Farewell to 2013: A year marked by progress and potential -
The past year saw many steps forward for the energy and renewables industries, in part due to refreshed, bipartisan-leaning leadership taking active steps to draft and push legislation that works for both the regulatory and business communities. Former Massachusetts Institute of Technology physics professor Ernest Moniz was appointed Secretary of Energy in the first half of the year, garnering a great amount of support from both sides of the aisle. Moniz’s continued support of research and development and credits for innovation in the renewables sphere is highlighted below. Also highlighted is the Energy Savings and Industrial Competiveness Act, a bipartisan bill that has grown in support this past year in both houses of Congress due to the leadership of Senators Jeanne Shaheen (D-NH) and Rob Portman (R-OH). If enacted, the law would encourage the use of energy-efficient measures across commercial, industrial, and residential sectors nationwide.
In the US capital markets in 2013, a handful of larger energy companies that are already public (for example, First Solar, Tesla, SunEdison, SolarCity and Sun Power) successfully completed follow-on offerings and raised nearly $2.6 billion for growth. For a couple of energy companies with renewables portfolios, 2013 was the year of YieldCO IPOs. These vehicles hold energy generating assets and pay a stream of dividends. NRG Yield went public in July 2013, raising $431 million and Pattern Energy went public in September 2013, raising $352 million.
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