News Briefs May 16- ReNew & SG Tie-Up, Nextracker’s Milestone, Carbon PV

ReNew and Societe Generale sign MoU for USD 1 Billion to broaden collaboration on energy
transition projects

NASDAQ listed ReNew, has announced the signing of a Memorandum of Understanding (MoU) with French banking major Societe Generale, to support the financing and development of the Company’s various strategic energy transition projects both in India and globally.

Under the MoU, which references up to USD 1 billion of support over the next three years, primarily including debt financing and advisory solutions, both parties will leverage their respective expertise to strengthen the collaboration on utility-scale energy projects including solar, wind, complex renewables, green hydrogen, energy storage and solar modules manufacturing.

Carbon To Launch 500MW Pilot Plant In France For PV Manufacturing

French manufacturing startup Carbon hopes to launch its first module production facility in autumn 2025 in France, as part of a plan to bring 5GW of cell and 3.5GW of module manufacturing capacity to Europe.

the 500 MW pilot plant called “Carbon one” – will be the first component of the Carbon gigawatt-scale manufacturing plant. Carbon has planned a gigafactory, which will be built in Fos-sur-Mer, on the perimeter of the Grand Port Maritime de Marseille. At full scale, it will be Europe’s largest solar manufacturing setup at a single place.

Nextracker FY24 Earnings Spike, $4 Billion Order Backlog

US based Nextracker continues its strong post IPO growth journey with another stellar set of results, rounding off the year Fy24 for it.

For the year, the Dan Shugar led firm reported $2.5B in revenues (up 31% YoY) with backlog increasing to over $4B, increasing over 50% from last year’s $2.6B. It also crossed the 100 GW milestone, becoming the first US firm in the solar sector to reach the milestone in any solar segment. 67% of revenues came from the US, with the rest from the 40 countries it has a presence in.

The company’s revenue in Q4 increased by 42% year-on-year to US$737 million. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased from US$72.5 million in Q1 2023 to US$159.6 million in Q1 2024, representing a 120% growth.