Latest news with #rPlusEnergies
Yahoo
03-06-2025
- Business
- Yahoo
Stem Announces Support of One of Nation's Largest Solar-Plus-Storage Projects
Stem's energy expertise helps advance 400MW solar and 1,600 MWh energy storage in Green River Energy Center under construction SAN FRANCISCO, June 03, 2025--(BUSINESS WIRE)--Stem (NYSE: STEM), a global leader in AI-enabled clean energy software and services, today announced its role in the engineering advisory and design support of Green River Energy Center. Stem's services for the project include energy storage metering configuration, review of power flow scenarios, and auxiliary load assumptions. Developed and indirectly owned by rPlus Energies and situated in Eastern Utah, this transformative 400-megawatt (MW) solar and 1,600-megawatt-hour (MWh) battery energy storage project is one of the nation's largest solar-plus-storage projects under construction. "Stem is proud to bring our energy storage expertise to Green River Energy Center, further strengthening our partnership with rPlus Energies," said Jake Berlin, President of Professional Services at Stem. "This milestone highlights Stem's dedication to building a sustainable future, fostering innovation, and accelerating the energy transition. Our role as consultant and service provider enables us to continuously deliver expert guidance to advance large-scale renewable energy projects and support our clients in achieving their clean energy objectives." "Experts like Stem are helping bring Green River Energy Center to life," said Mark Tourangeau, Managing Director Operating Assets at rPlus Energies. "Their energy storage expertise complements the strengths of our broader project partners and team." With over 1,000 operational or contracted battery energy storage system (BESS) sites in its customer service portfolio, Stem brings unmatched expertise to projects of this scale and complexity. Recently, Stem supported the development of Green River Energy Center's network and SCADA design. Stem continues to support the Project and its partners throughout the construction phase, leveraging its industry-leading expertise to ensure successful execution. Backed by over $1 billion in financing, the project unites top industry partners to deliver clean power to the Mountain West region and drive local economic growth. The project will provide a boost to Emery County's economy, enhancing tax revenue, strengthening public services, and offering long-term employment opportunities in the energy sector. Learn more about Stem Energy Services at Forward-Looking Statements This press release, as well as other statements we make, contains "forward-looking statements" within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as "expect," "may," "can," "believe," "predict," "plan," "potential," "projected," "projections," "forecast," "estimate," "intend," "anticipate," "ambition," "goal," "target," "think," "should," "could," "would," "will," "hope," "see," "likely," and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about our financial and operating performance guidance, outlook, targets and other forecasts or expectations regarding, or dependent on, our business outlook and strategy and expectations around our new software and services-centric strategy; our expectations regarding future estimates of variable consideration in connection with guarantees of certain customer contracts, and the resulting effects on revenue and net income; our ability to secure sufficient and timely inventory from suppliers; our ability to meet contracted customer demand; our ability to manage manufacturing or delivery delays; our ability to manage our supply chains and distribution channels; our joint ventures, partnerships and other alliances; forecasts or expectations regarding energy transition and global climate change; reduction of greenhouse gas ("GHG") emissions; the integration and optimization of energy resources; our business strategies and those of our customers; our ability to retain or upgrade current customers, further penetrate existing markets or expand into new markets; the effects of natural disasters and other events beyond our control; the direct or indirect effects on our business of macroeconomic factors and geopolitical instability, such as the armed conflicts between Russia and Ukraine and in the Gaza Strip and nearby areas; the expected benefits of the Inflation Reduction Act of 2022 on our business; and our future results of operations, including revenue, adjusted EBITDA and the other metrics presented under Outlook. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including but not limited to our inability to execute on, and achieve the expected benefits from, our operational and strategic initiatives; our inability to successfully execute on our new software and services-centric strategy; our inability to secure sufficient and timely inventory from our suppliers, as well as contracted quantities of equipment; our inability to meet contracted customer demand; supply chain interruptions and manufacturing or delivery delays; disruptions in sales, production, service or other business activities; general macroeconomic and business conditions in key regions of the world, including inflationary pressures, general economic slowdown or a recession, rising interest rates, changes in monetary policy, and instability in financial institutions; the direct and indirect effects of widespread health emergencies on our workforce, operations, financial results and cash flows; uncertainty around the status of the Inflation Reduction Act of 2022 as a result of the change in U.S. Administration; geopolitical instability, such as the armed conflicts between Russia and Ukraine and in the Gaza Strip and nearby areas; the results of operations and financial condition of our customers and suppliers; pricing pressures; severe weather and seasonal factors; our inability to continue to grow and manage our growth effectively; our inability to execute on our ongoing management transition and to attract and retain qualified employees and key personnel; our inability to comply with, and the effect on our business of, evolving legal standards and regulations, including those concerning data protection, consumer privacy, sustainability, and evolving labor standards; our inability to regain and maintain compliance with New York Stock Exchange listing standards; risks relating to the development and performance of our energy storage systems and software-enabled services; our inability to retain or upgrade current customers, further penetrate existing markets or expand into new markets; the risk that our business, financial condition and results of operations may be adversely affected by other political, economic, business and competitive factors; and other risks and uncertainties discussed in this release and in our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes, or the timing of these results or outcomes, may vary materially from those reflected in our forward-looking statements. Forward-looking statements and other statements in this release regarding our environmental, social, and other sustainability plans and goals are not an indication that these statements are necessarily material to Stem, investors, or other stakeholders, or required to be disclosed under U.S. securities laws or any other laws or requirements applicable to us. In addition, historical, current, and forward-looking environmental, social, and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Statements in this press release are made as of the date of this release, and Stem disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise, except as required by law. About Stem Stem (NYSE: STEM) is a global leader in AI-enabled software and services that enable its customers to plan, deploy, and operate clean energy assets. The Company offers a complete set of solutions that transform how solar and energy storage projects are developed, built, and operated, including an integrated suite of software and edge products, and full lifecycle services from a team of leading experts. More than 16,000 global customers rely on Stem to maximize the value of their clean energy projects and portfolios. Learn more at Source: Stem, Inc. View source version on Contacts For News Media:Stem Investor Contacts Erin Reed, StemMarc Silverberg, ICRIR@ Media Contact Jessie Smiley, Stempress@ 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
Yahoo
21-02-2025
- Business
- Yahoo
Solar developers worry new conservation tax would render renewables unsustainable in Utah
Rendering of the Green River Energy Center, one of the country's largest solar and storage projects. (Courtesy of rPlus Energies) Tensions between Republican lawmakers and solar energy developers came into the public eye when a House committee debated a bill that expanded the funding mechanisms for the state's Species Protection Account on Thursday. While most agreed that the intentions of HB378 were noble, as it would broaden conservation efforts for Utah's endangered wildlife, the fact that it would impose a substantial tax on privately-owned solar and wind generation facilities woke concerns in the clean energy industry. Especially because the levy would apply for both new and ongoing projects. House Majority Assistant Whip Casey Snider, R-Paradise, who sponsored the bill, anticipated during his presentation that there would be pushback from people working in the renewable energy sphere, but stood firm on his proposal. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX 'The reality is wind, and in particular solar in this state, has very large and natural impacts to a landscape,' Snider said. 'Now there is this carbon neutral discussion that occurs, and that's probably what will be discussed at some point here. But they do not pay to mitigate their impacts like oil and gas does. They do not pay to mitigate their impacts like mining does.' Starting on Jan. 1, 2026, a new annual tax would be placed on wind and solar facilities, which would be calculated by multiplying the megawatts, or portion of megawatts of capacity, by $2,100, according to the bill text. The House Natural Resources, Agriculture and Environment Committee voted 10-1 to recommend the bill to the House floor in its current form. 'We're trying to raise a nominal amount between $5 (million) and $10 million in aggregate, year over year, to help protect these critical species,' Snider said. 'And while most of the players on this bill have come to the table, there's still probably some contention with solar in particular. I think that's unfortunate, but hopefully we can find a way through this.' Snider patterned the bill after what Wyoming does in order to generate enough funds to make a difference, Snider said. Currently, the only other deposits in the account are brine shrimp royalties. Oil, gas and other energy entities don't pay the tax for this specific account, but they pay mitigation dollars, he added. Meanwhile, solar and wind operators 'are not assisting in the way that some of these other industries are.' Members of large solar energy companies, the Utah Association of Counties and the Utah Taxpayers Association said they had concerns about the effects of the legislation, arguing that it could disincentivize clean energy projects and big economic opportunities for rural communities. One of them was Theresa Foxley, chief of staff at rPlus Energies, the developer of the Green River Energy Center, an Emery County solar energy project — poised to be one of the largest in the country. New Utah solar energy park, one of the largest in the U.S., could power 88,000 homes While Foxley said the company has been involved in conversations with Snider on the bill, the concern over 'imposing new taxes on contracted, under construction, and operational solar and wind projects in the state' lingered. 'Changes like those proposed in HB378, can severely strain the economics of an existing project and send a negative message to developers in the financial institutions that provide capital for these projects,' Foxley said. 'Utah has a sterling brand as a safe and stable investment destination, and this legislation does threaten to tarnish that brand.' Since the Green River Energy Center has the capacity of producing 400 megawatts of solar energy and 400 megawatt four-hour battery power, the center would have to pay an additional $1.2 million a year to operate in Utah 'on a project that's already under construction and that was underwritten to a specific set of laws.' Two members of the Species Protection Account Advisory Committee, who also represent the Utah Mining Association and the Utah Petroleum Association, spoke in favor of the bill. One of them was Brian Somers, president of the mining association, who defended the fund arguing that the committee works in extensive plans to ensure that the endangered species list becomes smaller through mitigation efforts. An endangered species listing can be very problematic for mining operations, Somer said. 'And ensuring that we don't have unnecessary listings is incredibly critical to ensure that these industries that in most rural counties, where they have extensive extractive industries, are the largest private employers and by far provide the highest wages of any industries in these rural counties, is critically important.' Most members of the committee defended Snider's intentions, saying that he had a precedent of working with those affected by his bills to reach an agreement. 'We've heard from the solar groups how they've dumped millions and millions of dollars back into the local communities and jobs,' Rep. David Shallenberger, R-Orem, said. 'What we haven't heard is helping be stewards of the land and helping look after some of these other aspects, like the wildlife.' After the debate, Snider seemed to grow more frustrated with the lack of consensus between the Legislature and the clean energy groups that opposed his bill, which he called 'the irony of ironies.' 'Green energy, just so the committee and the public is aware, is fighting a bill to improve conservation in this state,' Snider said. He added that he tried to work something out before the legislation was heard by the committee, but with little success. 'When I approached solar about finding a way to pay for this that keeps them whole, their first response to me was, 'yeah, we'll give you $25,000 per project,'' he said. 'Go to Washakie, go to Promontory, go to Emory County, go to Carbon County and tell me that $25,000 is a worthy impact fee for what you have done to that landscape.' Snider said he's optimistic about finding a way forward with the issue. But, ultimately, he wanted his colleagues to know — 'Solar is not paying its fair share. They are free-riding off of every industry in this state. They contribute nothing to conservation, and I think it's about time that they step up like every other industry has done.' SUPPORT: YOU MAKE OUR WORK POSSIBLE
