The world of renewables this week

GE has said that its Belfort factory in eastern France which it acquired when it bought Alstom, where the US group is planning 1,000 job cuts, will not close down. And it says it will look at building aeronautical parts at the site. GE said that Belfort’s sales of gas turbines had halved between 2017 and 2018 and the group was struggling to remain competitive.

Sources at ReNew Power have confirmed to the Daily Economic Times in Indian that it plans to raise $300 million in fresh equity funding through a rights issue. The company’s major investors including Goldman Sachs, Canada Pension Plan Investment Board, and Abu Dhabi Investment Authority; are expected to pump additional funds into the company. It wants equity rather than debt, because it does not want its debt ratings to suffer. It pulled an IPO last year. ReNew buys and runs wind and solar sites in India.

Canadian Solar shipped 1,575 MW, compared to 1,951 MW in the fourth quarter of 2018 and guidance of 1.3 GW to 1.4 GW. Revenue was $484.7 million, compared to $901.0 million in the fourth quarter of 2018 and first quarter 2019 guidance of $450 million to $480 million. Gross margin was 22.2%, compared 28.3% in the fourth quarter 2018 and net loss was $17.2 million, compared to net income of $111.6 million in the fourth quarter of 2018. It has 983.6 MWp of generational assets.

London based fund manager Glennmont Partners has raised €850 million at the final close of its third clean energy fund, which will invest in renewables projects in Europe and Britain, it said on Tuesday. It had aimed to raise €600 million euros but exceeded the target thanks to the high level of interest from Japan and the United States as well as the European Investment Bank among others. More than 70 percent of the fund will be invested in projects in the euro zone and Britain. The fund’s lifetime will be 10 years.

Independent power producer Calpine has abandoned plans to build a new natural-gas plant at Mission Rock, in Southern California, having withdrawn its application  in a letter to the California Energy Commission dated May 21. This ends years of conflict over getting permission for the 255 MW plant. California has promised to have carbon-free electricity by 2045. Other similar bids have ended up in acquiring renewable alternatives. There remain about three other such bids, which all face legal obstacles and opposition.

The latest of India’s renewable energy auctions was the fourth national-level solar power tender issued by the Solar Energy Corporation. It was supposed to be 1.2 GW and was oversubscribed through 7 proposed projects which cumulatively add up to of 1.9 GW. Recent similar auctions have all been left short of their required targets. There were successful bids from Avaada Energy, NYSE-listed Azure Power, SoftBank-backed SB Energy, UK’s CDC Group subsidiary Ayana Renewable Power, UPC Solar, and one of India’s largest renewable energy developers ReNew Power and Mahindra Solar.

Vestas has signed a Memorandum of Understanding (MoU) with government owned private equity firm Rusnano which will provide localization of equipment for the Russian wind turbine market. This will include supply chain optimization, local manufacturing of wind turbine components combined with Vestas considering using technology developed by Rusnano portfolio companies. Denmark’s Vestas is already a strong supplier into the Russian market. The MoU follows Vestas’ role as technology partner in the Wind Energy Development Fund, which is the joint investment fund established by Rusnano and Fortum, a Finnish clean energy player which installs wind projects in Russia and plans to reach 2 GW of capacity by 2023 It is searching for projects that can promote localization of the supply chain and manufacturing.