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.
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.
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%.
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.
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%.
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.
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.
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.
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.
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.
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.
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.
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.
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…
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.
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…
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.
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…
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.
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.
