Solar Auctions Surge by 229% in Q1 2024, Tender Activity Up 122%

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Indian Oil Issues Empanelment Tender for Solar Power Projects

Southern Railway Seeks Bids for 1.2 MW Rooftop Solar Projects in Chennai

Husk Secures $4 Million from Electrifi to Scale up Mini Grids in Rural India

Doubling Transmission Capacity of Existing Grid Through Reconductoring: Report

Daily News Wrap-Up: BJP, Congress Bet Big on Renewables in Election Manifestos

As ISTS Waiver Nears End, Developers Need Extension Amid Lack of Substations


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					</table><p><a href="https://www.mercomindia.com/seci-tender-1-5-gw-ists-solar" target="_blank" rel="noopener"><strong>The Solar Energy Corporation of India has invited bids to set up 1,500 MW inter-state transmission system (ISTS)-connected solar power projects in India under Tranche XIV.</strong></a> The last date to submit bids is February 23, 2024. Bids will be opened on February 28. Bidders have to submit a bid document fee of ₹29,500 (~$354) and a bid processing fee of ₹500,000 (~$6,014) + applicable taxes for each project for quoted capacity from 50 MW up to 90 MW and ₹1.5 million (~$18,041) + applicable taxes for each project from 100 MW and above-quoted capacity.</p>
<p><a href="https://www.mercomindia.com/rec-limited-lead-national-rooftop-solar-program" target="_blank" rel="noopener"><strong>Public infrastructure finance company REC Limited has been designated as the overall implementing agency for the Grid-Connected Rooftop Solar Program, which aims to achieve 40 GW of rooftop solar capacity by March 2026.</strong></a> REC will be responsible for executing the program prepared by the Ministry of New and Renewable Energy and coordinating with all stakeholders across the country for its effective implementation. The Phase II of the program, with an outlay of ₹118.14 billion (~$1.42 billion) for both the residential segment (Component A) and distribution companies (Component B), was initially launched in 2019 to achieve 40 GW capacity by 2022.</p>
<p><a href="https://www.mercomindia.com/ntpc-green-tender-epc-land-300-mw-solar" target="_blank" rel="noopener"><strong>NTPC Green Energy has invited bids for the engineering, procurement, and construction (EPC) package with land for up to 300 MW of ISTS-connected solar power projects anywhere in India</strong></a><strong>.</strong> The scope of work includes identification, acquisition, and complete transfer of ownership or lease of encumbrance-free land to NEEPCO. The developer must also identify and arrange grid connectivity to the ISTS substation. The last date to submit the bids is February 27, 2024. Bids will be opened on the same day. Bidders must pay ₹22,500 (~$270.68) towards the cost of bidding documents.</p>
<p><a href="https://www.mercomindia.com/ntpc-tender-6-35-mw-rooftop-solar" target="_blank" rel="noopener"><strong>NTPC Vidyut Vyapar Nigam has invited bids from enlisted developers to install 6,352 kW of grid-connected rooftop solar power projects on various buildings of public sector undertakings under the Department of Defense Production in the southern region.</strong></a> The last date to submit the bids is February 1, 2024. Bids will be opened on February 2. The successful bidder will be responsible for the design, engineering, testing, assessment of roofs, water arrangements, electricity security, and determination of the optimal capacity for setting up the solar power systems.</p>
<p><a href="https://www.mercomindia.com/lowers-sterling-wilsons-q3-net-loss" target="_blank" rel="noopener"><strong>Sterling and Wilson Renewable Energy’s consolidated net loss was reduced by 37% year-over-year (YoY) to ₹623.9 million (~$7.5 million) for the third quarter of the financial year 2023-24.</strong></a> In the corresponding period last year, the company had run up a loss of ₹991.5 million (~$11.92 million) due to reduced contributions from the domestic and international EPC business segment. The company reported a total revenue of ₹6.1 billion (~$73.3 million), a 46% YoY increase. The revenue generated from the domestic EPC segment was ₹4.7 billion (~$56.5 million).</p>
<p><a href="https://www.mercomindia.com/unjustified-load-shedding-attract-penalties-discoms" target="_blank" rel="noopener"><strong>Union Minister for Power and New &amp; Renewable Energy R K Singh has warned distribution companies that unjustified load-shedding will be penalized going forward, calling the practice of cutting off electricity supply to different regions “an insult to the people.”</strong></a> “We have said that consumers have rights to 24*7 electricity and that if there is any gratuitous load-shedding, then penalties have to be levied, and compensation has to be given,” he said at a review meeting of the power sector.</p>
<p><a href="https://www.mercomindia.com/renewables-germany-electricity-consumption" target="_blank" rel="noopener"><strong>In a first, renewables covered the majority of electricity consumption in Germany, accounting for nearly 59.7% of the net public electricity generation in 2023.</strong></a> The share of renewables in the electricity mix coming from renewables stood at 57.1%, according to an analysis by the Fraunhofer Institute for Solar Energy Systems ISE. The total photovoltaic installations in 2023 are expected to exceed 14 GW when the full-year data, including December, becomes available. As a result, energy generation from lignite and coal fell sharply by -27% and -35% respectively.</p>
<p><strong><a href="https://www.mercomindia.com/meyer-burger-shut-german-module-facility" target="_blank" rel="noopener">Meyer Burger Technology, a Europe-based solar cell and module manufacturer, has started the process of shutting down its manufacturing facility in Freiberg, Germany.</a></strong> The closure is a part of the company’s plan to cut its losses in Europe and move the manufacturing base to the U.S. The company stated that maintaining a full-scale solar manufacturing operation in Europe is no longer viable and announced plans to shift focus to the U.S. market, which promises faster growth with lower capital demands.</p>
<p><strong><a href="https://www.mercomindia.com/ampin-ppa-nagpur-metros-rooftop-solar" target="_blank" rel="noopener">Independent power producer AmpIn Energy Transition has signed a power purchase agreement of 25 years for 6 MW rooftop solar projects with the Maharashtra Metro Rail Corporation</a></strong> for the Nagpur Metro Rail Project. The solar projects will be developed in two packages of 2.5 MW and 3.5 MW. The projects will be distributed across 13 metro stations, two depot buildings, one administration building, and three station track walls.</p>
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Daily News Wrap-Up: SECI Tenders 1.5 GW ISTS Solar Projects


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					</table><p><a href="https://www.meyerburger.com/en/solar-products-for-private-use" target="_blank" rel="noopener">Meyer Burger Technology</a>, a Europe-based solar cell and module manufacturer, has started the process of shutting down its manufacturing facility in Freiberg, Germany. The closure is a part of the company’s plan to cut its losses in Europe and move the manufacturing base to the U.S.</p>
<p>The company stated that maintaining a full-scale solar manufacturing operation in Europe is no longer viable and announced plans to shift focus to the U.S. market, which promises faster growth with lower capital demands.</p>
<p>The company plans to explore the options under the 45X Advanced Solar Manufacturing Tax Credit <a href="https://www.mercomindia.com/us-guidance-45x-tax-credit" target="_blank" rel="noopener">regulation</a> to advance its expansion plans in the U.S.</p>
<p>The company said a final decision on the closure would be made by the second half of February, and the shutdown would begin in April 2024, as it left a window of possibility if the government were to introduce incentivizing measures.</p>
<p>Gunter Erfurt, CEO of Meyer Burger Erfurt, said, “Closing our state-of-the-art module production in Germany, which started production less than three years ago, is a decision we would like to avoid. But in the absence of long-time announced firm commitments by lawmakers on measures to create a level playing field, we are prepared to execute our restructuring plan in Germany.”</p>
<p>Solar cell production in Thalheim (Bitterfeld-Wolfen), Germany, is expected to continue to support the production ramp-up of U.S. solar module manufacturing.</p>
<p>The company said it would continue operating its R&amp;D sites in Switzerland and Germany to develop and produce technology and equipment to support its business outside of Europe.</p>
<p>The company maintained that the U.S. is conducive to a thriving domestic solar market, given the Inflation Reduction Act benefits, stable cost base, fixed purchase agreements, and profitable price levels.</p>
<p>Erfurt explained, “In the U.S., we can take full advantage of our leading technology position, resulting in substantial interest by partners and supported by favorable industry policies. Given 5.4 GW of order book under offtake agreements and a potential to generate EBITDA at roughly CHF 250 million (~$288.19 million) in 2026, we are able to grow a profitable business, providing a positive outlook for our shareholders. The expansion of the U.S. business is currently proceeding as planned with the ramp-up of our solar module production site in Goodyear, expected to start in the second quarter of 2024.”</p>
<p>Meyer Burger blames the significant increase in Chinese production overcapacity and trade restrictions imposed by India and the U.S. for the oversupply and distortion in the European solar market over the past year.</p>
<p>The company expects to conclude the 2023 fiscal year with an EBITDA loss of at least CHF126 million (~$145.25 million). The company’s module inventory increased significantly to 360 MW despite the slumped sales during the year. The production facilities in Germany were underutilized, adding to the costs.</p>
<p>The company expects to self-fund its expansion in the U.S. through the sale of inventory, and it has also applied for a loan from the U.S. Department of Energy, passing the first assessment stage.</p>
<p>It is also considering equity financing, involving a rights issue, private placements or other forms of equity-based financing.</p>
<p>In September 2023, the European solar manufacturing industry, represented by SolarPower Europe, <a href="https://www.mercomindia.com/europes-solar-industry-warns-bankruptcies" target="_blank" rel="noopener">wrote</a> to the European Commission, highlighting a critical issue regarding the low prices of photovoltaic modules imported from China into Europe and their impact on the domestic market. It claimed that due to the lower prices and oversupply from the Chinese counterparts, manufacturers in the EU were left with over 500 MW of unsold modules, equivalent to more than 30% of their annual manufacturing capacity.</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/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</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/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
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Meyer Burger Plans to Shut Down German Module Facility and Relocate to US


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					</table><p><a href="https://www.mercomindia.com/corporate-funding-energy-storage-q2-23" target="_blank" rel="noopener"><strong>In the first half (1H) of 2023, corporate funding for energy storage companies reached an impressive $7.1 billion across 59 deals, according to Mercom Capital Group’s 1H and Q2 2023 Funding and M&amp;A Report Storage and Grid Report.</strong></a> Although this represented a 55% year-over-year decrease compared to the unprecedented $15.8 billion raised in 60 deals in 1H 2022, it’s crucial to note that LG Energy Solutions’ massive $10.7 billion IPO in January 2022 significantly skewed the YoY comparison.</p>
<p><strong><a href="https://www.mercomindia.com/indian-oil-om-tender-3-mw-solar-project-andhra-pradesh" target="_blank" rel="noopener">Indian Oil Corporation has invited bids for the operation and maintenance (O&amp;M) of a 3 MW solar power project for one year at its LPG bottling plant in Kadapa, Andhra Pradesh.</a></strong> The contractor will perform comprehensive O&amp;M of the solar project and evacuation infrastructure for one year, attending all repairs and maintenance jobs of the complete solar project with the whole transmission network, underground cable, switchyard, bay (up to metering cubicle) at the substation including the supply of materials.</p>
<p><a href="https://www.mercomindia.com/accelerate-ev-adoption-g20-countries" target="_blank" rel="noopener"><strong>Decarbonizing the transport sector poses a substantial challenge for G20 countries as they grapple with varying stages of motorization, decarbonization, and the transition to sustainable transport</strong></a>, according to a report by Agora Verkehrswende, Deutsche Gesellschaft für Internationale Zusammenarbeit, and NITI Aayog. Over the decades, the transport sector has significantly contributed to global CO₂ emissions, accounting for approximately one-quarter of emissions from fuel combustion and 15% of total greenhouse gas emissions annually.</p>
<p><a href="https://www.mercomindia.com/totalenergies-completes-full-acquisition-billion" target="_blank" rel="noopener"><strong>France-based energy conglomerate TotalEnergies is acquiring full ownership of renewable energy company Total Eren.</strong></a> The deal follows a strategic agreement signed in 2017 between the two, which granted TotalEnergies the right to acquire the entirety of Total Eren shares after five years. With the purchase, TotalEnergies will increase its stake from approximately 30% to 100%, fully integrating Total Eren’s teams within its renewables business unit. The acquisition of 70.8% represents a net investment of around €1.5 billion (~$1.6 billion) for TotalEnergies.</p>
<p><a href="https://www.mercomindia.com/epc-projects-waarees-profit-%E2%82%B9111-million-q1-fy-2024" target="_blank" rel="noopener"><strong>Waaree Renewable Technologies, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, posted a net profit of ₹111 million (~$1.36 million) in the first quarter (Q1)</strong></a> of the financial year (FY) 2024, an increase of 12% year-over-year from ₹99 million (~$1.21 million) in Q1 FY 2023. The growth in net profit can be attributed to the successful execution of nearly 96 MW of solar EPC projects during the quarter that ended in June.</p>
<p><strong><a href="https://www.mercomindia.com/australia-leader-battery-energy-storage-systems" target="_blank" rel="noopener">Australia is a leader in the global battery energy storage systems market, with the total pipeline of announced projects surpassing 40 GW, according to the latest analysis by Wood Mackenzie.</a></strong> Australia has witnessed a surge in renewable energy and has implemented a competitive market design, which has positioned it as one of the attractive markets for large-scale energy storage on a global scale. The presence of competitive wholesale and frequency control markets has created diverse revenue streams for battery storage projects.</p>
<p><a href="https://www.mercomindia.com/meyer-burger-to-expand-in-us-gw-solar-cell-factory" target="_blank" rel="noopener"><strong>Switzerland-based solar panel manufacturer Meyer Burger has announced it would set up a 2 GW solar cell factory in Colorado Springs, Colorado.</strong></a> The move comes as part of Meyer Burger’s efforts to strengthen its position in the North American solar market and meet the increasing demand for renewable energy solutions in the region. The company’s upcoming solar cell factory is scheduled to begin production in the fourth quarter of this year. The facility will be equipped to manufacture solar cells, utilizing heterojunction technology.</p>
<p><a href="https://www.mercomindia.com/revkor-h2gemini-hjt-solar-facility-utah" target="_blank" rel="noopener"><strong>Renewable energy company REVKOR Energy Holdings and solar equipment manufacturer H2GEMINI Technology Consulting will jointly construct a 5 GW heterojunction technology (HJT) solar cell and</strong></a> module manufacturing facility in Salt Lake City, Utah. The initial phase will focus on building a 5 GW annual production facility, with production set to begin in the second quarter of 2024. In phase two, the capacity will expand to 20 GW by the end of 2025.</p>
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Daily News Wrap-Up: Corporate Funding for Energy Storage Rises 67% YoY in Q2


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					</table><p>Switzerland-based solar panel manufacturer <a href="https://www.meyerburger.com/de/" target="_blank" rel="noopener">Meyer Burger</a> has announced it would set up a 2 GW solar cell factory in Colorado Springs, Colorado.</p>
<p>The company said the move comes as part of Meyer Burger&#8217;s efforts to strengthen its position in the North American solar market and meet the increasing demand for renewable energy solutions in the region.</p>
<p>The company&#8217;s upcoming solar cell factory is scheduled to begin production in the fourth quarter of this year. The facility will be equipped to manufacture solar cells, utilizing heterojunction technology.</p>
<p>The solar cells produced at this factory will be exclusively used in Meyer Burger&#8217;s own module production line, which is currently under construction in Goodyear, Arizona.</p>
<p>Meyer Burger had earlier intended to supply its module plant in the United States with heterojunction solar cells imported from Germany. However, with the establishment of the Colorado Springs factory, the company has redefined its strategy to localize production.</p>
<p>The shift is expected to bring several benefits, including reduced transportation costs, greater operational efficiency, and better responsiveness to market dynamics.</p>
<p>Meyer Burger’s investment will be supported by tax credits under the Inflation Reduction Act (IRA). The IRA tax credits alone are projected to reach up to €1.4 billion ($1.6 billion) between 2024 and 2032, providing a substantial boost to the company&#8217;s financial prospects.</p>
<p>Last August, President Joe Biden <a href="https://www.mercomindia.com/inflation-reduction-act-faster-transition-clean-energy-u-s" target="_blank" rel="noopener">signed</a> the ‘Inflation Reduction Act of 2022,’ which addresses issues of climate change, taxes, healthcare, and inflation. The Act proposes $369.75 billion in energy security and climate change programs over the next ten years.</p>
<p>In March, Meyer Burger said it was <a href="https://www.mercomindia.com/meyer-burger-to-introduce-for-solar-modules" target="_blank" rel="noopener">introducing</a> a unified glass-based product platform for its solar modules. The modules will have optimized glass on the front and back. They will have enhanced bifaciality, a prominent attribute in heterojunction solar technology.</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 />
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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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Meyer Burger to Expand in US with 2 GW Solar Cell Factory

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>The </strong><a href="https://www.oberoihotels.com/" target="_blank" rel="noopener"><strong>Oberoi Group</strong></a><strong> signed a memorandum of understanding (MoU) with Energy Efficiency Services Limited (EESL) to further its sustainability initiatives.</strong> Through the move, the company aims to reduce its overall carbon footprint. EESL, through its Building Energy Efficiency Program, will assist the Oberoi Group in implementing several well-established energy-efficient initiatives, including clean energy systems across its properties. Under the partnership, EESL, through its nationwide network, will collaborate with all Oberoi Group hotels to evaluate opportunities for saving energy and lowering emissions.</p>
<p><strong>French startup Sweetch Energy has raised €5.2 million (~$6.19 million) to initiate its industrialization phase and develop its breakthrough osmotic energy technology.</strong> The investment round was supported by a group of deeptech and cleantech investors with a strong track record in backing highly disruptive industrial companies. It was led by new investor Future Positive Capital and co-led by existing investors Demeter and Go Capital. Other investors such as Dominique Gaillard and Fabio Ferrari also participated. ADEME, the French environmental and energy management agency, provided additional funding.</p>
<p><strong>Jaguar Land Rover’s venture capital and mobility arm, InMotion Ventures, has </strong><a href="https://media.jaguarlandrover.com/news/2021/04/jaguar-land-rovers-inmotion-ventures-invests-battery-recycling-and-manufacturing" target="_blank" rel="noopener"><strong>invested</strong></a><strong> in Battery Resourcers, a lithium ion battery recycling and materials company.</strong> The investment will fund Battery Resourcers’ development of a commercial-scale processing facility, with the capability to process 10,000 tonnes of batteries annually. The funding will also help the Worcester-based company in expanding production and analysis facilities in Michigan, U.S. The investment in Battery Resourcers plays part of the plan for Jaguar Land Rover to establish sustainable solutions for end-of-life batteries, minimizing waste and creating a circular economy across the battery supply chain.</p>
<p><strong>Australia-based Origin Energy</strong> <strong>has </strong><a href="https://www.originenergy.com.au/about/investors-media/media-centre/green_hydrogen_project_signs_port_mou.html" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a pact with Northern Australia’s biggest general cargo port – the Port of Townsville – for a green hydrogen export project.</strong> The MoU will allow potential expansion of the port as well as the development of a liquefaction facility, new berth, and associated infrastructure. Origin is collaborating with Japan’s Kawasaki Heavy Industries Ltd (KHI) on a 300 MW early export project that would produce 36,500 tonnes per annum of green liquid hydrogen using renewable energy and sustainable water. The first export from the project is targeted from the mid-2020s.</p>
<p><strong>Catalyze, a firm that transforms commercial real estate into sustainable assets with renewable energy solutions, has </strong><a href="https://permacity.com/2021/04/12/catalyze-acquires-permacity-advances-market-consolidation-strategy/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> solar developer and installer PermaCity.</strong> The deal represents a major strategic transaction in Catalyze’s market consolidation strategy. With a commitment to deliver projects with more than 400 MW capacity within the next few years, Los Angeles-based PermaCity expands Catalyze’s project pipeline to over 2 GW and establishes a stronghold in the large California distributed solar market. In addition, PermaCity will now be able to provide battery storage solutions in partnership with Catalyze for their existing and future customers.</p>
<p><strong>Ocergy has </strong><a href="https://www.prnewswire.com/news-releases/ocergy-successfully-concludes-its-series-a-equity-fundraising-round-with-investments-from-moreld-ocean-wind-and-chevron-technology-ventures-301267690.html" target="_blank" rel="noopener"><strong>secured</strong></a><strong> investments from Moreld Ocean Wind (MOW) and Chevron Technology Ventures (CTV).</strong> The Series A round will fund Ocergy’s growth and the commercialization of its sustainable offshore solutions, the OCG-Wind Floating Offshore Wind Turbine technology, and OCG-Data environmental monitoring buoy. In addition to funding, Moreld also announced the formation of MOW, a company focused on the delivery of engineering, procurement, construction, and installation contracts in the floating offshore wind Industry.</p>
<p><strong>Brighton-based </strong><a href="https://www.ev-chargersuk.co.uk/" target="_blank" rel="noopener"><strong>EVC</strong></a><strong> has pledged to install 100,000 accessible</strong><strong> electric vehicle (EV) charging points across the U.K. by 2026.</strong> Quoting a recent study that states the U.K. would need around 400,000 public charging points by the turn of the decade, the company said it is committed to responding to the increasing demands. To encourage the uptake of EV charge points, EVC specializes in residential and commercial charging solutions, providing clients with free EV charging infrastructure to futureproof their car parks while offering competitive pricing tariffs. EVC is supported by the renewable energy investment group Oasthouse Ventures and has partnered with some of the biggest names across the renewable energy industry to deliver the products and services.</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>

Daily News Wrap-Up: Oberoi Group inks MoU with EESL to cut Carbon Footprint

<p><a href="https://www.meyerburger.com/en/" target="_blank" rel="noopener">Meyer Burger</a>, a Switzerland-based engineering company, has unveiled its plans to enter the U.S. solar market, intending to start solar cell sales in the second half of 2021.</p>
<p>In June, the company decided to transform from being a supplier of production equipment to a technologically-leading manufacturer of solar cells and modules, based on its proprietary heterojunction and SmartWire Connection technologies.</p>
<p>The company will start producing solar cells and modules with an annual capacity of 400 MW each at its two facilities in Germany at the end of May 2021, Meyer Berger said in a statement. It will also recruit over 300 new employees at these two facilities.</p>
<p>It also has plans to raise 180 million Swiss Franc (CHF) ($194.01 million) by the start of 2022. With this fund, it aims to expand its production capacity to 1.4 GW of solar cells and 800 MW of solar modules by 2022.</p>
<p>With this expansion, the company is expected to enhance its annual sales to CHF 400 Million (~$430.33 million) – CHF 450 million (~$484.12 million) and earnings before interest, taxes, depreciation, and amortization (EBIDTA)  margin of 25-30% in 2023.</p>
<p>Meyer Berger will initially focus on the residential and small commercial rooftop segment of European solar markets like Germany, Switzerland, Austria. It will also market its modules in Italy, France, Poland, and the Nordic countries.</p>
<p>Moritz Borgmann, Managing Director of Meyer Burger, said, “We are receiving positive feedback on our premium product strategy. We are optimistic to quickly gain a significant market share in the premium rooftop segment.”</p>
<p><strong>Financial results for 2020</strong></p>
<p>Meyer Berger has reported a net loss of CHF 64.47 million ($69.30 million) in 2020, a 181% increase compared to a CHF 22.9 million (~$24.61 million) loss in 2019, following over a 65% decline in net sales to CHF 90.45 million (~$97.26 million) in 2020 from CHF 262 million (~$281.73 million) in 2019. The decline in net sales was due to the company’s ongoing strategic realignment.</p>
<p>The company’s EBIDTA turned negative during the year and stood at CHF 44.6 million (~$47.91 million) as the operating costs were no longer in line with its sales. EBIDTA was positive in 2019 at CHF 1.1 million (~$1.18 million).</p>
<p>At the end of 2020, the company’s cash and cash equivalent stood at CHF 139.7 million (~$149.91 million), following a capital increase with gross proceeds of CHF 165 million (~$177.12 million).</p>
<p>In January 2021, <strong>Meyer Burger </strong><a href="https://mercomindia.com/daily-news-wrap-up-tata-motors/" target="_blank" rel="noopener">received</a><strong> a €15 million (~$18.43 million) grant from the German state of Saxony-Anhalt and the Federal Republic of Germany to develop a heterojunction solar cell production facility in Thalheim.</strong></p>
<p>Mercom had earlier <a href="https://mercomindia.com/news-wrap-up-meyer-burger/" target="_blank" rel="noopener">reported</a> that <strong>Meyer Burger</strong> secured new locations to set up its manufacturing facilities for the production of solar modules and solar cells. It paid €12 million (~$14.12 million) to purchase the facility from Solarworld Industries GmBH.</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/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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