Clean Energy & Carbon 2009
The renewable energy market is facing a unique set of challenges. The need for clean energy grows as the climate change clock keeps ticking - but the availability of finance is obviously constrained. Unlike other markets which can cut back their capital expenditures in tougher times, the renewable energy market needs to keep investing to limit climate change.
After lengthy discussions and many drafts by both the Senate and the House of Representatives, the US Congress finally agreed on a US$787bn stimulus package that was signed by president Obama on February 17 – the American Recovery and Reinvestment Act of 2009 (Recovery Act). By Greg Lawrence, Stefan Schmitz and Phil Tingle, McDermott Will & Emery.
Both public and private sector initiatives are pushing for the expansion of the national transmission grid to link remote renewable power generation to urban centres, raising hopes that the US can tap wind for 20% of its energy needs by 2024. By Deirdre Fretz.
Mark Kolmar and Greg Roumeliotis survey the all-important tariff supports and subsidies for the renewable industry in Europe, country by country.
In the Dutch Antilles, the trade winds blow through the ABCs – Aruba, Bonaire and Curacao. By Alan Gersten.
At the end of October 2008, Fred Olsen Renewables successfully closed a £304m portfolio financing. By Yusuf Macun, director project finance, HSBC, Nick Emery, managing director, Fred Olsen Renewables and Chris Andrew, partner, Allen & Overy.
John Deacon, partner in the Energy & Project Finance practice of Hunton & Williams in London, reviews the exciting prospects for the biomass and energy crop power market.
Geothermal energy is justifiably being hailed as the potential successor to coal-fired base-load power stations and a competitor to gas. But before hot rocks can occupy the power space, governments will need to provide greenhouse incentives, lenders will need to have a completely new view of project risk, and investors, as always, will need to be patient. By John Arbouw.
Hannah Logan and Tom Luckock of the Norton Rose group’s global climate change and carbon finance team explore ways of funding and extracting value from carbon projects.