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					</table><p><a href="https://www.mercomindia.com/navitas-solar-to-manufacturing-facility-in-us-by-2024" target="_blank" rel="noopener"><strong>Gujarat-based solar module manufacturer Navitas Solar is establishing a 1.2 GW module factory in the United States through a strategic partnership with local entities, including Sustainable Equity and Colby Solar.</strong></a> The facility, known as Navitas Solar USA by Colby, will be constructed within the Midwest region of the U.S. The company is yet to finalize between two undisclosed locations. According to a source Mercom spoke to, the facility is expected to be operational by the fourth quarter of 2024. It will be designed to eventually reach a capacity of 10 GW over the next few years.</p>
<p><a href="https://www.mercomindia.com/us-30-million-supply-chain-critical-minerals-clean-energy" target="_blank" rel="noopener"><strong>The U.S. Department of Energy has allocated up to $30 million to support the cost reduction related to extracting rare earths and other essential minerals and materials from domestic coal-based sources within the country.</strong></a> The financial support, made possible by the Bipartisan Infrastructure Law, aims to address the increasing requirement for critical minerals in the U.S. while diminishing the need for overseas sources. These critical minerals, including rare earth minerals, play a significant role in clean energy technologies, including solar panels, wind turbines, electric vehicles, and hydrogen fuel cells.</p>
<p><a href="https://www.mercomindia.com/battery-manufacturer-northvolt-fund-expansion-plans" target="_blank" rel="noopener"><strong>Northvolt, a Sweden-based manufacturer of lithium-ion batteries, has announced raising $1.2 billion in convertible notes to support its expansion plans across Europe and North America.</strong></a> The latest funding represents an extension of the $1.1 billion convertible note that was initially signed in July 2022. This financial injection has garnered investments from funds characterized as “dark green,” aligning with Article 9 of the EU’s Sustainable Finance Disclosure Regulation.</p>
<p><a href="https://www.mercomindia.com/orsted-loss-78-million-q2-wind-projects-less-revenue" target="_blank" rel="noopener"><strong>Denmark-based renewable energy project developer </strong><strong>Ørsted</strong><strong> has reported a net loss of DKK 538 million (~$78.29 million) in the second quarter (Q2) of 2023, compared to a profit of DKK 269 million (~$39.14 million) in Q2 2022.</strong></a> The loss could be attributed to increased financial expenses driven by exchange rate adjustments related to internal loans and a considerable revenue drop. The company’s revenue registered a drop of 37% year-over-year in Q2 2023 and stood at  DKK 16.48 billion (~$2.39 billion).</p>
<p><a href="https://www.mercomindia.com/fraunhofer-solar-cells-car-hoods" target="_blank" rel="noopener"><strong>Fraunhofer Institute for Solar Energy Systems has integrated 120 PERC (passivation emitter rear contact cell) shingle solar cells into a passenger car’s sheet metal hood</strong></a> to fabricate a 115-watt rated solar-active surface for onboard power generation. To make the most efficient use of the available surface area on the hood, the Fraunhofer team constructed their prototypes using a selection of interdigitated back contact, PERC shingle, and TOPCon shingle solar cells. In principle, any solar cell technology can be used.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/mercom-staff/" class="vcard author" rel="author"><span class="fn">Mercom Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Daily News Wrap-Up: Navitas Solar to Set Up Module Manufacturing Facility in the US


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					</table><p>Gujarat-based solar module manufacturer <a href="https://navitassolar.in/" target="_blank" rel="noopener">Navitas Solar</a> is establishing a 1.2 GW module factory in the United States through a strategic partnership with local entities, including <a href="https://sustainableequity.org/" target="_blank" rel="noopener">Sustainable Equity</a> and <a href="https://www.colbysolar.com/" target="_blank" rel="noopener">Colby Solar</a>.</p>
<p>The facility, known as Navitas Solar USA by Colby, will be constructed within the Midwest region of the U.S. The company is yet to finalize between two undisclosed locations.</p>
<p>According to a source Mercom spoke to, the facility is expected to be operational by the fourth quarter of 2024. It will be designed to eventually reach a capacity of 10 GW over the next few years.</p>
<p>They will leverage an array of advanced technologies, including TOPCon and Mono PERC, for its mono and bifacial modules. The company hopes to meet the rising all-black module demand in the U.S.</p>
<p>The company said the collaboration expands Navitas Solar&#8217;s global footprint by introducing its solar modules to the North American market through a newly formed entity, Geosol Global Distribution.</p>
<p>Colby Solar holds significant ownership in Navitas Solar USA by Colby.</p>
<p>The U.S. solar market currently presents a highly favorable environment, characterized by a promising photovoltaic sector outlook and numerous initiatives at the state level.</p>
<p>Colby Solar noted that Illinois&#8217;s Clean Energy Jobs Act (CEJA) legislation offers robust workforce development incentives for renewable energy firms, contributing to the favorable landscape.</p>
<p>&#8220;The CEJA legislation, with its comprehensive approach to advancing clean energy, renewable resources, and environmental equity and inclusion, aligns with our core values and commitment to promoting clean energy and innovative solutions,&#8221; said Lloyd Wynn of Colby Solar.</p>
<p>&#8220;These favorable conditions create the perfect breeding ground for new business alliances, such as our new strategic partnership with Navitas Solar,&#8221; said Byron DeLear, Chief Executive Officer and Head of Impact and Sustainability for Sustainable Equity. &#8220;We are very proud to introduce &#8216;Navitas USA by Colby,&#8217; the first majority Black-owned solar manufacturing facility in the United States, a 1.2 GW operation with plans to grow to 10 GW within a few years.”</p>
<p>The company recently <a href="https://mercomindia.com/solar-module-navitas-raises-5-million-in-funding/" target="_blank" rel="noopener">secured</a> $5 million in funding, which it said will be used to increase its manufacturing capacity by 1.2 GW.</p>
<p>In September 2022, Navitas Alpha Renewables <a href="https://www.mercomindia.com/navitas-alpha-raises-%E2%82%B970-million-seed-round" target="_blank" rel="noopener">raised</a> ₹70 million (~$866,041) in a seed round led by investment advisory firm Niveshaay with participation from Madhusudan Sarda, IVY Growth Associates, and others.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Navitas Solar to Set Up 1.2 GW Module Manufacturing Facility in US by 2024


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					</table><p><a href="https://www.mercomindia.com/high-open-access-charges-impede-third-party-mode" target="_blank" rel="noopener"><strong>Karnataka, Maharashtra, and Tamil Nadu emerged as the top states for solar open access installations in 2022, according to the 2022 Q4 &amp; Annual Mercom India Solar Open Access Market Report.</strong></a> However, the growth was mainly driven by captive and group captive models. The third-party open access model has failed to take off in these states because of the high open access charges, which include cross-subsidy surcharge and additional surcharge.</p>
<p><a href="https://www.mercomindia.com/government-to-lithium-reserves-found-in-jk-in-december" target="_blank" rel="noopener"><strong>The Government of India will auction the 5.9 million tons of lithium reserves found in Jammu and Kashmir’s (J&amp;K) Reasi district in December this year, the Secretary of the Ministry of Mines Vivek Bharadwaj said.</strong></a> The Secretary was quoted by ANI news agency saying that the ministry has written to the J&amp;K administration seeking a transaction advisor for the auction.</p>
<p><a href="https://www.mercomindia.com/adani-greens-revenue-89-higher-sales-capacity-add" target="_blank" rel="noopener"><strong>Adani Green Energy’s revenue grew by 89% year-over-year (YoY) to ₹21.3 billion (~$261 million) for Q4 of FY 2022-2023 on the back of higher energy sales and renewable capacity addition.</strong></a> The company sold 4,642 MU of energy during the last quarter of the financial year, up 56% YoY. The sales include 2,872 MU of solar, followed by 428 MU of wind and 1,342 MU of solar-wind hybrid.</p>
<p><a href="https://www.mercomindia.com/odisha-bids-supply-of-300-evs" target="_blank" rel="noopener"><strong>Odisha Renewable Energy Development Agency has invited bids to provide electric vehicle fleet services for 300 EVs on an own, operate, and maintain basis.</strong></a> The contractors must provide a comprehensive free annual maintenance contract for five years. Electric cars should carry a warranty of five years against any manufacturing defect. The car batteries, too, should have a free replacement warranty of up to five years or 100,000 kilometers, whichever is earlier. The last date to submit the bids online is May 31, 2023. Bids will be opened on June 2, 2023.</p>
<p><a href="https://www.mercomindia.com/solar-module-navitas-raises-5-million-in-funding" target="_blank" rel="noopener"><strong>Gujarat-based solar module manufacturer Navitas Solar has secured $5 million in funding, which will be used to increase its manufacturing capacity by 1.2 GW.</strong></a> The funding round involved the participation of a group of high-net-worth individuals (HNIs) who were advised by RSM-Lemon Consultech. The lead investors in the round were the promoters of Parishi Diamond Group, who acted as the anchor investor and contributed over 50% of the total funding. Lemon Emerging Ventures LLP and other HNI investors also participated in the funding round.</p>
<p><strong><a href="https://www.mercomindia.com/experts-subsidies-foster-growth-charging-infrastructure" target="_blank" rel="noopener">The current and future trends in EV adoption was one of the topics industry insiders discussed at the ‘Mercom India Renewables Summit 2023,’ an exclusive event held on April 26-27 in New Delhi.</a></strong> At a session titled ‘<strong>Electric Vehicles – The Next Big Source of Renewable Power Demand</strong>‘ on April 27, panelists discussed ways to speed up the growth of electric vehicle infrastructure in the country. The panel featured Joseph Teja, Public Policy Analyst at NITI Aayog, Abhishek Dabas, CEO of Gentari Green Mobility India, and Awadhesh Kumar Jha, Executive Director at Fortum Charge &amp; Drive India.</p>
<p><strong><a href="https://www.mercomindia.com/india-attract-500-billion-funding-450-gw-renewables-2030" target="_blank" rel="noopener">At a session titled ‘Financing Renewables – Where is the money coming from?’ scheduled for April 27, 2023, panelists shared information and opinions on financing avenues for projects, new manufacturing facilities, expansion, products, and startups.</a> </strong>The panel included P K Sinha, ED (Projects) at PFC; Hitesh Paliwal, Sr VP &amp; Zonal Head, North Zone Corporate Banking Group at SBI; Akhil Dokania, Director at Avendus and Sandeep Upadhyay, Managing Director at Centrum Capital.</p>
<p><a href="https://www.mercomindia.com/serentica-250-million-investment-kkr" target="_blank" rel="noopener"><strong>Global investment firm Kohlberg Kravis Roberts (KKR) will invest $250 million in Serentica Renewables to help ramp up its clean energy portfolio and provide energy transition solutions to industries.</strong></a> This latest investment builds on the $400 million investment from KKR last November. Serentica Renewables is owned by KKR and Twinstar Overseas, which also has controlling stakes in Sterlite Power Transmission and Sterlite Technologies.</p>
<p><a href="https://www.mercomindia.com/jinko-profit-higher-module-shipments" target="_blank" rel="noopener"><strong>China-based cell and module manufacturer Jinko Solar’s net income surged 155% YoY to RMB836.4 million ($121.8 million) for Q1 of FY 2023, primarily on higher module shipments.</strong></a> The company’s module shipments for the January-March quarter increased 62.3% to over 13 GW compared to about 8 GW YoY. The company’s overall shipments, including modules, cells, and wafers, increased by 73% YoY to 14,490 MW.</p>
<p><a href="https://www.mercomindia.com/polysilicon-maker-income-slides-48-on-lower-demand" target="_blank" rel="noopener"><strong>China-based photovoltaic-grade polysilicon manufacturer Daqo New Energy Corporation reported a net income of $278.8 million in the Q1 of FY 2023,</strong></a> corresponding to a 48% YoY decline, primarily due to lower demand along with lower average selling price (ASP) for its products. Daqo polysilicon sales volume for the first quarter declined by nearly 35% YoY to 25,284 metric tons. The company said that ASP for polysilicon stood at $27.83/kg in Q1 2023, compared to $37.41/kg in Q4 2022. However, the company did not disclose the YoY comparison.</p>
<p><a href="https://www.mercomindia.com/us-congress-import-tariff-waiver-biden-says-will-veto" target="_blank" rel="noopener"><strong>U.S. lawmakers have voted to overturn President Joe Biden’s decision to suspend tariffs on solar panels from Cambodia, Malaysia, Thailand, and Vietnam, countries that together provide most of the panels used in the United States.</strong></a> However, the White House has announced that Biden will veto congressional attempts to overturn his decision to waive solar import tariffs for the four Southeast Asian nations, Reuters reported.</p>
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Daily News Wrap-UP: High Solar Open Access Charges Impede Third-Party Model

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