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					</table><p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>Adani Solar has <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/9d3b7cf0-1b1d-4b96-8f3e-95f23c4b3d74.pdf" target="_blank" rel="noopener">introduced</a> India&#8217;s first large monocrystalline silicon ingot at its Mundra facility. </strong>These ingots will be used to produce renewable electricity from silicon-based solar modules with efficiencies between 21% and 24%. The company completed the backward integration of the ingot line infrastructure in seven months and will produce silicon ingots exclusively for its solar wafers, cells, and modules. Adani Solar plans to increase its ingot and wafer capacity by 2 GW by the end of 2023 and to further increase production to 10 GW by 2025.</p>
<p><strong>The Odisha government has designated Grid Corporation of Odisha (</strong><a href="https://www.gridco.co.in/" target="_blank" rel="noopener"><strong>GRIDCO</strong></a><strong>) as the nodal agency to implement the state’s </strong><a href="https://mercomindia.com/odisha-incentives-consumers-renewable-energy-policy-2022/" target="_blank" rel="noopener"><strong>renewable energy policy</strong></a> and facilitate the development of all renewable energy projects in Odisha. GRIDCO will be responsible for proposing and implementing mechanisms for solar, wind, hydropower, electric vehicles etc. in the state.</p>
<p><strong>The World Bank has </strong><a href="https://www.worldbank.org/en/news/press-release/2022/12/20/world-bank-approves-311-million-to-increase-grid-connected-renewable-energy-capacity-in-west-africa" target="_blank" rel="noopener"><strong>approved</strong></a><strong> $311 million in funding for renewable energy projects in West Africa.</strong> This included the installation of 106 MW of solar with battery storage systems and the expansion of hydroelectric capacity by 41 MW. The projects aim to improve electricity distribution and transmission in Chad, Liberia, Sierra Leone, and Togo, and include a $20 million grant for regional power trade and capacity building in the West Africa power pool.</p>
<p><strong>India Grid Trust (</strong><a href="https://www.indigrid.co.in/" target="_blank" rel="noopener"><strong>IndiGrid</strong></a><strong>) and G R Infraprojects (</strong><a href="https://www.grinfra.com/" target="_blank" rel="noopener"><strong>GRIL</strong></a><strong>) signed a memorandum of understanding to bid for transmission projects worth around ₹50 billion ($604 million). </strong>The companies also intend to acquire a 100% stake in the Rajgarh Transmission project, which is part of the interstate transmission system in Madhya Pradesh. The project will be developed and executed by GRIL and operated and managed by IndiGrid after acquisition. IndiGrid has also received expansion projects worth approximately ₹2.3 billion ($27.78 million) on its existing assets on a regulated tariff mechanism basis.</p>
<p><strong>The Securities and Exchange Board of India (</strong><a href="https://www.sebi.gov.in/" target="_blank" rel="noopener"><strong>SEBI</strong></a><strong>) has reviewed the regulatory framework for green debt securities and updated the definition to include pollution prevention and eco-efficient</strong> <strong>products. </strong>The new framework also introduced sub-categories of green debt securities, including blue bonds for water management, yellow bonds for solar energy, and transition bonds. SEBI will also establish guidelines to prevent green-washing risks for issuers of green debt securities.</p>
<p><strong>Solar tracking solution provider Arctech <a href="https://en.prnasia.com/releases/global/arctech-to-supply-2-8-gw-skyline-ii-solar-tracking-solution-in-india-388273.shtml" target="_blank" rel="noopener">inked</a> a deal to supply 2.8 GW of SkyLine II single-axis solar trackers for a 15 GW solar project in Khavda, Gujarat.</strong> The project is expected to be connected to the grid in the third quarter of 2023. The SkyLine II tracker helps to equalize wind pressure and post loads between the inside and outside of a solar project, enabling the use of trackers with the same pile configuration in the design and construction of a project. This eliminates uncertainty that was previously present at the beginning of the process. Arctech has already supplied 7 GW of solar tracking and racking solutions in India.</p>
<p><strong>Global investment firm EQT </strong><a href="https://www.prnewswire.com/news-releases/eqt-infrastructure-to-acquire-madison-energy-investments-a-leading-integrated-us-solar-distributed-generation-platform-301707254.html" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that its EQT Infrastructure VI fund is acquiring Madison Energy Investments, a company that develops and operates solar</strong> and energy storage projects in the U.S. Madison has developed 386 MW of capacity across the country. The acquisition will allow MEI to expand its distributed solar and storage assets with EQT&#8217;s access to growth capital and expertise. The deal is expected to close in Q1 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/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 />
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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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Daily News Wrap-Up: Adani Unveils India’s First Large Monocrystalline Silicon Ingot


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					</table><p>U.S.-based solar tracker systems provider <a href="https://ftcsolar.com/" target="_blank" rel="noopener">FTC Solar</a>’s Q3 GAAP (generally accepted accounting principles) net loss widened to $25.6 million compared to $22.9 year-over-year (YoY) due to low demand induced by regulatory hurdles.</p>
<p>The company said that customers struggled to import modules due to Uyghur Forced Labor Prevention Act (ULFPA) that came into effect last year that affected project development and demand for trackers</p>
<p>Consequently, the company’s revenue for the July-September quarter came in at $16.6 million, a dip of 69% YoY. Further, the operating expenses for the quarter were $17.1 million, up 16% YoY.</p>
<p>FTC’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) loss widened to $17.7 million compared to $16.1 million YoY.</p>
<p>The company’s total backlog by the end of Q3 was at $961 million, including the addition of $203 million during the quarter. It said that $165 million worth of backlog is not likely to be affected by ULFPA delays.</p>
<p>The President and CEO of FTC Solar, Sean Hunkler, said, “Our goal through this downturn has simply been to best position the company for the coming recovery, and we continued to make good progress this quarter, including, launching a new 1P tracker to expand our served market, launching a new solution for U.S. sourced thin-film modules which fill a gap in our offering, entering several new international markets and growing our project pipeline to a new record high.”</p>
<p>FTC said that during Q3, it also launched its largest solar, hydro DG project of 128 MW in Australia, aiming expansion of operations to grow its business.</p>
<p>Hunker said, “We believe that many of our recent achievements should also help mitigate future impacts from UFLPA. Overall, we see significant long-term growth opportunities ahead for the market, and believe we are poised to outpace the market when the module market normalizes once again.”</p>
<p>In Q3, FTC launched its new 1P solar tracker solution— Pioneer &#8212; which would help expand its market reach, along with a 500 MW initial order from one of the top engineering, procurement, and construction companies.</p>
<p>The company <a href="https://mercomindia.com/solar-tracking-systems-company-ftc-solars-loss-reduces-q2-2022/" target="_blank" rel="noopener">recorded</a> a revenue of $30.7 million in Q2, a YoY drop of 39% compared to $50.1 million.</p>
<p>The company’s contracted and awarded orders in the first quarter of 2022 <a href="https://mercomindia.com/solar-tracking-ftc-solars-revenue-q1-2022/" target="_blank" rel="noopener">totaled</a> $664 million, including the addition of $112 million worth of projects since March.</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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FTC Solar’s Q3 Loss Widens to $25.6 Million


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					</table><p>Solar tracker manufacturer <a href="https://arraytechinc.com/" target="_blank" rel="noopener">Array Technologies</a> swung to profit in the third quarter (Q3) of 2022 on the back of strong growth in sales volume and prices. The company’s quarterly net income came in at $28.6 million, compared to a net loss of $33 million year-over-year (YoY).</p>
<p>The U.S-based firm updated its full-year 2022 revenue forecast upwards on the back of expected growth in utility-scale solar projects, partly due to the passage of the Inflation Reduction .</p>
<p>The company reported Q3 revenue at $515 million, a surge of 173% YoY, driven by the <a href="https://mercomindia.com/array-tech-acquire-sti-norland/" target="_blank" rel="noopener">acquisition</a> of STI Norland, which contributed $114.6 million in revenue, and by organic growth in its legacy business.</p>
<p>Array Technologies’ Q3 revenue grew by 112% YoY without considering the acquisition.</p>
<p>“In the last few months, we also debuted two new product offerings in the U.S. &#8211; the STI H250 and the Array OmniTrack. These product launches enable us to provide even greater site and weather flexibility at a time when the adoption of utility-scale solar is poised to expand to many new geographic locations,” Kevin Hostetler, Chief Executive Officer, said.</p>
<p>“With a full suite of products and the strength of our domestic supply chain, we believe we are incredibly well positioned to take advantage of the secular growth that is on the horizon due, in part, to the passage of the Inflation Reduction Act,” he added.</p>
<p>The company said the total executed contracts and awarded orders on September 30, 2022, stood at $1.8 billion, up 77% YoY. The contracts and orders include $1.4 billion from the Array Legacy Operations segment and $0.4 billion from STI Norland.</p>
<p>The company said its adjusted EBITDA increased to $55.4 million, compared to a $3.9 million loss for the prior year.</p>
<p>The firm’s gross profit in Q3 increased 1260% YoY to $80.2 million, helped by the and organic growth. The company said that the gross margin increased to 15.6% from 3.1%, driven by a larger portion of higher-priced contracts and the Norland.</p>
<p>Array’s gross profit <a href="https://mercomindia.com/solar-tracker-provider-array-revenue-up-63-1h-2022/" target="_blank" rel="noopener">increased</a> by 131% to $47.4 million compared to $20.5 million during Q2 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/sumit-jha/" class="vcard author" rel="author"><span class="fn">Sumit Jha</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt"><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/Picture2.jpg" width="50" /><strong style="text-decoration: underline">Sumit Jha,</strong> Assistant Managing Editor at Mercom India</div>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture2.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/sumit-jha/" target="_blank" rel="noopener"><strong style="color: #00b451">Sumit Jha </strong></a>is the Assistant Managing Editor at Mercom India. Prior to Mercom, Sumit worked as a journalist for over a decade, covering the energy sector for Reuters, CNBC-TV18, Bloomberg TV India, and Financial Express, among others. Sumit holds a diploma in print journalism from the Indian Institute of Mass Communication, Delhi, and a Bachelor of Engineering (B.E) from Manipal Institute of Technology.<a href="https://mercomindia.com/author/sumit-jha/" rel="noopener noreferrer">More articles from Sumit Jha</a></div>
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Array Technologies Swings to Profit in Q3 on Higher Sales Volume and Prices


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					</table><p>U.S.-based solar tracking systems provider <a href="https://arraytechinc.com/" target="_blank" rel="noopener">Array Technologies</a> has announced the financial results for the first half (1H) and the second quarter (Q2) of the calendar year (CY) 2022.</p>
<p>The company reported revenue of $725.52 million in 1H 2022, an increase of 63% compared to $444.75 million during the same period last year.</p>
<p>The company registered a gross profit of $76.93 million, an increase of 15% compared to $66.76 million in 1H 2022.</p>
<p>The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $26.68 million, marking a decrease of 42% from $46.65 million during the same period last year.</p>
<p>The company posted a net loss of $24.83 million in 1H 2022, compared to  $941,000 in 1H 2021.</p>
<p>Kevin Hostetler, Chief Executive Officer at Array Technologies, commented, “As we look at the current state of our industry in the U.S., we are encouraged by the recent executive order issued by President Biden in support of domestic clean energy. The executive order means that we believe the approximately $240 million of projects we previously identified as at risk are now expected to move forward. While we don’t expect the majority of these projects will get delivered in 2022 due to lead times, it is important that this demand is now solidified. Additionally, the Inflation Reduction Act, when passed, provides meaningful clarity on the long-term incentive structure for the solar industry, including investments that aim to tackle climate change. This clarity allows participants to confidently make decisions on future investments, therein accelerating the adoption of solar energy. We strongly encourage the House to pass this bill and President Biden to sign it into law.”</p>
<p><strong>Q2 2022</strong></p>
<p>For Q2 2022, the company reported revenue of $424.9 million, an increase of 116% compared to $196.5 million during the same period last year. The increase in revenue was primarily driven by the <a href="https://mercomindia.com/array-tech-acquire-sti-norland/" target="_blank" rel="noopener">acquisition</a> of STI Norland, which contributed $72.7 million to the revenue.</p>
<p>The company&#8217;s gross profit increased by 131% to $47.4 million compared to $20.5 million during Q2 2021, driven primarily by the increase in volume from STI Norland&#8217;s acquisition and the company&#8217;s organic growth.</p>
<p>The adjusted EBITDA increased by     162% and stood at $25.9 million in Q2 2022 compared to $9.9 million during the same period last year.</p>
<p>The company accrued a net loss of $2.78 million in Q2 2021, a decrease of 49.5% compared to $5.51 million during the same period last year.</p>
<p>The total executed contracts and awarded orders until June 30, 2022, stood at $1.9 billion, with $1.5 billion from the Array legacy operations segment and $400 million from STI Norland.</p>
<p>In 2020, the company <a href="https://mercomindia.com/solar-tracking-array-closes-ipo/" target="_blank" rel="noopener">announced</a> that it had closed its upsized initial public offering (IPO) after raising over $1 billion in one of the biggest solar IPOs in the world.</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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Solar Tracker Provider Array Technologies’ Revenue Up by 63% in 1H 2022

<p><a href="https://ir.arraytechinc.com/" target="_blank" rel="noopener">Array Technologies</a>, a U.S.-based solar tracking systems manufacturer, has signed an agreement to acquire Soluciones Técnicas Integrales Norland (<a href="https://stinorland.com/project/engie-gd/" target="_blank" rel="noopener">STI Norland</a>) for €570 million (~$652.16 million) in cash and stock.</p>
<p>The company will acquire STI Norland for €351 million (~$407 million) and 13.9 million shares of its common stock. STI Norland&#8217;s shareholders will be eligible for an additional payment of up to €55 million (~$62.93 million) in cash based on the earnings before interest, taxes, depreciation, and amortization (EBIDTA) of €47 million (~$53.77 million) that STI Norland generates in 2021.</p>
<p>Array Technologies obtained commitments from J.P. Morgan Securities and Guggenheim Securities as joint lead arrangers for bridge financing to complete the transaction. The transaction is expected to be completed in the first quarter of 2022.</p>
<p>Following the transaction, Array plans to initiate several cost reduction plans across the combined company, including evaluating additional supplier discounts and identifying common components.</p>
<p>STI Norland, a Spain-based solar tracker manufacturer, has supplied trackers to more than 400 projects worldwide, accounting for more than 12 GW of generation capacity. In 2020, it generated revenues and EBIDTA of around €200 million (~$228.78 million) and €43 million (~$49.18 million), respectively.</p>
<p>Array Technologies said STI Norland has an established sales presence in Europe, Latin America, Australia, and South Africa. The combined company is expected to derive around 30% of its revenues from international projects in 2022 and would have leading positions in North America, Latin America, and Europe, the three largest markets for solar outside of China.</p>
<p>According to Array, STI Norland manufactures a dual row tracker system, which is ideal for projects where the labor cost for installation is less than in the U.S. and wind, and snow load factors are significantly lower.</p>
<p>Brad Forth, Chairman of Array, said, &#8220;This transaction is an important first step in the expansion strategy that we articulated when we announced our preferred equity investment from Blackstone in August. The combination of Array and STI Norland creates the global leader in trackers with leading positions in every major market for solar outside of China and India.&#8221;</p>
<p>Last year, Array Technologies <a href="https://mercomindia.com/solar-tracking-array-closes-ipo/" target="_blank" rel="noopener">raised</a>  over $1 billion in one of the biggest solar initial public offerings in the world.</p>
<p>According to Mercom&#8217;s <a href="https://mercomcapital.com/product/9m-q3-2021-solar-funding-ma-report/" target="_blank" rel="noopener">9M and Q3 2021 Solar Funding and M&amp;A Report</a>, there were 29 solar M&amp;A transactions in Q3 2021 compared to 34 M&amp;A transactions in Q2 2021. By comparison, there were 17 transactions in Q3 2020. In 9M 2021, there were 83 transactions compared to 42 deals in 9M 2020.</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/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Array Tech to Acquire Solar Tracker Manufacturer STI Norland for $652 Million

Daily News Wrap-Up: Indian Railways to Entirely Run on Renewable Energy by 2030

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>Bayer has </strong><a href="https://www.iberdrola.com/press-room/news/detail/iberdrola-bayer-make-progress-their-environmental-commitment-seal-10-year-agreement-100-renewable-electricity-supply" target="_blank" rel="noopener noreferrer"><strong>signed</strong></a><strong> a 10-year power purchase agreement with Iberdrola to procure clean energy supply for its nine facilities in Spain. </strong>Iberdrola will provide clean energy generated by its 590 MW Francisco Pizzaro solar project to five research and development centers, three production facilities, and Bayer’s headquarters for Iberia. The initiative will be effective in 100% of these centers from 2022.</p>
<p><strong>Solar Oysters has </strong><a href="https://world.einnews.com/pr_news/530897864/aquaculture-start-up-solar-oysters-aims-to-clean-the-chesapeake-bay-by-2025" target="_blank" rel="noopener noreferrer"><strong>built</strong></a><strong> an automatic ‘floatovoltaic’ oyster production system that has the potential to produce up to 2.4 million oysters in 45 times less space than a traditional farm.</strong> The Solar Oysters technology can reduce the state’s nitrogen reduction shortfall, which the Maryland plans to drastically reduce by 2025. The oyster production system can generate valuable protein and nutrient credits using solar energy. The company said oysters contribute to our food supply and provide immense benefit to the Chesapeake Bay and other waterways through their ability to remove nitrogen and phosphorus in the water.</p>
<p><strong>SVOLT Energy Technology, a global energy storage systems provider, </strong><a href="https://www.realwire.com/releases/SVOLTs-24-GWh-Battery-Cell-Factory-Comes-to-Germany" target="_blank" rel="noopener noreferrer"><strong>said</strong></a><strong> that it would establish its European production facility in Germany.</strong> A module and pack facility and a battery cell facility will be developed at two locations in Saarland, Germany. The battery cell production is expected to start at the end of 2023. In its final expansion stage, the facility will achieve a production capacity of 24 GWh, which corresponds to batteries for 300,000 to 500,000 electric cars annually.</p>
<p><strong>Alberta Investment Management Corporation (AIMCo) and AES Corporation </strong><a href="https://www.spower.com/news/2020-11-17/" target="_blank" rel="noopener noreferrer"><strong>announced</strong></a><strong> an agreement to merge sPower with AES’ US-based clean energy development business.</strong> AES’ fully-owned clean energy development business includes AES Distributed Energy and a wind development team formerly part of Advance Energy. Future projects developed from the combined 12 GW development pipeline will be owned 75% by AES and 25% by AIMCo. Although there is no change in ownership of operating assets and backlog, the newly formed platform will manage the 2.5 GW of operating assets, and the existing 2.6 GW contracted backlog. The transaction is expected to close in the next few months upon successful completion of customary closing conditions.</p>
<p><strong>Hecate Energy, a U.S.-based renewable energy company, has </strong><a href="https://www.ideematec.de/en/2020/11/17/hecate-teams-up-with-ideematec-for-inaugural-ltec-project/" target="_blank" rel="noopener noreferrer"><strong>selected</strong></a><strong> Ideematec, a global supplier of solar tracking systems, to provide 4 MW of its L:Tec<sup>TM </sup>solar trackers for an upcoming installation.</strong> Reach Construction Group, a construction and project management services company, will install the project in Newberry, South Carolina, United States.</p>
<p><a href="https://grids.dtek.com/" target="_blank" rel="noopener noreferrer"><strong>DTEK Kyiv Grids</strong></a><strong> has connected Ukraine’s largest commercial rooftop solar power system to the grid.</strong> The solar project, located in the neighborhood of Troyeshchyna in Ukraine, consists of 1,200 solar panels mounted to the roof of a residential building and covers an area of over 4,000 square meters with an output of 330 kW. Avrora Term, a Ukrainian company, backed the development of this facility with an investment of more than $330,000 in its construction.</p>
<p>Here is our <a href="https://mercomindia.com/daily-news-wrap-up-china-residential-solar/" target="_blank" rel="noopener noreferrer">previous</a> daily news wrap-up.</p>
<p>&nbsp;</p>
<p>Image credit: Daniel Schwen, CC BY-SA <a href="https://creativecommons.org/licenses/by-sa/4.0" target="_blank" rel="noopener noreferrer">4.0</a>, via Wikimedia Commons</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/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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