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At least 145 records · Page 8

Benefits Awareness: Educating Industry, Finance, and the Public About Space Commercialization

For space to be truly commercialized, businesses of all sizes and types must be involved, from foundries to agricultural research initiatives. Achieving this goal, however, requires three separate but integrated educational efforts to support it. The first is to educate industry leaders about the possibilities available through such research, while dispelling some of the myths and misinformation educate the financial community about the economic benefits that result both from the research and the leveraging of private research dollars through the use of space and microgravity research. The third is to educate the public about the tangible benefits that come directly to them from such efforts, the economic benefits to national economies from same, and the other less tangible benefits that will cascade from commercial operations. Together, these steps will educate and provide the framework necessary to help advance space commercialization.

Powers, Blake↗

Faster Finances

TRW has applied the Apollo checkout procedures to retail-store and bank-transaction systems, as well as to control systems for electric power transmission grids -- reducing the chance of power blackouts. Automatic checkout equipment for Apollo Spacecraft is one of the most complex computer systems in the world. Used to integrate extensive Apollo checkout procedures from manufacture to launch, it has spawned major advances in computer systems technology. Store and bank credit system has caused significant improvement in speed and accuracy of transactions, credit authorization, and inventory control. A similar computer service called "Validata" is used nationwide by airlines, airline ticket offices, car rental agencies, and hotels.

Source record↗

Leasing as a Source of Finance by the Major US Airlines: Hidden Debt and its Changes Over Time

This paper updates prior research on aircraft leasing and contrasts the findings of current data with prior results. Usage of leases by air carriers is a means to lessen the impact of financial obligations from fleet purchases. The study revisits two previous studies, one in 1969 and one in 1991, which is analyzed the incidence of leases by major air carriers. The current study updates these past studies to consider air carriers current usage of leases. Additionally, since operating leases are not reflected in the balance sheets of airlines, operating lease information was capitalized using a present value of future operating lease payments. Then, financial debt burden ratios were computed to determine the impact from the capitalization of lease information. The usage of operating leases increased, significantly from the first study to the 1991 study, and this trend continues. The incidence of leasing, the classification of leases as operating, and the percentage of operating leases to total fleet have all increased for the majority of the airlines reviewed. When operating lease data were capitalized, debt ratios weakened, providing further evidence of deterioration in the financial health of air carriers.

Gritta, Richard D.↗

Pre-Packaged Commercial PACE Financing Solutions

The objective of this project was to demonstrate a more streamlined method for facilitating commercial property assessed clean energy (PACE) retrofits. The Recipient aimed to prove that energy efficiency performance of simple, pre-packaged technologies (e.g., lighting and heating, ventilation and air conditioning (HVAC)) can be accurately estimated without the need for a detailed energy audit. A successful project would inspire consumer confidence in undertaking cost-effective retrofits.

32 ENERGY CONSERVATION, CONSUMPTION, AND UTILIZATI↗

Kickstart Your Federal Microgrid Resiliency Project: Financing Opportunities and Best Practices

Recent high-impact events such as hurricanes and wildfires have resulted in the loss of utility grid power to federal sites, highlighting the need for energy system resilience. To sustain critical functions, site loads may need to operate during an electric grid outage or at least have power restored quickly after the event. A microgrid can provide reliable backup power to critical loads when electric utility power is interrupted, and may also provide value during normal operations.

DER↗

Commercial Property Assessed Clean Energy (CPACE) for Tax-Exempt and Public Entities (“CivicPACE”)

This report summarizes the work of the CivicPACE team to open the market for property assessed clean energy financing for the nonprofit, tax exempt sector. Property Assessed Clean Energy (PACE) finances property improvements that are paid back through a line item on the property owner’s tax bill. Most states restrict such improvements to renewable energy and energy efficiency, although they may include water conservation and disaster related improvements such as hurricane or earthquake preparedness. When such projects are developed for commercial properties, it is referred to as commercial PACE or CPACE. When CPACE applies to tax exempt or nonprofit organizations, we refer to it as CivicPACE. CivicPACE also represents the name of this program. The purpose of the CivicPACE project was to help nonprofit tax-exempt organizations such as affordable housing, faith-based institutions, and schools gain greater access to financing for solar energy deployment through PACE. As such, the lessons learned and best practices from the CivicPACE team work is intended for state and municipal program designers, PACE administrators, solar installers, and nonprofit organizations. CPACE is experiencing rapid growth. Cumulative CPACE financing grew from 8.2 million in 2010 to 111 million in 2014 to 588 million in 2017. Renewable energy, mostly solar, represents about a quarter of the financing; the nonprofit sector represents about 10% of total financing. The Project Team was formed in early 2015 when solar financing options were limited for nonprofits (NPOs). Traditional bank financing was difficult for nonprofit organizations to secure since they are often viewed as a credit risk. Despite the growth of CPACE, few tax-exempt organizations were using the financing mechanism at the start of 2015. Nonetheless, CPACE financing appeared to have tremendous potential for solar development for tax-exempt organizations such as schools, churches, and multifamily affordable housing, because it addresses many of the traditional nonprofit financing roadblocks, such as credit risk. Given the benefits and the rapid growth of CPACE, the opportunity to expand CPACE financing for solar development on tax-exempt buildings was timely. The Project team was comprised of The Solar Foundation (TSF), Urban Ingenuity (UI), and Clean Energy Solutions, Inc. (CESI). The Solar Foundation was the Principal Investigator and overall team lead. The Solar Foundation is an independent 501(c)(3) nonprofit organization whose mission is to accelerate adoption of the world’s most abundant energy source. PACE financing specialist Urban Ingenuity was the lead for the team for the pilot projects. Clean Energy Solutions (CESI) was the lead on the market analysis, financial modeling, and HUD regulatory issues for PACE financed solar development on affordable housing. The CivicPACE team focused on four key activities to help open the market for CPACE financing of solar development for nonprofit entities: research, pilot projects, technical assistance, and information dissemination.

14 SOLAR ENERGY↗

Better Buildings NW Ohio

When the Toledo Lucas County Port Authority (TLCPA) filed for the Department of Energy EECBG grant in late 2009, it was part of a strategic and Board backed objective to expand the organization’s economic development and financing programs into alternative energy and energy efficiency. This plan was filed with the knowledge and support of the areas key economic development agencies. The City of Toledo was also a key partner with the Mayor designating a committee to develop a Strategic Energy Policy for the City. This would later give rise to a Community Sustainability Strategic Plan for Toledo, Lucas County and the surrounding region with energy efficiency as a key pillar. When the TLCPA signed the grant documents with the DOE in June of 2010, the geographic area was severely distressed economically, in the early stages of a recovery from over a 30% drop in business activity and high unemployment. The TLCPA and its partners began identifying potential project areas well before the filing of the application, continuing to work diligently before the formal award and signing of the grant documents. Strong implementation and actions plans and business and financing models were developed and revised throughout the 3 year grant period with the long term goal of creating a sustainable program. The TLCPA and the City of Toledo demonstrated early leadership by forming the energy improvement district and evaluating buildings under their control including transportation infrastructure and logistics, government services buildings and buildings which housed several for profit and not for profit tenants while completing significant energy efficiency projects that created public awareness and confidence and solid examples of various technologies and energy savings. As was stated in the DOE Award Summary, the undertaking was focused as a commercial program delving into Alternative Energy Utility Districts; what are referred to in Ohio Statute as Energy Special Improvement Districts or ESIDs and what is nationally known as Property Assessed Clean Energy or PACE districts and PACE financing. The project methodology followed the identify, develop, implement, monitor and measure format. These districts began in Toledo and adjoining areas and are expanding to TLCPA’s 28 county financing agency geographic footprint. What began as the Toledo Ohio Advanced Energy Improvement Corporation is now doing business as the Northwest Ohio Advanced Energy Improvement District recognizing it expansion into creating and financing other districts in NW Ohio. The program has been sought out as an advisor by major communities and states in the process of developing similar legislation and programs and has become one of the largest most successful PACE energy improvement and financing districts in the US. The program and the energy district focused on transforming energy use, delivery, conservation and renewable energy as “options of first choice”. The significant energy savings paid for many of the improvements and created a financially viable program well beyond the grant period. The program has become a model within the State of Ohio and Nationally on how to implement and finance projects in broad energy districts including how to evolve and integrate several financing methodologies. It is a unique utilization of revolving loan funds and energy bond pooling with revenue backing primarily from energy improvement special assessments on commercial properties along with some power purchase agreement (PPA) and loan agreement revenue. The program has also incorporated Qualified Energy Conservation Bonds, State of Ohio Energy Loans (SEP), utility rebates, solar and renewable energy certificates, renewable tax incentives and grants, and owner funded equity as additional program leverage and funding. Other keys to this success have been a continual simplification and refinement of the application and documentation process to make funding available easily and quickly to building owners when they are prepared to commit to the project as well as act as a trusted facilitator and advisor to both building owners and other stakeholders. Taking a flexible and pragmatic approach to project evaluation and implementation that matches time and expense to the complexity of the project has been another key learning. To date the program has closed 3 energy bond issues through the TLCPA sponsored and managed NW Ohio Bond Fund totaling $16.54 million (of which $3.34 million were QECB qualified). The program has turned over its $3.0 million revolving loan fund twice as construction financing in advance of bond issuance and currently has issued $1.25 million in revolving term loans. The program has $1.66 million of remaining capacity for QECB qualified bonds. The program can issue an additional $13.46 million in energy bonds continuing to utilize its DOE EECBG loan loss reserves. In addition, the program has available $3.6 million of loan loss reserves from the State of Ohio, as an eligible Port Authority, that can back the issuance of an additional $7.2 to $14.4 million of energy bonds. This does not include additional bond capacity is available from the NW Ohio Bond Fund. The program is the master escrow agent for $18 million of loan loss reserves from the State of Ohio for eligible Port Authorities that can be utilized to assist the formation of energy districts and financing programs in major metropolitan areas and regions around the State of Ohio. Other leveraged funds now total $10 million; placing the total project value completed and financed at over $30 million. In addition that program has generated an active pipeline of projects in various stages that total $25 – $30 million.

32 ENERGY CONSERVATION, CONSUMPTION, AND UTILIZATI↗

Feasibility and strategic implications of deploying nuclear power reactors in Africa

This report assesses the feasibility and strategic implications of deploying nuclear power reactors, including large-scale plants, advanced small modular reactors (SMRs), and microreactors, in African countries. Case studies focus on South Africa, Egypt, Kenya, Ghana, and Nigeria, examining nuclear energy’s role in Africa’s rapidly evolving energy landscape, marked by fast-growing demand, significant electricity access gaps, increasing renewable penetration, and strong policy commitments to industrialization and energy security. Several U.S. reactor technologies and designs are considered based on their development status and readiness for deployment. The analysis finds that nuclear power can provide reliable, clean baseload and flexible generation, as well as high-temperature process heat for desalination, hydrogen production, and industrial applications. However, suitability is highly country-specific, depending on grid size and stability, transmission capacity, cooling water availability, regulatory readiness, and fuel supply chains. Near-term deployment opportunities are strongest for light-water reactors (such as NuScale, BWRX-300, AP300, and SMR-300) that use low-enriched uranium and build on proven technology. More advanced concepts, including gas-cooled, sodium-cooled, molten-salt cooled reactors, and microreactors, will likely be relevant for African deployment in the 2030s or later, contingent on demonstration projects, high-assay low-enriched uranium (HALEU) fuel availability, and mature international licensing frameworks. Economic analysis shows that SMRs are capital-intensive, with projected overnight costs for 300 MWe units in 2025 ranging from approximately 1.4 to 2.6 billion USD per module. The levelized cost of electricity (LCOE) is highly sensitive to the weighted average cost of capital (WACC). Given typically higher financing costs and utility balance-sheet weaknesses in many African countries, bankable project structures will require sovereign guarantees, robust offtake arrangements, and layered financing from export credit agencies, development finance institutions, and vendor nations. Comparisons with recent large nuclear projects in the United Arab Emirates (UAE) and Egypt underscore the central role of state-backed loans, long tenors, and concessional terms. Country case studies illustrate a spectrum of readiness and opportunity. South Africa operates two 920 MWe pressurized light water reactors (totaling 1,840 MWe) at Koeberg and has the most mature regulatory and industrial base, positioning it as a prime candidate for both large reactors and SMRs to replace coal, support desalination, and anchor industrial hubs. Egypt is constructing four VVER-1200 units at El Dabaa with strong state leadership and could later complement this fleet with SMRs for coastal and industrial applications. Kenya and Ghana are advancing through IAEA Milestones with growing institutional capacity and clear interest in SMRs that match their smaller grids and industrialization plans. Nigeria has the largest demand potential but faces acute constraints in grid reliability, project bankability, and regulatory capacity; targeted deployments of large reactors and SMRs near coastal or industrial sites could have high impact if accompanied by major grid upgrades and institutional reforms. The report identifies cross-cutting challenges such as financing, political continuity, public acceptance, nonproliferation and security, waste and back-end management, regulatory capacity, grid adequacy, and long deployment timelines for first-of-a-kind designs, and ANL/NSE-26/3 ii proposes broad directions for resolution. These include stronger multifaceted financing for nuclear, long-term national energy strategies that transcend electoral cycles, proactive stakeholder engagement, strengthened regional and national regulators, and systematic workforce development through centers of excellence and expanded training. The United States should develop partnerships with African countries and offer end-to-end nuclear package similar to those used effectively by competitors: coordinated project development, state-backed financing, long-term fuel services, and durable in-country support through regional offices and sustained workforce/regulatory training. With timely planning, sustained political commitment, and appropriate financing and institutional support, nuclear energy, both large reactors and advanced SMRs, can become a meaningful, though not dominant, pillar of Africa’s future power mix, enhancing energy security, enabling industrial growth, and supporting climate goals.

22 GENERAL STUDIES OF NUCLEAR REACTORS↗

Effectiveness of Loan Guarantees versus Tax Incentives for Space Launch Ventures

Over the course of the past few years, several new and innovative fully or partiailly reusable launch vehicle designs have been initiated with the objective of reducing the cost of space transportation. These new designs are in various stages hardware development for technology and system demonstrators. The larger vehicles include the Lockheed Martin X-33 technology demonstrator for VentureStar and the Space Access launcher. The smaller launcher ventures include Kelly Space and Technology and Rotary Rocket Company. A common denominator between the new large and small commercial launch systems is the ability to obtain project financing and at an affordable cost. Both are having or will have great difficulty in obtaining financing in the capital markets because of the dollar amounts and the risk involved. The large established companies are pursuing multi-billion dollar developments which are a major challenge to finance because of the size and risk of the projects. The smaller start-up companies require less capital for their smaller systems, however, their lack of corporate financial muscle and launch vehicle track record results in a major challenge to obtain financing also because of high risk. On Wall Street, new launch system financing is a question of market, technical, organizational, legal/regulatory and financial risk. The current limit of acceptable financial risk for Space businesses on Wall Street are the telecommunications and broadcast satellite projects, of which many in number are projected for the future. Tbc recent problems with Iridium market and financial performance are casting a long shadow over new satellite project financing, making it increasingly difficult for the new satellite projects to obtain needed financing.

Scottoline, S.↗