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Mainstream Renewable Power, a renewable energy company led by Airtricity founder Eddie O'Connor, has announced the successful closing of a €40 million [US $59.6 million] equity fundraising in which Barclays Capital have invested €20 million [US $29.8 million] for a 14.6% stake in the company. The board, management and staff of Mainstream, as well as close associates of the company, have invested an additional €20 million [US $29.8 million]. Together with the initial seed capital of €32 million [US $47.75 million], this brings the total equity raised to date to €72 million [US $107.43 million]. The company is also planning a major fundraiser later this year, with Barclays Capital committing to invest a further substantial amount at that stage. As part of the deal, Mark Brown, head of Barclays Capital Commodities Principal Investment team has been appointed to the board of Mainstream. The money will be used to fund the company's international expansion plans across Europe, North and South America and Australia and will be used to secure the supply of turbines to be delivered in 2009, 2010 and 2011. In June, Mainstream announced its plans to build an initial pipeline of 240 megawatts of projects in Chile with its partner Andes Energy.

Sierra Pacific Power and Nevada Power Company have announced that they are expanding their SolarGenerations renewable energy programs to include cash incentives for wind and hydroelectric power systems as well as solar photovoltaic (PV) systems. Both Nevada utilities are wholly-owned subsidiaries of Sierra Pacific Resources. "These projects deliver benefits on many levels: they reduce energy bills, provide learning opportunities, help the environment, and increase our energy independence by taking advantage of abundant natural energy sources right in our own backyard." -- John Hargrove, Program Manage, Sierra Pacific & Nevada Power The last session of the Nevada State Legislature made the SolarGenerations demonstration program permanent, doubling the total amount of installed photovoltaic energy eligible for rebates from 1,900 kilowatts (kW) to 3,760 kW, and adding the new WindGenerations and HydroGenerations programs. Together, these programs are called RenewableGenerations.

ArcelorMittal (NYSE: MT), a steel manufacturer based in New Deli, launched a clean technology venture capital fund to support ventures that have relevance for the carbon-intensive steel industry. The Fund has made its first investment of US$20 million in Miasolé, a California-based pioneer in the development of thin-film solar panels Miasolé has developed unique high volume manufacturing processes that enable efficient production of Copper Indium Gallium Selenium (CIGS) solar products on a flexible stainless steel substrate. This technology promises to dramatically lowers the installed cost of Photovoltaic (PV) systems and will enable renewable energy from the sun to replace carbon generating fossil fuels. Fund managers will be working with leading venture capital firms, including Bessemer Venture Partners, Khosla Ventures, and Kleiner Perkins Caufield & Byers, to identify worthy cleantech ventures. ArcelorMittal also announced that it has created a new carbon fund in order to strategically engage in the carbon market and promote climate friendly solutions that are relevant for the steel industry. The fund, which has an initial investment commitment of €100 million (US$ 157 million) is currently looking at investment opportunities in renewable energy, energy efficiency, methane capture and greenhouse gas reducing technologies--all of which have the potential to generate carbon credits under the Kyoto Protocol. ArcelorMittal intends to use the carbon credits received from these Clean Development Mechanism and Joint Implementation projects for compliance in the EU Emissions Trading Scheme.

"Brazil is enjoying a great moment for renewable energy, says Adalberto Maluf, BYD's marketing director: "With short-term issues such as drought and less generation of conventional energy, we think solar energy will grow 70 per cent for large auctions and 30 per cent for smaller projects.""

"With over 325,000 PV modules, the Jasper Project will deliver 180,000 megawatt-hours of renewable electricity annually for South Africa residents - enough to power up to 80,000 households through a 20-year power purchase agreement with Eskom, the South African power utility company. Selected by the South Africa Department of Energy (DOE) in the second round of bids under the REIPPPP, the project also marked Google's first renewable energy investment in Africa."

IEA's dire warning on green stimulus and renewables Kate Mackenzie, Financial Times The IEA's report for G8 energy ministers, to be presented this Sunday in Rome, has generated a few stories. Some picked up on the oil supply squeeze that awaits the world due to massive cuts in production investment. I wrote yesterday that the IEA forecasts that, for the first time since World War II, world electricity consumption will decline in 2009. IEA chief economist Fatih Birol said he personally thought the electricity forecast was the most striking finding of the report. However he was also keen to highlight concern about green spending in the G20 stimulus packages: The agency will also tell ministers that its calculation of the stimulus spending required from G20 nations on renewable energy was inadequate and should rise by a factor of six if greenhouse gas emissions targets set by the United Nations were to be met... (22 May 2008)

German renewable energy companies and bankers will meet officials in Berlin on Monday to discuss ways of preventing the financial crisis from casting a storm cloud over a vital domestic growth industry. Up to 30 companies and organisations are expected to outline the problems facing the renewables sector, whose bullish projections have been overshadowed by concerns about project finance, falling prices and delayed orders.

"The Chilean government has set its sights on significantly increasing its geothermal energy capacity. The Ministry of Energy recently announced a new contract for the development of 20 areas by 2012. 70 bids from 13 domestic and foreign firms were submitted for the rights to exploit the newly released regions of Rarapacos and Los Ricos. Earlier in the year, Energy Minister Ricardo Raineri announced more than 170 concessions for geothermal energy by 2012. He further specified that these concessions would be supported by US$200 million in funding from the government. The country is striving to increase its geothermal capacity to 1,000 megawatts in order to meet an ever-growing energy demand in a sustainable manner"

"A solar eclipse can be alarming for animals and birds - and also for countries that rely on renewable energy, like Germany."

U.S. wind industry has raced past the 20,000-megawatt (MW) installed capacity milestone, achieving in two years what had previously taken more than two decades, according to new figures. The 10,000-MW mark was reached in 2006. Wind now provides 20,152 MW of electricity generating capacity in the U.S., producing enough electricity to serve 5.3 million American homes or power a fleet of more than 1 million plug-in hybrid vehicle, according to the American Wind Energy Association (AWEA). "Wind energy installations are well ahead of the curve for contributing 20% of the U.S. electric power supply by 2030 as envisioned by the U.S. Department of Energy," said AWEA Executive Director Randall Swisher. "However, the looming expiration of the federal renewable energy production tax credit (PTC) less than four months from now threatens this spectacular progress. The PTC has been a critical factor in wind's very rapid growth as a part of the nation's power portfolio." The PTC is currently set to expire at the end of 2008.

The visit seemed destined to be a genial affair in which Obama and President Piñera could celebrate energy cooperation and entrepreneurship, enter into a nuclear cooperation agreement and discuss the benefits of the clean and green economy. With the global energy calculus again once again shaken by dramatic events, that simple narrative is no longer plausible.

Wind power is the most mature of mainstream renewable energy technologies and, if the world's electricity generation is to be made cleaner, it must play a large part.\n\nThe International Energy Agency estimates that, if global greenhouse gas emissions are to be halved by 2050, as scientists say is necessary, then wind must represent about 17 per cent of worldwide power generation by that date.

"Globally, Bloomberg New Energy Finance expects $7.7 trillion to be invested in new generating capacity by 2030, with 66% of that going on renewable technologies including hydro. Out of the $5.1 trillion to be spent on renewables, Asia-Pacific will account for $2.5 trillion, the Americas $816bn, Europe $967bn and the rest of the world including Middle East and Africa $818bn. Fossil fuels will retain the biggest share of power generation by 2030 at 44%, albeit down from 64% in 2013. Some 1,073GW of new coal, gas and oil capacity worldwide will be added over the next 16 years, excluding replacement plant."

"Almost half of global investment in new electricity generation last year was in renewables, thanks to a hike in investment by developing countries, says a UN report."