Solar Markets & Finance News

Modus Asset Management and Evecon SIA partner to acquire 55MW solar portfolio in Latvia. Bi-facial module, single-axis tracker, and fixed tilt technology to be utilized. Target fund size of €200m to invest in solar, onshore wind, and battery storage project stages.

Vattenfall acquires German solar developer Solizer, gaining a 4GW project pipeline and experienced team. Solar projects will be ready for construction as early as 2024, helping Vattenfall meet the growing demand for cost-competitive solar power. Part of the company's plan for further investment in renewable energy sources.

Statkraft and Infinis have signed two seven-year PPAs for two solar farms in England, covering 92MW of installed capacity. Unity, Statkraft's VPP system, will actively manage the output of the farms to ensure optimal efficiency. Statkraft and Infinis hope to continue the partnership for future projects.

Forestalia secures EUR 65 million from IKAV Group to construct 19 wind and solar projects in Aragon, Spain. Banco de Sabadell structures pre-construction debt for major equipment and construction expenses. Forestalia targets 1.2GW of direct operations in the next few years.

Financing for Al-Shuaibah 1 & 2 solar projects secured by ACWA Power at SR8.3 billion. Investment to power 350,000 homes in Saudi Arabia to support Vision 2030 energy goals. Consortium of local, regional, international banks to provide SR6.1 billion in senior debt & SR4.4 billion US-dollar commercial facility. Project to begin commercial operations by Q4 2025.

Canada's federal government has announced a C$160-million grant to fund nine solar projects in Alberta, creating employment, reducing emissions, and providing energy for 12,000 homes. Indigenous, farming and energy industry partners come together to promote harmony and collaboration with SREPs program.

First Solar has agreed to supply 5GW (dc) of its thin-film solar modules to Energix Renewables for projects in Israel, Poland, and the US, with First Solar Recycling Services managing end-of-life handling. First Solar is investing $1.5bn to expand their US manufacturing and R&D innovation centre by 2026.

Orix Bank is providing $2.89 billion in funding for renewable energy and logistics projects this fiscal year, with a goal of 1% return on assets through debt securitization. Leveraging the ESG investment trend, the bank seeks to capitalize on the rising renewables sector.

FREYR Battery (NYSE:FREY) has been awarded a €100 million grant from the European Commission’s Innovation Fund to build a Giga Arctic factory in Norway. Tom Einar Jensen, CEO, expressed his excitement for the project, which will help unlock GWh scale capacity for next generation battery production. Construction begins in June 2022.

Heelstone Renewable Energy LLC closes tax equity investment with Advantage Capital to fund four utility-scale solar projects with a combined capacity of 320 MW DC in Georgia, expected to power over 55,000 homes annually in late 2023 or early 2024.

L&G NTR Clean Power (Europe) Fund partners with NordLB to finance 3 Spanish solar projects, supplying power for 51,424 homes. Additionally, the Fund acquires a 6-turbine onshore wind project in Narbonne, France, with power for 5500 households. Working with LGIM to accelerate energy transition in Europe.

Enel Green Power (EGP) has signed a deal with INPEX Corporation to sell a 50% stake in its Australian subsidiaries for €400 million. The transaction will positively impact EBITDA in 2023 and net debt in the long run. EGPA's portfolio includes solar and wind projects, plus innovative retail and trading solutions. Closing is subject to clearance from authorities.

Trina Solar, a leading solar module manufacturer, has signed an 800MW supply deal with Aquila for PV panels to be used in Southern Europe. Projects are due for delivery in 2023 and 2024. More collaborations are possible in other markets.

Britvic and Atrato have signed a 10-year PPA for energy from a 28MW solar farm. 75% of Britvic's GB operations will be powered by the solar energy, and a CPPA in Ireland provides 100% renewable electricity for Ballygowan. The project is expected to be commissioned in 2024.

Solar module prices appeared to be at a bottom, with solar cell prices increasingweekly and wafer prices being cut by suppliers. Prices in 2023-24 are expected to rise beyond 22c/watt, signaling a market recovery.