SOLAR INVESTMENTS - FROM FUNDINGS TO PARTNERSHIPS & ACQUISITIONS: WEEK 13

This is a weekly newsletter to keep you updated on the latest developments in solar investments, including mergers and acquisitions, joint ventures, public offerings within the solar industry. These are select stories that have been published on our website - TaiyangNews. If you are interested in weekly updates, please subscribe. For all news on solar, check our website https://taiyangnews.info/

FUNDINGS

Austrian funding for Indian company: The Development Bank of Austria (OeEB) has approved €25 million ($27 million) investment for Indian renewable energy company AmpIn Energy Transition. Formerly known as Amp Energy India, AmpIn plans to use the bilateral credit line to support the growth of its existing renewable energy portfolio. It will also use the proceeds to establish its 1 GW solar cell and module production fab in India’s Odisha. In November 2023, AmpIn said it will invest INR 31 billion to expand its renewable energy business, and 1.3 GW integrated solar cell and module fab in Odisha (see India Solar PV News Snippets).?

DKEM plans to raise RMB 264.5 million for conductive silver paste facility: Solar metallization paste manufacturer DKEM has announced its intention to raise RMB 264.5 million ($36.81 million) for the construction of a set of R&D and manufacturing facilities. These include a 2,000-ton per year conductive silver paste manufacturing facility and an R&D and production facility with a capacity of 50 tons per year of low-temperature conductive silver paste for semiconductor packaging. The former will be built with a total investment of RMB 150 million ($20.83 million), primarily aimed at the R&D and production of conductive silver paste for n-type TOPCon and heterojunction (HJT) cells, with a planned project construction period of 24 months. The second project will involve a total investment of RMB 250 million ($34.72 million), with a planned construction period of 36 months.

Australia announces AUD 1 billion for solar program: The Australian solar PV manufacturing industry has got its own version of the US’ Inflation Reduction Act (IRA) and the European Union’s Net Zero Industry Act (NZIA) with the Solar Sunshot program. Launched by Australian Prime Minister Anthony Albanese, the program will offer AUD 1 billion ($651 million) funding as production subsidies and grants. To be implemented by the Australian Renewable Energy Agency (ARENA), the Solar Sunshot program will support the development of innovative manufacturing facilities in the country, across the supply chain—polysilicon, ingots, wafers, cells and module assembly. For complete story, click here.

$900 million for RE: Renewable energy developer Invenergy has closed a $900 million Green Line of Credit (L/C) facility to support Invenergy Renewables Finance North America. It will support the group’s growing pipeline of large-scale renewable and other clean energy generation and storage facilities in the Americas. Natixis Corporate & Investment Banking (CIB) acted as the sole bookrunner, syndication agent, administrative agent and green loan coordinator.

NTPC bags Japan loan: India’s largest state utility NTPC Limited has announced signing foreign currency loan agreements worth JPY 30 billion ($200 million) from the Japan Bank for International Cooperation (JBIC). Both NTPC and its green energy arm NTPC Renewable Energy Limited (NTPC REL or NREL) receive JPY 15 billion each. NREL plans to use part of the proceeds towards capital expenditure for renewable energy projects, while its parent NTPC plans to finance a portion of its capital expenditure for Flue Gas Desulphurization (FGD) systems. The JBIC will provide 60% of the facility amount and balance will be provided by other commercial banks under JBIC guarantee. It aligns with the bank’s Global Action for Reconciling Economic Growth and Environment Preservation (GREEN) initiative. Under this, it aims to support projects that prioritize environmental conservation alongside economic development.?

INVESTMENTS

SPIE invests in MBG energy: French multi-technical service provider SPIE SA has signed an agreement to acquire a majority stake in the German rooftop solar PV EPC company MBG energy GmbH. Once final, the agreement will entail 75% share capital of MBG, whose founders will remain as minority shareholders of the remaining 25%. SPIE says this acquisition strengthens its position in the fast-growing PV roll-out market and gain competencies in a field that’s being strengthened by the EU Solar Standard within the European Performance of Buildings Directive. For MBG, this provides potential commercial synergies within the existing technical facility management of SPIE in Germany.?

CPP Investments Backed Firm Invests In Finnish Solar Market: Pan-European renewable energy company Renewable Power Capital (RPC) has announced plans to co-develop up to 1 GW solar PV capacity in Finland in partnership with local developer Aurinkokarhu Oy. This is the maiden solar investment in the country for RPC that’s backed by the Canadian Pension Plan Investment Board (CPP Investments).?Calling Finland as one of its key markets, RPC is already present in the country with 170 MW operational onshore wind capacity. Another 50 MW battery energy storage system (BESS) is under construction.?For complete story, click here.

PARTNERSHIPS

AGL & SunDrive partner for solar PV manufacturing factory: Following the Australian government’s announcement of the Solar Sunshot program to support the domestic solar manufacturing industry, the state utility AGL Energy has revealed plans to build a solar module manufacturing plant in association with SunDrive.?AGL, which counts the billionaire and renewable energy proponent Mike-Cannon Brookes as its largest shareholder, plans to offer its decommissioned Liddell Coal-Fired Power Station site in New South Wales (NSW) for SunDrive to locate a solar PV manufacturing plant. AGL had previously announced plans to transform its Liddell Power Station and Bayswater Power Station sites into a low carbon integrated energy hub, calling it the Hunter Energy Hub in Muswellbrook, Hunter region.?It has already taken the final investment decision on the 500 MW/2 hour grid-scale Liddell battery for the site. Under the memorandum of understanding (MoU) signed, AGL and SunDrive will carry out a feasibility study to identify key infrastructure and engineering requirements to develop, construct and operate a solar PV manufacturing fab in the Hunter Energy Hub Advanced Manufacturing Precinct.?For complete story, click here.

European Commission joins hands with ETIP PV to guide solar research & innovation funding: The European Commission has formed an official partnership with the European Technology and Innovation Platform for Photovoltaics (ETIP PV) to guide research and innovation (R&I) funding for the sector during 2025-2027, under the Horizon Europe Strategic Plan 2025-2027.?The Co-programmed European Partnership for Solar Photovoltaics is planned to enter into force in early 2025. It will be realized after the commission negotiates with the solar sector the best possible format for the partnership.?Green transition is one of the 3 strategic orientations for R&I investment under Horizon Europe for the target years. Under this, the commission has committed to spending at least 35% of Horizon Europe’s resources on climate action and 10% on biodiversity action. For complete story, click here.

PPA

EPS signs solar PPAs: Serbian utility Elektroprivreda Srbije (EPS) has signed solar energy power purchase agreements (PPA) for a total 16.9 MW of capacity. The duration of the agreement is for 15 years each for B2 Nova Sun’s 9.9 MW solar plant in Nova Crnja and B2 Sunspot with 7.0 MW capacity in Kikinda. Together, these projects are forecast to produce 25,000 MWh annually. Both these projects are winners of auctions conducted by the Ministry of Mining and Energy.?

Solar PPA in Germany: US-headquartered multinational chemicals and refining company LyondellBasell has expanded its renewable energy procurement portfolio in Germany. It has signed a PPA with Germany’s Encavis Asset Management for 208 MW of solar capacity. This is part of Encavis’ 260 MW solar park in Bartow, Mecklenburg-Western Pomerania. Encavis plans to construct phase I of the project in March 2024 and complete it in summer 2025. This 12-year offtake agreement for 210 GWh annually, says LyondellBasell, will help it achieve more than 90% of its total renewable electricity procurement target. It aims to source at least 50% of its electricity from renewable energy sources by 2030, based on electricity consumption in 2020. According to BloombergNEF, LyondellBasell was one among the top private buyers of wind and solar energy in 2023 (see BNEF: US Corporations Led Clean Power Buying In 2023).?

Solar power for French company in Poland: French home improvement and gardening retailer Leroy Merlin has signed a PPA with Denmark-based solar company Better Energy in Poland. Under the 10-year PPA, Better Energy will supply solar power via the national grid from its Chelmno Solar Park that will amount to 14 GWh or approximately 20% of Leroy’s domestic electricity consumption. The project is currently under construction. The PPA will kick into effect in 2025.?

IPO

Laplace’s IPO application approved: Solar production equipment manufacturer Laplace’s application for an initial public offering (IPO) has been approved by the China Securities Regulatory Commission. The company reported revenues of RMB 1.26 billion ($175 million) in 2022 and had an order backlog of RMB 8.732 billion ($1.21 billion) as of April 2023. Its clients include leading PV enterprises such as LONGi, JinkoSolar, and Aiko Solar. According to Laplace’s June 2023 prospectus, it plans to raise RMB 1.8 billion ($250 million), mainly for constructing a solar equipment R&D and production headquarters base, and a semiconductor and solar equipment R&D and manufacturing base.