Foresight Solar Fund has 50 solar assets in the UK, as well as sites in Spain and Australia. Image: Andreas Gücklhorn (unsplash). Power prices are continuing to boost solar asset value, with Foresight Solar Fund reporting its net asset value (NAV) per share, EBITDA and consolidated revenues jumping over the first six months of 2022, but they are unsustainably high currently, the fund said. The company’sNAV increased from £660 million as of 31 December 2021,to £754.9 million as of 30 June 2022. As such, its NAV per share increased 14.4% from 108.2 pence to 123.8 pence. During the same period, its consolidated revenues grew 18% ahead of budget, and EBITDA grew 26% ahead of budget. This growth came predominantly from the continued high power prices seen in Britain, as the market remains particularly volatile due to high gas prices, driven by the Russian invasion of Ukraine and subsequent geopolitical tension. For example, baseload prices for November and December were being traded above £900/MWh during the first week of September on the back of Gazprom stopping flows of gas through its Nord Stream 1 pipeline. “The war in Ukraine has compounded upward pressure on European gas prices that had already started the year at elevated levels due to supply shortages. In the current environment it is difficult to judge when energy prices and inflation will peak, although present levels are unsustainably high and in need of downward correction,” Foresight Solar Fund’s chairman Alexander Ohlsson wrote in a statement alongside the updated financial results. “The Board is pleased with the operational performance of the portfolio during the first half of this year. Strong asset availability has allowed the Company to benefit from particularly high irradiation in the UK, resulting in generation significantly above budget.” Foresight Solar Funds’ UK portfolio – made up of 50 solar assets – performed 8.0% above base case, with irradiance 8.9% above budget. Globally, the company’s portfolio performed 2.8% above base case for H1 2022. The company has continued its active management of power price exposure, and has entered into new fixed priced agreements for UK assets for various periods of up to four years in advance. It noted that this has allowed Foresight to secure more stable and predictable incomes streams for the years ahead, underpinning its dividend cover. As a percentage of total expected revenues, the company’s fixed revenues are now at 82% in 2023, 80% in 2024 and 72% in 2025. Average fixed prices are at £106/MWh in 2022, £115/MWh in 2023, £96/MWh in 2024 and £87/MWh in 2025. “During the first six months of 2022, the Investment Manager focused on securing new fixed price energy sale agreements for periods up to four years ahead,” wrote Ohlsson. “A flexible approach to power price hedging has allowed the Company to secure strong forecast dividend cover for 2022 and provides greater certainty on future revenues for the coming years, underpinned by attractive ...

On Monday 18th July, SolarPower Europe’s Emerging Markets met with the Egyptian New and Renewable Energy Authority to present their .report on solar investment opportunities in the Middle East, and discuss the latest developments for solar in Egypt since the report’s launch last November. With COP27 taking place in Egypt later this year, this meeting provided a timely opportunity to discuss the country’s renewable energy ambitions.  Egypt’s Integrated Sustainable Energy Strategy (ISES) outlines new targets for the country including 55% renewables in the energy mix by 2035 and 61% by 2040. Among these renewable energy targets, Egypt will tap into its massive solar potential with the goal of reaching 45% solar PV capacity by 2040

IMAGE SOURCE,PA MEDIA Image caption, The project has been called Mallard Pass as the site is close to where Mallard broke the world speed record for a steam locomotive in 1938 A consultation on plans for the UK's biggest solar farm is due to end at midnight. The Mallard Pass Solar Farm would cover the equivalent of nearly 1,700 football pitches around the Lincolnshire and Rutland border, generating enough energy for thousands of homes. Opponents say the development would spoil wildlife and take away agricultural land. The application is due to be considered next spring. IMAGE SOURCE,BBC/ TONY ROE Image caption, Sue Holloway said she and other residents were "so concerned" about the scheme The total number of solar panels were reduced after the first round of consultation but the site would still be eight times bigger than the UK's current largest solar farm, measuring 4.2 miles (6.7km) from end to end. The solar panels would be 11 feet high, and could power 92,000 homes over the next 30 years. The application is being brought by Windel Energy and Canadian Solar, who say it would generate large amounts of clean energy. Windel Energy has previously told the BBC: "Mallard Pass will support the urgent need to decarbonise our electricity system, deliver reliable and sustainable low-cost energy, enhance the local environment and be a responsible neighbour."

Dr Harald Överholm is the founder and CEO of Alight, one of the EU’s leading corporate solar providers. He is also a former member of the International Energy Agency’s PVPS workgroup on solar business models. Here he gives us his take on why he thinks solar is the best renewable source of power we have at our disposal. It is clear that the energy transition is underway and moving at a positive trajectory. Our future will be driven forward by an almost 100 per cent mix of solar and wind energy coupled with battery storage - with rapid further electrification of transport and heating too. I can confidently say that this vision is perfectly feasible within the next decade. And what’s more, this future will have a very low CO2 footprint and usher in a new era of energy security and independence. One thing that is important to point out is that short-term compromises need to be accepted in order to achieve this long-term vision and endpoint.

The U.S. Department of Energy has launched the Cadmium Telluride Accelerator Consortium — a $20 million initiative designed to make cadmium telluride (CdTe) solar cells less expensive, more efficient and develop new markets for solar cell products. The new consortium was announced in Northwest Ohio, home to CdTe powerhouse First Solar and newer entrant Toledo Solar. “As solar continues its reign as one of the cheapest forms of energy powering our homes and businesses, we are committed to a solar future that is built by American workers,” said U.S. Secretary of Energy Jennifer M. Granholm. “DOE is proud to partner with leading solar researchers and companies to chart the future of CdTe technology, which presents an immense opportunity for domestic manufacturers to help ensure our nation’s security while providing family-sustaining jobs.” “To move America forward, we need an all-of-the-above strategy that propels our energy independence, lowers costs, and creates good-paying jobs. Northern Ohio has already revolutionized the field of solar technology,” said U.S. Representative Marcy Kaptur (OH-09). “Now, through this remarkable partnership between the U.S. Department of Energy, the University of Toledo, and First Solar – our region will become a hub of next-generation energy innovation that is built right here at home by Ohio’s workers.” The new Cadmium Telluride Accelerator Consortium will work on continued cost and efficiency improvements that will make CdTe cheaper and more efficient, and more competitive on the global market. To achieve these goals, the team has a broad research plan that includes CdTe doping strategies, characterizing and exploring new CdTe contacting materials, and work to enable a bifacial CdTe module that absorbs light from the front and back of the module. DOE’s National Renewable Energy Laboratory (NREL) will administer the consortium, whose leaders were chosen through a competitive solicitation NREL released last year. The consortium will be led by the University of Toledo, First Solar, Colorado State University, Toledo Solar and Sivananthan Laboratories. NREL will serve as a resource, support, and technical analysis center as the consortium develops a technology roadmap, conducts research to meet targets set within the roadmap, and regularly assesses the domestic CdTe supply chain for challenges and opportunities. The consortium aims to expand domestic CdTe photovoltaic material and module production, support the domestic CdTe supply chain, and enhance U.S. competitiveness. DOE’s Solar Photovoltaics Supply Chain Review Report identified CdTe as an opportunity for expanding domestic production of solar panels, up to the limit that CdTe material availability allows, with little risk of being overtaken by low-cost foreign competition. The FY22 Solar Manufacturing Incubator funding opportunity, announced last month, will support projects that ready new technologies and manufacturing processes for commercialization...

The Maryland Energy Administration (MEA) has announced the opening of the Solar Technical Assistance Program. This program provides technical assistance to state and local government agencies to evaluate the potential for and site solar arrays on or around government buildings. Funded through the Strategic Energy Investment Fund, the program also offers access to technical resources and vetted contractors. “MEA is delighted to offer this program to help identify sites for solar, leveraging already developed spaces such as rooftops and parking lots,” said Dr. Mary Beth Tung, director of the Maryland Energy Administration. “Adding solar to these locations helps the state and local government achieve clean energy and greenhouse gas goals while enhancing energy independence and resiliency.” The program provides technical assistance for entities who are interested in including onsite solar generation, but do not have the expertise to evaluate potential issues for siting them. This information is needed to allow government entities to make decisions concerning the location, use (to include resiliency options) and budgeting of solar energy projects. MEA is providing $400,000 of technical assistance in partnership with the Maryland Environmental Service. To learn more about application requirements, visit the program webpage. For those interested in applying for the program or finding out more information on solar siting, contact program manager David Comis.