SOLAR INVESTMENTS - FROM FUNDINGS TO PARTNERSHIPS & ACQUISITIONS: WEEK 43

Avaada raises close to INR 6 billion; 天合光能 to participate in Dual-Carbon Industry Venture Capital Fund; Sungrow to acquire AI vision recognition equipment provider. All these and more in our TaiyangNews - All About Solar Weekly Solar PV Investment Updates.

This is a weekly newsletter to keep you updated on the latest developments in solar investments, including mergers and acquisitions, joint ventures, and public offerings within the solar industry. These are select stories that have been published on our website. Subscribe to weekly updates for the top stories from TaiyangNews. Visit https://taiyangnews.info/ for all the news on solar.

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FUNDINGS

€90 million for Bulgaria park: Actis-backed Rezolv Energy has secured €90 million debt financing for its 225 MW St. George Solar Park in Bulgaria from the International Finance Corporation (IFC) and Raiffeisen Bank International. The project will be built on a brownfield site, the former Silistra airport that is now decommissioned. With close to 400,000 PV panels, it will generate more than 310 GWh annually, out of which 110 GWh/year is contracted to be supplied to the Ardagh Glass Packaging-Europe (AGP-Europe) for 12 years under a virtual power purchase agreement (PPA).? On completion, Rezolv says it will be among the largest solar projects in Bulgaria.?

Avaada raises close to INR 6 billion: Avaada Group’s Avaada Energy has announced raising INR 5.97 billion ($71 million) to refinance its projects in the states of Karnataka and Maharashtra. Approved by NIIF Infrastructure Finance Limited, it will enable Avaada’s commercial and industrial (C&I) solar projects to be refinanced. Avaada says these projects currently supply electricity to various corporates including Bharati Airtel, Motherson, Bharat Forge, STT, Nxtra Data, Lumax, among others. It also facilitates the prepayment of the company’s existing loan facility along with reducing its finance costs while releasing capital for future deployment.???

Hoymiles establishes green venture capital fund: Microinverter supplier Hoymiles has announced that it is leading the establishment of the Hoymiles Youtian Green Development Venture Capital Fund (Limited Partnership). The fund plans to raise a total of RMB 300 million ($42.42 million). Hoymiles intends to participate as a limited partner, investing RMB 120 million ($16.97 million) of its own funds, accounting for 40% of the fund's total capital. The venture capital fund aims to invest around the company's main business to build an ecosystem along the industry chain, focusing on new energy and semiconductors, while also paying attention to strategic emerging industries such as new materials, advanced manufacturing, and high-end equipment manufacturing.

Trinasolar to participate in Dual-Carbon Industry Venture Capital Fund: Solar module manufacturer Trinasolar has announced that its wholly-owned subsidiary, Jiangsu Chengyu Investment Development Co., Ltd. (Chengyu Investment), plans to collaborate with multiple investment funds, including Wuhu Jianxiang No. 1 Venture Capital Fund Partnership (Wuhu Venture Fund), to jointly establish the Jianxin Xingyuan Green Dual-Carbon Industry Venture Capital Fund (Limited Partnership). The dual-carbon industry fund has a scale of RMB 1.6 billion ($225.99 million), with Chengyu Investment as a limited partner contributing RMB 392 million ($55.37 million), holding a 24.50% share of the fund. Wuhu Venture Fund will contribute RMB 792 million ($111.86 million), holding a 49.5% share. The fund's investment focus includes green energy (including but not limited to photovoltaics and energy storage-related industries), green manufacturing, energy-saving and carbon-reducing new materials, zero-carbon and negative-carbon emissions, as well as information technology and digitalization through its participation in specialized industrial investment platforms within the new energy industry chain. Trinasolar recently announced a proposal to postpone the commissioning date of Phase II of its annual 35 GW Czochralski pullers (see China Solar PV News Snippets ).

INVESTMENT

RESOLAR to invest in 140,000-ton PV module recycling facility: Solar module recycling company RESOLAR has signed an investment contract with the People's Government of Luoshan County, Xinyang City, Henan Province for a 140,000-ton retired PV module and production line waste recycling and reuse facility in Shanghai. With a total investment of RMB 180 million ($25.3 million), the facility will include PV recycling, recycled silicon material production, ingot casting and wind power material recycling production lines.

ACQUISITIONS

Sungrow to acquire AI vision recognition equipment provider: Solar PV inverter company Sungrow has announced that its subsidiary, Sungrow New Energy Development Co., Ltd., plans to invest RMB 450.56 million ($63.27 million) to acquire a 10.24% stake in Taiho Intelligent, which is a provider of AI-based vision recognition equipment and solutions. Taiho Intelligent specializes in spectral detection, intelligent algorithms, and industrial robot automation. Sungrow aims to leverage these strengths to improve production efficiency, product yield, and automation. In the first half of 2024, Taiho Intelligent reported revenue of RMB 225 million ($31.59 million), a 2.92% year-on-year (YoY) increase, but saw a 43.69% decline in net profit to RMB 6.56 million ($0.92 million). After the transaction, Sungrow New Energy will become the controlling shareholder of Taiho Intelligent. Sungrow New Energy recently unveiled a new technology platform called ‘Rubik's Cube’ for renewable energy power plants (see China Solar PV News Snippets ).

Origin Energy’s new buy: Australian electricity supplier Origin Energy is acquiring Solar Quotes, which provides comparison services for solar, batteries and electric vehicle (EV) chargers. Led by Finn Peacock for over 15 years, Solar Quotes will become a part of Origin Energy from December 1, 2025 as an independent business unit. Origin plans to connect more households with solar energy; however, it will exit its residential solar and battery installation business. Peacock said that for Solar Quotes to make a bigger impact, it needs to be expanded too, hence the decision to sell to Origin Energy. ? ?

IBM acquires Prescinto: Indian technology group IBM has acquired Prescinto, which provides asset performance management (APM) software-as-a-service (SaaS) for renewable energy. It leverages artificial intelligence (AI) to enable advanced monitoring, analytics, and automation to streamline renewable energy operations and manage clean energy and storage assets. IBM said this acquisition will enhance the capabilities of its IBM Maximo Application Suite (MAS) which is the company’s solution for asset management. The Senior Vice President of Product Management and Growth at IBM Software, Kareem Yusuf said this acquisition will further enable the company to support its clients’ sustainability initiatives and net-zero goals. Users will be able to track and monitor the performance of solar, wind and energy storage assets in near real-time, identify root causes for underperformance, and recommend actions to optimize generation. ??

Autowell plans to raise its stake in subsidiary: Solar automation equipment manufacturer Autowell has announced that it plans to increase its share in its subsidiary, Wuxi Songci Electromechanical Co., Ltd. (Songci Electromechanical). The company intends to use RMB 360.57 million ($50.92 million) of its funds to acquire the 33.21% equity of Songci Electromechanical held by minority shareholders. According to Autowell, Songci Electromechanical's primary business is the design, manufacture, and sales of monocrystalline furnaces (Czochralski pullers). This transaction aims to simplify the management structure of the listed company, reduce potential differences and conflicts among subsidiary shareholders, and facilitate quicker decision-making. When complete, the transaction will increase Autowell's direct shareholding in Songci Electromechanical from 40.63% to 73.84%. Autowell Technology recently announced the signing of a contract to supply CZ pullers and related auxiliary equipment worth RMB 400 million ($56.98 million) (see China Solar PV News Snippets ).

PARTNERSHIP

JinkoSolar and Dahua Technology collaborate on Jinko360: Leading photovoltaic (PV) and energy storage company JinkoSolar has partnered with the Chinese monitoring solution provider Dahua Technology to develop the ‘Jinko360 Smart Transparent Factory Platform,’ which has been implemented in Shanxi Province. The platform has been certified by TüV Rheinland, which Jinko claims makes it the first in the industry to achieve this recognition. The Jinko360 platform integrates diverse data sources, including MES and QMS systems, AI-based quality inspection, real-time equipment monitoring, and live streaming. Using IoT, AI, big data, and VR technologies, the platform enables real-time monitoring of production processes, from raw material intake to finished product storage, for both internal and external quality management personnel under controlled access conditions. On the business side, JinkoSolar has unveiled plans to list its principal operating subsidiary on the Frankfurt Stock Exchange (see JinkoSolar Plans To List On Frankfurt Stock Exchange ).

PPAs

Better Energy signs new PPAs: Denmark’s Better Energy has announced 2 new power purchase agreements (PPA). In Sweden, it has signed a 10-year contract for power supply to polymer products manufacturer Nolato to help it cover a substantial part of its electricity consumption in Sweden. This PPA will help Better Energy establish a new solar park near Studsvik, southwest of Stockholm that will produce 25 GWh of electricity annually. In Finland, circular food packaging supplier with integrated recycling capabilities Faerch has signed its 2nd 10-year PPA with Better Energy. The project is being established near Hanko on a former parking lot. It will cover around 70% of Faerch’s annual electricity consumption. It is expected to be commissioned in 2026.???

Ardagh PPA with BNZ: Ardagh Metal Packaging Europe (AMP-Europe) has signed a VPPA with BNZ in Portugal for 12 years. It will secure 146 GWh/annum of renewable electricity certificates to help it offset close to 50% of the company’s continent energy consumption. ??

RE for German steel: German steel producer GMH Gruppe has entered a power purchase agreement (PPA) with Engie for the supply of renewable energy Guarantees of Origin (GoOs). The green electricity will be sourced from a wind farm that’s no longer receiving subsidies under the German Renewable Energy Sources Act (EEG), and a newly constructed solar farm. GMH wants to be able to operate the inductive single-bar tempering plant (EVA) at Georgsmarienhütte site with 100% renewable energy throughout. By using the EVA, and the switch from natural gas to electricity in the heat treatment of steel, GMH believes it can save more than 10,000 tonnes of carbon dioxide over the next 10 years. It aims to eventually go down to zero for its carbon emissions by 2039.??

124 MW AC contract for Tembo: Engineering company Tembo Global Industries has secured its maiden power purchase agreement (PPA) for 25 years for 124 MW AC solar PV capacity with the State Government of Maharashtra. Tembo recently entered the solar energy space and landed its 1st contract worth INR 5.95 billion ($70.78 million). It plans to execute the contract within the next 18 months. This capacity needs to be installed under the agricultural feeder level solarization scheme Mukhyamantri Saur Krushi Vahini Yojana 2.0, launched to implement component C of the PM-KUSUM Scheme. ?

MoU

Trinasolar to expand manufacturing footprint to Australia: Australian solar technology company SunDrive has announced a memorandum of understanding (MoU) with the world’s leading solar PV manufacturer Trinasolar to produce locally manufactured PV products under a majority Australia-owned joint venture (JV).??SunDrive is a recipient of AUD 11 million in funding from the Australian Renewable Energy Agency (ARENA) to commercialize its copper-based solar cell metallization technology. It currently operates a 1.5 MW/year prototype line and aims to expand it to over 100 MW/year (see Australian Solar Tech Company Bags AUD 11 Million ). ?

IPOs

Meike Solar's IPO fails: According to information from the Shenzhen Stock Exchange, the status of solar ingot and wafer manufacturer Meike Solar’s IPO application has been updated to ‘suspended.’ Meike Solar initially submitted its IPO application in June 2022, which was accepted, and in December of that year, it passed the listing committee meeting. The company submitted its IPO registration documents in November 2023, but no further updates occurred until the status changed to ‘suspended’ on September 30, 2024, indicating a failed listing. Meike Solar had aimed to raise RMB 5 billion (694 million) to support phase 3 of its 20 GW monocrystalline ingot project at its Baotou, Inner Mongolia production base, as well as to supplement working capital. The company currently operates multiple wafer and module production bases in Jiangsu, Inner Mongolia, Yunnan, Sichuan, Zhejiang, and Vientiane, Laos, with a production capacity of 56 GW for large-size high-efficiency silicon wafers and an additional 4 GW of module capacity under construction.

Drinda New Energy refiles for IPO on HKEX: Drinda New Energy, the parent company of Jietai Solar (JTPV), has resubmitted its application for listing on the Hong Kong Stock Exchange (HKEX) Main Board. This is Drinda's second attempt following its initial filing in February 2023, which lapsed in August after 6 months without completion. The updated prospectus outlines the company’s plans to use the IPO proceeds for various purposes, including the construction of an overseas solar cell production facility with an annual capacity of approximately 5 GW, expected to commence commercial production by the end of 2025, as well as for advanced technology research, expansion of international sales networks, and working capital. If approved, Drinda New Energy says it will be the first solar cell manufacturer to achieve a dual ‘A+H’ listing status.