SOLAR INVESTMENTS - FROM FUNDINGS TO PARTNERSHIPS & ACQUISITIONS: WEEK 42

天合光能 to expand manufacturing footprint to Australia; Autowell plans to raise its stake in subsidiary; €30 million for Egyptian project;?and other such stories 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.

Also, do not forget to register for our?Reliable PV Module Design 2024 #VirtualConference taking place on October 21 & 22, where we will discuss how to design long-lasting high-quality solar panels in a period of extreme cost pressure, caused by record low prices and fierce competition due to huge over-capacities.?#FreeRegistration here. More details below.

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FUNDINGS

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 ).

Canada tips in CAD 500 million for clean electricity program: The Canadian government has pumped another CAD 500 million ($363 million) into its Smart Renewables and Electrification Pathways Program (SREP) Utility Support Scheme. The program aims to support clean electricity projects of Canadian utilities and system operators. This is the 2nd time Canada has recapitalized the SREP program. It previously announced nearly CAD 2.9 billion for the scheme in Budget 2023, having launched it in 2021 to projects that reduce dependence on fossil fuel generation and create pathways for a stronger electricity grid system. ?For the complete story, click here .?

$137 million for Texas solar project: Sabanci Renewables has secured a $137 million investment from impact investment firm Advantage Capital to finance its 232 MW DC Oriana Solar Project. It is currently under construction in Victoria County, Texas. It is scheduled to enter operations in Spring 2025. Advantage Capital’s investment leverages Investment Tax Credits (ITC) under the Inflation Reduction Act (IRA). It will also provide the remaining capital to Sabanci to complete the project’s construction.?

€30 million for Egyptian project: Norway’s Scatec has signed an agreement with the PtX Development Fund for a grant of €30 million ($33 million). This will provide partial financing for its Egypt Green Hydrogen project, which is estimated to have a total CapEx of €500 million ($548 million). This project has a 20-year green ammonia offtake agreement in place with Fertiglobe. It will be powered by about 270 MW of solar and wind power capacity. The PtX Development Fund is established by the German Federal Ministry for Economic Cooperation and Development and KfW. Managed by KGAL, it aims to support Power-to-X projects in developing and emerging countries. This is the 1st grant approved by the fund.?

$250 million for Lebanon RE sector: Lebanon has secured $250 million from the World Bank to advance renewable energy capacity in the country by restoring electricity grid services. Lebanon’s economic and fiscal challenges have inflicted the operational and financial health of its electricity sector as well. The bank said it aims to support Lebanon in its efforts to improve services and financial viability to ensure a stronger economy. The Lebanese Foundation for Renewable Energy (LFRE) says the country relies on heavy fuel oil plants and diesel generators. It imports 97% of its energy, almost all of which is fossil fuel generated. LFRE has identified large areas on public and private land that it believes can host more than 13 GW of solar, 5 GW of wind and 2 GW of hydro and pumped hydro projects.?According to the International Renewable Energy Agency (IRENA), at the end of 2023, Lebanon’s total operational renewable energy capacity was 1.29 GW, out of which solar PV comprises 1.005 GW.??

Financing for 50 MW solar plant in SA: Irish renewables company Mainstream Renewable Power has secured a financial close on its 50 MW Ilikwa Solar PV Plant in South Africa. Investec, the 30% equity partner on the project with 70% stakeholder Mainstream, has provided pre-construction development finance as well as debt and equity finance for its construction. The project is planned to supply power generated to multiple private commercial and industrial (C&I) customers under flexible, shorter-term power purchase agreements (PPA) in a new-to-market product called Renewable Energy Supply Agreements (RESA). Mainstream says this new product RESA opens up the energy market in South Africa as it paves the way for shorter-term energy contracts of between 5 and 10 years. Mainstream touts 12 GW of the ‘most advanced’ pipeline of projects in the country.???

ACQUISITION

Eltex now SolarMente company: Barcelona, Spain based SolarMente has acquired local solar installer Eltex as part of its strategy to expand its energy solutions portfolio that comprises solar, battery, electric vehicle (EV) chargers, and heat pumps. Founded in 2020, SolarMente works on a subscription model for PV self-consumption. It provides installation, maintenance and insurance services to the users. The company counts Hollywood actor and environmentalist Leonardo DiCaprio as an investor and brand ambassador. ? ?

Terna acquisition cleared: The European Commission has approved Masdar’s proposed acquisition of GEK TERNA’s Greek clean energy platform Terna Energy. The commission found the proposed acquisition as falling within the scope of its Merger Regulation, and compatible with the internal market. Masdar announced plans to acquire Terna for €3.2 billion in June 2024, starting with a 67% stake to be followed by the remaining outstanding shares taking it to 100% (see Masdar To Acquire Terna Energy ).

OMV expands portfolio: Romanian oil and gas producer OMV Petrom has completed the acquisition of 50% of the shares of Electrocentrale Borze?ti from RNV Infrastructure in Romania. The latter owns 1 GW of renewable energy projects comprising 950 MW of wind, and 50 MW of PV capacity. These projects are located in the north-eastern part of the country. While the PV farm is in testing period, the wind projects are expected to gradually start production between 2025 and 2027.??

ContourGlobal acquires US solar projects: A KKR-backed company, IPP ContourGlobal has entered the US renewable energy market with the acquisition of a 151 MW solar portfolio of 2 projects in South Carolina from Sun Tribe Development. Together, these facilities will generate more than 272,000 MWh/year when they go online in 2029. ContourGlobal says it manages over 5.6 GW of installed electricity generation capacity across 18 countries in Europe, Africa, Asia, and South America. ?

PSE buys 142 MW solar plant: Washington state’s largest utility company Puget Sound Energy (PSE) has purchased the 142 MW Appaloosa Solar Project from Qcells in Garfield County, co-located with PSE’s existing Lower Snake River Wind facility. This will become Washington’s largest co-located solar project, according to the duo. Qcells will supply its US-manufactured modules for this project, along with its EPC services.???

EXPANSION

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 ).

INVESTMENT

Recurrent & BlackRock deal closed: Canadian Solar subsidiary Recurrent Energy has announced the financial close of a $500 million investment in the company by BlackRock. The transaction was announced in January 2024 by BlackRock’s Climate Infrastructure business. In June 2024, the 1st payment was announced (see North America Solar PV News Snippets ). With the financial close, now BlackRock owns a 20% stake in Recurrent with Canadian Solar being the majority stakeholder with a 80% stake. Recurrent sees this investment backing its efforts to transition from a pure developer to a developer plus long-term owner and operator in select markets in the US and Europe.?

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 ). For the complete story, click here .

PPA

Petrol signs solar PPA in Slovenia: Slovenian energy company Petrol has signed a 5-year corporate power purchase agreement (PPA) in Slovenia with Axpo of Switzerland. Under the transaction, Axpo will supply electricity to Petrol to support its core activities. The latter will get to plan its long-term energy supply at a fixed average price as it currently supplies close to 3 TW of electricity to its end customers annually. It also has an option to purchase matching Association of Issuing Bodies (AIB) Guarantees of Origin (GoOs) from any AIB country for solar, wind or hydro power. ?

Another solar PPA for Google: Technology behemoth and a leading corporate offtaker for renewable energy globally, Google has signed a 12-year power purchase agreement (PPA) with New York-based energyRe for a 435 MW DC solar project. To be developed, owned and operated by energyRe, the project will supply electricity and Renewable Energy Credits (REC) to Google to power the equivalent of more than 56,000 homes. The deal was facilitated through LevelTen Energy’s Accelerated Process (LEAP), co-developed by Google LevelTen Energy to make clean energy buying and selling more efficient. The deal is aligned with Google’s goal to run on carbon-free energy on every grid where the company operates, 24x7 by 2030.??

IPO

Laplace set to list on STAR Market: Solar production equipment manufacturer Laplace's application for an initial public offering (IPO) and listing on the Science and Technology Innovation Board has been approved by the Shanghai Stock Exchange and has received registration consent from the China Securities Regulatory Commission. This registration consent follows the approval of the IPO earlier in April 2024 (see China Solar PV News Snippets ). Laplace plans to issue 40,532,619 shares to the public with an aim to raise RMB 1.8 billion ($254.54 million). It plans to use the proceeds to construct the Photovoltaic High-End Equipment R&D and Production Headquarters and the Semiconductor and Photovoltaic High-End Equipment R&D and Manufacturing Base. The PV R&D Center and Production Headquarters will be located in Shenzhen City, Guangdong Province, with a planned investment of RMB 770.43 million ($108.95 million) and a construction period of 36 months. The Semiconductor and Photovoltaic High-End Equipment R&D and Manufacturing Base is located in Guangzhou City, Guangdong Province, with a planned investment of RMB 797.86 million ($112.82 million) and a construction period of 24 months.

Shengpu Fluid withdraws from ChiNext Board listing: According to an announcement by the Shenzhen Stock Exchange, solar manufacturing equipment supplier Shengpu Fluid has withdrawn its ChiNext Board IPO application, having passed the review on January 20, 2023. The announcement did not disclose the reason for the withdrawal of the application. As per the prospectus submitted by Shengpu Fluid, established in 2007, the company provides solar equipment including module frame gluing machines, junction box dispensing machines, battery packs, etc. The solar business accounts for over 90% of the company's operating income, with leading global module manufacturers such as LONGi, Trinasolar, and JinkoSolar among its core customers. In 2021 and the first half of 2022, Shengpu Fluid achieved operating revenues of RMB 264 million ($37.29 million) and RMB 124 million ($17.51 million), respectively, and net profits of RMB 54.66 million ($7.72 million) and RMB 23.97 million ($3.39 million).

TAIYANGNEWS VIRTUAL CONFERNECE

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