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News Article

New Energy Permits Hindered by the Government: FT

By Cas Biekmann | Thu, 10/15/2020 - 17:42

The Financial Times reported it has seen documents from President López Obrador that aim to restrict various energy permits for private players. Furthermore, financing has been closed for new solar projects in Sonora and Guanajuato. Internationally, Array Technologies goes public and wind turbine sales have dropped against 2Q19.

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Mexico

Canadian Solar Secures Funding for 126MW Solar Project

Canadian Solar completed its funding for the Tastiota solar plant located in Sonora, reported Renewables Now. The financing was closed through a US$67 million package with the Japanese SMBC, a US$15 million letter of credit facility and finally a US$12 million VAT. The power plant is planned to operate by the end of 2020. A PPA has been signed with CFE for 15 years. Canadian Solar has a standing agreement with Korea Electric Power Co and Sprott Korea, which are able to  purchase 49 percent of the project once it goes online.

Grenergy Closes Financing for 35MW Solar Farm

Spanish company Grenergy Renovables reported it closed US$17.5 million for financing needed to construct its 35MW project in Guanajuato, San Miguel de Allende. Grenergy has already established itself at the construction site and finished its environmental evaluation process, which included the rescue of protected flora. The project is expected to come online in 1Q20.

New Energy Permits Blocked by Government: FT

The Financial Times reported that is has seen documents in which yet another move by López Obrador to strengthen CFE and PEMEX became evident. The documents show that regulatory body CRE is implementing a measure coming from the president to ban new energy permits, ranging from petrol stations to renewable energy generation. According to FT, industry analysts warn that the measures are unfairly favoring the state production companies. When asked for comment, a CRE spokesperson stated the documents were internal and “modified internal processes in support of the fight against corruption and transparency.” They should therefore not be misinterpreted.

International

Siemens Gamesa and Vestas Lead Wind Trubine Sales as Demand Drops

After a successful 2019, demand for wind turbines has dropped by 45 percent in 2Q20 compared to last year, reported GreenTech Media. Vying for the top sales spot are giants Siemens Gamesa and Vestas with 17GW capacity ordered in 2Q20. With the help of its SG193-DD turbine, Siemens Gamesa is leading by a narrow margin. Despite the dip in sales in general, analysists see that the market is still strong, with potential to grow in offshore wind.

Array Technologies Gears up to Raise US$1 Billion from NASDAQ

The US manufacturer of solar trackers aims to use its IPO to raise US$1 billion, reported Renewables Now. by offering 47.5 million common stock shares, costing US$22 per share. Array itself will issue 7 million shares and a parent entity under management of Oaktree Capital will offer the remaining 40.5 million. The proceeds will be used to pay off debt and support the company with working capital, covering operating expenses and capital expenditures.

The data used in this article was sourced from:  
Financial Times, Renewables Now, GreenTech Media
Cas Biekmann Cas Biekmann Journalist and Industry Analyst