Rock bottom

THE ESSENTIALS

Brookfield and Microsoft strike renewables deal

• Brookfield Asset Management, Brookfield Renewable, and Microsoft have signed a major renewable energy agreement to help Microsoft achieve its goal of matching 100% of its electricity consumption with zero-carbon energy purchases by 2030.

• As part of the deal, the largest planned corporate investment in renewable energy capacity to date, Brookfield will develop over 10.5 gigawatts of new renewable energy capacity, primarily wind and solar, between 2026-2030 in the U.S. and Europe to supply Microsoft's demand.

• Microsoft and other tech companies have become some of the largest purchasers of solar power through Power Purchase Agreements (PPAs) to secure a clean electricity supply for power-hungry data centres.

Altman, a16z back thermal battery startup Exowatt

• Exowatt, a new modular energy company targeting data centers, has secured $20 million in seed funding from investors including OpenAI's Sam Altman and Andreessen Horowitz.

• Exowatt's P3 product is a modular system combining solar heat collection, thermal energy battery storage (claimed $0.01/kWh cost), and heat engine to provide dispatchable renewable power and heat to data centers.

• Unlike traditional solar panels that convert sunlight into electricity directly, Exowatt stores solar energy in a thermal battery that can reportedly retain energy for up to 24 hours. Exowatt plans to begin deploying its thermal battery systems this year.

Solar panel prices near the bottom, producers say

• Major solar panel manufacturers like Jinko Solar and Trina Solar said they think current low panel prices are "irrational" and have limited room to fall further, as global demand is expected to rebound 20% in 2024.

• Profits for panel manufacturers’ have evaporated thanks to a surge in production capacity, particularly in China, that’s overwhelmed demand. They now see that turning around because of rising demand this year.

• Despite that, both Jinko and Trina are expanding overseas manufacturing capacity, with Trina's new 5GW module factory in Texas coming online in Q4 2024 and Jinko expanding its Florida facility amid U.S. efforts to develop domestic supply chains.

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WHAT ELSE IS HAPPENING

• Solar fastest-growing electricity source last year. A surge in solar capacity powered renewables to make up 30.3% of global electricity sources last year, according to Ember. Total global solar generation was up 23% to 306.79 TWh, more than any other electricity source, and now accounts for 5.5% of global electricity. (More)

• Solar boom drives silver price spike. Demand for silver by makers of PV panels is rising, and expected to surge by 170% by 2030. Silver prices reached a ten-year record of $28.84 /oz last month, and currently sit just above $27 /oz. (More)

• Virginia legalizes third-party rooftop solar leasing. The bill will let homeowners contract with a third-party to install rooftop solar without having to have liability insurance. The number of homes with rooftop solar in the state is expected to grow from 50,000 to 500,000 in the next decade. (More)

• Cypress Creek Renewables Texas solar-plus-storage plant comes online. The independent power producer brought its 208MW facility in Texas online, bringing its total capacity to 1GW. (More)

• First Solar breaks module production record. The manufacturer produced modules with a capacity of 3.6GW in Q1 of this year, up from 2.5GW in the same period last year. (More)

AROUND THE WORLD

• Italy bans solar on farmland. The decision bans the installation of any photovoltaic systems with modules placed on the ground in areas zoned as agricultural land. Panels installed above fields will still be allowed. (More)

• India becomes third-largest solar power generator. India added 18TWh of solar generation to its capacity to move into the third spot in solar power rankings, supplanting Japan. China and the U.S. hold the 1 and 2 spots, respectively.

• Oracle Power eyes 1.3GW project in Pakistan. The company is doing feasibility studies for a renewable energy project in Pakistan that includes an 800MW solar plant.

ONE BIG NUMBER

Total electricity generated (in TWh) by solar in the U.S. last year. That’s an increase of 33 TWh from 2022, but still well behind China, which generated 584 TWh from solar.

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