Finance

Yingli Green Energy’s net loss widened to RMB 2.3 billion ($354.9 million) in the three months to the end of September, from just RMB 335.4 million a year earlier, as its PV module shipments fell roughly 48% from the preceding quarter to 597.7 MW.

European renewable energy investment platform Vortex, has sold a 45% equity stake in Vortex Solar Investments to Kumpulan Wang Persaraan (KWAP), Malaysia’s second largest pension fund, in a GBP 67.5 million transaction.

Wirsol has announced the acquisition of two solar projects totaling 16 MW, which are gearing up to begin construction in the U.K. Wirsol also says it has plans to expand this portfolio to around 150 MW over the next 18 months.

British Petroleum makes first move in PV since 2012 with acquisition of 43% stake in British renewables firm Lightsource.

A PLN 40 billion (around €9.4 billion) Polish support scheme for renewable energy has been approved by the European Commission. Meanwhile, Guernsey-based Sequoia Economic Infrastructure Income Fund has agreed to provide financing for ReneSola’s 55 plants in Poland, each with a capacity of 1 MW.

A number of parties used the One Planet Summit in France yesterday to either reaffirm clean financing commitments, or unveil new ones. However, the figures still fall short of the US$6.3 trillion the OECD has calculated is needed annually.

Solar stocks surged yesterday after Canadian Solar announced it had received a “going private” proposal, reports Zacks. Analysts at Guggenheim, meanwhile, say the offer will be given “serious consideration.” They believe other companies may follow suit, if accepted.

The European Bank for Reconstruction and Development is providing a US$22 million shot in the arm for a 50 MW solar power plant in the Risha region developed by Saudi ACWA Power. The bank has also announced plans to invest up to $100 million to back development of the green bond markets, and pledged its support to city climate projects allocating over $500 million with an eye to scaling up green urban financing.

Canadian Solar Inc. has received a “going private” proposal from chairman, president and CEO, Dr. Shawn Qu, under which he offers US$18.47 per common share. The move follows that of Trina and JA Solar.

The credit ratings agency says that despite moves by the Trump Administration, the increasing competitiveness and predictable output of renewable energy still makes it a good bet.