Interconnection: Renewable Energy USA
Welcome to Megawatt Recruitment’s monthly newsletter to keep you connected to what’s going on in the renewable energy industry in the United States and provide more insight, knowledge, and connection to the people and companies who drive our industry.
What People Are Talking About
The Department of Commerce will enforce antidumping tariffs in addition to the countervailing duties previously announced on silicon solar cell imports from Cambodia, Malaysia, Thailand, and Vietnam, including retroactive duties.
TPG raised nearly $4.5B for its Rise Climate Fund with some projecting it will close the fund closer to $5B, with about half of it to be invested into North America and focusing on clean electrons, clean materials and molecules, and negative emissions.
AlphaGen, an owner and operator of critical power infrastructure backed by ArcLight Capital, raised $3.7B for strategic corporate initiatives.
The first Title 17 Battery loan was issued by the DOE with the recipient, Eos Energy (backed by Cerberus Capital Management), set to receive $303M to expand its manufacturing capacity to 8 GWh by 2027 to meet domestic demand for long duration energy storage.
Lithium-ion battery recycling plant builder, Li-Cycle, received a $475M loan from the DOE, the first finalized agreement of its type in the US, to build a plant in Rochester, NY.
Strata Clean Energycompleted a 70MW/280MWh BESS project in Rialto, CA, contributing to the U.S.’s utility-scale solar growth of 30.1% in 2024.
Leading Indian green power company, ReNew Energy, which has 10.4 GW of operational wind and solar assets launched an offer to acquire remaining shares on the Nasdaq in order to de-list from the exchange.
TPG-Rise backed Matrix Renewables and Korean OCI Energy, developers of the Stillhouse Solar project, and EPC contractor SOLV Energybroke ground on the 284 MWdc solar project in central Texas. Microsoft will off-take environmental attribute credits while Hyundai signed a 15-year PPA.
Green & Clean Power LLC, a new entrant to the market, raised $300M of debt and equity financing for a 500 acre solar farm that will provide behind-the-meter power to its sister company, Hybar LLC, a scrap metal recycling mill currently under construction, making up 40% of its projected energy use.
Primergy Solar received approval for $225M of project financing for its Valley of Fire portfolio consisting of 6 projects (2.65 GW) + storage (1.5 GW) in NV, CO, and AZ.
US Wind, a planned 2 GW offshore wind project near Maryland, received approval for the final step of the federal approval process, its Construction and Operations Plan. It is owned by funds managed by Apollo Global Management and Renexia SpA, a subsidiary of Toto Holding, an Italian engineering design, construction, and maintenance firm.
Shell with “not lead new offshore wind developments” and will “focus on activities with the highest returns,” namely oil, gas, and battery storage.
Forbes released their list of 50 Sustainability Leaders who made a tangible impact on the climate in 2024.
Swedish battery maker Northvolt announced Chapter 11 for its U.S. organization on Nov 21st, which will reorganize and restructure its debt. The Co-Founder and CEO stepped down.
Recent Personnel Moves and Promotions
Canadian developer Northland Power has appointed Christine Healy to take over as CEO as of February 2025. She was previously CEO of Total E&P Canada, Chief Strategy Officer and General Counsel for Maersk Oil, and held multiple roles in Statoil including Commercial Affairs, Negotiations, and Business Development globally.
Deriva Energy, formerly known as Duke Energy Renewables, and a portfolio company of Brookfield, appointed John Clapp as CEO, formerly with Scout Clean Energy as CFO.
After 15 years with Valta Energy as Co-Founder and CEO, Mark Milius announced he would be stepping down, and Brad Souza, formerly with HES Solar as President of the Residential Business Unit, joined as CEO.
Global offshore wind Global offshore wind developer Orsted snagged Shell veteran Amanda Dasch to be CEO of its Americas Region. She will take over in January 2025.
Following its declaration of Ch 11 Bankruptcy for its U.S. entity, Swedish battery maker Northvolt’s Co-Founder and CEO, Peter Carlsson stepped down, allowing CFO Pia Aaltonen-Forsell to take his place and for President of Cells, Matthias Arleth, to move up to the COO role.
Grid United, a utility-scale grid transmission development company headquartered in Houston, welcomed a new Chief Commercial Officer, Jack Farley, from HIF Global where he was EVP for eFuels.
Former SVP and CTO of AlphaStruxure, Steve Pullins, retired after 5+ years with the company. He joined this Energy-as-a-Service provider that designs, builds, owns, operates, and maintains energy infrastructure including microgrids when it was first formed through a JV between Schneider Electric and The Carlyle Group.
West Point grad and U.S. Army Veteran Mark Coplen joined Infravision as VP of Sales for North America, a company that provides Drone Enabled Line Stringing Services for transmission, distribution and emergency response. He was formerly VP for Offshore Wind Project Management with Crowley.
Following 10 years with Nexamp, Julie Beauchemin joined Navisun as VP of Project Development, and will be based in Avon, MA.
Luminace welcomed a new Director of Development, Brock Gibian, to be based in New York City, coming from Common Forge, a marketplace for renewable energy tax credits, and from Ecogy where he rose from Analyst to VP of Development over his 7 years with the company.
What the Market is Talking About: DOE and DOI Accomplishments in 2024
| 2024 was a pivotal year for renewable energy with much driven by efforts from the Department of Energy (DOE) and Department of the Interior (DOI). Their many sub departments such as of the Grid Deployment Office and the Bureau of Ocean and Energy Management (BOEM) were hard at work throughout the year to push forward advances in supply chain, job training, grid connection, and of course, reviewing applications and deploying billions of dollars in funding for new projects ranging from power generation development to energy efficiency to manufacturing and industrial automation. A few notable accomplishments for the DOE this year were the deployment of $8.8B in rebates for home energy efficiency rebates, $2.5B for EV charging infrastructure, $1B+ to advance nuclear energy, and even $52M for purpose-grown energy crops that will support things such as sustainable aviation fuel. Under the DOI’s belt are accomplishments such as approving the nation’s first 10 offshore wind projects, permitting 25+ GW of clean energy projects, and finalizing updates to the Western Solar Plan, originally written in 2012 covering 6 states, which will now cover 11 states and identified over 31 million acres of public lands to be used for utility-scale solar project applications. With the clean energy transition well underway, funds deployed, and strong commitments underway from public and corporate leaders, 2024 is closing on a high note and positioning the industry for a strong start to 2025. Sources: https://www.energy.gov/articles/does-top-clean-energy-accomplishments-2024 https://www.energy.gov/eere/articles/us-department-energy-announces-52-million-projects-advance-production-purpose-grown https://www.doi.gov/priorities/clean-energy-future https://www.blm.gov/press-release/interior-department-finalizes-framework-future-solar-development-public-lands |
Talent Insights: How employers can increase competitiveness in 2025
In a growing industry that is increasingly short of talent, it is important for employers to remain competitive when attracting and maintaining talent. Here are a few changes employers should be aware of as they review their compensation and benefits offerings for 2025:
- The IRS increased the 401(k) matching limit for 2025 to $23,500 up from $23,000 in 2024.
- For those between age 60 to 63, there is now a “super catch up” option to allow an additional $11,250 contribution that can be layered on top of the $7,500 catch up option already in place for anyone over age 50.
- Automatic enrollment will also become mandatory in 2025 for most employers who offer 401(k) and 403(b) plans with a minimum contribution rate of 3% of the employee’s salary and will increase by 1% annually until reaching a cap between 10-15%.
- Employers will be allowed to offer Emergency Savings Accounts (ESAS) as part of their retirement plans where employees can save up to $2,500 in a tax-advantaged way.
Taking effect January 17th, 2025, new H-1B visa changes will go into effect. While the changes are generally welcomed by employers and potential employees because they modernize the definition and criteria for specialty occupation positions, many of which are needed for renewable energy development since the U.S. lags behind many nations in building our talent pool, especially for managers in the 15-25 year experience range, the final rule will require employers to take a proactive approach to update their internal policies.
Sources:
https://www.nasdaq.com/articles/big-change-coming-401ks-2025-heres-what-you-need-know
https://larsco.com/blog/preparing-for-2025-what-employers-need-to-know-about-secure-2.0-act-changes-to-401k-and-benefit-plans
https://www.mayerbrown.com/en/insights/publications/2024/12/h1b-modernization-bidens-final-move-trump-first-challenge
https://www.uscis.gov/newsroom/stakeholder-messages/dhs-announces-h-1b-modernization-final-rule-to-improve-program-integrity-and-efficiency#:~:text=The%20final%20rule%20aims%20to,limit%20on%20H%2D1B%20visas.
Hot jobs: View our posts and Apply Now!
Thank you for joining us for another issue of Interconnection: Renewable Energy USA. We hope you enjoyed it and we look forward to keeping in touch and exchanging ideas, insights, and opinions. If you are a company considering hiring, we welcome the opportunity to present our services and capabilities. If you are a candidate, please check our jobs page or reach out to us to discuss your background, skills, and future aspirations.