News Archives

2012 Archived News Articles and Press Releases

Maryland Clean Energy Center Launches Maryland Clean Energy Capital Financing Program; First Deal Provides $6M for Energy Efficiency Upgrades at Coppin State University

Rockville, MD (December 19, 2012) – The Maryland Clean Energy Center (MCEC) today announced it has closed on the first of its Maryland Clean Energy Capital (MCAP) transactions benefitting the University System of Maryland, Coppin State University to finance six (6) energy efficiency upgrades on campus. This first-ever use of the MCEC bond authority will provide largely tax-exempt debt financing to underwrite six energy conservation measures on campus.

Click here to download the full Press Release

Chevron closes Calif. geothermal tax-equity deal
SparkSpread ( Oct. 2, 2012

Chevron Energy Solutions, a unit of Chevron, last week closed on a tax-equity investment in the 49 MW John L. Featherstone geothermal plant in California, which was previously known as Hudson Ranch I.

The plant was developed by EnergySource, an independent power producer.

The approximately $99 million tax-equity investment was placed by Hannon Armstrong, which is also one of EnergySource’s three owners, and RLR Consultants, SparkSpread has learned.

Officials at the firms declined comment or could not immediately be reached.

Separately, EnergySource recently closed a $313 million private placement, proceeds from which will be used to refinance project debt tied to the John L. Featherstone plant.

Hannon Armstrong acted as lead arranger on the private placement, which was sold to life insurance companies.

The 30-year note pays a fixed coupon in the low 6% range and was rated BBB minus by Standard & Poor’s.

The John L. Featherstone plant, located near Calipatria, Calif., sells all of its energy, capacity and environmental attributes to the Salt River Project under a 30-year power purchase agreement.

EnergySource’ other backers are Dallas-based developer Catalyst Renewables and GeoGlobal Energy, a privately held geothermal energy-focused investment firm backed by Mighty River Power, a state-owned New Zealand utility.

President of the American Council on Renewable Energy to Speak at Commissioning Event, Commemorating Energysource’s First Geothermal Plant Now in Full Operation – Vice Admiral Dennis V. McGinn Leads Official Launch of $400 Million Plant which Adds Jobs, Boosts Economy in Imperial Valley — May 10, 2012

Download EnergySource’s Press Release (PDF)

View the Hudson Ranch video

EnergySource’s New Geothermal Plant Is Online Near the Salton Sea — March 22, 2012

EnergySource worked with Hannon Armstrong Capital to form an eight-bank group that provided the plant’s $400 million construction financing. A 30-year power purchase agreement (PPA) for the plant’s entire 49.9-megawatt output was arranged with Arizona municipal utility Salt River Project (SRP).

Read the full article at

Jeffrey Eckel, President & CEO, will be speaking on a panel about Energy Efficiency Financing at the Bloomberg New Energy Finance Summit 2012 in New York.

Read more about the Summit at

EnergySource Announces Grid Synchronization, Outstanding Test Results At First New Geothermal Plant in Salton Sea Area in 20 Years — March 1, 2012

EnergySource LLC (“EnergySource”), an independent renewable energy generation company that develops utility scale geothermal power plants, today announced both the successful electrical grid synchronization of its newly completed Hudson Ranch I geothermal power plant, as well as outstanding well field test results. Hudson Ranch I is generating at its designed 49.9 MW capacity in one of the largest and highest temperature geothermal resources in North America – the Salton Sea field, in Imperial County, California. The plant is completing its start-up testing and initial delivery of power to the grid, with commercial operation expected later this month.

Cadiz Inc. Retains Investment Bank Hannon Armstrong to Lead Water Project Construction Financing — February 28, 2012

Cadiz Inc. is pleased to announce today that Hannon Armstrong Securities, LLC, an investment bank specializing in the financing of essential infrastructure assets in the United States, including next generation water, energy and telecommunication projects, will lead the Company through the construction financing process for the Cadiz Valley Water Conservation, Recovery and Storage Project (the “Water Project”). The Water Project would provide a new, reliable water supply to Southern California residents by capturing and conserving groundwater currently being lost to evaporation from the aquifer system beneath the Company’s 34,000-acre property in California’s Mojave Desert.

Click here to download the full Press Release

Scott Foster will be speaking at GovEnergy 2012: The Gateway to Smart Energy Solutions at America’s Center Convention Complex in St. Louis, Missouri August 19-22, 2012

Visit the Conference Website for more details

Download the GovEnergy 2012 Fact Sheet (PDF)

Scott Foster will be speaking at the Infocast Defense Renewable Energy & Military Microgrids Summit 2012 on May 30 – June 1st at the Key Bridge Marriott in Arlington, VA.

Download the Conference Agenda (PDF)

View Presentation Slides (PDF)

Scott Foster will be speaking at the NDIA E2S2 Conference, New Orleans, La. On May 21-24th at the Ernest N. Morial Convention Center.

Energy Security - 3rd Party Finance & Budgeting Thursday, May 24, 2012 - 8:00 am - Room 272

Panel: 3rd Party Financing and Partnerships
Moderated by Mr. Paul Bollinger, Director, Boeing Energy
• The Honorable Terry Yonkers, Assistant Secretary of the Air Force for Installations, Environment and Logistics
• The Honorable Katherine Hammack, Assistant Secretary of the Army for Installations, Energy and Environment
• Mr. Tom Hicks, Deputy Assistant Secretary of the Navy for Energy
• Mr. Dave Buemi, Suniva
• Mr. Scott Foster, Hannon Armstrong
• Mr. Baird Brown, Drinker Biddle

Visit the Conference Website for more details

View Presentation Slides (PDF)