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					</table><p>U.S.-headquartered <a href="https://www.shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a>, a manufacturer of electrical balance of systems (EBOS) for solar, energy storage and emobility, reported a 23.9% year-over-year (YoY) dip in revenue to $102.2 million during the third quarter (Q3) of 2024, primarily due to project delays and supply chain issues.</p>
<p>Shoals reported a net loss of $300,000, an improvement from the $9.8 million net loss in Q3 2023, while adjusted net income was $13.9 million, down 58.2% YoY.</p>
<p>Adjusted EBITDA was $24.5 million, down 48.9% from the previous year, with a margin of 24%, down from 35.8% in Q3 2023.</p>
<p>As of September 30, 2024, the company’s backlog and awarded orders totaled $596.6 million, a decrease of 5.8% YoY. About $455.2 million worth of orders is expected to be fulfilled over the next four quarters.</p>
<p>Shoals reported an earnings per share (EPS) of $0.08, missing expectations by $0.02.</p>
<p>General and administrative expenses declined 17% YoY to $18.7 million due to reduced stock-based and incentive compensation expenses.</p>
<p>Shoals’ cash flow from operations for the first nine months of 2024 rose to $66.4 million, up 1.4% from $65.5 million in 2023.</p>
<p><strong>Market Landscape </strong></p>
<p>CEO Brandon Moss acknowledged the challenges of the current market conditions but said the long-term outlook for utility-scale solar remains positive.</p>
<p>Shoals employs over 1,000 people across the U.S. and does not receive any 45X tax credits. The company noted that project timelines have been extended as developers take longer to award projects to EPCs, who then bring Shoals into the process.</p>
<p>The delay is attributed to various factors, including developers renegotiating Power Purchase Agreements (PPAs) due to shifting financial conditions, prolonged permitting processes, some projects being placed further back in the interconnection queue, and rising labor costs leading to economic reassessments.</p>
<p>The company said it is navigating through these challenges by improving relationships with existing customers and establishing new ones, focusing on product innovation, including introducing 2 kV systems and expanding into new markets such as commercial, community, and industrial solar and battery energy storage solutions.</p>
<p>Shoals received a favorable initial determination from the International Trade Commission regarding its patent infringement case against a competitor. The company plans to continue protecting its intellectual property and pursue damages in pending district court cases.</p>
<p>Despite the challenges in 2024, management expressed confidence in returning to growth in the upcoming year, supported by a strong backlog and awarded orders.</p>
<p>The company <a href="https://www.mercomindia.com/shoals-revenue-dips-17-yoy-in-q2" target="_blank" rel="noopener">reported</a> a revenue of $99.2 million in Q2 2024, a 17%YoY decrease from $119 million. The fall in revenue was triggered by project pushouts, which resulted in lower demand for the company’s products in domestic utility-scale solar projects.</p>
<p>In Q1 2024, Shoals <a href="https://www.mercomindia.com/shoals-q1-2024-net-income" target="_blank" rel="noopener">reported</a> a net income of $4.8 million, a YoY decline of 72% from $17 million.</p>


Shoals’ Revenue Drops 23.9% in Q3 2024 Amid Project Delays and Supply Chain Issues


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					</table><p>U.S.-based renewables firm <a href="https://www.nexteraenergy.com/" target="_blank" rel="noopener">NextEra Energy</a> reported a net income of $1.85 billion for the third quarter (Q3) of 2024, a 52.8% increase from $1.21 billion in the same period of 2023.</p>
<p>Earnings were $2.12 billion, up from $1.92 billion, an increase of 10.4% year-over-year (YoY).</p>
<p>&#8220;NextEra Energy delivered strong third-quarter results, increasing adjusted earnings per share by approximately 10% year-over-year, reflecting continued solid financial and operational performance at both our businesses,&#8221; said John Ketchum, chairman, president and chief executive officer</p>
<p>Florida Power &amp; Light (FPL), the principal subsidiary of NextEra Energy, saw its net income for the quarter increase to $1.29 billion from $1.183 billion in the same period of the previous year. The growth was driven by continued investment in business operations and capital expenditures, which totaled approximately $2 billion for the quarter.</p>
<p>NextEra Energy Resources (NEER), another subsidiary, reported a net income of $1.2 billion, compared to a net loss of $230 million in the third quarter of 2023. On an adjusted basis, earnings were $979 million, up from $882 million in the previous year.</p>
<p><strong>Operational Highlights</strong></p>
<p>NextEra Energy added approximately 3 GW of new renewables and storage projects to its backlog for the second consecutive quarter. The total backlog now exceeds 24 GW.</p>
<p>The company said that despite the challenges posed by Hurricanes Helene and Milton, FPL&#8217;s investments in grid hardening and smart-grid technology minimized outages and facilitated rapid service restoration to affected customers.</p>
<p>NEER has entered into incremental framework agreements with two Fortune 50 companies to potentially develop up to 10.5 GW of renewables and storage projects by 2030.</p>
<p>FPL&#8217;s investments in low-cost solar generation and battery storage have significantly reduced fuel costs and saved customers nearly $16 billion since 2001.</p>
<p>The company&#8217;s first-quarter net income <a href="https://www.mercomindia.com/nextera-energy-q1-profit-rises" target="_blank" rel="noopener">rose</a> 12% YoY to $2.27 billion.</p>
<p>Last year, NextEra said it would <a href="https://www.mercomindia.com/nextera-sell-natural-gas-assets-focus-on-renewables" target="_blank" rel="noopener">focus</a> solely on growing its renewable energy portfolio and selling its natural gas assets.</p>
<p>Its net income <a href="https://www.mercomindia.com/nextera-net-income-q2-23-higher-renewable" target="_blank" rel="noopener">rose</a> by more than 100% in the second quarter of last year, helped by the execution of growth initiatives by the company’s clean energy generation vertical.</p>


NextEra Energy Reports 52.8% YoY Surge in Q3 2024 Net Income


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					</table><p>The Indian Energy Exchange’s (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) profit after tax (PAT) demonstrated an uptrend, with an 18.9% year-over-year (YoY) increase, soaring to ₹918 million (~$11 million) in the third quarter (Q3) of the financial year (FY) 2023-24 from ₹772 million (~$9.2 million).</p>
<p>The company&#8217;s total trading volumes surged by 16.8%, reaching 28.3 billion units (BU) compared to 24.2 BU in the same period last year.</p>
<p>The growth was accompanied by a 20.4% YoY increase in revenue, rising from ₹1.17 billion (~$ 14.07 million) in Q3 FY 23 to ₹1.41 billion (~$16.9 million) in Q3 FY 24.</p>
<p>For the first nine months (9M) of the year, IEX recorded ₹2.54 billion (~$30.5 million) of PAT, a YoY increase of 16.5%. The revenue for the period stood at ₹4.02 billion ($48.3 million), a 16.5% YoY increase from ₹3.45 billion ($41.5 million).</p>
<p><strong>Operational Highlights</strong></p>
<p>During the quarter, IEX recorded a trading volume of 28.3 BU, with 25.9 BU attributed to the conventional power market segment and an additional 0.4 BU from the green market segment.</p>
<p>The company facilitated the trading of 2.03 million certificates during this period.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-62655 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1.png" alt="" width="1185" height="615" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1.png 1185w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1-300x156.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1-768x399.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1-650x337.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1-624x324.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1-600x311.png 600w" sizes="(max-width: 1185px) 100vw, 1185px" /></p>
<p>In the power sector, October saw a peak power demand of 221 GW, and electricity consumption during Q3 FY’24 increased by 10% YoY, reaching approximately 380 BUs.</p>
<p>The improved supply scenario resulted in increased sell liquidity since November 2023. Sell bids in collective auctions rose by 25% YoY in November 2023 and 18% YoY in December 2023, leading to a softening of prices on the exchange.</p>
<p>The average market clearing price in the Day-Ahead Market (DAM) segment during Q3 FY 24 was ₹5.00 (~$0.060)/unit, compared to ₹5.80 (~$0.069)/unit in Q2 FY&#8217;24. Increased electricity consumption coupled with an easing supply-side led to a surge in the volumes of electricity traded on the Exchange.</p>
<p>The company said that positive regulatory and policy developments during the quarter, including the revised Indian Electricity Grid Code and the Sharing of Inter-State Transmission Charges Regulations, are expected to enhance the sell liquidity on Exchanges further, resulting in a potential decline in power prices.</p>
<p>IEX <a href="https://www.mercomindia.com/energy-trading-iex-fell-december-23" target="_blank" rel="noopener">traded</a> 232 MU of green energy in December 2023, a 38% YoY drop from 377 MU.</p>
<p>In Q2 FY24, it <a href="https://www.mercomindia.com/iex-21-jump-profits-green-energy-trade-drops" target="_blank" rel="noopener">recorded</a> a PAT of ₹865 million (~$10.39 million), a 21.5% YoY increase from ₹712 million (~$8.55 million).</p>
<p>Mercom recently <a href="https://www.mercomindia.com/green-energy-trading-takes-hit-2023" target="_blank" rel="noopener">reported</a> on the downward trend of the green energy trade at the IEX and the reasons behind it.</p>


IEX Records 19% Jump in Q3 Profits, Trades 400 MU of Green Energy


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					</table><p>Solar module maker <a href="https://www.canadiansolar.com/" target="_blank" rel="noopener">Canadian Solar</a>‘s net income in the third quarter (Q3) of 2023 was recorded at $22 million, a year-over-year (YoY) decrease of 71% from $78 million.</p>
<p>The revenue for Q3 of 2023 was $1.8 billion, a 4% YoY decrease. This decline was attributed to lower project sales and a decrease in module average selling price, partially offset by increased solar module shipment volumes.</p>
<p>Total operating expenses for Q3 of 2023 amounted to $225 million, a 17% YoY decrease compared to $274 million in Q3 of 2022. The sequential increase was attributed to higher transportation costs, the TOPCon production ramp-up, and increased research and development expenses.</p>
<p>This increase was partially offset by a reduction in share-based compensation following the successful CSI Solar IPO in the second quarter of 2023.</p>
<p>Depreciation and amortization charges for Q3 of 2023 were $76 million, a 35.7% increase YoY up from $56 million. The sequential increase was primarily due to the company&#8217;s ongoing capacity expansion.</p>
<p>Total module shipments recognized as revenues during the quarter were 8.3 GW, indicating a 39% YoY increase. Of this total, 82 MW were shipped to the company&#8217;s utility-scale solar power projects.</p>
<p>As of September 30, 2023, Canadian Solar&#8217;s total debt stood at $3.3 billion, unchanged from the previous quarter. This total debt included $1.72 billion, $1.38 billion, and $227 million related to CSI Solar, Recurrent Energy, and convertible bonds.</p>
<p>Dr. Shawn Qu, Chairman and CEO, said, &#8220;We delivered solid profitability in the third quarter of 2023 with continued progress on our capacity diversification, despite lower-than-expected market demand growth due to the higher interest rate environment driving higher inventories in certain markets. We significantly ramped up our capacity in the latest N-type TOPCon cell technology, which now accounts for half of our total cell capacity and is expected to reach 60% by the end of 2023.&#8221;</p>
<p><strong>9M 2023 </strong></p>
<p>For the first nine months (9M) of the year, Canadian Solar recorded a net income of $366.83 million, a YoY increase of 83.6% compared to $199.73 million.</p>
<p>Revenue for 9M was posted at $5.91 billion, a marginal YoY increase of 7.5%.</p>
<p>Total operating expenses for the period came to $ 613.84 million, a YoY decrease of 11.5%</p>
<p>The company said it continued its strategic, long-term investments in crucial premium markets, evidenced by the recent announcement of a 5 GW solar cell facility in Jeffersonville, Indiana, and a 5 GW solar wafer facility in Thailand.</p>
<p>Both facilities are poised to cater to U.S. customers. These developments are set to complement the existing 5 GW solar module facility in Mesquite, Texas, scheduled to commence production in a few weeks.</p>
<p>In June this year, Canadian Solar <a href="https://www.mercomindia.com/canadian-solar-establish-5-gw-module-production-facility-texas" target="_blank" rel="noopener">announced</a> the establishment of a 5 GW solar photovoltaic module manufacturing facility in Mesquite, Texas. This facility, representing an investment of over $250 million, will produce approximately 20,000 high-power modules daily.</p>
<p>The company recently <a href="https://www.mercomindia.com/canadian-solar-subsidiary-ipo-pricing-shanghai-bourse" target="_blank" rel="noopener">revealed</a> the pricing for the shares of CSI Solar, its majority-owned subsidiary, as part of its proposed initial public offering on the Shanghai Stock Exchange.</p>


Canadian Solar’s Net Income Drops 71% As Module Prices Decline


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					</table><p>Solar project developer <a href="https://www.renesolapower.com/" target="_blank" rel="noopener">ReneSola Power</a> posted a net income of $3 million for the third quarter (Q3) of 2022, an over four-fold jump year-on-year (YoY) from $711,000.</p>
<p>The company’s revenue for the July-September quarter stood at $28.89 million, an increase of 85% YoY.</p>
<p>The company said its revenue growth was primarily driven by Independent Power Producer (IPP) solar assets in China, project development business in the U.S., and strong EPC revenue from Poland.</p>
<p>Further, it said its recent acquisition of a solar farm in Branston, U.K. contributed to the revenue growth.</p>
<p>The adjusted earnings before interest, tax, depreciation, and amortization accounted for $7.14 million, a YoY increase of 57.9%.</p>
<p>Yumin Liu, Chief Executive Officer, said, “Q3 results outperformed the high end of our guidance range and represented one of our best quarters in the last three years.”</p>
<p>“We achieved these results despite economic challenges and a strong dollar, which negatively impacted our revenue and earnings from Europe and China by approximately $3 million,” he added.</p>
<p>During the quarter, ReneSola acquired a 50 MW solar farm in Branston in the United Kingdom for $41 million.</p>
<p>“We have already signed attractive PPAs (power purchase agreements) for Branston through March 31, 2027, which we estimate will provide approximately $25 million EBITDA by the end of 2026,” the company said.</p>
<p>The company said it was revising its full-year outlook downwards due to the strategy shift in Poland and Hungary and to approximately $6 million of unexpected negative foreign exchange impact.</p>
<p>ReneSola expects full-year (2022) revenue in the range of $85 million to $90 million, from $100 to $120 million earlier. Similarly, the full-year income forecast stands at $7 to $8 million from $9 to $10 million earlier.</p>
<p>As part of its European IPP strategy, the company decided to withhold approximately 110 MW of project sales in Poland and Hungary, which they originally planned to sell in Q4 2022.</p>
<p>ReneSola will now construct and operate these projects in their European IPP portfolio.</p>
<p>The company also <a href="https://mercomindia.com/funding-and-ma-roundup-form-energy/" target="_blank" rel="noopener">acquired</a> a utility-scale power and battery project developer, <a href="https://emeren.co.uk/#:~:text=Emeren%20is%20a%20renewable%20energy,and%20in%20other%20international%20markets." target="_blank" rel="noopener">Emeren</a>, in Europe for another $16 million with earn-out provisions.</p>
<p>This acquisition expands ReneSola’s footprint in Italy, one of the top three European solar markets.</p>
<p>The solar developer also completed a 10 MW IPP in Hungary in October this year, and its project pipeline reached its 3 GW target.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2022-solar-funding-ma-report/" target="_blank" rel="noopener">9M and Q3 2022 Solar Funding and M&amp;A Report</a>, solar project <a href="https://mercomindia.com/corporate-funding-for-solar-down-18-yoy-with-18-billion-in-9m-2022/" target="_blank" rel="noopener">acquisition</a> activity during the nine months (9M) period was robust, with 207 deals for 52 GW compared to 200 projects for 55.5 GW in the same period last year.</p>


ReneSola Power’s Q3 Net Income Jumps Four-fold to $3 Million on China Assets

<p><a href="https://www.jinkosolar.com/" target="_blank" rel="noopener">Jinko Solar</a>, a Chinese solar module and cell manufacturer, has announced its financial results for the third quarter (Q3) ending September 2018.</p>
<p>The company’s total revenue for Q3 2018 was RMB 6.69 billion ($974.8 million), which is an increase of 10.5 percent from RMB 6.06 billion (~$870 million) in Q2 of 2018. It is also an increase of 4.3 percent from RMB 6.42 billion (~$920 million) compared to the Q3 of 2017.</p>
<p>The growth of revenue was due to an increase in the shipment of solar modules in Q3 2018.</p>
<p>Jinko Solar’s gross profit in Q3 2018 was RMB 997.6 million ($145.3 million), a 37 percent compared to  RMB 727.6 million (~$104.66 million) in Q2 of 2018 and RMB772.4 million (~$ 111.10 million) in Q3 2017.</p>
<p>Solar module shipments totalled 2,953 MW in Q3 2018, an increase of 5.7 percent from 2,794 MW in Q2 2018 and 24.4 percent from 2,374 MW in Q3 2017.</p>
<p>Kangping Chen, chief executive officer of Jinko Solar said, “Overseas module shipments accounted for almost 80% of total shipments during the quarter which offset the impact of softened demand domestically. We are confident in our ability to further expand our market share with global demand expected to recover next year as solar energy becomes more competitive and grid parity approaches in more key markets.&#8221;</p>
<p><a href="https://mercomindia.com/jinkosolar-solar-module-supply-deal-vietnam/" target="_blank" rel="noopener">Earlier</a>, Mercom reported that Jinko Solar signed a 240 MW solar module supply agreement with Powerchina Huadong Engineering Corporation Limited for the second phase of the 420 MW Dau Tieng solar project in Vietnam.</p>


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