Finance

BNEF calculates that 57 GW of solar PV was installed last year, marking an increase of around 30% on 2014. Latest figures also show that, despite factors which could have impeded growth, clean energy financing reached US$329.3 billion in 2015. Chinese and U.S. markets led the charge, alongside a host of new markets; European activity, however, decreased.

Comtec Solar Systems Group Limited is looking to raise around HK$611.13 million (roughly US$78.8 million) via a subscription agreement with China First Capital Group Limited. Part of the proceeds will be used towards entering the downstream solar business.

An extraordinary shareholders meeting has today seen the merger of Enel Green Power S.p.A. (EGP) with its parent company, Enel S.p.A. approved.

It is “plausible” India will add 7.2 GW of utility-scale solar PV in the coming financial year, according to Bridge to India, despite bottlenecks in power evacuation and grid stability. In 2016, 4.8 GW is expected, while last year saw 2 GW installed. India is on track to become a global market, say the analysts.

Just over a week after Nevada’s Public Utilities Commission took the decision to scrap retail-rate net metering, SolarCity has announced 550 jobs will go in the U.S. state. The rooftop solar PV installer has also closed its training center in West Las Vegas.

The GCL Group has said it is looking to raise around HK$5.8 billion (approx. US$748.2 million) by way of two rights issues. The funds will go towards reducing company indebtedness and stimulating business development, particularly in the solar farm segment.

Renewable Energy Systems (RES) has announced it will be working on a 640 kWh energy storage system in Somerset, the U.K. The Renewable Energy Association (REA) has applauded the news, stating the country is set to see considerable storage growth in 2016. Government policies are currently a barrier, however.

SunEdison Inc. has announced a further action to raise capital and remove debt. Under a Second Lien Facility, the renewable energy giant will raise US$725 million, while a series of exchange agreements with certain note holders will see a reduction of $738 million in debt.

The new company has re-branded as Spruce Finance, and has raised US$175 million in funding to deploy residential PV in 2016.

With an international agreement in Paris on emissions reductions inspiring ambitious renewable energy goals, an extension of the U.S. Investment Tax Credit (ITC) and record low prices for installed PV, 2015 was a positive year for the global solar industry.