Solar Technology Continues To Dominate Investment In Q1

U.S. venture capital (VC) investment in cleantech companies increased by 54% to $1.14 billion in the first quarter of this year (Q1'11), from $743.3 million in the first quarter of 2010 (Q1'10).

This increase occurred despite a 13% decrease in deals year-on-year from 79 to 69, according to an Ernst & Young LLP analysis based on data from Dow Jones VentureSource. The top 10 deals in Q1'11 totaled $683.1 million, 60% of the total raised for the quarter, and two deals accounted for 18% of the total dollars raised.

"The U.S. cleantech market experienced continuing momentum - both from a venture capital perspective and among the larger investment community," says Jay Spencer, Ernst & Young LLP's Americas cleantech director. "The second generation of solar companies and larger, later-stage rounds dominated VC investor interest in Q1."

The energy/electricity generation segment, led by strong solar investments, raised $450.3 million through 16 deals in Q1'11. The solar sub-segment accounted for 32% of the total dollars raised for the quarter with $362.7 million, a 162% gain from Q1'10.

Specifically, MiaSole, a manufacturer of copper indium gallium selenide thin-film photovoltaic solar panels, was the largest deal of the quarter. The company raised $106 million in a later-stage round of financing, 24% of total dollars in Q1'11. Alta Devices, a northern California company that focuses on improving the production economics of high-efficiency solar PV applications, had the fourth largest deal of the quarter, with $72 million third-round financing.

Companies generating revenue raised $596.4 million, 52% of the total dollars invested in Q1'11, up from just 34% in the same period last year, the report adds. Later-stage rounds accounted for 28 deals and $721.6 million, representing 67% of the total quarterly investment compared to 57% in Q1'10. However, first-round investment also increased by 77% to $146.1 million compared to $82.7 million in Q1'10.

In Q1'11, California accounted for 56% of the total dollars funded, with $637.2 million, up 41% year-on-year. Northern California attracted 79% of dollars raised throughout California. This quarter was also strong for investment in the Southeast and the New England regions, Ernst & Young says.

Companies in the Southeast garnered $150.2 million, and New England-area companies attracted $174.23 million, a 193% increase compared to Q1'10.

The focus on solar was also reflected in corporate investment in Q1'11, the report says. New corporate engagements in this segment included California-based Innovalight and Taiwan-based Motech's partnership to develop solar cells using silicon ink. Additionally, Citigroup and SolarCity set up a $40 million fund for solar power projects.

In terms of other capital market activity, 15 U.S. mergers and acquisitions cleantech deals, with a value of $206 million, were completed in Q1'11, according to IHS Herold. The largest deal was the acquisition of a 70% stake in Solar Power Inc. by LDK Solar Co. Ltd. for $29 million.

Source:  Solar Industry

50 MW CSP Plant in Spain Becomes Operational

Seville, Spain: Abengoa Solar Begins Commercial Operation of Solnova 1

Abengoa Solar has initiated commercial operation of Solnova 1, the new parabolic trough technology plant located at the Solúcar Platform, following the successful completion of the operation and production testing conducted over the course of three days. During this phase plant performance matched theoretical electrical power generation design, thereby validating the tremendous potential of parabolic trough technology.

The Solnova 1 plant incorporates parabolic trough technology developed by Abengoa Solar and has integrated significant design enhancements. Worthy of special mention is the Abengoa Solar-developed ASTRØ parabolic trough collector which ensures far superior precision thanks to its design and exclusive process of construction and alignment.

The accumulative experience gained by Abengoa Solar through its trough pilot plant built in 2007, the use of a motor-driven start-up station, and the expertise of highly specialized technical personnel dedicated to optical alignment, collector manufacturing and process optimisation proved to be key factors in the successful start-up of Solnova 1, a plant built by Abener.

Santiago Seage, CEO of Abengoa Solar, emphasized that reaching theoretical design capacity during production testing constitutes a significant milestone.

"Our technological progress and accumulative expertise have enabled us to reach our goals much sooner than we had anticipated. We will use this experience in the two 280 MW CSP plants planned for the United States in Arizona and California," he added.

With its 50 megawatts of power, the new Solnova 1 solar station will generate enough clean energy to meet the electricity needs of 25,700 homes, while preventing the emission of approximately 31,400 tons of CO2 into the atmosphere each year.

Solnova 1 is made up of around 980,000 square feet (300,000 square meters) of mirrors that cover an area totalling approximately 280 acres (115 hectares). The plant employs technology which concentrates solar radiation onto a heat-absorbing pipe inside of which flows a liquid that reaches high temperatures. This fluid transfers its energy to the water vapor that reaches a turbo-generator, where it expands to produce electricity.


Source:   Solarbuzz    Further details about: Abengoa Solar