NextEra Energy (NEE) has reported strong first quarter results, including an 8.3% increase in adjusted earnings per share year-over-year. The company has made significant strides in expanding its renewable energy portfolio, adding 1,640 MW of new solar capacity and 2,765 MW of new renewables and storage projects to its backlog. With the US renewables and storage market expected to triple in size over the next seven years, NextEra Energy is poised to capitalize on the burgeoning demand.
A coalition of US solar manufacturers has petitioned the federal government to impose tariffs on imports of solar cells and modules from Cambodia, Malaysia, Thailand, and Vietnam. The companies allege that these countries are flooding the US market with cheap products that are subsidized by their governments, which is hurting the domestic industry. The petition has divided the US solar industry, with manufacturers such as First Solar supporting tariffs and the Solar Energy Industries Association opposing them.
GameChange Solar, a global supplier of solar tracking solutions, has been selected to provide its Genius Trackers for four new solar projects totaling over 500 megawatts (MW) in Africa. These projects are strategically positioned to enhance energy supply across the region, supporting the diversification of the energy mix to help ensure a stable electricity supply, including critical mining operations.
Alaska has been awarded $125 million in federal funding to support solar energy projects in low-income and disadvantaged communities. The funding, part of the national Solar for All program, will be distributed to various organizations in the state, including the Alaska Energy Authority, Alaska Housing Finance Corp., and Tanana Chiefs Conference. The projects aim to reduce reliance on diesel-fueled power in rural areas and promote renewable energy adoption. The investment complements efforts by state legislators to address the looming Cook Inlet natural gas shortfall and boost renewable energy production.
Enphase Energy’s Q1 results fell short of expectations, with revenues and profitability underwhelming. While revenues in Europe increased, sales in the company’s core domestic market declined due to seasonality and softer demand. Despite meeting guidance ranges, the company’s weak performance and Q2 guidance missed consensus estimates. Analysts expect further estimate reductions, with consensus 2024 revenue and earnings per share projections likely to decrease. Enphase’s heavy exposure to the flagging U.S. market continues to impact its financial performance, while SolarEdge, with its strong presence in Europe, stands to benefit.
Kennedy Airport is set to become home to the largest solar carport and energy storage system in New York State, spanning over 21 acres while preserving the parking lot beneath. The project will generate 12 megawatts of power, powering JFK’s AirTrain and reducing greenhouse gas emissions by over 6,000 tons annually. Phase 1, expected to be completed by March 2023, will provide power to the airport, while Phase 2, scheduled for completion in April 2026, will connect the system to the local grid, supplying clean energy to surrounding communities, including low-income households.
India’s renewable energy installations hit a record high of 7.1 gigawatts (GW) in March 2024, driven by a 23% increase in solar installations. This surge helped India reach its highest-ever annual installed capacity of 18.5 GW for the fiscal year ending on 31 March 2024. Despite this growth, India faces challenges in boosting its capacity to meet its target of 500 GW of non-fossil fuel capacity by 2031-32. The ramp-up of solar installations has created substantial demand for solar equipment, leading India to expand its reach by exporting panels. Fueled by its growing solar panel production capacity, India looked to expand its reach by exporting panels to the US, which emerged as a major export destination due to its high demand for solar energy and the potential for strong profit margins.
Four major climate change bills are awaiting action in the Connecticut legislature, but they face opposition and potential setbacks. One bill, focused on reducing greenhouse gas emissions, has been stripped of its fiscal components, leaving it a shadow of its original form. Another bill, aimed at improving climate resilience, has drawn concerns over its scope and potential impacts. A third bill, promoting solar energy development, faces pushback over its cost and potential burdens on municipalities. Despite these setbacks, advocates for the bills argue that they are essential for addressing the state’s climate challenges and creating jobs.
SunPower, a solar energy provider, disclosed misstatements in its 2022 financial results. These errors led to an anticipated $15 million to $25 million reduction in pre-tax income. The misstatements involve improper capitalization of deferred expenses and incorrect classification of sales commissions. SunPower previously raised concerns about its ability to operate as a going concern, citing a potential credit agreement breach due to delayed financial reporting caused by inventory issues. The company’s ongoing financial review raises the possibility of further errors.
True Green Capital Management (TGC) and Qcells have signed a partnership agreement to install up to 450 megawatts (MW) of commercial, community, and industrial solar and grid projects throughout the U.S. Qcells will provide complete turnkey engineering, procurement, and construction (EPC) services combined with their best-in-class solar modules. The solar modules will be supplied by Qcells’ fully integrated solar supply chain factory in the U.S., which is part of the company’s $1.8 billion investment announced in 2023. This partnership will enhance TGC’s ability to invest in U.S. solar electricity projects and will directly support residential, commercial, and industrial customers’ access to low-cost, clean renewable energy.
