Latest news with #MISO
Yahoo
3 days ago
- Business
- Yahoo
Arevon secures $98m tax equity commitment for Indiana solar projects
American energy developer, owner and operator Arevon Energy has secured a $98m tax equity commitment from Fifth Third Bank to support the development of its Ratts 1 and Heirloom solar projects in Pike County, Indiana, US. These projects, currently under construction, will collectively add 265MW of new energy for Indiana and are part of Arevon's expansion in the Midwest/Midcontinent Independent System Operator (MISO) territories. The 192MWdc Ratts 1 Solar has secured a long-term power purchase agreement with the Indiana Municipal Power Agency, while Meta will be the offtaker for 73MWdc Heirloom Solar. Both projects are expected to commence operations in the second half of 2025. The partnership with Fifth Third Bank leverages the Inflation Reduction Act's tax credit transfer provision, offering Arevon enhanced capital structure flexibility. Fifth Third Bank Head of Renewables Jon Stark stated: 'Supporting premier platforms like Arevon squarely fits our future growth, and we look forward to continuing to grow our relationship with Arevon as they continue to execute on their high-quality US renewables pipeline.' The Ratts 1 and Heirloom Solar projects represent a nearly $400m investment and are projected to contribute more than $86m to local governments, benefiting public services and infrastructure. The construction has created 200 full-time jobs and boosted local businesses. Arevon chief investment officer Denise Tait stated: 'The complex and highly successful structure of this transaction marks another notable financial accomplishment for Arevon. This is a great example of what happens when all the right pieces come together. 'We were proud to work with Fifth Third Bank and our other financing partners on all we have achieved across our projects' financing packages. The Arevon team's deep expertise and experience will enable us to continue to innovate on future financial transactions.' Advisory and legal firms Paragon Energy Capital, Latham & Watkins, and Norton Rose Fulbright played key roles in closing the latest tax equity commitment. In September 2024, Arevon announced a separate $299m financial close for these projects, marking its first uncommitted tax equity and tax credit transfer bridge loan transaction. Arevon continues to grow its portfolio in the US Midwest. Notable developments include the commencement of the Posey and Gibson solar projects in Indiana and the advancement of the 430MW Kelso Solar Project in Missouri. Arevon has secured more than $3.8bn in cumulative project financing for new solar and energy storage developments throughout the US. "Arevon secures $98m tax equity commitment for Indiana solar projects" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
E&E News
3 days ago
- Business
- E&E News
Great Plains grid operator asks to fast-track power plants
Another U.S. regional grid operator is proposing a process to fast-track connection agreements for power plants, a process aimed at heading off a looming shortage of generating capacity by the end of the decade. Southwest Power Pool, which spans the wind-soaked corridor from Texas to the Canadian border, asked the Federal Energy Regulatory Commission last week to approve its Expedited Resource Adequacy Study process to take effect in late July. Little Rock, Arkansas-based SPP is the latest grid operator to accelerate power plant additions. FERC earlier this year approved a request from PJM Interconnection to do the same. More recently, FERC rejected a proposal from the Midcontinent Independent System Operator (MISO), which plans to re-file a revised version next month. Advertisement The rationale for the requests by regional transmission operators is largely the same: legacy fossil fuel power plants are being shuttered and new renewable and natural gas-fired replacements are stuck in a traffic jam of projects waiting on studies for approval to plug into the bulk power grid.
Yahoo
5 days ago
- Business
- Yahoo
Trump administration orders Michigan coal plant to remain open
The Trump administration has issued an emergency order directing a coal-fired power plant in Michigan to remain open for operation through at least the end of summer. The J.H. Campbell Plant in West Olive was originally slated to shut down May 31 as part of a transition to cleaner energy. But the Department of Energy (DOE) warned of heightened risk of blackouts this summer and stressed the need to address 'critical grid security issues' in the Midwest, especially 'ahead of the high electricity demand expected this summer.' 'Today's emergency order ensures that Michiganders and the greater Midwest region do not lose critical power generation capability as summer begins and electricity demand regularly reach high levels,' Energy Secretary Chris Wright said in a press release Friday. 'This administration will not sit back and allow dangerous energy subtraction policies threaten the resiliency of our grid and raise electricity prices on American families,' he continued. The DOE cited a report by the North American Electric Reliability Corporation indicating the region serviced by Midcontinent Independent System Operator (MISO) is 'at elevated risk of operating reserve shortfalls during periods of high demand.' The report points to the planned retirement of certain power plants as a key factor contributing to the heightened risk, as well as the 'supply shortfalls' later in the summer when the sun sets earlier in the day and produces less energy. But Dan Scripps, chair of the Michigan Public Service Commission, pushed back on the order in a statement, calling it 'unnecessary' and saying it 'will increase the cost of power for homes and businesses in Michigan and across the Midwest.' 'Michigan is proud of its robust approach to resource planning which balances reliability and affordability. We currently produce more energy in Michigan than needed. As a result, there is no existing energy emergency in either Michigan or MISO,' Scripps said. 'The MPSC will continue to work with MISO and Consumers Energy to assess the impacts of the DOE's order and work to limit unnecessary cost increases imposed as a result of this order,' he continued. A spokesperson for Consumers Energy said it 'plans to comply with the Department of Energy order.' 'We are pausing decommissioning activities at the Campbell plant and will operate it in compliance with the order, working in conjunction with MISO. The company is actively working to determine appropriate cost recovery consistent with applicable law and the federal order,' the spokesperson said. —Updated at 12:05 p.m. EDT Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
5 days ago
- Business
- The Hill
Trump administration orders Michigan coal plant to remain open
The Trump administration has issued an emergency order directing a coal-fired power plant in Michigan to remain open for operation through at least the end of summer. The J.H. Campbell Plant in West Olive was originally slated to shut down on May 31, as part of a transition to cleaner energy. But the Department of Energy (DOE) warned of heightened risk of blackouts this summer and stressed the need to address 'critical grid security issues' in the Midwest, especially 'ahead of the high electricity demand expected this summer.' 'Today's emergency order ensures that Michiganders and the greater Midwest region do not lose critical power generation capability as summer begins and electricity demand regularly reach high levels,' Energy Secretary Chris Wright said in a press release on Friday. 'This administration will not sit back and allow dangerous energy subtraction policies threaten the resiliency of our grid and raise electricity prices on American families,' he continued. The DOE cited a report by the North American Electric Reliability Corporation indicating the region serviced by Midcontinent Independent System Operator (MISO) is 'at elevated risk of operating reserve shortfalls during periods of high demand.' The report points to the planned retirement of certain power plants as a key factor contributing to the heightened risk, as well as the 'supply shortfalls' later in the summer when the sun sets earlier in the day and produces less energy. But Dan Scripps, chair of the Michigan Public Service Commission, pushed back on the order in a statement, calling it 'unnecessary' and saying it 'will increase the cost of power for homes and businesses in Michigan and across the Midwest.' 'Michigan is proud of its robust approach to resource planning which balances reliability and affordability. We currently produce more energy in Michigan than needed. As a result, there is no existing energy emergency in either Michigan or MISO,' Scripps said in a statement. 'The MPSC will continue to work with MISO and Consumers Energy to assess the impacts of the DOE's order and work to limit unnecessary cost increases imposed as a result of this order,' Scripps continued.
Daily Mail
5 days ago
- Climate
- Daily Mail
Major US cities plunged into darkness after devastating storms cause mass power outages
Over 150,000 Americans were still in the dark after the Memorial Day weekend as severe storms knocked out power in the South. In Texas alone, there were more than 125,000 people without power Tuesday morning, mainly in the Houston area. Power issues also struck Louisiana and Mississippi over the weekend, leaving several thousand homes still without power after the long weekend. In Houston, severe thunderstorms and heavy rain battered the area, disrupting power throughout southeast Texas. As many as 200,000 Texans lost electricity during the storm, with the majority still waiting for local power companies to repair the damage. In Louisiana, over 100,000 spent the Memorial Day weekend in the dark after electrical company Entergy Louisiana intentionally turned off power to many customers in the New Orleans area Sunday afternoon. The Midcontinent Independent System Operator (MISO) said this was done to prevent a bigger, uncontrolled blackout across the entire grid. Nearly 12,000 were still without power in Louisiana and another 17,000 have no electricity in Mississippi heading into Tuesday, according to More severe thunderstorms are still in the forecast for southern Texas on Tuesday, with AccuWeather predicting hail, flash flooding and possible tornadoes moving throughout the day. The worst storms will likely hit the Austin and San Antonio areas Tuesday night, about 200 miles west of Houston. At the same time, severe storms are still in the forecast for both Louisiana and Mississippi, where power issues are still being reported. Texas power company Oncor posted on X that, 'Teams remain focused on restoring power as quickly and safely as possible to all who can safely receive power.' Oncor services more than 13 million people in Texas. They're asking anyone who sees a downed power line due to the storm to keep family and pets away from it and contact 911 immediately.
