Welcome back to another busy week! This time, we are covering Canadian Solar’s excellent financial results, United Arab Emirates’ and Czech Republic’s change of heart regarding its renewables policy, and many more!
Image by Gerd Altmann from Pixabay
Your Monday Briefings is now divided into 2 sections:
- The 1st section has all the solar news related to COVID-19
- The 2nd section has the solar news which has little to do with the pandemic.
SECTION 1: COVID-19 WATCH
Investors turn to renewables despite COVID-19
August & Co., the financial advisory specialized in clean energy, reports that investors are still very much interested in renewable energy investment, despite the increase of financing costs due to COVID-19. The turn of the tide is also propelled by the price shocks of oil and gas.
Source: pv magazine
Indian developer to bail on its record low solar tariff
Due to COVID-19, Indian PV developer Acme Solar has changed its mind about its 600 MW project in Rajasthan, for which the developer has won the bid with its record low solar tariff, INR 2.44/kWh (US$0.0322/kWh), in 2018. However, Acme now deems it unfeasible to complete the project in time, even if the project is eligible for a 6-month extension. However, India’s commissioning body disagrees.
Source: pv magazine
Italian PV industry joins the battle against COVID-19
Italian renewables research agency Gestore dei Servizi Energetici reports that many beneficiaries of renewable energy relief package have donated approximately US$742,000 (€675,000) to public health organizations in Italy.
Nigerian PV installer devotes 1MW to healthcare to fight COVID-19
Nigerian PV installer specialized in C&I solar, Starsight, has installed a 1 MW of PV array to supply electricity to a hospital in Ekiti state. This move could reduce the time required to process COVID-19 tests.
Source: pv magazine
SECTION 2-1: NON-COVID-19 Regional Market News
And for those of you who are sick of COVID-19 news, here are the news that are not (entirely) related to COVID-19.
Algeria
Algeria plans to install up to US$3.6 billion worth of photovoltaic projects by 2024.
The entire project will require investments ranging from US$3.2 billion to US$3.6 billion.
China
1.Nationwide
The Poverty Alleviation Office of the State Council and the National Energy Administration have jointly issued the “Notice on Incorporating Village-level Photovoltaic Poverty Alleviation Power Plant Projects into the Scope of National Subsidies”.
The notice stated that the 4588 MB village-level photovoltaic poverty alleviation power station projects approved by the government will enjoy the national subsidy policy.
Funds required for subsidies will be calculated on the basis of renewable energy prices and additional income. Starting from 2021, the funds will be gradually paid in accordance with the income.
The Photovoltaic Poverty Alleviation Power Plant Projects will take priority over the ordinary PV projects in terms of receiving the subsidy.
2.Ningxia Hui Autonomous Region (NHAR)
Per requests of the Ningxia Development and Reform Commission, the PV grid parity projects will not be launched in 2020, and all the space for energy storage will be used for auction projects.
Companies that have been included in the scope of 2019 photovoltaic auctions but have not started construction before May 31, 2020, may not apply the projects for review.
In principle, the application capacity of a single project shall not exceed 200 MW. Before May 31, it is compulsory to submit relevant materials to the National Development and Reform Commission.
3.Zhejiang Province
On May 25, the Cixi City Development and Reform Bureau issued a notice regarding the launch of the competitive allocation of 2020 national subsidies for general photovoltaic power generation.
The power stations that are eligible for the auctions are the centralized PV power stations and C&I distributed PV power stations that will be connected to the grid in 2020.
In principle, the projects that have been included in the scope of 2019 nationally subsidized PV auctions are not allowed to apply the projects for review.
Czech Republic
The Czech government has announced plans to build more nuclear power plants. Additionally, the government also plans to extend the service of its coal-fired power plants.
The feed-in-tariffs for the existing solar, wind and hydropower projects will be reduced.
Plus, the Czech government also plans to support amendments to the Energy Act to reduce the rate of return on Internal Rate of Return (IRR).
United Arab Emirates
Dubai Utility’s New Policy Unfriendly to Ground-Mounted Solar
Dubai Electricity & Water Authority (DEWA) has unveiled its new vision regarding the solar development in its latest communication with the solar industry in UAE on May 11.
- Ground mounted projects are no longer envisaged under Shams Dubai;
- The maximum capacity to be installed in a plot is capped at 2,080 kW (lower limits can apply based on the customer’s total connected load in the plot, as per table in DEWA DRRG Connection Conditions).
- No exceptions to these restrictions will be granted by DEWA for solar PV projects initiated by customers under Shams Dubai,
This announcement reversed the previous Shams scheme, where the owners of PV installations could be financially compensated for the surplus of power which they sold back to the grid.
Source: Dubai Electricity & Water Authority (DEWA) and pv magazine
The United States
MIT study reports that it is possible to repurpose the electric vehicle batteries to store the electricity produced by utility-scale solar plants.
The used EV batteries could cost 40% less than their original price, which makes it a good replacement to the brand new built utility-scale batteries.
Source: pv magazine
SECTION 2-2: NON-COVID-19 Company News
Sinn Power
German wave energy solution provider Sinn Power has developed an innovative design, “[a] floating ocean hybrid platform” which integrates wave, wind and solar power energy.
The installation will be fit with a solar array of 20 kW and 4 small wind turbines, which is 6 kWp each. The startup believes that this device can supply “people living near coasts all over the world with access to clean electricity [with unlimited power of ocean waves].”
Source: pv magazine
Canadian Solar Inc.
Canadian Solar Inc (“CSI”) has announced its excellent financial results on May 28.
The total module shipments have increased 41% YoY to 2.2. GW.
Net revenue has soared, up 70% YoY to US$826 million.
Gross profit increased 108% YoY to US$223 million.
Canadian Solar sees turnover and profits surge.
Source: Canadian Solar Inc
Kanoya Osaki Solar Hills LLC
Kanoya Osaki Solar Hills LLC, backed by Japanese solar module giant Kyocera, has achieved commercial operation with its 100 MW solar plant.
What is interesting about this project is that the project site used to be designated for a golf course 30 years ago, which was never built.
In January 2014, the local community is interested in repurposing the site into something that will contribute more to the community.
Source: pv magazine
Risen Energy
On May 22, Risen Energy has announced its intention of spinning off its holding subsidiary Changzhou Sveck Photovoltaic New Material Co., Ltd., which will file for IPO on the ChiNext Board.
According to the 2019 financial report, Risen Energy's operating revenue from EVA-based encapsulant film business was US$166.4 million (RMB 1.188 billion), accounting for 8.25% of the total revenue and a gross profit margin of 23.06%.
