Have a patriotic 4th of July holiday and I look forward to writing to you again on Monday! 

The IPO Filing. Here is Sunnova Energy’s S-1, IPO filing. Of course if you want the cliff notes, that’s today’s top story. 

Policy Breakdowns. Good things are happening and special congratulations to the advocates in Oregon. Almost a decade after one of the most successful starts to the solar industry, the policies are coming back to get solar access back to many. 

Cheap Solar and Storage. LADWP has signed a PPA for solar plus storage with 8 Minute Solar. More detail needs to come out on the contract terms to give real insight on the valuation and return of such a project but the headline numbers are impressive. 

Coal Insurance Lost. Chub is out on coal owners, the first US insurer to follow the European trend. This is on the heels of another coal company filing bankruptcy in West Virginia. It’s not the responsibility of solar to replace some of those jobs but it surely would be nice to be helpful. 

• Greentech Media: Sunnova Files IPO Paperwork as Residential Solar Market Rebounds
• Solar Power World: July solar policy snapshots
• Utility Dive: Los Angeles solicits record solar + storage deal at 1.997/1.3-cents kWh
• Energy News Network: A New Mexico utility charts a future without coal
• PV-Tech: Duke Energy surpasses 1GW of owned PV energy capacity
• Axios: Southern Company CEO Tom Fanning on renewables, cybersecurity and more
• Los Angeles Times: Chubb bans coverage for coal, a first for big U.S. insurance firms

Opinion

• GreenBiz: Can climate change be made simple enough to solve?

Have a great day!

Yann

• PV-Tech: Engie purchases EPC company Conti Corporation and affiliates
• Utility Dive: TVA 20-year plan includes up to 14 GW new solar, but even more gas is possible
• Greentech Media: L.A. Looks to Break Price Records With Massive Solar-Battery Project
• CleanTechnica: Jinko Solar To Add More Manufacturing Capacity In Light Of Increased Demand
• GreenBiz: Green bond milestone – Global issuance surpasses $100 billon in first half of 2019
• Axios: Exxon working to push trade group on climate change

Opinion

• Vox: Cities are beginning to own up to the climate impacts of what they consume

Have a great day!

Yann

More trades and signings in the NBA yesterday than on the second day of the Infodcast conference, welcome to the short week starting Q2. 

The Asia Play. Another major Wall Street infra fund is making a play for Asian solar assets. These deals are complex with currency and regulatory risk which drives up the yield. They are also much cheaper to build and operate which could generate much nicer cash flows. 

A Debate On Debates. With only 15 minutes of climate discussion during 4 hours of debates, the DNC is getting pushback on not having a climate debate. Now the board will vote on the issue during a meeting in August. 

Big Solar. One plant in the UAE with a single phase capacity of over 1GW has been commissioned. 

More RPS. Maine is on the board, with a carbon reduction and renewable portfolio increase. 80% by 2030 and 100% by 2050, quite the goal in my opinion. 

IPOs? Should Cleantech companies go for an IPO? If the company has a cash flowing business and can show the upside on future investments, then yes. If the company is investing in sustainable assets then probably not. There is nothing wrong with being a private company that creates risk adjusted yield for long term investors without feeling the need to go public. Going public when you shouldn’t be, that’s bad for everyone. 

• Renewable Energy World: BlackRock unit aims to boost Asian renewables to $5 billion
• Think Progress: Climate got a combined 15 minutes in two debates. Advocates say it’s not enough.
• Engadget: UAE debuts the world’s largest individual solar power project
• PV-Tech: Maine governor signs bills to push state toward 100% RPS by 2050
• Vox: Is climate change an “existential threat” — or just a catastrophic one?
• Greentech Media: Morgan Stanley – Few Clean Energy IPOs on the Horizon
• Utility Dive: Florida mandates 10-year storm protection plans for utilities, sparking cost concerns
• Bloomberg: Clearway Energy to Test Using Blockchain for Trading Renewable Energy Credits

Opinion

• Mother Jones: Where Is Bernie Sanders’ Climate Plan?

Have a great day!

Yann

Have A Great Weekend!

• Greentech Media: Solar Industry Pushes for ITC Extension After Trump’s Coal-Rule Rollback
• Axios: Massachusetts sweetening the deal for energy storage systems
• Reuters: Weaning U.S. power sector off fossil fuels would cost $4.7 trillion – study
• Vox: Solar and wind are coming. And the power sector isn’t ready.
• Utility Dive: Senators target 50% national renewable energy standard by 2035, zero-carbon by 2050
• Missoula Current: Judge – Montana Public Service Commission biased against solar power
• Think Progress: General Electric’s multi-billion dollar mistake

Opinion

• Bloomberg: India Wins Trade Dispute With U.S. Over Solar-Panel Incentives

Have a great day!

Yann