 Renewable Energy
Solar + Storage expected to disrupt utility decentralized model. It can eliminate 70% cost of energy that is transmitted and distributed, or demand charges. Developers propose replacing thermal power with renewables + storage. Data center solar + storage behind the metercosts are coming down. Ability to share and load shift. Green Bank financingof community solar, C&I solar and solar aggregation. 140 US companies pledge of 100% renewables could lead to 100 GW of new build by 2030. US corporate PPAs driven by virtual PPA and aggregation. Thermal Energy US expect 71GW coal-fired power to close by 2030, lowest generation levels since 1965. Utilities propose to build over 60 GW of thermal power over the next 5 years. Latest News PE $500 BN loans in 2017 to midsizecompanies, up from $300 BN in 2012. Microgrids shift from ownership to service providermodel. Service provider data centers will add almost 7 GW of capacity in 2018. HVAC as a servicemodel. NYC to reduce GHG emissions 80% by 2050. 2% of buildings produce almost 50%of CO2 emissions. EU recycling target for plastic packaging 50% by 2025 and 55% by 2030. Plastics to fuels process 1 MM TPY plastics by 2020. AD to Power from manure. Gas used in transportation. Underground AD. Technology first deployed at landfills. Market update on project finance and M&A: (1) Contracted Debt: L+75-100bps. (2) Merchant Debt: L+275bps (3) Solar asset sales: 6.5% to 7.5% on an unleveraged 35-year after-tax basis (4) Wind asset sales: 8% to 9.5% on a 30-year unleveraged after-tax basis
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