This is your SolarWakeup for September 14th, 2016
SPI has kicked off and according to the opening keynotes, it is time for us to get up and sit at the adult table, grow up and recognize what we have accomplished as an industry. Let’s remember that SPI is a partnership between SEIA and SEPA, in a 50/50 venture called SETS. SPI should generate about $10million of profits this week which gets split between the groups. This year is also the first year that SEPA no longer has the word solar in it which makes me wonder. The 51st State initiative released a new report about how utilities will work with DG which I have yet to read but keep that in mind as you walk around SPI. Take it slow, Vegas is a marathon, much like the solar industry.
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Yann
This is your SolarWakeup for September 13th, 2016
One way to help a transaction get done before a crucial vote is to bring some cash to the table. As everyone is on their way to Vegas for SPI, SolarCity ‘sold’ some of their future cash flows from 230MW for $305million dollars. A so called cash equity transaction which likely lets the company keep the long term potential value of the contracts in the case of renewals. 5 lenders made up part of the capital transaction that showed a weighted cost of capital of 7.4% which is a nice mark for the solar industry as a whole. In recent times, secondary markets for solar assets have traded above this number. A George Soros fund advised on the deal which will surely rile some of the GOP up on the ‘green’ topic as we enter the debates. Recall 4 years ago when Governor Mitt Romney got very close to calling Elon Musk a loser. Going forward, Sunrun and Vivint Solar will likely seek to replicate this with smaller portfolios or find a larger partner as well.
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Yann
This is your SolarWakeup for September 12th, 2016
You are likely on the way to SPI for a week of solar fun. We have now finished almost 3 quarters of 2016, a year that was supposed to bring uncertainty to the forefront. With the ITC extension everything has slowed down a bit, including the speed of interconnection applications being approved (a topic for another day). Policy and smart strategy will be key for businesses going forward, whether you are a module manufacturer, installer, developer or finance company; you have to understand how the outside factors impact your work. SPI is a good time to reset on your focus and see what everyone is working on. Of course I will be checking in to everyone remotely. If something interesting comes up, feel free to drop a line.
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Yann
These are the top 10 most read solar articles by your peers this week!
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The Top 10 is ranked by the number of SolarWakeup.com readers that clicked on the news article during the previous week. It is the poll of the most relevant solar news of the week as judged by your colleagues and competitors.
Have a great day!
Yann
This is your SolarWakeup for September 9th, 2016
I didn’t really want to get into it but with so many of you asking my opinion, so apologies for the long thought. Two letters came out simultaneously about the direction SEIA is or should be going. One from the Chairman of the Board of SEIA which I thought gave an eloquent view of where the association is and where it has come from. Keep in mind that SEIA is deep in the search for a new President having retained a search firm to do so. The other letter came from two industry veterans and included a petition. In summarizing the petition, it calls for a change to the board structure, which is pay to play right now, giving the biggest contributors a seat and a vote on board issues. Only a few seats are voted by the membership. While this reduces the voice of smaller installers, I haven’t seen the smaller companies suffer from it. There have been cases when large scale focused members were not in favor of net metering or bigger issues, but each time outside influences and voice of the industry were able to ensure SEIA advocated for the right policy. Changing the board structure will drastically lower revenues and shifting to State level policies will drastically increase spending. Those two are mutually exclusive, they cannot be done in unison. I would go about it differently, I would focus on a code, a solar code, amongst the board. The focus would be the same as the solar pledge I started two years ago, ensure fair and competitive net metering that does not favor incumbent market participants and increase consumer choice. The media is making this about a divisive topic but it isn’t and shouldn’t be viewed as such. Focus more on getting involved and having your voice heard instead of thinking a 180-degree turn is necessary.
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Yann
This is your SolarWakeup for September 8th, 2016
Let’s talk about Nevada. SPI is next week and it is shaping up to be a great get together. As I mentioned last week, I will be missing the fun but hope you all have a great time. Nevada is an interesting place this year because in many ways the ITC extension happened there thanks to the State’s US Senators. Nevada is also the place where local politics are as bare knuckled as any other State, just think about a State built around casinos. Exhibit A is that SolarCity has not been reintroduced as an intervenor after being originally kept out. Politics are not a spectator sport and over the past two days we have been having a conversation with Debbie Dooley, who is not afraid to get into the battles solar faces.
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Yann
This is your SolarWakeup for September 7th, 2016
SEIA has a special place in my heart. I have voiced my disagreements with the association in the past but SEIA always listened and understood where I was coming from. The ITC was passed and it had amazing effects for everyone in the industry but don’t ignore the work that went into having a uniform message to legislators on the policy. The same is true for State level fights, there is often less than anonymous consent for what the solar industry should push for and these policy fights are expensive, just ask Sunrun, SolarCity et al. State level policy is done through grassroots activation, just listen to our amazing podcast with Solar Tea Party found Debbie Dooley. As I stated yesterday and will continue to say, solar is bipartisan and State policy can and will be influenced by what happens in DC. It is more important than ever for SEIA to continue forward as a strong National presence while growing its toolbox for State level advocates, volunteers and policy shops. Two ITC extensions, a remarkable won/loss record on net metering and 1603 show that the way that we are doing things is working. Let’s build on our base and enhance our power across the Country.
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Yann
This is your SolarWakeup for September 6th, 2016
“Global warming continues, due in part to human activity: 2015 was the warmest year on record, and 2016 will likely be warmer still. This is leading to ever more severe droughts, floods, fires and extreme weather events. Climate change is also contributing to the heart-rending refugee crisis. The world’s poor, though least responsible for climate change, are most vulnerable and already suffering its impact.” – Pope Francis on September 1st, 2016 You don’t have to be catholic to understand what the Pope is saying. Our economy has, over centuries, ignored the impacts of our growth on the planet and those that are not taking part of the developments. This isn’t a political or religious message, it’s one of conscience for all of us. My biggest hope, because I think it creates the biggest impact, is that environmentalism is embraced as a message throughout religious communities in America. There is a clear path to bipartisanship on cleaner air, cleaner water and clean energy.
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Yann
These are the top 10 most read solar articles by your peers this week!
News
The Top 10 is ranked by the number of SolarWakeup.com readers that clicked on the news article during the previous week. It is the poll of the most relevant solar news of the week as judged by your colleagues and competitors.
Have a great day!
Yann
This is your SolarWakeup for September 2nd, 2016
I’m happy to let you all know that baby #3 has arrived in the Brandt household. Don’t worry, your daily SolarWakeup will continue as I disconnect over the next few weeks but it also means that I will be missing the SPI get together in a few weeks. So I am counting on you to keep me in the loop on what is going on and who is doing what. Our work is important for all of us but more than anything our success means the world (pun intended) to our kids. So I thank you for doing your part, on behalf on #1, #2, and #3.
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Yann