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IEEFA Report: Turkey Turns To Solar Power To Boost Energy Independence

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Turkey can build on a new support scheme for solar power by providing further incentives that would reduce payback periods to less than seven years now, and two years by 2030, according to a report released today by the Institute for Energy Economics and Financial Analysis (IEEFA).

Turkey has among the most abundant solar resources in Europe, far surpassing market leaders such as Britain and Germany, and has seen rapid growth as a result, especially in the ground-mounted solar sector. Removing installation fees and value added tax in the rooftop market, while taking advantage of Turkey’s strong solar irradiation levels, would clear the way for greater energy independence, the report: New Incentives Brighten Turkey’s Rooftop Solar Sector, says.

A NATIONAL NET METERING SCHEME, INTRODUCED IN MAY, HAS OPENED THE DOOR TO GROWTH IN THE ROOFTOP SOLAR MARKET in Turkey, but further incentives are needed to drive more widespread adoption across the country, the report finds.

“Turkey is already one of the world’s fastest growing markets for large-scale solar, and the government has now laid the foundations for similar growth in the rooftop market,” said IEEFA energy finance analyst and report co-author Gerard Wynn.

“Households will be up for this technology, but first, they will need a little more financial incentive.”

“The beauty of solar power for Turkey is that it exploits one of its most valuable energy assets, where it has a natural advantage over other countries along with the added bonus of trimming increasingly expensive coal imports.” (Turkey spent USD $4.4 billion on coal imports in 2018, up 12% on the previous year).

The government’s net metering scheme is an important first step towards developing the rooftop solar market. Under the new plan, homeowners receive a monthly energy credit for solar exports to the grid, which they can use to offset their electricity bills. It replaces a previous, largely ineffective policy, and complements a feed-in tariff scheme that benefited larger installations and not the smaller solar rooftop systems used by individual consumers.

THE NEW INCENTIVES ALLOW HOUSEHOLDS TO SAVE ON THEIR ELECTRICITY BILLS, which they can use to pay off the upfront cost of solar panels.

“At the moment, we estimate an 11-year pay-off period is needed to cover the upfront costs for a typical solar installation,” said Wynn. “That is a great improvement over the estimated 16-year payback period under the previous scheme.”

“We found that with the right incentives, this payback can fall to under seven years. At that level, people across Turkey will be interested in leveraging the opportunity to have more affordable, cleaner, home-grown electricity.”

“Taking into account expected decreases in the cost of solar power going forward, we estimate the payback period will fall further, to just two years by 2030.”

THE REPORT, THEREFORE, RECOMMENDS THAT TURKEY TAKE FURTHER STEPS to bring rooftop solar power within reach of mainstream consumers. These steps could include: eliminating the value added tax on solar installations to reduce upfront costs; removing the fixed fee for obtaining government approval; subsidising the cost of borrowing to install solar panels, for example by attaching loan repayments to a mortgage or utility bill; and raising the level of support for solar exports to the grid at rates comparable to those seen in other European countries.

“We conclude that while Turkey’s new net metering program marks a significant and welcome step forward in developing its residential solar market, further incentives, such as reducing installation costs, would drive faster household adoption in the near term,” said Bengisu Özenç economics consultant and report co-author.

IEEFA Update: Tipping Point Looms For Fossil Fuels As Capital Flows To Renewables

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A tipping point for the future of fossil fuels may have been reached this year as financial markets massively down-rated traditional energy companies, with their slumping share prices destroying “staggering” amounts of shareholder wealth.

That is the view of Tim Buckley, Director of Energy Finance Studies at the Institute for Energy Economics and Financial Analysis, who argues in his new report Tipping Point: Global Renewable Energy Leaders Outperform on Global Markets that professional investors now recognize the inevitability of thermal coal’s decline and the uptake of clean, renewable energy.

Investors in coal-fired power plants, he notes, “are banking on questionable premises. First that governments will not put a substantial price on carbon emissions or pollution, and secondly, that the double-digit deflation in renewable energy and battery technologies will cease.”

BUCKLEY CONTRASTS THE PERFORMANCE OF EIGHT OF THE WORLD’S LARGEST LISTED, PRIVATE RENEWABLE ENERGY ASSET OWNERS/INVESTORS that are aggressively decarbonising their holdings with diehard fossil fuel stocks, showing that renewable energy investments vastly outperform them.

The stock price of Australia’s Macquarie Group, a leading investor in green energies, has risen 129% over the last five years, quadrupling the Australian equity market’s growth. But in 2019 alone, Australia’s four main coal miners – Whitehaven, Yancoal, New Hope Corp and Coronado Coal, have declined between 18% and 37%.

“As the capital flow moves to predominantly bankrolling renewable energy, the capital market derates the incumbent industry now owning stranded thermal power plants,” say Buckley.

“The world could well look back on 2019 as the tipping point: The moment when global capital markets accepted the technology-driven inevitability of a crossover from polluting thermal coal and increased uptake of sustainable, clean, renewable energy.”

EDP Renewables, ConnectGen Complete Acquisition Of Three First Solar Projects

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First Solar, Inc. announced today that a partnership composed of EDP Renewables and ConnectGen has completed the acquisition of three projects with a total nameplate design of 278 megawatts (MW)AC in the United States. First Solar previously disclosed that the sale of these projects were subject to certain conditions precedent for closing that have since been satisfied.

The projects include the 154MWAC Sun Streams 1 project in Maricopa County, Arizona, the 20MWAC Windhub A project in Kern County, California, and the 103MWAC Sunshine Valley project in Nye County, Nevada. All three projects are scheduled to achieve substantial completion by the end of the fourth quarter of 2019. 

“These projects reflect EDP Renewables’ focus on value creation, innovation, and sustainability. Combining responsible development with attractive economics backed by long-term Power Purchase Agreements, they are powered by one of the most innovative and eco-efficient solar technologies available today,” said Miguel Prado, Chief Executive Officer, EDP Renewables North America. “We look forward to adding these projects to our growing portfolio in the United States.”

EDP Renewables is a leading global renewable energy company that operates in markets around the globe. The United States is the company’s biggest market in terms of installed capacity and production. EDP Renewables North America commissioned its first two solar parks in California in January 2015, subsequently adding three solar parks in South Carolina to its operational portfolio.

“ConnectGen and First Solar strive to enable a sustainable energy future, and this deal furthers our goal to provide long-term, cost-effective, renewable energy solutions in the United States,” said Caton Fenz, Chief Executive Officer, ConnectGen. “We look forward to working alongside EDP Renewables and with all project stakeholders to responsibly bring these important projects to fruition.” 

Headquartered in Houston, Texas, ConnectGen develops renewable energy and energy storage projects across North America. The company is backed by Quantum Energy Partners, a leading provider of private equity capital to the global energy industry.

“We’ve proven, once again, that investors are focused on the winning formula: responsible development, attractive project economics, and long-term Power Purchase Agreements, underpinned by high-performance PV modules and a partner that stands behind its commitments,” said Georges Antoun, Chief Commercial Officer, First Solar. “We thank EDP Renewables and ConnectGen for their trust and for recognizing the robustness of First Solar’s approach to project development in the United States.”

All three projects are powered by First Solar’s thin film module technology, developed and innovated in the United States. Once commissioned, the projects will be operated by First Solar Energy Services, which, with over 10 gigawatts (GW) under management, is the solar industry’s most experienced Operations and Maintenance (O&M) service provider for large-scale solar power plants.

First Solar is celebrating two decades since its founding in 1999 and 25GWDC of photovoltaic (PV) modules shipped, making it the only American Solar manufacturing company to achieve this milestone.

Court Says Huawei Did Not Infringe On SolarEdge’s Patent And Another Patent Is Revoked

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The Mannheim Regional Court heard two cases brought by SolarEdge, an Israeli provider of power optimizers and solar inverters, claiming that Huawei’s PV optimizers infringed on its patents. The court concluded that Huawei did not infringe on SolarEdge’s patent for one case, and deferred the hearing for the other case due to insufficient evidence. On November 21, 2019, the European Patent Office (EPO) heard a patent opposition case brought by Huawei against SolarEdge. The EPO decided to revoke SolarEdge’s patent relating to the inverter multi-level topology.

A Huawei spokesperson welcomed the court’s decision. As one of the world’s largest holders of intellectual property rights, Huawei actively protects its own intellectual property rights and fully respects the rights of others. Huawei advocates the use of legal means to resolve disputes over intellectual property rights, and insists on taking legal action to protect its rights and interests.

In June 2018, SolarEdge filed infringement lawsuits against Huawei over three patents relating to its residential solar inverters and optimizers. Huawei responded actively to the proceedings and chose to defend its rights and interests by legal action. The Mannheim Regional Court heard the cases on November 19, 2019. The judge declared that Huawei did not infringe on the patent relating to optimizer and inverter architecture, and dismissed SolarEdge’s lawsuit directly. As for the patent relating to optimizer power adjustment, on the basis of the detailed test solution submitted by Huawei, the court held that the evidence provided by SolarEdge was insufficient to prove an infringement at this stage and deferred the hearing. Two days later (on November 21), the EPO heard the patent opposition case concerning the inverter multi-level topology. The EPO decided that the SolarEdge patent did not involve an inventive step and the grant of the patent is revoked.

According to a Huawei spokesperson, Huawei has always been a strong advocate and beneficiary of intellectual property protection. More than three decades of experience has taught Huawei that only by fully respecting and protecting intellectual property rights, advocating fair competition, and working with its partners on these bases, can it remain innovative and competitive, create greater value for its customers, and ultimately promote technological progress and social development.

Huawei is a global market leader in solar inverters. It has ranked number one in worldwide solar inverter shipments for four consecutive years since 2015, according to IHS Markit. As a technology company, Huawei has always attached great value to intellectual property rights and their protection in its business operations. Looking forward, Huawei will maintain this stance and continue its efforts in building a sound intellectual property rights ecosystem. Through continuous innovation, Huawei will provide its customers with industry-leading products to help them achieve business success.

Tata Power Gets Letter Of Intent For The Acquisition Of CESU Power Distribution In Odisha

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The Odisha Electricity Regulatory Commission (OERC) awarded the Letter of Intent (LOI) to The Tata Power Company Limited informing the Company’s selection as the successful bidder to own the licence for the distribution and retail supply of electricity in Odisha’s five circles, together constituting Central Electricity Supply Utility of Odisha (CESU).

The five electrical cirlces constituting CESU are the areas of Bhubaneswar (Electrical Circle – I and II), Cuttack, Paradip and Dhenkanal. The license is being offered for 25 years initially.

CESU is spread over 30,000 Sq km with population of over 1.4 Crore and consumer base of 2.5 million. The average demand of CESU is around 1,300MW with the annual input energy of 8,400MUs (FY 2018). Presently, Tata Power has total consumer base of 2.5 million across Mumbai, Delhi and Ajmer and with acquisition of CESU, its consumer base would double and touch 5 million consumers.

The proposed sale of CESU to Tata Power will be through the formation of a special purpose vehicle entity. Tata Power has been informed that Government of Odisha will own 49% equity stake in the proposed SPV and Tata Power will hold 51% equity with their management.

“Tata Power has several successful public-private partnerships in generation, transmission & distribution in the country. Recently, our focus has been on increasing the Company’s existing footprint in distribution of electricity through Public-Private-Partnerships (PPP) with discoms. This tie up with CESU is the latest such partnership in the distribution business,” said Mr Praveer Sinha, CEO & MD, Tata Power.

“We hope to transform Odisha distribution system with 24 x7 reliable power and unmatched customer services with extensive social engagement using our existing experience in distribution of electricity in Delhi, Mumbai and Ajmer,” said Mr. Sanjay Banga-President-T &D, Tata Power.

Tata Power has vast experience in power distribution sector with its presence in Mumbai, Delhi and Ajmer. Tata Power has been a benchmark performer in Delhi, wherin similar PPP model was formed after privatisation of Delhi Vidyut Board in 2002 . AT&C losses have been brought down from a high of 53% in 2002 to around 8%.

IEX Electricity Market Trades 3,825 MU In November’19; A 7% Y-On-Y Increase

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The electricity market at IEX recorded a total trade of 3825 MU in November 2019. The market observed a 7% Y-on-Y increase in traded volumes, which was a result of increased procurement by the eastern and southern states. This upsurge demonstrates the growing preference for the exchange platform enabling power-on-demand at the most competitive pricing and flexible procurement for market participants.

The day-ahead market traded 3389 MU with an average market clearing price at only Rs 2.85 per unit vs price of Rs. 3.58 in November 2018, a 20% decline in price, making the marketplace more attractive as well as viable for both distribution utilities and open access customers.

In the day-ahead market (DAM), total monthly sell bids were 8,579 MU while buy bids were 4,108 MU. With sell bids at over two times of the buy bids coupled with lower clearing prices, helped discoms as well as commercial & industrial consumers to save costs and optimize power procurement costs. Looking at the available historical trends and low demand scenario, this trend is likely to continue during the winter months.

One Nation, One Price prevailed for 26 days during the month. The inter-state congestion for the remaining days was on account of import of power to southern states.

In the term-ahead market (TAM), volumes rose 157% Y-on-Y rise on the back of a growing number of distribution utilities turning to TAM contracts especially intraday, daily, weekly for meeting their short-term power demand.

All India peak demand at 156 GW in November’19, declined 4% over demand of 162 GW in November’18 and the energy met at 3.3 BU declined 5% YoY and according to the NLDC data. The primary reasons for this decline was economic slowdown as well as early onset of winters.

On 27th November, the REC market at IEX saw a total trade of 3.29 lac Renewable Energy Certificates comprising of 2.92 lacs Non-Solar RECs and 0.37 lacs Solar RECs.

The price for Non-Solar RECs (issued after 1.4.17) at Rs. 1,800 increased 9% from Rs. 1,650 in October’19 and price for Solar RECs at Rs. 2,400 remained unchanged from October’19.

The continuing increase in REC prices has mainly been due to shortfall on account of low inventory since March 2019.

Empowering Farmers In Africa: Small-Scale Solar Lights A Path For Agricultural And Economic Impact

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Nearly 600 million people in sub-Saharan Africa still don’t have access to grid electricity, and hundreds of millions more live with unreliable connections, plagued by frequent black-outs. The majority of these off-grid households are in rural areas, and depend on agricultural activities – for sustenance, or income, or both. With so many unable to power or afford appliances, a full 65% of land in Sub-Saharan Africa is tilled, ploughed and weeded manually resulting in globally low farm yields – while over a quarter of the adult population in the region suffers from food insecurity.

Electrical appliances, such as irrigation systems and refrigeration, could increase food production and reduce post-harvest losses – but without electricity and adequate financing options these solutions remain out of reach. Diesel-powered applications are used by some mid-sized and larger off-grid farms, but these appliances are typically not sized for small-scale farmers, and have other drawbacks including high pollution levels and high recurring costs.

Fortunately, a new slate of agricultural appliances for small-holder farmer are now emerging in Africa — powered by off-grid solar energy.

Thanks to ongoing innovation in the off-grid sector, a host of productive use appliances that are powered by solar energy (productive use leveraging solar energy, or ‘PULSE’) are being developed, which can provide livelihoods and income-enhancing opportunities for households across the agricultural, industrial, commercial, and public sectors.

PULSE has immense potential in the agricultural sector. The use of machinery in farming can increase efficiency five-fold or more. The UNEP estimates that every 10% increase in farm yield has led to a 7% decrease in poverty in Africa. PULSE appliances can also help to cushion against shocks resulting from climate change and market-price fluctuations.

Given the scope of the opportunity these products bring, a rapidly growing market amongst farmers eager to reap the benefits is already emerging across sub-Saharan Africa – even as many products are still in the pilot stage.  A new report from the World Bank Group’s Lighting Global program, “The Market Opportunity for Productive Use Leveraging Solar Energy (Pulse) in Sub-Saharan Africa,” looks at this market for three of the most in-demand and mature PULSE use cases in agriculture: irrigation, cooling & refrigeration, and agro-processing.

The market for PULSE

The report finds that, currently, solar water pumps can be implemented at the largest number of farms as they are relatively affordable as compared to alternatives, and can increase yields for farms starting as small as 0.5 hectares. An estimated 701,000 (of approximately 95 million) rural smallholder farmers in sub-Saharan Africa meet the basic conditions to be able to benefit from these pumps, based on farm size, lack of grid electricity, access to a water source, and adequate income. This represents a $734 million market, which is projected to more than triple to 2.8 million farmers – or a $1.6 billion market – by 2030, due to expected increases in population and income rates, coupled with lowering prices of PULSE appliances.

Despite these promising numbers, solar pumps remain out of reach for an additional 4.7 million farmers whose outputs would benefit from them, but who couldn’t afford the monthly repayments of between $20-$73, even if they had access to credit. And for the 701,000 that could theoretically afford the monthly payments – credit isn’t always readily available.

Financing off-grid

This financial gap has been a critical bottleneck – and driver for innovation – in the off-grid sector since its advent. The rural population tends to be among the poorest. In the absence of financing, this means that even the up-front cost of a solar lantern remains unaffordable to many, to say nothing of something as transformative – and relatively expensive – as a solar water pump.

Enabling access to finance and increasing affordability will be key in ensuring PULSE appliances reach those that need them most. Since kicking of its first pilot project in Kenya in 2009, creating avenues to finance has been a key pillar of Lighting Africa’s work in building sustainable markets for off-grid solar lighting and energy products. Since then, various financing schemes have been developed to enable access to an ever-wider array of products, including those driven by distributors, such as pay-as-you-go (PAYG) financing for solar home systems (SHS).

Today, over 25.5 million people across sub-Saharan Africa meet their basic electricity needs through quality-verified off-grid solar sources. Without dedicated market building efforts, it is extremely unlikely so many would have gained access, given financial realities.

The future of PULSE

These market-building efforts can now also benefit PULSE appliances, as they are well positioned to build on the existing distribution and financing channels in the off-grid sector. Many off-grid farmers are already using SHS for their household energy needs, so they understand and trust the benefits this technology brings, while manufacturers can tap into existing distribution streams. Pay-as-you-go (PAYG) models are already being adapted and piloted for the more expensive PULSE appliances, while asset leasing, guarantor loan structures and specialist agricultural credit facilities are starting to expand access to financing for PULSE, even as on-going R&D efforts are seeking to bring costs down.

Nonetheless, in order to maximize the impact of PULSE, and help governments achieve ambitious agricultural transformation initiatives and enhance the livelihood and food security of millions, a concerted effort will be needed to bring together the off-grid energy and agricultural sector, as recommended in the report.

Off-grid energy access efforts have long endeavoured to continually expand distribution until the people living at the last inch of the last mile are reached. Continually evolving technologies, resulting in products like PULSE, ensure that when that last mile is reached, lives can truly be transformed.

Study: Solar Tariffs Cause Devastating Harm To U.S. Market, Economy And Jobs

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Tariffs on imported solar cells and modules have led to the loss of more than 62,000 U.S. jobs and $19 billion in new private sector investment, according to a market impact analysis released today by the Solar Energy Industries Association (SEIA).

The analysis comes as the midterm review process for the tariffs begins at the U.S. International Trade Commission on Dec. 5, and covers tariff impacts from the beginning of the 2017 trade complaint by Suniva through the end of the tariff lifecycle in 2021.

“Solar was the first industry to be hit with this administration’s tariff policy, and now we’re feeling the impacts that we warned against two years ago,” said Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association. “This stark data should be the predicate for removing harmful tariffs and allowing solar to fairly compete and continue creating jobs for Americans.”

In addition to its economic impact, tariffs on solar have caused 10.5 gigawatts (GW) of solar installations to be cancelled, enough to power 1.8 million homes and reduce 26 million metric tons of carbon emissions.

KEY FIGURES FROM THE ANALYSIS: 

  • Solar tariffs are costing the U.S. more than $10.5 million per day in unrealized economic activity
  • Each new job created by the tariff results in 31 additional jobs lost, 5.3 megawatts of solar deployment lost and nearly $9.5 million of lost investment
  • Reduced solar deployment figures will increase emissions equivalent to 5.5 million cars or 7 coal plants

Tariffs on solar are most harshly affecting nascent solar markets including Alabama, Nebraska, Kansas, and the Dakotas. These markets won’t be able to get off the ground because tariffs make solar uncompetitive.

The Section 201 solar tariffs began at 30% in 2018, and ramped down to 25% in 2019, 20% in 2020 and 15% in 2021.

U.S. Solar Market And 15 States See Best Quarter Ever For Residential Solar

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The U.S. residential solar market reached record highs in the third quarter of 2019 with 712 megawatts of solar installed, according to the latest U.S. Solar Market Insight report from Wood Mackenzie Power & Renewables and the Solar Energy Industries Association (SEIA). The U.S. solar market added 2.6 gigawatts of solar photovoltaics in the third quarter, swelling total U.S. solar capacity to 71.3 gigawatts.

The increase in residential installations helped the U.S. solar market grow 45% year-over-year and contributed to 15 states having their best quarter ever for residential solar. States with smaller solar markets such as Idaho, Wyoming, New Mexico and Iowa all saw record residential growth due to continued price declines and improvements to the economic competitiveness of solar across the country.

“This positive report makes clear that American families are demanding energy choice and solar, and that our industry is ready to deliver,” said Abigail Ross Hopper, president and CEO of SEIA. “This is the kind of growth and investment we could see going forward if we make smart policy moves, like extending the solar Investment Tax Credit and stopping additional tariffs. Failure to make these policy moves will limit deployment potential and cost jobs.”

California continues to be the largest residential solar market, installing nearly 300 megawatts in the third quarter of 2019, breaking its own quarterly record.

“While California has always led the country in solar deployment, the drivers behind that growth have shifted,” said Austin Perea, senior solar analyst for Wood Mackenzie. “This is primarily due to new-build solar demand and increased consumer interest in solar + storage solutions as a result of public safety power shutoffs that have left hundreds of thousands of utility customers in the dark.”

According to the report, power shutoffs in California and national coverage of these issues has renewed demand for solar + storage solutions in California and other states across the country.

Wood Mackenzie is forecasting that the total amount of solar installed in the U.S. in 2019 will reach 13 gigawatts, representing 23% annual growth.

Key findings from the report include:

  • In Q3 2019, the U.S. solar market installed 2.6 GWdc of solar PV, representing a 45% increase from Q3 2018 and a 25% increase from Q2 2019.
  • The U.S. saw record-setting residential solar capacity added in Q3 with more than 700 MW installed.
  • A total of 21.3 GWdc of new utility PV projects were announced from Q1 to the end of Q3, bringing the contracted utility PV pipeline to a record high of 45.5 GWdc.
  • Non-residential PV saw 445 MWdc installed as policy shifts in states including California, Massachusetts and Minnesota continue to slow growth.
  • Wood Mackenzie forecasts 23% year-over-year growth in 2019, with 13 GWdc of installations expected. In total, more than 9 GW were added to the five-year forecast since last quarter to account for new utility-scale procurement.
  • Total installed U.S. PV capacity will more than double over the next five years, with annual installations reaching 20.1 GWdc in 2021 prior to the expiration of the federal Investment Tax Credit for residential systems and a drop in the commercial credit to 10% (under the current version of the law).


Industry Vows to Continue Fight for Pro-Solar Policies, Despite Missed Opportunity This Year

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Today Congress and the White House were unable to agree on including an extension of the solar Investment Tax Credit (ITC) in an end of year tax package meaning the credit will decrease at the end of this year. The measure also failed to include energy storage in the ITC. This represents a missed opportunity to take an achievable step to boost the economy, add jobs and reduce carbon emissions.

Following is a statement from Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association on this development: 

“Congress let a crucial opportunity slip by, advancing a massive government spending bill without extending one of the most successful clean energy tax policies in history, the solar Investment Tax Credit.

“While I’m disappointed by this missed opportunity to boost the U.S. economy and jobs, and tackle climate change, I’m heartened that voter support for clean energy policies is at an all-time high. The solar ITC is a proven way to generate tens of billions of dollars in private investment each year, while substantially reducing carbon emissions. We will look for opportunities next year to again engage our incredibly supportive solar community and work with Congress on clean energy policies that work for all Americans.

“We knew this advocacy campaign was going to be an uphill climb. I’m proud of the progress we’ve made and I’m grateful for our bipartisan supporters. We were pleased by the sheer number of co-sponsors we gained, including the 14 House Republicans. This support will be critical as we continue our fight for meaningful policy, including provisions for clean energy storage in 2020.”

Solis String Inverters Rank Third Among Chinese Exports

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According to media outlet ET Wanda, Chinese exports of inverters reached $256 million in October 2019. With a combined market size of $10 million, the top three brands – Solis and two of its competitors – represent 33 percent of all exports in the category.

The top ten Chinese inverter makers account for nearly half of all exports — $123 million in sales. While they reported combined year-over-year growth of 17.5 percent, Solis revenues increased 82 percent during the same period with Q3 earnings representing the company’s strongest quarterly performance ever.

“We are excited about our latest financial results and we continue to hit our reliability targets and emphasize our customer service to set us apart,” says the company’s CEO Yiming Wang. “Our third place ranking points to the global strength of the Solis brand in traditional markets across Europe, the United States and in emerging regions.”

The top ten Chinese exporters combine a focus on their respective core markets with strong multi-regional distribution networks, allowing them to disperse market risks. Solis and its two closest competitors exported inverters to more than 20 countries in October; the leading markets included the Netherlands, the United States, Mexico, Brazil, Australia and Germany.

During the third quarter, 80 percent of all inverter exports went to the top 20 importing countries. The Netherlands and the United States remained in first and second place respectively from September to October, while exports to India dropped nearly 50 percent during the same time period, with Mexico increasing steadily to overtake India for third place.

Measures Backing Green Finance More Than Doubled Since 2015, UN figures Show

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As world leaders gather in Madrid to drive climate action, figures released by the UN Environment Programme (UNEP) show that the number of policy and regulatory measures backing green finance has more than doubled since 2015.

The measures database from UNEP and the Green Growth Knowledge Partnership (GGKP) shows that there are now at least 391 national and sub-national policy and regulatory measures on green finance in place globally – this is a 106 per cent increase since 2015. The green finance movement is only accelerating, the database finds, with a record 79 new measures were implemented or announced in 2019.

“Many transformative plans are being put in place to create zero-carbon, biodiversity-friendly societies and economies,” said UNEP Executive Director Inger Andersen. “These plans need the full and unequivocal backing of the global financial system. So while it is encouraging to see the acceleration of green financing, the financial system and those who regulate it, need to urgently step up and drive huge cuts in greenhouse gas emissions.”

Released on the sidelines of the UN Climate Change Conference (COP 25) in Madrid during a meeting of the Coalition of Ministers of Finance for Climate Action, the figures from the database demonstrate progress in certain key areas.

Reporting and disclosure is a focal point for policy and regulatory action – comprising roughly 25 per cent of all measures implemented. An increasing number of measures are targeting multiple asset classes, with policy frameworks tackling systemic issues like climate risk across banking, investment and insurance. Just over two-thirds of measures are being implemented in developed economies.

“These measures help clarify the responsibilities of financial institutions with respect to environmental factors within capital markets,” said Benjamin Simmons, head of the GGKP. “This includes strengthening flows of information relating to environmental factors within the financial system, such as requirements for public disclosure of climate-related risks to investment portfolios.”

The database includes measures to promote the allocation of capital to green sectors, such as fiscal incentives for investments in green assets, and the introduction of frameworks to support product development (e.g. green bonds), as well as measures to strengthen environmental risk management practices within institutions. It is the most comprehensive resource of policy and regulatory information relating to environmental aspects of green finance.

“Policy and regulatory action is a critical driver of the transition to green and sustainable finance. With this database, we are able to map the ways in which policymakers and regulators are influencing market practice,” said UNEP’s Jeremy McDaniels, who developed the database. “This type of analysis can help public authorities learn from others’ experiences, raise ambition and strengthen understanding of how their actions are leading to positive changes.”

The GGKP is an initiative led by the Global Green Growth Institute (GGGI), The Organisation for Economic Co-operation and Development (OECD), United Nations Industrial Development Organization (UNIDO), UNEP and the World Bank.

Week in India: 35 GW Out Of 100 GW Has Been Installed By India, Rajasthan Targets 30 GW of Solar Capacity, Gujarat Set to Amend its Net Metering Regulations and more

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Rajasthan Targets 30 GW of Solar Capacity by 2025 in its New Policy

Rajasthan has released its Solar Energy Policy, 2019, which aims to achieve a target of 30 GW of solar power by financial year (FY) 2024-25. Of this, utility or grid-scale solar parks will account for 24 GW, distributed generation is expected to account for 4 GW, the solar rooftop will total 1 GW, and solar pumps will make up the remaining 1 GW.The state has also unveiled its Wind and Hybrid Energy Policy, 2019, which aims to achieve 2 GW of wind power capacity to fulfill the renewable purchase obligation (RPO) by FY 2024-25 and 3.5 GW of hybrid power projects by FY 2024-25.

Gujarat Set to Amend its Net Metering Regulations for Rooftop Solar Systems

The Gujarat Electricity Regulatory Commission (GERC) says it will start working on a draft amendment for net metering regulations, incorporating changes and suggestions presented in a petition by the Gujarat Urja Vikas Nigam Limited (GUVNL). In its order, the GERC ordered its staff to initiate the drafting process following a petition by the GUVNL. The petition sought its approval for a rate of ₹2.25 (~$0.03)/kWh for the purchase of surplus power from solar rooftop projects by distribution licensees set up under the Surya Urja Rooftop Yojana (SURYA- Gujarat) program. In its petition, the GUVNL said that the requested tariff was necessary to maintain an equitable balance between projects set up exclusively for sale of power to distribution licensees and rooftop projects selling only surplus power. The state commission explained that since the latter take advantage of subsidies for capital cost from the state government, it would be unfair to compare it with projects which are set up to sell power to distribution licensees exclusively. The Commission also observed that setting up any rooftop solar system by consumers in the state would require net metering for energy accounting and the sale of surplus power. It added that to set rates for any consumer category, it would be necessary to amend regulations per the law. In conclusion, the commission stated that it would start working on a draft amendment and that it would invite objections and suggestions on the draft per the regulations and that all stakeholders will get an opportunity to provide feedback on the draft.

Bihar Reissues its 250 MW First Large-Scale Solar Tender at a Ceiling Tariff of Rs. 3.15/kWh

The Bihar Renewable Energy Development Agency (BREDA) has reissued its first large-scale solar tender with a revised ceiling tariff. In June 2019, Bihar had invited bids for setting up 250 MW of grid-connected ground-mounted solar projects in the state. This tender has now been reissued for the same capacity.Last month, the state commission had dismissed a petition regarding this tender without granting further time for the tariff negotiation.In September 2019, the commission had rejected another petition that requested the adoption of a tariff of Rs. 3.45 (~$0.049)/kWh and the regulatory approval for the procurement of 250 MW of solar power.This being the first solar tender for Bihar, the petitioner also requested the commission to look at factors like the requirement for RPO fulfillment, the paucity of land parcels, and limited solar potential of the state. Now, the reissued tender states that a ceiling tariff of Rs. 3.15 (~$0.04)/kWh would apply for the projects.The last date for the submission of bids is January 2, 2020, while the technical bid opening has been scheduled for January 3, 2020.The prospective bidders need to pay Rs. 400,000 (~$5,652)/MW as the earnest money deposit (EMD) and an amount of Rs. 1 million (~$14,097) as the performance bank guarantee (PBG). According to BREDA, the net worth of the bidder should be equal to or greater than the value calculated at the rate of Rs. 7 million (~$98,679)/MW.

Juniper Quotes Lowest Bid of Rs. 2.89/kWh to Win 150 MW in Maharashtra’s 500 MW Solar Auction

In the auction for 500 MW of solar projects conducted by the Maharashtra State Electricity Distribution Company Limited (MSEDCL), Juniper Green Energy Pvt Ltd has emerged as the lowest bidder. Juniper Green won 150 MW of solar projects in the auction at a tariff of Rs. 2.89 ($0.0407)/kWh. The remaining 350 MW has been bagged by Maharashtra State Power Generation Company Limited (MSPGCL) at a tariff of Rs.2.90 ($0.0409)/kWh through bucket filling method. It had bid for the entire capacity of 500 MW but has been awarded 350 MW.In November 2019, the state had issued a Request for Selection (RfS) for the long-term procurement of power from 500 MW of intra-state solar power project (Phase-IV). The MSEDCL had set a ceiling tariff of ₹2.90 (~$0.0409)kWh for the tender. The tender for these projects added that interested bidders must identify 100% of the land required for the project at the time of the submission of the bid. However, successful bidders would be allowed to change the location of the project within the state at the time of achievement of the financial closure. Developers had to achieve financial closure within nine months from the date of execution of the power purchase agreement (PPA) for projects set up in solar parks and within 12 months from the date of execution of the PPA, for projects set up outside the solar parks.

35 GW of Solar Installed, 65 GW More to go for India to Reach its 100 GW Solar Target

Total solar installations in India have crossed the 35 GW mark. The country has a goal of reaching 100 GW of solar capacity by the end of 2022. Out of the 35 GW, ~31 GW of large-scale solar projects were in operation as of November 2019, while 4.1 GW of rooftop solar installations were recorded as of September 2019. India needs to install at a rate of over 20 GW a year to reach 65 GW of solar capacity in the next three years. The Government of India (GoI) recently clarified that the target date for achieving the cumulative 175 GW renewable energy is now December 31, 2022.India’s solar installation had reached 30 GW in March 2019.On average, India needs ~21.7 GW of solar installations every year to reach the target of 100 GW of solar capacity by December 31, 2022. According to Mercom India Research, the breakdown of India’s solar installations shows that large-scale solar installations are halfway through with a cumulative capacity of 31 GW in-operation while 29 GW of projects still need to be developed to meet the target of 60 GW by December 2022. However, rooftop solar installations are far behind the target. Out of the set goal of 40 GW, only a cumulative capacity of 4 GW has been installed. 36 GW of rooftop needs to be installed to meet the target by December 2022.

India Donates Solar-Powered Lamps Palestinian Children

India has donated solar powered study lamps to Palestinian elementary school children from a marginalised Bedouin community to spread the principles of self-sufficiency and raise awareness towards the adverse effects of climate change.The lamps were donated as part of the 150th Gandhi Jayanti Students Solar Ambassador Workshop to internationally spread the principles of self-sufficiency and to raise awareness towards the adverse effects of climate change.The solar powered study lamps were supplied by Indian Institute of Technology (IIT) Bombay. Representative of India (ROI) in the Palestinian National Authority (PNA), Sunil Kumar, visited the Governorate of Jericho and Jordan Valley on December 16 where he was received by Governor Jehad Abu Al-Asal, Director of the Jericho Directorate of Education, and representatives of the local community. As part of India’s outreach and cooperation programme in the local Palestinian community, Kumar visited the Ka’abneh Bedouin School with Palestinian dignitaries where he presented portable solar-powered lamps to the elementary school children. Addressing the students and the local community, he underlined India’s time-tested support to Palestine, especially highlighting New Delhi’s capacity building efforts with emphasis on the educational sector. The ROI also emphasised on the importance of renewable energy and solar power for the betterment of quality of life and how it helps in preserving the environment.

Skoda Auto Volkswagen To Install One Of India’s Largest Solar Panel Rooftops At Chakan Plant

Skoda Auto Volkswagen India Private Limited (SAVWPL) will be setting up one of the largest solar-power rooftop systems in India at its Chakan-based facility, the company has announced. The German auto giant has partnered with Amp Energy to install a total of 25,770 photovoltaic panels that will cover up to 15 per cent of the site’s annual electricity requirements. Amp Energy is a global company that develops flexible and clean energy infrastructure. The solar panels have a maximum output of 8.5 megawatts, and will dramatically help reduce the automaker’s dependency on non-renewable energy at the Chakan plant. Volkswagen Group says that it plans to go carbon-neutral at the Chakan plant by 2030. The photovoltaic system comprises 25,770 highly efficient polycrystalline panels that cover 63,000 sq.metres of roof space on the body shop complex. The installation will generate a total of 12.2 million kWh of energy per year and reduce CO2 emissions from the production plant to over 9000 tonnes annually. The set-up will also help reduce direct heat radiation in the workshop, according to the manufacturer.

Adani Green may buy rest of Essel’s 480-MW solar assets

After selling 205 megawatt (MW) of its operational solar energy portfolio to the Adani Group, the Essel has reached an agreement to sell the remaining 480 MW, currently under construction to Adani Green Energy, two people with direct knowledge of the development said. The Adani Group has agreed in principle to buy out the remaining portfolio, one of the people said. “Adani Green is big on renewable power and has over 5.5 GW of portfolio with almost half of it already operational. After acquiring Essel Group’s solar assets in Punjab, Karnataka and Uttar Pradesh, they have agreed to buy the remaining assets too, once Essel Group operationalises them,” he added. Adani Group had signed an agreement in August this year to acquire the 205 MW of operational solar assets for Rs 1,300 crore. Essel Group’s total solar energy portfolio consists of 685 MW of installed and under-construction projects. At the time of deal, Essel Group said it was also in talks to sell the remaining assets.

AIIB Approves First Sovereign-Backed Loan To Increase Electricity Access In Nepal

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The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a USD112.3-million loan to Nepal to increase access and improve the quality and efficiency of electricity supply across the country’s western regions.

While 78 percent of Nepal’s population have access to grid electricity, there is a large regional disparity. The rural and hilly areas of western Nepal are the least connected, requiring substantial investments in distribution networks.

The Distribution System Upgrade and Expansion Project is AIIB’s first sovereign-backed financing project in Nepal. This is also the first project approved, of which AIIB’s technical assistance under the Special Fund has supported compressive project preparation from the very early stage. In 2018, Nepal received a USD1-million grant under AIIB’s Special Fund to assist the government to prepare the electrification program in western Nepal, in terms of feasibility study, technical design, and environmental and social management.

The project covers 13 districts in Provinces 5 and 6 (Karnali Pradesh) and will include the construction of 21 primary substations and over 2,000 kilometers of supply lines. A key component focuses on strengthening the capacity of Nepal’s Electricity Authority to plan, analyze and modernize the network performance of the project.

“AIIB’s investment gives much-needed financing to provide affordable, reliable and modern energy, especially in rural areas where people lack basic infrastructure,” said AIIB Vice President and Chief Investment Officer D.J. Pandian. “This project will help provide more than half a million people with new or improved access to electricity. By investing in Nepal’s energy sector, we hope to encourage further infrastructure investment in the country, which will support Nepal’s efforts to achieve the Sustainable Development Goals and drive economic growth, employment opportunities and poverty alleviation.”

AIIB Approves USD 145M Irrigation, USD65M Solar Investments In India

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The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a USD 145-Million loan to India to improve irrigation service delivery and strengthen flood risk management in West Bengal. Earlier this month, AIIB President Jin Liqun also approved a USD 65-Million 250-megawatt (MW) solar power project in Jodhpur.

West Bengal has 37,660 square kilometers of flood-prone areas out of a total area of 88,752 square kilometers. An analysis of the floods over the last 41 years shows that the eastern state has faced severe floods in all but five years. Another concern is the potential threat of climate change, which may have complex implications on water availability and amplify challenges for 70 percent of the local population dependent on agriculture.

The project, cofinanced with the World Bank, is expected to strengthen the management of the Damodar Valley Command Area irrigation scheme to improve service delivery and efficiency. The funds will also be used to modernize irrigation infrastructure at main, branch, distributary and minor canal levels and invest in structural measures to reduce flooding in the project area.

“This investment will help thousands of farmers get adequate water through scientific water conservation and distribution methods,” said AIIB Vice President and Chief Investment Officer D.J. Pandian. “To support proper irrigation of the affected area, this project will also help build local technical capacity to improve water service delivery and efficient use.”

Meanwhile, as part of ongoing efforts to mobilize private capital for infrastructure, President Jin also approved a USD65-million 250-MW solar power project in Jodhpur, the second largest city in the northwestern Rajasthan state. Hero Future Energies, an independent power producer, is developing the project via its special purpose vehicle Clean Solar Power (Jodhpur) Private Limited. The project will add 250 MW of solar capacity and result in clean energy generation of 616 MWh in 2022.

ACWA Power Connects The First Renewable Energy Project In The Kingdom, Sakaka PV IPP, To The National Electricity Grid, Commencing Initial Production

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ACWA Power has announced the successful connection of the Sakaka Solar PV Plant – the first renewable energy project in the Kingdom of Saudi Arabia – to the national grid. The project has commenced initial production under a pilot phase according to schedule – with full commercial operation to be achieved before the end of the year 2019.

The solar project has established a 100 percent local employment rate within the first year of operation, with 90% of the workforce comprised by the youth of Al Jouf region. Additionally, Sakaka PV IPP registered over 30 percent of contractual local content during the construction and development phases. The project has also recorded more than 3 million safe working hours without any injuries during the development and construction.

“The successful energizing of Sakaka PV IPP is a remarkable testament of the work progress that has been ongoing at the project.  We are confident to deliver the project on schedule and commercial operation of the plant before the end of this year at the highest levels of quality, safety, and security.

ACWA Power is proud to contribute to the sustainable development efforts of the Kingdom through the deployment of the Sakaka PV project, which accelerated the pace of renewable energy utilisation and bolstered the fulfilment of energy demand in KSA. In alignment with the goals of Vision 2030, Sakaka PV IPP has successfully contributed to the economic diversification, development of human capital and the elevation of national competencies to ensure a better future for upcoming generations.” – ACWA Power Chairman, Mohammad Abunayyan

Mohamed Abunayyan commended the efforts of the partners of the project, noting in particular the support of the Ministry of Energy represented by the Renewable Energy Project Development Office (REPDO), from the initial inception of the project to date. Abunayyan also expressed his gratitude towards the Saudi Electricity Company (Principal Buyer) and Al Gihaz Holding (project partner) emphasising on the optimum private-public model the Sakaka model has projected, which will serve as an example for upcoming renewable energy projects as well as contribute to the fulfilment of the Saudi Vision 2030 goals.

The SAR 1.2 billion Sakaka plant is the first utility scale renewable energy project in the Kingdom of Saudi Arabia under the King Salman Renewable Energy Initiative. Awarded to an ACWA Power led consortium at a world record tariff of 8.781 halalas/kWh, the 300MW project will supply power to 45,000 of Al Jouf households through clean energy to offset over 500 tonnes of carbon dioxide a year.

ACWA Power Commences Commercial Operations At Risha PV In Jordan

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ACWA Power and the National Electric Power Company (NEPCO) in Jordan officially announced today that the 50 MW Risha Solar PV Independent Power Plant (IPP) has commenced commercial operations as of 1st of December 2019, after completing all the required commissioning and start-up tests.

The power purchase agreement for Risha PV was initially signed by ACWA Power and NEPCO in 2017, setting the lowest tariff for renewable energy in Jordan at the time (0.042 JD/kWh). The Risha PV IPP was developed in line with the ambitions of the Government of Jordan to attract investment and ensure a 20 per cent contribution of renewable energy in the total energy mix of the country by 2020.

This project is estimated to generate around 115 GWh per annum and will pave Jordan’s future path for economic growth. NEPCO is keen to uphold its commitment of deploying renewable energy projects while sustaining the reliability and stability of our electrical system, which is one of the finest in the region.

Through utilizing existing infrastructure, NEPCO was able to reduce the overall costs of the project and increase its efficiency. Moreover, this project will benefit the adjacent local communities, by creating jobs, and contracting services from local companies. This project is one of the many investments made by ACWA Power in the Jordanian energy sector, and we are confident in the success of our partnership with them” – Amjad Rawashdeh, Managing Director of NEPCO

Jordan is a strategic stronghold market for ACWA Power, where we now have eight plants with over 1,600 MW power generation capacity. It has immense growth opportunities as it seeks to diversify its energy mix and secure a sustainable power supply, and we look forward to continuing our contribution into the socio-economic development of the country and the welfare of its people through the Risha PV project that will be operational as per the specified timeframe in the contractual agreement

“ACWA Power is proud to have been entrusted with the delivery of the Risha PV IPP based on our considerable international expertise in the solar power generation sector. Reaching COD within the specified time frame indicates our commitment to reliably delivering clean energy at affordable tariffs for Jordan and adds to our extensive portfolio of renewable energy projects across the region” – Thamer Al Sharhan, Managing Director of ACWA Power

Eng. Al Sharhan added: “the project will be managed and operated by distinguished local talent trained at highest industry standards of efficiency and professionalism. The Risha PV plant is a key addition to ACWA Power’s portfolio in the renewable energy sector. We look forward to expanding our investments in the energy sector in the Kingdom – one of the most mature and developed markets in the field.”

The Risha PV plant is located in Risha Area, Mafraq Governorate (300km north-east of Amman). With a capacity to power approximately 12,000 households every year, it will support the country in increasing its renewable energy capacity and reducing its reliance on costly hydrocarbon imports in addition to saving 1.5 million tonnes of carbon dioxide over 20 years.

The Risha PV IPP was financed by a number of renowned international and regional financial entities including the European Bank for Reconstruction and Development (EBRD), Deutsche Investitions- Und Entwicklungsgesellschaft Mbh (DEG) and Arab Bank.

A Decade Of Renewable Energy Investment, Led By Solar, Tops USD 2.5 Trillion

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Global investment in new renewable energy capacity over this decade — 2010 to 2019 inclusive — is on course to hit USD 2.6 trillion, with more gigawatts of solar power capacity installed than any other generation technology, according to new figures published today.

According to the Global Trends in Renewable Energy Investment 2019 report, released ahead of the UN Global Climate Action Summit, this investment is set to have roughly quadrupled renewable energy capacity (excluding large hydro) from 414 GW at the end of 2009 to just over 1,650 GW when the decade closes at the end of this year.

Solar power will have drawn half — USD 1.3 trillion — of the USD 2.6 trillion in renewable energy capacity investments made over the decade. Solar alone will have grown from 25 GW at the beginning of 2010 to an expected 663 GW by the close of 2019 — enough to produce all the electricity needed each year by about 100 million average homes in the USA.

The global share of electricity generation accounted for by renewables reached 12.9 per cent, in 2018, up from 11.6 per cent in 2017. This avoided an estimated 2 billion tonnes of carbon dioxide emissions last year alone — a substantial saving given global power sector emissions of 13.7 billion tonnes in 2018.

Including all major generating technologies (fossil and zero-carbon), the decade is set to see a net 2,366 GW of power capacity installed, with solar accounting for the largest single share (638 GW), coal second (529 GW), and wind and gas in third and fourth places (487 GW and 438 GW respectively).

The cost-competitiveness of renewables has also risen dramatically over the decade. The levelized cost of electricity (a measure that allows comparison of different methods of electricity generation on a consistent basis) is down 81 per cent for solar photovoltaics since 2009; that for onshore wind is down 46 per cent.

“Investing in renewable energy is investing in a sustainable and profitable future, as the last decade of incredible growth in renewables has shown,” said Inger Andersen, Executive Director of the UN Environment Programme.

“But we cannot afford to be complacent. Global power sector emissions have risen about 10 per cent over this period. It is clear that we need to rapidly step up the pace of the global switch to renewables if we are to meet international climate and development goals.”

2018 sees quarter-trillion dollar mark exceeded again

The report, released annually since 2007, also continued its traditional look at yearly figures, with global investment in renewables capacity hitting USD 272.9 billion in 2018.

While this was 12 per cent down over the previous year, 2018 was the ninth successive year in which capacity investment exceeded USD 200 billion and the fifth successive year above USD 250 billion. It was also was about three times the global investment in coal and gas-fired generation capacity combined.

The 2018 figure was achieved despite continuing falls in the capital cost of solar and wind projects, and despite a policy change that hit investment in China in the second half of the year.

A record 167 GW of new renewable energy capacity was completed in 2018, up from 160 GW in 2017.

Jon Moore, Chief Executive of BloombergNEF (BNEF), the research company that provides the data and analysis for the Global Trends report, commented: “Sharp falls in the cost of electricity from wind and solar over recent years have transformed the choice facing policy-makers. These technologies were always low-carbon and relatively quick to build. Now, in many countries around the world, either wind or solar is the cheapest option for electricity generation.”

The report also tracks other, non-capacity investment in renewables — money going into technology and specialist companies. All of these types of investment showed increases in 2018. Government and corporate research and development was up 10 per cent at USD 13.1 billion, while equity raised by renewable energy companies on public markets was 6 per cent higher at USD 6 billion, and venture capital and private equity investment was up 35 per cent at USD 2 billion.

Overall renewable energy investment, including these categories as well as capacity investment, reached USD 288.3 billion in 2018, down 11 per cent on the record figure of USD 325 billion attained in 2017.

“The technologies to use wind, sun or geothermal energy are available, they are competitive and clean. Within 10 years Germany will produce two-thirds of its power based on renewables. We are demonstrating that an industrial country can phase out coal and, at the same time, nuclear energy without putting its economy at risk” said Svenja Schulze, Germany’s Federal Minister for the Environment, Nature Conservation and Nuclear Safety.

“We know that renewables make sense for the climate and for the economy. Yet we are not investing nearly enough to decarbonize power production, transport and heat in time to limit global warming to 2C or ideally 1.5C. If we want to achieve a safe and sustainable future, we need to do a lot more now in terms of creating an enabling-regulatory environment and infrastructure that encourage investment in renewables.”

“It is important to see renewables becoming first choice in many places,” said Nils Stieglitz, President of Frankfurt School of Finance and Management. “But now we need to think beyond scaling-up renewables. Divesting from coal is just one issue within the broader field of sustainable finance. Investors increasingly care whether what they do makes sense in the context of a low-carbon and sustainable future.”

China still leads, but renewables investment spreads

China has been by far the biggest investor in renewables capacity over this decade, having committed USD 758 billion between 2010 and the first half of 2019, with the U.S. second on USD 356 billion and Japan third on USD 202 billion.

Europe as a whole invested USD 698 billion in renewables capacity over the same period, with Germany contributing the most at USD 179 billion, and the United Kingdom USD 122 billion.

While China remained the largest single investor in 2018 (at USD 88.5 billion, down 38 per cent), renewable energy capacity investment was more spread out across the globe than ever last year, with 29 countries each investing more than USD 1 billion, up from 25 in 2017 and 21 in 2016.

The Global Trends in Renewable Energy Investment report is commissioned by the UN Environment Programme in cooperation with Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance and produced in collaboration with BloombergNEF. The report is supported by the German Federal Ministry for the Environment, Nature Conservation, and Nuclear Safety.

LONGi Supplied 7.5MW High-Efficiency Modules For 11 Photon Energy PV Power Plants In Hungary

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Out of the 11 PV power plants, the five located in Fertőd with a total installed capacity of 3.5 MW were commissioned in November 2019; the reamaining 6 power plants in the municipality of Tata with an installed capacity of 4 MW are still under construction and are expected to be commissioned in Q1 2020.

“Hungary has a great business development potential and a huge demand for photovoltaics. LONGi has been our strategic partner for some time now and we are also looking forward to a continued cooperation in other markets in the future,” comments Marek Farsky, Managing Director of Photon Energy Technology CEE s.r.o.

“Since Photon Energy is a leading solar solutions company and one of the largest solar power companies in Hungary, this initial cooperation with the company is a significant step for LONGi to further develop the Hungarian market, as well as the Eastern Europe region,” said Nick Wang, Regional Sales Director EMEA of LONGi Solar. “We are very grateful for the recognition and trust from our local customers and partners.”

Solaria And Statkraft Sign A 10-year 252 MW PPA

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Solaria’s 50 MW Santiz solar park in Salamanca, Spain. Photo: Solaria

The electricity will be supplied from three projects in Castilla y León and two in Castilla La Mancha. The five solar parks will have a total installed capacity of 252 MW, will produce around 500 GWh per year and will be connected to the grid progressively through 2020.

Darío López, COO of Solaria: “It is an honour to start working with Statkraft, a reference company in the European energy sector, and we are grateful for the confidence they have shown in Solaria. This agreement reaffirms our commitment to develop projects with very high quality PPAs that will allow us to access very attractive financing.”

Carsten Poppinga, Senior Vice President Trading & Origination at Statkraft: “We are proud to sign this PPA with one of the leading solar projects players in Spain and thus contribute to the further development of renewable assets. We will use this power to strengthen our position as a leading supplier of green power deliveries to major industrial customers on the Iberian Peninsula.”

The energy poured into the grid by the photovoltaic plants included in these contracts will be 100% renewable and will reduce CO2 emissions into the atmosphere by more than 101,000 tonnes a year, thus helping the European Directive 2009/28/EC on the reduction of pollutant gases. The volume of these contracts is equivalent to the consumption of more than 150,000 Spanish homes per year.

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