Business Achievement: Growth


SolarCity, the leader in the third-party owned solar PV business, for growing its revenues 57% YOY through Q3 2014 to $183.2 million and achieving several key milestones including: Announcing with New York Governor Andrew Cuomo in September a $5 billion plan to expand in the state and build, in conjunction with SUNY Polytechnic Institute, a solar cell manufacturing plant near Buffalo with annual capacity of 1 GW that will create an estimated 5,000 new jobs; Registering a solar bond issue for up to $200 million annually with the Securities and Exchange Commission (SEC). Available through the company's website in increments of $1,000 for interest rates ranging from 2% to 4%, the bond issue allows SolarCity to broaden the range of investors who back its projects; Winning another round of contracts to develop rooftop PV systems for WalMart, which calls SolarCity its largest solar provider, responsible for more than 200 projects since 2010.

SunEdison for achieving PV market leadership in Latin America and taking strong positions in other developing regions of the world-markets where the bulk of growth in solar PV will occur in the coming decade. GTM Research ranks SunEdison as Latin America's top PV developer, with 155 MW operational and another 163 MW in its development pipeline at the end of 2014. In Brazil, SunEdison formed a joint venture with Renova Energies to build, own, and operate four solar PV power plants, amounting to 1 GW of capacity in the state of Bahia. The plants are expected to be operational by 2017. SunEdison also plans to invest $30 million in a new Brazilian module production facility. Also in 2014, SunEdison, which had $1.87 billion in revenues for the nine months through Q3 2014, entered a partnership with Aboitiz Power Corp. to build and operate up to 300 MW of utility-scale solar PV power plants in the Philippines over three years.

Vestas, the world's largest wind turbine manufacturer, for weathering turbulent times-including revenue declines of 16% in 2013 and 2011-to achieve a position by the end of 2014 where it was hiring new workers and upgrading its revenue projection for the year from €6 billion to between €6.4 and €7 billion. On the strength of very large orders from Enel Green Power North America and EDF Renewable Energy, Vestas announced in December that it will hire hundreds of new workers at two production facilities in Colorado. Earlier in 2014, the firm achieved landmark deals in Southeast Asia and Africa. Vestas will supply 365 of its 850 kW turbines for the Lake Turkana wind farm in Kenya. Called the largest wind power plant in Africa and expected to provide about 20% of Kenya's electrical generating capacity, the project almost did not go forward due to financing problems. Vestas is part of a group of investors that agreed in June 2014 to provide equity to complete the €498 million project. In Vietnam, Vestas reached agreement with Phu Cuong Group to develop a 170 MW wind farm. In the developed world, a great deal of the future growth of wind power will occur offshore, and in 2014 Vestas consolidated its second-place position, with 22% of the offshore market, after Siemens, which had 59%. To compete more effectively, Vestas formed a joint venture with Mitsubishi Heavy Industries in 2014. The JV recently secured a 258 MW contract to supply its 8 MW offshore turbines for a Dong Energy project off the west coast of Great Britain.