Solar

NTPC Green's IPO attracted bids of $1.8 bln, making it the third largest listing in India this year.

NTPC Green Energy (the renewable energy arm of the state-owned NTPC) received bids totaling 154.06 Billion Rupees ($1.83 Billion) for its $1.2 Billion initial public offering on Friday, as investors placed bets on the growing need for clean energy in the country. India is rushing to meet its clean-energy targets. It has increased investments in renewables and expanded capacity. Moody's ratings says it will need to spend $385bn by 2030 to reach its goals after failing to do so in 2022.

NTPC Green’s $1.2 billion IPO is fully subscribed by the final day in India’s bet on renewable energy

Investors bet on India's growing need for clean energy. The $1.2 billion NTPC Green Energy initial public offering was fully subscribed by Friday's closing day of the sale. The 96% subscription rate was achieved by the institutional investors who received approximately three quarters of all 593.2 millions shares. The bids will close at 5 pm IST the same day. As of 12:23 am IST, the portion reserved for retail investors had been oversubscribed 2.81 times after it was fully subscribed during Tuesday's first day of auction.

China has finalised stricter guidelines on solar manufacturing investment

According to an announcement on the ministry's website, China's Industry Ministry finalised on Wednesday investment guidelines for solar photovoltaic manufacturing projects to curb overcapacity. Companies are directed to maintain a capital ratio of at least 30% for solar PV project. This standard was previously only applicable to polysilicon projects, while the minimum capital ratio for all other PV projects remained at 20%. The ministry didn't provide a definition for the ratio.

Albanese: Australia and India will boost their cooperation in renewables and defence

Australia and India will work together to increase investment in renewable energies, such as solar manufacturing, batteries, and mineral processing. This was the announcement made by Prime Minister Anthony Albanese during a G20 meeting on the sidelines. Albanese, the Australian Minister for Defence and Maritime Security, said that Australia and India would also like to increase their defence and maritime cooperation. He made this statement during a Tuesday meeting in Rio de Janeiro with India's PM Narendra Modi.

Sources say that Chinese exporters will increase prices and renegotiate after the tax rebates are cut.

Analysts and traders said that Chinese exporters will increase prices on a variety of products, from used cooking oil to aluminium, and renegotiate their contracts to pass the cost of Beijing’s tax incentives. On Friday, the world's second-largest economy announced that it would reduce its export tax rebate rates for certain refined oil products, solar panels, batteries, and non-metallic minerals from 13% down to 9%. It also said that it would cancel the rebates for products made of aluminium…

Solar power in favelas of Brazil hopes to shine under G20 spotlight

Residents of Morro de Babilonia in Rio de Janeiro, one of the underdeveloped "favela" neighborhoods, rarely discuss geopolitics. But as the city prepares to host the leaders of the Group of 20 on Monday, they hope that a project of the locals' will find its way into the spotlight. Babilonia, a small community in Rio de Janeiro, has slowly expanded its use of solar energy since 2015. Local non-profit Revolusolar installed panels that power the homes of 50 families.

Sources say that a JV of green arms from India's NTPC and ONGC has bid $650 mln for Ayana Renewable.

Two people who were involved in the deal said that a joint venture between India's NTPC Green Energy, and ONGC Green Energy was the highest bidder on Ayana Renewable Power. They bid $650 million. People said that the venture had outbid JSW Energy to secure the renewable energy company backed by the quasi-sovereign fund National Investment and Infrastructure Fund. Ayana Renewable Power is owned by NIIF (British International Investment Fund), Green Growth Equity Fund and British International Investment Fund.

Maxeon Solar wants to review the detention of solar panels assembled in Mexico

Maxeon Solar, a California-based company, said it filed a request on Thursday for reexamination with U.S. Customs & Border Protection regarding the continued detention by the federal agency of its solar panels imported from Mexico. The California-based company cited the Uyghur Forced Labor Prevention Act. The agency didn't immediately respond to an inquiry for comment. Maxeon shares dropped 13.6% during afternoon trading. Maxeon began to detain its modules in July.

SMA Solar, a German company, will cut 1,100 jobs and lower its full-year forecast

SMA Solar Technology, a German supplier of solar power components, announced on Wednesday that it plans to reduce up to 1,100 positions worldwide and lower its forecasts for this year. This comes nearly two months after the company announced a restructuring plan. SMA Solar began a restructuring program for the entire company in September to reduce costs by up to 200 millions euros. The company now expects to lower its group revenue between 1.45 billion and 1.5 billion euro for the entire year.

Germany mandates open market sales of new wind and solar plants

The German cabinet approved Wednesday plans that will require the majority of operators of new solar and wind power plants to independently sell their electricity on the open markets. This is to improve the integration renewables in the country's system. According to a new energy policy, even small facilities of 25 kilowatts must self-market instead of selling their power to the grid with guaranteed prices. Germany wants to reach 80% of its current electricity demand through renewable sources by 2030.

Enphase Energy will lay off up to 17% of its workforce and take charges up to $20 million

Enphase Energy announced on Friday that it will reduce its global workforce of about 17%. This will affect about 500 employees and subcontractors. The solar inverter manufacturer is reducing operations due to a slowdown in residential solar demand. The company will concentrate contract manufacturing at four locations: two in the US and one each in India and China. It added that the company would cease its contract manufacturing in Guadalajara.

Commodities fall amid increased risks of Trump's second-term: Russell

Commodities have reacted to Donald Trump's election to a second U.S. term with fear, and most are losing ground due to fears that a new trade war will hit the global economy. The negative reaction contrasted sharply with the record-breaking performance of U.S. stocks, which rose to new highs amid optimism about Trump's tax cut agenda, at least for the United States. The contrasting reaction to Trump's win over Democrat nominee, and now departing U.S.

Trump's Victory Lifts Small-Caps, Banks

Donald Trump's second term as U.S. President on Wednesday lifted equity markets, on the back of bets on lower corporate taxes, favorable tariffs, and deregulation. This lifted shares of local small-cap companies, banks, and Trump Media.Elon Musk, the CEO of Tesla Motors, was appointed to head a government efficiency panel after Trump endorsed the billionaire during his election campaign. This led to an increase of 12.6% in Tesla's shares.Futures linked to the Russell 2000 small-cap index surged by 6%.

India's Apollo Green Energy plans a solar module plant and targets an IPO in 2025.

The chief executive of India's Apollo Green Energy said that the company, which is an engineering and construction company, intends to build a 500 Megawatt (MW), solar module plant within two to three years, and to tap into domestic public markets by 2025 for new projects. Sanjay Gupta, the CEO of the company that focuses on renewable energy projects, said the company has an order list of 35 billion rupees (416 million dollars) and wants to triple its size to 100 billion by the end this year.

Chinese solar firms are ever-nimble and go to places where US tariffs do not reach

The U.S. tariffs on Vietnam and three other Southeast Asian nations have prompted some of the largest Chinese-owned factories to cut production and lay off workers. In the meantime, a number of Chinese-owned solar power plants are being built in Indonesia and Laos. These are outside of Washington's protections on trade. Reports show that their planned capacity would be enough to provide about half of the solar panels installed in the U.S. Chinese solar firms have shrunk their output in existing hubs, while building new factories elsewhere.

Meyer Burger talks to bondholders about injecting new capital

Meyer Burger, a Swiss solar panel manufacturer, said that it had entered into advanced negotiations on Thursday with a group holders of its convertible bond maturing in the years 2027 and 2029. The aim is to inject new capital into their business and restructure liabilities under some convertible bonds. The company said that it expects to achieve annual sales between CHF 350 and CHF 400 millions and EBITDA of approximately CHF 70millions by 2026.

Repsol targets renewables deals, seeks 'solution' for North Sea business

Josu Imaz, the chief executive of the Spanish oil company Repsol, said that the company is currently working on new deals for its renewable operations both in Spain and in the United States. It also wants to find a solution to its exploration and production business in the North Sea. Repsol has a strategy that focuses on selling minorities in renewable projects, to fund the expansion of green energy capacity and biofuels. It also focuses its upstream activities on key markets such as the U.S.

TotalEnergies' third-quarter revenue drops as refining profits collapse

TotalEnergies, the French oil giant, reported a third-quarter net profit at $4.1 billion, a three-year-low. The company was hit by a collapse in refining margins as well as upstream outages. The adjusted net income fell 37% compared to a year ago and 12.7% compared to the $4.7 billion of the previous quarter. Analysts had expected $4.2 billion. The adjusted earnings before interest tax, depreciation, and amortization (EBITDA), which is the total of all these items, fell by 23.6% to $10 billion.

Australia should be leading the energy transition. But is it missing out? Russell

Australia's abundance of minerals and renewable energy, stability of government, and proximity to Asia's growing markets makes it a country that is well-positioned to benefit from the energy transition. The mood was a bit downbeat this week at the International Mining and Resources Conference in Sydney, which brought together the entire mining and resource sector. Speaker after speaker highlighted the opportunities available, but there was…

Australia should be leading the energy transition. But is it missing out? Russell

Spanish renewables warns against threats to investment

Renewables lobby APPA warned that the mismatch between an increasing supply of renewable energy and electricity demand, which is struggling to grow in tandem with low wholesale power prices threatens future investment in the sector. He said that, in terms of pricing, "By 2024 we expect to have about 10% of our hours at zero, or even negative, power prices." April was the lowest month of the entire historical series. The warning comes as…

Singapore is ready to grant licenses of 30 years for the importation of low-carbon energy

Singapore will grant import licenses for 30 years to companies that invest billions in low-carbon energy projects. The head of Singapore's energy regulator announced this on Wednesday. This is a measure to help the firms recover their initial investment. The city-state has set a goal to import 6 gigawatts of low-carbon energy by 2035. It has given conditional approvals to 10 projects in Australia. At the Singapore International Energy Week…

Enphase's forecast for fourth-quarter revenue is below expectations due to muted demand

Enphase Energy, a maker of solar inverters, forecast revenue for the fourth quarter below Wall Street's expectations on Tuesday. This was due to weak demand across some markets. Shares fell 9% following the bell. The demand for residential solar in Europe has declined due to lower electricity prices, and increased competition on key markets like the Netherlands and Germany. According to LSEG data, the solar energy company expects its fourth-quarter revenues to range between $360 and $400 million.

US offers tax incentives to solar manufacturers that use semiconductors

The Biden Administration announced on Tuesday that it would extend an incentive to manufacturers of thin silicon wafers used in solar panels, which are mostly produced in China. This is part of the administration's climate change and job agenda to create a domestic supply chain for solar energy. Thanks to the new subsidies for clean-energy manufacturing, manufacturers have announced dozens solar panel manufacturing facilities by 2022. However…

Cambodia increases power import capacity in order to improve flexibility

Cambodia's energy minister said that the country plans to increase its capacity to import cleaner power from Laos and Vietnam, as well as Thailand, by more than 600 Megawatts. This is a 50% increase over current agreements. Keo Rottanak noted that the move could boost interconnections in Southeast Asia and provide more options for diversifying power supply in the face of rising hydropower volatility due to weather-related interruptions.

Singapore approves the import of solar power from Australia via an undersea cable

SunCable, the project's owner, announced on Tuesday that Singapore's energy regulator has given conditional approval to a multi-billion-dollar project to pipe solar electricity 2,672 miles (2,300 km) from Australia to Singapore. The Energy Market Authority of Singapore granted conditional approval to SunCable after a thorough process to determine the project's technical and commercial viability. SunCable, owned by Atlassian billionaire Mike CannonBrookes and based in Northern Australia…

Cambodian solar firms not cooperating in US tariff probe

Documents filed with the Department of Commerce indicate that two Cambodian solar companies have decided to stop cooperating with an investigation by the U.S. Commerce Department into accusations they were flooding the market with panels at prices below their cost of manufacture. Solar Long and Hounen Solar stated in separate letters, dated October 15, that they could no longer devote resources to the antidumping investigation. Craig Lewis, the attorney for Hogan Lovells who represents them, has no more comment.

Cambodia will increase its power import capacity to over 50% within the next two years

Keo Rottanak, the energy minister of Cambodia, said that it plans to import more than 600 megawatts (MW), or clean power, from Laos and Thailand. This will increase its contracted import capacity over 50%. In 2026, the Southeast Asian nation will import solar and hydro power from Laos. Rottanak stated that the country is nearing approval for a deal to nearly double its 300 MW agreement with Vietnam, and it could import 100 MW more from Thailand. We just signed last Thursday more than 300 Megawatts of combined hydro-solar with Laos.

British Business Oct 18,

These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. The Times: British online retailer N Brown Group has agreed to a takeover of 191 million pounds ($248.72 millions) led by its majority owner Joshua Alliance. British Prime Minister Keir starmer has criticised senior members of his Cabinet for urging him to reverse planned cuts in Finance Minister Rachel Reeves’s first budget.

Yellen: High US tariff wall a 'deeply misguided policy' that would increase prices

Janet Yellen, U.S. Treasury secretary will announce on Thursday that Donald Trump's proposal to wall off the U.S. Economy would be "deeply ill-informed", raising prices for American customers and making U.S. businesses less competitive. In excerpts from remarks that Yellen will deliver on Thursday afternoon at the Council on Foreign Relations, New York, Yellen said the U.S. can't afford to go back to previous unilateral actions in order to advance their own economic and national-security interests.

China's rapid electricification is hurting oil producers, says Russell

O Ver-estimating China's desire for crude oil has played a role in the oil markets, particularly by OPEC. This theme is likely to continue into future years. China is the leader in the transition to electric cars, having already reached 50% of new sales. The rest of the globe is expected to reach this level by 2030. According to this forecast (which is what the IEA calls the Stated Policies Scenario, or STEPS), the growth of EVs will displace around 6,000,000 barrels of crude oil per day.

US Closes $861 Million Loan Guarantee for Solar, Energy Storage in Puerto Rico

The U.S. Energy Department announced on Tuesday that it had closed a $861 million loan to finance the construction in Puerto Rico of two photovoltaic solar farms and two batteries storage systems. Puerto Rico, an American territory, was hit by hurricanes over the past few years. People in remote mountain communities were left without electricity for almost a year following Hurricane Maria in 2017. Studies estimate that between 3,000 and 4,600 deaths occurred after Maria knocked the power out.

The new Climate Plan of Greece sets higher renewable energy targets

A revised energy and climate policy presented on Friday sets more ambitious goals for the expansion of solar and wind power in order to reduce greenhouse gas emissions by 2030. Athens will target an 82% share for renewables in the electricity generation in 2030, compared to a 66% goal in its previous plan for 2019. The plan is to be submitted for approval to the European Commission. The national energy and climate plans of EU member states…

Maguire: Slow rollout of charge points could stall US EV sales momentum

The United States has seen a 140% increase in electric vehicle sales since 2023. However, further growth could be hindered if public charging stations are not rolled out more evenly and at a slower pace. According to the Alternative Fuels Data Center, U.S. electric vehicle registrations will reach just over 3.5 millions by September 2024. This is up from 1.4m registrations in 2023 and represents the steepest growth rate ever in EV adoption in the country.

Maguire: Slow rollout of charge points could stall US EV sales momentum

Hyundai will launch a $3 billion India IPO next Monday at 1,865-1.960 rupees per shares, according to sources

Sources said that Hyundai Motor India will begin accepting subscriptions next week. The price per share will be in the range 1,865-1,960 rupees (22-23 dollars), they added. This would value the automaker up to $19 Billion in this country's largest stock offering of the year. Hyundai will list on the Indian stock exchange for the first time outside of South Korea. It will be the first time in India in 20 years that a car manufacturer has gone public since Maruti Suzuki went public in 2003.

Hyundai India IPO will open next week between 1,865-1.960 rupees.

Sources said that Hyundai Motor India will begin accepting subscriptions next week. The price per share will be in the range 1,865-1,960 rupees (22-23 dollars), they added. This would value the automaker up to $19 Billion in this country's largest stock offering of the year. Three sources who have direct knowledge of the IPO said that it will be open to institutional investors and retail during October 15-17. Sources said that at the top of the price range, the company would be worth roughly $19 billion.

Think tank: China could reduce CO2 emissions by a third with new UN targets by 2035

A Thursday report by an environmental think-tank suggested that China's carbon dioxide emissions, which contribute to climate change and are a major contributor to global warming, could drop by a third in 2035 if the country makes more ambitious commitments at the United Nations. In order to meet their Paris obligations, countries must submit new and stronger "nationally defined contributions" (NDCs), to the U.N. before February in order to set goals for 2035.

New Industry Minister: Japan will keep nuclear but boost renewables as part of its energy mix

Japan will continue to restart nuclear power plants safely and use as much renewable electricity as possible, said Industry Minister Yojimuto on Wednesday. This indicates that the policy of newly appointed Prime Minister ShigeruIshiba is not likely to change significantly. Ishiba had promised to eliminate nuclear power before he was elected leader of the Liberal Democratic Party. He was sworn into office on Tuesday. He was the sole candidate who opposed nuclear power in Japan.

Research group: China has invested over $100 billion in cleantech overseas since 2023.

According to the Australian Climate Energy Finance group, Chinese companies have invested more than $100 billion in clean energy projects since 2023. They do this in order to avoid tariffs on imports from the U.S. CEF's research revealed that China was the largest producer and exporter in the world of solar panels, lithium-ion batteries, and electric vehicles. Its investment, innovation, and manufacturing capabilities led the world by "an astonishing margin", the report said.

The US has imposed preliminary new tariffs on solar imports from Southeast Asia

The U.S. Commerce Department announced on Tuesday anti-subsidy, countervailing duty on solar cells imported from Vietnam, Cambodia and Malaysia. A preliminary decision published on Commerce's site shows that the agency has calculated tariff rates ranging from 0.14% to 3,293.61% depending on the company for solar cells from four Southeast Asian countries. Next year, a final decision will be taken. This announcement is the second of two preliminary…

Solex Energy, an Indian company, plans to invest $1 billion by 2030 in order to expand its manufacturing

Solex Energy, a solar module manufacturer in India, announced on Monday its intention to invest $1 billion to expand their existing capacity and enter the solar cell manufacturing business by 2030. Vipul Shah, director of Solex, stated that the company has been in discussions with multiple investors, including international green funds and private equity firms, to raise as much as 12-15 billion rupees (140-180 millions dollars) via debt and equity.

US unveils first of two decisions regarding solar tariffs

The U.S. Trade officials may this week impose new tariffs against solar panels imported from four Southeast Asian countries. American manufacturers claim that these nations provide unfair subsidies, which make U.S. goods uncompetitive. The Commerce Department is expected to announce its first preliminary decision in this year on a trade case filed by Hanwha Qcells in Korea, Arizona's First Solar, and several smaller companies that are seeking to protect their billions in investments made in U.S. manufacturing of solar panels.

Zelestra, a Spanish company, opens a $200 million solar park for Colombia

As part of their expansion into Latin America, the Spanish renewable energy company Zelestra opened on Friday its first solar farm in Colombia. The park is worth $200 million, and it will generate 144 Megawatts of power. The solar park can be found near Monteria, the capital of Colombia’s Cordoba Province. The Colombian government is working to reduce the dependence of the country on fossil fuels and coal, and to move it towards renewable energy. In a press release, Jose Luis Garcia said, "This is an important milestone for Zelestra.

Russia aims to counter West’s climate agenda by using gas and nuclear power

Pavel Sorokin, deputy energy minister of Russia, said that the country will set its own climate goals and make proposals to combat global warming in an effort to counter the agenda promoted by Western countries. His remarks could be a preview of potential clashes during the COP29 U.N. Climate Summit, due to take place November in Azerbaijan. The Ukraine conflict has strained relations between Russia and the west, and they differ on many issues including climate.

UAE's Masdar eyes Iberian renewables champion after recent deals

Masdar, the renewable energy company of the United Arab Emirates, will continue to grow its presence on the Iberian Market after signing two deals there in recent months. Masdar has signed its second major renewables deal with Spain in the last two months. It bought Saeta Yield, a Canadian company owned by Brookfield, for $1.4 billion. In July, the company agreed to purchase a small minority stake in an Italian Enel unit called Endesa that controls a 2 gigawatt solar portfolio. We're on the right track to creating our own champion.

Exagen, a British firm that specializes in solar energy and battery storage, has been acquired by Octopus

Octopus Energy Generation acquired Exagen Group, a developer of solar and battery storage systems. This acquisition will allow the company to increase its renewable energy pipeline. Exagen is a developer of utility-scale renewable and energy storage projects. It announced on Tuesday that it had a generation capacity in England of over 2.4 gigawatts. Octopus acquired a 24% initial stake in Exagen in August 2022. The financial details of the transaction were not revealed.

IRENA report: Record growth in renewables fuels cost-competitiveness

A report released by the International Renewable Energy Agency on Tuesday showed that solar, wind, and other renewable sources were cheaper than fossil fuels. This shows the competitiveness of these sources. To reduce greenhouse gas emissions, and to meet climate change goals, countries are trying to reduce their reliance on fossil energy sources such as coal and natural gas. The U.N. Climate Meeting last year set the goal to triple renewable energy capacity globally by 2030.

Masdar, a UAE-based company, buys Brookfield Saeta in a $1.4 billion deal

The United Arab Emirates renewable energy company Masdar announced on Tuesday that it had reached an agreement with Canada's Brookfields to purchase green energy firm Saeta Yield in a $1.4 billion deal. Masdar will acquire 745 megawatts in Spain and Portugal (mostly wind assets) and 1.6 gigawatts in projects in development. This is one of the biggest deals of this kind in the Iberian Region. It is Masdar’s second major green energy deal to be signed in Spain in the last few months, which is one of Europe’s biggest wind and solar markets.

Sonnedix expands solar capacity in Italy and looks at battery storage projects

The CEO of renewable developer Sonnedix said that the company is looking to expand its solar power in Italy through a series acquisitions. He also stated that the company was exploring opportunities for battery storage projects. The JP Morgan-backed company, which entered Italy as early as 2010, announced Thursday that it had acquired an 80 Megawatt (MW), solar plant in Sicily, from the local renewable construction firm Blunova. Blunova is a privately owned unit of Carlo Maresca Group.

Biden Administration spending climate cash quickly as Trump threatens cancel it

If Donald Trump wins the Nov. 5 presidential election, he has promised to cancel all funds that have not been spent from President Joe Biden’s climate law. Biden administration officials say that the majority of the grants will have been spent by January when a new President takes office. Targeting what is left would be a huge legal challenge. Biden Administration officials say that the administration has so far awarded $90 billion to climate, clean-energy, and other projects under the 2022 inflation reduction act.

Russell: China's coal consumption and output is increasing, while renewable energy surges.

China's thermal energy generation grew in August, the first time it has done so in four months. However, it is still behind the overall increase in electricity production as renewables continue to grow. According to data released by the government on September 14, electricity from thermal sources increased 3.7% from August of last year to 614,9 billion kilowatt hours (kWh). Thermal power is almost exclusively coal-fired in China, with natural gas making up a very small percentage.

Meyer Burger's CFO and CEO have left the company

Meyer Burger announced on Wednesday that its CEO and CFO will be leaving the company. This is part of a restructuring program which will see the company lose nearly 20% of their global workforce. Meyer Burger announced that Gunter Erfurt, the company's CEO, will step down and be replaced by Franz Richter, its chairman. The company also announced that CFO Markus Nikles will be leaving. The company announced that it would reduce its workforce by 850 employees at the end of 2025. The majority of jobs in Europe are going to be lost.

Russell: China's coal consumption and output is increasing, while renewables are on the rise.

Hindalco, a subsidiary of India's Hindalco, plans to manufacture solar modules.

Hindalco Industries, a company based in India, plans to manufacture solar modules and establish a factory in Gujarat's western state. Two people with knowledge of the matter confirmed this on Tuesday. One of the sources stated that the company, which is owned by the cement to fashion retail conglomerate Aditya Birla Group, is evaluating its five-year plan for the competitive sector. The second person stated that Hindalco had identified land in the port town Mundra, Gujarat.

India receives $386 billion to expand renewable energy by 2030

Pralhad Joshi, the minister for renewable energy, said that India has received 386 billion dollars in commitments from financial institutions and banks to expand its renewables capability by 2030. Joshi, during the annual Renewable Energy Investors Meet and Expo held in Gujarat State, said: "We have received overwhelming commitments from States and Union Territories and from developers and manufacturers to support our goal 500 GW by 2020".

Adani Power wins 25-year power supply contract with Maharashtra after winning joint bid

Adani Power, Adani Green Energy and Adani Energy won a bid for a combined supply of 6,600 MW renewable and thermal energy to Maharashtra State over a 25-year period. Adani Green Energy’s wind-solar power plant in Jaisalmer, Rajasthan, has been supplying green energy to Mumbai, Maharashtra's capital, since March 2023. Adani Green Energy, Adani Power and Adani Power will be able to increase their presence in Maharashtra with the new contract. Adani Green Energy and Adani Power have won the tender.

China's thermal energy output grows in August

The statistics bureau reported on Saturday that China's thermal energy generation rose in August compared to a year ago, as the growth of hydropower output moderated. This reversed a trend of decreasing thermal power production for three months. The National Bureau of Statistics reported that China's thermal energy generation rose by 3.7% last month compared to the same period a year earlier, reaching 614.9 billion Kilowatt-hours. This was slightly less than the 5.8% increase in total power generation, which reached 907.4 billion kWh.

Scatec secures power sale deal for Egypt's hybrid solar and battery project

Scatec, a Norwegian renewable energy developer, announced on Thursday that it had signed a power purchase agreement with Egyptian Electricity Transmission Company for 25 years. The project is Egypt's first hybrid power system combining solar and battery storage. Scatec announced that it had signed a 25-year PPA in U.S. dollars with EETC to build a solar power plant of 1 gigawatt and a battery storage system (BESS) of 100 megawatts. The company has not disclosed the value of the contract.

Chile's quest for algae power is fueled by electric seaweed

In the laboratories of the University of Santiago, scientists are trying to convert algae into a reliable power source. The field they work in is biophotovoltaics. This uses photosynthetic organisms such as seaweed to turn light into electricity. Scientists spread seaweed on electrodes of biophotovoltaic solar panels. The project leader Federico Tasca said that algae use light to oxidize the water and release electrons in the process. These can be used in electric circuits.

Yellen warns that the end of US clean energy tax credit would increase consumer costs

U.S. Treasury secretary Janet Yellen will warn on Thursday that any attempt to rollback the Biden administration’s clean energy tax credit would increase costs for families and threaten new investments in U.S. Manufacturing that are creating jobs. In excerpts from remarks that she will deliver on a visit to Raleigh, North Carolina Yellen said that across the nation, families have claimed 8,4 billion dollars in energy tax credit that would lower their long-term energy bills.

Poland's 2030 climate plan includes 56% renewable energy

The climate minister announced on Thursday that Poland aims to have 56% of its electricity come from renewable sources by 2030. She was presenting the draft national energy and climate plans, which Warsaw must submit to the European Commission. The target is lower than the pre-election promise of the largest party in government, that Poland would have upto 70% of green energy in the mix by 2030 but higher than the 50% Poland declared back in February.

Financial Times - Sept 4

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. After warning of a new "era of austerity", the Scottish finance secretary announced a 500 million pound ($655.40) cut in spending to relieve "enormous" pressure on the budgets of the devolved authorities. TotalEnergies, the French oil and gas company, has signed a deal with the green energy division of Indian billionaire Gautam Adani's conglomerate to invest $444m in a portfolio of joint solar power projects.

Norway's power grid operator reduces its demand forecast and deficit projection

Statnett, the Norwegian transmission system operator, said that the growth of Norway's electric demand in the next few years will be slower than originally projected because the electrification rate is lower than expected. The TSO stated that the Nordic countries will no longer face a deficit in power as a whole during this decade. However, some regions may face a shortage which must be met by imports. Statnett's most recent short-term analysis predicts that the Norwegian electricity demand will rise from 139 TWh to 160 TWh in 2029.

China Solar Group and regulator propose reforms in tendering to increase prices

The Chinese industry ministry and the solar sector association are proposing changes to power plant tendering in order to combat falling equipment prices which has led to manufacturers making losses. China's solar panels producers are calling for government intervention to boost prices that have been kept low due to overcapacity, even though China's trading partner have complained about overproduction's effects on their domestic industries.

QatarEnergy doubles annual urea production

QatarEnergy, a state-owned company, will increase its urea production to over 12,4 million tons per year from the current 6 million tons, according to its CEO, who spoke at a Sunday press conference without mentioning a specific timeframe. Saad al-Kaabi, who is also Qatar's Minister of State for Energy Affairs, stated that the construction of four urea production lines, an important ingredient in fertilisers would increase output by 106%. He stated that the first line of production would start before 2030.

Maxeon will try to stop SunPower's asset sale

Maxeon, a solar panel manufacturer, said it would object to the sale of SunPower assets by a bankruptcy court because it claims to own the rights to use SunPower's brand outside the United States. SunPower, the pioneer of residential solar energy, filed for Chapter 11 bankruptcy this month. It is now looking to sell a number of its assets for $45,000,000 to Complete Solaria, a rival. This sale could be stopped if a court determines that SunPower has no right to sell its assets. Maxeon spun off from SunPower 2020.

US mineral projects close down government loans in fear of Trump

U.S. battery and miner recyclers have been rushing to close billions-dollar government loans before January, out of fear that the former president Donald Trump, if elected, would block funding necessary to boost American production of vital minerals for energy transition. The falling prices of lithium, nickel, and other minerals this year, along with lower than expected EV sales have scared private financiers. This has put the conservative mining industry into an unusual position…

China increases coal mining to provide winter power: Kemp

China's coal production has reached record levels, and its imports have also risen. However, the surge in power generated by solar farms and hydro dams has reduced thermal generation. The reliability of electricity is dependent on coal-fired power generation, especially during the winter when solar and hydro output are lower and the system relies more heavily on fossil fuel. Even though wind and solar power have been deployed in record numbers…

China increases coal mining to provide winter power: Kemp

China's coal production has reached record levels, and its imports have also risen. However, the surge in power generated by solar farms and hydro dams has reduced thermal generation. The reliability of electricity is dependent on coal-fired power generation, especially during the winter when solar and hydro output are lower and the system relies more heavily on fossil fuels. Even though wind and solar power have been deployed in record numbers…

Indian solar panels are under scrutiny by the US for possible links with China's forced labor

U.S. Customs and Border Protection detained nearly 43 million dollars in electronics equipment shipments from India under a law that prohibits goods made using forced labor. This is a new focus of the agency, which enforces trade. The Uyghur Forced Labor Prevention Act, which prohibits forced labor in Uyghurs, lists polysilicon as a sector of high priority. According to industry sources, solar panels are the most common type of equipment that has been stopped. The CBP didn't immediately respond to our request for comment.

Sunly raises 300 million euros for renewable energy projects in Baltics, Poland and Baltics

The Estonian renewable energy company Sunly raised $300 million in debt financing in order to accelerate construction of 1.3 Gigawatts of wind, solar and storage capacity in the Baltics and Poland. It said that the financing provided by Rivage Investment and Copenhagen Infrastructure Partners (CIP), as well as Norway's Kommunal Landspensjonskasse, brings the total capital raised up to 765 millions euros. Sunly aims to create hybrid installations that combine wind, solar, and energy storage, and provide a direct connection to consumers.

Meyer Burger to halt solar plant in Colorado and plans restructuring

Meyer Burger, a Swiss solar panel manufacturer, announced on Monday that it had suspended plans for an upcoming plant in Colorado. The company said it would take restructuring measures to improve profitability and also suggested the profits might be lower than expected. The company said that its board had requested management to develop a "comprehensive cost-cutting and restructuring program", and board member Mark Kerekes would be stepping down.

California rooftop solar subsidy will cost $8.5 billion per year, according to a ratepayer's advocate

The California Residential Solar Subsidy will cost California ratepayers without rooftop panels $8.5 billion per year by the end this year. This will contribute to higher electricity prices for consumers. In 2022, the California Public Utilities Commission reformed its residential solar policy called net energy metering. This allowed customers who had rooftop panels to receive credit for any excess electricity generated by their systems at or close to retail electricity rates. The new policy reduced the rate.

The policy uncertainty highlighted by the rise in US executives' election talk

U.S. executives are more concerned about the presidential election this year than they were four years ago. A wider policy divide between Donald Trump and Kamalah Harris raises concerns over taxes, tariffs, and pricing power. According to a LSEG Workspace screen on S&P 500 companies, mentions of the "election" and "White House" in earnings calls were 34% more than they would have been for the corresponding period of 2020. According to a separate FactSet analysis…

Report: China's declining coal plant approvals indicate a shift in energy policy

The sharp decline in the number of new coal plants in China indicates that the world's biggest builder polluting power stations is shifting its energy policy to more renewable development. However, coal will continue to play a major part, according a report on Thursday. China approved only 10 new coal-fired plants with a combined capacity of 9 gigawatts in the first six months of 2024, a drop of 83% from the previous year. This is according to the Helsinki-based Centre for Research on Energy and Clean Air and the U.S. Global Energy Monitor.

China wants to invest more in energy upgrades

China's State Planner has called for increased investment in equipment upgrades, to support the energy transformation. He said the market should be a leader. The National Development and Reform Commission issued a notice on Wednesday calling for an increase of 25% in investment to upgrade China's equipment to improve energy efficiency from 2023-2027. According to the notice, these investments will help support a Chinese cabinet-led program for equipment upgrades and trade-ins of consumer goods launched in March.

Australia approves $13.5 billion project to export solar energy to Singapore

Australia announced on Wednesday that it has given the green light to a A$20 Billion ($13.5 Billion) solar project. The project will ship energy from the giant solar farm located in the north of the country to Singapore via a 4,300 km undersea cable. Tanya Plibersek, Environment Minister, said SunCable’s Australia-Asia Power Link Project would help meet the growing demand for renewable energies at home and abroad. SunCable says that a final investment decision will be made in 2027, and electricity will begin to flow in the early 30s.

Vattenfall, Swedish energy giants and other industry leaders join forces to invest in new energy sources

The companies announced on Tuesday that Sweden's largest utility Vattenfall will explore joint investments in new fossil free power production to meet the growing electricity demand as part of decarbonisation efforts. Vattenfall, along with Industrikraft, a group that includes Alfa Laval Boliden SKF Stora Enso, Boliden and the Volvo Group, is investigating how, when, and what investments they can make together. Borg stated that the annual Swedish power demand will double by 2045 from 140-150 Terawatt Hours (TWh)…

EU Probes Chinese Subsidies and Imports

The European Commission proposed on Tuesday final duties up to 36.3% for imported electric vehicles manufactured in China. This is part of the most high-profile EU investigation into alleged Chinese subsidies, which has provoked threats from Beijing. The EU has also begun investigations to determine whether Chinese clean-tech producers are dumping subventioned goods onto EU markets, and whether Chinese owned companies receive unfair subsidies when operating within the European Union.