- Bank of America Commits to Long-Term REC Purchases from the Project
- GE’s Wind Integrated Solar Energy (WiSE) Technology Platform used to Maximize Energy Production
- Venture Illustrates Potential of Hybrid Solutions to Accelerate Penetration of Renewable Energy
Chanhassen, Minnesota, November 20, 2018 - Juhl Energy announced today that it has selected GE Renewable Energy (GE:NYSE) to supply equipment for the first commercial integrated solar-wind hybrid power generation project in the U.S. The Minnesota-based clean energy company has developed the 2.0MW community-based renewable energy project to provide low-cost, locally generated energy to the Lake Region Electric Cooperative of Pelican Rapids, Minn. Bank of America (BAC:NYSE) has provided necessary financial support for the project, agreeing to purchase the project-generated Renewable Energy Certificates (RECs), in line with its environmental goals. 3Degrees facilitated the connection between Juhl Energy and Bank of America.
"Distributed generation will play a major role in the implementation of renewable energy in the U.S. electrical market in the years to come," said Dan Juhl of Juhl Energy. "Projects such as this one, with Juhl Energy's package design and GE hybrid technology, will economically blend clean, renewable energy into the electric grid at a lower cost, plus add reliability to the system."
"This unique renewable energy project will provide a tremendous amount of value to the local community. The cost savings from purchasing the hybrid project's energy will help provide rate stability, benefiting all of our co-op members," stated Tim Thompson, CEO of Lake Region Electric Cooperative.
The project will use one 2.0-116 wind turbine from GE Renewable Energy's Onshore Wind business supported by 0.5 MW of PV solar. The innovative project utilizes GE's Wind Integrated Solar Energy (WiSE) technology platform – developed through GE's Global Research Center - to directly integrate the solar panels through the wind turbine's converter so both wind and solar share the same balance of plant, increasing system net capacity by 3-4 percent and annual energy production by up to 10 percent. The hybrid design gives these type of projects the ability to produce power when it is most needed, with the solar essentially providing summer peak energy, and the wind providing winter peak energy.
Pete McCabe, president and CEO, Onshore Wind, GE Renewable Energy, said, "By leveraging the complementary nature of wind and solar, this unique project shows how GE is driving technology innovation that will help customers deliver more renewable energy in an even more efficient manner."
Bank of America's purchase of the RECs from the project long term will cover the bank's electricity usage in the state and will contribute to its 2020 environmental operations goal of purchasing 100% renewable electricity.
"Accelerating the path to a sustainable future starts with creative thinking and projects that can help drive more low-carbon energy solutions in our communities," says Alex Liftman, Global Environmental executive at Bank of America. "Through supporting innovative renewable energy projects like this one, we continue to enhance our commitment to reduce our operational impacts on the environment."
The project will be owned by a subsidiary of Juhl Energy that pools together capital from the company and outside private investors. Juhl is further partnering with Faith Technologies, Inc., to construct the project and collaborate on building additional hybrid projects. Faith Technologies, Inc. is a national leader in electrical planning, engineering, design and installation that is headquartered in Menasha, Wisconsin and has regional offices throughout the country. This project will be operational before year end 2018.
About Juhl Energy
Juhl Energy is an established leader and pioneer in the renewable energy industry with a focus on competitive, clean energy solutions, including wind, solar, hybrid systems and heat/power projects designed for rural communities, municipal electric companies, and industrial companies throughout the United States. Juhl Energy has completed 25 projects, accounting for over 350 MW's of power. Juhl services every aspect of development from general consultation, engineering, construction and management, to system operations and maintenance. Juhl Energy is headquartered in Chanhassen, MN, and has other offices in Chicago, and Milwaukee.
About GE Renewable Energy
GE Renewable Energy is a $10 billion business with an innovative spirit and entrepreneurial mindset, bringing together one of the broadest energy products and digital services portfolios in the renewable energy industry. Combining onshore and offshore wind, blades, hydro and innovative technologies such as hybrid systems and concentrated solar power, GE Renewable Energy has installed more than 400+ gigawatts capacity globally to make the world work better and cleaner. With more than 22,000 employees present in more than 80 countries, GE Renewable Energy is working on new ways to power the world's biggest economies and most remote communities.
Follow us at www.ge.com/renewableenergy or on twitter @GErenewables.
Bank of America
At Bank of America, we're guided by a common purpose to help make financial lives better, through the power of every connection. We're delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It's demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact.
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Pasargad Energy Development Co. (PEDC) is an independent energy company based in Iran. PEDC is an integrated energy company whose activities span the entire value chain including exploration, production, refining, petrochemicals marketing, power generation & renewables as well as new high-tech venture capitalizing. Our headquarter is located in Tehran. PEDC is present across the Iranian continental shelf and international market through its subsidiaries. We create value for our shareholders through active investment, high-level monitoring of our projects, building world-class partnership and managing our risks effectively and making balanced portfolio. Meantime, we contribute to the sustainable development of the energy sector and communities in our country. PEDC’s competitiveness relies upon our values-based performance culture, with a strong commitment to transparency, cooperation and continuous operational improvement. As a wholly owned subsidiary of the Pasargad Financial Group, with Pasargad Bank being a distinctive shareholder, we owe our success to our experience, management knowledge and strong local/international partnerships since 2008. PEDC is committed to maintaining sustainability and being recognized as the strategic partner of choice in Iran’s energy and petrochemical sector.