in Charlotte County, Virginia will benefit the community and consumers,” said Ron Cerniglia, Direct Energy’s Director of Corporate & Regulatory Affairs.  

“We appreciate our collaboration with Cardinal Renewables and Direct Energy Business, who ultimately helped give life to the project. After working so closely with our partners and Charlotte County, seeing the stakes put into the ground was a truly joyful moment for our team,” said Laura Tillett, Business Development at Holocene Clean Energy.

About Cardinal Renewables

Cardinal Renewables, a strategic partnership between The Carlyle Group and Alchemy Renewable Energy, is focused on creating long-term value for investors, companies, and communities through the development, acquisition, financing, and operation of solar power generation projects throughout the United States, with a focus on projects ranging from 5-80 MWAC. The Carlyle Group, through the Carlyle Renewable and Sustainable Energy Fund, has made a $100 million commitment to this partnership.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $230 billion of assets under management as of September 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 30 offices across six continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

About Alchemy Renewable Energy

Alchemy Renewable Energy is an industry leader in renewable energy projects as well as comprehensive long-term debt and tax equity financing. The firm utilizes a credentialed team, a strong network of joint ventures, and parent company Monarch Private Capital to support premium mid-size utility-scale renewable energy projects, including solar and biomass power generation. The Company leverages Monarch Private Capital’s tax equity placement services as the final element of its projects’ capital structure. In addition, Alchemy reduces overall project costs and produce higher overall investor returns by eliminating the need to source third-party development and financing support.

About Holocene Clean Energy

Holocene Clean Energy is building the foundation for the future of solar power supply, battery storage, and delivery. As a leading innovator, they create scalable distributed solar generation and storage project portfolios to reduce dependency on traditional fuels, increase grid reliability, and improve the efficiency of power delivery. The Company’s distributed generation strategy allows power consumers to procure renewable energy at competitive prices while providing meaningful benefits to local communities hosting their generation facilities.

About Direct Energy

Direct Energy is one of North America’s largest retail providers of electricity, natural gas, and home and business energy-related services with nearly four million customers. Direct Energy gives customers choice, simplicity, and innovation where energy, data, and technology meet. A subsidiary of Centrica plc (LSE: CNA), an international energy and services company, Direct Energy, its subsidiaries and/or affiliates, operate in 50 U.S. states plus the District of Columbia and 8 provinces in Canada. To learn more about Direct Energy, please visit www.directenergy.com.

Mar 18
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Maintaining Our Commitment to Clean Energy in a Time of Crisis

The Team at Holocene Clean Energy wants you to know that we remain fully focused on delivering renewable energy solutions during the current coronavirus pandemic—and on doing our part to help slow the spread of the disease. To ensure that our projects with clients and partners continue to move forward effectively on schedule and as planned, we have activated remote work procedures and halted unnecessary travel.

As veteran solar developers, we are not strangers to volatility. Our professionals are working to meet current challenges and to remain flexible in anticipation of challenges we cannot predict. While we will operate under these new conditions in the coming weeks, several important things will remain the same:

  • Communication. Our people are just a phone call, a video chat, or an e-mail away. We are maintaining all records on our company platform, and remain open Monday thru Friday from 8 a.m. to 5 p.m. ET.
  • Collaboration. In lieu of in-person meetings with clients and partners, we can use a variety of online tools to innovate and to move our projects forward.
  •  Construction. Our supply chain is monitored regularly and continues to track with our project. We will continue to conduct scheduled site work, which requires limited interaction and relatively few personnel.
  • Commitment. We remain as dedicated as ever to our core mission: delivering comprehensive solar solutions.

We will do our best to stay aware of developments in this evolving situation and to let you know of any variations that occur as a result. Please let us know if you have any questions, and please stay in touch. We stand ready to help in any way we can. Media or other inquiries should be emailed to info@holocene-energy.com. Thanks!

—The Holocene Clean Energy Team

Dec 20
0

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T’was a few nights before Christmas, when all through the office
Everyone took PTO and counted their losses;
So I sit in my cube and begin typing with care,
In hopes that we can reflect, so pull up a chair;
This year in solar has been quite the scene
So sit back and listen and I’ll give you the tea[1];
We started the year, hearts full of thrill
Would 2019 be the year of good will?
Solar + Storage was the emerging technology
The questions came fast: is it safe, is it too costly?
Some projects with batteries finally penciled and closed
While FERC Order 841 kept us all on our toes;
But aggressive state policy thrust NY and MA into the lead,
With storage galore, what more could they need?
Trump’s solar tariffs caused quite a clatter,
They’ve been a wild ride, what’s the truth of the matter?
In 2018 came a module import tax
Then bifacials were exempt – people wanted them to the max;
The market was tight until that exemption went away
Wow – another dip on the solar coaster, I must say![2]
Many of us supported longer investment tax credits,
Then to our dismay, we watched it get beheaded,
Thankfully, we know you safe harbored real quick,
You knew in a moment this must be the trick.
Now let’s look at Holocene- go ahead and pop the champagne,
Some new hires this year! and I’ll tell you by name:
“Now, Hunter! now, Tyler! now Steve and Kristine!
They work on, engineering! on, contracts! on, finance and accounting!
They’re at the top of my list! The top of them all!
Now work away! work away! work away all!”
Update your address book for when you’re sending mail,
Because in 2019, we moved to Lake Boone Trail.
But I flew by Virginia, so let’s go back
Big solar is coming, it’s quite on track
Northam signed an Executive Order with care
For wind and solar in the state – but that’s neither here nor there
Because it isn’t just Virginia, you’ll soon enough see
All over, renewable energy goals are wrapped ‘neath the tree
RE100, Green New Deal, Time Person of the Year,
Sustainability is trending, so lend us an ear;
From the cars to the fields to the top of the roof;
It’s almost 2020 – which renewable will you choose?
This year—how it twinkled! But at times it was scary,
Reading the news, of House Bill 6 I was wary.
Some things were great so to those I’ll default,
Like how many PPAs came out of the vault.
Green power is replacing coal, ashes and soot;
Renewables have reached price parity – it’s really a hoot!
Microgrids are showing to be the next big trend,
Independent and efficient, the benefits don’t end. 
Contracts are shorter and hedges are in the market
We’re all finding new ways to hit our renewable targets;
What next year brings, nobody can know,
We expect the unexpected and we go with the flow;
If the forecasts are right then records we’re breaking,
Double solar capacity in five years, experts are thinking. 
Solar policy this year has been fun, and sometimes over my head,
But now you’re caught up so there’s no need to dread.
So I’ll leave you all here, and say with delight—
“Happy Holidays from Holocene, may your solar be bright!”

[1] Tea (n): scoop, gossip

[2] Exemption held up in court.

Oct 17
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Solar PPAs – what goes into the price?

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The news tells us solar is cheaper than ever. According to Wood Mackenzie Power and Renewables, pricing for solar power purchase agreements (PPAs) has ranged between $19 and $42/MWh for contracts signed over the past 18 months.

solar ppas pricing trends

But what does that really mean? What really impacts this price? There are several factors that impact energy prices for PPAs.

Locational Marginal Price

In the first place, the Locational Marginal Price (LMP), reflecting the marginal cost for electricity at various points across an electric grid. This price accounts for patterns of load, generation, and limits of the transmission system within a specific geographic area. The price of natural gas is highly correlated to the price of energy because elevated electricity prices raise demand for natural gas, which often results in higher natural gas prices. Weather extremes impact the LMP market by increasing electricity demand and resultant LMPs.

When Over-the-Counter futures block prices (such as ICE) decrease, it is a direct representation of change in view for future LMPs reflective of a buyer’s willingness to hedge their load or the willingness of generator to hedge their output, rather than a forecast for future LMPs. Future LMPs are driven by weather, the economy, generation, fuel prices, and regulatory policy from entities like PJM, FER and NERC.

Wind vs. Solar PPAs

Furthermore, wind PPAs serve as an alternative to solar PPAs as a way for corporate and industrial customers to reach their sustainability targets and renewable energy commitments. Wind has been dominant in PPAs to date due to its scalability and comparably lower price, but there may be signs that solar is gaining ground. As the Production Tax Credit for wind sunsets, costs for development with less predictable delivery may slow wind development. Increasing predictability in solar supply will enhance stability, particularly with major strides made in battery storage. The resurgence in solar procurement is being driven in the short term by the foreseen stepdown of the Investment Tax Credit, and in the longer term by the adoption of solar PPAs by technology and data firms.

Perception as Reality

Lastly, PPA announcements receive a lot of attention in the media. However, the lack of transparency in these deals can make it very difficult to compare projects on a level basis. Further, industry analysts tend to collect their data from the same source, repeating numbers in a seemingly infinite number of outlets. Additionally, data platforms are often cryptic about whether they cite executed prices or merely “offer” or “open interest prices” from developers in the marketplace. This can easily skew market data.

Eventually, this pricing data creates competition among developers and ultimately drives prices down and shapes a reality for prospective buyers. In fact, in a recent survey conducted by LevelTen, developers ranked competition from other projects as the number one factor accounting for the decline in pricing.

These are only a few of the myriad factors that influence a contract price for energy. Ultimately, for a PPA, the two parties must align on location, RECs, credit/collateral, risk management and financing.

If you’d like to learn more about PPA pricing and contracting or keep receiving articles like this, let us know!

Oct 11
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A Tariff Roller Coaster: Bifacial Exemption

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monofacial solar panels on site

Holocene, along with other industry leaders, understood the bifacial solar module tariff exemption may not be long lived. However, the industry was miffed to find out that starting October 28th, 2019, bifacial solar modules will no longer be exempt from the Section 201 tariffs.

A Brief History

The Section 201 tariffs, adding a 30% import tax to all solar modules, were originally put in place by the Trump administration in February 2018. The administration initially set the tariff to decrease at a rate of 5% per year over four years.

Then, on June 13th, 2019 the Trump administration decided to exempt bifacial modules from the tariffs. The bifacial technology increases energy realization through absorobing light on both the front and the rear of the modules. This exemption allowed developers to realize cost savings associated with bifacial modules and encouraged adoption of the emerging technology. With this exemption, the U.S. Solar Market began to see an increased demand for bifacial modules, as opposed to traditional mono-facial modules. As a result, major module manufacturers began to allocate resources towards bifacial production lines.

Revocation

On October 8th, the Trump administration revoked the bifacial tariff exemption from the Section 201 Tariffs, to become official later this month. It appears this revocation is in response to increased price-competition, threatening the vitality of U.S. manufacturers. Putting the tariff back in place will squeeze the supply of panels in the United States, driving up prices of bifacial panels. Therefore, the prices of bifacials will likely exceed that of traditional mono-facial panels. However, we do not expect this change to significantly impact capacity and lead times for solar modules in the industry.

In addition, U.S. sited manufacturers will receive a short-term boost from the tariffs. As for bifacials, Wood Mackenzie Senior Research Analyst Xiaojing Sun still expects long term growth in the technology, describing this as a “temporary setback” for the technology. Moreover, Sun still expects that bifacial modules will be cost competitive again in 2021, even with the Section 201 tariffs.

Holocene Clean Energy is a solar developer building the foundation for the future of solar power supply, battery storage, and delivery.  If you want to receive more timely updates like this one right to your inbox, let us know!

Oct 07

Energy Expert: Steve Wood, Renewable Energy Finance Analyst

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  • renewable

What got you interested in renewable energy- what’s your background?
 
My interest in renewable energy dates to my senior year in high school, when I took an environmental science course and began to understand the serious implications of climate change. Having grown up hiking and camping in the Tennessee and North Carolina Appalachians, I grew increasingly interested in pursuing a career focused on building a more sustainable future. I spent a good portion of my time as an undergraduate at UNC working to understand the links between energy systems, carbon emissions, and climate change—accordingly, it became apparent to me that working in the solar industry would provide an opportunity not only to be a part of a growing and exciting field, but also to help promote a clean energy future each day I show up to work.
 
Why is the work that Holocene is doing important to you both personally and professionally?
 
Holocene’s participation in the solar industry contributes to a growing sector of renewable energy, which I see as a crucial to reducing greenhouse gas emissions and building a more sustainable economy. Furthermore, I’ve found Holocene’s innovative approach to developing and deploying solar energy to be very exciting. From a professional perspective, working in finance at Holocene is immensely helpful for my understanding of the drivers of the solar industry and the processes by which capital-intensive solar technology can be implemented on a large scale.
 
What do you like to do in your spare time? Hobbies/passions?
 
I consider music one of a handful of things I’m truly passionate about. I’ve been playing guitar for 14 years, and I enjoy playing music with friends in my free time. While at UNC, I was in a band that played close to 40 shows over my junior and senior years. I love live music and make a point of frequently attending concerts and music festivals. Another passion of mine is backpacking. I’ve spent many nights camped in the mountains, particularly around the Appalachian Trail. Most recently, I completed a two-day solo traverse of the eight major peaks of the Presidential Range in New Hampshire’s White Mountains, and I’m looking forward to getting back out to some North Carolina mountains for fall and winter trips this year.

Aug 28
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Benefits of Distributed Generation

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The narrative of solar development we so often hear are stories 100MW+ solar projects on five hundred acres or more of land. The ‘newsworthiness’ of these large projects can quickly breed bias against all solar development, cultivating a #NIMBY (Not In My Backyard) perspective. Unfortunately, this narrative can prevail in the communities where solar farms have the potential to flourish and be unobtrusive. While 100MW+ mega-projects can benefit from economies of scale to pencil economically, they represent a regressing trend. Compared to the growth of smaller, distributed generation projects and portfolios that bring unique benefits to both local communities and end users, many predict that “mega-projects” will soon be archaic.

Integration

Because a local distribution project matches the local electric load, the interconnection process is strategic and thoughtful. These projects, by definition, do not exceed the bounds of existing infrastructure, nor require upgrades or enhancements.  Additionally, local generation can cut transmission costs. Transmission costs accrue due to the distance the power travels from its original generation point to the local substation. Also, these smaller projects have an opportunity to integrate more seamlessly into the community. Due to less intense scale, construction and ongoing maintenance brings fewer traffic concerns and less disturbance to the roads. In addition to the local interconnection point, site selection is based on specific suitability factors, rather than sheer volume of acreage available.  An ideal site is one that is flat, does not have wetlands, and is reasonably cleared.  

Reliability

Additionally, distributed generation increases the reliability of your power by drawing power solely from the local distribution system rather than the grid, mitigating the threat of supply gaps in the grid. So, as the grid becomes increasingly volatile, distributed energy can be an opportunity for more predictably powered business operations. According to research by Nature Energy, “both volatility and unpredictability [of the electric grid] have increased in the past decade, compared to the three and two decades before it.” Ultimately, strategically smaller projects decrease risk and increase flexibility (Centrica Business Solutions).

Land Preservation

Importantly, land preservation and solar development do not need to be mutually exclusive. Solar is a passive use of land that promises its’ eventual return to pre-development state. This preserves the land from more intensive development uses. A distributed generation solar project can maintain surrounding landscape, preserve open spaces for future use, and protect historical resources. Fewer leased acres and strategic siting are keys to distributed generation that bring tangential benefits to local host communities.

Smaller, distributed generation solar projects offer low risk, high reward opportunity for both local hosting jurisdictions and high-intensity energy users. For those considering ‘dipping their toes’ in solar development, distributed generation provides a unique opportunity for clean energy.

distributed generation solar

Holocene Clean Energy develops, finances, designs, builds, and operates solar generation facilities in numerous states. We design our smaller sized 2-10 MW distributed generation and battery storage projects to blend into local communities. Over the last 10 years, Holocene has completed over 120MW of solar PV projects in North Carolina, Virginia, and New Jersey.

Jul 30
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Clean Energy Expert: Tyler Hunt, Project Management Associate

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Each month, Holocene will feature a team member and the work they are doing to help Holocene build the foundation for a clean energy future.

Clean Energy Expert Tyler celebrates a UNC victory

What got you interested in renewable energy- what’s your background?

Believe it or not, renewable energy wasn’t even on my radar until my senior year of college. When I first started thinking about full-time jobs I had no idea what industry I wanted to work in. The only thing I knew was that I wanted to work for a company that I felt was making a positive impact on the world. I found Holocene on UNC’s job portal, and after an interview with Scott and Ralph I knew Holocene was where I wanted to start my professional career.

Why is the work that Holocene is doing important to you both personally and professionally?

I’ve always felt that everything I do should be with a purpose. The work Holocene is doing to create a better world through renewable energy makes me feel like I’ve accomplished something at the end of every workday. In addition, working for a small company in a dynamic and booming market means that my role as Project Management Associate is broad, ever-changing and extremely flexible, so I always feel like I’m learning something new. I am excited for the doors and opportunities Holocene will open for me.

What do you like to do in your spare time? Hobbies/passions?

In my free time I enjoy being active. Most days “being active” involves weightlifting and disc golf, but I’m always open to trying new things. On top of that, I am heavily invested in everything UNC along with the Washington Nationals so you can find me at plenty of sporting events.

To learn more about Tyler and our team here at Holocene Clean Energy, visit our People page.