Mahindra Susten to Develop 150 MW Open Access Renewable Power Project

BJP, Congress Bet Big on Renewables in 2024 Election Manifestos

Daily News Wrap-Up: REIL Invites Bids for 200,000 Mono PERC Solar Cells

Solar, Storage, Wind Drive 95% of US Interconnection Queues as Backlog Rises

Ahasolar Wins Consultancy Contract for 52 MW Solar Project from BPCL

REIL Invites Bids for 200,000 Mono PERC Solar Cells

Daily News Wrap-Up: MNRE Adds 4.1 GW of New Solar Module Capacity to ALMM

MNRE Adds 4.1 GW of New Solar Module Capacity to ALMM

AutoNxt Secures Pre-Series A Funding to Finance Electric Tractor Launch

Daily News Wrap-Up: REC Records Highest-Ever Loan Approvals in FY24


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/08/amazon_polly_57425.mp3?version=1691758043">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Solar module manufacturer <a href="https://maxeon.com/" target="_blank" rel="noopener">Maxeon Solar Technologies </a>recorded a net loss of $1.51 million during the second quarter (Q2) of the financial year (FY) 2023, an improvement of 98.2% on a year-over-year (YoY) compared to a net loss of $87.92 million.</p>
<p>The company’s revenue was recorded at $348.37 million, an increase of 9.4% YoY.</p>
<p>The higher revenue with balanced cost and operating expenses helped improve the company’s performance compared to the same period last year when both the cost of revenue and operating expenses were higher.</p>
<p>The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) accounted for a gain of $30.24 million, a huge improvement compared to a loss of $36.83 million during the corresponding period in 2022.</p>
<p>Maxeon&#8217;s Chief Executive Officer Bill Mulligan said, &#8221; Our United States DG business delivered strong results with higher-than-planned shipments to SunPower as well as material gross margin contribution from our new Maxeon residential channel. While demand in some segments of the U.S. residential market has cooled, customer appetite for our premium products remains healthy, particularly in markets where the effect of rising interest rates has been offset by increased power costs and where constrained roof space plays to our product efficiency advantage.”</p>
<p>He added, “We were also pleased to recently celebrate the completion of our 1.8 GW capacity expansion in Mexicali.  These two milestones position the company well for continued expansion in the U.S. utility-scale market.&#8221;</p>
<p>The company has recently <a href="https://www.mercomindia.com/maxeon-3-gw-topcon-cell-panel-manufacturing-us" target="_blank" rel="noopener">announced</a> a 3 GW TOPCon photovoltaic-silicon cell and shingled-cell performance line solar module manufacturing facility to be developed in Albuquerque, New Mexico.</p>
<p>During the quarter, the company established a total North American utility-scale module production capacity and fulfilled a 968 MW delivery commitment for its project called &#8220;Gemini.&#8221; It also chose a site in New Mexico for a U.S.-based cell and module facility.</p>
<p>The company, however, witnessed a decline in performance when compared to Q1. It said the global distributed generation market experienced a notable weakening in its demand environment during late Q2.</p>
<p>This weakening was attributed to a combination of factors, including higher interest rates, the disruptive impact of policy changes in California, and a substantial buildup of channel inventory across the industry.</p>
<p>While the distributed generation sales team achieved the planned average selling price (ASP) and gross profit, they fell short of the volume and revenue targets.</p>
<p><strong>1H 2023</strong></p>
<p>During the first half (1H) of 2023, the company recorded a net profit of ₹18.96 million, a YoY increase of 112.9% compared to a loss of $146.96 million.</p>
<p>The company’s revenue during 1H was recorded at $666.71 million, a YoY increase of 44.5% compared to $461.16 million.</p>
<p>The good performance through Q1 helped end the 1H in profit despite the minor Q2 loss.</p>
<p>The company <a href="https://www.mercomindia.com/higher-q4-revenue-46-yoy" target="_blank" rel="noopener">posted</a> $324 million in revenue for the fourth quarter of the financial year 2022, a year-over-year (YoY) increase of 46%. The company shipped 734 MW of solar modules during the quarter, up 27% YoY from 577 MW.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
<br />
<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
</div></div><div class="clearfix"></div></div></div>

Maxeon Solar Continues to Cut Losses in Q2, Reports 98.2% YoY Improvement

<p>Solar developer <a href="https://amplussolar.com/management" target="_blank" rel="noopener">Amplus Solar</a> has announced the acquisition of 17 on-site operational solar projects from Sterling and Wilson Private Limited.</p>
<p>Spread over Haryana, Punjab, Madhya Pradesh, Rajasthan, Maharashtra, Telangana, and Karnataka, these 17 projects totaling 7.2 MW have been supplying solar power to 13 leading industrial, commercial, and institutional customers.</p>
<p>The addition augments the company’s existing portfolio of over 800 MW capacity, catering to more than 200 commercial and industrial (C&amp;I) customer base.</p>
<p>Commenting on the acquisition deal, Sanjeev Aggarwal, Chief Executive Officer, and Managing Director, Amplus Solar, said, “The addition of these assets to our portfolio furthers our commitment to promote the growth of renewable energy in India and provide outstanding service to our ever-increasing customer base.”</p>
<p>Amplus, a member of PETRONAS (Petroliam Nasional Berhad) Group, Malaysia, has been providing low-carbon solutions to C&amp;I consumers through both on-site solar projects (rooftop and ground-mounted) and off-site solar farms. The company’s operational plants are expected to cumulatively generate 14,000 million units of electricity over a 25-year duration.</p>
<p>In March this year, Sterling and Wilson <a href="https://mercomindia.com/adani-green-acquire-solar-project-sterling-and-wilson/" target="_blank" rel="noopener">signed</a> an agreement to sell 75 MW of its operational solar assets in Telangana to <a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy Limited</a> for ₹4.46 billion (~$61.45 million). The projects were commissioned in 2017 and had long-term power purchase agreements with the Southern Power Distribution Company of Telangana (TSSPDCL).</p>
<p>In an <a href="https://mercomindia.com/restrictive-policies-hindrance-rooftop-solar-amplus-interview/" target="_blank" rel="noopener">interview</a> with Mercom in February 2020, Aggarwal had expressed his concern over issues plaguing the rooftop solar market in India. “Although the rooftop solar market continues to grow, several challenges, including policy uncertainty, still pose a threat to the segment. Restrictive policies in states like Uttar Pradesh, Karnataka, and Maharashtra might hinder the growth in the sector,” he had said.</p>
<p>Amplus Solar became the first solar generator to trade solar electricity on India’s Green Term-Ahead Market (GTAM) under the new Central Electricity Regulatory Commission’s norm. The Indian Energy Exchange (IEX) <a href="https://mercomindia.com/cerc-approves-introduction-green-term/" target="_blank" rel="noopener">launched</a> the GTAM on its power trading platform in August 2020. The platform provides channels to renewable energy generators for the sale of renewable energy through which buyers can meet their renewable purchase obligations (RPOs). Companies can also purchase green power from IEX without any geographical limitations to be part of RE100.</p>
<p>In April 2019, Malaysia’s state-owned oil and gas company, <a href="https://www.petronas.com/" target="_blank" rel="noopener">PETRONAS</a>, <a href="https://mercomindia.com/petronas-acquires-solar-company-amplus/" target="_blank" rel="noopener">acquired</a> Amplus from I Squared Capital.</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/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Amplus Acquires 17 Rooftop Solar Projects from Sterling and Wilson

ci-projects

Get the most relevant India solar and clean energy news.

RECENT POSTS