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Emeren Group reports decline in Q2 net income
Emeren Group (SOL) reported a significant drop in its second quarter net income, falling to $392,000 from $8.35 million the previous year. Earnings per American Depositary Share (ADS) decreased to $0.01, compared to $0.14 in the same period last year. This fell short of analysts’ expectations, who had predicted a profit per share of $0.07, according to Thomson Reuters. The company’s adjusted EBITDA also declined, reaching $4.62 million, down from $9.31 million in the previous…
Indian wind and solar projects see 4 per cent growth in FY24: Fitch Ratings
Fitch Ratings reported that Indian wind and solar project-finance transactions performed better in the financial year ending March 2024 (FY24), even though overall power generation slightly missed the one-year P90 forecasts. Portfolio-level generation grew by 4% due to new asset additions, with solar generation rising by 2%, meeting the one-year P90 estimate. Wind generation increased by 8%, a recovery from the 5% shortfall in FY23, although it still fell slightly short of forecasts. Cash collection…
Saatvik Solar plans Rs 10 billion IPO for expansion
Saatvik Solar is reportedly planning to raise Rs 10 billion through an initial public offering (IPO) to fund its expansion plans. The company, which currently has a module production capacity of 1.8 GW, expects to increase this capacity to 3.8 GW by November 2024. Over the next two years, Saatvik plans to invest Rs 22 billion to further boost its module-making capacity to 7.8 GW and establish a 2 GW cell manufacturing capacity.
Taihan Cable secures contract for Singapore’s 400 kV power grid
Taihan Cable & Solution Company has won a USD 630 million contract from Singapore Powergrid to supply and install a 400 kV ultra-high voltage power grid. The project involves building an underground 400 kV grid, the highest voltage used in Singapore, to meet rising power demands fueled by the growth of AI and data centres. Taihan Cable will take a full turnkey approach, managing all phases from design and production to installation, connection, and testing…
Sunsure Energy to supply 20 million units of clean power annually to Kirloskar
Sunsure Energy has signed a 13.5 MWp solar Open Access Power Purchase Agreement (PPA) with Kirloskar Brothers Ltd (KBL) to supply 20 million (2 crore) units of clean power annually. The solar energy will power KBL’s manufacturing facilities in Kirloskarvadi and Kolhapur, meeting 75% of their energy needs from renewable sources. This transition will help KBL offset 14,200 metric tonnes of CO2 emissions each year. Sunsure Energy, founded in 2014, specializes in renewable energy solutions,…
Italy implements FER 2 Decree to boost innovative renewable energy projects
On August 13, 2024, Italy’s Ministry of the Environment and Energy Security (MASE) implemented the FER 2 Decree, aimed at supporting innovative renewable energy plants with high generation costs and low environmental impact. The decree targets specific types of plants, including biogas and biomass plants with capacities up to 300 KW and 1,000 KW, respectively, as well as thermodynamic solar, offshore floating wind, and floating photovoltaic installations. These plants must meet stringent eligibility criteria, such…