Solar in Saudi

THE ESSENTIALS

Solar manufacturers push for domestic content bonus expansion

• The Solar Energy Manufacturers for America (SEMA), the industry group representing manufacturers in the solar sector, filed comments asking the Biden administration to expand the IRA’s domestic content bonus. 

• The domestic content bonus offers a 10% bump-up to tax credits established by the IRA for building clean energy projects that use at least 45% (increasing to 55% next year) made-in-America components.

• SEMA wants eligibility for the bonus changed in a number of ways, one of the biggest being to increase demand for American-made solar wafers. The full list of requests is here.

Why this matters: If SEMA gets its way, the incentives for buying U.S-made hardware will get more powerful.

Chinese manufacturers plan $3 billion Saudi expansion

• Jinko Solar and TCL Zhonghuan will build solar manufacturing plants worth $3 billion in Saudi Arabia in partnership with the Saudi Public Investment Fund. 

• Jinko’s project will have the capacity to produce 10GW of cells and modules.

• TCL Zhonghuan’s $2.08 billion factory will have a capacity of 20GW silicon wafers and ingots.

Why this matters: The deal represents a major expansion for two of the world’s largest manufacturers in the industry and another step towards the companies globalizing their supply chain.

Solar debt financing hits new record, but VC recedes

• Debt financing for solar projects reached $12.2 billion in the first half of the year, a record for the period. 

• However, venture capital funding for solar projects fell by 29% since last year. 

• M&A has also dropped, with 18.5GW of projects acquired in the first half of this year compared to 25.5GW during the same period of 2023. 

Why this matters: Lenders may still be willing to fund projects, but investors are pulling back during an uncertain and risky business environment.

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WHAT ELSE IS HAPPENING

➡️ Titan loses business license. A Nevada judge fined the bankrupt solar installer $400,000 and revoked its business license amid ongoing complaints by customers. (More)

➡️ Mission Solar Energy unveils new utility-scale modules. The U.S. manufacturer is launching three new modules for commercial and industrial utility-scale projects, a market it had previously exited. The modules are compliant with AD/CVD duties, according to the company.

➡️ SolarEdge lays off 400 employees. The company’s CEO cited an “accumulation of excess inventory” as the reason for the cuts, half of which will be in Israel. On a brighter note, the company said it was seeing growth in the North American market. (More)

➡️ rPlus Energies to build $1 billion project in Utah. The solar-plus-storage project will include 400MW of solar generation and 1,600MWh of battery storage. (More)

AROUND THE WORLD

🇩🇪Germany to cut renewable subsidies. Rising costs for the government prompted the decision, which will see payments for larger renewable suppliers cancelled when electricity prices go below zero. The government currently guarantees a minimum payment regardless of electricity prices. (More)

🇬🇧UK government pledges “rooftop revolution.” The country’s new Labour government says it will aim to install solar panels on millions of homes and reform rules to make it easier to install solar panels on buildings. (More)

🇻🇳Vietnam to buy excess rooftop solar. The country’s power grid operator will buy excess electricity from rooftop solar installations to add to its own grid. Vietnam has set a goal of powering half of its homes and offices with rooftop solar by 2030 and currently has a capacity of 9.5GW. (More)

WHAT WE’RE READING

• Planet Money looked at the “dark side” of residential rooftop solar.

• How much are solar companies paying farmers to lease their land?

• The new front in California’s solar wars: Who is allowed to install batteries?

A MESSAGE FROM SOLAR DISPATCH

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Partnering with Solar Dispatch gets your message in front of thousands of solar industry pros — and in a format they’ll actually read.

• Along with native newsletter placements, we’re now offering lead-gen ads — only pay for the leads you get.

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