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Investment

$35 Million Funding Deal Signed For 750 Megawatt Solar Park In India

by Saurabh Mahapatra February 7, 2018

The entity responsible for the development of two solar power parks with a cumulative capacity of 1 gigawatts recently signed a funding agreement to finance the first phase of development.

Rewa Ultra Mega Solar Limited signed an agreement with the Indian Renewable Energy Development Agency (IREDA) for funding worth $35 million. The funding will be used for the development of transmission and power infrastructure at the 750 megawatt Rewa solar power park and the 250 megawatt Mandsaur solar power park, both in the state of Madhya Pradesh.

The World Bank will provide a total of $100 million in debt funding for the two solar parks and $35 million is the first installment of that funding. The total funding includes a $75 million loan from the International Bank for Reconstruction and Development (IBRD) and a $23 million loan from the Clean Technology Fund (CTF), and an interest-free CTF grant of $2 million.

IREDA is offering debt funding to Rewa Ultra Mega Solar Limited at an interest rate of 8.5%. The World Bank is offering funding guarantee at 0.5%, instead of the 1.2% currently being levied by the Indian government. Solar power parks and smart city projects are likely to receive guarantees at concessional rates of 0.5%.

The auction for the Rewa solar power park made history, as it was oversubscribed ten times over with prospective developers submitting bids for 7.5 gigawatts. Finally, three companies were awarded the rights to develop 250 megawatts of capacity each at the lowest solar tariff of that time, Rs 2.97/kWh (¢4.4/kWh).

February 7, 2018 0 comment

Investment Solar $

Shell Invests In Solar With Acquisition Of 43% Stake In Silicon Ranch Corporation

by Joshua S Hill January 17, 2018

written by Joshua S Hill

Originally published on PlanetSave.

Oil giant Shell has stepped up its investment in renewable energy, announcing this week that it has entered into an agreement to acquire a 43.83% stake in leading US solar developer, owner, and operator Silicon Ranch Corporation, a deal set to be worth up to $217 million.

The two companies announced the move this week which will see Shell acquire a 43.83% stake in Silicon Ranch in a move which will be worth between $193 and $217 million, depending on Silicon Ranch achieving predetermined milestones. A parallel agreement between the two companies opens the door for Shell to increase its ownership after 2021. The current deal is expected to close this quarter, subject to regulatory approvals.

“Partnering with Silicon Ranch Corporation progresses our New Energies strategy and provides our US customers with additional solar renewable options,” said Marc van Gerven, Shell Vice President of Solar. “With this entry into the fast-growing solar sector, Shell is able to leverage its expertise as one of the top three wholesale power sellers in the US, while expanding its global New Energies footprint.”

Silicon Ranch has an existing solar portfolio of approximately 880 MW (megawatts), and doubled its operating portfolio for three consecutive years. The company also boasts close to 1 GW (gigawatt) worth of solar in its development pipeline. Shell’s investment in the company will help Silicon Ranch accelerate its growth strategy and allow it to develop new projects, expand into new markets, and expand its current offerings.

Standing left to right: Silicon Ranch board member Byron Smith; Shell GM Solar Projects, Shell New Energies, Boris Schubert; Silicon Ranch Co-Founder and CFO Reagan Farr; Silicon Ranch Chief Corporate Development Officer David Vickerman; Sitting left to right: Silicon Ranch Chairman Phil Bredesen; Shell VP of Solar Marc van Gerven; Silicon Ranch Co-Founder and CEO Matt Kisber

“Our goal at Silicon Ranch has always been to ensure that Americans have access to a reliable, affordable, and clean energy supply, and we are honored to welcome Shell as our newest business partner,” said Matt Kisber, Silicon Ranch Co-Founder and CEO. “By pairing our solar expertise and trusted brand with the scale, resources, and brand equity of Shell, we are well-equipped to collaborate with our utility partners to provide comprehensive, win-win energy solutions for them and their customers. As we welcome Shell to our team, Silicon Ranch also wants to thank Partners Group for the financial and commercial support that enabled us to surpass our ambitious growth targets over the last two years.”

“Shell shares our steadfast commitment to long-term partnership, and together we will unlock tremendous value in the US solar market,” added Reagan Farr, Silicon Ranch Co-Founder and CFO. “This significant and strategic investment by Shell is in the best interest not only of our company and our employees, but also of our customers and the communities we serve, because it will allow us to capture synergies with Shell’s businesses and benefit from its long heritage in providing energy services around the world.”

Reprinted with permission.

January 17, 2018 0 comment

Investment Solar $

Nigeria Considers $30 Million Allocation For Off-Grid Solar Projects

by Tina Casey March 8, 2017

written by Tina Casey

Originally published on CleanTechnica.

The news buzzing around the Intertubes this week shows just how far the solar energy field has come in a few short years. In the latest development, the Nigerian government is considering a $30 million allocation for off-grid solar projects. According to a report in Bloomberg solar panels are an “economic option” for cutting fuel costs in Nigeria, compared to the small diesel generators that currently form the backbone of off grid power generation.

In his former capacity as ExxonMobil CEO, U.S Secretary of State Rex “Silent Bob” Tillerson played up fossil fuel as the only economical way to provide electricity for millions who currently have no access to power. However, the Nigerian example demonstrates that more is at play than meets the eye.

Small Diesel Losing Grip On Nigeria

Nigeria has already been dipping its toe into solar waters, and it appears poised to ramp up its efforts.

Industry stakeholders formed the Renewable Energy Association of Nigeria (REAN) last fall with the aim of seeing “…solar, hydro, biomass and wind contributing 40% of the national energy mix by 2030.”

The nation signed its first power purchase agreement just last December, for 975 megawatts of utility scale solar.

If approved, the new $30 million round of funding would apply to the important off-grid sector, where small diesel generators dominate.

Nigeria’s new focus on its domestic power market is a significant move because some industry observers have been warning that the country’s domestic electricity consumers have been left “in the lurch” while multinational oil companies send Nigeria’s fossil fuel resources overseas.

That leaves an enormous opportunity for distributed renewable energy development in the country.

As another indication that Nigeria’s energy sector is heading for a sea change, the global renewable energy advocacy organization Power for All established a foothold in Nigeria last year, in support of REAN.

Another recent development is an $80 million cash infusion from the Green Climate Fund for the Universal Green Energy Access Programme, which includes Nigeria in its action areas.

Solar Power On The Rise

CleanTechnica has been tracking the rush of solar development in Nigeria in recent months, and the country is poised to push its solar generating capacity to the next level.

Among the new projects are a solar microgrid program that will bring locally generated electricity to 25 communities in Nigeria.

In the utility scale field, last December GE signed a memorandum of understanding with Nigeria for five 100-megawatt solar power projects dotted throughout the country.

Also in that scale, last December Dubai’s Phanes Group announced that it would build three 100-megawatt projects in Nigeria within the next couple of years.

On the distributed solar end of things, last year the U.K. announced a program to provide financing for household-sized solar projects through the organization SolarNigeria.

Against this backdrop, REAN is anticipating that the government will allocate $30 million for solar energy development, including solar cell manufacturing and transmission projects in addition to off-grid deployment. A decision on that could come within the next few weeks.

REAN is optimistic. Here’s Executive Secretary Godwin Aigbokhan, as cited by Bloomberg (here’s that link again):

“It just gives you an idea of how the government sees solar as part of the total energy mix,” Aigbokhan said in a telephone interview from Lagos. The country could receive about $2.5 billion of investments in utility-scale solar projects by 2018, he said.

Keep in mind that Nigeria hosts the biggest economy in West Africa, and you can see why investors are eager to, well, invest in the country’s renewable energy portfolio. Here’s the rundown from Bloomberg:

Nigerian officials say they want to generate as much as 1,200 megawatts of off-grid solar. The country’s households and small businesses currently spend about $21.8 billion each year powering diesel generators to generate electricity, according to a study by German development agency GIZ.

Yikes! So much for small diesel.

Radio Silence From REAN — Or Not

If REAN steps up its lobbying efforts, that would be welcome news for skeptics. Last week, an editorial in the industry news organization Off Grid accused the group of dilly-dallying:

Though we accept that it may be too early in the day to call out REAN on the expectations we had of it, we are however constrained to think that REAN may be falling behind in the race to help end energy poverty in Nigeria.

[snip]

Finally, we think that a docile REAN would do no good to the emerging RE sector in Nigeria, and thus urge its members to wake up if they are numb to their responsibilities.

Ouch!

As of this writing, a visit to the REAN website provides some ammunition for the skeptics. The organization has not provided any news releases about its efforts to promote renewable energy since its launch last November.

However, REAN has published a guide for renewable energy developers in Nigeria, and the organization is listed as a strategic partner in the upcoming “The Solar Future Nigeria” event coming up in April.

Follow me on Twitter and Google+.

Image (screenshot): via REAN.

Reprinted with permission.

March 8, 2017 0 comment

Investment PV Solar $

UPS Announces $18 Million Investment In Onsite Solar Energy, 5x Onsite Solar Growth

by James Ayre February 19, 2017

written by James Ayre

Originally published on CleanTechnica
by James Ayre

The shipping giant UPS will be investing around $18 million in new onsite solar photovoltaic (PV) projects expected to be completed by the end of the year in the US, according to an email sent to CleanTechnica.

The new onsite solar energy projects will increase UPS’s total onsite solar energy production capacity nearly 5-fold once completed, according to the email. Altogether, these projects will reportedly total around 10 megawatts (MW) in nameplate electricity generation capacity.

The company claims that these new projects will offset around 8,200 metric tonnes of carbon dioxide emissions a year.

“Solar technology is a proven way to effectively and efficiently provide long-term power to our facilities,” stated Bill Moir, director of Facilities Procurement, UPS. “We have a significant number of facilities that are well positioned to deploy solar at scale and increase our sustainable energy options for our buildings and electric vehicles.”

The email provides further information: “Solar panels have the ability to generate electricity for more than 25 years. UPS will purchase over 26,000 solar panels during the expansion. Once installed, each building will effectively produce 50% of its daily energy use via the sun. As a result, UPS will own and operate the installations providing additional flexibility over the long term. As a company with significant engineering and construction expertise, UPS will also be taking a leadership role in both the design and implementation of these projects.”

As other reports have highlighted, no matter the political climate, corporations will be using a great deal more renewable energy (in particular, solar energy and wind energy) in the years to come since its low cost and superb predictability are a notable benefit for many (most?) corporations. Of course, some companies have led the way into this field more than others. UPS has been buying renewable electricity for longer than most.

“UPS’s investment in solar power began in 2004 in Palm Springs, California, where solar panels were installed and are still generating approximately 110 kilowatts of sustainable energy. Today, UPS also produces solar power at its facilities in Lakewood, Parsippany and Secaucus, NJ.”

In addition to onsite solar energy investments, UPS has been investing a fair amount in electric vehicle technologies in recent years, jumping into electric vans, trucks, and trikes.

Images via UPS

February 19, 2017 0 comment

Investment Other Renewable Energy PV Solar $

Renewables = Over 50% New Electricity Capacity But 16% Of Energy Investment

by Zach February 12, 2017

written by Zach

Originally published on CleanTechnica
by Zachary Shahan

The executive director of the International Energy Agency (IEA), Fatih Birol, was on a Global Action Day panel last week in Abu Dhabi and he made his usual pitch for what Obama basically called an “all of the above” energy strategy. For countries, companies, and organizations that have large investments in fossil energy, this seems to be the popular approach — highlight the angelic nature of renewables and their sudden cost-competitiveness and growth, but then throw around some claims that we still have to accept the energy rapists amidst us and engage in a moral Macarena while we push forward with continued fossil energy growth*. That’s a misleading pitch, in my humble opinion, and it’s all about protecting certain investors and economic interests rather than protecting future generations and providing insight into smart 21st century investment choices.

The panel discussion almost slipped by, disappearing into a haze of loosely remembered pitches for common energy conference talking points. I had heard all of this before and it was old and spineless on Day 1, so it certainly wasn’t a stimulating sales pitch on Day 3,000.

However, two clean energy stats highlighted close to each other in Birol’s time on the mic jumped out at me. He emphasized that over 50% of new global power capacity came from renewables in 2016 (and the same was the case in 2015), but then a few moments later, in response to a question from moderator Michael Liebreich, he noted that only 16% of the $1.8 trillion invested in energy globally in 2015 was invested into renewables. Wait, what? …

First of all, it needs to be acknowledged that there’s a notable conflation in topics here — the first figure concerned electricity generation capacity but the second one included energy for transportation (primarily oil) as well as electricity. Oil investments for transportation purposes are a gigantic portion of total energy investment, so the point of highlighting these two figures isn’t to pretend they come from the same pie. Based on 2015 figures, renewables must have represented 42% of energy investments. Still not >50%, but not as dramatic as 16%.

Nonetheless, the wide gap in investment figures versus new capacity figures was striking — cheap renewables dominate new power plant installations, but polluting fossil fuels dominate energy investments**. It was pretty shocking to me to hear, in the face of renewable cost-competitiveness and the looming Tesla Model 3 (which represents EV cost-competitiveness plus dramatic consumer benefits), only 16% of 2016 energy investments were in renewables. As Birol and Liebreich pointed out, the world needs to double its investments in renewables in order to hope to keep global warming below 2°C, which is seen by the scientific community as absolutely critical for humanity and maybe not even adequate.

This feeds pretty perfectly into my article last weekend about the totally insane carbon bubble. Money is flowing into pollution assets that are generally becoming less competitive or are already uncompetitive, assets that will almost certainly be stranded before the end of their “investment life” (the period during which investors expect them to make money).

The “all of the above” pitch highlighted at the top is hollow, because the future isn’t “all of the above.” But in case that still isn’t clear, I’ll keep typing.

February 12, 2017 0 comment

Investment Other Renewable Energy PV Solar $

New York Governor Cuomo Announces $360 Million For 11 New Large-Scale Renewable Energy Projects

by Joshua S Hill February 9, 2017

written by Joshua S Hill

Originally published on CleanTechnica
by Joshua S Hill

New York Governor Andrew Cuomo announced last week, in the same speech where he pledged to back offshore wind, to award $360 million in funding to 11 separate large-scale renewable energy projects.

Last week we reported on Governor Cuomo’s State of the State speech, in which he committed the state of New York to acquire 2.4 gigawatts (GW) of offshore wind energy by 2030. Governor Cuomo also gave immediate approval to a 90 megawatt (MW) offshore wind farm set to be developed 30 miles southeast of Montauk by the same developer responsible for the country’s first offshore wind farm, Deepwater Wind.

The announcements were unsurprisingly well-received, as they committed New York to be one of the very few states currently making noticeable headway towards the development and acquisition of offshore wind energy — a severely under-utilized technology in the US.

However, Governor Cuomo didn’t ignore other renewable energy technologies in his State of the State speech, pledging $360 million in awards for 11 large-scale renewable energy projects throughout New York — including two wind farms, one utility-scale solar farm, seven hydro projects, and a fuel cell project.

The $360 million in awards for these projects are set to leverage almost $1 billion in private sector investment to secure the development of the projects which, together, will generate enough clean electricity to power more than 110,000 New York homes each year and reduce carbon emissions by more than 420,000 metric tonnes — the equivalent of taking 88,000 cars off the road.

The 11 large-scale renewable energy projects include:

Capital Region

Hecate Energy Green County, Greene County: Hecate Energy LLC will build a 50 MW solar facility in Coxsackie.

Central New York

Fulton Unit 1, Oswego County: Brookfield Renewable Energy Group, will install a new 890 kW high-flow turbine-generator at a hydroelectric facility in Oswego County.
North Division Street Dam Hydroelectric Facility, Cayuga County: The City of Auburn will upgrade equipment, increase capacity and restore operation of the hydroelectric facility, resulting in a new capacity of 1.12 MW.

Mid-Hudson

Swinging Bridge, Sullivan County: Eagle Creek Hydro Power LLC will add 0.85 MW to an existing hydroelectric facility in the town of Lumberland, resulting in a total installed capacity of more than 7 MW.
Regen DG Project, Westchester County: Bloom Energy Corp. will install a 1.05 MW fuel cell at Regeneron Pharmaceuticals, Inc. in Tarrytown.

Mohawk Valley

Belfort Unit 3, Herkimer County: Brookfield Energy Marketing LP upgraded its existing facility in Beaver River with two modern high-efficiency runners, resulting in a total installed capacity of 2.4 MW.

North Country

Number Three Wind Farm, Lewis County: Invenergy Wind Development LLC will build a 105.8 MW wind farm in the towns of Lowville, Harrisburg and Denmark.
Glen Park, Jefferson County: Northbrook New York LLC, a subsidiary of Cube Hydro Partners, LLC: Upgraded equipment at existing hydroelectric facility, resulting in a total installed capacity of more than 32 MW.
Tannery Island Hydro, Jefferson County: Ampersand Tannery Island Hydro LLC installed and upgraded new equipment resulting in a total installed capacity of more than 1.8 MW.

Southern Tier

Eight Point Wind Energy Center, Steuben County: NextEra Energy Resources LLC will build a 101.2 MW wind farm in the towns of Greenwood, Troupsburg and West Union.

Western New York

Burt Dam Incremental Hydro, Niagara County: Ampersand Olcott Harbor Hydro LLC recently upgraded equipment resulting in a total installed capacity of 600 kW.

“Large-scale renewables are a critical component in achieving Governor Cuomo’s nation-leading energy goals of 50% renewable power by 2030 and a 40% reduction in greenhouse gas emissions over the same time,” said John Rhodes, President and CEO, New York State Energy Research and Development Authority (NYSERDA). “These projects will provide renewables, aggressively reduce emissions and make energy more affordable for New Yorkers.”

February 9, 2017 0 comment

Investment

Apple To Add 200 MW Of Solar Power For Reno Data Center

by Steve Hanley February 6, 2017

written by Steve Hanley

For Apple solar energy is serious business. It is committed to operating all its stores, offices, and data centers with clean, renewable energy. This week, the company confirmed plans to expand the amount of installed solar power in the state of Nevada by 200 megawatts. The electricity will be used to power Apple’s massive data center located in Reno. The local utility, NV Energy, is a partner in the expansion.

Apple solar energy plan

The deal includes the ability to sell up to 5 megawatts of any excess power generated by the new solar installation to other residential and commercial customers in the area using NV Energy’s grid infrastructure. Last year, Apple created a new entity called Apple Energy specifically to market any excess power its solar panels generate to other companies and individuals. That plan was approved by the Federal Energy Regulatory Administration.

Apple’s vice president for environment, policy and social initiatives, Lisa Jackson, told the press after the announcement, “Investing in innovative clean energy sources is vital to Apple’s commitment to reaching, and maintaining, 100 percent renewable energy across all our operations. Our partnership with NV Energy helps assure our customers their iMessages, FaceTime video chats and Siri inquiries are powered by clean energy, and supports efforts to offer the choice of green energy to Nevada residents and businesses.” The time table to complete the new Apple solar energy installation is 2019.

What Apple is doing in Nevada is in line with its efforts to use renewable energy for its operations in China. It currently has 200 megawatt of power online in that country which is used to supply its 34 stores and 19 offices in the country. The renewable energy eliminates 20 million metric tons of greenhouse gas pollution that would otherwise occur from Apple’s operations in China over the next 4 years.

February 6, 2017 0 comment

Investment

Small Public Investment In Solar Energy Could Unlock Large Benefits For Vermont

by Steve Hanley December 31, 2016

written by Steve Hanley

A study by the Union of Concerned Scientists released this week suggests that $7 million of public investment to encourage homeowners, businesses, and municipalities to make energy efficiency improvements, install solar panels, or invest in other types of clean energy projects would leverage $148 million in private sector investments over 15 years. “Vermont has made tremendous strides in developing clean energy and creating jobs in a high growth industry,” said Steve Clemmer, energy research director at UCS and lead author of the analysis. “Expanding clean energy financing in Vermont is one way for the state to continue its transition to a clean energy economy, while lowering energy costs and ensuring consumers earn a sizable return on their initial investment.”

solar investment in Vermont

Modeled on the experience of clean energy lending programs in Connecticut, New York, Rhode Island, and other states, the study says modest public investments would

• Support the creation of nearly 50 megawatts of new solar and community wind power projects — enough clean power for nearly 13,000 homes.
• Save homes and businesses more than $14 million per year on their electricity bills due to energy efficiency investments.
• Reduce the state’s carbon emissions by more than 111,500 tons per year — equivalent to removing 21,300 cars from Vermont roads.

“Combining existing state clean energy programs with more robust private sector funding can be a more predictable and sustainable route to achieving large scale deployment of solar and renewable goals in the Northeast states,” said Mike Trahan, co-director of NESEMC, an alliance of solar and clean energy groups operating in the Northeast and funded through a cooperative award from the U.S. Department of Energy SunShot Initiative. “A good example is the Connecticut Green Bank that has generated nearly $1 billion in alternative energy investments since 2012 with 90 percent of that coming from private investment. It has helped create almost 8,300 state jobs and reduced carbon emissions by 1.4 million tons.”

December 31, 2016 0 comment

Investment New Technology PV Solar $Solar Projects Startups

Kevala Helps Developers Find Best Sites For Solar Projects

by Steve Hanley November 26, 2016

written by Steve Hanley

To the uninitiated, figuring out where to put a new solar energy installation is a simple process. Find some open land, build a solar farm on it, and connect it to the grid. It’s as easy as 1, 2, 3. Things in real life seldom work out so simply, however. A number of factors go into determining whether a particular location is appropriate for solar power.

Kevala solar power grid map

In some places, interconnection costs are too high for a solar installation to be profitable. There are other factors at work as well. Accurate data about where property lines are located is vital information, as is the effect of local zoning policy, wetlands considerations, and other factors like historical markers and rights of way.

Utilities often do not have their distribution systems fully mapped. Even if they do, they are none too anxious to share that information with third-party solar developers. That tends to keep the soft costs of development high even though the cost of solar equipment has declined significantly.

Kevala Analytics wants to solve that problem. The company raised $1.7 million from the U.S. Department of Energy’s SunShot Initiative last fall to help scale its Grid Assessor platform. That is a statistical database that brings together public data on wholesale pricing and substation locations. That information helps developers understand the local electricity value of a particular site.

“Just like any other industry, market participants need to know where solar values are trending,” said Kevala CEO Aram Shumavon in a statement. “Instead of searching an entire territory or region, we can help developers find the best locations in a few clicks.” Andrew Reed, executive vice president for project development at Borrego Solar says, “A lot of this information is publicly available, but it’s hard to aggregate and hard to get all in one format.” Borrego Solar is one developer that recently tested the software.

The Kevala software pairs the nodes used for wholesale pricing with substation locations, which is not always a one-to-one relationship. The software then adjusts the values for weather and compares it to historical wholesale prices to produce an energy value for solar production. Kevala also takes into account all the available feeder level information from utility filings, outage reports, or permit applications. The software can help developers make faster, more informed decisions about whether to pursue a project

November 26, 2016 0 comment

Investment Market Research PV Solar $Solar Research

Tesla & SolarCity Shareholders Get Green Light From Top Independent Evaluator

by James Ayre November 7, 2016

written by James Ayre

Originally published on EV Obsession.

The prominent advisory firm Institutional Shareholder Services has given its recommendation to support Tesla’s $2.3 billion SolarCity acquisition/merger, telling shareholders that Tesla would be able to bridge the funding gap with SolarCity, and also that the acquisition was an important step in the firm’s path to becoming an integrated sustainable energy company.

The advisory firm also made note of the $30 billion cleantech giant’s decision to give minority shareholders “enough of a voice to overcome governance concerns.”

Tesla CEO Elon Musk commented in an interview with CNBC: “I thought they wouldn’t recommend us, but they did. They tend to be a bit negative.” He also saw fit to tweet a Bloomberg article on the subject.

Institutional Shareholder Services, world's top independent evaluator, recommends in favor of Tesla-SolarCity merger https://t.co/o17l0Jbswa

— Elon Musk (@elonmusk) November 4, 2016

As it stands, a vote involving shareholders of both companies is expected to take place on November 17.

Bloomberg provides more: “The ISS report said that, while Tesla has a ‘suboptimal governance structure,’ the requirement that a majority of unrelated shareholders be required to approve the deal helps get past that issue.” As Elon has said many times, they want to do the right thing, not just what they are required to do, and that ethic has carried over into voting regarding this deal.

“ISS said Tesla ‘is paying a low to no premium to take over SolarCity.’ The announced cost synergies of $150 million, even if capitalized at a low multiple of 10 times, would create $1.5 billion, the equivalent of almost two-thirds of the acquisition price, according to the firm.

“For SolarCity shareholders, the offer represents a 14% premium over the stock price the day before the proposal was announced, ISS said. It also gives those shareholders Tesla stock, which is easier to trade, the firm said.”

Tesla CEO Elon Musk has previously commented on the synergies between the two companies, noting that they go together like “peanut butter and jelly.” He has also noted that SolarCity will add $1 billion in revenue to the new, combined company in 2017, as well as $500 million in cash to Tesla’s balance sheet over the next few years (3 years).

In response to criticism about the deal, he recently stated that “quite a few naysayers from big hedge funds” have been consistently wrong about Tesla — with a “batting average of zero.”

He’s not wrong. As with most disrupters, most of the criticism against Tesla seems to be the result of discomfort with the changes that are now coming. There will of course be those who lose out on profit and market share as a result of the changes that Tesla is helping to spearhead.

November 7, 2016 0 comment

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