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Researched by Industrial Info Resources (Sugar Land, Texas)--Industrial Info is tracking $17.56 billion worth of renewables projects in the North American Power Industry that currently are scheduled to begin construction in North America in the second quarter of 2016. The total investment value (TIV) is significantly higher than that of second-quarter 2015, as the extension of two key tax credits have rejuvenated the two biggest renewables sectors: wind and solar.
The major ingredient in this formula is wind power, which accounts for slightly more than $10 billion of the total amount. The sector has benefited tremendously from last year's extension of the U.S. federal Production Tax Credit (PTC), which will apply to projects that are at least 5% complete by the end of the year. For more information, see January 29, 2016, article - With Over 70 GW of Installed Capacity, Wind Power Sets Sights on Continued Growth.
Solar power is the second-most abundant, with $4.67 billion, while hydropower is looking at $721 million in projected kickoffs from April through June. Regionally, the U.S. Midwest is a standout, with $4.61 billion set to begin construction in that period.
Click on the image at right for a graph detailing planned construction starts for North American renewable-energy projects in second-quarter 2016, by region.
"The extension last year of the PTC for wind and the Investment Tax Credit for solar energy is expected to be a key driver for the renewable sector, from now through 2020," said Britt Burt, Industrial Info's vice president of research for the global power industry. "In addition to these tax credits, the renewable sector of the power industry will benefit from another round of state-level Renewable Portfolio Standards, as many of these states have met initial targets set forth years ago and are now doubling down on renewable energy by putting more aggressive targets forward. Add to these factors utility-scale wind, and solar power becoming more competitive in price with other fuels such as natural gas, I believe we will see healthy investment in the renewable energy sector for the next few years."
The highest-value project is MidAmerican Energy Company's $692 million Ida Grove windfarm near Battle Creek, Iowa. The facility is expected to comprise 130 General Electric (NYSE:GE) wind turbine generators, each with a capacity of 2.3 megawatts (MW), for a total capacity of about 301 MW. MidAmerican, which is a subsidiary of Berkshire Hathaway Corporation (NYSE:BRKA) (Omaha, Nebraska), and environmental consultant Stantec Incorporated (NYSE:STN) (Edmonton, Alberta) are in the purchasing phase, and currently expect the project to be completed in second-quarter 2017.
Only narrowly behind in total investment value (TIV) is Invenergy LLC's (Chicago, Illinois) $690 million Santa Rita Wind Energy Center near Big Lake, Texas. The facility also is only a hair shy in total capacity, comprising 100 GE wind turbine generators, each with a capacity of 3 MW, for a total capacity of 300 MW. The project, which is still in its permitting phase, also slated to be completed in second-quarter 2017.
Frontier Renewables (Wolfburg, Germany) is at work on the $680 million Wright Solar Park in Santa Nella Village, California. With a 200-MW capacity, the photovoltaic (PV) plant is expected to feature Solar Arrays on either a fixed-tilt mounting system or a single-axis tracking system, plus a battery energy storage system. Tartaglia Engineering (Atascadero, California) is performing engineering services. The project is set to be completed in third-quarter 2017.
The seven other highest-valued renewable-energy projects set to begin construction in North America in second-quarter 2016 are:
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
The major ingredient in this formula is wind power, which accounts for slightly more than $10 billion of the total amount. The sector has benefited tremendously from last year's extension of the U.S. federal Production Tax Credit (PTC), which will apply to projects that are at least 5% complete by the end of the year. For more information, see January 29, 2016, article - With Over 70 GW of Installed Capacity, Wind Power Sets Sights on Continued Growth.
Solar power is the second-most abundant, with $4.67 billion, while hydropower is looking at $721 million in projected kickoffs from April through June. Regionally, the U.S. Midwest is a standout, with $4.61 billion set to begin construction in that period.
Click on the image at right for a graph detailing planned construction starts for North American renewable-energy projects in second-quarter 2016, by region."The extension last year of the PTC for wind and the Investment Tax Credit for solar energy is expected to be a key driver for the renewable sector, from now through 2020," said Britt Burt, Industrial Info's vice president of research for the global power industry. "In addition to these tax credits, the renewable sector of the power industry will benefit from another round of state-level Renewable Portfolio Standards, as many of these states have met initial targets set forth years ago and are now doubling down on renewable energy by putting more aggressive targets forward. Add to these factors utility-scale wind, and solar power becoming more competitive in price with other fuels such as natural gas, I believe we will see healthy investment in the renewable energy sector for the next few years."
The highest-value project is MidAmerican Energy Company's $692 million Ida Grove windfarm near Battle Creek, Iowa. The facility is expected to comprise 130 General Electric (NYSE:GE) wind turbine generators, each with a capacity of 2.3 megawatts (MW), for a total capacity of about 301 MW. MidAmerican, which is a subsidiary of Berkshire Hathaway Corporation (NYSE:BRKA) (Omaha, Nebraska), and environmental consultant Stantec Incorporated (NYSE:STN) (Edmonton, Alberta) are in the purchasing phase, and currently expect the project to be completed in second-quarter 2017.
Only narrowly behind in total investment value (TIV) is Invenergy LLC's (Chicago, Illinois) $690 million Santa Rita Wind Energy Center near Big Lake, Texas. The facility also is only a hair shy in total capacity, comprising 100 GE wind turbine generators, each with a capacity of 3 MW, for a total capacity of 300 MW. The project, which is still in its permitting phase, also slated to be completed in second-quarter 2017.
Frontier Renewables (Wolfburg, Germany) is at work on the $680 million Wright Solar Park in Santa Nella Village, California. With a 200-MW capacity, the photovoltaic (PV) plant is expected to feature Solar Arrays on either a fixed-tilt mounting system or a single-axis tracking system, plus a battery energy storage system. Tartaglia Engineering (Atascadero, California) is performing engineering services. The project is set to be completed in third-quarter 2017.
The seven other highest-valued renewable-energy projects set to begin construction in North America in second-quarter 2016 are:
- $500 million: Sea Breeze Power Corporation's Juan de Fuca Power Converter Station in Port Angeles, Washington
For details on this project, see Industrial Info's project report. - $500 million: EDP Renewables North America LLC's Number Nine Wind Project in Bridgewater, Maine
For details on this project, see Industrial Info's project report. - $500 million: EDF EN Canada Incorporated's Nicolas-Riou Windfarm in Rimouski, Quebec
For details on this project, see Industrial Info's project report. - $480 million: MidAmerican Energy Company's Ida County Windfarm in Ida Grove, Iowa
For details on this project, see Industrial Info's project report. - $450 million: MidAmerican Energy Company's O'Brien County Windfarm in Sandborn, Iowa
For details on this project, see Industrial Info's project report. - $420 million: NaturEner Energy Canada Incorporated's Wild Rose Windfarm in Irvine, Alberta
For details on this project, see Industrial Info's project report. - $400 million: Disgen Marcou Mesa LLC's Marcou Mesa Windfarm and Solar PV Facility in Joseph City, Arizona
For details on this project, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
