RASER TECHNOLOGIES – Inks funding deal with Merril Lynch
Raser Technologies, Inc. (NYSE Arca:RZ) is trading off slightly following the Company’s July 21, 2008 announcment that it has signed a commitment letter with Merrill Lynch for the project financing and tax equity funding for its planned 10 megawatt (MW) Lightning Dock geothermal power plant in Hidalgo County, New Mexico. The commitment letter provides for non-recourse debt financing and tax equity capital for Raser’s first commercial geothermal project to be built in New Mexico. The tax equity capital will be provided by Merrill Lynch and/or by additional partners, at the option of Merrill Lynch, that can utilize the many tax benefits provided by the renewable energy project.
The commitment letter provides for up to approximately $43 million of construction and debt financing and up to approximately $27 million of tax equity capital. Under the commitment, approximately $16 million of the tax equity will be used to pay down the construction debt funding at the time the plant is placed-in-service. The actual amount of funding to be provided, however, will be determined by the parties and the negotiation of definitive financing documentation. Generally, the finance structure is expected to distribute a significant portion of the first ten years of Raser’s development fees and equity distributions during the first two years of operations based upon both the successful completion of the project and attainment of on-going operational targets. After the first ten years of operation, Raser is expected to receive 95% of all of the cash flows of the project after operating expenses and debt service. It is the intention of the parties that the power generation facilities will qualify to receive tax credits and other benefits under the provisions of the Internal Revenue Code and any future extension. To read the entire story, click here:
CONSTELLATION ENERGY – declares $.4775 quarterly dividend
Constellation Energy (NYSE: CEG ) is trading off 1.43% following their announcement in the afternoon on Friday July 18, 2008 that its board of directors has declared a quarterly dividend of 47.75 cents per share on the company’s common stock, equivalent to $1.91 per share annually. The dividend is payable Oct. 1, 2008, to shareholders of record at the close of business on Sept. 10, 2008. To read the entire story, click here:
SUNTECH POWER HOLDINGS, LTD. - CEO wins prestigious award
Suntech Power Holdings Co., Ltd. (NYSE: STP – News) is trading up 2.73% following the Company’s July 21, 2008 announcement that the world’s leading manufacturers of photovoltaic (PV) cells and modules’ Chairman and CEO, Dr. Zhengrong Shi, has been named the winner of the Banksia International Award in recognition of his outstanding contributions to environmental protection initiatives and environmental awareness. The award was presented to Dr. Shi at a ceremony in Melbourne, Australia on July 18th.
The Banksia International Award was created by the Banksia Environmental Foundation in 1995 to identify and celebrate extraordinary individuals or organizations that are making a significant contribution to improving the environment on a global scale. The award is the highest accolade Australia confers to an individual for environmental achievement in the global arena. Previous winners of the Banksia International Award include Arnold Schwarzenegger, Governor of California, Lord John Browne, group chief executive BP, oceanographer Dr Sylvia Earle, and Sir David Attenborough. To read the entire article, click here:
AKEENA SOLAR – declared a finalist in international design competition
Akeena Solar (NasdaqCM:AKNS) is trading up 2.02% following the Company’s July 21, 2008 announcement that as one of the United States’ leading designers and installers of solar power systems, its Andalay solar panel is a finalist in the International Design Excellence Awards (IDEA) competition sponsored by Business Week and the Industrial Designers Society of America (IDSA). A committee of 20 world-renowned designers and design thinkers reviewed more than 1,500 entries from 27 countries and honored Akeena for its sleek, high-design Andalay solar panels in the ecodesign category of the competition. This recognition follows two other recent design awards for the Andalay system: the Innovative Home Technology Award from TecHome Builder Magazine and a Cool Product award at the 2008 Pacific Coast Builder’s Conference (PCBC). To read the entire story, click here:
