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					</table><p><a href="https://mercomindia.com/solar-pins-hopes-budget-2023-long-wish-list/" target="_blank" rel="noopener">The solar sector has a long wish list for the Union Budget 2023, which will be presented in a few days.</a> Stakeholders look forward to Finance Minister Nirmala Sitharaman announcing tax and duty waivers for solar equipment, extending the Production Linked Incentive (PLI) program to the MSME sector, solar manufacturing to be considered under priority sector lending, and lifting duties on the import of machinery. After one of the best years for the solar sector in terms of installations, stakeholders exude optimism about 2023, despite higher prices and supply challenges.</p>
<p><a href="https://mercomindia.com/mnre-timeline-extension-solar-projects-bcd-announcement/" target="_blank" rel="noopener">The Ministry of New and Renewable Energy (MNRE) has extended the timeline for the completion of solar and wind-solar hybrid projects for which bids were finalized before March 9, 2021. </a>The extension is provided until March 2024. The Basic Customs Duty on the import of solar modules and cells came into effect on April 1, 2022. The ministry noted that many projects whose bids were finalized before the announcement but were delayed due to the COVID-19 pandemic and the resultant supply chain disruptions now come under the purview of the BCD.</p>
<p><a href="https://mercomindia.com/ntpc-floats-balance-of-system-tender-for-1-gw-solar-projects/" target="_blank" rel="noopener">NTPC Renewable Energy has invited bids for the balance of system (BoS) package with land for interstate transmission system (ISTS)</a>-connected solar projects up to 1,000 MW anywhere in India except Rajasthan with a greenshoe option for an additional 500 MW. The successful bidder will also have to take care of the comprehensive operation and maintenance of the systems for three years. The last day to submit the bids is March 21, 2023. Bids will be opened on the same day. The cost of the bidding documents is ₹22,500 (~$275).</p>
<p><a href="https://mercomindia.com/tesla-q4-profit-up-19-yoy-solar-storage-revenues-rise/" target="_blank" rel="noopener">Tesla recorded a revenue of $24.32 billion from all its businesses in the fourth quarter (Q4) of 2022, a year-over-year (YoY) of 37% compared to $17.72 billion in the previous quarter. </a>On a quarter-over-quarter (QoQ) basis, the revenue rose by 13% compared to $21.45 billion. Tesla’s total gross profit for the quarter was $5.78 billion, up 19% YoY compared to $4.85 billion. Total gross profit increased by 7% QoQ compared to $5.38 billion. The adjusted earnings before interest, tax, depreciation and amortization (EBITDA) amounted to $5.4 billion in Q4, a YoY jump of 32% from $4.09 billion. EBITDA went up by 8% QoQ compared to $4.97 billion.</p>
<p><a href="https://mercomindia.com/nexteras-clean-energy-business-net-income-up-17-yoy-in-q4-2022/" target="_blank" rel="noopener">The U.S.-based energy company NextEra Energy reported a net income of $1.52 billion for the fourth quarter (Q4) of 2022, up by 26.41% year-over-year (YoY)</a>, driven primarily due to successful executions of growth initiatives by all businesses of the company. NextEra Energy’s net income for the full year 2022 increased by 16% to $4.15 billion. NextEra Energy is a holding company for a regulated retail utility (the combined Florida Power &amp; Light (FPL) and Gulf Power that together have about six million customer accounts) and an unregulated generation subsidiary, NextEra Energy Resources, which generates clean energy from solar, wind, and nuclear power.</p>
<p><a href="https://mercomindia.com/low-carbon-energy-investment-exceeds-1-trillion/" target="_blank" rel="noopener">Investments in the low-carbon energy transition have accounted for a record-breaking $1.1 trillion in 2022 and have reached parity with capital deployed for fossil fuel supply,</a> a BloombergNEF report has said. The investment was primarily driven by the energy crisis and policy action, leading to faster deployments of clean energy technologies. BNEF’s Energy Transition Investment Trends annually tracks how much funding businesses, financial institutions, governments, and end-users are committing to the low-carbon energy transition.</p>
<p><a href="https://mercomindia.com/us-lawmakers-seek-repeal-duty-waiver-solar-panels-southeast-asia/" target="_blank" rel="noopener">US Lawmakers Seek Repeal of Duty Waiver on Solar Panels from Southeast Asia.</a> Seven months after President Joe Biden announced a two-year duty exemption on solar modules and cells imported from four Southeast Asian countries, a bipartisan group of Congressmen is seeking to repeal the waiver. A resolution of disapproval, which expects support from both Democrats and Republicans, has been introduced in the House of Representatives that demand a rollback of the suspension of solar import tariffs.</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/mercom-staff/" class="vcard author" rel="author"><span class="fn">Mercom Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Daily News Wrap-Up: Solar Sector Pins Hopes on Budget 2023


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					</table><p>Renewable energy company <a href="https://www.cubicoinvest.com/" target="_blank" rel="noopener">Cubico Sustainable Investments</a> said it has acquired Project Sobral — a 1 GW solar photovoltaic (PV) project in Brazil &#8212; from ZEG Energias Renováveis (<a href="https://zeg.com.br/" target="_blank" rel="noopener">ZEG</a>).</p>
<p>It is one of the largest solar development projects in the country and is expected to generate more than 2,000 GWh per year, which can power approximately a million Brazilian homes.</p>
<p>Daniel Rossi, CEO of ZEG, said, &#8220;Project Sobral will increase our availability of renewable energy to consumers and clients interested in decarbonizing their productive process… ZEG has the potential to strategically allocate this energy in the free market, offering good opportunities for companies committed to ESG goals.&#8221;</p>
<p>The transaction comprises a large solar PV complex located in the municipalities of Sobral and Santana do Acaraú in the state of Ceará.</p>
<p>Both parties will co-develop the project, including the negotiation of supply contracts and offtake agreements with third parties.</p>
<p>“It&#8217;s also our first investment in solar assets in Brazil and we will be actively looking to grow the portfolio through the acquisition and development of other PV and onshore wind projects,” Francisco Moya, Country Head of Brazil and Rest of Latam at Cubico, said.</p>
<p>Moya added the partnership provides an opportunity to combine Cubico&#8217;s global in-house development capability, construction and operational experience, and financing with ZEG’s expertise in renewable project development and energy commercialization in the local market.</p>
<p>&#8220;This transaction reflects our focus on accelerated growth and greenfield development … we look forward to building our global portfolio further as we increase our commitment to driving the energy transition and bringing clean power to people and communities around the world,&#8221; Javier Areitio, Head of Origination and Development at Cubico, added.</p>
<p>London-headquartered Cubico&#8217;s global portfolio in 12 countries has an installed gross capacity of more than 2.7 GW, with 3.5 GW in construction and under development. The company is backed by the resources of the Ontario Teachers&#8217; Pension Plan, and PSP Investments.</p>
<p>In November 2022, Ontario Teachers’ Pension Plan <a href="https://mercomindia.com/ontario-teachers-invest-805-million-acquiring-2-gw-renewable/" target="_blank" rel="noopener">announced</a> it will invest close to $805 million in a convertible equity portfolio financing with NextEra Energy Partners to help it acquire a nearly 2 GW renewable portfolio.</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 />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/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>
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Cubico Sustainable Investments Acquires 1 GW Solar Project in Brazil

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