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Texas Solar Project Sold to CIP

LCG, July 31, 2020—An affiliate of Copenhagen Infrastructure Partners has completed purchase of a 350 MW solar photovoltaic project near the Houston metro area from Solar Plus Development Inc. and Avondale Solar.

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PG&E and Tesla Commence Construction on the Moss Landing Battery Energy Storage System

LCG, July 30, 2020--PG&E and Tesla have commenced construction of the 182.5-MW lithium-ion battery energy storage system (BESS) at PG&E's electric substation in Moss Landing in Monterey County, California.

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Industry News

California Regulators Won't Vote on Bond Money Today

LCG, Sept. 6, 2001--The California Public Utilities Commission has postponed a vote originally scheduled for today that would have determined how much of the state's record electricity rate increase would go to support the state's $12.5 billion bond offering which aims to fund past and future power purchases by the California Department of Water Resources.

The bond proceeds will be used to pay off a $4.3 billion bridge loan taken in anticipation of the bond issue and to replenish the state treasury for some $7 billion in power purchases made by the water agency so far this year.

That would leave precious little to fund payments on $43 billion worth of long-term power contracts entered into by the water people with independent generators.

Loretta Lynch, president of the CPUC, said in a teleconference yesterday that she hopes the commission will issue its final decisions on the bond issue by Thursday, September 20, but added that no new date has been set for the vote.

Two weeks ago, when the CPUC was set to vote on the matter, Lynch delayed the vote until today, saying the two-week delay was needed "to properly accommodate the volume and scope of comments received" the previous week.

That delay, and now this one, endangers an October 31 deadline for the bond issue and is the latest in a string of problems facing the financing. The state had originally intended to market the bonds in May, and Gov. Gray Davis had "guaranteed" that money from the bonds would repay the state treasury by June 30 for money used to buy power.

The October 31 deadline is important because it is also the deadline when interest on the bridge loan jumps from 4.14 percent to 7 percent. The difference could cost the state $270,000 a day in added interest.

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