THE FRIDAY NOTE: Canadian Solar plans USD-815m solar fund in China and the rest of the week's top picks
Solar Farm. Author: Michael Mees meesphotography.com License: Creative Commons
Sep 12, 2014 - This week Canadian Solar and partners unveiled plans to raise USD 815 million to build solar parks in China, Spanish Gamesa secured USD 304 million to expand its wind operations in emerging markets and China Longyuan received the go-ahead from Guangxi province for 170 MW of wind projects.
At the start of the week, Canadian Solar Inc (NASDAQ:CSIQ), Sichuan Development Investment Management Ltd and certain third-party investors said they will raise USD 815 million (EUR 630m) for the development of solar projects in China. The parties will build utility-scale and distributed generation photovoltaic (PV) facilities in the province of Sichuan as well as in other regions of China.
Moving a bit to the west brings us to India, where the commerce minister Nirmala Sitharaman said on Wednesday the country has officially abandoned its plan to levy anti-dumping tariffs on solar cell imports from the US, China, Taiwan and Malaysia. The Ministry of Commerce and Industry previously planned to impose levies of between USD 0.11 and USD 0.81 per watt in an effort to protect domestic photovoltaic (PV) equipment makers from cheap imports.
On Thursday, India’s minister for power, coal and renewable energy Piyush Goyal said that the country’s renewable energy segment is expected to attract about USD 100 billion of investment in the next five years. The government is working on a policy that will offer tax breaks and cheaper loans so as to promote green investment.
JAPANESE FIRMS BACK OUT OF 1.8 GW OF SOLAR PROJECTS
Meanwhile, the Japanese Ministry of Economy, Trade and Industry (METI) said on Wednesday that solar developers in the country have scrapped 1,820 MW of PV schemes amid an ongoing government investigation into project development. Companies have abandoned 647 of solar projects permitted in the fiscal year ended March 2013 alone, or nearly 10% of the total non-residential solar permits for the year.
EDF EN UNLOADS STAKES IN 380 MW OF CANADIAN WIND FARMS
Moving to the wind front, EDF EN Canada Inc, part of French group EDF Energies Nouvelles, on Monday said it had sold a 12.5% stake in the 300-MW Lac-Alfred wind park in Quebec for an undisclosed amount. The buyers are the regional county municipalities of La Matapedia and La Mitis. Canadian energy supplier Enbridge Enbridge Inc (TSE:ENB) holds a 50% stake in the operational facility.
On the next day, EDF EN unloaded a 30% interest in the 80-MW Saint-Robert-Bellarmin wind farm in Quebec.
GAMESA POCKETS USD 305M TO BACK WIND MARKET EXPANSION
Taking a look at Europe, Spanish wind turbine maker Gamesa (BME:GAM) completed a USD-305-million fund raising initiative back its global onshore and offshore wind ambitions, especially in emerging markets. Gamesa raised the proceeds through selling 25.4 million shares to institutional and qualified investors. The issued stock is equal to 9.99% of the Spanish group’s current capital.
CHINA LONGYUAN GETS GREEN LIGHT FOR 170-MW WIND PLAN
Keeping the positive note, on Thursday it was announced that power producer China Longyuan Power Group Corp Ltd (HKG:0916) has received the go-ahead from the government of China’s Guangxi province to build 170 MW of wind farms. The firm will build a 60-MW park in Nanning city and a 110-MW wind power plant in the city of Qinzhou.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.