Clean Energy Fuels gets $150M in investment
Clean Energy Fuels Corp., a leading provider of natural gas fuel for transportation in North America, said it has received $150 million from investors, including Boone Pickens. The investments resulted from the exercise of Mr. Pickens’ warrants to purchase 15 million shares of the company’s common stock at $10 per share. Mr. Pickens purchased 1.5 million shares and transferred the balance to existing investors RRJ Capital, Seatown Holdings and Chesapeake Energy Corp., as well as Chief Capital LP, an investment vehicle owned by energy investor Trevor Rees-Jones.
The investments bring the total invested or committed to the company to $450 million during 2011, Clean Energy President and CEO Andrew J. Littlefair said in a statement.
Western Wind buys 42 MW solar panels; secures US cash grant
Western Wind Energy Corp. has signed a module supply agreement with an international, multi-billion dollar photovoltaic panel manufacturer for 42 MW DC for its Yabucoa Project in Puerto Rico. The transaction enables Western Wind Energy to be eligible for the 30% U.S. Federal Tax Free Cash Grant, which is estimated to be about US$45 million. In addition to the US $45 million tax-free cash grant, the company also qualifies for an additional US$64 million of Puerto Rican investment tax credits, which are both marketable and monetize-able. The module supply agreement was secured by a US$12 million loan that will be repaid with the project finance proceeds led by Rabobank’sNew Yorkoffice.
EERC plans to produce energy from coffee-processing plant waste
The Energy & Environmental Research Center at the University of North Dakota is leading a project to develop an efficient renewable electricity technology for coffee-processing plants. In a partnership with South Burlington, Vermont-based Wynntryst LLC, the EERC will develop a gasification power system to utilize the waste from a coffee-processing plant to produce energy. The project specifically focuses on the waste from the Green Mountain Coffee Roasters Inc. plant.