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21 August 2025
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Aug 21, 2025Powerline
Masdar, GD Power and Korea Electric Power Corporation have achieved financial close for the 2 GW Al Sadawi solar photovoltaic project in Saudi Arabia’s eastern province.
The project will be developed on a build, own and operate basis, under a 25 year power purchase agreement signed with the Saudi Power Procurement Company in 2024. The total project cost is estimated at USD1.1 billion with financing secured from eight regional and international lenders including Standard Chartered Bank, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC and Société Générale. The plant is scheduled to commence full capacity generation in early 2027.
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21 August 20251 min readEgypt And Jordan Plan To Increase Energy Interconnection To 2 Gw
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21 August 2025
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Canadian Solar Delivers Q2 2025 Growth With $1.7B Revenue, 7.9 Gw Shipments, $505M Gross Profit, $7M Net Income, And Strong Storage Pipeline Despite Rising...Canadian Solar Inc. has reported its financial results for the second quarter ended June 30, 2025. During the quarter, the company shipped 7.9 GW of solar modules recognized as revenue, representing a 14% increase compared to the first quarter of 2025 but a 4% decrease compared to the same period last year. Of this total, 672 MW were shipped to Canadian Solar’s own utility-scale projects. Net revenue for the quarter was $1.7 billion, a 42% sequential increase and a 4% rise year-over-year.
The growth was mainly driven by stronger sales of battery energy storage systems and solar modules. Gross profit reached $505 million, a significant improvement over $140 million in the previous quarter and $282 million in the same quarter of 2024. Gross margin improved to 29.8%, compared to 11.7% in Q1 2025 and 17.2% in Q2 2024. This was supported by the release of unrealized profit from a U.S. sales-type leasing project, higher contributions from battery energy storage systems, and the benefit of a U.S. anti-dumping and countervailing duty adjustment.
Operating expenses rose to $378 million, compared with $195 million in Q1 2025 and $234 million in Q2 2024. The increase was mainly due to impairment charges related to solar, storage, and manufacturing assets. Expenses represented 22.3% of revenue, up from 16.3% and 14.3% in the two comparison periods. Net income attributable to Canadian Solar under U.S. GAAP was $7 million, or a net loss of $0.08 per diluted share. This compared with a net loss of $34 million, or $0.69 per share, in Q1 2025, and net income of $4 million, or $0.02 per share, in Q2 2024. On a non-GAAP basis, the company reported an adjusted net loss of $23 million, or $0.53 per share, compared to an adjusted net loss of $60 million, or $1.07 per share, in the prior quarter, and net income of $4 million, or $0.02 per share, a year earlier.
Cash flow from operating activities was positive at $189 million, supported by working capital improvements, particularly lower inventory levels. This compared with cash outflows of $264 million in Q1 2025 and $429 million in Q2 2024. Total debt as of June 30, 2025, stood at $6.3 billion, up from $5.7 billion at the end of March. This included $2.5 billion at CSI Solar, $3.5 billion at Recurrent Energy, and $0.3 billion in convertible notes. Of the total, $1.8 billion was non-recourse debt.
Canadian Solar operates through two main business segments: CSI Solar, which focuses on solar modules and battery energy storage systems, and Recurrent Energy, which develops and operates utility-scale solar and storage projects. Recurrent Energy held a global development pipeline of approximately 27 GWp in solar projects and 80 GWh in battery energy storage as of June 30, 2025. Its business model includes electricity revenue from operating assets, project sales to support growth, and operations and maintenance services, with nearly 14 GW of long-term contracted projects.
Within its solar pipeline, 2.0 GWp of projects were under construction, 4.2 GWp were in backlog (late-stage with secured agreements), and 21.1 GWp were in advanced and early development. For energy storage, the pipeline stood at 80.2 GWh, including 6.4 GWh in construction and backlog, and 73.8 GWh at earlier stages. Looking ahead, Canadian Solar expects third-quarter 2025 revenue to be between $1.3 billion and $1.5 billion, with a gross margin of 14% to 16%. Module shipments are projected at 5.0 GW to 5.3 GW, while battery energy storage shipments are expected at 2.1 GWh to 2.3 GWh.
For the full year 2025, module shipments are forecast at 25 GW to 27 GW, and battery storage shipments at 7 GWh to 9 GWh. Revenue for the year is expected to range from $5.6 billion to $6.3 billion. Dr. Shawn Qu, Chairman and CEO, noted that margins in the third quarter are expected to decline due to market challenges and normalization of storage profitability. He highlighted that full-year guidance for module and storage volumes remains supported by clearer visibility in the second half of the year, although some project sales may shift into 2026. The company continues to face pressures from rising supply chain costs and trade uncertainties but aims to balance growth and profitability with a disciplined approach.
Dr. Shawn Qu, Chairman and CEO, commented, “We delivered a second quarter largely in line with expectations. While revenue came in below guidance due to storage shipments shifting to the second half and delays in certain project sales, gross margin exceeded expectations, driven by a higher mix of North America module shipments and robust storage volumes. Following the surge in installations in China during the first half, we expect demand to normalize as the market adjusts to a new paradigm. We remain focused on navigating the uncertain policy environment with a focus on risk management and sustainable profitability.”
Yan Zhuang, President of Canadian Solar’s subsidiary CSI Solar, said in a statement, “In the second quarter, we delivered module shipments near the high end of guidance. Despite tariff headwinds, e-STORAGE achieved one of its strongest quarters. With solar supply chain pricing trending higher and storage margins normalizing, we expect margin pressure in the second half. We remain focused on strategically managing module volumes to less profitable markets and growing our storage volumes globally. Meanwhile, we continue to build emerging profitability drivers such as our residential energy storage systems and bundled sales solutions.”
Ismael Guerrero, CEO of Canadian Solar’s subsidiary Recurrent Energy, mentioned, “Revenue and profitability in the second quarter were sequentially lower, primarily due to lighter project sales. We monetized over 200 MW of projects in Europe and Japan, including our first and profitable sale of a battery energy storage project in Italy, while a project sale in Latin America shifted to the second half of the year. Overall, we expect our electricity sales revenue to grow steadily, as we enhance the performance of our existing IPP portfolio and advance construction in our target markets, with more meaningful contributions expected next year.”
Xinbo Zhu, Senior VP and CFO, added, “In the second quarter, we delivered $1.7 billion in revenue and a gross margin of 29.8%. Non-recurring operating expenses, including impairments to projects and manufacturing assets, reduced profitability, resulting in net income attributable to shareholders of $7 million, or a net loss of $0.08 per diluted share. We continue to manage cash flow prudently, prioritizing disciplined capital deployment. Operating cash inflow was $189 million, and we ended the quarter with a cash position of $2.3 billion.”
In recent developments, Canadian Solar published its 2024 Sustainability Report in May 2025, outlining progress on sustainability goals in line with global reporting standards. Its subsidiary, Eternalplanet, won the Red Dot Award 2025 for its EP Cube residential energy storage system, adding to other international design awards earlier in the year. The company also completed large-scale fire safety testing for its SolBank 3.0 storage system in June 2025. On the project side, Recurrent Energy announced financing for the Blue Moon Solar project in Kentucky, valued at $260 million, with operations expected in 2026. In July 2025, its 1,200 MWh Papago Storage project in Arizona began commercial operation, providing energy to Arizona Public Service under a tolling agreement.
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21 August 20257 min readCanadian Solar Delivers Q2 2025 Growth With $1.7B Revenue, 7.9 Gw Shipments, $505M Gross Profit, $7M Net Income, And Strong Storage Pipeline Despite Rising...
Solar Quarter
21 August 2025
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Masdar And Partners Reach Financial Close For 2 Gw Solar Project In Saudi ArabiaMasdar, along with GD Power and Korea Electric Power Corporation, has achieved financial close for the 2 GW Al Sadawi solar photovoltaic project in Saudi Arabia. The funding will reportedly cover a significant portion of the total project cost, estimated at around $1.1 billion. The project has secured financing facilities with eight regional and international lenders, consisting of Standard Chartered Bank, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC, and Société Générale.
The Al Sadawi project, located in the Eastern Province, is being developed on a build, own, and operate basis. A 25-year power purchase agreement has been signed with the Saudi Power Procurement Company. A part of the National Renewable Energy Programme (NREP) and overseen by the Ministry of Energy, the project is planned to start generation at full capacity in early 2027, with commercial operations scheduled for the same year.
In July 2025, Masdar and Iberdrola achieved financial close for the 1.4 GW East Anglia THREE offshore wind project in the UK, securing €4.1 billion in financing from 23 banks and the Danish Export Credit Agency (EIFO).
Renewable Watch
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21 August 20251 min readMasdar And Partners Reach Financial Close For 2 Gw Solar Project In Saudi Arabia
Renewable Watch
21 August 2025
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Buchan Offshore Wind Submits Consent Applications For 1 Gw Floating Project In ScotlandBuchan Offshore Wind, a floating wind project being developed by a consortium comprising Germany’s BayWa r.e., Belgium’s Elicio, and France’s BW Ideol, has submitted offshore consent applications to the Scottish Government for its proposed wind farm located northeast of Fraserburgh, off the Aberdeenshire coast.
The project, awarded seabed development rights through the ScotWind leasing round in 2022 by Crown Estate Scotland, is expected to have a capacity of nearly 1 GW and is scheduled to come online in 2033. Later in 2025, the developers plan to submit an onshore planning application to Aberdeenshire Council, covering an underground cable route and grid connection at the Peterhead substation.
In June 2025, the Scottish Government launched a public consultation on raising the national offshore wind target to 40 GW by 2040, up from 8–11 GW by 2030. It estimates a potential of 40 GW by 2035 and remains committed to net-zero emissions by 2045.
ENER Data
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21 August 20251 min readBuchan Offshore Wind Submits Consent Applications For 1 Gw Floating Project In Scotland
ENER Data
21 August 2025
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Masdar Led Consortium Achieves Financial Close For 2 Gw Solar ProjectMasdar, GD Power and Korea Electric Power Corporation have achieved financial close for the 2 GW Al Sadawi solar photovoltaic project in Saudi Arabia’s eastern province.
The project will be developed on a build, own and operate basis, under a 25 year power purchase agreement signed with the Saudi Power Procurement Company in 2024. The total project cost is estimated at USD1.1 billion with financing secured from eight regional and international lenders including Standard Chartered Bank, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC and Société Générale. The plant is scheduled to commence full capacity generation in early 2027.
Powerline
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21 August 20251 min readMasdar Led Consortium Achieves Financial Close For 2 Gw Solar Project
Powerline
21 August 2025
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China New Energy Storage Tops 100 Gw As Lithium Overtakes Pumped HydroFrom ESS News
China’s new energy storage market reached a milestone in the first half of 2025, according to a report by CNESA at the Western Energy Storage Forum in Hohhot, Inner Mongolia, earlier this week.
CNESA said total energy storage capacity in China stood at 164.3 GW at end-June, up 59% year on year, while cumulative new-energy storage – primarily lithium-ion battery energy storage systems – surpassed 100 GW for the first time, reaching 101.3GW (a 110% increase compared to last year).
The report documents a structural transformation in China’s storage mix. Pumped hydro, which accounted for 89.3% of capacity at the end of the previous five-year period, has fallen to 37.4% of the fleet; lithium-ion now represents 59.9%. CNESA characterizes the change as a fundamental technology-route shift as the industry moves from a single-track to a multi-path landscape.
To continue reading, please visit our ESS News website.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
PV Magazine
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21 August 20251 min readChina New Energy Storage Tops 100 Gw As Lithium Overtakes Pumped Hydro
PV Magazine
21 August 2025
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Pjm Surplus Interconnection Can Support 153 Gw Of Solar, Wind, Storage: Uc Berkeley ResearchersThermal and renewable energy generating facilities in the PJM Interconnection have surplus interconnection capacity that could support about 153 GW of solar, wind and storage, according to a working paper released by University of California, Berkeley, researchers earlier this month.
However, the loss of Inflation Reduction Act clean energy tax credits reduces the total renewable energy and storage potential that could economically be built using the surplus capacity to about 106 GW, according to the study.
PJM had a peak load of about 160 GW on June 23, during a heat wave.
The analysis comes as PJM has been warning it may lack sufficient power supplies to meet growing electric demand, mainly driven by data center development.
Taking advantage of existing, but little-used, interconnection capacity could allow PJM to meet its near-term needs with solar and storage, which can be built within two years compared with up to about seven years for a gas-fired power plant, according to Umed Paliwal, one of the report’s authors and a senior scientist at Berkeley’s Goldman School of Public Policy.
“We need firm capacity in the PJM grid in the next three to four years,” Paliwal said Tuesday.
PJM has about 52 GW of thermal power plants with 15% capacity factors — a measure of how often a power plant runs — as well as 25 GW of solar and wind projects, which operate at 19% and 16% capacity factors, respectively, leaving significant amounts of unused interconnection capacity at those sites, according to the study.
The underused points of interconnection at the thermal plants could support about 74 GW of solar and 5 GW of wind by 2030, according to the study. Also, adding about 23 GW of 6-hour battery storage at existing renewable energy sites could support an additional 28 GW of solar and 25 GW of wind — driving up capacity factors to 75%, Paliwal and his colleague Amol Phadke found.
Phadke is co-author of the Berkeley paper and a staff scientist in the electricity markets and policy department at Lawrence Berkeley National Laboratory.
PJM’s recently reformed Surplus Interconnection Service process allows a new resource to use any unused portion of an existing generating facility’s interconnection service as long as the total amount of interconnection service at the point of interconnection remains the same. Under the SIS process, projects that don’t trigger transmission system upgrades qualify for expedited review by PJM outside the interconnection queue.
PJM revised its little-used SIS process earlier this year, driven in part by a complaint at the Federal Energy Regulatory Commission brought by EDP Renewables North America. The reforms, which FERC approved in February, haven’t had enough time to produce results, David Mindham, senior director of regulatory and market development for EDP Renewables, said Tuesday. Also, the SIS process needs to be synced up with PJM’s rules for obtaining capacity injection rights, he said.
However, since the reformed SIS process was put in place, EDP Renewables has been filing SIS requests with PJM. It is likely that gigawatt amounts of new capacity — especially storage — will come online using surplus interconnection capacity in the next few years, according to Mindham. “This is one of the most reasonable paths to bring projects online that can provide energy in a very near term,” he said.
Given PJM’s forecast load growth, “there's a demand for anything that can come online in any sort of a reasonable time frame,” Mindham said.
EDP is considering repowering wind farms in PJM that are coming to the end of their life and may add solar and storage to them, which could be used to create a load-following product to sell to customers, according to Mindham.
“That's a very attractive proposition, and you can actually bring all of that online in a couple years,” Mindham said. “I think that market will develop once some of the other rules fall in place around how we can maximize capacity injection rights.”
Paliwal and Phadke suggested four ways to further support the use of surplus interconnection capacity in PJM:
Utiltiy Dive Generation
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21 August 20254 min readPjm Surplus Interconnection Can Support 153 Gw Of Solar, Wind, Storage: Uc Berkeley Researchers
Utiltiy Dive Generation
21 August 2025
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Offshore Consent Filed For 1 Gw Floating Wind FarmScotland, Aberdeenshire: Progress on Scotland’s 1 GW Buchan floating wind farm has taken a major step forward with the submission of its offshore consent application.
The project, located around 72 km (45 mi) off the Aberdeenshire coast, has reached this milestone two years after securing seabed rights from the Crown Estate. Developers are also assessing several ports in northeast Scotland to host the operations and maintenance hub.
Clare Lavelle, project director, said the aim was to create “a world-leading floating offshore wind farm” that would boost Scotland’s manufacturing base, generate thousands of jobs and help achieve national offshore wind targets.
Buchan is expected to drive more than $1.2 B (£900 M) of investment into Scotland’s supply chain. At the peak of construction, around 2,900 jobs could be supported, with about 300 long-term roles during operation. Developers have also committed to manufacturing the project’s floating substructures in Scotland, further increasing the local benefits.
Alongside the offshore consent, a planning application for onshore works will be lodged later this year with Aberdeenshire Council. This will set out the cable route and connection to the transmission network at Peterhead substation.
Scheduled for full commissioning in 2033, the Buchan project has the potential to supply clean power to up to one million UK homes.
Source: 4C Offshore
#Buchan#Clare Lavelle#offshore floating wind farm#Scotland
Multiple transformer failures left at least six neighbourhoods and parts of Fifth Avenue without power late Tuesday night.
The acquisition brings solid-state transformer technology for grid modernisation, EV charging, and data centre applications.
The company will build North America’s largest bushings plant as transformer shortages intensify.
Transformers-Magazine
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21 August 20252 min readOffshore Consent Filed For 1 Gw Floating Wind Farm
Transformers-Magazine
21 August 2025
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Masdar And Partners Reach Financial Close For Saudi 2 Gw Solar ProjectMasdar, along with GD Power and Korea Electric Power Corporation, has achieved financial close for the 2 GW Al Sadawi solar photovoltaic project in Saudi Arabia. The funding will reportedly cover a significant portion of the total project cost, estimated at around $1.1 billion. The project has secured financing facilities with eight regional and international lenders, consisting of Standard Chartered Bank, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC, and Société Générale.
The Al Sadawi project, located in the Eastern Province, is being developed on a build, own, and operate basis. A 25-year power purchase agreement has been signed with the Saudi Power Procurement Company. A part of the National Renewable Energy Programme (NREP) and overseen by the Ministry of Energy, the project is planned to start generation at full capacity in early 2027, with commercial operations scheduled for the same year.
In July 2025, Masdar and Iberdrola achieved financial close for the 1.4 GW East Anglia THREE offshore wind project in the UK, securing €4.1 billion in financing from 23 banks and the Danish Export Credit Agency (EIFO).
Reglobal Org
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20 August 20251 min readMasdar And Partners Reach Financial Close For Saudi 2 Gw Solar Project
Reglobal Org
20 August 2025
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Masdar And Partners Reach Financial Close For 2 Gw Al Sadawi Solar Project In Saudi ArabiaThe UAE-based energy company Masdar, along with consortium partners China's GD Power and Korea Electric Power Corporation, has announced that it has reached financial close for the 2 GW Al Sadawi solar PV project. This project is part of Saudi Arabia’s National Renewable Energy Program (NREP), which is led and overseen by the Ministry of Energy.
Financing facilities have been secured from eight prominent regional and international lenders, covering a significant portion of the estimated total project cost of approximately US$1.1bn. Located in the Eastern Province, the project will be developed on a Build, Own, and Operate (BOO) basis. A 25-year power purchase agreement (PPA) was signed with the Saudi Power Procurement Company (SPPC) in November 2024. The plant is expected to begin early generation at full capacity in early 2027, with commercial operation targeted within the same year.
In July 2025, ACWA Power, the Saudi company Badeel, and Saudi Aramco Power Company (SAPCO) signed agreements with SPPC to develop seven renewable energy projects in Saudi Arabia, totaling 15 GW (12 GW solar, 3 GW wind).
Saudi Arabia has set a target of achieving 50% renewables in its power mix by 2030.
ENER Data
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20 August 20251 min readMasdar And Partners Reach Financial Close For 2 Gw Al Sadawi Solar Project In Saudi Arabia
ENER Data
20 August 2025
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India’S Power Mix Reaches 490 Gw With 119 Gw Solar Driving Renewable GrowthIndia is expanding its renewable energy sector at a rapid pace while trying to meet its rising energy demand and climate commitments. As of July 2025, coal continues to be the largest source of electricity, making up 44.17 percent of the country’s total installed power capacity. At the same time, renewable energy, led by solar and wind, is becoming an increasingly important part of the national power mix.
In the first seven months of 2025 alone, India added 21,151.82 megawatts of new solar capacity. This strong growth is supported by government measures such as the Approved List of Models and Manufacturers, which ensures quality standards for solar modules and boosts domestic manufacturing. By August 2025, India had achieved 100 gigawatts of solar PV module manufacturing capacity under the ALMM framework, marking a significant milestone in its efforts to strengthen local production and reduce reliance on imports.
By the end of July 2025, renewable energy sources accounted for 38.33 percent of the country’s total installed power capacity. Solar power has played the largest role in this growth. India’s total installed solar photovoltaic capacity stood at 119.016 gigawatts, which is 63.35 percent of the total renewable capacity. Solar energy now contributes 24.29 percent to the overall power mix, reflecting an annual increase of 36.47 percent compared to the previous year. This shows the speed with which solar projects are being deployed across the country.
India’s total installed power capacity reached 490 gigawatts in July 2025, recording an annual growth rate of 9.3 percent. Despite the impressive rise in renewable sources, coal-based power still provides nearly half of India’s electricity, underlining the challenges of fully transitioning to clean energy. Managing grid stability and ensuring a reliable power supply remain critical issues as more renewable capacity, which is variable, is integrated into the system.
The expansion of renewable energy is not only helping reduce emissions but also bringing socio-economic benefits. Solar and wind projects are generating employment opportunities, particularly in rural and semi-urban areas. These projects are contributing to local economies, improving electricity access, and driving development in remote regions, thereby enhancing the quality of life for many communities.
At the same time, renewable energy is strengthening India’s energy security by cutting down reliance on imported fossil fuels. This reduces the economy’s exposure to sudden swings in global fuel prices. Advances in energy storage and grid technology are further making renewable power more reliable and easier to manage.
Global market changes are also opening opportunities for Indian solar manufacturers. India’s energy journey shows both progress and challenges. The steady growth of renewables, especially solar, highlights the country’s determination to move toward a cleaner and more self-reliant energy system while ensuring energy security and economic growth.
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Solar Quarter
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19 August 20253 min readIndia’S Power Mix Reaches 490 Gw With 119 Gw Solar Driving Renewable Growth
Solar Quarter
19 August 2025
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Hinduja Group Plans To Achieve 10 Gw Of Renewable Capacity By 2030Reportedly, the Hinduja Group plans to achieve 10 GW of renewable energy capacity, which is more than triple its renewable energy capacity from the current 3 GW to over 10 GW by 2030.
The group will invest between USD3 billion and USD4 billion in solar, wind, hybrid projects, and battery energy storage systems. The capital expenditure will be funded through a mix of debt and equity with a debt-to-equity ratio of nearly 70:30. While scaling up its green portfolio, the group will continue to operate its thermal assets, ensuring a balance between conventional and renewable power sources. The expansion strategy also includes integrating electric vehicle charging infrastructure and deploying digital analytics to enhance performance and reliability. The group is in discussions with global investors to support its renewable energy growth plans.
Powerline
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19 August 20251 min readHinduja Group Plans To Achieve 10 Gw Of Renewable Capacity By 2030
Powerline
19 August 2025
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