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Amazon invests in X-energy to support advanced SMR nuclear reactors
Gevo secures $1.46 bn commitment from DOE LPO for SAF plant in South Dakota
Vision RNG secures $207mm from HASI to construct two LFG-to-RNG projects
Crusoe, Blue Owl, and Primary Digital Infrastructure enter $3.4 bn JV
Primergy secures additional $350 million for Ash Creek Solar project
BrightNight gets $260mm tax-equity financing from J.P. Morgan and Capital One
GM to contribute $625 million in cash and LOC to new JV with Lithium Americas
REsurety launches clean energy marketplace with Series C led by S2G and Citi
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Amazon has signed agreements to develop nuclear energy projects as part of its plan to transition to carbon-free energy.
This initiative aligns with Amazon's goal to achieve net-zero carbon across its operations by 2040.
Amazon recently matched its global electricity consumption with 100% renewable energy, ahead of its 2030 target.
The new agreements focus on the construction of SMRs that will be developed in partnership with Energy Northwest in Washington, capable of generating up to 960 megawatts of power, enough to supply electricity to over 770,000 homes.
Amazon is investing in X-energy, a developer of next-generation SMR reactors, which will be utilized in the Energy Northwest project.
An agreement with Dominion Energy in Virginia aims to explore the development of an SMR project near the North Anna nuclear station, expected to provide at least 300 megawatts of power.
A prior agreement allows for a data center facility to be co-located near Talen Energy's nuclear facility in Pennsylvania, directly powering data centers with carbon-free energy and aiding in the preservation of the existing reactor.
Amazon’s Climate Pledge Fund leads a $500 million Series C-1 financing round for X-energy with participation from Citadel Founder Ken Griffin, Ares Management Corporation, NGP, and the University of Michigan.
The partnership aims to deploy over 5 gigawatts of power in the United States by 2039, marking it as the largest commercial deployment target for small modular reactors.
Amazon supports a 320-megawatt project with Energy Northwest in central Washington, with plans to expand it to 12 units and 960 megawatts.
The funding will complete X-energy's reactor design and licensing and phase one of its TRISO-X fuel fabrication facility in Oak Ridge, Tennessee.
Amazon and X-energy intend to establish a financing model for future projects alongside infrastructure and utility partners.
X-energy's Xe-100 reactor units are designed to provide 80 megawatts of electricity and are scalable for larger multi-unit configurations.
X-energy’s first Xe-100 plant will be located within Dow Inc.'s UCC Seadrift Operations and is supported by the U.S. Department of Energy.
Gevo, Inc. has received a conditional commitment for a $1.46 billion loan guarantee from the U.S. Department of Energy for its Net-Zero 1 project in South Dakota.
The NZ1 facility will be located in Lake Preston, South Dakota, and will produce sustainable aviation fuel, protein and animal feed products, and corn oil using 100 percent U.S.-sourced feedstocks.
The project design is intended to serve as a model for future net-zero projects, aiming to expedite sustainable aviation fuel commercialization.
A significant condition for proceeding with the project is the fulfillment of various requirements by both the Department of Energy and Gevo before final financing is secured.
Gevo's proprietary technology aims for the lowest carbon abatement cost compared to current sustainable aviation fuel production methods.
Vision RNG has secured $207 million in project financing from HASI to construct two landfill gas-to-renewable natural gas projects in Ohio.
The financing includes a $130 million construction facility and a $77 million investment tax credit bridge loan.
The funds will be used to develop facilities with WIN Waste Innovations for converting landfill gas into renewable natural gas.
The projects are expected to produce over 2 million MMBtus of RNG annually, doubling production within 11 years.
Anticipated emissions reductions are approximately 120,000 tons of CO2 emissions annually.
Vision RNG, founded in 2021, specializes in developing LFG to RNG facilities, supported by Vision Ridge Partners.
Crusoe Energy Systems, Blue Owl Capital, and Primary Digital Infrastructure announced a joint venture valued at $3.4 billion for AI data center development in Abilene, Texas.
The partnership will fund a 206 MW, 998,000 square foot data center designed, built, and operated by Crusoe.
The data center is fully leased to a Fortune 100 hyperscale tenant with occupancy expected in the first half of 2025.
The facility will feature innovative DC designs optimized for AI workloads, supporting up to 100,000 GPUs on a single integrated network.
The energy plan includes on- and off-site renewable resources, aiming to optimize renewable power resources and support Crusoe's sustainability goals.
Primergy Solar has secured $350 million in tax equity financing for the Ash Creek Solar project in Texas.
This funding brings the total capital raised for the project to nearly $1 billion.
Earlier in the year, Primergy announced $588 million in project financing and a long-term power purchase agreement with Microsoft.
The Ash Creek Solar project is currently under construction and is expected to be operational in early 2025.
BrightNight announced the closing of a $260 million tax-equity financing for the 300-megawatt Box Canyon solar project in Arizona.
J.P. Morgan and Capital One will provide the tax-equity financing.
The financing is structured as a partnership flip to monetize production tax credits.
Previously, BrightNight and Cordelio closed the project's construction financing in May 2024 with various banks.
The Box Canyon solar project is the largest renewable energy procurement in the history of the Southwest Public Power Agency.
The project is expected to become operational in the first half of 2025 and is part of a 2-gigawatt Arizona portfolio.
The project is projected to produce over 900,000 MWh of annual energy, powering 77,000 homes and businesses.
Lithium Americas and General Motors have entered into a joint venture to fund, develop, and operate the Thacker Pass project in Nevada.
GM will contribute $625 million in cash and letters of credit, which includes $430 million in direct cash funding and a $195 million letter of credit facility.
This new investment replaces a previous $330 million investment commitment from GM.
The joint venture marks the largest publicly announced investment by a U.S. original equipment manufacturer in a lithium carbonate project.
Lithium Americas will retain a 62% interest in Thacker Pass and will manage the project.
GM will hold a 38% ownership stake and has agreed to an extension of the offtake agreement for up to 100% of production volumes from Phase 1 for 20 years.
The anticipated timeline targets a final investment decision and a notice to proceed by the end of this year following the closing of the joint venture and a $2.3 billion Department of Energy loan.
REsurety has launched a scalable transaction marketplace named CleanTrade aimed at accelerating the clean energy transition.
The marketplace was funded by a $32 million Series C funding round led by S2G Ventures and Citi, with participation from Angeleno Group and existing investors.
The platform facilitates price transparency and supports end-to-end transaction workflows for contracts related to clean energy, including virtual power purchase agreements.
Upon approval by the CFTC, CleanTrade will become the first CFTC-compliant marketplace for clean energy, enhancing market transparency and liquidity.
The new marketplace complements REsurety's existing software platform, CleanSight, which provides insights into clean energy assets and contract performance.
Check out the latest Sunya Stories podcast with JP Morgan’s Rama Variankaval.
Rama Variankaval is Global Head of Corporate Advisory & Sustainable Solutions at J.P. Morgan. This group combines the capabilities of Corporate Finance Advisory, Center for Carbon Transition, Sustainable Solutions, and Infrastructure Finance Advisory.
We talk energy transition, carbon reduction, and the impact of AI on energy.
This episode is audio-only and you can find it on Spotify or Apple Podcasts as well.
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
