SolarBank listing on Nasdaq Global Market; US may go for solar trade tariffs; Meyer Burger bags funding for US expansion; Alternus and Acadia announce microgrid partnership for New York State; Leeward commissions Verizon-contracted Texas PV project.
Public listing for solar company: Canada-headquartered independent renewable energy company SolarBank Corporation has announced its common shares have been approved for trading on the Nasdaq Global Market. The anticipated opening of trading is scheduled for April 8, 2024 under the symbol SUUN. It is already listed on the Cboe Canada Exchange under the symbol SUNN where it will continue to trade. It is awaiting declaration of its registration statement from the Securities and Exchange Commission (SEC). SolarBank develops solar projects to sell electricity to utilities, commercial, industrial, municipal and residential offtakers. It counts to have developed over 70 MW utility, distributed and community solar projects in the US and Canada, and currently has over 1 GW potential development pipeline.
The company's operations are primarily focused in the US, hence SolarBank President and CEO Dr. Richard Lu said it makes sense for the Canadian company to trade in the US as an SEC registered company. Lu added that the move will 'enhance our visibility in the marketplace, expose our company to a larger audience of investors and ultimately increase liquidity and shareholder value.'
Solar trade tariffs: In a recent press gaggle, the US Secretary of Treasury Janet L. Yellen hinted at bringing in measures to protect the domestic solar manufacturing industry. Talking to reporters about the government's plans to reduce extreme dependence on China with respect to clean energy supplies, Yellen pointed to the Inflation Reduction Act (IRA). She said, "So, we are trying to nurture an industry in, for example, solar cells, electric batteries, electric vehicles, and these are actually all areas where we think that massive investment in China is creating some overcapacity. So, we're providing tax subsidies to these, and to some of these sectors, and I wouldn't want to rule out other possible ways in which we would protect them."
While there is no official word yet, analysts at Roth MKM expect new cases under anti-dumping and countervailing duties (AD/CVD) could be filed after April 25, 2024. This is the date when the new AD/CVD regulations of the US Department of Commerce (DOC) will come into place. The new regulations may include increased AD tariffs. The AD/CVD regulations are expected to cover the 4 Southeast Asian nations of Vietnam, Cambodia, Malaysia and Thailand. According to Philip Shen of Roth, there are chances for India to be included as well.
Meyer Burger bags finances: European solar module and cell manufacturer Meyer Burger Technology AG has successfully completed its rights offering, raising CHF 206.75 million ($229 million) as proceeds from various institutional investors. It will issue 20,144,423,886 new registered shares for the gross proceeds. The company had previously announced plans to raise up to CHF 250 million to invest in operationalizing its US cell and module fabs with 2 GW annual capacity each. Its largest shareholder Sentis Capital has purchased shares for CHF 32.76 million ($36 million). Its largest US customer DESRI had expressed interest in investing up to $20 million (see Meyer Burger's 2023 Business Suffered 'Market Distortions').
Microgrids in New York: Clean energy independent power producer (IPP) Alternus Clean Energy and solar and clean natural gas microgrids company Acadia Energy have launched a joint venture (JV) in the US. They plan to co-develop 200 MW of Sustainability Hub microgrid projects in New York State. The JV will focus on developing and operating a portfolio of microgrid projects over the next 2-3 years. Power generated is aimed to be provided to local communities and businesses. Projects under the JV are planned to begin commercial operations within 2 years.
200 MW solar plant online in Texas: Leeward Renewable Energy has announced commercial operations of its 200 MW Horizon Solar Project in Frio County, Texas. It is contracted to supply power to Verizon Communications under a renewable energy purchase agreement (REPA) (see Verizon Signs Up For 910 MW RE).