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Intel Increases Renewable Energy Credit Purchase to 2.5 Billion Kilowatt Hours

NEWS HIGHLIGHTS
  • Intel increased its renewable energy credit purchase to 2.5 billion kilowatt hours, a 75 percent increase over its 2010 commitment.
  • Intel has completed nine solar electric installations at Intel locations in four U.S. states and Israel, collectively generating approximately 3.8 million kilowatt hours per year of clean solar energy.
  • Intel, whose renewable energy credit purchase will exceed 85 percent of its estimated U.S. electricity use, was again named the largest voluntary purchaser of green power by the EPA.

SANTA CLARA, Calif., Feb. 1, 2011 – Building on years of support for renewable energy generation, Intel Corporation today announced that it will purchase 2.5 billion kilowatt hours of renewable energy credits (RECs) in 2011. This commitment is a 75 percent increase over its 2010 commitment of 1.43 billion kilowatt hours and equates to more than 85 percent of Intel’s estimated purchased electricity needs in the United States for 2011. In addition, Intel has completed nine solar electric installations at Intel locations in Arizona, California, New Mexico, Oregon and Israel, collectively generating more than 3.8 million kilowatt hours per year of clean solar energy.

“Intel’s renewable energy efforts are meant to spur the market and make renewables cheaper and more accessible, in turn helping to reduce the overall carbon emissions from electric generation,” said Brian Krzanich, senior vice president and general manager of Manufacturing and Supply Chain for Intel. “Intel’s REC purchases, support for solar installations and other clean energy investments will continue to be priorities for us as we search for effective sustainability opportunities around the globe.”

Intel first purchased RECs, the “currency” of renewable energy markets, and became the largest purchaser of green power in the United States1 with a 1.3 billion kilowatt hour commitment in 2008. Its 2011 purchase corresponds to the carbon dioxide emissions from the electricity use of nearly 218,000 average American homes or nearly 202 million gallons of gasoline consumed.2 As a result of Intel’s continued commitment to purchase RECs, the Environmental Protection Agency (EPA) again placed Intel at the top of its Green Power Partner List for 2011 as the largest voluntary, single purchaser of green power in the country. Intel was previously honored with the EPA’s Green Power Leadership Award.

In January 2010, Intel first announced its plans to construct eight solar projects across four states. Along with Intel’s first international solar electric project – a 50 kilowatt roof installation in Jerusalem – these projects are now complete and generating clean power for use at Intel facilities. The projects are a variety of types, including a massive 1-megawatt solar field that spans nearly six acres of land on Intel’s Folsom, Calif. campus, four rooftop installations and four solar support structures in Intel parking lots. Each of the U.S. installations, which were completed and are operated by Foster City, Calif.-based SolarCity, currently ranks among the 10 largest solar installations in its respective utility territory. The RECs generated by these installations are typically transferred to the local utility to support their regulatory obligations and programs.

Intel’s reaffirmed commitment to purchasing RECs and facilitating the nine solar electric installations is just the latest in Intel’s energy portfolio, which includes wind, solar, geo-thermal, small hydro-electric and biomass sources. Since 2001, Intel has invested over $45 million and completed approximately 1,500 projects to improve energy efficiency and resource conservation, saving roughly 790 million kilowatt hours of energy — enough to power nearly 69,000 average American homes for a year.3 Other highlights include:

Investments: Intel is dedicated to clean technology innovation and development.
  • As part of Intel’s broader objective to spur market demand for renewable energy, smart grid, home energy management and energy efficiency in enterprise, commercial, industrial and residential applications, Intel Capital, Intel’s global investment arm, has invested more than $150 million in approximately 20 clean technology businesses.

Operations: Intel continues to look for renewable energy and energy efficiency opportunities across its many locations.

Employee Engagement: Intel believes that employee engagement and empowerment are critical to its objective of embedding sustainability more deeply into the business.
  • Since 2008, Intel has linked a portion of every employee’s variable compensation — from front-line employees to the CEO — to the achievement of environmental sustainability metrics in three areas: energy efficiency of products, reductions in carbon footprint and energy use and improvements in environmental leadership reputation metrics.
  • As a key element of the solar installations at Intel’s facilities, awareness kiosks are set up in each site lobby to educate and engage employees in the company’s energy efforts.

Intel’s REC purchase will be handled by Sterling Planet, a national supplier of renewable energy, energy efficiency and low-carbon solutions. All purchases will be certified by the non-profit Center for Resource Solutions’ Green-e® program, which certifies and verifies green power products, and meet the requirements of the EPA Green Power Purchasing Program.

About Intel
Intel (NASDAQ: INTC) is a world leader in computing innovation. The company designs and builds the essential technologies that serve as the foundation for the world’s computing devices. Additional information about Intel is available at newsroom.intel.com and blogs.intel.com.

Intel and the Intel logo are trademarks of Intel Corporation in the United States and other countries.

* Other names and brands may be claimed as the property of others.

1 According to the U.S. EPA

2 Source: EPA Green Power Equivalency Calculator. For more information, visit www.epa.gov/greenpower/pubs/calculator.htm

3 Source: EPA Green Power Equivalency Calculator. For more information, visit www.epa.gov/greenpower/pubs/calculator.htm

Sajid-Wajid give credit to Salman for awards

salman khan 1The composer duo Sajid-Wajid are on cloud nine after winning a series of awards for their music in last year’s blockbuster “Dabangg” and the two give credit to Salman Khan for their success. They bagged best music director awards at Star Screen Awards, Apsara Awards, Zee Cine Awards and Filmfare Awards for the funny cop [...]

Credit Suisse raises Olam target to $4.20; Keeps outperform

Credit Suisse raises Olam (O32.SG) target price to $4.20 from $4.10 and reiterates its Outperform rating after the company said it will acquire 100% in BFI, a U.K.-based cocoa butter and specialty fats supplier, and BSD, a logistics services provider, for combined GBP33.5 million ($63.9 million). 

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Credit Suisse reiterates Genting at Outperform; $2.65 target

Credit Suisse says it likes Genting Singapore (G13.SG) as a high beta and liquid proxy for the Singapore tourism sector. Cites “burgeoning tourist arrivals (projects 16% growth for 2011), positive GDP growth for Singapore and neighbouring Asian economies in 2011-12E and an active stock market.”

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“The Vast Majority Of This Contraction Of Credit Availability To American Industry Has Been By The Larger Banks”

Dennis Santiago – CEO and Managing Director of Institutional Risk Analytics (Chris Whalen’s company) – notes:The really shocking numbers are in the unused line of credit commitments of banks to U.S. business. This is the canary number I like to loo…

Credit Suisse Int selling up to $149m stake in OUE-IFR

Credit Suisse International is selling up to a US$116 million ($149 million) stake in Singapore hotel operator Overseas Union Enterprise (OVES.SI), IFR reported on Tuesday.

The shares are being offered at a range of $3.35-$3.50 each, a 2.2-6.4% discount to its last traded price. Credit Suisse (CSGN.VX) is the sole bookrunner.

 

The offer is being made in connection with a hedge that Credit Suisse International is implementing for a financing it had entered into with Golden Conchord Asia, which owns a 15.9%  stake in OUE, the report added.

 

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Credit Suisse downgrades Ascendas REIT to Neutral

Credit Suisse downgrades Ascendas REIT (A17U.SG) to Neutral from Outperform with 7.0% upside to its $2.33 target. It says the REIT’s 3Q11 DPU of 3.29 cents (+0.6% on-year, flat on-quarter), brings 9M11 DPU to 9.96 cents (down 4.0% on-year), 73% of its FY11 estimate. 

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Credit Suisse raises Keppel, Sembcorp Marine targets

Credit Suisse raises Keppel Corp’s (BN4.SG) target to $13.50 vs $12.10 and Sembcorp Marine (S51.SG) target to $6.20 vs S$5.80 as the brokerage remains Overweight on the offshore & marine sector.

It says market trends indicate that a new rig replacement cycle is possible and that newer generation rigs are increasingly required to enable conversion of more challenging reservoirs. 

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Credit Suisse ups Yangzijiang target to $2.40; tips as cheap

Credit Suisse raises Yangzijiang Shipbuilding (BS6.SG) target to $2.40 from $2.20 on 14X 2011E P/E, in line with the sector and keeps an Outperform call.

“The market is underestimating Yangzijiang’s growth potential…despite rising 63% in 2010, Yangzijiang should continue to outperform the market…as order intake grows strongly in 2011 and margins remain resilient.” 

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Tiger +1.1%; Strong numbers but stock expensive: Credit Suisse

Tiger Airways (J7X.SG) is +1.1% at $1.82, in average volume of 939,000 shares so far, as the airline’s solid December operating data fail to generate much excitement.

The carrier reported it flew 555,000 passengers in December, +22% on-year, +19.6% on-month, at an average load factor of 91%, +1 percentage point on-year.

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Credit Suisse rates Asia container shipping sector Overweight; Likes NOL

Credit Suisse keeps the Asia container shipping sector at Overweight, noting China outbound freight rate and utilisation on major trades rebounded last week after weeks of decline, with cargo volumes starting to recover ahead of the Lunar New Year holiday.

The house also notes leading indicators such as the US ISM and China PMI new export orders for December continued to expand on-month and it views as suggesting decent Asian exports in the next few months, while the latest US and European consumer sentiment and retail data also point toward an improving demand outlook.

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Credit Suisse tips 16% upside for STI in 2011

Credit Suisse says Singapore’s stock market delivered an average performance in 2010, but tips more absolute upside ahead.

The house notes Singapore MSCI +18% in USD terms in 2010, in line with the region’s +17% in USD. The house says the recent improvement in many manufacturing PMIs globally supports its view global growth will pick up in coming months. 

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Ascott Residence Trust started at Neutral by Credit Suisse

Credit Suisse starts Ascott Residence Trust (A68U.SG) at Neutral with a $1.30 target price. Says the hospitality REIT’s earnings have become more stable after its recent acquisition of 26 serviced apartments in Europe, with 47% of its EBITDA now derived from stable income vs 4% previously.

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Credit Suisse ups Singapore 2011 GDP growth forecast to 4.7%

Credit Suisse raises its Singapore 2011 real GDP growth forecast to 4.7% from 4.2%, reflecting a more positive global outlook for 2011.

“The more positive global economic growth outlook (especially for the G3 economies) augurs well for Singapore.”

While strategist Sakthi Siva is Underweight Singapore (mainly due to valuations), she prefers export-oriented markets that will benefit from the recovery in global industrial production over domestic defensives. She says sectors that would benefit from the recovery in global IP include capital goods, transport and commodity names.

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Shui on Land said to meet credit investors starting Dec. 13

Shui On Land plans to meet credit investors in Singapore and Hong Kong starting from Dec. 13, according to a person familiar with the matter.

The real estate company hired Deutsche Bank AG, Standard Chartered Plc and UBS AG to help arrange the meetings, the person said, asking not to be identified as details are private. It may consider a sale of yuan-denominated bonds, whose coupon and principle would be settled in dollars, another person familiar with the matter said on Dec. 7.

 
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Price momentum may be key factor in 2011: Credit Suisse

Credit Suisse says investors will start to believe in an earnings recovery in 2011 if the year turns out to be like 2005, with a recovery of industrial production momentum and return of confidence.

It would also mean “that stocks that have been winners tend to continue to do well and that is captured by the Price Momentum indicator,” says quant strategist Jahanzeb Naseer.

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Credit Suisse tips Singapore 4Q GDP +10.5% on-quarter

Singapore’s 4Q GDP is likely to rebound 10.5% on-quarter, seasonally-adjusted, annualized vs 18.7% contraction in 3Q; 2010 GDP likely +15.2% on-year, above government expectations, Credit Suisse says in a report.

Adds, “government revenues are likely to come in much higher than expected, thanks in part to the surge in betting revenues from the two new casinos, stamp duties from property transactions, and higher goods and services tax revenues from the rebound in retail sales.”

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Credit Suisse raises ARA Asset Management target to $1.74

Credit Suisse lifts ARA Asset Management (D1R.SG) target to $1.74 from $1.18 after increasing FY10-FY12 EPS estimates by 10%-25% to account for higher acquisition fees and a larger asset portfolio. 

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HealthPass Launches Online Information for Health Care Tax Credit

The new guidance includes information clarifying that a broad range of employers meet the eligibility requirements. – HealthPass, a New York City-based nonprofit commercial health insurance
exchange for small to midsize businesses, announced that it has posted on its Website
information on the just-released Internal Revenue Service final guidance on the
small business health care tax credits. The small-business …