CMPDI Invites Bids for 10 MW Solar Project at Mahanadi Coalfields

RERC Upholds Penalty for Failure to Comply with Renewable Energy Regulations

Hyundai to Source 118 MW Power from Fourth Partner’s Solar and Wind Projects

India Adds an Unprecedented 16 GW Solar Capacity in 9M 2024

Daily News Wrap-Up: UPNEDA Tenders 2 MW Rooftop Solar Projects

Maxeon Solar Modules Detained by US Customs Authority

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

ReNew’s Revenue, Profit Up in Q2 FY25 as Commissioned Renewable Capacity Grows

MNRE Sets Terms for Real Estate Developers to Avail CFA Under PM Surya Ghar

ENGIE to Build 22 MW Solar Project for Saudi Cement Factory

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/06/amazon_polly_54811.mp3?version=1685613955">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><a href="https://www.canadiansolar.com/" target="_blank" rel="noopener">Canadian Solar</a>, a solar module manufacturer headquartered in Canada, has revealed the pricing for the shares of <a href="https://www.csisolar.com/" target="_blank" rel="noopener">CSI Solar</a>, its majority-owned subsidiary, as part of its proposed initial public offering (IPO) on the Shanghai Stock Exchange.
The proposed price for the IPO stands at RMB 11.10 (~$1.56) per share, with estimated total gross proceeds of approximately RMB 6 billion (~$844.13 million). Currently, Canadian Solar holds around 80% of the outstanding shares of CSI Solar.
CSI Solar intends to offer 541,058,824 shares, constituting 15% of the total outstanding shares of 3,607,058,824 after the IPO. It plans to provide the primary underwriter of the IPO with a 30-day option to purchase an additional 81,158,500 shares to accommodate potential over-allotments.
Assuming the over-allotment option is fully exercised, CSI Solar will issue 622,217,324 shares, approximately 17% of the 3,688,217,324 shares outstanding immediately following the IPO.
Last month, the China Securities Regulatory Commission <a href="https://www.mercomindia.com/china-securities-commission-approves-canadian-solars-ipo" target="_blank" rel="noopener">approved</a> the registration of CSI Solar to issue an IPO.
The company plans to use the proceeds from the IPO to accelerate vertical integration and capacity expansion, particularly in the U.S. market.
Following the completion of the IPO, assuming the over-allotment option is not exercised, Canadian Solar&#8217;s ownership in CSI Solar will be approximately 64%. However, if the over-allotment option is fully exercised, Canadian Solar&#8217;s ownership in CSI Solar will be around 62%.
The IPO issuance and subscription date was May 31, 2023, while the final confirmation of IPO share placement and allocations is expected to occur on June 5, 2023.
In 2020, the company <a href="https://www.mercomindia.com/weekly-wrap-up-canadian-solar-freyr-energy" target="_blank" rel="noopener">decided</a> to list its business on Chinese bourses. The company had said it would pursue a listing of its module and system solutions business either on the Shanghai Stock Exchange&#8217;s Science and Technology Innovation Board or the Shenzhen Stock Exchange&#8217;s ChiNext market.
Earlier in January this year, CSI Solar had <a href="https://www.mercomindia.com/canadian-solar-expand-solar-battery-capacity-china" target="_blank" rel="noopener">entered</a> a multi-year investment agreement with the municipal government of Yangzhou City in Jiangsu Province of China for capacity additions across the company&#8217;s solar and battery storage supply chain. Through the agreement, CSI Solar aims to add vertically integrated high-efficiency wafer, cell, and module capacity, along with battery system manufacturing capacity in Yangzhou&#8217;s clean energy manufacturing industrial park.

Canadian Solar Subsidiary Announces IPO Pricing on Shanghai Bourse

Solar inverter manufacturer <a href="https://www.goodwe.com/" target="_blank" rel="noopener noreferrer">GoodWe</a> announced the initial public offering (IPO) of its common stock on the Shanghai Stock Market, making it a listed public company.
According to the press release, the trading of the company’s shares on the Shanghai Stock Market began on September 4, 2020.
“We have been working relentlessly for over ten years and have reached new frontiers. The IPO marks the beginning of a new chapter,” said Daniel Huang, Chief Executive Officer of GoodWe.
According to Mercom’s <a href="https://mercomindia.com/product/mercom-india-solar-market-leaderboard-2020-market-shares-profiles/" target="_blank" rel="noopener noreferrer">India Solar Market Leader Board 2020</a>, in the calendar year 2019, GoodWe was among the top five string inverter suppliers to India. The top five string inverter suppliers <a href="https://mercomindia.com/top-chinese-inverter-companies-exports/" target="_blank" rel="noopener noreferrer">accounted</a> for 76% of shipments to the Indian market.
The company outlined four significant areas for its corporate growth strategy. The inverter supplier said that it would focus on the expansion of its storage portfolio to incorporate the latest innovations. It would also carry on the research efforts on smart energy management system applications to benefit consumers with timely automated energy choices.
According to GoodWe, the company currently has operations in more than 80 countries and branches in 16 countries. It is expected to expand its local presence in the United States, Japan, and many other countries to prolong a local presence in the market.
Following its IPO, GoodWe has plans to expand its global reach with office premises in every major market while also increasing its localized presence to guarantee efficiency and quality of service worldwide.  The company added that it invested 160 million renminbi (~$23.42 million) in its Guangde manufacturing facility to satisfy the demand of the global market.  It would also invest over 200 million RMB (~$29.27 million) in a new Smart Energy research and development facility that will focus on developing new technology.
Recently, Mercom <a href="https://mercomindia.com/goodwe-inverters-solar-bosch-facilities/" target="_blank" rel="noopener noreferrer">reported</a> that <a href="https://www.bosch.in/" target="_blank" rel="noopener noreferrer">Bosch</a> commissioned 5 MW of solar projects in its factories across India using GoodWe’s solar inverters.
The company plans to boost the funding for R&amp;D operations and expand the research team to provide new technologies that could enhance energy efficiency and component resilience. The company is expected to release the latest version of its HT series inverters with an enhanced capacity of up to 250 kW in 2021.
In March 2019, Ginlong (Solis) Technologies, <a href="https://mercomindia.com/solis-floats-20-million-shares-in-ipo-79-million/" target="_blank" rel="noopener noreferrer">listed</a> as a public company on the Shenzhen Stock Exchange. According to the company, it is the first string inverter company to be listed on the Shenzhen Stock Exchange.
Image credit: GoodWe

Solar Inverter Supplier GoodWe Launches IPO, Lists on Shanghai Stock Exchange

Here are some noteworthy cleantech announcements of the day from around the world:
Global technology giant Apple <a href="https://www.apple.com/au/newsroom/2020/09/apple-expands-renewable-energy-footprint-in-europe/" target="_blank" rel="noopener noreferrer">announced</a> that it would invest in two onshore wind turbines near the Danish town of Esbjerg to expand its renewable energy portfolio in Europe. The turbines are expected to generate 62 GW of clean energy annually. In July 2020, the company announced its plans to make its entire business carbon-free by 2030. Apple’s German-based supplier Vartaalso also committed to utilizing 100% renewable energy for its production lines.
The United States <a href="https://energystorage.org/us-energy-storage-market-sets-q2-record-for-deployments/" target="_blank" rel="noopener noreferrer">deployed</a> 168 MW of energy storage systems in the second quarter (Q2) of 2020, an increase of 72% from the previous quarter, according to the Wood Mackenzie and the U.S. Energy storage association’s ‘US Energy Storage Monitor’ report. Compared to the same period last year, energy storage deployment during the quarter increased by 117%. Q2 2020 recorded the second-highest number in terms of quarterly energy storage deployment since Q4 2019, which saw 186.4 MW of capacity additions. According to the report, the U.S. front-of-meter market increased over four times in Q2 2020 compared to the previous quarter with project deployments of 89.8 MW.
Singapore-based independent power producer Vena Energy <a href="https://www.venaenergy.com/all_news/vena-energy-breaks-ground-on-the-nanao-solar-project-in-partnership-with-kyudenko-corporation/" target="_blank" rel="noopener noreferrer">said</a> that it had started work on the 51 MW Nanao solar project in Nanao city of Ishikawa Prefecture, Japan. The solar project is a joint-venture between Vena Energy and Kyudenko Corporation. The company said that the project would begin its commercial operation in December 2022. The project is expected to reduce 21,205 tons of greenhouse gas emissions annually.
Prescinto Technologies, a Gujarat-based firm, <a href="https://prescinto.com/product/detail/project_owner" target="_blank" rel="noopener noreferrer">announced</a> that Stride Climate Investment, a Macquarie Asia Infrastructure Fund Company, has adopted Prescinto’s monitoring systems and analytics platform to monitor the performance of its renewable energy projects in India. Macquarie has about 423 renewable energy projects in India, according to Prescinto Technologies.
Sungrow, a solar inverter manufacturer, <a href="https://en.prnasia.com/releases/apac/sungrow-supplies-southeast-asia-s-largest-solar-installation-290436.shtml" target="_blank" rel="noopener noreferrer">said</a> that it had supplied its inverters to be used in a 350 MW solar project in the Pingfu Province of Vietnam. The company provided its 1500V 6.25 MW medium-voltage turnkey solution, which integrates central inverters, medium-voltage transformers, and more devices in a 40-foot container to minimize transportation, operation, and maintenance costs. The project is expected to be online before the end of the year.
Here is our <a href="https://mercomindia.com/daily-news-wrap-up-sweden-azelio-storage/" target="_blank" rel="noopener noreferrer">previous</a> daily news wrap-up.
Image credit: Apple

Daily News Wrap-Up: Apple to Expand its Renewable Energy Portfolio in Europe

shanghai-stock-exchange

Get the most relevant India solar and clean energy news.

RECENT POSTS