Finance

The Indian Government expects 4.3 GW of solar PV capacity to be added in fiscal year 2015/16. In the first seven months, just 936.8 MW were commissioned. In 2016/17, the government envisages 11 GW of solar. However, policy uncertainty and delays in state government initiatives are a “major concern” for the country’s solar industry, says Bridge to India.

This week in PV news: Mexico approves energy reform, India installs the largest single rooftop solar in the world and the U.S. looks set to install a whopping 3 GW this quarter. In the U.K., a proposed tax hike on solar panel generates further woe and Dubai’s 800 MW tender has major global PV players scrambling to the Gulf.

First Solar Inc. forecasts modest growth next year, with net sales, operating expenses and shipments all expected to remain relatively flat. Net cash should see an increase, however, while CAPEX spending is set to double, and capacity will rise by around 20% to 3 GW. Three main priorities were outlined. Shares fell around 8% following the news.

Manz AG has announced that 174 employees will go, primarily in Germany and Asia, although its other European sites have also been affected. Capacities will be adjusted accordingly. It hopes to save around EUR 7 million. The strategic options for its Solar segment are still under review. A further announcement is scheduled for the beginning of the New Year.

Solarpack has closed debt restructuring totaling EUR 94 million for five solar PV parks in Spain totaling 27.2 MW.

GCL New Energy Holdings Limited (GNE) has signed a solar PV module supply agreement with CNI Energy for a 100 MW project in China. In other news, GCL subsidiaries have signed two separate lease agreements worth around US$96.5 million.

The acquisition has saved all 42 jobs at Platinum’s German headquarters, according to the insolvency liquidator. The inverter manufacturer will solely focus on R&D going forward.

The new deal saves cash for SunEdison, and also allows Vivint to look for other offers and lifts a January deadline to close the deal.

Africa has been well and truly in the spotlight at this round of climate talks. Identifying over 11,000 GW of renewables potential, it has called for an annual energy investment of US$55 billion, annual climate financing of $11 billion, and a pledge to stop global temperatures rising above 1.5°C. The U.K. and U.S., meanwhile, have signed an MOU to improve African access to clean energy, and Canada has committed CA$150 million to the African Renewable Energy Initiative, more details of which have been acquired by pv magazine.

Canadian Solar Inc. has secured US$126 million in financing from the Royal Bank of Scotland and Deutsche Bank for 86 MW worth of solar PV projects in Japan and the U.K.