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Sinopec kickstarts extensive research on CO2 emissions peak and carbon neutral

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Zhang Yuzhuo, a research fellow and academician of the Chinese Academy of Engineering and chairman of the board of Sinopec, noted that achieving the goal of reaching the CO2 emissions peak and going carbon neutral is both a great responsibility and profound revolution for the energy and chemical industry.

“Sinopec will focus on green and low-carbon development from a strategic and overall perspective and move towards the goal of achieving ‘net-zero’ unswervingly, the company will follow the trends of global energy reform and general industrial development to study and determine its own strategic goals, key tasks, implementation approaches and guarantee mechanism,” said Zhang. “Sinopec will also strengthen the communication and exchanges with government departments and industry associations to better serve and support national and industry-related decisions.”

In recent years, Sinopec has promoted its green and low-carbon development tactic for the corporate development strategy, actively control its greenhouse gas emissions to achieve significant carbon emissions results. In the area of clean energy development, Sinopec has expanded its construction of natural gas production capacity and promoted the development of new energy resources such as biomass energy and geothermal energy, while driving forward the development and utilization of hydrogen energy.

To strengthen the company’s energy-saving management, Sinopec implements an “energy efficiency improvement” plan that accelerates industrial structure adjustment to phase out the outdated production capacity.

And in terms of greenhouse gas recovery and utilization, Sinopec is focusing on promoting the recovery and utilization of high-concentration CO2 tail gas from refining and chemical enterprises, carrying out CO2 flooding field tests and methane gas release recovery. The carbon trading transaction volume of enterprises participating in the pilot project has reached 11.1 million tons.

Carbon emissions peak refers to the inflection point of total CO2 emission, after which the emissions will begin to decline. The carbon neutral target aims to achieve low-carbon and zero-carbon transformation of energy, realizes zero CO2 emissions, reduce other types of greenhouse gas emissions significantly as well as total man-made greenhouse gas emissions to zero through increasing carbon sinks and artificial negative emission measures.

About Sinopec

Sinopec Corp. is one of the largest integrated energy and chemical companies in China. Its principal operations include the exploration and production, pipeline transportation and sale of petroleum and natural gas; the sale, storage and transportation of petroleum products, petrochemical products, coal chemical products, synthetic fiber, fertilizer and other chemical products; the import and export, including an import and export agency business, of petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information.

Sinopec sets ‘fueling beautiful life’ as its corporate mission, puts ‘people, responsibility, integrity, precision, innovation and win-win’ as its corporate core values, pursues strategies of value-orientation, innovation-driven development, integrated resource allocation, open cooperation, and green and low-carbon growth, and strives to achieve its corporate vision of building a world-leading energy and chemical company.

For more information, please visit: www.sinopecgroup.com/group

SOURCE SINOPEC

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Source: https://www.prnewswire.com:443/news-releases/sinopec-kickstarts-extensive-research-on-co2-emissions-peak-and-carbon-neutral-301179485.html

Energy

Solar BOS provider Shoals Technologies announces IPO

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Shoals Technologies Group is planning an initial public offering (IPO) of 50 million shares of its Class A common stock.

The Tennessee-based company, whose balance-of-systems (BOS) solutions are deployed on over 20 GW of solar energy systems globally, has launched a presentation roadshow for potential investors.

In an announcement, Shoals explained it will be offering 10.5 million shares, while a parent entity controlled by funds managed by Oaktree Capital Management LP will offer 39.5 million of the shares. The parent entity also intends to grant the underwriters a 30-day option to purchase up to an additional 7.5 million shares.

According to Shoals, the IPO price is expected to be between $19.00 and $21.00 per share. The company intends to list its Class A common stock on the Nasdaq Global Market under the symbol “SHLS.”

Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint book-running managers and representatives of the underwriters for the offering. Guggenheim Securities and UBS Investment Bank are also acting as joint book-running managers, and Morgan Stanley, Barclays, and Credit Suisse are acting as book-runners. Cowen and Oppenheimer & Co. Inc. are acting as co-managers.

During an interview with pv magazine in late 2020, Shoals Founder and CEO Dean Solon highlighted the company’s achievements and the solar industry’s strong performance, saying “the short version is that it’s been a damned good year.”

Shoals joins a growing list of solar product providers going public, including the IPO of tracker builder Array Technologies last year.

The full Shoals IPO announcement is available here.

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Source: https://pv-magazine-usa.com/2021/01/19/solar-bos-provider-shoals-technologies-announces-ipo/

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Major solar EPC firm Blattner explores strategic sale or merger

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The company installed more than 400 utility-scale wind and solar projects across the United States and Canada.

Blattner Co., a major engineering, procurement, and construction (EPC) provider in the North American renewables market, has announced it is exploring “strategic options,” including a sale or merger.

Founded in 1907, Blattner has created over 50 GW of renewable energy, installed more than 400 utility-scale wind and solar systems across the United States and Canada, and secured a current project pipeline totaling nearly 9.8 GW of wind, solar, and energy storage.

The company’s Blattner Energy unit was crowned the top U.S. solar EPC of 2016 by IHS Markit. The parent company also owns D.H. Blattner and Sons Inc., which is focused on the western United States.

In the announcement, Blattner said it is seeking a “transformational transaction” that will further strengthen the organization’s market position and contribute to long-term success for employees and customers.

“Our industry is on the cusp of significant evolution, and this is an opportunity to accelerate our organization with additional scale and resources,” said Scott Blattner, company president.

The company noted it will be exploring a range of potential partnerships within and outside of the renewable energy industry. The EPC has engaged investment banking firm J.P. Morgan as its exclusive financial advisor.

“We’re seeking a partner that appreciates and values our business model, culture, and the success that our teams have built,” said Blattner. “Equally important, we want an organization that’s a leader in their respective market and can provide the support and resources that will allow us to continue expanding and improving with new technology and innovation.”

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Source: https://pv-magazine-usa.com/2021/01/19/major-solar-epc-firm-blattner-explores-strategic-sale-or-merger/

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Duke Energy North Carolina survived and thrived in 2020, with record-setting solar

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An unpredictable year saw the utility add 5,500 residential and commercial solar systems in North Carolina, contract for the largest floating solar system in the Southeast, and add three major players to the company’s Green Source Advantage program.

Despite all of the factors that made 2020 the year it was, Duke Energy reports that it was a record-breaking year for the company in North Carolina, with roughly 5,500 residential and commercial customers in the state installing solar systems last year.

The company attributes a significant portion of this installation figure to its five-year, $62 million rooftop solar rebate program.

Residential customers who are approved for rebates will get a $0.60/W credit for their installed solar system, up to 10 kW or $6,000, while businesses are eligible for a $0.50/W credit and nonprofits are eligible for $0.75/W. These nonresidential projects cap out at 100 kW of installed capacity, meaning a maximum credit of $50,000 for businesses and $75,000 for nonprofits.

In the company’s own solar pursuits, Duke connected nearly 350 MW of solar capacity in North Carolina last year, headlined by the 69 MW Maiden Creek solar facility in Catawba County and the 25 MW Gaston County solar facility in Bessemer City.

While not as substantial in the capacity department, Duke also came to an agreement with the U.S. Army’s Fort Bragg to install a 1.1 MW floating solar system on Camp Mackall’s Big Muddy Lake, as part of a $36 million energy services effort.

These capacity additions helped Duke to reach the milestone of having more than 3.7 GW of solar capacity connected to its energy grid in North Carolina. The company also reached its goal of owning and contracting for 8 GW of wind, solar, and biomass generation around the nation, a goal which has since been doubled to 16 GW by 2025.

2020 was also a milestone year for Duke’s Green Source Advantage (GSA) program, which allows large-scale customers to offset power purchases by securing renewable energy from projects connected to the Duke Energy grid. In 2020, the utility came to terms with the City of Charlotte, Bank of America, and Duke University on GSA contracts.

Charlotte’s agreement is for a 35 MW installation, set to be built within the city. Bank of America agreed to a 25 MW project in the Piedmont region, and Duke University came to terms on a 101 MW deal from three solar facilities in the state.

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Source: https://pv-magazine-usa.com/2021/01/19/duke-energy-north-carolina-survived-and-thrived-in-2020-with-record-setting-solar/

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Energy

RFP alert: Three Pennsylvania utilities seeking solar energy credits

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Search RFP

Parent company FirstEnergy Corp. has issued a request for proposals (RFP) to purchase 137,000 solar photovoltaic alternative energy credits (SPAECs) annually over a two-year period on behalf of three FirstEnergy Pennsylvania utilities: Pennsylvania Power Co., Pennsylvania Electric Co., and Metropolitan Edison Co.

The RFP process will be conducted by The Brattle Group and will take place in January and February, with qualifying applications due by February 9 and bids due by March 3.

Bidders in this RFP can offer to sell tranches of SPAECs, where each tranche represents a commitment to sell 500 SPAECs annually over a two-year period with deliveries beginning in 2021.

Based on the RFP results, FirstEnergy’s Pennsylvania utilities will enter into separate agreement(s) with winning suppliers to purchase the necessary quantities of SPAECs.

More information about the RFP is available here.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Source: https://pv-magazine-usa.com/2021/01/19/rfp-alert-three-pennsylvania-utilities-seeking-solar-energy-credits/

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