Daily News Wrap-Up: Chinese Companies Dominated Solar Module Supplies in 2022
MERC allows solar developers’ compensation claims due to ‘Change in Law’ events.
May 30, 2023
Jinko Solar, Trina Solar, Adani Solar, LONGi Solar, and JA Solar were the top solar module suppliers in the calendar year 2022, according to Mercom’s recently released India Solar Market Leaderboard 2023. The report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders. The report captured notable shifts in market share rankings, with most players changing places in the list.
The Maharashtra Electricity Regulatory Commission has directed the Maharashtra State Electricity Distribution Company (MSEDCL) to pay ReNew Sun Bright ₹32.8 million (~$397,190) towards increased Basic Customs Duties on solar inverter imports and ₹26.9 million (~$325,744) towards increased Goods and Services Tax rate on renewable energy devices. The Commission directed MSEDCL to decide and inform the mode of payment – lump sum or installments – within a month.
INKEL, a public-private partnership initiative promoted by the Government of Kerala, has invited bids to select a contractor for the supply of Balance of System items, installation, and commissioning of 2.7 MW grid-connected ground mount solar projects in the state. INKEL has floated two tenders for 1.5 MW and 1.2 MW to be developed at the Nenmara and Kanjikkode substations, respectively.
Denmark-based renewable energy developer Ørsted has inked a $625 million deal to buy out Eversource Energy’s 50% stake in a federal offshore wind lease area they currently co-own. The deal also covers contracts and partnerships for essential operational assets in the U.S. Northeast. The deal is expected to close in the third quarter of 2023. The lease area, ‘Lease 500,’ covers about 187,000 acres of uncontracted seabed and can produce up to 4 GW of power. The deal also includes contracts and leases for key port facilities and other assets in Rhode Island, Connecticut, and New York.
Union Minister for Power and New and Renewable Energy R. K. Singh has assured the investor community that India’s power sector is sounder than ever and exhorted them to seize the growing market opportunities in the country. Addressing the CII Annual Session 2023, he highlighted the significant investment opportunities stemming from India’s rapidly growing energy demand and steadfast commitment to sustainable growth.
LG Energy Solution (LGES) and Hyundai Motor Group have announced a joint venture to manufacture electric vehicle battery cells in the United States. The partnership aims to accelerate the group’s electrification efforts in North America and establish a strong foundation for the global EV transition. The joint venture will be in Bryan County, Savannah, Georgia, adjacent to Hyundai Motor Group Metaplant America, which is under construction. With an investment of over KRW 5.7 trillion (~$4.3 billion), LGES and Hyundai Motor Group will each hold a 50% stake in the venture.
The Government of the Republic of Namibia approved the government’s entry into a $10 billion Feasibility and Implementation agreement with Hyphen Hydrogen Energy to develop, implement, and operate Sub-Saharan Africa’s first large green hydrogen project as part of the government’s green hydrogen strategy. Hyphen Hydrogen Energy is a Namibian registered green hydrogen development company specifically formed to develop green hydrogen projects in Namibia for international, regional, and domestic supply.
Renewable materials-based paper and packaging solutions company Stora Enso has issued two green bonds worth €500 million (~$536 million) each under its Euro Medium Term Note program. These bonds will be listed on the Luxembourg Stock Exchange. These bonds aim to raise funds for eligible projects and assets that contribute to the transition towards a low-carbon and environmentally sustainable society, aligning with the Helsinki-based Stora Enso’s sustainability agenda and goals. The eligible asset categories include renewable energy, waste to energy, energy efficiency, and pollution control.