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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 decoding="async" loading="lazy" 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>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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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>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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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>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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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>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nitin/" class="vcard author" rel="author"><span class="fn">Nitin Kabeer</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft wp-image-9822" src="https://mercomindia.com/wp-content/uploads/2018/04/nitin-2.png" alt="" width="99" height="105" /><span style="font-family: Calibri"><span style="color: #000000"><span>Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism &amp; Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. <a href="https://mercomindia.com/author/nitin/">More articles from Nitin Kabeer</a></span></span></span></p>
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