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JinkoSolar’s Revenue Drops 23% YoY in Q3 Due to Lower Module Prices

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SECI Floats Tender to Procure 1.2 GW Round-the-Clock Renewable Power

Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief

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					</table>Here are some noteworthy cleantech announcements of the day from around the world:
Switch Mobility, an electric bus and light commercial vehicle company, has <a href="https://www.switchmobility.tech/en/news/switch-mobility-partners-jsw-introduce-electric-buses-employee-transportation?nid=2793" target="_blank" rel="noopener">partnered</a> with JSW to introduce electric buses for employee transportation in India. Under the partnership, Switch will deliver 71 buses to JSW Steel for their Vijayanagar plant. Switch Mobility will own and oversee the operations, including setting up charging infrastructure and requisite maintenance efficacy, over the 12-year contract period. The buses are equipped with a new generation of highly efficient, modular batteries with advanced lithium-ion NMC chemistry, specially formulated for the Indian market and climatic conditions. The electric drivetrains and batteries are calibrated to ensure superior efficiency with long battery life, delivering a lower total ownership cost.
The Central Electricity Authority <a href="https://egazette.nic.in/WriteReadData/2022/240635.pdf" target="_blank" rel="noopener">approved</a> the transmission line set up for NTPC’s 230 MW solar power project at Ettayapuram, Tuticorin, in Tamil Nadu. The 230 kV overhead line from Tuticorin-II (Gas Insulated ISTS Substation) was approved for 25 years. In another similar case, the CEA approved M/s Ayana Renewable Power Six to set up transmission lines for the 300 MW wind power project in Gadag, Karnataka. The 220 kV transmission line on the double circuit tower covers the area from the 220/33 kV pooling substation near Harlapura village in Gadag to the 400/220 kV PGCIL substation near Tadakal Village in Koppal. The approval was granted for 25 years, and the project developers will be responsible for the required authorities&#8217; consent for setting up these transmission lines.
SK D&amp;D, a private renewable power generation company, <a href="https://www.glennmont.com/sk-dd-and-glennmont-sign-shareholders-agreement-to-establish-a-joint-venture-to-invest-in-solar-pv-projects-in-south-korea/" target="_blank" rel="noopener">announced</a> the signing of a shareholder’s agreement with Glennmont Partners from Nuveen to establish a joint venture company to co-invest in solar photovoltaic projects in South Korea. Under this agreement, the two companies will establish a joint venture as a financial platform, and as the first step, they plan to acquire, build and operate 80 MW of solar photovoltaic projects, approximately valued at ₩160 billion (~$121.65 million).
Vestas <a href="https://www.vestas.com/en/media/company-news/2022/vestas-wins-756-mw-order-for-wind-project-in-australia-c3674699" target="_blank" rel="noopener">bagged</a> the engineering, procurement, and construction (EPC) order for the first stage of Golden Plains Wind Farm, a 756 MW project in Victoria, Australia, from a renewables company, TagEnergy. The wind farm will feature 122 V162-6.2 MW wind turbines from the EnVentus platform. Vestas will also deliver a 30-year service and maintenance agreement to optimize the project’s energy production. Delivery of Vestas’ wind turbines is expected to occur in the fourth quarter of 2023, with commissioning to commence in the fourth quarter of 2024. Once operational, the first stage of Golden Plains Wind Farm will generate enough clean energy to power approximately 450,000 homes a year.
Talesun Solar, a China-headquartered solar module manufacturer, <a href="https://www.prnewswire.com/news-releases/talesun-solars-tie-up-with-mem-group-expands-breadth-of-turkish-pv-market-301688357.html" target="_blank" rel="noopener">signed</a> a framework agreement for strategic cooperation with MEM Group to jointly build a module production line with an annual capacity of 1GW in Turkey. MEM Group is a global supplier of industrial equipment, manufacturing, and electrical services. Under the agreement, MEM Group will build a module production line with a facility area of 40,000 square meters in Kahramanmaras, south-central Turkey, to achieve an annual capacity of 1GW by the second quarter of 2023. Talesun Solar will provide the design for the layout of the facility, while all equipment and raw materials used in the factory will be supplied according to their standards and approval.

Daily News Wrap-up: Switch Mobility to Deliver 71 Electric Buses for JSW Steel

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					</table>Texas-based solar modules manufacturer <a href="https://www.missionsolar.com/" target="_blank" rel="noopener">Mission Solar Energy</a> has announced a 1 GW module capacity expansion plan to meet the demand for 2023 and beyond.
Mission Solar’s announcement follows the <a href="https://mercomindia.com/ira-help-us-solar-installations-to-triple-by-2027/" target="_blank" rel="noopener">passage</a> of the U.S. Inflation Reduction Act (IRA), which incentivizes the local manufacturing plans of renewable energy companies. The IRA provides billions of dollars in tax credits and other incentives to solar manufacturers in the U.S. to encourage domestic manufacturing and compete with imported solar products.
The company said it would add to its 300 MW production capacity in San Antonio immediately, with plans to reach an annual capacity of 1 GW in the next two years. The facility&#8217;s expansion is scheduled to commence by the fourth quarter of 2022.
Mission Solar’s Seoul-based parent organization OCI Company will play a vital role in the expansion by providing polysilicon to produce modules.
Mission Solar Energy’s President and CEO Jae Yang said, “By 2035, solar installations are expected to quadruple from current levels. At present, four percent of the electricity fed to American energy grids is generated by solar. The U.S. aims to have 40 percent of its electricity generated by solar technology by 2035. These are exciting opportunities for us as a company. Additional motivated team members will be needed to help us build a greener future.”
Mission Solar has a 246,000-square-foot manufacturing facility in south San Antonio at Brooks.
In September, U.S-based solar module maker First Solar <a href="https://mercomindia.com/first-solar-to-invest-1billion-to-scale-us-module-production/" target="_blank" rel="noopener">announced</a> investing $1.2 billion to scale the production of its American-made, cadmium telluride thin-film solar modules totaling 4.4 GW, to support the country’s transition to decarbonization in the next three years.
We expect many more companies to expand capacities or announce new manufacturing facilities to take advantage of IRA incentives in the near future.

Texas-Based Module Maker Mission Solar Energy to Expand Production Capacity by 1 GW

<a href="https://www.jinkosolar.com/en" target="_blank" rel="noopener noreferrer">JinkoSolar</a>, a solar module manufacturer, announced that its operating subsidiary, Jinko Solar Company Limited (Jiangxi Jinko), has raised RMB 3.1 billion (~$458 million) through equity financing.
As per the company’s statement, the equity financing was to help Jiangxi Jinko qualify for a listing on the Shanghai Stock Exchange&#8217;s sci-tech innovation board (STAR Market) and raise the necessary capital for its expansion plans.
Last month, JinkoSolar&#8217;s board of directors had <a href="https://mercomindia.com/daily-news-wrap-up-jinkosolar-subsidiary/" target="_blank" rel="noopener noreferrer">approved</a> a strategic plan to access China&#8217;s capital market through its principal operating subsidiary Jiangxi Jinko.
Speaking on the development, Kanping Chen, CEO of JinkoSolar, said, &#8220;The successful completion of this fundraising marks an important milestone for us and takes us one step closer to the planned listing of Jiangxi Jinko in China. It also provides us with the capital to expand our capacity and further strengthen our leading position in research and development. We are thankful for the strong support from our new investors and are committed to creating sustainable value for all our shareholders.&#8221;
The recently released <a href="https://mercomcapital.com/product/9m-q3-2020-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">report</a> by Mercom Capital Group on Q3 2020 solar funding and M&amp;A, public market financing into the solar sector globally came to $1.3 billion in four deals in Q3 2020, 75% higher compared to Q2 2020.
It is expected that after the completion of this transaction, JinkoSolar will prepare actively for the listing of Jiangxi Solar on the STAR Market, in line with the relevant laws and regulations in China.
After the deal&#8217;s closing, the Chinese third-party investors, including China Industrial Bank Group, CIIT Asset Management Company, YunShang Fund, Huaho Capital, and China Capital Management Company, China Securities Investment Company, along with JinkoSolar founders will own approximately 26.7% equity share in the subsidiary.
Earlier, JinkoSolar <a href="https://mercomindia.com/jinko-solar-revenue-up-by-over/" target="_blank" rel="noopener noreferrer">announced</a> the unaudited financial results for the second quarter (Q2) 2020. According to the financial statement, the company&#8217;s total revenue in Q2 2020 was $1.2 billion (~₹88.49 billion), a decrease of 0.4% compared to $1.24 billion (~₹91.4 billion) in Q1 2020.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener noreferrer">here</a>.

JinkoSolar’s Operating Subsidiary Raises $458 Million in Equity Financing

The Narmada Hydroelectric Corporation Limited (<a href="http://www.nhdcindia.com/" target="_blank" rel="noopener noreferrer">NHDC</a>) has announced two empanelment tenders for its solar projects.
In the first tender, NHDC has invited bids for the empanelment of engineering, procurement, and construction (EPC) agencies for providing the balance of system (BoS) for its solar projects. The contract will also include five years of comprehensive operation and maintenance (O&amp;M) activities. NHDC is a joint venture between <a href="http://www.nhpcindia.com/home.aspx" target="_blank" rel="noopener noreferrer">NHPC</a> and the government of Madhya Pradesh.
The period of empanelment will be 24 months. The last date for the submission of bids is June 22, 2020.
For category A (up to 100 MW), the bidder should have executed solar power projects of a cumulative installed capacity of at least 40 MW. Out of the total capacity, one project should have been of at least 10 MW. Similarly, for category B (above 100 MW), the bidder should have executed solar power projects of at least 80 MW. Out of the total capacity, at least one project should have been of 20 MW or higher capacity.
The reference projects should have been in successful operation for at least one year.
Regarding the financial criteria, the average annual turnover of the bidder for the last three financial years should be ₹2 billion(~$26.52 million) for the category A and ₹4 billion(~$53.03 million) for category B. The net worth of the biddershould not be less than 100% of the bidder’s paid-up share capital.
In another tender, NHDC invited bids for the empanelment of experienced solar modules manufacturers for supplying to solar power projects. The last date for the submission of bids is June 22, 2020.
To take part in the bidding process, the bidder should be an original solar module manufacturer with a module manufacturing capacity of a minimum of 1 GW/year.  The bidder should have manufactured and supplied solar modules of at least 130 MW capacity in any one financial year in the last seven years.
Further, the tender noted that after the empanelment, NHDC would participate in the 1.5 GW solar tender announced by Rewa Ultra Mega Solar Limited (RUMSL) in the state of Madhya Pradesh.
Recently, RUMSL <a href="https://mercomindia.com/madhya-pradesh-rumsl-extends/" target="_blank" rel="noopener noreferrer">extended the deadline</a> to submit bids for 1,500 MW of grid-connected solar projects to be developed across three solar parks in the state of Madhya Pradesh. RUMSL has extended the deadline for bid submission for 450 of grid-connected solar PV projects at Shajapur Solar Parkto July 15, 2020. The new bid submission deadline for 500 MW of grid-connected solar projects at Neemuch Solar Park is now August 4, 2020.Further, the new date for the submission of bids for 550 MW of solar projects at the Agar Solar Park is now July 1, 2020.
This tender was initially <a href="https://mercomindia.com/rums-1500-mw-solar-tender-madhya-pradesh/" target="_blank" rel="noopener noreferrer">floated</a> in 2018. However, due to impending central and state elections, the tenders were delayed, the state authorities had earlier informed Mercom.
Previously, Mercom also <a href="https://mercomindia.com/nhdc-epc-floating-solar-madhya-pradesh/" target="_blank" rel="noopener noreferrer">reported</a> that NHDC invited bids from EPC contractors to set up 25 MW of floating solar capacity.

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