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Sungrow, TBEA, FIMER Dominate Solar Inverter Rankings in First Half of 2024


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-capital-dynamics-financing-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Capital Dynamics, an independent global private asset management firm, </strong><a href="https://mercomcapital.com/capital-dynamics-secures-199-million-financing-two-solar-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €185 million (~$199.54 million) in project financing for two solar projects</strong>—currently under construction—with a total capacity of 187 MW in Sicily, Italy. Natixis Corporate and Investment Banking are the lenders. Natixis CIB acted as sole underwriter, structuring mandated lead arranger and bookrunner, agent, green loan coordinator, and issuing bank of the ancillary guarantee facilities.</p>
<p><strong>Qcells, a utility-scale solar and energy storage project developer and solar EPC provider, announced the </strong><a href="https://mercomcapital.com/qcells-sells-200-mw-ursa-solar-project/" target="_blank" rel="noopener"><strong>sale</strong></a><strong> of Ursa Solar Project (formerly known as Langdon Mills Solar)</strong>, which has a total capacity of 200 MW, to We Energies, Wisconsin Public Service Corporation, and Madison Gas and Electric Company. The company plans to begin the construction of the project in 2025 and expects it to be operational in 2027.</p>
<p><strong>The Asian Development Bank has approved a $434.25 million </strong><a href="https://www.mercomindia.com/adb-approves-434-25-million-loan-for-renewable-energy-projects-in-assam" target="_blank" rel="noopener"><strong>loan</strong></a><strong> to increase renewable energy capacity and improve energy security in Assam</strong>. The Assam Solar Project will construct a 500 MW grid-connected solar photovoltaic facility in Karbi Anglong district. The project will also support the development of a battery energy storage system to ensure grid stability and meet peak power demand.</p>
<p><strong>QatarEnergy, a petroleum company in Qatar, <a href="https://mercomcapital.com/qatarenergy-stake-solar-project-in-iraq/" target="_blank" rel="noopener">signed</a> an agreement with TotalEnergies to acquire 50% of the stake in the 1.25 GW solar project in Iraq </strong>which is subject to regulatory approvals. TotalEnergies, a France-based oil and gas company, will retain the remaining 50%.</p>
<p><strong>AMPYR Solar Europe, a European solar project developer, secured financial </strong><a href="https://mercomcapital.com/ampyr-solar-europe-secures-financing-for-96-mw-solar-project/" target="_blank" rel="noopener"><strong>closure</strong></a><strong> for its 96 MW solar project in the municipality of Noordoostpolder in the Netherlands</strong>. The project is expected to be operational by mid-2025. The project’s development will be financed through AMPYR Solar Europe’s €200 million (~$216.8 million) omnibus multi-project financing facility from Rabobank.</p>
<p><strong>Swift Current Energy, a utility-scale solar, wind, and energy storage project developer, </strong><a href="https://mercomcapital.com/swift-current-energy-secures-tax-equity-financing-for-138-mw-solar-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closing of tax equity financing with PNC Bank</strong> for its 138 MWdc (99 MWac) Harvest Gold Solar Project in Sunflower County, Mississippi. The solar project has already begun its operation this summer, producing clean electricity enough to power over 23,000 households per Swift Current Energy.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-primergy-secures-solar-project-2/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Capital Dynamics Secures $199 Million Financing for Two Solar Projects


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-sabanci-financing-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings, </strong><a href="https://mercomcapital.com/sabanci-renewables-secures-137-million-financing-for-oriana-solar-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closing of $137 million in tax equity financing</strong> for its 232 MW Oriana Solar Project, located approximately 120 miles southeast of San Antonio in Victoria County, Texas. Advantage Capital, an investment firm, provided funding for the utility-scale solar project currently under construction. The project is expected to begin commercial operations in Spring 2025.</p>
<p><strong>ContourGlobal, an independent power producer and a KKR company, </strong><a href="https://mercomcapital.com/contourglobal-acquires-151-mw-solar-project-portfolio/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of a 151 MW solar project portfolio in South Carolina from Sun Tribe Development</strong>, a solar and energy storage project developer. The portfolio comprises two solar projects in the late stages of development, and long-term power purchase agreements have been signed. The projects are scheduled to reach commercial operations in 2029.</p>
<p><strong>Qcells, a utility-scale solar and energy storage project developer and solar EPC provider, announced the </strong><a href="https://mercomcapital.com/qcells-sells-142-mw-appaloosa-solar-project/" target="_blank" rel="noopener"><strong>sale</strong></a><strong> of the 142 MW Appaloosa solar project in Garfield County</strong>, Washington, to Puget Sound Energy, an energy utility company. The project will be co-located with the Lower Snake River Wind facility. The project is expected to begin construction in 2025 and commercial operation in December 2026.</p>
<p><strong>Highfield Solar, a solar project developer, secured project financing to <a href="https://mercomcapital.com/highfield-solar-secures-financing-solar-projects/" target="_blank" rel="noopener">support</a> the construction and operation of two solar projects in Ireland having a total capacity of 132 MW</strong>. Coöperatieve Rabobank U.A., a Netherlands-based financial services company, provided the funding. The portfolio comprises the 70 MW Clonin North and 62 MW North Arklow solar project. The Clonin North project will be located near the village of Rhode, County Offaly, while the North Arklow project will be located near the town of Arklow in County Wicklow.</p>
<p><strong>The International Finance Corporation is partnering with Axis Bank to </strong><a href="https://www.mercomindia.com/ifc-and-axis-bank-to-provide-500-million-loan-for-green-projects" target="_blank" rel="noopener"><strong>provide</strong></a><strong> a $500 million loan to help develop a blue finance market and scale up financing of green projects in India</strong>. The funding will also aid in expanding Axis Bank’s climate finance portfolio. Besides tackling climate change issues, the loan will be utilized to develop offshore renewable energy.</p>
<p><strong>Clearway Energy Group, a developer and operator of clean energy projects, </strong><a href="https://mercomcapital.com/clearway-closes-financing-for-solar-and-storage-projects/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the financial closure of the 300 MW Pine Forest solar</strong> and 200 MW Pine Forest standalone storage projects in Hopkins County, Texas, which are now under construction.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-ze-energy-financing-solar-storage/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Sabanci Renewables Secures Financing for Oriana Solar Project


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					</table><p>India&#8217;s solar exports success story could run into trouble if the U.S. entertains petitions from domestic manufacturers to impose anti-dumping (AD) and countervailing duties (CVD) on module imports.</p>
<p>While the four Southeast Asian countries of Malaysia, Vietnam, Thailand, and Cambodia are more likely the focus for the AD/CVD petitions from U.S. manufacturers, there is a possibility that Indian exports could also be covered, according to investment banking firm <a href="https://www.roth.com/" target="_blank" rel="noopener">ROTH Capital Partners</a>.</p>
<p>&#8220;One new regulation may allow current anti-dumping tariffs to be increased, while another may open the door to go after third government subsidies, i.e., Chinese subsidies such as &#8220;Belt and Road&#8221; that may support one of these Southeast Asian countries,&#8221; ROTH said in a report earlier this month. The petitioners could also consider bracketing India with these countries.</p>
<p>The import tariff moratorium is due to end in June this year. After imposing import duties on Chinese solar modules, the U.S. Department of Commerce <a href="https://www.mercomindia.com/us-circumvention-inquiries-solar-products-china" target="_blank" rel="noopener">clarified</a> the scope of the anti-circumvention probe last August, allowing the import of solar modules made outside of Southeast Asia.</p>
<p>Indian solar exports have surged in the last couple of years, benefitting from restrictions on Chinese imports. According to recent Ministry of Commerce data, Indian solar exports <a href="https://www.mercomindia.com/indian-solar-exports-grow-227-2023-imports-up-89" target="_blank" rel="noopener">rose</a> 227% to $1.8 billion (~₹152.6 billion) in 2023 from $561 million (~₹46.4 billion) in 2022.</p>
<p>The U.S. was the top buyer of Indian solar cells and modules, accounting for 97.3% of the exports in 2023.</p>
<p>U.S. solar imports nearly <a href="https://www.mercomindia.com/us-solar-module-imports-surge-to-50gw" target="_blank" rel="noopener">doubled</a> in 2023, with about 50 GW of modules making their way to the solar market. Southeast Asia accounted for 78% of the U.S. photovoltaic module imports.</p>
<p>If AD/CVD tariffs are applied to Indian exports, local manufacturers could feel the heat and lose their cost arbitrage if they have to factor in these tariffs.</p>
<p>The question, however, is whether U.S. manufacturers consider the volume of exports from India significant enough for them to seek relief under the AD/CVD regime.</p>
<p>Raj Prabhu, CEO of Mercom Capital, commented, &#8220;Indian manufacturers cannot take the U.S. market for granted, and companies need to have alternative strategies if such a scenario plays out. In the end, the goal is similar for India and the U.S.; both countries want to protect and build their domestic clean energy manufacturing capabilities and supply chain instead of depending on imports.&#8221;</p>
<p>Last month, talking about Indian solar manufacturing, Prabhu had said a policy change in the U.S. post-elections could potentially affect export opportunities for Indian manufacturers.</p>
<p>According to Prabhu, the crash in solar module prices and the overcapacity situation in China have led to some U.S. manufacturing projects being canceled and many getting into a wait-and-see mode. &#8220;The Biden administration wants to see the Inflation Reduction Act, a signature accomplishment, succeed at any cost. To build a clean energy manufacturing base, the U.S. administration is willing to do what it takes in terms of tariffs or other means to protect domestic manufacturers and investments. In an election year, both candidates want to show they are tougher than the other when it comes to China, trade, and tariffs.&#8221;</p>
<p>According to a Reuters report, the U.S. government may allow a request by South Korea&#8217;s Hanwha QCells to reverse a two-year-old trade exemption that has allowed imports of bifacial solar panels from China and other countries to avoid tariffs.</p>
<p>QCells is heavily invested in solar manufacturing expansion in the U.S. Last October, it <a href="https://www.mercomindia.com/qcells-north-solar-module-facility-to-5-1-gw" target="_blank" rel="noopener">added</a> 2 GW of new capacity at its solar panel manufacturing facility in Dalton, Georgia, bringing the factory&#8217;s total output to over 5.1 GW.</p>
<p>The Solar Energy Manufacturers For America Coalition believes 90% of solar panel imports constitute bifacial modules.</p>


Threat of US Anti-Dumping Duties on Indian Solar Module Exports


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					</table><p><a href="https://www.mercomindia.com/mnre-hikes-cfa-rooftop-solar" target="_blank" rel="noopener"><strong>The Ministry of New and Renewable Energy has increased the benchmark Central Financial Assistance (CFA) for grid-connected rooftop solar power systems under Phase II of the Grid-Connected Rooftop</strong></a> Solar Program. The CFA for systems ranging from 1 kW to 3 kW, installed through tendering and national portal applications, is ₹18,000 ($216)/kW for general states and ₹20,000 ($240)/kW for special category states. Systems of above 3 kW and up to 10 kW capacities will receive CFA of ₹9,000 (~$108)/ kW in general states and ₹10,000 ($120)/kW in special category states. An individual household with up to a 3 kW system in a general category state is eligible for a subsidy of ₹18,000 ($216)/kW, an increase from the earlier ₹14,588 (~$175)/ kW.</p>
<p><a href="https://www.mercomindia.com/ntpc-bids-for-floating-solar-project-in-chhattisgarh" target="_blank" rel="noopener"><strong>NTPC, on behalf of NTPC-SAIL Power Company (NSPCL), a joint venture of NTPC and SAIL, has invited bids to develop a 15 MW floating solar power project at Maroda reservoir-1 of NSPCL in Bhilai</strong></a>, Chhattisgarh. The last date for the submission of bids is February 2, 2024. Bids will be opened the same day. The project will involve the comprehensive design of a grid-interactive solar power project, encompassing civil, electrical, and mechanical auxiliary systems. It includes creating detailed drawings for foundations, single-line diagrams, installation drawings, electrical layouts, design calculations, and other relevant documents essential for the engineering of all facilities within the project’s scope.</p>
<p><a href="https://www.mercomindia.com/aptel-retroactive-impact-on-ppas" target="_blank" rel="noopener"><strong>The Appellate Tribunal for Electricity has upheld the Rajasthan Electricity Regulatory Commission’s (RERC) decision dismissing a petition filed by Kishangarh Hi-tech Textile Park (KHTPL),</strong></a> contending that regulations should not retroactively impact Power Purchase Agreements. KHTPL challenged the dismissal of its petition by the RERC and sought specific directions against the respondents— RERC, Rajasthan Rajya Vidyut Prasaran Nigam, and Ajmer Vidyut Vitaran Nigam. They aimed to impose open access charges (transmission tariff and wheeling charges) at 50% of the tariff rates as per the 2009 tariff regulation.</p>
<p><a href="https://www.mercomindia.com/railways-rooftop-solar-projects-bihar" target="_blank" rel="noopener"><strong>Sonpur Division of East Central Railway has invited bids for state-wise empanelment of agencies to implement grid-connected rooftop solar power projects of 1.1 MW capacity</strong></a> at its electric loco shed in Barauni Junction through public-private partnership and on a design, build, finance, operate, and transfer basis. The projects would be developed in two capacity ranges— (i) above 10 kW and up to 100 kW, and (ii) above 100 kW and up to 500 kW. Bidders can quote for one or all the capacities. The projects must be commissioned within 240 days of receiving the work order. The developers must also provide comprehensive operation and maintenance services for 25 years. The last day to submit bids is January 31, 2024. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/serentica-425-million-loan-rtc-renewable-project" target="_blank" rel="noopener"><strong>Renewable energy developer Serentica Renewables has secured ₹35 billion (~$425 million) for its round-the-clock renewable energy project in India from a consortium of three international banks</strong></a> and three Indian lenders. The deal will allow the company to fund the development of its 530 MW wind-solar hybrid project that will come up in Rajasthan and Maharashtra. This project will also provide clean energy to Hindustan Zinc, one of India’s largest zinc producers, replacing 24% of its coal-based power supply with firm dispatchable green power.</p>
<p><a href="https://www.mercomindia.com/qcells-to-supply-microsoft-manufactured-solar-modules" target="_blank" rel="noopener"><strong>Solar cell and module manufacturer Qcells has sealed an eight-year alliance with Microsoft Corporation to supply 12 GW of solar modules and engineering, procurement, and construction (EPC) services.</strong></a> The deal includes a 2.5 GW module and EPC services agreement that Qcells and Microsoft announced in January 2023. Qcells said it is poised to make Microsoft advance its sustainability goals of achieving carbon negativity, water positivity, and zero waste by 2030.</p>


Daily News Wrap-Up: MNRE Hikes CFA for Residential Rooftop Solar Projects


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					</table><p>Solar cell and module manufacturer <a href="https://qcells.com/us/" target="_blank" rel="noopener">Qcells</a> has sealed an eight-year alliance with <a href="https://www.microsoft.com/en-in" target="_blank" rel="noopener">Microsoft Corporation</a> to supply 12 GW of solar modules and engineering, procurement, and construction (EPC) services.</p>
<p>The deal includes a 2.5 GW module and EPC services agreement that Qcells and Microsoft <a href="https://www.mercomindia.com/qcells-develop-solar-projects-microsoft-us" target="_blank" rel="noopener">announced</a> in January 2023.</p>
<p>Qcells said it is poised to make Microsoft advance its sustainability goals of achieving carbon negativity, water positivity, and zero waste by 2030.</p>
<p>Together, the two industry leaders aim to bring an estimated 1.5 GW of solar panels annually to projects Microsoft has contracted through 2032.</p>
<p>The solar modules will come from Qcells&#8217; anticipated fully integrated solar supply chain factory in Cartersville, Georgia. The factory accounted for a significant component of Qcells&#8217; $2.5 billion investment <a href="https://www.mercomindia.com/qcells-invest-2-5-billion-solar-supply-chain-us" target="_blank" rel="noopener">announced</a> last year.</p>
<p>Justin Lee, CEO of Qcells, said, &#8220;We are pleased to be a part of such a substantial commitment that will accelerate the global shift to renewable energy solutions. Qcells is uniquely positioned to ally with Microsoft toward creating a clean, sustainable future because of our investment in building an American-made solar supply chain. We look forward to expanding renewable energy frontiers together today and tomorrow.&#8221;</p>
<p>Qcells said the partnership aligns with both companies&#8217; aspirations to propel a global clean energy economy. With Microsoft&#8217;s ambitious 2025 commitment to cover 100% of its electricity consumption with renewable energy, Qcells emerges to offer a complete U.S. solar supply chain.</p>
<p>Bobby Hollis, Vice President, Energy, Microsoft, said, &#8220;Our expanded agreement with Qcells is designed to drive large-scale domestic production of solar modules essential to advancing a resilient U.S. supply chain and clean energy economy. Through long-term agreements like this, we are signaling Microsoft&#8217;s demand and bringing more renewable energy to the grid faster.&#8221;</p>
<p>Recently, REC Silicon in Moses Lake, Washington, initiated the production of polysilicon, the essential raw material in solar modules. The once dormant factory was revived with an over $200 million investment by Qcells&#8217; parent company, Hanwha Solutions, in April 2022. The polysilicon produced by REC Silicon will power the new Qcells factory in Cartersville, Georgia, which is slated for completion in late 2024.</p>
<p>&nbsp;</p>


Qcells to Supply Microsoft with 12 GW of US-Manufactured Solar Modules


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					</table><p><a href="https://www.mercomindia.com/sjvn-trade-irecs-hydropower-project-himachal/" target="_blank" rel="noopener"><strong>SJVN has issued a letter of award to EKI Energy Services, a carbon credits developer and supplier, for registering, issuing, purchasing, and trading the International Renewable Energy Certificate (I-RECs) for the 1,500 MW Nathpa Jhakri Hydro Power Station.</strong></a> The large-scale Nathpa Jhakri Hydroelectric Station is estimated to generate 5.75 million MWh annually and 5.75 million I-RECs. The net selling price after the deduction of all expenses is $0.20/IREC, and the revenue from the project is expected to be ₹100 million (~$1.2 million) per annum.</p>
<p><a href="https://www.mercomindia.com/shakti-pumps-solar-pumps-in-maharashtra/" target="_blank" rel="noopener"><strong>Shakti Pumps, a company in the field of water pumping systems, secured a Letter of Empanelment from the Maharashtra State Electricity Distribution Company Limited to provide 50,000 off-grid solar photovoltaic water pumping systems across Maharashtra.</strong></a> The order comes under Component-B of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program Phase-III. The project is valued at ₹16.03 billion (~$192.4 million), which includes GST, and is slated for completion within 24 months.</p>
<p><a href="https://www.mercomindia.com/us-strengthen-power-grid-integrate-clean-energy/" target="_blank" rel="noopener"><strong>The U.S. Department of Energy earmarked $3.46 billion for 58 projects spanning 44 states aimed at fortifying the resilience and reliability of the nation’s electric grid</strong>.</a> The initiatives, underpinned by the Bipartisan Infrastructure Law, will leverage a total investment of over $8 billion from both federal and private sources. The overarching goal is to provide affordable, clean electricity to all Americans and ensure that communities nationwide have a dependable grid capable of withstanding extreme weather events, increasingly exacerbated by the climate crisis. The projects will collectively facilitate the introduction of more than 35 GW of new renewable energy capacity and the establishing of 400 microgrids.</p>
<p><a href="https://www.mercomindia.com/tesla-net-income-falls-q3-23/" target="_blank" rel="noopener"><strong>U.S.-based electric vehicle maker Tesla reported a net income of $2.3 billion in the third quarter of the financial year 2023, a 36% year-over-year decline.</strong></a> The decrease is primarily attributed to deliberate price reductions of electric vehicles aimed at stimulating sales, which, although successful in boosting sales volumes, also eroded the company’s profit margins. Additionally, elevated operating expenses, driven by projects such as the Cybertruck, advancements in artificial intelligence, and various other research and development initiatives, further contributed to the decline in net income.</p>
<p><a href="https://www.mercomindia.com/qcells-north-solar-module-facility-to-5-1-gw/" target="_blank" rel="noopener"><strong>Solar cell and module manufacturer Qcells announced the completion of its expansion at its solar panel manufacturing facility in Dalton, Georgia, adding 2 GW of new capacity and bringing the factory’s total output to over 5.1 GW.</strong></a> The company said the Dalton facility is now the largest solar manufacturing plant in the Western Hemisphere and the first solar panel factory to be built since the passage of the Inflation Reduction Act. This expansion increases production capacity and introduces two new solar products: the Q.TRON G2 residential solar panel and a bifacial panel tailored for the commercial and utility sectors.</p>
<p><a href="https://www.mercomindia.com/eu-states-approve-new-boost-renewables-deployment/" target="_blank" rel="noopener"><strong>The European Council agreed upon a proposal to amend the European Union’s electricity market design, aiming to make electricity prices less dependent on volatile fossil fuel prices and accelerate the deployment of renewable energies.</strong></a> By boosting the market for power purchase agreements and generalizing two-way contracts for difference (CfDs), this reform will steady the steady long-term electricity markets. Two-way CfDs would apply to investments in new power-generating facilities based on wind, solar, geothermal, hydropower without reservoir, and nuclear energy. This would provide predictability and certainty.</p>


Daily News Wrap-Up: SJVN to Trade I-RECs from 1.5 GW Hydropower Project


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					</table><p>Solar cell and module manufacturer <a href="https://us.qcells.com/" target="_blank" rel="noopener">Qcells</a> has announced the completion of its expansion at its solar panel manufacturing facility in Dalton, Georgia, adding 2 GW of new capacity and bringing the factory&#8217;s total output to over 5.1 GW.</p>
<p>The company said the Dalton facility is now the largest solar manufacturing plant in the Western Hemisphere and the first solar panel factory to be built since the <a href="https://www.mercomindia.com/inflation-reduction-act-faster-transition-clean-energy-u-s" target="_blank" rel="noopener">passage</a> of the Inflation Reduction Act (IRA).</p>
<p>This expansion increases production capacity and introduces two new solar products: the Q.TRON G2 residential solar panel and a bifacial panel tailored for the commercial and utility sectors.</p>
<p>The Dalton factory is now set to manufacture nearly 30,000 solar panels daily.</p>
<p>Looking beyond Dalton, Qcells&#8217; investment extends to developing a fully integrated solar supply chain factory in Cartersville, Georgia. The facility will handle the production of solar ingots, wafers, cells, and finished panels.</p>
<p>By 2024, with the combined production capacity of the Dalton and Cartersville facilities, Qcells expects to reach 8.4 GW of solar production annually.</p>
<p>Justin Lee, CEO of Qcells, expressed his enthusiasm for the company&#8217;s expansion and its larger mission: &#8220;Completing this factory marks the third expansion we’ve made in Dalton, and it’s just the beginning of Qcells’ larger mission to build a fully integrated solar supply chain in America. The Inflation Reduction Act and the efforts of Georgia’s economic development team helped make these ambitious plans possible, and with it, thousands of careers in clean energy.&#8221;</p>
<p>Qcells opened its first factory in Georgia in 2019, initially manufacturing 1.7 GW solar capacity. The investment was partly made possible due to Section 201 tariffs on solar cells.</p>
<p>Last year, the company announced plans to add 1.4 GW to its manufacturing output.</p>
<p>The company said its production in Georgia alone is expected to prevent more than 12 million metric tons of CO2 equivalent per year, contributing to the growth of domestic solar manufacturing.</p>
<p>The achievement marks the first phase of Qcells&#8217; $2.5 billion investment plan <a href="https://www.mercomindia.com/qcells-invest-2-5-billion-solar-supply-chain-us" target="_blank" rel="noopener">unveiled</a> in January 2023.</p>


Qcells North America Expands Dalton Solar Module Facility to 5.1 GW


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					</table><p>Solar cell and module manufacturer <a href="https://qcells.com/us/" target="_blank" rel="noopener">Qcells</a> and global technology company <a href="https://www.microsoft.com/en-in/" target="_blank" rel="noopener">Microsoft Corporation</a> have entered a strategic partnership to supply over 2.5 GW of solar modules and extend engineering, procurement, and construction services to selected solar projects Microsoft has contracted for through power purchase agreements.</p>
<p>The partnership is said to be the first of its kind, where the energy procurer has collaborated directly with a solar supplier to adopt clean energy on a large scale.</p>
<p>CEO of Qcells Justin Lee commented, “We’re striving to build and deliver turnkey clean energy solutions, including those made in America, and this partnership with Microsoft will help accomplish this vision. Similarly, Qcells is proud to play a role with Microsoft to bring more renewable energy online in the years to come.”</p>
<p>Earlier this month, Qcells said it would <a href="https://mercomindia.com/qcells-invest-2-5-billion-solar-supply-chain-us/" target="_blank" rel="noopener">invest</a> more than $2.5 billion to build a complete solar supply chain in America. The company is set to launch a new production facility in Cartersville, Georgia, with a 3.3 GW annual manufacturing capacity of solar ingots, wafers, cells, and finished panels, respectively.</p>
<p>Microsoft aims to support the domestically manufactured solar products of Qcells to derive more renewable energy to the grid and achieve its target of 100% renewable-based power consumption by 2025 and carbon neutrality by the end of the decade.</p>
<p>“Microsoft’s partnership with Qcells will help make this vision a reality by bringing innovation and investment to rural Georgia. As one of the world’s largest purchasers of renewable energy, this work will help bring more solar energy to the grid faster,” said Brad Smith, Vice Chair and President of Microsoft.</p>
<p>The company recently <a href="https://mercomindia.com/microsoft-to-buy-900-mw-power-for-its-ireland-data-centers/" target="_blank" rel="noopener">signed</a> power purchase agreements to procure 900 MW of renewable capacity in Ireland to power its data centers in the country.</p>
<p>Last December, India-based independent power producer ReNew Power <a href="https://mercomindia.com/renew-to-supply-mw-solar-power-to-microsoft-india/" target="_blank" rel="noopener">signed</a> an agreement with Microsoft India to supply 150 MW of solar power from its recently commissioned project near Bikaner in Rajasthan.</p>
<p>According to the ‘Solar Means Business 2022’ report by the Solar Energy Industries Association, corporates in the United States <a href="https://mercomindia.com/us-corporates-installed-19-gw-solar-capacity-through-june-2022/" target="_blank" rel="noopener">installed</a> nearly 19 GW of onsite and offsite solar capacity cumulatively till June 2022. Microsoft, together with Apple, had installed 1.5 GW of solar capacity through June 2022, revealing a significant investment by the two firms in solar to power their data centers.</p>


Qcells to Develop Solar Projects for Microsoft in the US


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					</table><p>Solar cell and module manufacturer <a href="https://qcells.com/us/" target="_blank" rel="noopener">Qcells</a> said it will invest over $2.5 billion to build a complete solar supply chain in the U.S.</p>
<p>The Seoul-headquartered company will launch a new production facility in Cartersville, Georgia with a 3.3 GW annual manufacturing capacity of solar ingots, wafers, cells, and finished panels, respectively.</p>
<p>The facility is scheduled to begin commercial production in late 2024.</p>
<p>The company will also assemble another 2 GW of solar panels at its Dalton, Georgia facility, which it claims is the largest solar panel-making plant in the Western Hemisphere.</p>
<p>Deemed to be one of the largest investments in the American solar sector, Qcells targets to achieve the total solar panel production capacity in Georgia to reach 8.4 GW by 2024.</p>
<p>The investments will be made across the complete solar value chain and align with the Solar Energy Manufacturing for America Act and the Inflation Reduction Act <a href="https://mercomindia.com/inflation-reduction-act-a-gamechanger-solar/" target="_blank" rel="noopener">passed</a> last August.</p>
<p>The investment will drive the domestic solar manufacturing expansion amidst the country’s push for Made-in-America clean energy solutions. “As demand for clean energy continues to grow nationally, we’re ready to put thousands of people to work creating fully American Made and sustainable solar solutions, from raw material to finished panels,” said CEO of Qcells Justin Lee.</p>
<p>The investment will also enable Qcell to hire an additional 510 people for its Dalton facility, taking the total of employed individuals in Georgia to 4,000, and an accumulated investment in the state by the company will total $2.8 billion. The company launched its first manufacturing facility in Georgia in 2019 employing 750 individuals to produce 1.7 GW of solar equipment.</p>
<p>Qcells topped the U.S. residential solar module market from 2018 to 2022 and has been the leading module provider for the U.S. commercial sector since 2019, according to the Q4 2022 U.S. PV Leaderboard report from Wood Mackenzie as of the third quarter of 2022.</p>
<p>Earlier this month, the subsidiary of Plenitude— Eni New Energy US, <a href="https://mercomindia.com/project-finance-brief-mytilineos-raises-159-million-for-solar-projects/" target="_blank" rel="noopener">acquired</a> an 81 MW Kellam PV solar project in Texas from Hanwha Qcells.</p>
<p>Last December, Acciona Energia <a href="https://mercomindia.com/project-finance-brief-sunvest-secures-financing-solar-projects/" target="_blank" rel="noopener">acquired</a> the 190 MW/ 380 MWh Texas-based battery energy storage system facility from Qcells.</p>


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