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					</table><p>China-based photovoltaic (PV)-grade polysilicon manufacturer <a href="http://www.dqsolar.com/Index.php" target="_blank" rel="noopener">Daqo New Energy Corporation</a>, in the second quarter (Q2) of the financial year (FY) 2023, reported a net income of $103.7 million, an 83.5% decrease from $627.8 million in the corresponding period in 2022.</p>
<p>In the second quarter of 2023, the company&#8217;s revenues amounted to $636.7 million, a 48.8% year-over-year (YoY) decrease.</p>
<p>The decline in revenues from the previous quarter was mainly attributed to a decrease in polysilicon&#8217;s Average Selling Price (ASP), offset partially by increased sales volume.</p>
<p>The polysilicon ASP was $12.33/kg in Q2 2023. The sales volume was recorded at 51,550 MT, with an average total production cost of $6.92/kg.</p>
<p>The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at $230 million, a substantial decrease of 75.9% YoY compared to $955.4 million.</p>
<p>In the second quarter of 2023, the company also incurred a foreign exchange loss of $19.7 million, contrasting with no foreign exchange loss recorded in both the first quarter of 2023 and the second quarter of 2022.</p>
<p>The company said the considerable instability and fluctuations in the USD/CNY exchange rate during this period led to an unrealized foreign exchange loss, primarily associated with the quarter-end cash balance of RMB 3.1 billion (~$431 million) held by the company in an offshore account.</p>
<p><strong>1H 2023 </strong></p>
<p>In the first half (1H) of 2023, the company achieved a net income of $382.53 million, a decline of 67% YoY compared to $1.16 billion.</p>
<p>Daqo&#8217;s revenue for the same period amounted to $1.35 billion, a 46.4% YoY decrease.</p>
<p>The company’s EBITDA stood at $720.21 million, a YoY decrease of 59.5%</p>
<p>During 1H of 2023, net cash provided by operating activities was $786.3 million, a YoY decrease of 30% compared to $1.13 billion in the same period of 2022.</p>
<p>Net cash used in investing activities was $495.7 million, compared to $80.3 million in the same period of 2022. This increase in cash used was mainly due to capital expenditures on the company&#8217;s polysilicon project in Baotou City, Inner Mongolia.</p>
<p>Net cash used in financing activities was $477.5 million, compared to $1,579.3 million in the same period of 2022.</p>
<p>The decrease in net cash provided was primarily related to $173.8 million used for stock repurchases and $303.6 million in dividend payments made by the company&#8217;s Xinjiang Daqo subsidiary to its minority shareholders.</p>
<p>During the earnings call, Longgen Zhang, CEO of Daqo New Energy, commented, “The polysilicon industry experienced increased challenges and substantial price volatility during the second quarter. As several new polysilicon facilities and new entrants finally started production, with some reaching full production in the first half of this year, the shortage of polysilicon for the past two years came to an end. The increased supply ultimately led to relative oversupply and excess industry inventory.”</p>
<p>The company <a href="https://www.mercomindia.com/polysilicon-maker-income-slides-48-on-lower-demand" target="_blank" rel="noopener">reported</a> a net income of $278.8 million in the first quarter (Q1) of 2023, corresponding to a 48% YoY decline, primarily due to lower demand and lower average selling price (ASP) for its products.</p>
<p>Mercom recently <a href="https://www.mercomindia.com/chinas-solar-manufacturing-expands-1500-gw" target="_blank" rel="noopener">reported</a> on how solar manufacturers in China have scaled up capacity as the price of polysilicon materials dropped by almost 50% during the first half of 2023.</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></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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Daqo New Energy’s Q2 Net Income Plunges 83.5% YoY as Polysilicon Prices Drop


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					</table><p>U.S.-based solar module manufacturer <a href="https://www.firstsolar.com/en-IN/" target="_blank" rel="noopener">First Solar</a> recorded a net income of $170.58 million in the second quarter (Q2) of 2023, an increase of 205% year-over-year (YoY) compared to $55.81 million.</p>
<p>The surge was primarily driven by the increase in the volume of modules sold during the April to June period, including the commencement of sales of the company&#8217;s next-generation Series 7 modules and an increase in the average selling price of modules.</p>
<p>The company reported net sales of $811 million during the quarter, an increase of 36% YoY compared to $621 million.</p>
<p>The company&#8217;s operating income in Q2 2023 was $169 million, an increase of 17% compared to $144.83 million during the same period last year.</p>
<p>While addressing the earnings conference call, Mark Widmar, CEO of First Solar, said, &#8220;The second quarter of the year continued the steady progress established in the first, as we ramped up production and delivery of our next-generation Series 7 modules, reinforced our leadership in thin film PV with a strategic acquisition, and continued our strong bookings. Moreover, continuing our commitment to sustainable long-term growth, we will invest up to $1.1 billion in building a new, fully vertically integrated manufacturing facility in the United States, our fifth in the country.&#8221;</p>
<p>The company recently <a href="https://www.mercomindia.com/first-solar-for-a-new-manufacturing-facility-in-the-us" target="_blank" rel="noopener">announced</a> plans for its new 3.5 GW fully integrated manufacturing facility in the U.S. with a $1.1 billion investment. The new facility is anticipated to begin production in the first half of 2026.</p>
<p><strong>1H 2023</strong></p>
<p>The company reported a net income of $213.14 million in the first half (1H) of 2023, compared to $12.55 million during the same period last year.</p>
<p>The company reported net sales of $1.36 billion in 1H 2023, registering a growth of 38% compared to $987.99 million in 1H 2022.</p>
<p>The company&#8217;s net operating income grew 114 % YoY to $186.52 million from $87.02 million.</p>
<p>The company also announced during the quarter a limited production run of the first bifacial module panels, utilizing an advanced thin film semiconductor. The module, which is undergoing field and laboratory testing, builds on the track record of First Solar&#8217;s successful Series 6 monofacial module platform. The company expects to begin commercial production by Q4 2023.</p>
<p>As of June 30, 2023, First Solar had approximately 13 GW of total installed nameplate module production capacity across all facilities. During 2023, the company expects to produce between 11.7 GW and 12.1 GW and sell between 11.8 GW and 12.3 GW of solar modules.</p>
<p>Recently, the company <a href="https://www.mercomindia.com/first-solar-1-billion-revolving-credit-facility" target="_blank" rel="noopener">secured</a> a five-year revolving credit and guarantee facility worth $1 billion. The facility includes up to $250 million for issuing letters of credit.</p>
<p>In May this year, the company <a href="https://www.mercomindia.com/first-solar-acquires-perovskite-firm-evolar" target="_blank" rel="noopener">acquired</a> Evolar AB, a Sweden-based company focused on perovskite technology, for an initial payment of around $38 million.</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/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</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/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a>
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First Solar’s Q2 Net Income Surges 205% YoY on Increased Module Sales


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					</table><p>Spain-based independent power producer <a href="https://www.iberdrola.com/" target="_blank" rel="noopener">Iberdrola</a> recorded a net profit of €1.5 billion (~$1.6 billion) for the first quarter (Q1) of the financial year (FY) 2023, an increase of 40% on a year-on-year (YoY) basis.</p>
<p>The company said that the profit growth is attributable to improved performance in the European Union due to the normalization of production and fewer energy purchases at a lower cost YoY, as well as the growth in renewables and grids.</p>
<p>The company posted revenue of €15.46 billion (~$16.9 million), an increase of 27.2 % YoY.</p>
<p>The company also recorded increased output from wind, solar, hydro, and nuclear compared to Q1 2022, which met customer demand.</p>
<p>EBITDA increased by 38% to €4.1 billion (~$4.5 billion), mainly due to geographic diversification, a larger asset base in networks across all countries, and the normalization of wholesale and retail markets, the company said,</p>
<p>A-rated geographies, including the EU, UK, U.S., and Australia, contributed to 80% of EBITDA.</p>
<p>A robust operating cash flow of €3 billion (~$3.2 billion) in a single quarter led to a steady net debt figure and continuous improvement of financial ratios.</p>
<p>The company said that in 2023, planned organic investments are set to increase to €12 billion (~$13.1 billion).</p>
<p><strong>Co-investment Partnerships </strong></p>
<p>The company noted that approximately 60% of the planned renewable capacity is either under construction or has been secured. Additionally, agreements or advanced negotiations were made for nearly 100% of network investments under frameworks.</p>
<p>As part of the asset rotation and partnership goals, Iberdrola has reaffirmed its commitment to customers and decarbonization by agreeing to sell 60% of its business in Mexico for $6 billion.</p>
<p>Furthermore, the company said it is accelerating its investments by scaling up co-investment partnerships. This includes an alliance with GIC, Singapore&#8217;s sovereign fund, to co-invest in transmission in Brazil following a recent partnership with Norges Bank.</p>
<p>The company&#8217;s installed renewable capacity was recorded at more than 40,000 MW, indicating a 5.3% increase from the same period last year.</p>
<p>Notably, solar PV capacity rose by 40%, reaching 4,576 MW due to new installations in Australia, Spain, the U.S., and Brazil, while onshore wind increased by 4%, reaching 20,202 MW.</p>
<p>The company&#8217;s emission-free production ratio reached 84%, with Spain achieving 90%. The company has also made progress in offshore wind, with 3,500 MW under construction, representing a total investment of €11 billion (~$12 billion).</p>
<p>The Saint-Brieuc offshore wind farm in France is anticipated to begin operation in May, with commercial operation expected by the end of the year.</p>
<p>The Vineyard Wind in the U.S. is expected to produce its first power output before year-end, and the Baltic Eagle in Germany has already installed the offshore substation.</p>
<p>The company has also secured significant power purchase agreement (PPA) contracts with Amazon Web Services, Mercedes, and Meta, enabling them to establish routes to market for new onshore and offshore renewables in the EU and U.S.</p>
<p>The company secured sales of 116 TWh (95% of production) through contracts with retail and SME customers, long-term PPAs, and regulated mechanisms.</p>
<p>Iberdrola had <a href="https://mercomindia.com/project-finance-brief-iberdrola-receives-160-million/" target="_blank" rel="noopener">received</a>  €150 million (~$159 million) million) green loan agreement from the European Investment Bank to develop a portfolio of renewable energy projects in Italy.</p>
<p>Last November, Iberdrola <a href="https://mercomindia.com/daily-news-wrap-up-iberdrola-announces/" target="_blank" rel="noopener">announced</a> an investment plan of €47 billion ($50 billion) for energy transition between 2023 and 2025. Of this, €17 billion ($19 billion) will be invested in renewables to deliver 52 GW of installed capacity by 2025.</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></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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Iberdrola’s Q1 Profit Soars 40% to $1.6 Billion on Higher Demand in Europe


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					</table><p>U.S.-based solar module manufacturer <a href="https://www.firstsolar.com/en-IN/" target="_blank" rel="noopener">First Solar</a> recorded a net income of $42.6 million in the first quarter (Q1) of the financial year (FY) 2023, compared to a net loss of $43.3 million year-over-year (YoY).</p>
<p>The quarterly performance was due to higher net sales at a lower proportional cost YoY, which led to a gross profit margin of 20.4% for the first quarter compared with 3.1% YoY.</p>
<p>&#8220;We entered 2023 in a significantly stronger commercial, operational, and financial position than the previous year, setting the stage for growth and improved profitability in 2023 and beyond,&#8221; said Mark Widmar, CEO of First Solar.</p>
<p>&#8220;The first quarter of the year reflects this direction as we commissioned our latest factory in the United States and started production of our next generation Series 7 modules, progressed our technology roadmap with a new cell efficiency record, and continued our strong bookings and ASP momentum,&#8221; Widmar added.</p>
<p>The company manufactured 2.5 GW of modules, including 170 MW of new Series 7 technology. First Solar claimed a year-to-date booking of 12.1 GW and a total contracted backlog of 71.6 GW extending through 2029.</p>
<p>First Solar, through its FS India Solar Ventures, was one of the <a href="https://www.mercomindia.com/reliance-renew-tata-power-winners-pli-11" target="_blank" rel="noopener">winners</a> under Tranche II of the performance-linked incentive program. The company will receive ₹11.8 billion (~$143 million) under the program to manufacture 3.4 GW modules.</p>
<p>In June last year, First Solar <a href="https://mercomindia.com/first-solar-module-manufacturing-india/" target="_blank" rel="noopener">announced</a> that it would invest $684 million to set up a 3.3 GW vertically-integrated thin-film solar module manufacturing facility in India, the second-largest market for the company after North America. According to the company&#8217;s recent updates, its Indian facility is on track to be operational by the second half of 2023.</p>
<p>First Solar&#8217;s Ohio plant expansion is expected to be completed by 2024, while the construction of a new module facility in Alabama is expected to be completed by late 2024 or early 2025. These facilities are part of the company&#8217;s plan to <a href="https://mercomindia.com/first-solar-to-invest-1billion-to-scale-us-module-production/" target="_blank" rel="noopener">scale</a> its American manufacturing footprint to over 10 GW by 2025 and create over 700 new jobs in the southwest.</p>
<p>First Solar had <a href="https://www.mercomindia.com/module-manufacturer-first-solar-net-loss-8-million-q4-2022" target="_blank" rel="noopener">reported</a> a net loss of $44 million for 2022, compared to a net income of $469 million in 2021.</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/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</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/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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First Solar Swings into Net Income of $43 Million in Q1 on Higher Sales


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					</table><p>The U.S.-based energy company <a href="https://www.nexteraenergy.com/" target="_blank" rel="noopener">NextEra Energy</a> reported a net income of $1.52 billion for the fourth quarter (Q4) of 2022, up by 26.41% year-over-year (YoY), driven primarily due to successful executions of growth initiatives by all businesses of the company.</p>
<p>NextEra Energy’s net income for the full year 2022 increased by 16% to $4.15 billion.</p>
<p>NextEra Energy is a holding company for a regulated retail utility (the combined Florida Power &amp; Light (FPL) and Gulf Power that together have about six million customer accounts) and an unregulated generation subsidiary, NextEra Energy Resources, which generates clean energy from solar, wind, and nuclear power.</p>
<p>The clean energy business of the company, NextEra Energy Resources, reported a YoY increase of 17.04% in net income for Q4 at $996 million.</p>
<p>The growth during the quarter was due to new additions to its renewables and storage portfolio clubbed with higher margins in NextEra’s customer-facing businesses.</p>
<p>NextEra Energy Resources added approximately 8.03 GW of renewables and storage capacity to the backlog.</p>
<p>Since the third-quarter 2022 financial results call in October, NextEra Energy Resources has installed approximately 1.7 GW of renewables and storage projects, including ~300 MW of wind, 730 MW of solar, and 670 MW of battery storage. NextEra Energy Resources&#8217; renewables backlog now stands at ~19 GW after placing roughly 4.6 GW into service in 2022.</p>
<p>However, NextEra Energy Resources&#8217; net income for 2022 decreased by 52.42% to $285 million.</p>
<p>During the year, the company faced ESG project concerns with a fine of $8 million for eagle kills from wind turbines for NextEra and also reduced solar installations due to limits on solar module sourcing from China. The lower return on renewables was also attributed to the slowing of new projects due to more emphasis on backup generation and batteries for renewables to ensure grid stability.</p>
<p>With a notable increase in the net income reported for Q4 2022, the company maintains a positive outlook for the coming quarters.</p>
<p>&#8220;With the passage of the Inflation Reduction Act, we are better positioned to offer low-cost renewables and other clean energy solutions to customers into the latter half of the decade and beyond. Amid a challenging macro environment, we invested more than $19 billion in American energy infrastructure and commissioned roughly 5,000 megawatts of new renewables and storage. This terrific performance in a year of significant supply chain disruption, inflationary pressures, and higher interest rates is a testament to the strength and resiliency of our team and our competitive advantages,” said  John Ketchum, the Chairman, President, and Chief Executive Officer of NextEra Energy.</p>
<p>In October last year, NextEra Energy Resources, along with Portland General Electric (PGE), <a href="https://mercomindia.com/north-america-gets-first-utility-scale-co-located-renewable-project/" target="_blank" rel="noopener">commissioned</a> the first co-located utility-scale wind, solar, and battery storage-based project in North America to supply clean energy to its customers in Oregon. The Wheatridge Renewable Energy project near Lexington in Morrow County of Oregon comprises 300 MW of wind, 50 MW of solar, and 30 MW of battery storage.</p>
<p style="text-align: center;"><a href="https://mercomindia.com/wp-content/uploads/2023/01/Energy-resources-development-program.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-48468 size-full" src="https://mercomindia.com/wp-content/uploads/2023/01/Energy-resources-development-program.png" alt="Energy resources development program" width="602" height="417" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/01/Energy-resources-development-program.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/01/Energy-resources-development-program-300x208.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/01/Energy-resources-development-program-600x416.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></a>Source:NextEra Energy</p>
<p>Florida Power and Light Company, owned by NextEra Energy posted a YoY jump of 23% in its net income at $763 million mainly driven by continued investment in the business followed by FPL’s strong retail sales in Florida where it provides electricity to over 5.8 million customer accounts. FPL’s net income for 2022 grew by 15.6% to $3.7 billion.</p>
<p>FPL placed approximately 450 MW of cost-effective solar in service during the year.</p>
<p>Despite record inflationary pressures, FPL further reduced its non-fuel operations and maintenance costs compared to 2021 while deploying additional low-cost solar and providing exceptional reliability.</p>
<p>NextEra Energy’s net income for the third quarter <a href="https://mercomindia.com/nexteras-clean-records-net-income-of-729-million-2022/" target="_blank" rel="noopener">increased</a> YoY by 13.4% to $1.68 billion. The company had said that the growth was majorly due to strong demand amid surging power prices.</p>
<p>Florida Power and Light <a href="https://mercomindia.com/nexteras-clean-energy-records-net-income-of-628-million-in-q1-2022/" target="_blank" rel="noopener">recorded</a> a strong first quarter as the electric utility posted a YoY growth of 12.7% in its net income at $875 million.</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/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</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/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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NextEra’s Clean Energy Business’ Net Income Up 17% YoY in Q4 2022


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					</table><p>Chinese cell and module manufacturer <a href="https://www.jinkosolar.com/en/" target="_blank" rel="noopener">Jinko Solar</a>’s revenue for the third quarter (Q3) of 2022 rose to RMB19.52 billion (~$2.74 billion), increasing by 127.8% year-over-year. The company <a href="https://mercomindia.com/jinko-solar-ships-10-gw-modules-q2-2022/" target="_blank" rel="noopener">recorded</a> a revenue of RMB18.84 billion (~$2.81 billion) in Q2 2022.</p>
<p>The quarterly module shipments globally doubled, and shipments to China increased five times YoY. The N-type module shipments were approximately 3 GW, up 160% sequentially.</p>
<p>The company recorded a gross profit of RMB3.07 billion (~$432 million), up 137% YoY and 10.8% from the previous quarter.</p>
<p>The gross margin was 15.7% in Q3 2022, compared with 14.7% in Q2 2022, mainly due to an increase in the shipments of N-type modules with a higher gross margin.</p>
<p style="text-align: center;"><a href="https://mercomindia.com/wp-content/uploads/2022/10/JinkoSolar-1.png"><img decoding="async" loading="lazy" class="alignnone wp-image-43776 size-full" src="https://mercomindia.com/wp-content/uploads/2022/10/JinkoSolar-1.png" alt="JinkoSolar-1" width="916" height="351" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/JinkoSolar-1.png 916w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/JinkoSolar-1-300x115.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/JinkoSolar-1-768x294.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/JinkoSolar-1-650x249.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/JinkoSolar-1-624x239.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/JinkoSolar-1-600x230.png 600w" sizes="(max-width: 916px) 100vw, 916px" /></a></p>
<p style="text-align: center;">Source: Jinko Solar</p>
<p>The company posted a net income of RMB549.8 million (~$77.3 million) in Q3 2022, an increase of 183% year-over-year (YoY) and 188% quarter-over-quarter (QoQ) on the back of an increase in shipments.</p>
<p>Commenting on the results, Xiande Li, Jinko Solar&#8217;s Chairman of the Board of Directors and CEO, said, &#8220;There is strong demand for modules in China. Including the demand in the distribution generation market, we expect total installation in the Chinese market to exceed 40 GW in the fourth quarter. With substantial polysilicon capacity to be released in 2023, we expect prices of raw materials to fall and stimulate pent-up demand. We will fully seize the growth opportunities in the market, execute our globalized footprint strategy and devote more resources in key markets. In addition, we will control inventory turnover at a reasonable level with our efficient supply chain management.&#8221;</p>
<p>The company&#8217;s shipments stood at 10,856 MW, including 10,286 MW of modules and 570 MW of cell and wafer shipments. For Q4 0222, Jinko expects its module shipments to be about 13-15 GW.</p>
<p>Jinko expects its annual production capacity for mono wafers, solar cells, and solar modules to reach 65 GW, 55 GW, and 70 GW, respectively, by the end of 2022.</p>
<p>The company said that the N-type monocrystalline silicon solar cells achieved a new record with a maximum conversion efficiency of 26.1%, compared with the record of 25.7% the company had set in April.</p>
<p>In January this year, Jinko Solar <a href="https://mercomindia.com/daily-news-wrap-up-jinko-solar-ipo-shanghai-stock-exchange/" target="_blank" rel="noopener">completed</a> its initial public offering process and started trading on the Shanghai Stock Exchange&#8217;s Sci-Tech innovation board.</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/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</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/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a>
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Increased N-Type Module Shipments Push Jinko Solar’s Q3 2022 Revenue Up 128% YoY

<p><a href="https://totalenergies.com/" target="_blank" rel="noopener">TotalEnergies</a>, a French oil and gas major, announced the results for the second quarter (Q2) of 2021 and the first half (1 H) of 2021. The company&#8217;s consolidated net income stood at $2.29 billion for Q2 2021, increasing by 127% compared to a loss of $8.42 billion during Q2 2020. For 1H 2021, the consolidated net income rose 167% with $5.71 billion, compared to a loss of $8.42 billion during the same period the previous year.</p>
<p>The company&#8217;s consolidated net income stood at $2.29 billion for Q2 2021, increasing by 127% compared to a loss of $8.42 billion during Q2 2020. For 1H 2021, the consolidated net income rose 167% with $5.71 billion, compared to a loss of $8.42 billion during the same period the previous year.</p>
<p>The company&#8217;s adjusted net operating income for the integrated gas and renewables &amp; power segment increased 173%, with $891 million in Q2 2021, compared to $326 million during the same period last year.</p>
<p>The company stated that the gross installed renewable electricity generation capacity grew to 8.3 GW at the end of Q2, 2021.</p>
<p>TotalEnergies&#8217; share of the earnings before interest, taxes, depreciation, and amortization (EBITDA) of renewables and electricity activities was $291 million in Q2 2021, more than tripling over year, driven by growing electricity production, particularly renewable electricity, and the number of gas and electricity customers.</p>
<p>The company acquired nearly $662 million of assets in Q2 2021. It included a 23% stake in a 640 MW offshore wind project in Taiwan. The company also <a href="https://mercomindia.com/amazon-ppa-totalenergies-renewable-energy/" target="_blank" rel="noopener">entered</a> into a partnership with Amazon to supply 474 W of renewable electricity to its data centers in Europe and the United States. The company also <a href="https://mercomindia.com/daily-news-wrap-up-indianoil-green-hydrogen/" target="_blank" rel="noopener">entered</a> into a sales contract for 50 GWh per year with Air Liquide in Belgium.</p>
<p>The adjusted EBITDA for Q2 2021 stood at $8.67 billion, increasing by 122% compared to $3.91 billion in Q2 2020. The adjusted EBIDTA for 1H 2021 stood at $16.84 billion, an increase of 59% compared to $10.58 billion during the same period last year.</p>
<p>The net electricity production was 5.1 TWh in Q2, 2021, an increase of 73% year-on-year, notably due to the strong growth in renewable electricity generation and the acquisition of four combined-cycle natural gas turbine (CCGT) projects in France and Spain in the fourth quarter (Q4) of 2020.</p>
<p>To reach the goal of net-zero by 2050, TotalEnergies is building a portfolio of renewables that should account for up to 40% of its sales by 2050. At the end of 2020, TotalEnergies&#8217; gross power generation capacity worldwide was around 12 GW, including 7 GW of renewable energy.</p>
<p>In January this year, Total <a href="https://mercomindia.com/total-to-acquire-20-stake-in-adani-green/" target="_blank" rel="noopener">acquired</a> a 20% minority interest in <a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a> from Adani Group. The two partners agreed to the acquisition of a 20% stake in AGEL for an investment worth $2.5 billion. With this 20% minority interest in Adani Green Energy, Total will also have a position on the board of directors of Adani Green Energy.</p>
<p>Earlier, Adani Green Energy had <a href="https://mercomindia.com/adani-green-expands-joint-venture/" target="_blank" rel="noopener">announced</a> that it had added 205 MW of operational solar projects worth ₹16.32 billion (~$222.9 million) to the portfolio of its joint venture with Total.</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/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</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/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a>
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