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					</table><p>Microinverter and battery storage supplier <a href="https://enphase.com/en-in" target="_blank" rel="noopener">Enphase Energy</a> has unveiled a restructuring plan to align its workforce and cost structure with current market conditions and strategic priorities.</p>
<p>The plan is in response to ongoing economic challenges in the solar industry.</p>
<p>Enphase will reduce its global workforce by approximately 17%, affecting around 500 employees and contractors.</p>
<p>The company will focus its contract manufacturing in four existing locations: two in the U.S., one in India, and one in China. Operations in Guadalajara, Mexico, will cease.</p>
<p>Despite the changes, Enphase&#8217;s global capacity for microinverters will remain steady at approximately 7.25 million units per quarter, with about 5 million units of capacity in the U.S., it said in a regulatory filing.</p>
<p>The company estimates restructuring and asset impairment charges of $17 million to $20 million, with approximately $14 million expected in the fourth quarter of 2024.</p>
<p>Enphase cites several reasons for its restructuring, pointing to continued economic challenges in the solar industry since 2023 as a key factor. The company has seen a reduction in U.S. residential solar demand, attributed largely to high interest rates, making financing more expensive for consumers.</p>
<p>In Europe, demand has declined due to recent policy changes and adjustments in utility rates, further complicating the market landscape.</p>
<p>Cash flow issues affecting large solar equipment companies and installers have created financial strain across the sector, intensifying the need for Enphase to adapt its operational strategy.</p>
<p><strong>Outlook</strong></p>
<p>Enphase plans to support its workforce by offering merit-based salary increases in 2025, maintaining its established promotion process, and continuing annual evergreen stock grants.</p>
<p>On the product development front, Enphase is advancing with its three-phase battery designed for the European market, the IQ® Balcony Solar system, new IQ® EV chargers, and the IQ® Portable Energy System.</p>
<p>Enphase also plans to launch a fourth-generation battery system tailored for the U.S. market and GaN-powered IQ9™ Series Microinverters for three-phase commercial applications.</p>
<p>The company <a href="https://www.mercomindia.com/enphase-q3-revenue-drops" target="_blank" rel="noopener">reported</a> a revenue of $380.9 million in the third quarter of 2024, a 31% drop from $551.08 million a year ago. The company faced weakening demand in Europe, where revenue fell by 15%.</p>
<p>Enphase Energy&#8217;s net income for the second quarter of 2024 <a href="https://www.mercomindia.com/enphase-energy-q2-profit-falls/" target="_blank" rel="noopener">dropped</a> 71.4% to $58.8 million.</p>
<p>Last year, Mercom reported that inverter costs <a href="https://www.mercomindia.com/inverter-suppliers-optimistic-chip-availability" target="_blank" rel="noopener">increased</a> by over 10% as manufacturers struggled to meet demand due to the limited availability of semiconductors, crucial components for inverter manufacturing.</p>


Enphase to Pare Jobs by 17%, Focus on Manufacturing in India, US and China


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					</table><p>U.S.-based solar firm <a href="https://us.sunpower.com/" target="_blank" rel="noopener">SunPower Corp</a> will wind down its SunPower Residential Installation (SPRI) locations, close SunPower Direct sales, and reduce its workforce by about 1,000 employees to rein in costs, according to an internal memo.</p>
<p>“I’m writing to share difficult news with you as we implement changes across our organization in the days and weeks to come,” wrote executive chairman of the board Tim Werner in the memo. “Some of our impacted team members will depart today, and others will remain on with us for a period of time to help facilitate the transition for our customers.”</p>
<p>Werner, who had previously served as CEO for nearly two decades, attributed the restructuring to prolonged market recovery and improving financial controls.</p>
<p>“To position SunPower for the future, we need to achieve financial viability, which includes simplifying our business structure and transitioning away from areas where we have been unable to sustain profitable operations,” he said.</p>
<p>The company has been dealing with some issues recently. On April 17, SunPower discovered errors in its audited financial statements for the fiscal year ending January 1, 2023, resulting in misstatements primarily related to certain deferred costs and sales commissions.</p>
<p>These adjustments are estimated to decrease income before taxes and equity earnings for that year by $15 to $25 million. The review, however, is ongoing, and the financial impact may change.</p>
<p>In February, the company announced that its CEO, Peter Faricy, had left the company, effective February 26, 2024. The board said it was conducting a search to identify a new permanent CEO.</p>
<p>Amidst the shift in leadership, Werner was called out of retirement to assume the role of executive chairman.</p>
<p>The company’s fourth-quarter revenue <a href="https://www.mercomindia.com/sunpowers-q4-revenue-falls-higher-interest-rates" target="_blank" rel="noopener">had fallen</a> nearly 28% as it struggled to attract new customers amidst a high-interest rate environment.</p>
<p>SunPower in 2023 <a href="https://www.mercomindia.com/us-residential-solar-prices-drop-second-half-2023" target="_blank" rel="noopener">provided</a> the most expensive equipment package on the marketplace, according to a report by EnergySage – an online marketplace for solar.</p>


SunPower to Shutter Residential Solar Direct-Sales Units, Axe 1,000 Jobs in the US

<p><a href="https://www.suzlon.com/" target="_blank" rel="noopener noreferrer">Suzlon Energy Limited</a> has announced a 43% jump in its net revenue in the third quarter (Q3) of the financial year (FY) 2021 on the back of a ramp-up in its wind turbine generator business after debt restructuring.</p>
<p>The company’s net revenue stood at ₹9.38 billion (~$128.7 million) in Q3 2021, up around 43% from ₹6.54 billion (~$89.7 million) in Q3 2020. Its net loss attributable to shareholders also narrowed over 84% down to ₹1.17 billion (~$16.1 million) during the quarter from ₹7.36 billion (~$100.9 million) in the same period the previous year.</p>
<p>The Pune-based wind turbine manufacturer also reported a turnaround in its earnings before income, tax, depreciation, and amortization (EBITDA) to ₹1.36 billion (~$18.7 million) from a loss of ₹1.69 billion (~$23.2 million) in Q3 2020.<img loading="lazy" decoding="async" class="alignnone wp-image-24376 " src="https://mercomindia.com/wp-content/uploads/2021/02/Suzlon-earnings-q3-2021.png" alt="" width="550" height="363" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/02/Suzlon-earnings-q3-2021.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/02/Suzlon-earnings-q3-2021-300x198.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/02/Suzlon-earnings-q3-2021-650x429.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/02/Suzlon-earnings-q3-2021-624x412.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/02/Suzlon-earnings-q3-2021-600x396.png 600w" sizes="(max-width: 550px) 100vw, 550px" /></p>
<p>“In the Q3 results, we maintain a clear improvement in EBITDA over last year. As is evident from the results, our initiatives of cost optimization, organizational realignment, and ramping up execution are yielding the desired outcomes,” said Swapnil Jain, Chief Financial Officer, Suzlon Group.</p>
<p>“Our manufacturing operations have resumed in line with all precautions of the COVID 19 pandemic, and our service business continues to do well with wind farms under our service functioning without interruption,” he said.</p>
<p>In the first nine months (9M) of FY 2021, Suzlon reported a 5% decline in net revenue to ₹21.75 billion (~$298.4 million) from ₹22.9 billion (~$314.1 million) in the same period the previous year.</p>
<p>EBITDA during 9M 2021  saw a turnaround to ₹3.38 billion (~$46.4 million) from a loss of ₹4.93 billion (~$67.6 million) the previous year. Net profit attributable to shareholders stood at ₹1.61 billion (~$22.1 million) from a net loss of ₹18.19 billion (~$249.5 million) previously. The company cited its debt restructuring as the primary reason for the turnaround.</p>
<p>Suzlon also said that it continued to hold the largest market share of 34% of the country’s installed wind capacity and about 15% of India’s total installed renewable capacity. It also has the country’s largest fleet under maintenance with about 12.8 GW of projects.</p>
<p>In July 2020, Suzlon <a href="https://mercomindia.com/suzlon-completes-restructuring-debt/" target="_blank" rel="noopener noreferrer">announced</a> that it has completed restructuring its debt with unanimous approval from its secured lenders.</p>
<p>In Q2 2020, Suzlon had <a href="https://mercomindia.com/suzlon-reports-net-profit/" target="_blank" rel="noopener noreferrer">reported</a> a net profit of ₹6.75 billion (~$91.6 million), a turnaround from last year’s net loss of ₹7.78 billion (~$104.4 million).</p>


Suzlon’s Net Revenue Jumps in Q3 FY 2021 Following Debt Restructuring

<p>The Union Bank of India has approved Indosolar’s proposal for one-time settlement (OTS), according to a Bombay Stock Exchange (BSE) filing. The debt of the Union Bank of India has been standing for over 9 years now.</p>
<p>The proposal has two components, serviceable debt and non-serviceable debt. The serviceable debt component will be paid within six years and the last installment will be due on or before March 31, 2014. The non-serviceable debt component will be converted into optionally convertible cumulative redeemable preference shares (OCCRPS) and redeemed within four years starting April 1, 2024.</p>
<p>According to Mercom India Research, Indosolar’s debt issues have been dragging on for few years now. In 2015, lenders to Indosolar including Union Bank of India gave the company a fresh lease of life through a second loan recast after it could not even service its debts.</p>
<p>“The company has been incurring losses as there’s less demand of Indian modules due to cost constraints, this one-time settlement will help the company turnaround its business. Out of the past few years, not one has been profitable for us as a company,” said a Indosolar executive.</p>
<p>According to annual returns and financial statements filed by Indosolar up to March 31, 2016, the total registered charges of Indosolar stands at ₹43,02,91,05,000.00 (20 charges) out of which, charges amounting ₹1,109.92 Cr (1 charge) are still open and ₹3,192.99 Cr (19 charges) are satisfied and closed. Overall, Union Bank of India held highest open charge, amounting ₹11,09,92,00,000.00.</p>
<p>According to financial statements filed by Indosolar up to March 31, 2017, the company’s current liabilities exceeded the current assets by ₹132838.84 lakhs.</p>
<p>According to <a href="https://mercomindia.com/research/" target="_blank" rel="noopener">Mercom’s Solar Manufacturing Tracker</a>, Indosolar has installed solar cell manufacturing capacity of 260 MW.</p>
<p>Indian solar manufacturers have been struggling to compete with cheaper Chinese solar cell and module imports. In June this year, Indian solar manufacturers filed an <a href="https://mercomindia.com/breaking-india-initiates-anti-dumping-proceedings-solar-imports-china-taiwan-malaysia/" target="_blank" rel="noopener">anti-dumping petition</a> with the Ministry of Trade and Commerce, against Chinese solar modules and cells. Domestic manufacturers are hoping for a reversal in their fortunes once the antidumping tariff is imposed.</p>


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