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IRVING, Texas, Sept. 25, 2018 /PRNewswire/ -- TXU Energy today announced that it has recognized five North Texas companies as winners in the inaugural year of its TXU Energy Leadership Award Program. This program recognizes corporate and nonprofit leaders in various energy-related categories, including sustainability, innovation, energy management, community, and engagement. The awards were announced in conjunction with the TXU Energy Summit held today in Dallas.

Gabe Castro, vice president of business markets for TXU Energy, stated, "These businesses and organizations define energy responsibility, and we are excited to recognize the leadership they've shown. We are focused on partnering with our customers to help them reach their sustainability goals and keep their environmental commitments. These five such customers have seen impressive, measurable results, and we hope their successes motivate others to follow their lead."

The five North Texas-area winners include:

Leadership in Sustainability – City of Dallas
The City of Dallas has become a national leader in sustainability by changing the way it does business – looking at the entire cycle of the processes it provides and materials it uses. Dallas is the largest city in the nation to power its municipal operations with 100 percent renewable energy. Managing more than 13 million square feet of building space and 7,000 municipal vehicles, the city has seen tremendous results in increased energy efficiency and reductions in its environmental impacts. It has upgraded lighting and back-up power resources for some of its most critical services, including the 911 call center and its emergency operations center. The city has also converted a portion of its vehicle fleet to electric vehicles and offers electric vehicle charging stations at numerous municipal facilities. The Dallas City Council recently directed its staff to undertake comprehensive environmental and climate action planning to incrementally advance its commitment to making Dallas a greener and more resilient place to live, work, and play.

Leadership in Innovation – Cinemark
Cinemark, headquartered in Plano, is a leader in motion picture exhibition and in energy innovation. The company is setting a new standard for theatre efficiency and sustainability, inspiring other industries to follow its lead. Cinemark powers its Texas theatres with 100 percent clean energy from solar and wind, and the company leverages the latest technologies for energy efficiency. As such, Cinemark has significantly reduced its carbon footprint each year, while enhancing the moviegoing experience of its guests.

Leadership in Energy Management – Tyler Junior College
With more than 12,000 students, Tyler Junior College is one of the largest community colleges in Texas. Additionally, it is one of only a handful of community colleges in Texas accredited as a Level II Institution, offering two baccalaureate degrees and more than 125 associate degrees and certificates. With five locations in east Texas, the largest is the main campus, which includes 40 buildings situated on more than 145 acres. Though the first buildings on the main campus were built in the 1940s, TJC is managing energy consumption through new technologies and reaping the benefits. From energy efficient equipment in its facilities to electric vehicle charging stations for its mechanical automotive program, TJC is demonstrating excellence in energy management and education.

Leadership in Community – Meals on Wheels of Tarrant County
Meals on Wheels of Tarrant County is a 501(c)(3) not-for-profit that is making a tremendous difference in the lives of the people it serves. With more than 225 volunteer delivery routes run each day across Tarrant County, Meals on Wheels provides approximately one million meals each year to homebound, elderly, and disabled clients. The organization goes above and beyond assisting clients with fans, air conditioners, and heaters. Over the last five years, Meals on Wheels has assisted TXU Energy customers in obtaining energy bill pay assistance with nearly $9,000 of TXU Energy AidSM funds.

Leadership in Engagement – Huffines Auto Dealerships
The Huffines Auto Dealerships has a 94-year-long reputation in North Texas of treating customers the right way. The family-owned company is also committed to its more than 750 employees, having been ranked six times on the Dallas Morning News Top Places to Work. Huffines has created a workplace culture that engages its employees, including on innovative ideas for energy conservation. Employees have offered up ideas that, once implemented, have saved over one million kilowatt-hours of electricity.  

TXU Energy is proud to share the accomplishments of the recipients of its inaugural awards program. Awards were presented earlier this year to four South Texas-area businesses and organizations: Houston Pizza Venture, Lone Star Flight Museum, Cypress Fairbanks ISD, and BakerRipley. Learn more about what TXU Energy can do to help your business or organization achieve its energy and sustainability goals by visiting us on LinkedIn.

About TXU Energy
More Texans trust TXU Energy to power their homes and businesses than any other electricity provider. We're passionate about creating experiences and solutions tailored to fit the needs of our customers, including electricity plans, online tools to help save, renewable energy options, and more. Consistently ranked as one of the Top Places to Work by The Dallas Morning News, TXU Energy is also committed to creating a dynamic and fun workplace where all our people can succeed. Visit txu.com for more. TXU Energy is a subsidiary of Vistra Energy (NYSE :VST ).  REP #10004

Media
Meranda Cohn
214-875-8004
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SOURCE TXU Energy

ATLANTA, Sept. 25, 2018 /PRNewswire/ -- All four of the Vogtle co-owners (Georgia Power, MEAG Power, Dalton Utilities and Oglethorpe Power) have agreed to extend today's voting deadline to 7 p.m. (EST) tonight in order to continue the progress being made on reaching an agreement to move forward with construction.

About Georgia Power
Georgia Power is the largest electric subsidiary of Southern Company (NYSE :SO ), America's premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.5 million customers in all but four of Georgia's 159 counties. Committed to delivering clean, safe, reliable and affordable energy at rates below the national average, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power focuses on delivering world-class service to its customers every day and the company is consistently recognized by J.D. Power and Associates as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), Twitter (Twitter.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning the cancellation of Plant Vogtle Units 3 and 4. Georgia Power cautions that there are certain factors that could cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power's Annual Report on Form 10-K for the year ended December 31, 2017 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: state and federal rate regulations and the impact of pending and future rate cases and negotiations; the impact of recent and future federal and state regulatory changes, as well as changes in application of existing laws and regulations; current and future litigation or regulatory investigations, proceedings, or inquiries; legal proceedings and regulatory approvals and actions related to the cancellation of Plant Vogtle Units 3 and 4, including Georgia PSC approvals and U.S. Nuclear Regulatory Commission actions; changes in Georgia Power's credit ratings; and the effect of accounting pronouncements issued periodically by standard setting bodies. Georgia Power expressly disclaims any obligation to update any forward-looking information.

SOURCE Georgia Power

Related Links

http://www.georgiapower.com

MILWAUKEE, Sept. 25, 2018 /PRNewswire/ -- EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems ("EnSync Energy," "we," "us," "our," or the "Company"), the leading provider of innovative distributed energy resources ("DERs") and business models for residential, commercial and utility installations, today announced financial results for the fourth quarter and fiscal year ended June 30, 2018. 

Financial Highlights

  • Revenue for fiscal 2018 was $11.9 million, compared to $12.5 million in fiscal 2017. The Company experienced construction delays for two power purchase agreement ("PPA") projects, and a signing delay on a third, which resulted in the shifting of revenue to the first half of fiscal 2019. For the fiscal year, the Company recognized revenue from 13 PPA projects.
  • Significantly better operational performance in fiscal 2018 compared to fiscal 2017. Gross profit improved by more than $3.0 million in fiscal 2018 on approximately the same amount of revenue as compared to fiscal 2017.
  • Gross margins improved to 19.9% during fiscal 2018, compared to a negative gross margin of (0.7)% during fiscal 2017. The Company continues to become more efficient and profitable on its PPA construction and sales efforts.
  • On September 5, 2018, the Company completed a registered direct offering of 11,334,616 shares of Common Stock at a price of $0.26 per share for net proceeds of $2.7 million.
  • The Company has 12 PPA projects in backlog in various stages of execution. Estimated backlog value for PPA projects, components and systems as of the date of this announcement is approximately $16.4 million.

Recent Business and Product Backlog Highlights

  • During the fourth quarter, EnSync Energy formally launched the company's leapfrog EnSync Home Energy System for property developers and residential customers which will allow for a completely integrated system with solar, energy storage, power electronics and an Internet of Energy control platform that delivers state-of-the-art functionality and modularity, with industry benchmark economics, safety and system efficiency.
  • Announced the signing of the largest PPA in company history, a 750 kW solar and 500 kWh energy storage system at the Keahumoa Place affordable housing development, utilizing our recently launched residential solution, the EnSync Home Energy System and the first ever deployment of peer-to-peer energy exchange on a DC-Link in the United States.
  • Secured a total backlog of just under $6.0 million for the EnSync Home Energy System
  • Announced the signing of a 20-year PPA with Kona Brewing Company for 336-kW solar and 122kW-hour energy storage system.
  • Announced the sale of a 20-year PPA with California Department of Forestry and Fire Protection to Standard Solar, marking the Company's entry into the California marketplace.
  • Announced the sale of a 20-year PPA with two community facilities, Polynesian Cultural Center, a tourist destination, and Kohala Village HUB, a community organization. The Polynesian Cultural Center agreement marks the first commercial on-bill financing project in Hawaii using the Hawaii Green Infrastructure Authority's Green Energy Money Saver (GEM$) On-Bill program.
  • Announced the sale of Hawai'i Pacific University Phase 2 PPA for Downtown Honolulu's largest solar project, the 20-year PPA will bring clean, affordable energy to Aloha Tower Marketplace.
  • Received a purchase order for a DER SuperModuleTM system shipping to an unannounced customer in Ohio.
  • Currently showcasing the Company's Home Energy System at the Solar Power International conference and demonstrated True Peer-to-PeerTM at Intersolar North America in San Francisco in July 2018.
  • Signed land options for six 2MW Community Solar installations in Illinois, each parcel being estimated at a little more than $4.0 million of value upon buildout and sale.
  • Signed a 20-year PPA for a system to be installed at Hawaii Pacific University for the Ocean Institute.

Management Discussion

Brad Hansen, CEO of EnSync Energy, commented, "Fiscal 2018 was a very strong operational and development year for EnSync Energy, where we increased gross profits by more than $3.0 million, while at the same time developed innovative products that are opening up new markets poised for rapid growth in the near term. Our strategy to expand our product portfolio beyond our historic Hawaii commercial and industrial market is gaining significant traction.  Besides the new commercial systems penetrations in California, Colorado and Ohio, we're targeting the Northeast for near-term success. Core to the success we have had, and the tremendous opportunities in front of us, is our DER SuperModuleTM product that is unmatched in the marketplace. The introduction of the leapfrog EnSync Home Energy System, targeted at the very high growth residential energy systems market, at least triples our total available market over the next few years, with the residential energy systems market overtaking the commercial systems market in size by as early as late-2019.  Our early success in locking up land lease options in Northern Illinois for 2019 build-out is a further addition to our sources of business. Our exceptional operational execution demonstrated in FY2018 is a great foundation to grow from in these additional regions and market segments."

"In fiscal 2019, we anticipate making a hard push towards our multi-family residential market opportunity, where our technology enables us to disrupt the traditional utility model that others in the industry simply cannot match. We believe the market window is wide open, and our EnSync Home Energy System is ideal for self-generation, while our True Peer-to-PeerTM energy exchange is creating a solution for installing solar generation on multi-family properties that were previously unsolvable. Our recent announcement and execution on our Keahumoa Place multi-family residential contract, the first peer-to-peer installation of its kind in the United States, has showcased our capabilities and has become a key driver to building out our pipeline. Our IP protected True Peer-to-PeerTM energy exchange capability will become vital for states like California to implement Zero Net Energy properties.  We're also heavily focused on signing up developer channels, especially in the Hawaii, California and Arizona markets where we anticipate shipping approximately 20 channel partner qualification systems at the end of this calendar year.  The US residential systems market will be worth at least $7.0 billion through 2023 and we're excited to go after a significant share of it."

"Our utility focus, driven largely by our participation in Illinois' renewable energy initiatives, is rapidly progressing as we target the community solar portion of their program. This program allows for up to 4 megawatt size installations to be constructed, then anyone in the utility territory of the installation can subscribe to that renewable electricity that is generated. We now have six parcels of land under option contract that will support a total of at least 12 megawatts of PV, where we estimate each megawatt will be worth approximately $2 million in revenue.  We're working to lock-up about another half dozen parcels before the end of the calendar year, targeting at least enough land to support 25 to 30 megawatts of projects. If the program administration stays on schedule and if we execute well, we should begin to see Illinois sales contribution next summer." 

Mr. Hansen concluded, "We're well prepared to capitalize on the opportunities that are directly in front of us in the commercial and industrial, residential, and utility markets. Our operational execution continues to improve, our addressable markets continue to expand, and our backlog and pipeline of projects is at an all-time high. I look forward to leveraging our unique product capabilities into fully operational projects in fiscal 2019 and the years to come."

Quarterly Financial Results

Total revenue for the fourth quarter of fiscal 2018 was $1.7 million, compared to $3.1 million in the year ago period.  Revenue in the fourth quarter was impacted by the sale and construction delays for three PPA projects, which resulted in the shifting of revenue to the first half of fiscal 2019. Revenue during the fourth quarter of fiscal 2018 was largely derived from 9 PPA contracts in Hawaii. 

Gross margins were 4.0% during the fourth quarter, compared to 5.5% gross margin in the year ago period. The decline in gross margin in the fourth quarter relative to the significant improvements during the first nine months of fiscal 2018, which resulted in a 22.4% gross margin for that period, was the result of inventory reserves and adjustments related to our legacy flow battery business, which resulted in a more pronounced impact on gross margin for the fourth quarter of fiscal 2018. Excluding the inventory reserves and adjustments of $0.3 million and $(0.1) million for the fourth quarter of fiscal 2018 and fiscal 2017, respectively, adjusted gross margins would have been 21.9% in the fourth quarter of fiscal 2018, compared to adjusted gross margins of 3.8% in the year ago period. The Company's expectation is that gross profit margins on future PPA sales should be between 15% and 25%. 

Advanced Engineering and Development costs decreased to $1.0 million during the fourth quarter, compared to $1.3 million in the year ago period, primarily due to the completion of the EnSync Home Energy System in the fourth quarter of fiscal 2018.  Selling, General and Administrative expenses decreased to $2.7 million during the fourth quarter, compared to $2.8 million in the year ago period. Total Advanced Engineering and Development costs plus Selling, General and Administrative expenses (excluding stock-based compensation of $0.4 million and $0.6 million, respectively) was $3.3 million during the fourth quarter, compared to $3.5 million in the year ago period.

Net loss attributable to common shareholders was $(3.7) million, or $(0.07) per basic and diluted share, for the fourth quarter of fiscal 2018, compared to net income of $9.2 million, or $0.19 per basic and diluted share, in the fourth quarter of fiscal 2017, or an adjusted net loss of $(4.1) million, or $(0.08) per basic and diluted share after excluding the $13.3 million gain related to the termination of the SPI supply agreement in the fourth quarter of fiscal 2017.

Annual Financial Results

Total revenue for fiscal 2018 was $11.9 million compared to $12.5 million in fiscal 2017. In fiscal 2018, the Company had 13 PPA contracts contribute to revenues.

Gross margins improved to 19.9% during fiscal 2018, compared to (0.7)% gross margin in fiscal 2017.  Adjusted gross margins excluding the inventory reserves and adjustments of $0.4 million and $0.2 million, respectively, would have been 22.8% in fiscal 2018 and 0.7% in fiscal 2017. The improved gross margin is attributable to continued efficiencies in the procurement, construction and sale process.   

Advanced Engineering and Development costs decreased to $4.4 million during fiscal 2018, compared to $4.8 million in fiscal 2017.  Selling, General and Administrative expenses decreased to $10.3 million in fiscal 2018, compared to $11.1 million in fiscal 2017. The improvement in Selling, General and Administrative expenses was primarily the result of a reduction in stock-based compensation.

Net loss attributable to common shareholders was $(13.3) million, or $(0.24) per basic and diluted share in fiscal 2018, compared to a net loss attributable to common shareholders of $(4.4) million, or $(0.09) per basic and diluted share, in fiscal 2017, or an adjusted net loss of $(17.7) million, or $(0.37) per basic and diluted share after excluding the $13.3 million gain related to the termination of the SPI supply agreement in fiscal 2017.

Balance Sheet and Backlog

Cash and cash equivalents at June 30, 2018 was $3.0 million. On September 5, 2018, the Company completed a registered direct offering of a maximum shares currently available under its shelf registration of 11.3 million shares at a price of $0.26 per share. The Company received net proceeds of $2.7 million.

Estimated backlog value for PPA projects, components and systems as of the date of this announcement is approximately $16.4 million.

Nonstatutory Inducement Stock Option Grant to New Employees

On April 24, 2018, two new non-executive employees were issued nonstatutory inducement stock options to purchase a total of 160,000 shares of common stock.  The nonstatutory inducement stock options are exercisable at a price of $0.39 per share (which was the closing price of a share of the Company's Common Stock on the grant date) and vest in three equal annual installments.  The awards were approved by the Company's independent Compensation Committee of the Board of Directors and were granted as an inducement material to the new employees entering into employment with the Company.  The Company is making this announcement as required by NYSE American rules.

Conference Call Information

Date: Tuesday, September 25, 2018

Time: 4:30 p.m. ET (3:30 p.m. CT)

Domestic participant dial in #: (877) 283-0524 or (412) 317-5232

Conference code #: 10124143

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.

Interested parties can also listen to a live internet webcast available in the investor section of the Company's website at www.ensync.com. 

A teleconference replay of the call will be available at (877) 344-7529 or (412) 317-0088, confirmation code 10124143, through October 2, 2018. A webcast replay will be available in the investor section of the Company's website at www.ensync.com for 90 days. 

About EnSync Energy Systems

EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems, is creating the future of electricity with innovative distributed energy resource (DER) systems and internet of energy (IOE) control platforms. EnSync Energy ensures the most cost-effective and resilient electricity, delivered from an electrical infrastructure that prioritizes the use of all available resources, such as renewables, energy storage and the utility grid. As project developer, EnSync Energy's distinctive engagement methodology encompasses load analysis, system design consulting, and technical and financial modeling to ensure energy systems are sized and optimized to meet our customers' objectives for value and performance.  Proprietary direct current (DC) power control hardware, energy management software, and extensive experience with numerous energy storage technologies uniquely positions EnSync Energy to deliver fully integrated systems that provide for efficient design, procurement, commissioning, and ongoing operation.  EnSync Energy's IOE control platform adapts easily to ever-changing generation and load variables, as well as changes in utility prices and programs, ensuring the means to make or save money behind-the-meter, while concurrently providing utilities the opportunity to use DERs for an array of grid enhancing services. In addition to direct system sales, EnSync Energy includes power purchase agreements (PPAs) in its portfolio of offerings, which enables electricity savings for customers and provides a stable financial yield for investors. EnSync Energy is a global corporation, with joint venture Meineng Energy in AnHui, China, and energy project development subsidiary Holu Energy LLC in Hawaii. For more information, visit www.ensync.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections.  Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other comparable terms.  All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding project completion timelines, our ability to monetize our PPA assets, statements regarding the sufficiency of our capital resources, expected operating losses, expected revenues, expected expenses and our expectations concerning our business strategy. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our historical and anticipated future operational losses and our ability to continue as a going concern; our ability to raise the necessary capital to fund our operations and the risk of dilution to shareholders from capital raising transactions; our ability to successfully commercialize new products, including our EnSync Home Energy System, MatrixTM Energy Management, DER FlexTM, DER SupermoduleTM, and AgileTM Hybrid Storage Systems; our ability to lower our costs and increase our margins; our product, customer and geographic concentration, and lack of revenue diversification; the length and variability of our sales cycle; our dependence on governmental mandates and the availability of rebates, tax credits and other economic incentives related to alternative energy resources and the regulatory treatment of third-party owned solar energy systems; and the other risks and uncertainties discussed in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Report(s) on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Non-GAAP Financial Measures
In this press release, we have included several non-U.S. GAAP financial measures, including adjusted gross margin and adjusted net loss, as our management believes this information is useful to investors to aid in comparisons with other periods.   The non-U.S. GAAP information has limitations as an analytical tool and should not be considered in isolation from or as a substitute for U.S. GAAP information.

Media Relations Contact:
Antenna
Shreema Mehta
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(646) 416-9853

EnSync Energy Media Contact:
Michelle Montague
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(262) 735-5676

Investor Relations Contact:
Lytham Partners, LLC 
Robert Blum, Joseph Diaz, or Joe Dorame 
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(602) 889-9700

EnSync, Inc.

Consolidated Statements of Operations

 Three months ended June 30, 

 Year ended June 30, 

2018

2017

2018

2017

Revenues

$   1,650,495

$  3,050,549

$   11,932,328

$  12,494,184

Costs and expenses

Cost of product sales

1,584,611

2,882,600

9,562,472

12,586,458

Cost of engineering and development

-

-

-

937,725

Advanced engineering and development

979,619

1,336,514

4,449,974

4,829,840

Selling, general and administrative

2,691,239

2,777,265

10,252,674

11,109,038

Depreciation and amortization

49,491

97,293

296,417

551,680

Impairment of long-lived assets

-

-

447,000

-

Total costs and expenses

5,304,960

7,093,672

25,008,537

30,014,741

Loss from operations

(3,654,465)

(4,043,123)

(13,076,209)

(17,520,557)

Other income (expense)

Equity in gain (loss) of investee company

77,769

(46,082)

(307,674)

(217,898)

Interest income

3,882

8,225

23,795

41,661

Interest expense

(7,514)

(13,255)

(38,484)

(50,474)

Other income (loss)

(64,003)

6,973

74,031

15,405

Gain on termination of SPI Supply Agreement

-

13,290,000

-

13,290,000

Total other income (expense)

10,134

13,245,861

(248,332)

13,078,694

Income (loss) before benefit for income taxes

(3,644,331)

9,202,738

(13,324,541)

(4,441,863)

Benefit for income taxes

-

-

-

-

Net income (loss)

(3,644,331)

9,202,738

(13,324,541)

(4,441,863)

Net income (loss) attributable to noncontrolling interest

35,237

81,266

354,526

352,327

Net income (loss) attributable to EnSync, Inc.

(3,609,094)

9,284,004

(12,970,015)

(4,089,536)

Preferred stock dividend

(89,679)

(81,246)

(345,810)

(313,286)

Net income (loss) attributable to common shareholders

$  (3,698,773)

$  9,202,758

$  (13,315,825)

$   (4,402,822)

Net income (loss) per share

Basic and diluted

$           (0.07)

$           0.19

$             (0.24)

$            (0.09)

Weighted average shares - basic and diluted

56,537,508

48,675,937

56,003,019

48,070,993

EnSync, Inc.

Consolidated Balance Sheets

 June 30, 2018 

 June 30, 2017 

Assets

Current assets:

Cash and cash equivalents

$         2,984,532

$        11,782,962

Accounts receivable, net

215,009

469,906

Inventories, net

1,220,448

2,482,013

Costs and estimated earnings in excess of billings

528,266

87,318

Prepaid expenses and other current assets

929,379

630,998

Total current assets

5,877,634

15,453,197

Long-term assets:

Property, plant and equipment, net

775,545

3,446,253

Investment in investee company

1,640,054

1,947,728

Goodwill

809,363

809,363

Right of use assets-operating leases

1,087,249

150,214

Other assets

91,087

7,502

Total assets

$       10,280,932

$        21,814,257

Liabilities and Equity

Current liabilities:

Current maturities of long-term debt

$                        -

$             726,256

Accounts payable

1,142,256

487,185

Billings in excess of costs and estimated earnings 

176,294

456,950

Accrued expenses 

1,236,680

1,231,714

Total current liabilities

2,555,230

2,902,105

Long-term liabilities:

Long-term debt, net of current maturities

331,827

331,827

Deferred revenue

538,937

422,638

Other long-term liabilities

1,072,120

249,920

Total liabilities

4,498,114

3,906,490

Commitments and contingencies

-

-

Equity

Series B redeemable convertible preferred stock ($0.01 par value, $1,000 face value), 3,000 shares authorized and issued, 2,300 shares outstanding, preference in liquidation of $5,976,896 and $5,631,086 as of June 30, 2018 and June 30, 2017, respectively

23

23

Series C convertible preferred stock ($0.01 par value, $1,000 face value), 28,048 shares authorized, issued, and outstanding, preference in liquidation of $0 and $12,276,682 as of June 30, 2018 and June 30, 2017, respectively

280

280

Common stock ($0.01 par value), 300,000,000 authorized, 56,609,115 and 55,200,963 shares issued and outstanding as of June 30, 2018 and June 30, 2017, respectively

1,274,406

1,260,324

Additional paid-in capital

143,008,995

141,822,317

Accumulated deficit

(137,609,659)

(124,639,644)

Accumulated other comprehensive loss

(1,587,702)

(1,584,578)

Total EnSync, Inc. equity

5,086,343

16,858,722

Noncontrolling interest

696,475

1,049,045

Total equity

5,782,818

17,907,767

Total liabilities and equity 

$          10,280,932

$          21,814,257

EnSync, Inc.

 Consolidated Statements of Cash Flows

Year ended June 30,

2018

2017

Cash flows from operating activities

Net loss

$    (13,324,541)

$      (4,441,863)

Adjustments to reconcile net loss to net cash used in

operating activities:

Depreciation of property, plant and equipment

288,168

483,636

Amortization of customer intangible assets

8,249

68,044

Stock-based compensation, net

1,142,749

2,145,765

Equity in loss of investee company

307,674

217,898

Provision for inventory reserve

354,000

182,647

Gain on sale of property, plant and equipment

(73,647)

(1,911)

Interest accreted on note receivable

(10,981)

(12,000)

Allowance for note receivable

162,121

-

Gain on termination of SPI Supply Agreement

-

(13,290,000)

Impairment of long-lived assets

447,000

-

Changes in assets and liabilities

Accounts receivable

254,897

(297,273)

Inventories

907,565

(794,718)

Costs and estimated earnings in excess of billings

(440,948)

(87,318)

Prepaids and other current assets

(478,119)

1,756,979

Deferred PPA project costs

-

5,690,307

Other assets

(86,360)

(4,727)

Accounts payable

655,071

(82,041)

Billings in excess of costs and estimated earnings 

(280,656)

456,950

Accrued expenses

(127,646)

227,474

Deferred revenue

116,299

422,638

Other long-term liabilities

16,793

145,013

Net cash used in operating activities

(10,162,312)

(7,214,500)

Cash flows from investing activities

Expenditures for property and equipment

(288,846)

(46,366)

Proceeds from sale of property, plant and equipment

2,299,017

8,432

Payments from note receivable

20,000

12,000

Net cash provided by (used in) investing activities

2,030,171

(25,934)

Cash flows from financing activities

Repayments of long term debt

(726,256)

(332,344)

Proceeds from issuance of common stock

96,674

2,095,840

Proceeds from the exercise of stock options

-

69,960

Payments of tax withholding related to stock-based compensation

(38,663)

-

Contribution of capital from noncontrolling interest

1,956

-

Net cash provided by (used in) financing activities

(666,289)

1,833,456

Effect of exchange rate changes on cash and cash equivalents

-

851

Net decrease in cash and cash equivalents

(8,798,430)

(5,406,127)

Cash and cash equivalents - beginning of period

11,782,962

17,189,089

Cash and cash equivalents - end of period

$     2,984,532

$       11,782,962

Supplemental disclosures of cash flow information:

Cash paid for interest

$          40,888

$              51,134

Supplemental noncash information:

Right of use asset obtained in exchange for new operating lease

937,035

122,950

SOURCE EnSync, Inc.

Related Links

http://www.ensync.com

HONOLULU, Sept. 25, 2018 /PRNewswire/ -- EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems, the leading provider of innovative distributed energy resources (DERs) and business models for residential, commercial and utility installations, today announced a 20-year power purchase agreement with Hawai'i Pacific University to build a 211-kilowatt (kW) photovoltaic (PV) system on four buildings at its affiliate not-for-profit, the Oceanic Institute, on Oahu, Hawaii.

Nestled next to the iconic Sea Life Park Hawaii aquarium on the far eastern point of the island, the Oceanic Institute works as an applied aquaculture research facility to support the development of more efficient and productive farming in controlled underwater habitats. The Oceanic Institute works to improve the systems managing what the World Wildlife Fund describes as the fastest growing food production system in the world.

"Working with Hawai'i Pacific University and the Oceanic Institute of HPU enables us to champion both responsible coastal resource management and now sustainable, local energy. Just as its technology leadership has had ripple effects on the aquaculture industry, we hope the Oceanic Institute's interest in solar energy technology will spread as well," said Brad Hansen, CEO of EnSync Energy.

The Oceanic Institute, like other aquaculture facilities, has a large energy load to meet its mission-critical energy needs, which include constant water pumping. To find and deliver the lowest-cost, most reliable electricity from multiple sources, EnSync Energy performed detailed modeling of the site, the load consumption data, available energy assets and technical design options to optimize the final design and validate financial return on the photovoltaic system's production numbers.

The 211-kW roof-mounted PV installation will support the Oceanic Institute's large load by generating local and clean energy to be used on-site. The solar project will reduce the facility's energy costs, which in Hawaii are the highest in the nation, by lowering the aquaculture research facility's total grid-supplied energy use, reducing expensive peak demand charges and adding resiliency.

"Our partnership with EnSync Energy furthers HPU's commitment to innovative energy solutions and sustainable business practices," said Bruce Edwards, Senior Vice President and Chief Financial Officer of HPU. "We're proud initiatives like this and our PV installation at Aloha Tower Marketplace are helping Hawai'i meet its clean energy goal."

HPU and EnSync Energy's 660-kilowatt PV system on the rooftop of the historic Aloha Tower Marketplace is the largest solar development in downtown Honolulu. The first phase of that project is operational and supplying energy to the mixed-use university space, while the second phase is under construction.

EnSync Energy's tailored project development and financing support enables investors and local energy consumers to commit to clean energy cost savings while furthering Hawaii's state goal to achieve 100 percent renewable energy by 2045. EnSync Energy has contracted 27 commercial projects in Hawaii, which will account for more than $42.8 million in electricity sales over the terms of the agreements. 

About EnSync Energy Systems
EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems, is creating the future of electricity with innovative distributed energy resource (DER) systems and internet of energy (IOE) control platforms. EnSync Energy ensures the most cost-effective and resilient electricity, delivered from an electrical infrastructure that prioritizes the use of all available resources, such as renewables, energy storage and the utility grid. As project developer, EnSync Energy's distinctive engagement methodology encompasses load analysis, system design consulting, and technical and financial modeling to ensure energy systems are sized and optimized to meet our customers' objectives for value and performance.  Proprietary direct current (DC) power control hardware, energy management software, and extensive experience with numerous energy storage technologies uniquely positions EnSync Energy to deliver fully integrated systems that provide for efficient design, procurement, commissioning, and ongoing operation.  EnSync Energy's IOE control platform adapts easily to ever-changing generation and load variables, as well as changes in utility prices and programs, ensuring the means to make or save money behind-the-meter, while concurrently providing utilities the opportunity to use DERs for an array of grid enhancing services. In addition to direct system sales, EnSync Energy includes power purchase agreements (PPAs) in its portfolio of offerings, which enables electricity savings for customers and provides a stable financial yield for investors. EnSync Energy is a global corporation, with joint venture Meineng Energy in AnHui, China, and energy project development subsidiary Holu Energy LLC in Hawaii. For more information, visit www.ensync.com.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections.  Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other comparable terms.  All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding project completion timelines, our ability to monetize our PPA assets, statements regarding the sufficiency of our capital resources, expected operating losses, expected revenues, expected expenses and our expectations concerning our business strategy. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our historical and anticipated future operation losses and our ability to continue as a going concern; our ability to raise the necessary capital to fund our operations and the risk of dilution to shareholders from capital raising transactions; our ability to successfully commercialize new products, including our EnSync Home Energy System, MatrixTM Energy Management, DER FlexTM, DER SuperModule, and AgileTM Hybrid Storage Systems; our ability to lower our costs and increase our margins; our product, customer and geographic concentration, and lack of revenue diversification; the length and variability of our sales cycle; our dependence on governmental mandates and the availability of rebates, tax credits and other economic incentives related to alternative energy resources and the regulatory treatment of third-party owned solar energy systems; and the other risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Report(s) on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

About Hawai'i Pacific University
Founded in 1965, Hawai'i Pacific University has grown to become the state's leading private, non-profit university, with a student population of nearly 5,000 undergraduate and graduate students from all 50 states and nearly 65 countries around the world. It has campuses in downtown Honolulu, Kāne'ohe, and Makapu'u, and on military bases around O'ahu. The Chronicle of Higher Education, The Wall Street Journal and USA Today have named it among the most diverse private universities in the nation. www.HPU.edu

EnSync Energy Media Contact:

Lisa Nash
Antenna Group for EnSync Energy
This email address is being protected from spambots. You need JavaScript enabled to view it.
646-883-4296

Michelle Montague 
This email address is being protected from spambots. You need JavaScript enabled to view it. 
(262) 735-5676

Investor Relations Contact:

Lytham Partners, LLC 
Robert Blum, Joseph Diaz, or Joe Dorame 
(602) 889-9700

SOURCE EnSync, Inc.

Related Links

http://www.ensync.com

Asian Development Bank (ADB) will provide a $500 million loan to build climate resilient...

GOMA, Democratic Republic of Congo, September 25, 2018/APO Group/ --

BBOXX (www.BBOXX.co.uk), a next generation utility, and GE (www.GE.com) have launched a partnership to provide energy access for small businesses, schools and other organisations in Goma, Democratic Republic of Congo (DRC).

A large number of businesses and organisations across the DRC are currently without sufficient energy access. Many are paying excessive amounts for diesel and have to dedicate considerable time to solving problems caused by unreliable supply. This is hindering economic growth and acting as a barrier to improving quality of life in one of the least developed nations in Africa.

BBOXX has deployed the first of GE’s Hybrid Distributed Power (HDP) systems in the city of Goma, close to the Rwandan border, to connect up to 10 customers. The first is a local school, Kivu International School. More customers will be added to the “mini grid” over the following weeks.

GE’s HDP technology provides sustainable energy in off-grid settings, combining solar energy, battery storage and diesel generation to ensure a reliable electricity supply.

The systems will be linked between GE’s Predix digital remote monitoring and diagnostics platform to BBOXX’s cloud-based Pulse platform in the near future. This pioneering technology proactively troubleshoots issues with any system before they become a problem for customers. Pulse uses big data and predictive analytics to help improve customer service and provide a deep understanding of customer behaviour.

The partnership forms part of BBOXX’s strategy to improve access to vital utilities for customers with a range of needs, from small solar home systems of 50W in rural communities, to businesses in urban areas with higher energy demands of 0.5kW – 5.0kW, and beyond. GE’s HDP system in Goma is capable of delivering up to 30kW.

“Many businesses and small organisations in the DRC, and across the developing world, do not have a reliable, affordable way of maintaining electricity supply. Hybrid distributed power and micro-grid technology provides one solution to solve this pressing problem by delivering an on-grid experience in an off-grid setting,” said Mansoor Hamayun, CEO and co-founder of BBOXX.

“We look forward to working with our technical partners in the future to supply energy and other utility services to more customers across the distribution mix, from small rural homes through to urban SMEs and public institutions, improving productivity and powering economic growth.”

“We are excited to partner with BBOXX to enable energy access in the DRC. GE’s Hybrid Distributed Power system offers flexibility to deliver fast, reliable power with a digital backbone found in utility scale power plants,” said Brian Selby, Managing Director of Licensing at GE.

BBOXX is already positively impacting the lives of 750,000 people living in off-grid communities in Africa and Asia by providing clean, reliable and affordable solar electricity. BBOXX recognises that electricity is the entry point to a broader range of products and services as well as further economic development.

PRETORIA, South Africa, September 21, 2018/APO Group/ --

Public lecture by Deputy Minister Reginah Mhaule on the Outcomes of the 10th BRICS Johannesburg Summit at the Sol Plaatjie University, Kimberley, Northern Cape, 19 September 2018 :

Our Programme Director, Prof Mary Jean Baxen,
Prof Collin Miruka,
Prof Patrick Fitzgerald,
Members of Senate and Council present,
MEC of Education, Ms Barbara Bartlett and other members of Exco present,
Academics and Staff,
Provincial Chairperson of the ANC, Dr Zamani Saul, the leadership and all other political parties present,
President of SRC, Mr Zolani Jack, Members of the SRC and the entire student leadership present,
Students,
Officials present here,
Esteemed guests, 
Sanibonani.

I am honoured and of course delighted to interact with you today, particularly because of our focus of engagement which is the outcomes of the recently concluded 10th BRICS Summit which was held in Johannesburg in July this year. You will recall that before the commencement of the Summit, we criss-crossed the length and breadth of our country presenting and informing our people what our partnership within the BRICS entails. We further focused on ensuring that South Africans understands the importance we attach to the BRICS formation and the benefits we derive thereof.

In this context we made a commitment to get back to the people and report on the outcomes of the Summit. Certainly this is our first public lecture of this kind which is held at the university named after the first Secretary General of the South African Native National Congress, later named African National Congress (ANC) and also the first Black South African to write a novel, Solomon Tshekisho Plaatje.

The summit took place during the 10th anniversary of the BRICS formation which coincided with a very significant year where South Africa celebrates the centenary of the two giants in our liberation, namely Mama Albertina Sisulu and former President Tata Nelson Mandela. Whose contribution shape our current democratic dispensation and internationalist character. 

The Summit indeed afforded us a fitting platform to again reflect on the important pillars of our foreign policy, particularly our cooperation with countries of the South. Tata Madiba alluded to this in his inaugural State of the Nation Address (SONA) on 24 May 1994 when he said: “We will also be looking very closely at the question of enhancing South-South cooperation in general as part of the effort to expand our economic links with the rest of the world.”

I can inform you that it is in this context that South Africa accepted the invitation to join BRICS in 2011. We believe that economic cooperation remains an important instrument to pursue our national interests and improve the living conditions of our people while contributing to the well-being of our fellow Africans and all those in communities across our nations.

Having said that, I would like to take an opportunity to briefly reflect on the history of our membership to the BRICS formation before outlining the outcomes of the summit and the benefits we have leveraged from the opportunities it continues to provide.

Ladies and Gentlemen,


It must be public knowledge that our foreign policy outlook and continued focus on strengthening relations with formations and people of the South is largely informed by our history as well as identity. We however must emphasise that we are Africans who share historic commonalities with countries of the Global South which includes amongst others, the struggle against apartheid and colonialism. We also share common aspirations in regard to the kind of the world we wish to live in and the shared future which can benefit humanity.

Similarly, the BRICS formation in this context signifies a long standing tradition of solidarity that was firmly established 63 years ago, in April 1955. This was when countries of Asia and Africa met at the historic Bandung Conference in the emerging Cold War era situation of which the meeting’s significance and outcomes are well documented. I must however remind you that the Bandung Conference resulted in the formation of the Non-Aligned Movement (NAM) in later years.

Amid pressure from the Cold War bipolarisation, those countries were able to concertedly affirm that they would choose neither the East nor the West, but pursue their own path and strategy under the “Bandung Principles” of the Afro-Asia solidarity. For us it is important to recall that South Africa was at the Bandung Conference, represented by selected ANC leaders.

Subsequently, with the attainment of our democracy, it is again common knowledge that South Africa shared the same socio-economic and underdeveloped challenges as countries of the Global South. To a certain extent our challenges continue to be compounded by an international system that perpetuates the marginalisation of the Global South and the poor in every corner of the globe.

The BRICS formation has demonstrated potential to change the world. This is possible considering that the BRICS formation has joined an array of inter-regional bodies that contribute to global diffusion of power. Of course we joined the BRICS formation to advance our foreign policy objectives that are predicated on our domestic interests and the promotion of the African Agenda. 

Esteemed Guests,


We can, once again, underscore that our 2018 Chairship of the BRICS Forum has been guided by our commitment to ensure that the African Agenda, as well as that of the Global South, remain on the Agenda of BRICS, particularly as it relates to garnering BRICS support for industrialisation and infrastructure development. We have sought to harmonise policies adopted in regional and international fora with those pursued in BRICS, more notably the African Union’s Agenda 2063 and the United Nations 2030 Agenda for Sustainable Development.

The benefits that South Africa and the African derive from our membership of the BRICS are both practical and tangible. A case in point is that South Africa-BRIC trade has grown from $28bn in 2010 to $35bn in 2017.

Additionally the establishment and operalisation of the BRICS New Development Bank as well as the Africa Regional Centre (ARC), which we proudly host in Johannesburg, has brought closer the alternative project funding institution to our people and the continent.

Just as a reminder, infrastructure and sustainable development project funding by the BRICS bank will also be extended to countries that are not members of the formation, and therefore African countries will benefit a great deal. I can say without any fear of contradiction that the ARC will enable us to identify projects that will enhance economic connectivity and bolster intra-Africa trade, among others.

It must further be noted that we witnessed with pride the first tranche of NDB project loans disbursed in 2016. I recall that this trench included a project in renewable energy amounting to 180 million USD to our own country. This has enabled us to stabilize our electricity grid supply and keep the much-needed jobs through continued operations in factories. There are those who are already saying the NDB could be the new World Bank, as far as I know this was not the objective of its creation. In May 2018 South Africa was granted an additional loan of USD 200 million by the NDB for expansion of the Durban port. It is worth noting that thus far the NDB has disbursed loans totalling USD 5.1 billion. 

Programme Director,

Let me at this juncture turn my focus to some specific outcomes of the 2018 10th BRICS Summit. South Africa in its capacity as Chair of the BRICS grouping hosted the Johannesburg Summit  on the 25-27 July 2018, in Sandton, Johannesburg, under the theme, “BRICS in Africa: Collaboration for Inclusive Growth and Shared Prosperity in the 4th Industrial Revolution”.

President Ramaphosa in his opening address to the Summit expanded on the theme, further stating, quantum leaps in technology and innovation present enormous opportunities for growth, development and human progress.The president also indicated that the surge in innovation has the potential to dramatically improve productivity and to place entire countries on a new trajectory of prosperity. It has the potential to solve many of the social problems we face, by better equipping us to combat disease, hunger and environmental degradation.

Esteemed guests,

A report by the World Economic Forum predicts that by 2020, which is roughly two years from now, three most important skills for an employee will be complex problem-solving, critical thinking and creativity. Admittedly this require emerging markets to institute innovative programmes to re-skill the current workforce to be able to match the advances in technology. This of course will be achieved within the context of BRICS and also in cooperation with other formation across the globe. 

In line with the theme, we informed our guests that, as a country, we have already committed to establish a Digital Industrial Revolution Commission. It will include the private sector and civil society, among others. In this regard, the BRICS Summit has adopted the Johannesburg declaration and an Action Plan based on this thematic focus and other pressing international issues. The BRICS Heads of State also presided over the signing of a couple of memorandums of understanding.

During deliberations of the Annual Meeting of the BRICS Business Council, we recognised the achievements and progress the Council had made over the past year and analysed the opportunities and challenges facing the emerging economies. The five BRICS countries reinforced their ongoing commitment and agreed on the importance of ensuring greater economic, trade and investment ties amongst the BRICS countries.

The three major focus areas identified during South Africa’s BRICS Business Council’s rotating chairmanship were: 
1. Youth – Fostering Entrepreneurship
2. The Digital Economy – Skills Development for the 4th Industrial Revolution
3. Agriculture and Food Security

Perhaps I must state that, flowing from the above and our commitment to the Establishment of the BRICS Credit Rating Agency, there is growing global interests in how we manage the BRICS affairs.  Just a few week ago, two of the ‘Big Three’ rating agencies has given the BRICS New Development Bank positive ratings, Standard & Poor's (S&P) has assigned its AA+ long-term and A1+ short-term issuer ratings with a stable outlook while Fitch assigned the NDB a long-term issuer default rating (IDR) of AA+ with a stable outlook and a short-term IDR of F1+. This is a positive development in that it provides the NDB with a unique opportunity to establish itself as an important player in the multilateral development finance space. This further negates the perception of naysayers that the BRICS grouping lacks the required clout to influence global power dynamics.

Also, the Council reviewed the major work and achievements during South Africa’s presidency in 2018 and listened to the reports presented by the nine working groups, on energy and the green economy, financial services, deregulation, manufacturing, infrastructure, agribusiness, skills development, regional aviation and the digital economy.

Further moves towards enhancing economic development came in the form of the establishment of a BRICS Tourism Track and the BRICS Women’s Initiative.

On a separate matter, a proposal was made to the Summit, arising from deliberations from the 2018 BRICS Youth Summit, to consider the establishment of a Youth Working Group, as the 10th Working Group of the Council. This matter is receiving the attention it deserves.

Ladies and Gentlemen,

Let me underscore that all the BRICS partners utilised the summit occasion to recommit to the pursuit of a rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system, as embodied in the World Trade Organisation (WTO).  Importantly, this commitment of the BRICS Leaders was also strongly supported by the BRICS Outreach partners.

This brings me to an important aspect of our hosting. We convened, on the margins of the summit, the BRICS-Africa Outreach Dialogue and the BRICS Plus Initiative. Thus the following Heads of State/Government attended the Summit: Rwanda, Ethiopia, Angola, Zambia, Namibia, Senegal, Gabon, Togo, Uganda, Jamaica, Argentina, Turkey, Botswana, DRC, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Seychelles, Tanzania and Zimbabwe

I must indicate that both the Outreach Dialogue and the Initiative were held simultaneously to reflect the broad partnerships BRICS has stimulated with the African continent and the Global South.

Key outcomes of the Johannesburg Declaration, included amongst others:  establishment of a BRICS Working Group on the 4th Industrial Revolution through the BRICS Partnership on New Industrial Revolution (PartNIR) and its Advisory Group consisting of respective representatives of BRICS Ministries of Industry; BRICS Networks of Science Parks, Technology Business Incubators and Small and Medium-sized Enterprises were established to further support initiatives of the 4th Industrial Revolution; BRICS Vaccine Centre was established here in South Africa.

The declaration, which was reached to the principles of consensus further committed to the principals of mutual respects, sovereignty, equality, democracy, inclusiveness and strengthened collaboration in key subthemes; namely: Strengthening multilateralism, reforming global governance and addressing common challenges; Strengthening and consolidation BRICS cooperation in International peace and Security; BRICS partnership for global economic recovery, reform of financial and economic global governance institutions, and the Forth Industrial Revolution; and People to People Cooperation.


Ladies and Gentlemen,

In conclusion, allow me to turn my attention to education as a matter that received a focused attention of the summit. Our leaders agreed that there is a need to develop an outcome based education that will assist us in meeting the developmental challenges brought by the Fourth Industrial Revolution. In this vein the BRICS Heads of State/Governments  reaffirmed the importance of higher education exchange for BRICS and called for a network of universities across the BRICS countries to collaborate and exchange knowledge and research experience.

Again, I am alluding to this so that the Institution we visiting today, knows that it also has a role to play in the development of the BRICS educational Programme. The BRICS University Network is therefore an important structure that will undertake the research that is needed to inform the overall BRICS collaboration and how it must evolve.


There are pockets of excellence in all our universities and our goal should be to benefit all.


Ngiyabonga!!!

 

African Development Bank, mariner investment group, and africa50 price landmark $1 billion impact securitization Structured as a synthetic securitization by Mizuho International, Room2Run transfers the mezzanine credit risk on a portfolio of approximately 50 loans from among the African Development Bank’s non- sovereign lending book, including power, transportation, financial sector, and manufacturing assets MONTREAL, Canada, September 19, 2018/APO Group/ --
  • With “Room2run,” AfDB Launches Securitization Market for Multilateral Development Bank Sector
  • Transaction is in Direct Response to G20 Action Plan for Mdb Balance Sheet Optimization
  • AfDB Commits to Reinvest freed up Capital into New African Infrastructure Lending, Making Room2run one of the Largest Impact Investments ever
  • Transaction is supported by New European Union Guarantee Tool (European Fund For Sustainable Development)
The African Development Bank (www.AFDB.org), the European Commission (http://EC.Europa.eu/growth/industry/innovation/funding/efsi_en), Mariner Investment Group (www.MarinerInvestment.com), LLC (Mariner), Africa50 (www.Africa50.com), and Mizuho International plc  (www.Mizuho-EMEA.com) today announce the pricing of Room2Run, a US $1 billion synthetic securitization corresponding to a portfolio of seasoned pan-African credit risk. Room2Run is the first-ever portfolio synthetic securitization between a Multi-Lateral Development Bank (MDB) and private sector investors, pioneering the use of securitization and credit risk transfer technology to a new and previously unexplored segment of the financial markets. Structured as a synthetic securitization by Mizuho International, Room2Run transfers the mezzanine credit risk on a portfolio of approximately 50 loans from among the African Development Bank’s non-sovereign lending book, including power, transportation, financial sector, and manufacturing assets. The portfolio spans the African continent, with exposure to borrowers in North Africa, West Africa, Central Africa, East Africa, and Southern Africa. Mariner, the global alternative asset manager and a majority-owned subsidiary of ORIX USA, is the lead investor in the transaction through its International Infrastructure Finance Company II fund (“IIFC II”). Africa50, the pan-African infrastructure investment platform, is investing alongside Mariner in the private sector tranche. Additional credit protection is being provided by the European Commission’s European Fund for Sustainable Development in the form of a senior mezzanine guarantee. “Room2Run gives us fresh resources to invest in the projects Africans need most,” said Akinwumi Adesina, President of the African Development Bank Group. “Africa has the most promise, the greatest natural resources, and the world’s youngest population. But we also have the world’s most persistent infrastructure deficits. The African Development Bank has the strategy to address these infrastructure finance gaps—and Room2Run gives us the capacity to make it happen.” Structured as an impact investment, Room2Run is designed to enable the African Development Bank to increase lending in support of its mission to spur sustainable economic development and social progress. In connection with Room2Run, The Bank has committed to redeploy the freed-up capital into renewable energy projects in Sub-Saharan Africa, including projects in low income and fragile countries. “On the Impact scale, Room2Run is off the charts,” said Dr. Andrew Hohns, Lead Portfolio Manager and head of the Mariner Infrastructure Investment Management team. “Room2Run answers the call of the G20 for private sector participants to step in and facilitate development finance, providing a template for attracting significant private sector capital into urgently needed projects in developing economies.” Raza Hasnani, Head of Infrastructure Investment at Africa50 commented, “Room2Run provides an innovative and commercially viable solution to the African Development Bank’s risk management and lending objectives, while paving the way for commercial investors to support and benefit from the growth of infrastructure on the continent. Africa50 is very pleased to participate in this landmark transaction, which is in line with our mandate to drive increased investment in infrastructure in Africa, and to create pathways for long-term institutional capital to flow into this space.” Room2Run enjoys the support and participation of the European Commission with an investment from the European Fund for Sustainable Development, in the form of a senior mezzanine guarantee. “Only a few days after announcing our renewed Alliance with Africa for sustainable investments and jobs, I am very happy to announce that we are, together with the African Development Bank, launching Room2Run,” commented Neven Mimica, the European Commissioner for International Cooperation and Development. “This initiative is a perfect example of what we are doing to support investments in African low income and fragile countries through the External Investment Plan. Through Room2Run, we provide an additional protection to investments in the field of renewable energy. Through our Guarantee, investments under Room2Run will translate into extending supply to many people currently without electricity whilst creating much-needed new jobs.” Room2Run also directly responds to calls by the G20 that MDBs use their existing resources to full capacity, as articulated in the 2015 G20 MDB Action Plan to Optimize Balance Sheets, as well as calls for greater MDB efforts to crowd-in private investment. The G20 has called on MDBs to share risk in their non-sovereign operations with private investors, including through structured finance, mezzanine financing, credit guarantee programs, and hedging structures.[1],[2] The Government of Canada has been a global leader in advocating for MDBs to use their existing resources more efficiently and to mobilize private capital for global development. The goal of the G20 MDB Action Plan to Optimize Balance Sheets is to catalyze significant new development financing from the MDBs throughout the real economy in key development regions.  “Attracting more private capital into global development efforts is critical to building economies that work for more and more people around the world,” said Bill Morneau, Canada’s Minister of Finance, “that’s why Canada and our G20 partners have been calling on multilateral development banks to use their existing resources as efficiently as possible, and to look for new ways to attract more private capital.  We are pleased to see the African Development Bank come forward with a transaction that directly responds to both of these objectives.  Room2Run is an innovative solution to a long-standing challenge.” Juan Carlos Martorell, Co-Head of Structured Solutions at Mizuho International, adds, “Compared to other synthetic securitizations, a major achievement of Room2Run has been to ensure that ratings agencies, and in particular S&P, reflect the merits of the risk transfer into their rating assessments for multilateral development banks. The Bank’s leadership through this transaction has now set the stage for broader adoption of the instrument throughout the MDB community.” Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contacts:

AfDB: Nafissatou Diouf, Manager, Media Relations, This email address is being protected from spambots. You need JavaScript enabled to view it.
Mariner Investment Group, LLC: David Press, Tel: (917) 721-7046, This email address is being protected from spambots. You need JavaScript enabled to view it.
Africa50: Fleur Tchibota, Tel: +212666171099,This email address is being protected from spambots. You need JavaScript enabled to view it.
Mizuho International plc: Gayle Rodrigues, Corporate Communications, Tel: +44 207090 6213,
This email address is being protected from spambots. You need JavaScript enabled to view it.
European Commission: Carlos Martin Ruiz de Gordejuela, Tel: + 32 229-65322

About the African Development Bank Group

The African Development Bank (AfDB) Group (www.AFDB.org) is the premier development finance institution in Africa with a mandate to spur sustainable economic development and social progress in the continent, thereby contributing to poverty reduction. The Bank Group achieves this objective by mobilizing and allocating resources for investment in the continent; and providing policy advice and technical assistance to support development efforts. The African Development Bank's authorized capital of around USD 100 billion is subscribed to by 80 member countries made up of 54 African countries and 26 non-African countries.

www.AFDB.org

Media contacts:

AfDB: Nafissatou Diouf, Manager, Media Relations, This email address is being protected from spambots. You need JavaScript enabled to view it.
Mariner Investment Group, LLC: David Press, Tel: (917) 721-7046, This email address is being protected from spambots. You need JavaScript enabled to view it.
Africa50: Fleur Tchibota, Tel: +212666171099,This email address is being protected from spambots. You need JavaScript enabled to view it.
Mizuho International plc: Gayle Rodrigues, Corporate Communications, Tel: +44 207090 6213,
This email address is being protected from spambots. You need JavaScript enabled to view it.
European Commission: Carlos Martin Ruiz de Gordejuela, Tel: + 32 229-65322

About the African Development Bank Group

The African Development Bank (AfDB) Group (www.AFDB.org) is the premier development finance institution in Africa with a mandate to spur sustainable economic development and social progress in the continent, thereby contributing to poverty reduction. The Bank Group achieves this objective by mobilizing and allocating resources for investment in the continent; and providing policy advice and technical assistance to support development efforts. The African Development Bank's authorized capital of around USD 100 billion is subscribed to by 80 member countries made up of 54 African countries and 26 non-African countries.

www.AFDB.org

About Mariner Investment Group, LLC

Mariner Investment Group (www.MarinerInvestment.com) is a global alternative asset management firm that advises several direct and affiliated single and multi-strategy hedge funds, funds of funds, and other alternative investments services. Founded in 1992, Mariner and its associated advisers manage approximately $11 billion of assets through  offices in New York, London, Tokyo, Seoul, Philadelphia, Dallas, Harrison (NY), Rowayton (CT) and Summit (NJ).

www.MarinerInvestment.com

About Africa50

Africa50 (www.Africa50.com) is a pan-African infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable, environmentally sustainable, medium to large scale infrastructure projects, with a focus on the energy, transport, ICT and midstream gas sectors. Africa50 catalyses public 

About the European Fund for Strategic Development

The new European Union EFSD Guarantee (http://EC.Europa.eu/growth/industry/innovation/funding/efsi_en) is part of the EU's ambitous External Investment Plan launched in 2017. The aim of the Plan is to encourage investment in Africa and the EU Neighbourhood region to promote growth and job creation. The Plan focuses on a number of priority investment areas, such as sustainable energy and connectivity; micro, small and medium enterprises financing; sustainable agriculture, rural entrepreneurs and agroindustry; sustainable cities and digitalization for sustainable development.

The European Fund for Sustainable Development (EFSD) combines existing investment facilities and the

EFSD Guarantee instrument to leverage additional financing for investments in Africa and the EU Neighbourhood region.

About Mizuho International plc

Mizuho International plc (Mizuho International) (www.Mizuho-EMEA.com) is the London based securities and investment banking arm of the Mizuho Financial Group, Inc., and is a wholly owned subsidiary of Mizuho Securities Co., Ltd. With a primary focus on client based activities, its wide range of services includes sales and trading in both debt and equity securities, the underwriting of new issues and M&A advisory services. Mizuho International is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and is a member of the London Stock Exchange and LCH.Clearnet Limited. Mizuho’s Structured Solutions team has structured and arranged SRT transactions across a wide range of internal and external issuer portfolios totaling £10 billion, with experience in granular and concentrated portfolios, asset classes, single/multiple currencies and structural features, across jurisdictions globally. Mizuho International also has an office in Frankfurt, Germany and in Dubai, United Arab Emirates. www.Mizuho-EMEA.com

Mariner Investment Group (www.MarinerInvestment.com) is a global alternative asset management firm that advises several direct and affiliated single and multi-strategy hedge funds, funds of funds, and other alternative investments services. Founded in 1992, Mariner and its associated advisers manage approximately $11 billion of assets through  offices in New York, London, Tokyo, Seoul, Philadelphia, Dallas, Harrison (NY), Rowayton (CT) and Summit (NJ).

www.MarinerInvestment.com

About Africa50

Africa50 (www.Africa50.com) is a pan-African infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable, environmentally sustainable, medium to large scale infrastructure projects, with a focus on the energy, transport, ICT and midstream gas sectors. Africa50 catalyses public 

About the European Fund for Strategic Development

The new European Union EFSD Guarantee (http://EC.Europa.eu/growth/industry/innovation/funding/efsi_en) is part of the EU's ambitous External Investment Plan launched in 2017. The aim of the Plan is to encourage investment in Africa and the EU Neighbourhood region to promote growth and job creation. The Plan focuses on a number of priority investment areas, such as sustainable energy and connectivity; micro, small and medium enterprises financing; sustainable agriculture, rural entrepreneurs and agroindustry; sustainable cities and digitalization for sustainable development.

The European Fund for Sustainable Development (EFSD) combines existing investment facilities and the

EFSD Guarantee instrument to leverage additional financing for investments in Africa and the EU Neighbourhood region.

About Mizuho International plc

Mizuho International plc (Mizuho International) (www.Mizuho-EMEA.com) is the London based securities and investment banking arm of the Mizuho Financial Group, Inc., and is a wholly owned subsidiary of Mizuho Securities Co., Ltd. With a primary focus on client based activities, its wide range of services includes sales and trading in both debt and equity securities, the underwriting of new issues and M&A advisory services. Mizuho International is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and is a member of the London Stock Exchange and LCH.Clearnet Limited. Mizuho’s Structured Solutions team has structured and arranged SRT transactions across a wide range of internal and external issuer portfolios totaling £10 billion, with experience in granular and concentrated portfolios, asset classes, single/multiple currencies and structural features, across jurisdictions globally. Mizuho International also has an office in Frankfurt, Germany and in Dubai, United Arab Emirates. www.Mizuho-EMEA.com

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African Development Bank, Mariner Investment Group, and Africa50 Price Landmark $1 Billion Impact Securitization Structured as a synthetic securitization by Mizuho International, Room2Run transfers the mezzanine credit risk on a portfolio of approximately 50 loans from among the African Development Bank’s non- sovereign lending book, including power, transportation, financial sector, and manufacturing assets OTTAWA, Canada, September 18, 2018/APO Group/ --
  • With “Room2run,” AfDB Launches Securitization Market for Multilateral Development Bank Sector
  • Transaction is in Direct Response to G20 Action Plan for Mdb Balance Sheet Optimization
  • AfDB Commits to Reinvest freed up Capital into New African Infrastructure Lending, Making Room2run one of the Largest Impact Investments ever
  • Transaction is supported by New European Union Guarantee Tool (European Fund For Sustainable Development)
The African Development Bank (AfDB) (www.AFDB.org), the European Commission (http://EC.Europa.eu/growth/industry/innovation/funding/efsi_en), Mariner Investment Group (www.MarinerInvestment.com), LLC (Mariner), Africa50 (www.Africa50.com), and Mizuho International plc ) (www.Mizuho-EMEA.com) today announce the pricing of Room2Run, a US $1 billion synthetic securitization corresponding to a portfolio of seasoned pan-African credit risk. Room2Run is the first-ever portfolio synthetic securitization between a Multi-Lateral Development Bank (MDB) and private sector investors, pioneering the use of securitization and credit risk transfer technology to a new and previously unexplored segment of the financial markets.
Structured as a synthetic securitization by Mizuho International, Room2Run transfers the mezzanine credit risk on a portfolio of approximately 50 loans from among the African Development Bank’s non-
sovereign lending book, including power, transportation, financial sector, and manufacturing assets. The portfolio spans the African continent, with exposure to borrowers in North Africa, West Africa, Central Africa, East Africa, and Southern Africa. Mariner, the global alternative asset manager and a majority-owned subsidiary of ORIX USA, is the lead investor in the transaction through its International Infrastructure Finance Company II fund (“IIFC II”). Africa50, the pan-African infrastructure investment platform, is investing alongside Mariner in the private sector tranche. Additional credit protection is being provided by the European Commission’s European Fund for Sustainable Development in the form of a senior mezzanine guarantee.
“Room2Run gives us fresh resources to invest in the projects Africans need most,” said Akinwumi Adesina, President of the African Development Bank Group. “Africa has the most promise, the greatest
natural resources, and the world’s youngest population. But we also have the world’s most persistent infrastructure deficits. The African Development Bank has the strategy to address these infrastructure finance gaps—and Room2Run gives us the capacity to make it happen.”
 
Structured as an impact investment, Room2Run is designed to enable the African Development Bank to increase lending in support of its mission to spur sustainable economic development and social progress. In connection with Room2Run, AfDB has committed to redeploy the freed-up capital into renewable energy projects in Sub-Saharan Africa, including projects in low income and fragile countries.
“On the Impact scale, Room2Run is off the charts,” said Dr. Andrew Hohns, Lead Portfolio Manager and head of the Mariner Infrastructure Investment Management team. “Room2Run answers the call of the G20 for private sector participants to step in and facilitate development finance, providing a template for attracting significant private sector capital into urgently needed projects in developing economies.”
Raza Hasnani, Head of Infrastructure Investment at Africa50 commented, “Room2Run provides an innovative and commercially viable solution to the African Development Bank’s risk management and
lending objectives, while paving the way for commercial investors to support and benefit from the growth of infrastructure on the continent. Africa50 is very pleased to participate in this landmark transaction, which is in line with our mandate to drive increased investment in infrastructure in Africa, and to create pathways for long-term institutional capital to flow into this space.”
Room2Run enjoys the support and participation of the European Commission with an investment from the European Fund for Sustainable Development, in the form of a senior mezzanine guarantee. “Only a few days after announcing our renewed Alliance with Africa for sustainable investments and jobs, I am very happy to announce that we are, together with the African Development Bank, launching Room2Run,” commented Neven Mimica, the European Commissioner for International Cooperation and Development. “This initiative is a perfect example of what we are doing to support investments in African low income and fragile countries through the External Investment Plan. Through Room2Run we provide an additional protection to investments in the field of renewable energy. Through our Guarantee, investments under Room2Run will translate into extending supply to many people currently without electricity whilst creating much-needed new jobs.”
Room2Run also directly responds to calls by the G20 that MDBs use their existing resources to full capacity, as articulated in the 2015 G20 MDB Action Plan to Optimize Balance Sheets, as well as calls for greater MDB efforts to crowd-in private investment. The G20 has called on MDBs to share risk in their non-sovereign operations with private investors, including through structured finance, mezzanine financing, credit guarantee programs, and hedging structures.
The Government of Canada has been a global leader in advocating for MDBs to use their existing resources more efficiently and to mobilize private capital for global development. The goal of the G20 MDB Action Plan to Optimize Balance Sheets is to catalyze significant new development financing from the MDBs throughout the real economy in key development regions. “Attracting more private capital into global development efforts is critical to building economies that work for more and more people around the world,” said Bill Morneau, Canada’s Minister of Finance, “that’s why Canada and our G20 partners have been calling on multilateral development banks to use their existing resources as efficiently as possible, and to look for new ways to attract more private capital. We are pleased to see the African Development Bank come forward with a transaction that directly responds to both of these objectives. Room2Run is an innovative solution to a long-standing challenge.” Juan Carlos Martorell, Co-Head of Structured Solutions at Mizuho International, adds, “Compared to other synthetic securitizations, a major achievement of Room2Run has been to ensure that ratings agencies, and in particular S&P, reflect the merits of the risk transfer into their rating assessments for multilateral development banks. AfDB’s leadership through this transaction has now set the stage for broader adoption of the instrument throughout the MDB community.” Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contacts:

AfDB: Nafissatou Diouf, Manager, Media Relations, This email address is being protected from spambots. You need JavaScript enabled to view it.
Mariner Investment Group, LLC: David Press, Tel: (917) 721-7046, This email address is being protected from spambots. You need JavaScript enabled to view it.
Africa50: Fleur Tchibota, Tel: +212666171099,This email address is being protected from spambots. You need JavaScript enabled to view it.
Mizuho International plc: Gayle Rodrigues, Corporate Communications, Tel: +44 207090 6213,
This email address is being protected from spambots. You need JavaScript enabled to view it.
European Commission: Carlos Martin Ruiz de Gordejuela, Tel: + 32 229-65322

About the African Development Bank Group

The African Development Bank (AfDB) Group (www.AFDB.org) is the premier development finance institution in Africa with a mandate to spur sustainable economic development and social progress in the continent, thereby contributing to poverty reduction. The Bank Group achieves this objective by mobilizing and allocating resources for investment in the continent; and providing policy advice and technical assistance to support development efforts. The African Development Bank's authorized capital of around USD 100 billion is subscribed to by 80 member countries made up of 54 African countries and 26 non-African countries.

www.AFDB.org

About Mariner Investment Group, LLC

Mariner Investment Group (www.MarinerInvestment.com) is a global alternative asset management firm that advises several direct and affiliated single and multi-strategy hedge funds, funds of funds, and other alternative investments services. Founded in 1992, Mariner and its associated advisers manage approximately $11 billion of assets through  offices in New York, London, Tokyo, Seoul, Philadelphia, Dallas, Harrison (NY), Rowayton (CT) and Summit (NJ).

www.MarinerInvestment.com

About Africa50

Africa50 (www.Africa50.com) is a pan-African infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable, environmentally sustainable, medium to large scale infrastructure projects, with a focus on the energy, transport, ICT and midstream gas sectors. Africa50 catalyses public 

About the European Fund for Strategic Development

The new European Union EFSD Guarantee (http://EC.Europa.eu/growth/industry/innovation/funding/efsi_en) is part of the EU's ambitous External Investment Plan launched in 2017. The aim of the Plan is to encourage investment in Africa and the EU Neighbourhood region to promote growth and job creation. The Plan focuses on a number of priority investment areas, such as sustainable energy and connectivity; micro, small and medium enterprises financing; sustainable agriculture, rural entrepreneurs and agroindustry; sustainable cities and digitalization for sustainable development.

The European Fund for Sustainable Development (EFSD) combines existing investment facilities and the

EFSD Guarantee instrument to leverage additional financing for investments in Africa and the EU Neighbourhood region.

About Mizuho International plc

Mizuho International plc (Mizuho International) (www.Mizuho-EMEA.com) is the London based securities and investment banking arm of the Mizuho Financial Group, Inc., and is a wholly owned subsidiary of Mizuho Securities Co., Ltd. With a primary focus on client based activities, its wide range of services includes sales and trading in both debt and equity securities, the underwriting of new issues and M&A advisory services. Mizuho International is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and is a member of the London Stock Exchange and LCH.Clearnet Limited. Mizuho’s Structured Solutions team has structured and arranged SRT transactions across a wide range of internal and external issuer portfolios totaling £10 billion, with experience in granular and concentrated portfolios, asset classes, single/multiple currencies and structural features, across jurisdictions globally. Mizuho International also has an office in Frankfurt, Germany and in Dubai, United Arab Emirates. www.Mizuho-EMEA.com

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MONTREAL, Canada, September 18, 2018/APO Group/ --

“No country can possibly move forward in the 21st century if it leaves half of its talent on the sidelines,” African Development (www.AfDB.org) President, Akinwumi Adesina told delegates at the launch of FinDev Canada, in Montreal, while making the Bank’s case for supporting women.

FinDev Canada is a subsidiary of Export Development Canada (EDC), the country’s export credit agency. Launched six months ago, FinDev’s mandate is to support the growth and sustainability of businesses in developing markets. 

According to Honourable Marie-Claude Bibeau, Minister of International Development, “With its universities, international organizations and multicultural population, Montreal is the ideal home for FinDev Canada.  From its Montreal base I am confident it will play a critical role in advancing our country’s international development agenda by offering a blend of public and private capital and building partnerships with businesses in developing countries, especially those operated by women and youth.”

Adesina gave the keynote address at the inaugural conference.

“All of us in this room understand the need to support women instinctively. Many of us have come from places – and have family in places – where the labor of women is absolutely essential to holding communities together. And yet so often, their labor is not even fully recognized. And all too often, women are denied their fair share of wages for equal work,” he said.

According to Adesina, the challenge was not just in Africa or even in North America. “In every society, this challenge represents a truly foolish squandering of resources.”

The status quo that must change

The President of the African Development Bank called for an end to the status quo on gender as women and youth are the backbone of countless small businesses. “All too often, women are denied their fair share of wages for equal work. The status quo must change. “We know that investing in women can create a true multiplier effect in communities. Women reinvest up to 90% of their income on their families and in their communities. That money goes toward feeding and educating children, and paying for doctor’s visits.”

Adesina urged partners to work strategically, innovatively, and collaboratively to bridge the estimated $42 billion financing gap between men and women. “While societal limitations and belief systems often kill many a woman’s dream, it is often at the bank counter that dreams come crashing down. Without collateral and without access to land or other financial resources, the bank is the end of the road for many women entrepreneurs,” he deplored.

Working visit to strengthen bilateral ties with Canada

Montreal is the first stop of President Adenisa’s four day working tour in Canada. The Bank’s President is leading a delegation along with David Stevenson, Executive Director at the Bank representing Canada, China, Republic of Korea, Turkey and Kuwait.  Other senior members of the delegation include Stella Kilonzo, Senior Director of the Africa Investment Forum; Vanessa Moungar, Director for Gender, Women and Civil Society; Timothy Turner, Group Chief Risk Officer, and Victor Oladokun, Director of Communication.

Before his keynote address at FinDev, President Adesina held bilateral talks with Paul Lamontagne, Managing Director of FinDev Canada. Later in the day, in Ottawa, Finance Minister, Bill Morneau and the Bank delegation are expected to exchange views on a number of issues including inclusive growth, and Canada’s leadership on innovative finance mechanisms for development. The delegation will attend a dinner hosted by Minister Bibeau, where gender, climate change, and renewable energy, will top discussions.

Adesina is expected in Toronto on Wednesday and Calgary on Thursday, for the third and final legs of his four-day working visit in Canada.

Canada has been a full member of the African Development Bank (AfDB) (www.AfDB.org) since January 1983 and has contributed to all General Capital Increases since joining the Bank. Canada is the 4th largest contributor to the Bank among non-regional members. As of 31st December 2016, its capital subscription to the Bank was over $3 billion.

APO Group - Africa-Newsroom: latest news releases related to Africa

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APO Group - Africa-Newsroom: latest news releases related to Africa

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the dti to Assist Grassroots Innovators to Showcase at The South Africa Innovation Summit

https://www.africa-newsroom.com/press/the-dti-to-assist-grassroots-innovators-to-showcase-at-the-south-africa-innovation-summit?lang=en

The Department of Trade and Industry, South Africa
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The Department of Trade and Industry (the dti) will assist ten grassroots innovators as well as innovators supported through the Technology and Human Resources for Industry Programme (THRIP), the Support Programme for Industrial Innovation (SPII) and the Technology Venture Capital Fund (TVC) to showcase their inventions and participate at the South African Innovation Summit (SAIS) that will be taking place at the Cape Town Stadium from 12-14 September 2018.

the dti contingent will also be accompanied by thirty Black Industrialists that will participate in the CEO’s Forum hosted by SAIS for the purpose of exposure to potential technologies that will prepare them for the new digital industrial revolution.

The Minister of Trade and Industry, Dr Rob Davies explains that the South African Innovation Summit is an annual flagship event on the South African Innovation Calendar that nurtures, develops and showcases African innovation, as well as facilitate innovation thought-leadership.

“The Innovation Summit concept was created purposely to support and promote innovation and facilitate collaboration within its own eco-system. The initiative brings together corporates, thought leaders, inventors, entrepreneurs, academia and policy makers to amplify South Africa’s renowned competitive edge and to inspire sustained economic growth across the continent of Africa. The outcomes that will be achieved by the Summit will bring together thought leaders and accelerate innovation in South Africa, and into the African continent as whole,” says Davies.

Davies adds that participation at the summit will bring invaluable evidence for the dti in terms of gaining an industry insight on stakeholder perspective regarding areas where government’s intervention in shaping the South African innovation system has been successful and on which areas to improve going forwards.

“The innovators at the dti stand will range in expertise from infrastructure development, health, energy, satellite engineering, textile manufacturing, fire detection, electronic fleet management, agriculture, biotechnology and clean energy for renewable resources.  Furthermore, participation at the Summit will afford the dti an opportunity to profile the outputs of the technology incentive programmes,” he says.

Distributed by APO Group on behalf of The Department of Trade and Industry, South Africa.]]>

Tue, 11 Sep 2018 11:09:59 +0000

APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://www.africa-newsroom.com/press/the-dti-to-assist-grassroots-innovators-to-showcase-at-the-south-africa-innovation-summit?lang=en Africa,African Development,Agriculture,Business,Energy,Environment,Events/Media Advisory,Foreign Policy,Health,Infrastructure,Renewable energy,South Africa,Sport,Technology,Textile,Trade,MBC

Africa welcomes first ever full-stream oil, gas & energy transformation dais

https://www.africa-newsroom.com/press/africa-welcomes-first-ever-fullstream-oil-gas-and-energy-transformation-dais?lang=en

Africa welcomes first ever full-stream oil, gas & energy transformation dais (1) (EN)

https://www.africa-newsroom.com/files/thumb/7de87001b14856b/600/418 dmg events

Speaking on Africa’s hydrocarbon development, Niall Kramer, CEO, South African Oil and Gas Alliance (SAOGA) said, “Growing a gas economy in South Africa and regionally is imperative. We need to do this to partner and to enable renewables but fundamentally to provide the catalyst for the sorely needed growth, business activity and jobs that give us the opportunities for inclusive growth. 

The wherewithal that oil and gas can bring is potentially large, but to know that we must explore for indigenous gas and import LNG. Policy attractiveness is certainty needed, as are regional partnerships. The biggest opportunity I see is the massive proven gas resources in Mozambique alongside South Africa as the largest industrial economy in Africa. My vision is the region becomes like the North Sea. But with good weather.”

The global energy industry has been experiencing a radical transformation in recent years. Replacing large-scale nuclear and fossil fuel power stations, the energy supply of the future will be secured by millions of decentralized renewable energy plants in combination with intelligent storage, distribution and consumption solutions for existing oil & gas resources. 

A new beginning

Africa’s newly launched meeting point, the Future Energy Africa Oil & Gas Exhibition & Conference 2018,  propositions a power packed 3-day exhibition and conference, dedicated to advancing future oil, gas and energy solutions for the continent. With far reaching industry collaboration, under the esteemed patronage of the Department of Energy of the Republic of South Africa, the event will provide in-depth analysis and an honest reflection of Africa’s set to revolutionize the future. In addition, the event provides an intensive tour across Africa, revealing insights on the issues confronting Africa’s future commercial, business and socio-economic trajectories. 

International industry support

The event is supported by numerous international industry associations including South African Oil & Gas Alliance (SAOGA), South African Chamber of Commerce & Industry (SACCI), European Association of Geoscientists and Engineers (EAGE), Association for the Development of Energy in Africa (ADEA), Power Africa (a USAID initiative), Oil & Gas Safety 

Council (OGSC), Petroleum club of Romania, Nigerian Gas Association and CEDIGAZ.

Driving the conversation forward

As Sub-Saharan Africa charges towards a low carbon energy future, events such as the Future Energy Africa Oil & Gas Exhibition & Conference 2018 provide valuable forums for the international oil, gas and future energy industry to debate the issues directly with Africa’s leaders. Projected to attract over 1,500 trade visitors, 50+ exhibiting companies, 120+ conference and technical speakers and 300+ delegates, the three-day event promises to be a valuable platform for interactive networking and knowledge exchange.

Who will you meet?

• Government Leaders

• National Oil Companies

• International Oil Companies

• Independent Oil & Gas Operators

• Financiers & Investors

• Gas & LNG Companies

• Integrated Energy Companies

• Technology Providers

• Power Generation

• Transmission & Distribution

• Legal & Industry Analysts 

4 Reasons to Visit

• Visit the exhibition & technical seminar and network with resource owners looking for partners to help them get the most from their assets through operational excellence, cost effectiveness and profitability

• Register & learn about new technologies and solutions that integrated energy companies are bringing to some of the most complex challenges facing the global oil and gas sector today

• Attend to explore products and services from 50+ exhibiting companies including contractors, service companies and technology providers across the full value chain from more than 20 countries worldwide

• Join hundreds of trade professionals to identify new business opportunities, market trends, and potential business partners. Learn from global experts and benefit from business conducted during the event

Why Future Energy Africa?

• Meet with Ministers from across Africa to address the industry on country strategies

• Centre of Technical Excellence Seminar Learn about latest technologies boosting efficiency and lowering costs

• Policy makers discuss confronting challenges of transformation

• Country Market Focus with unrivalled insight from Eastern-Western-Southern Africa regions

• Forge new operating models that will challenge conventional practices

• FEA TV: A dedicated platform for on-stage interviews, “in conversation” dialogues, digitization megatrends, corporate commercials, knowledge sharing and industry insight.

• Renewables in Africa: Tap into development initiatives and solutions supporting the advancement of renewable energy in Africa

• Finance & Investment focus for equitable economic growth and enhanced bi-lateral trade

• On-stage Interview with Africa's large upstream independent explorers led by CNBC Africa

• Africa's Natural Gas  inspect how the continent will succeed in it's role to decrease the carbon footprint

• Increasing & Strengthening Local Content address challenges and opportunities for capacity building

• IOC-NOCs Panel Discussion reinventing strategies for a sustainable energy future

• Prime networking opportunities to facilitate dialogue between senior level executives and decision makers

• Global Exposure to international and domestic oil, gas & energy value chain

• Power Generation meet with Utilities and IPPs, build strategic partnerships to meet Africa's growing energy demand

Distributed by APO Group on behalf of dmg events.

Media Contact:

Kathleen Rebello

Senior Marketing Executive, dmg events

Dubai: +971 (0)4 248 3205 | South Africa: +27 11 7837250

M: +971 (0)55 505 4707

E: This email address is being protected from spambots. You need JavaScript enabled to view it. | This email address is being protected from spambots. You need JavaScript enabled to view it. 

76 11th Str., Sandton, Johannesburg 2196, South Africa 

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Now is the time for local investors to step up and electrify Africa

https://solarplaza.africa-newsroom.com/press/now-is-the-time-for-local-investors-to-step-up-and-electrify-africa?lang=en

Solarplaza
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For years, the African renewable energy development market has been dominated by foreign investors and financial institutions. Now is the time for African investors to step up to the plate and join the continent’s solar energy transition.

Africa is now even preparing to feed Europe’s growing energy needs through various projects, such as the TuNur CSP project. The project is currently in the early phases of development and will comprise a 2.3 GW concentrated solar power plant situated in the Sahara desert and a 2-G high-voltage DC submarine cable from Tunisia all the way to central Italy. Additional plans of building other export routes to Malta and France are on the table. The project is being financed mostly by European investors and will be constructed using the most modern technology. Europe will soon enjoy of the benefits of green energy coming straight from African soil. But while Europe seeks to power more coffee shops, chain stores and crypto mining server-farms, 50% of Africans are not electrified at all, and the other 50% are often connected to unreliable energy sources.

There are vast opportunities for local African investors present in the solar sector. The continent has an abundance of land available for project development and is home to some of the sunniest places on earth, which makes it an ideal location for solar energy development. Lydia van Os, Africa Lead at Solarplaza, believes that this is the right time for local investors to take action and get involved in Africa’s rapidly growing solar industry. She is convinced that this can only succeed if the movement of people committed to providing clean, reliable and affordable energy is inclusive, from Wall Street investors to Congolese rural households.

To fulfill its mission of accelerating the global sustainable energy transition and create the platform for international and local solar stakeholders to meet and share knowledge, Solarplaza is hosting Unlocking Solar Capital (“USC”) Africa. The third edition of this leading conference will take place on 7 to 8 November 2018 in Kigali, Rwanda. The two-day event is being organized in partnership with the Global Off-grid and Lighting Association (GOGLA), and is wholly focused on unlocking capital for new solar project development in Africa.

For those who can’t wait for the conference to get an in-depth look into the African solar landscape: Solarplaza has published an exhaustive 128-page regional report (http://Africa.UnlockingSolarCapital.com/request-solar-facts-figures-africa-2018/) on Africa’s solar energy situation. The report offers an overview of the key facts & figures related to the most relevant solar PV markets in Africa. The detailed country profiles provide overviews of a range of issues related to solar PV project development and include summaries of key demographic info; insights into legislation and policy; electricity generation capacity; and assessments of the current status of the solar industries in: Morocco, Algeria, Tunisia, Egypt, Senegal, Mali, Ghana, Nigeria, Ethiopia, Kenya, Uganda, Rwanda, Tanzania, Zambia, Namibia and South Africa.

Distributed by APO Group on behalf of Solarplaza.

For program and organizational related business, please contact:

Lydia van Os

Africa Lead, Solarplaza

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+31 10 3027907

For sponsorship and exhibition opportunities, please contact:

Laura Fortes

Account manager, Solarplaza

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+34 650046220

Media partnerships and press outreach, please contact:

Irene Rodríguez Martín

Marketeer

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About Unlocking Solar Capital Africa

Unlocking Solar Capital Africa (Africa.UnlockingSolarCapital.com) is an event entirely focused on connecting solar project development and finance & investment across the entire African solar sector (On-grid Solar, micro-grids, off-grid lighting and household electrification). Unlocking Solar Capital Africa 2018 will bring together hundreds of representatives from development banks, investment funds, solar developers, IPPs, EPCs & other solar stakeholders to engage in extensive discussions to solve Africa’s solar energy funding gap - and get projects realized.

As a professional solar event organizer, Solarplaza has hosted over 100+ events in 36 countries around the world, ranging from exploratory trade missions in emerging markets to large-scale conferences with 450+ participants. Unlocking Solar Capital Africa 2018 is Solarplaza’s 12th conference on the African continent.

For more information regarding the program, attendees, and registrations, visit Africa.UnlockingSolarCapital.com 

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Mon, 03 Sep 2018 11:29:04 +0000

APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://solarplaza.africa-newsroom.com/press/now-is-the-time-for-local-investors-to-step-up-and-electrify-africa?lang=en Africa,African Development,Algeria,Congo (Republic of the),Democratic Republic of Congo,Egypt,Electricity,Energy,Environment,Ethiopia,Events/Media Advisory,France,Ghana,Italy,Kenya,Mali,Malta,Middle East,Morocco,Namibia,Nigeria,Renewable energy,Rwanda,Senegal,South Africa,Tanzania,Tunisia,Uganda,Zambia,MBC

Life after Coal and Greenpeace Africa slam Inclusion of New Coal in Electricity Plan

https://greenpeace-africa.africa-newsroom.com/press/life-after-coal-and-greenpeace-africa-slam-inclusion-of-new-coal-in-electricity-plan?lang=en

(1) Photo credits to Mujahid Safodien: Greenpeace Africa activists in collaboration with the life after coal Campaign scale Mandela Bridge in Johannesburg in protest against the inclusion of new coal infrastructure in the country's draft electricity plan (IRP 2018)

https://www.africa-newsroom.com/files/thumb/5c9a745ec542f5d/600/418 Greenpeace

The inclusion of new coal in the updated draft Integrated Resource Plan for Electricity (IRP) will cost South Africa close to R20 billion more than we need to spend, and will make electricity more expensive for all South Africans. If the Department of Energy were to publish the least-cost plan that civil society organisations have been demanding, it would not include any new coal.

Allowing the two new coal plants contemplated by the draft IRP to go ahead would be disastrous for water resources, air quality, health, land, and the climate.

The Life After Coal Campaign (https://LifeAfterCoal.org.za/)  (consisting of Earthlife Africa, the Centre for Environmental Rights, and groundWork) and Greenpeace Africa (http://www.Greenpeace.org/Africa/en/) argue that the inclusion of an additional 1000 MW of new coal-fired power  - on top of existing and under-construction coal - puts the Department of Energy in conflict with the rights enshrined in the Constitution, given that there are safer, cleaner, and less-expensive energy options available.

“While we recognise the increased emphasis on renewable energy in the draft IRP, unless the Minister of Energy substantially revises and amends the draft IRP to ensure that the Constitutional right to a healthy environment is preserved and protected - and specifically excludes any new coal - the Department runs the risk of the IRP being challenged in court,” warns Melita Steele, senior climate and energy campaign manager at Greenpeace Africa.

Robyn Hugo, head of the Pollution & Climate Change Programme at the Centre for Environmental Rights, says that the updated IRP fails to take sufficient account of the external costs of the various available technologies. “Coal is an outdated and dirty technology – the environmental and health costs of which have not been factored into electricity planning.” At present, almost 90% of South Africa’s energy mix is already comprised of coal, despite many of these plants failing to meet the required emission standards and causing devastating health impacts.

A 2016 report by UK-based air quality and health expert Dr Mike Holland (http://bit.ly/2ohBMUo), found that air pollution from Eskom coal-fired power stations kills more than 2,200 South Africans every year, and causes thousands of cases of bronchitis and asthma in adults and children annually.  “This costs the country more than R33 billion annually, through hospital admissions and lost working days”, says Bobby Peek, Director of groundWork. 

“In addition to these severe health impacts, coal-fired electricity is also enormously water-intensive and the estimated costs of rehabilitating old mines and mining areas runs into the billions”, says Steele.

“Even discounting the health and environmental dangers of coal, it simply makes no economic sense to include coal in the IRP, as it is more expensive than other technologies such as wind and solar power,” says Makoma Lekalakala, director of Earthlife Africa.  

The Campaign and Greenpeace Africa will reiterate all of these – and other concerns – in comments on the draft IRP. It is crucial that South Africa’s future electricity plan is least-cost and in the public interest. All South Africans – including coal workers and the unemployed – must be part of the process to ensure a just energy transition.

Distributed by APO Group on behalf of Greenpeace.

Notes to Editor:
Photos: http://bit.ly/2NpjAmM (Photo credits to Mujahid Safodien)

Media Contact:

Mbong Akiy Fokwa Tsafack

Head of Communication

Greenpeace Africa

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+27 716881274

]]> Tue, 28 Aug 2018 14:25:28 +0000 APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://greenpeace-africa.africa-newsroom.com/press/life-after-coal-and-greenpeace-africa-slam-inclusion-of-new-coal-in-electricity-plan?lang=en Africa,Electricity,Energy,Environment,Health,Mining,Not For Profit,Renewable energy,South Africa,MBC

South Africa: Statement by Minister Jeff Radebe on Integrated Resource Plan 2018

https://www.africa-newsroom.com/press/south-africa-statement-by-minister-jeff-radebe-on-integrated-resource-plan-2018?lang=en

Republic of South Africa: Department of Government Communication and Information
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Director General, Thabane Zulu;
Deputy Directors Generals from the Department;
Media representatives;
Ladies and Gentlemen;
Good morning!

As you may be aware, Cabinet on the 22nd August 2018 approved the draft updated Integrated Resource Plan (IRP 2018) report for publication for public input.

Today we will be releasing this long awaited report for public input. We have called you here to share some key aspects from the report.

The National Development Plan (NDP) identifies the need for South Africa to invest in a strong network of economic infrastructure designed to support the country’s medium- and long-term economic and social objectives. Energy infrastructure is a critical component that underpins economic activity and growth across the country; it needs to be robust and extensive enough to meet industrial, commercial and household needs.   

The first IRP for South Africa was promulgated in March 2011. It was indicated at the time that the IRP should be a “living plan” which would be revised by the Department of Energy (DoE) frequently.

The promulgated IRP, commonly referred to as the IRP 2010 is currently being used to roll out electricity infrastructure development in line with Ministerial Determinations issued under Section 34 of the Electricity Regulation Act.

The electricity generation and distribution landscape in South Africa is changing at a rapid pace compared to the period before 2010. In keeping to our climate change commitments, the country has also introduced renewable energy through independent power producers. Technology advancements and the decline in cost make it possible for end users to now generate their own electricity. Increasing electricity prices have also made substitutes such LP Gas a viable alternative for cooking and heating.

Electricity demand is therefore no longer captive to the national grid (Eskom or municipalities) which impacts supply and demand planning.

As indicated in my engagement with business, labour and community representatives at NEDLAC on Friday, rising electricity prices are of concern to us as they threaten to reverse our energy access gains. Many of our people are struggling to pay for the services and are therefore reverting back to using wood for cooking and so forth. This is not the case only in rural areas but also in urban areas. These cost pressures do not only affect households but they also affect industry.

I am inundated with requests for intervention from energy intensive companies on the verge of closing down due to high electricity costs. I am happy to share that in June I approved a framework developed in consultation with the Regulator (NERSA) which enables Eskom and the NERSA to consider temporary special pricing agreements which assist in avoiding these companies from closing down and jobs being lost.  These I have to emphasise will also assist with Eskom falling electricity sales volumes.

It is therefore in this context that our electricity planning philosophy aims to minimise the cost of electricity while keeping up with our environmental commitments.

Ladies and Gentlemen, a number of assumptions used in the IRP 2010 have since changed or not materialized. The following are noticeable changes:

The electricity demand on the grid continues to decline on an annual basis and we are currently sitting at volumes similar to those of the year 2007. For the financial year ending March 2018 the actual total electricity consumed is about 30 percent less than what was projected in the IRP 2010.
Eskom existing generation plant performance is not at expected levels. Eskom’s own reports show that plant availability is below the IRP 2010 assumptions of 80 percent and above.
To date additional 18 000 megawatts of new generation capacity in the form of coal, pumped storage and renewable energy has been committed to, with most of the capacity already connected to the grid and the rest to be realised between now and year 2022.
Cost of new generation technologies has significantly come down and this can be seen in the costs of wind and PV based on the projects procured to date.

The Department started with the IRP review and update process in 2015. The review and update process had four milestones and they are:

The development of the Input Assumptions;
The modelling of a reference case or base case and scenario cases including analysis of results;
The production of balanced scenario; and
Policy adjustment taking into account government priorities, policies and commitments.

Following Cabinet approval in November 2016, the Department then published for public consultation the assumptions. A preliminary base case or reference case was also published but for information.

Key comments received from those consultations were mainly on the consultation process, the projected electricity demand, assumed technology costs, as well as imposing of annual build limits on renewable technologies.

The public during the consultation process asked for another opportunity to comment on the updated IRP before final publication and that is the reason we are releasing the report today for inputs and comments.

The electricity demand forecast published then was said to be outdated and not aligned to the prevailing economic conditions. The demand forecast was revised accordingly and detailed report is available on the website of the Department. 

The technology costs used in the plan have also been updated accordingly. 

The concerns raised about the constraining of renewables have also been addressed by including as one of the scenarios tested; a case where annual built limits on renewables are removed.  

In summary, the report we are publishing today has where applicable taken into account public input and comments on the assumptions. I would like to thank all those who took their time to submit input or comments.

Ladies and Gentlemen, The Department spent the period after consultations modelling and analysing the various scenarios and their impact on the energy mix going into the future. Scenarios were analysed in line with the objectives of IRP which is to provide electricity infrastructure plan that aims to ensure security of supply while minimising cost of supply, water usage and environmental impacts.

The scenarios tested include:

The electricity demand scenario which tested the impact of varying electricity demand  projections;
The gas scenario, which tested the sensitivity of the plan to the assumed gas price projections;
The renewables scenario, which tested the impact of removing annual build limits placed on the renewable technologies; and
The emissions constrain scenario, which tested the impact of using a carbon budget approach to constrain emissions from electricity generation compared to an annual ceiling like with peak plateau decline. 

At a high level, the review of the IRP undertaken indicates the following:

That the pace and scale of new capacity developments needed up to year 2030 must be curtailed compared to what was projected in the IRP 2010.
Without a policy intervention, some of the technologies in the IRP 2010 together with new technologies will not be deployed as the “Least Cost” plan contains PV, Wind and Gas only;
Imposing annual build limits on renewables does not impact the total installed capacity of renewable energy technology for the period up to 2030; and 
There is significant change in the energy mix post 2030 which is mainly driven by decommissioning of old coal power plant that reach their end of life.

While the IRP review considered a period up to year 2050, the approach taken in the draft updated IRP is to adopt a plan for the period ending 2030 and for detailed studies and engagements to be undertaken to better inform the energy mix or path post 2030.

This approach we believe provides the necessary policy certainty while creating the space for all of us to engage in detail on the impending energy transition and the options available to us as South Africa. The engagements will ensure that the transition we undertake is a “just transition” and is inclusive.

Some of the studies we have identified already include:

Detailed socio-economic impact analysis of the decommissioning of old coal fired power plants that would have reached their end of life;
Detailed analysis of gas supply options (international and local) to better understand the technical and financial risks and required mitigations for a renewable energy and gas dominated electricity generation mix post 2030;
Detailed analysis of the appropriate level of penetration of renewable energy in the South African national grid to better understand the technical risks and mitigations required to ensure security of supply is maintained during the transition to low carbon future;  and
Detailed technical, cost and economic benefit analysis of other clean energy technologies such clean coal technology, nuclear and others.

Ladies and Gentlemen, the recommended plan uses the least cost plan as starting point. The least cost plan being a plan without renewable energy constraints. The following policy adjustments have been incorporated into the recommended plan for the period up to 2030:

The retention of annual build limits for the period up to 2030. This provides for consistent and sustained roll out of Renewable Energy for the period.
The inclusion of 1000MW of coal-to-power in 2023–2024, based on two already procured and announced projects.
The inclusion of 2500MW of hydro power in 2030 to facilitate the RSA-DRC treaty on the Inga Hydro Power Project. The project is key to energising and unlocking regional industrialisation.
The utilisation the existing PV, Wind and Gas allocations in the plan to enable through Ministerial Determinations, renewable energy technologies identified and endorsed for localisation and promotion. Technologies as contained in the plan are therefore a proxy for technologies that provide similar technical characteristics at similar or less cost to the system.
The allocations of 200MW per annum for certain categories of generation-for-own-use of between 1MW to 10MW, starting in 2018. These allocations will not be discounted off the capacity allocations in the plan, but will be considered during the issuing of Ministerial Determinations. This will help address requests for deviations from the IRP for qualifying plants.

The policy adjusted plan therefore includes the following new additional capacity by 2030: 1 000 MW of generation from Coal, 2 500 MW from Hydro, 5 670 MW from PV, 8 100 MW from Wind and 8 100 MW from Gas.

The resultant installed capacity mix in year 2030 consist of coal with 34 000 megawatts which is 46% of total installed capacity, Nuclear with 1 860 megawatts which is 2.5%, Hydro with 4 696 megawatts which is 6%, Pump Storage with 2 912 megawatts which is 4%, PV with 7958 megawatts which 10%, Wind with 11 442 megawatts which is 15%, CSP with 600 megawatts which is 1%, Gas with 11 930 megawatts which is 16%. It must be noted that while the coal installed capacity will be lower than current installed base, it will still contribute more than 65% of the energy volumes with nuclear contributing about 4%.

Ladies and Gentlemen, a closer monitoring of the IRP update assumptions by the Department through the Medium Term System Adequacy Outlook filed with NERSA annually by the Eskom’s System Operator will ensure we are alive to the prevailing supply and demand balance and we can accelerate or decelerate implementation if necessary or even revise the plan timeously.  

In conclusion, there are a number of implementation issues brought about by the changing electricity industry that we will also have to look at in details outside of the IRP update process. These include levels of participation of the previously marginalised South Africans in energy sector, the structure of the industry taking into account that electricity demand is no longer total captive to the national grid, the sustainability of licenced electricity distributors etc.

We therefore appeal to the public and the stakeholders to engage with the report we are publishing with the understanding that a “just transition” requires that we while we move with speed to respond to the changing landscape, we take calculated steps to ensure we leave no one behind.

The document is available for comments for a period of 60 days starting today. We urge you not to wait for the 60 days but to provide us your written comments and proposals with supporting data or evidence where possible as soon as you have them ready to help minimise the time to finalise the IRP and therefore create policy certainty.

Thank you.

Distributed by APO Group on behalf of Republic of South Africa: Department of Government Communication and Information.]]>

Tue, 28 Aug 2018 07:17:03 +0000

APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://www.africa-newsroom.com/press/south-africa-statement-by-minister-jeff-radebe-on-integrated-resource-plan-2018?lang=en Africa,African Development,Banking/Finance,Business,Defense/Aerospace,Electricity,Energy,Environment,Infrastructure,Labour market,Oil and Gas,Renewable energy,South Africa,Technology,Water/Sanitation,Women,MBC

African Development Bank and Canada share commitment to women’s empowerment on the continent

https://afdb.africa-newsroom.com/press/african-development-bank-and-canada-share-commitment-to-womens-empowerment-on-the-continent?lang=en

Canada’s Minister of International Development, Marie-Claude Bibeau and the President of the African Development Bank Akinwumi Adesina

https://www.africa-newsroom.com/files/thumb/62ea2c7cc434163/600/418 African Development Bank Group (AfDB)

On her first visit to the West African nation of Cote d’Ivoire, Canada’s Minister of International Development, Marie-Claude Bibeau and the President of the African Development Bank Akinwumi Adesina (www.AfDB.org), shared a common vision and commitment to the advancement of women and girls on the continent.

Both officials met at the Bank’s headquarters in Abidjan, following the Minister’s visit to a Bank-financed rural agriculture project in Abengourou, Côte d’Ivoire earlier in the day. Bibeau, Adesina and other senior management members exchanged views on wide ranging issues including gender empowerment issues, renewable energy, agriculture, and innovative financing mechanisms.

Canada is the fourth largest contributor to the Bank among non-regional members, and the sixth largest donor to the African Development Fund (ADF), the concessional arm of the Bank Group.

The advancement of women and girls is a priority area for the Canadian government in keeping with its Feminist International Assistance Policy (https://bit.ly/2rV5eAG).

The Minister emphasized the need to involve African women in decision-making processes.

According to Bibeau "If we want to end poverty, women in Africa must be able to develop their full potential," she said. She also expressed the hope that women would no longer be perceived as "mere beneficiaries" but as "agents of change."

"This is the approach we are taking in Canada. We are working to ensure that 15% of our department's budget is allocated to transformative projects for women," Bibeau said.

The Gender Strategy is a central part of the Bank’s ambitious vision for Africa, based on the reality that gender equality is integral to Africa’s economic and social development. The vision includes creating opportunities for women, disadvantaged and marginalised people and communities so they can fully participate in and benefit from the development of their communities and nations.

Commending Adesina for exemplary leadership, Bibeau acknowledged that “change will not come overnight, but our collective actions will make a significant difference.” The Bank recorded exceptional results for 2017 with approvals of US $8.7 billion and over $7 billion of disbursements, the highest performance since its creation in 1964.  

From 2010 to 2017, the Bank’s operations have positively impacted the lives of millions of Africans. 83 million Africans have benefited from improved access to transport, and 49 million have gained access   to clean water and sanitation. Nine million African women have been connected to electricity and the living conditions of 29 million more women have been significantly enhanced as a result of improvements in agriculture.

Bank President, Akinwumi Adesina called for greater mobilization of resources in favor of women.

"We need to change the current system, and introduce a mechanism for rating and classifying financial institutions. Those who put the issue of gender at the center of their concerns should be at the forefront of this ranking," he said.

According to Adesina, "the Bank plans to raise a US$ 300-million guarantee fund for the Affirmative Finance Action for Women in Africa (AFAWA) initiative."  AFAWA is expected to leverage close to USD$ 3 billion over 10 years to empower female entrepreneurs through capacity building development, access to funding, and policy, legal and regulatory reforms to support enterprises led by women.

The initiative provides significant support for the advancement of Africa’s Gender agenda.  The Bank is helping build women’s market programs in countries such as Kenya, Nigeria, Sierra Leone, and the Democratic Republic of Congo. Through four commercial banks, at least 200,000 women owned businesses are expected to be impacted through financing, growth in revenues and through coaching and mentoring programs.

Adesina said he hoped Canada would champion the initiative, launched during the Bank’s 2016 Annual Meetings.

The Canadian Minister and the African Development Bank President also discussed closer cooperation between Canada and Africa, and Canada’s participation in the first Africa Investment Forum scheduled for November 2018 in South Africa.

Canada joined the African Development Bank in 1982. The country has supported all the general capital increases of the Bank and all the replenishments of the African Development Fund (ADF). Canada also participates in a number of multi-donor trust funds and other initiatives managed by the Bank.

The African Development Bank Group is one of Canada's leading partners in supporting sustainable economic growth in Africa. Other Bank Group priority areas of focus include environment and renewable energy, inclusive governance, peace and security.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Photo Gallery: https://flic.kr/s/aHsmqRK2Sk

Media contact: Felix Njoku – This email address is being protected from spambots. You need JavaScript enabled to view it.

About the African Development Bank Group

The African Development Bank Group (AfDB) (www.AfDB.or) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (ADB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). With country offices in 44 African countries and an external office in Japan, the AfDB contributes to the economic development and social progress of all its 54 regional member states in Africa.

For more information: http://www.AfDB.org

]]> Fri, 17 Aug 2018 18:38:05 +0000 APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://afdb.africa-newsroom.com/press/african-development-bank-and-canada-share-commitment-to-womens-empowerment-on-the-continent?lang=en Africa,African Development,Agriculture,Canada,Congo (Republic of the),Democratic Republic of Congo,Economy,Electricity,Energy,Environment,Health,Investment,Ivory Coast,Kenya,Nigeria,Renewable energy,Sierra Leone,South Africa,Transport,Water/Sanitation,Women,MBC

Vantage GreenX Note II provides R2bn of funding to six renewable energy projects in South Africa

https://www.africa-newsroom.com/press/vantage-greenx-note-ii-provides-r2bn-of-funding-to-six-renewable-energy-projects-in-south-africa?lang=en

Vantage Capital Group
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Vantage GreenX Fund Managers announced today that through its second renewable energy fund, Vantage GreenX Note II, it has provided R2.05bn of funding to a combination of six solar and wind energy projects with a combined capacity of 433MW. All the projects form part of Round 4 of the South African Renewable Energy Independent Power Producer (“REIPP”) procurement programme.

The GreenX funding was provided to four projects developed by BioTherm Energy and two projects developed by OMLACSA and ACED. All six projects reached financial close in the last two weeks of July 2018. The four BioTherm projects are the 86MW Konkoonsies II solar PV project (Northern Cape), the 45MW Aggenys solar PV project (Northern Cape), the 120MW Golden Valley wind project (Eastern Cape) and the 32MW Excelsior wind project (Western Cape). The two OMLACSA projects are the 75MW Droogfontein II solar PV project (Northern Cape) and the 75MW Zeerust solar PV project (North West).

GreenX Note II is Vantage GreenX’s second generation renewable energy debt fund. The R3bn fund has a mandate to provide Consumer Price Indexed (“CPI”) linked senior debt to sustainable projects that form part of the REIPP, Small Projects Independent Power Producers (“SPIPP”), Co-Gen and Gas procurement programmes run by the South African Department of Energy. CPI-linked debt, although not new to the local market, has for the first time provided a significant portion of the total senior funding to projects in this round. Due to the way it is structured, CPI-linked debt provides a hedge against inflation and it allows projects to bid lower tariffs for similar equity returns. In doing so it has ensured that affordable electricity tariffs are passed on to consumers.

Alastair Campbell, Managing Director of Vantage GreenX, said “It is with great pleasure that we announce that we have supported these six projects. Each of these projects has strong, experienced sponsors and solid project fundamentals. Together they represent a geographically diverse portfolio of assets. Despite the difficulties experienced by stakeholders in the industry over the last two years, we hope that the conclusion of this round of projects represents a watershed moment for the South African renewable energy industry and provides forward momentum to the sustainability of the domestic energy sector as a whole.”

The R2.1bn GreenX Note I is fully invested across eight solar and wind projects located in the South African provinces of the Eastern Cape, Northern Cape and Limpopo. The completion of the six GreenX Note II transactions takes the total number of investments made by GreenX to fourteen across the two funds. Vantage anticipates lending the remaining R1bn in GreenX Note II before the end of this year.

Distributed by APO Group on behalf of Vantage Capital Group.

For more information contact:

Alastair Campbell

Managing Director – Vantage GreenX

This email address is being protected from spambots. You need JavaScript enabled to view it.  

Tel:  +27 11 530 9139

Ridhaa Ahmed

Senior Associate – Vantage Capital

This email address is being protected from spambots. You need JavaScript enabled to view it.

Tel:  +27 21 418 1130

About Vantage:

Vantage GreenX is part of the Vantage Capital group (www.VantageCapital.co.za). Vantage Capital was established in 2001 and currently manages capital of just over R11.0 billion (over $800 million) in five distinct mezzanine debt and renewable energy debt funds. Launched in 2013, Vantage GreenX focusses specifically on sustainable energy opportunities through its Note I and Note II funds. GreenX currently has R5.2bn of assets under management.

Vantage has offices in Johannesburg and Cape Town but through the various funds under management targets debt opportunities in a number of high-growth African countries including South Africa, Ghana, Nigeria, Cote d’Ivoire, Ethiopia, Kenya, Tanzania, Uganda, Zambia, Botswana, Egypt, Morocco and Namibia amongst others. 

In addition to its renewable energy offerings, Vantage also targets mezzanine debt opportunities of between $5-25 million. Mezzanine is an intermediate form of risk capital, which is situated between senior debt, the least risky tranche of the capital structure, and equity, the most risky. It combines elements of both debt and equity thereby providing companies with long-term funding on terms which are less dilutive to shareholders than pure equity.

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Mon, 13 Aug 2018 17:30:07 +0000

APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://www.africa-newsroom.com/press/vantage-greenx-note-ii-provides-r2bn-of-funding-to-six-renewable-energy-projects-in-south-africa?lang=en Africa,Energy,Renewable energy,South Africa,MBC

The 2nd Edition of the Phanes Group Solar Incubator set to kick off 7th August 2018

https://www.africa-newsroom.com/press/the-2nd-edition-of-the-phanes-group-solar-incubator-set-to-kick-off-7th-august-2018?lang=en

Evaluation panel during live pitching session of the Phanes Group Solar Incubator 2017 (1)

https://www.africa-newsroom.com/files/thumb/40d4a55126e7f9b/600/418 Phanes Group

[embedded content]

Phanes Group (www.PhanesGroup.com/incubator), an international end-to-end solar provider headquartered in Dubai, UAE, has announced the 2nd edition of its Solar Incubator program, aimed at identifying PV projects of potential in sub-Saharan Africa by providing support to funding, and commercial and technical knowledge.

The initiative held under the theme, “Your Project, Our Expertise, For a Sustainable Future”, will be held in collaboration with Hogan Lovells, responsAbility Renewable Energy Holding, RINA and Solarplaza, and invites PV developers to submit proposals for projects based in sub-Saharan Africa that have a clear Corporate Social Responsibility (CSR) component.

Candidates are asked to submit their proposals by September 27th (11.59 p.m. CET) via the process established on Phanes Group’s website. Those who are shortlisted will be invited to present their projects to an expert panel comprised of the Solar Incubator partners at the “Unlocking Solar Capital: Africa 2018” conference in Kigali, Rwanda, from November 7th to 8th, where the industry’s key players will hold extensive discussions on solutions for Africa’s solar energy requirements and bridging the bankability gap.

It comes as part of Phanes Group's core strategy to collaborate with Africa-focused counterparties, such as local project owners, governments, and developers on projects that seek to create a sustainable future for urban and rural communities across the sub-Saharan African region.

 “The majority of our business focus lies in electrifying new markets in sub-Saharan Africa. With CSR at the heart of our business model, we launched this initiative with the goal of bringing bankability to projects that stand to provide clean energy to economies that need it most. The Phanes Group Solar Incubator is an example of this,” said Martin Haupts, CEO, Phanes Group.

“Entering the Phanes Group Solar Incubator means creating the opportunity to not only win, but the possibility to gain further exposure to key industry players through the evaluation panel. We have already seen great success from last year’s projects, and we are confident that as this initiative continues to grow, more and more businesses across the continent will be able to effectively address local needs for clean and affordable energy.”

Christopher Cross, Partner of law firm Hogan Lovells, who will be part of the evaluation panel at the event, said, “We are delighted to be invited again this year to take part in such an exciting and on-the-ground initiative such as this. I had a great experience last year and very much look forward to seeing what is in store for us in Rwanda. As stated previously, the Solar Incubator seeks to foster both local innovation and investment to bring potential opportunities to fruition for the social and economic benefit of the region and its people.”

With almost 700 million people in sub-Saharan Africa living without electricity, the Phanes Group Solar Incubator aims to enable solutions by supporting developers not only during the funding phase, but throughout the project development and delivery. Phanes Group, along with its partners, will provide PV developers with access to the expertise that will support them in reaching bankability. During the initial phase, extensive mentorship and access to the right network will enable this year’s winner(s) to roll out a sustainable energy solution for their community and develop a long-term CSR concept.

“responsAbility Renewable Energy Holding is proud to be participating in the Phanes Group Solar Incubator once again this year,” said Wilfred van den Bos, Head of Investments. “It is important to ensure that energy projects within the solar sector start and remain financially viable, and we hope that our continued partnership will foster successful entrepreneurship that will benefit communities across sub-Saharan Africa.”

Lee Smith, Sector Manager from RINA also commented, “RINA is proud to partner with Phanes Group again for the 2018 edition of the Solar Incubator, which produced some interesting projects in 2017. It was encouraging to see the emergence of strong CSR propositions in line with the vision of the initiative. We look forward to this year’s proposals and helping to shape the winner’s future.”

"We are very much looking forward to host the latest edition of the incubator during Unlocking Solar Capital Africa. All participants will have the opportunity to take their project from concept stage into development with the expert advice from the incubator evaluation panel and the support of Phanes Group" Lydia van Os, Project Manager Unlocking Solar Capital Africa added.

Similar to last year, the developer(s) of the winning project(s) will be invited to join Phanes Group for an intensive workshop at its headquarters in Dubai, UAE. This will help lay the foundations for delivering a bankable and sustainable project.

More about Phanes Group’s Solar Incubator

Phanes Group’s 2nd annual Solar Incubator, held under the theme of “Your Project, Our Expertise, For a Sustainable Future”, will be supported by Hogan Lovells, responsAbility Renewable Energy Holding, RINA and Solarplaza.

The initiative aims to select and develop PV project opportunities in sub-Saharan Africa that haven’t been able to gain access to funding and necessary know-how. Corporate Social Responsibility (CSR) is an integral part of this initiative; along with the project details a solid CSR concept that benefits the local community must be submitted and will be further developed during the incubator phase and implemented in parallel with execution of the PV project.

The candidates of the winning project(s) will have the opportunity to enter a partnership with Phanes Group and be able to hold a long-term stake in the project, collaboratively aiming to bring it to financial close. With the incubator, Phanes Group and its partners will provide the winner(s) with extensive mentorship and knowledge transfer throughout the project.

The Solar Incubator phase will kick off with an intensive face-to-face workshop for the winning candidate(s) in Dubai, UAE, working with Phanes Group’s team and its partners, setting the foundations to deliver bankable projects. During that phase the winner(s) will gain access to commercial and technical know-how covered by experts from project finance, project development and execution, legal and CSR, followed by further remote mentoring sessions for additional months.

The deadline to submit projects for evaluation ends on September 27th (11.59 p.m. CET). The final selection process will take place during a live evaluation panel session at the “Unlocking Solar Capital: Africa 2018” conference in Kigali, Rwanda, where the finalists will present their projects live to the panel members and audience and then the winner(s) will be announced at the conference. Interested candidates can submit directly via email to This email address is being protected from spambots. You need JavaScript enabled to view it. .

For more information visit www.Phanesgroup.com/incubator or on the Unlocking Solar Capital Africa conference website at Africa.unlockingsolarcapital.com/solar-incubator

Distributed by APO Group on behalf of Phanes Group.

For media enquiries regarding the Phanes Group Solar Incubator, please contact:
Sophia Erickson
Memac Ogilvy Public Relations
This email address is being protected from spambots. You need JavaScript enabled to view it. 
00971 (0) 52 967 9408
Andrea Gomez
Phanes Group
This email address is being protected from spambots. You need JavaScript enabled to view it. 
00971 (0) 4 5587450

More About Phanes Group

Phanes Group (www.Phanesgroup.com/incubator) is an international solar energy developer, investment and asset manager, strategically headquartered in Dubai with a local footprint in sub-Saharan Africa, through its office in Nigeria, the region’s largest economy. Cumulatively, the company’s global clean power contribution is in excess of 70 MW, with a further 1.5 GW in the pipeline – including 227.5 MW of grid connected PV solar in Nigeria across three different projects.

 
The first of the three Nigerian projects, in the Sokoto region, is backed by one of the Nigerian government’s 14 PPAs. In addition, the group is developing off-grid solar solutions to ensure communities across the region have access to a stable and clean energy supply. 


Established in 2012, Phanes Group’s integrated approach, combining financial and engineering expertise, enables the company to deliver end-to-end solar energy solutions. The group has a growing portfolio of solar investments and developments spanning multiple geographies with a distinct focus on emerging markets, especially Middle East, North Africa and Central Asia (MENA ‘plus’) and sub-Saharan Africa. In the Middle East, Phanes Group is delivering the region’s largest distributed solar project (DP World Solar Power Programme) and completed phase I (33.4 MW) of the largest solar project in the Caribbean (Monte Plata).

About Unlocking Solar Capital Africa 2018

Africa is quickly becoming one of the most significant regions in the global expansion of the solar PV industry.  Unlocking Solar Capital Africa 2018 will bring together hundreds of representatives from development banks, investment funds, solar developers, IPPs, EPCs & other solar stakeholders to engage in extensive discussions to solve Africa’s solar energy funding gap - and get projects realized. This 3rd edition will take place on the 7th and 8th of November 2018 in Kigali, Rwanda.
For more information regarding the program, attendees, and registrations, visit Africa.UnlockingSolarCapital.com 

]]> Tue, 07 Aug 2018 09:20:17 +0000 APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://www.africa-newsroom.com/press/the-2nd-edition-of-the-phanes-group-solar-incubator-set-to-kick-off-7th-august-2018?lang=en Africa,African Development,Awards,Banking/Finance,Business,Electricity,Energy,Environment,Events/Media Advisory,Foreign Policy,Investment,Middle East,Renewable energy,Rwanda,Telecommunications,United Arab Emirates,MBC

Phanes Group Solar Incubator 2017
Phanes Group Solar Incubator, 2017- Martin Haupts (CEO, Phanes Group)

ENGIE to build 8 hybrid solar power plants in Gabon

https://www.africa-newsroom.com/press/engie-to-build-8-hybrid-solar-power-plants-in-gabon?lang=en

ENGIE to build 8 hybrid solar power plants in Gabon

https://www.africa-newsroom.com/files/thumb/dcfa25259baef38/600/418 ENGIE

ENGIE (www.ENGIE-Africa.com) has signed an agreement with CDC, the Gabonese financial institution Caisse des Dépôts et Consignations, to deploy eight hybrid solar power plants in Gabon, representing a combined capacity of 2.2 MW.

The implemented solution was developed by ENGIE’s subsidiary, Ausar Energy in collaboration with CDC, the Gabonese Ministry of Energy, and the Gabonese energy and water company Société d'Énergie et d'Eau du Gabon (SEEG) and means that solar energy can be used in eight locations that are currently supplied by oil-fired thermal power stations.

With construction set to begin in a few weeks, this project will contribute to the Gabonese Republic's proactive policy of using renewable energy – solar and hydropower – to increase the country's energy capacities. The project will save the country 1 million litres of fuel oil per year, or 2,600 tonnes of CO2, and reduce generation costs by 30%. 

Ausar Energy offers the African continent a hybrid solar power plant solution, with or without storage facilities, with capacities ranging from 50 kW to 2.5 MW. This solution is in line with ENGIE Group's strategy of promoting decentralised generation and distribution of electricity from renewable sources. This strategic priority is designed to ensure continuous access to energy in isolated areas that are not and cannot be connected to grids, as well as to limit the consumption of fuel oil, manage costs and reduce pollution.

Distributed by APO Group on behalf of ENGIE.

Press contact: 
For more information, images or interviews, contact Melissa Sidnell (This email address is being protected from spambots. You need JavaScript enabled to view it.) +44 (0)20 3357 9741 or +44 (0)775 685 8044 or Maya Harruna (This email address is being protected from spambots. You need JavaScript enabled to view it.) +44 (0)20 3357 9744 


About ENGIE Africa
For over 50 years, ENGIE (www.ENGIE-Africa.com) has been active in many African countries through its energy engineering business, its natural gas purchase agreements with Algeria, Egypt and Nigeria and more recently as an independent power producer in South Africa and Morocco with a total capacity of 3,000 MW either in operation or under construction. By 2025, ENGIE wants to be a reference partner in ten African countries for power plants, energy services to businesses and decentralized solutions for off-grid customers – communities, companies and households. ENGIE already has more than 1 million customers with domestic solar installations and local microgrids, and aims to become one of the viable leaders on the continent's off-grid service market. For more information, go to www.ENGIE-Africa.com.


About Ausar Energy
Ausar Energy (http://Ausar-Energy.com/en/ ) is a joint venture of ENGIE (50.76%) and the Centum Adetel Group that specialises in embedded and industrial electronics, and manufactures conversion and electrical energy storage equipment. Ausar Energy manages the entire project cycle, from development to implementation, rolling out an original solution in Africa: decentralised electricity generation from solar power plants with storage facilities .

]]> Mon, 06 Aug 2018 08:31:47 +0000 APO Group - Africa-Newsroom: latest news releases related to Africa

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Innovation: Africa enters a global partnership with Bayport Management Ltd to bring solar and water solutions to Tanzania

https://www.africa-newsroom.com/press/innovation-africa-enters-a-global-partnership-with-bayport-management-ltd-to-bring-solar-and-water-solutions-to-tanzania?lang=en

Innovation: Africa enters a global partnership with Bayport Management Ltd to bring solar and water solutions to Tanzania (1)

https://www.africa-newsroom.com/files/thumb/ace7e71a3e8fda9/600/418 Bayport Management Ltd

Africa (iA), a non-profit organisation, and Bayport Management Ltd (www.BayportFinance.com), a multinational financial services provider with a strong presence in Tanzania, are proud to announce that they have formed a partnership to help communities across Africa to improve their living conditions through access to clean water and lighting.

iA has already implemented 18 solar systems in Tanzania, 16 of them powering schools and medical clinics in the Bagamoyo and Chalinze regions. Now, with the support of Bayport’s network in Dodoma, iA’s work in the country will be extended.

Bayport Tanzania, through the provision of a vehicle and other logistical support have enabled iA to commence a project in the Dodoma region of Tanzania to install a solar system at the Bumbuta Health Center, as well as a pump system to supply Iyoli village with clean water.

In June this year, iA re-located its Tanzania office to Dodoma region to better meet the high demand for clean water and solar energy. iA plans to complete five water projects and two solar projects in Dodoma over the next few months.

The collaboration between the two companies will help to improve health and better education, having a positive impact on the lives of people across Tanzania through the use of solar energy and water technologies.

iA is a US-based organisation with a mission to bring Israeli solar, water and agricultural technologies to rural African villages. Its goal is to reach 1000 villages, impacting six million people, over the next seven years. To date, it has completed over 200 solar installations bringing light, access to clean water, improved education, refrigeration for vaccines and medicines, and proper nutrition and food security to over a million people in remote villages in Uganda, Malawi, Tanzania, Ethiopia, South Africa, the Democratic Republic of Congo, Senegal and Cameroon.

Bayport is a market-leading provider of unsecured credit, insurance and retail banking services to customers in emerging markets. It currently serves more than 600,000 customers in seven African countries and two in Latin America. The communities Bayport serves overlap with iA’s areas of operation in Uganda, Tanzania and South Africa.

“The partnership with iA is a good fit for us,” says Stuart Stone, joint CEO of Bayport. “Both our organisations are employing technology and innovation to give people in emerging markets access to the means to improve their lives and build a more secure future.”

“Bayport’s support enables us to offer solutions to remote villages in Tanzania, which allow communities to uplift themselves from extreme poverty and provide the tools to be independent,” says Sivan Ya’ari, Founder and CEO of Innovation: Africa. “We are extremely grateful to partner with Bayport and look forward to the evolution of this fruitful collaboration.”

Distributed by APO Group on behalf of Bayport Management Ltd.

Contact information:
Nicole Sanderson
Brand, Marketing and Communications Executive
 
Bayport International Group Support
Bayport House, 23A 10th Avenue, Rivonia, 2128, South Africa
Cell: +27 (0)82 859 1647 | Tel: +27 (0)87 287 4000 extension 310 | Fax: +27 (0)11 234 9285 | 
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.BayportFinance.com

]]> Mon, 30 Jul 2018 10:58:02 +0000 APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://www.africa-newsroom.com/press/innovation-africa-enters-a-global-partnership-with-bayport-management-ltd-to-bring-solar-and-water-solutions-to-tanzania?lang=en Africa,Business,Energy,Israel,Renewable energy,Tanzania,Technology,Water/Sanitation,MBC

Hanwha Q Cells GmbH today announced its involvement in one of the largest solar net-metering projects in Greece.

Recently, the opening ceremony of European Customer Service Center built under the cooperation between Wuxi Suntech and CMEC Wuxi has been held officially in Cologne, Germany,

Sungrow, the global leading inverter solution supplier for renewables, presents 1500 V solutions with string PV inverters, central PV inverters, and ESS as its headline catching products at Intersolar Europe 2018, in Munich, Germany.

SolarEdge Technologies, Inc. is expanding its commercial solution with the launch of larger-capacity three-phase inverters with synergy technology and a multi-input power optimizer in order to further improve the scalability and performance of its commercial PV systems.

Canadian Solar’sBiKu modules are at the forefront of high efficiency dual-cell bifacial modules in the industry. Its poly bifacial modules have up to 365 W power output on the front side and 75% bifaciality. It can increase energy yield by up to 30% with backside contributions under certain albedo, thus lowering LCOE dramatically. Canadian Solar’s BiKu modules will certainly help you maintain IRR on your project investment, in case project PPA decreases year after year.

The companies were announced today at the official launch of the Platform during the EU Sustainable Energy Week. These major corporate energy users and supply side companies were highlighting the growing demand for clean energy and the need for clear and enabling policy frameworks.

U.S.-based NRG Systems announced today that Lasser Eólica has joined its global network of service partners and dealers. Based in Spain, Lasser Eólica engineers, installs, and maintains met tower systems across Europe, North Africa, and the Middle East.

Verano Capital, an American project developer headquartered in Chile, announced that it won 18% of the solar capacity in auction at the Argentinian energy tender with its 100 MW VeCaSo-1 solar project. Located near Mendoza, Verano’s PV project was selected on a winning bid at $42.50/MWh.

Abigail Ross Hopper, President and CEO of the Solar Energy Industries Association (SEIA), issued the following statement after the U.S. International Trade Commission (ITC) announced a split remedy recommendation for the Section 201 trade case

Joint filing from broad array of groups takes aim at financial “Beneficiaries” as the only entities to support the DOE proposal – and whose filings fail to establish that the proposed subsidies are needed or legally valid

As demand for solar energy surges across America, today the Solar Energy Industries Association (SEIA) and Alta Energy jointly released a white paper highlighting an underutilized financing tool that can help boost commercial and industrial (C&I) solar development nationwide.

Urban Grid Holdings, LLC (Urban Grid), a leading developer and financier of solar projects throughout the United States, is pleased to announce the completion of two solar installations for Allegany County, Maryland totaling 2.14 MW.

Goldi Green Technologies has launched their new corporate identity at REI 2018. The name of the company has been changed to Goldi Solar Pvt Ltd.

Sungrow, the global leading inverter solution supplier for renewables, participates in the Renewable Energy India Expo 2018 in Greater Noida for 3 days, with world-leading PV solutions for commercial rooftop and utility-scale PV plants, in a bid to build a comprehensive PV world together with partners and with the mission of “ Clean Power for All ”.

> <
  • PriyabrataPriyabrata Das (Retail Business Leader, India), Divya Arya (Marketing Leader, Asia) and Sahil Khanna (Partnerships Business Leader, Asia) with contest winners at the meet and greet event with the Batti Gul Meter Chalu star cast
Greenlight Planet, a global leader in solar home energy products (Sun King™) launched their brand association with Batti Gul Meter Chalu starring Shahid Kapoor, Shraddha Kapoor, Divyendu Sharma and Yami Gautam produced by Bhushan Kumar, Krishan Kumar, Nitin Chandrachud and Nishant Pitti that was released on 21st September 2018. The film narrates the story of electricity issues in rural India and this association showcases how Greenlight Planet’s Sun King™ range of solar products offer a clean, reliable alternative to these issues.

As a part of this association, Greenlight Planet is running a 360-degree marketing campaign ‘Batti Gul Sun King Chalu’ to promote its association across all platforms including print, electronic, social media as well as branding, on ground activations and PR activities. Greenlight Planet customers & partners were invited to share their ‘Batti Gul Crazy Moments’ using #BattiGulSunKingChalu and the contest winners won a chance to meet the star cast of the film.

Talking about the association, Divya Arya, Marketing Leader, Asia, Greenlight Planet expresses, “Over 1.3 billion people around the world live without access to energy. In India alone, 31 million families still live in the dark. Our low-cost Sun King™ solar devices including solar lanterns, home systems and televisions provide an affordable, high-quality solution to rural households, so they can live safer, brighter and more productive lives. We are always exploring new, innovative methods to connect with our customers and educate them about the multiple long-term benefits of choosing high-quality solar products over cheap but inferior alternatives available in the market. Through our marketing campaign with BGMC, we hope to engage our customers, increase brand awareness and educate them about how sustainable products are better, cheaper and more efficient in the long run.”

The campaign has kick-started with the launch of the TVC, print campaign and social media campaign with Shahid Kapoor & Shraddha Kapoor talking about the Batti Gul Sun King Chalu contest. The co-branded promo captures the frustration of power cuts and introduces how Sun King products help solve the problem.

Batti Gul Meter Chalu narrates the story of Shahid Kapoor's character who plays a lawyer in the film and fights with the local electricity board against escalated electricity bills. The film tells the story of electricity issues in rural India.

Mr. Vinod Bhanushali, President-Marketing, Media, Publishing (TV) & Music Acquisitions, T-Series commented, “Batti Gul Meter Chalu produced by T-Series is based on a socially relevant issue that a lot of Indians face even in today’s times and the film has tried to put across the issue with humor. We have always tried to back socially relevant and content-driven cinema like Hindi Medium. This association with Greenlight Planet felt like a natural fit as the movie discusses the lack of reliable electricity in several parts of India and Sun King's products offer a clean, affordable solution to this very relatable problem. Also, this gives us yet another opportunity to offer our viewers a solution to their electricity woes. We are glad to be a part of an association that is helping build a brighter future for rural India."

To view the TVC:
https://www.youtube.com/watch?v=5NZOqjGPJKM

About Greenlight Planet

Greenlight Planet has sold over 9 million Sun King™ solar home energy products to off-grid households around the world. Greenlight Planet reaches remote, off-grid customers through a unique business model involving a vast network of micro entrepreneurs, more than 300 global strategic distribution partners, and its proprietary EasyBuy (“pay-as-you-go”) instalment payment technology that makes safe, high-quality solar energy products affordable for all. Winners of 2016 Ashden Awards, Greenlight Planet is currently present in 40+ countries and serves over 33 million consumers.

Find out more at https://www.greenlightplanet.com

Scheduled from 18th to 20th September at the India Expo Center, Greater Noida, the 12th edition of Renewable Energy India Expo is all set to come back in a magnificent way this year.

Renewable Energy India Expo kicked off in India Expo Centre, Greater Noida, New Delhi. SINENG attended the Expo with its overseas main models. It is the company's another blockbuster debut in the Indian market since its Indian factory opened in August.

Prime Minister Shri Narendra Modi Dedicates Dulanga Coal Mine of NTPC to the Nation

22nd Sep, 2018

Dulanga Coal Mine, the maiden Coal Mine of NTPC in the State of Odisha was dedicated to the Nation by Prime Minister Shri Narendra Modi on 22nd September, 2018 in Jharsuguda, Odisha. Situated in district Sundergarh, Odisha, the Coal Mine has been allotted by Government of India to meet the fuel requirement of NTPC’s 2x800MW Darlipali Super Thermal Power Plant. Dulanga Mine has block area of 6.54 Sq. Km., Geological Reserves of 196MMT and Mineable Reserves of 152MMT and ultimate production capacity of 7MMTPA.

The event was held in the presence of Prof. Ganeshi Lal, Governor, Odisha; Shri Naveen Patnaik, Chief Minister, Odisha; Shri Suresh Prabhu, Union Minister of Commerce & Industry and Civil Aviation; Shri Dharmendra Pradhan, Union Minister of Petroleum & Natural Gas and Skill Development & Entrepreneurship; Shri Jual Oram, Union Minister of Tribal Affairs and other dignitaries from Odisha. Shri Gurdeep Singh,CMD, NTPC, Shri P.K. Mahapatra- Director (Technical), NTPC, Shri M.P. Sinha- RED, ER-II were also present on the occasion.

In Odisha, NTPC has currently 3000MW Talcher Super Thermal and 460MW Talcher Thermal operating power stations in District Angul of Odisha. Further, 1600 MW Darlipali STPP is under construction and 1320 MW (2x660MW) Talcher Thermal Power Project Stage-III is also in pipeline.

NTPC is India’s largest power company, with a vision “To be the World’s leading Power Company, Energizing India’s Growth.” NTPC is amongst the largest electricity generator globally with an installed capacity of more than 53GW. Company is progressing towards realizing India's dream for 24X7 affordable Power for all by steadily adding to its renewable portfolio.

NTPC has presence in five segments of power generation i.e. coal based, gas based, hydro, solar , wind and is pursuing developing Electric Vehicles Infrastructure as a new initiative.


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JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced that it has supplied 23MW of high-

For AlsoEnergy, the top selling independent monitoring provider for commercial PV in North America, this partnership is an opportunity to extend international coverage for sales and support.

High voltage switchgear to support Saudi Arabia’s first integrated solar and natural gas power plant

Union Minister of State (I/C) for Housing and Urban Affairs, Shri Hardeep Singh Puri has said that urban areas in India faced multi-pronged challenges and a complex ecosystem in ensuring housing for all, technology-based solutions to enhance service delivery, better mobility and greener transport, smart governance and in doing more with less.  Addressing the inaugural session of Project Managers Global Summit 2018 on "Powering India’s Breakthrough Growth: New Dimensions in Project Management" here today, he said that meeting these challenges requires efficient project management which means translating vision into reality.  Shri Puri said professionalism is essential in project management and not populism saying the processes must be carried out in a transparent manner and through competitive bidding.

The Minister  said that India has undertaken the "most comprehensive" planned urbanization programme in the world and stressed that India still had to build 70 per cent of the new urban infrastructure required by 2030 and this has to be green and resilient. At present, over 30 per cent of India's population, on a base of 1.2 billion, lives in urban centres, as compared to 17 per cent of the population living in urban areas at the time of India's independence in 1947. The flagship programmes being implemented by the Indian government were moving in a direction to ensure that India succeeds in the 2030 Agenda, he added and pointed out that the Pradhan Mantri Awas Yojana or the Prime Minister's scheme on Affordable Housing for All is the world's largest housing programme for the poor under which the government aims to build 11 million affordable homes for urban Indians by the year 2022. India is in the process of creating 100 Smart Cities to strengthen urban infrastructure by applying smart solutions, he further added.

The Minister said that the Smart Cities Mission envisaged area-based interventions for developing urban areas or cities. Following citizen consultations with more than 2.4 million people, 100 cities are now implementing concepts such as smart roads, smart solid waste management, solar rooftops and smart schools, to name a few. He said, “smartness, whether of building or a city, is not something on which you have a choice. It’s an imperative with thrust on your current existence. When we talk smart cities it includes host of things—greens, sustainable infrastructure, safety for everyone, surveillance ensuring safety for women. So it is an ongoing process”.

Shri Puri said, by December 2018, you can start getting physical contours of what a smart city looks like. Different cities are in different stages of processing, tendering, he said.  The Minister said, in democracy you cannot tell people where to live and nor can we stop migration, adding that we have to tackle it by creating infrastructure, adding that we have to look at urbanization as a great opportunity for economic growth.

Shri Puri pointed out that, cities were selected through a competitive process for funding under a Government of India programme, and added that the programme design was based on comprehensive citizen engagement, leveraging the power of technology at our disposal.

The Minister underlined that “new technologies and platforms will increasingly enable citizens to engage with governments, voice their opinions, coordinate their efforts and even circumvent the supervision of public authorities”. This phenomenon is embedded in the concept, design, and implementation of India’s Smart Cities Mission, he said.

He pointed out that every Smart City will have a Smart City Centre (SCC) (i.e. Integrated Command and Control Centre). The SCC functions as a city’s nervous system where digital technologies are integrated with social, physical, and environmental aspects of the city, to enable centralized monitoring and decision making. SCCs have already been set up in 11 cities.   Twenty eight other cities have started work on setting up such centres.

Shri Puri said,  proactively improving the urban space will require a reform of the “enabling environment”, which includes governance frameworks, policy protocols, capacities of urban local bodies, and the nature of citizen-government engagement.

On the occasion, awards for Excellence were given to NBCC and DMRC.

***

RJ/KGS

The Ministry of New and Renewable Energy is organising the First Assembly of International Solar Alliance (ISA); the 2nd Indian Ocean Rim Association (IORA) Renewable Energy Ministerial Meeting and the 2nd Global Renewable Energy Investment Meeting and Expo, (REINVEST- 2018) from 2nd to 5th October 2018 in New Delhi.

The three events will be inaugurated in a common function by Prime Minister Shri Narendra Modi, in the presence of Mr Antonio Guterres, Secretary General, United Nations on 2nd October 2018 in Vigyan Bhavan, New Delhi. The Business and Technical Sessions of ISA Assembly, IORA Meet and RE-INVEST 2018 Expo will be held at India Expo Mart, Greater Noida, UP.

The International Solar Alliance (ISA), an Indian initiative, was launched jointly by Shri Narendra Modi, Hon’ble Prime Minister of India and H.E. François Hollande, Hon’ble President of France on 30 November 2015 in Paris, France on the side-lines of the 21st Conference of Parties (CoP 21) to the United Nations Framework Convention on Climate Change. The Alliance, recognising that solar energy provides potential member solar resource rich countries lying fully or partially between the Tropics of Cancer and Capricorn, with an unprecedented opportunity to bring prosperity, energy security and sustainable development to their peoples, opened ISA Framework Agreement for signature on 15 November 2016 in Marrakech, Morocco, on the side-lines of COP-22.

In conformity with the ISA Framework Agreement, 30 days after ratification by the 15th country, on 6 December 2017, ISA became the first full-fledged treaty based international intergovernmental organization headquartered in India. Through this initiative, the countries, inter alia, share the collective ambition: (i) to address obstacles that stand in the way of rapid and massive scale-up of solar energy; (ii) to undertake innovative and concerted efforts for reducing the cost of finance and cost of technology for immediate deployment of competitive solar generation, mobilise more than 1000 Billion US Dollars of investments by 2030. The Government of India has committed Rs.175 crore for setting up of ISA and till date released a sum of Rs 140 crore for creating a corpus fund, building infrastructure and meeting day to day recurring expenditure.

On 11 March 2018, the Prime Minister of India, Shri Narendra Modi and the President of France, H.E. Emmanuel Macron co-hosted the Founding Conference of the International Solar Alliance (ISA). Forty eight countries, including India participated in this conference. In addition, there were representations from the United Nations, Multilateral Development Banks, energy-related think tanks, corporate sector and civil society.

The Delhi Solar Agenda, adopted in the Founding Conference of the ISA, states that the ISA member States inter-alia have agreed to pursue an increased share of solar energy in the final energy consumption in respective national energy mix, as a means of tackling global challenges of climate change and as a cost-effective solution by supporting and implementing policy initiatives and participation of all relevant stakeholders, as applicable, in respective States.

Consequent to the Founding Conference, the first Assembly of ISA will be held from 2nd to 5th October 2018. Till date, out of 121 prospective member countries that lie either fully or partially between the Tropics of Cancer and Capricorn, 68 countries have signed the Framework Agreement of the ISA. Out of 68 countries that have signed Framework Agreement of the ISA, 44 countries have deposited the instrument of ratification.

The first Assembly, in a way, will lay the foundation for global Solar Agenda. The Assembly, as supreme decision making body of the ISA, will steer the process to significantly harness solar energy for achieving universal energy access at affordable rates. The Assembly will adjudicate upon various administrative, financial and programme related issues. Hon’ble Ministers from ISA Treaty Framework signatory countries have been invited for the Assembly. The countries that have ratified the ISA Treaty Framework will attend the Assembly, as Members. Countries that have signed but are yet to ratify the ISA Treaty Framework will attend the Assembly as Observers.

Till date, we have received delegation confirmation from 18 ministerial-level delegations for attending the 1st Assembly of ISA besides many partner organisations and observers. The Indian Ocean Rim Association was set up with the objective of strengthening regional cooperation and sustainable development within the Indian Ocean Region with 21 Member States and 7 Dialogue Partners. The last Renewable Energy Ministerial Meeting was held on 21st January, 2014 in Abu Dhabi, UAE. Subsequently, during the meeting of IORA Council of Ministers, held in October, 2016 in Bali, Indonesia, it was decided that the next conference will be held in India. In line with the commitment made, India will be hosting 2nd IORA Renewable Energy Ministerial meet from 2nd to 4th October, 2018. In this meeting, Ministers and delegates from all 21 member-countries are expected to participate. India, Australia, Iran IR, Indonesia Thailand, Malaysia, South Africa, Mozambique, Kenya, Sri Lanka, Tanzania, Bangladesh, Singapore, Mauritius, Madagascar, UAE, Yemen, Seychelles, Somalia, Comoros and Oman are members of IORA.

 

The 2nd RE-INVEST aims at accelerating the worldwide effort to scale up renewable energy and connect the global investment community with Indian energy stakeholders. 2nd RE-INVEST will include a three-day Conference on renewables, cleantech and future energy choices, and an Expo of renewables-related manufacturers, developers, investors and innovators.

The 2nd RE-INVEST will provide a great opportunity to various organisations to showcase their business strategies, achievements and expectations. It would facilitate collaboration and cooperation with key stakeholders in India, which has today emerged as one of the world’s largest renewable energy markets.

The 2nd RE-INVEST is expected to be attended by Ministerial Delegations from across the world, including ISA and IORA Member Countries, over 600 global industry leaders, and 10,000 delegates.

 

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RDS/RP

The Vice President of India, Shri M. Venkaiah Naidu has said that Scientists play a key role in providing data and should focus on the requirements of the common man, more importantly of the farmer, and help in formulating strategies for better Governance. He was addressing the Scientists and Researchers at the National Remote Sensing Centre (NRSC), in Hyderabad today. The Chairman, ISRO, Dr. K. Shivan and other dignitaries were present on the occasion.

The Vice President said that ISRO with its state-of-the-art facilities has been harnessing space technology for rural and urban development. He further said that ISRO maintains one of the largest fleet of communication and remote sensing satellites with the versatile workhorse, Polar Satellite Launch Vehicle (PSLV) becoming a favoured carrier. After making every Indian proud with the success of Chandrayaan-1 and Mars Orbiter Spacecraft, now ISRO is gearing up for the launch of Chandrayaan-2 early next year, he added.

The Vice President said that rural development is vital for the country’s growth and several national flagship programmes are being implemented in the country for the same. For effective implementation of those schemes, there is a need for optimal utilisation of satellite data for mapping and monitoring the resources and also take up impact assessment studies, he added.

Saying that India is committed to accord high priority to water conservation and its management through Watershed Development Component of Kisan Sinchaayi Yojana, the Vice President said that satellite data is being used to verify the execution of works under watershed development programme and also to assess the impact in terms of additional crop area.

While lauding ISRO for its innumerable achievements, the Vice President asked the prestigious organisation to take up futuristic, innovative projects for societal benefits.

The Vice President said that in view of the increasing demand for citizen centric services NRSC has to play an important role in providing Satellite Data and expand its technical interactions with various states for capacity building. Based on its expertise and capability, he was confident that NRSC will intensify its efforts to come up with innovative citizen-centric applications for national flagship programmes, he added.

Following is the text of Vice President's address:

"I am happy to be here today amongst the ISRO scientific community and understand firsthand the excellent work being carried out in this important centre.

I am also glad to see lot of youngsters here and appreciate them for choosing to work at ISRO. I am sure that many of you will get opportunities to work on challenging scientific projects and prove your calibre.

Since the launch of the first satellite, Aryabhata in 1975, Indian space programme has made rapid strides with India becoming a hub for the launch of Indian and foreign satellites.

With the successful launch of two satellites belonging to UK earlier this month, ISRO has so far launched 239 foreign satellites of 28 countries and proved to be a reliable and affordable global space agency. I am sure that in the coming years, ISRO would be a leading player in the commercial satellite launch market in the world.

Let me first congratulate all scientists for the success of the missions such as the launching of 104 satellites at a time, development of testing Crew Escape System which is a critical technology for human spaceflight GAGANYAAN and the launch of GSLV Mk-III with fully indigenous cryogenic technology.

ISRO with its state-of-the-art facilities has been harnessing space technology for rural and urban development. I am aware that ISRO maintains one of the largest fleet of communication and remote sensing satellites with the versatile workhorse, Polar Satellite Launch Vehicle (PSLV) becoming a favoured carrier.

Remote sensing satellites have enabled India to map, monitor and manage its natural resources. Data generated from them is being used for a variety of applications covering agriculture, water resources, urban planning, environment, forestry, ocean resources, hydrology, disaster management, biodiversity, drought monitoring, flood risk zone mapping and mineral prospecting.

After making every Indian proud with the success of Chandrayaan-1 and Mars Orbiter Spacecraft, I am glad to know that ISRO is gearing up for the launch of Chandrayaan-2 early next year.

I had visited this Centre in 2002 when I was Union Minister for Rural Development. I am happy to be here again after 16 years and share my thoughts with all of you. There have been several satellite missions every year since then.

Scientists play a key role in providing data and should focus on the requirements of the common man, more importantly of the farmer, and help in formulating strategies for better Governance.

When you look at the flagship programmes which are being implemented by various ministries, it is clear the data acquired from Earth Observation Satellites play a major role in generation of information. Frequent observations recorded by satellites are useful to know the past and current status as also the future scenario.

Dear sisters and brothers,

Rural development is vital for the country’s growth. Hence, several national flagship programmes are being implemented in the country. For effective implementation of those schemes, there is a need for optimal utilisation of satellite data for mapping and monitoring the resources and also take up impact assessment studies. I am glad  that ISRO has facilitated geo-tagging of nearly 3.68 Crores of assets created under MGNREGA and uploading the details on Bhuvan geo portal.

I am told that Cartosat satellite data was extensively utilised by NRSC for monitoring the progress of 100   irrigation projects. Satellite derived information on periodic rainfall and groundwater prospects has facilitated the water resource planners for prioritisation of works. Satellite-based information should be available for supporting the management plans for rural development, particularly at village / taluk level to enable decentralised planning. 

India is committed to accord high priority to water conservation and its management through Watershed Development Component of Kisan Sinchaayi Yojana.  Satellite data is being used to verify the execution of works under watershed development programme and also to assess the impact in terms of additional crop area.

I am aware that the major efforts of NRSC will help the planners in relation to mapping of various cropping systems, analysing drought scenarios, preparing plans for crop intensification and locating the available proximate water resources.

I am glad that high resolution satellite data is being utilised in AMRUT scheme, which seeks to provide basic amenities and improve urban transport in 500 cities, as part of enhancing the quality of life of the people, especially the poor.

Periodic mapping, monitoring of natural resources like landscape changes, land utilisation, land degradation, wasteland database would facilitate several projects of rural development. Potential estimate of power generation in waste lands or suitable land parcels through satellite derived solar parameters is a classic case of utilisation of satellite data to harness the renewable energy.

While lauding ISRO for its innumerable achievements, I would like the prestigious organisation to take up futuristic, innovative projects for societal benefits.

It should take up the challenge to provide web-based analytics from satellite images for various users.

Inter-linking of rivers is a major effort which is under discussion for a long time and requires huge information in spatial domain from satellites. Several plans have to be drawn with the help of aerial / satellite data and I assume that ISRO has the capability to support this planning activity with help of high resolution satellite data and terrain / elevation information retrieval methodologies. I am told that a few river link studies have already benefitted from your expertise.

It is very difficult to manage disasters like Kerala floods or  other such events due to the devastation caused by them. While the Disaster Management Support Programme of ISRO at NRSC is providing flood-related information to the State and Central Relief departments, I would like ISRO to come up with early flood warning and Inundation Simulation of all vulnerable river reaches and reservoirs for preparation of evacuation plans.

This may require launching of all weather satellites, experiments with unmanned aerial flights with imaging sensors to provide information to the field teams at frequent intervals during the floods. I am sure ISRO would take up this challenge.

Landslides are one of the major concerns for the country in hilly regions in eastern part of India and also in other areas. Hence, NRSC should utilise satellites to monitor landslide susceptible areas and prepare hazard zonation maps. I am sure this noble task would save many lives. We need an efficient retrieval of sufficient information for disaster risk reduction.

Though NRSC data is extensively utilized in forest management, there is a need to provide location specific information in near real time with greater accuracy.

Institutions like NRSC should also focus on ocean atmosphere studies in view of global warming and climate change. There is a need to look into climate patterns and atmospheric interaction processes for more reliable prediction of cyclones, their genesis, prediction of track, land fall and genesis of Tsunami, among others. As these processes are global in nature, we need to think of global collaborations and the utilisation of Indian and global satellites

In view of the increasing demand for citizen centric services NRSC has to play an important role in providing Satellite Data and expand its technical interactions with various states for capacity building.

Based on its expertise and capability, I am confident that NRSC will intensify its efforts to come up with innovative citizen-centric applications for national flagship programmes.

I am told that ISRO’s future plans include development of heavy lift launchers, human spaceflight projects, reusable launch vehicles, semi-cryogenic engines, development and use of composite materials for space applications. It is also aiming to conduct 12 launches per year.

My best wishes to ISRO Chairman and his team for their future endeavours.

I wish you all a grand success for your targeted 12 launches per year.

Thank you all."

***

AKT/BK/RK

The Prime Minister Shri Narendra Modi yesterday inaugurated a new airport in Jharsuguda - also known as the powerhouse of Odisha. Governor of Odisha, Prof. Ganeshi Lal, Chief Minister of the State, Shri Naveen Patnaik, Union Minister of Commerce and Industry and Civil Aviation, Shri. Suresh Prabhu, Union Minister of Petroleum & Natural Gas and Skill Development & Entrepreneurship, Shri. Dharmendra Pradhan, Union Minister of Tribal Affairs, Shri. JualOram  were among those present on the occasion.  The Prime Minister also flagged off the UDAN flight on Jharsuguda-Raipur sector.

Jharsuguda is the second airport of Odisha after Bhubaneswar to become operational and the first one to provide necessary connectivity to Bhubaneswar, Raipur and Ranchi under RCS UDAN. In Odisha, other than Jharsuguda, three more airports, namely, Jeypore in Koraput District, Rourkela in Sundargarh District and Utkela in Kalahandi District are being developed to provide connectivity to remote and far flung areas of the coastal state. For revival and upgradation of these four airports within the state of Odisha, Rs. 370 Crores has been allocated under the Regional Connectivity Scheme.

Jharsuguda Airport has been developed by the Airports Authority of India, in collaboration with Govt. of Odisha at an estimated cost of Rs.210 Crores with a contribution of Rs. 75 Crores from the State Govt.Spread across over 1027.5 acres of land, the area of terminal Building of the airport is 4000 sqm. The Airport has been developed for all weather operations including night operations for A-320 type of aircraft.

The Terminal Building of Jharsuguda Airport, is a RCC composite structure equipped with state-of-the-art passenger facilities. The interiors of the building depict local handicrafts, artwork and tourist destinations of the state highlighting rich ethos and culture of the region. The city side is being aesthetically landscaped with lush green areas connecting passengers to the nature.

With a 2390 metre-long runway, the airport will be able to park A-320 type aircraft. The Terminal Building has five check-in counters and one arrival carousel with peak hour handling capacity of 300 passengers. Apart from the New Terminal Building, the airport infrastructure also includes Isolation Bay, New Technical Block-cum-Control Tower, Fire Station Category-VII, MT Workshop and essential Navigational & Visual Aids.

An efficient sewage treatment plant, reuse of treated water for horticulture and air-conditioning purposes, rain-water harvesting system to recharge groundwater, sewage treatment plant, solar power system, energy-efficient chillers and a green belt along the approach road of the airport are few other green features of the airport development project. 

The new airport at Jharsuguda will play a significant role in the development of Western Odisha and will give impetus to the growing tourism industry in the region.

UDAN (UdeDesh Ka AamNaagrik) is a flagship scheme of the Government of India introduced to enable air operations on unserved routes, connecting regional areas, to promote balanced regional growth and to make flying affordable for masses.

***

 

Photo caption:, Prime Minister Shri Narendra Modiaddressing the audience on the occasion of inauguration of Jharsuguda Airport, Odisha in the presence of the Governor of Odisha, Chief Minister of the State, Union Minister of Civil Aviation and other dignitaries.

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RJ/KGS

The Vice President of India, Shri M. Venkaiah Naidu was on an official Visit to Serbia, Malta and Romania from September 14-20, 2018 and returned today after a successful official visit.

The visit was characterised by extremely cordial discussions with Heads of Governments, PMs and other senior political leaders. The visit helped in deepening bilateral ties with each of these three countries.

Some key outcomes:

  1. Support for India’s aspiration to be on UNSC and for taking forward UN reforms.
  2. Endorsement of India’s stand on terror and support for early adoption of United Nation’s Comprehensive Convention on International Terrorism.
  3. Strong support for resuming EU-India trade agreement after Romania assumes Presidency of EU.
  4. Business Forums generated a good deal of enthusiasm among the industrialists and businessmen in every country as they got to listen to the Vice President about India’s transformative initiatives.  The growth story and the reports from World Bank, IMF quoted by Vice President enhanced awareness.
  5. The leaders in all the countries expressed unequivocal admiration for India’s economic growth and were eager to engage and partner with India politically, economically and culturally. In Romania, there was a special interest in Space and Aerospace. Malta expressed its desire to join the International Solar Alliance.
  6. There was a clear demand for Parliamentary friendship groups and frequent visits by Parliamentarians.
  7. The visit gave an opportunity for the members of India Diaspora to listen to the Vice President about the transformative agenda of the government and encouraged them to think of various ways in which they can contribute to the country’s development. The vice President underscored the growing importance of India on the world stage and drew attention to four key features that need to be recognised. He called them 4Ds – Democracy, Demographic dividend, Demand and Diaspora.
  8. The visit evoked a lot of interest among the top political leadership and there was an air of bonhomie in all the meetings. The banquets hosted by the President of Serbia and Malta as well as by the President of Senate of Romania provided an opportunity for sharing views on bilateral and multilateral issues with rare candour.
  9. The address to the Serbian Parliament was very well received and the admiration for India as the largest democracy and a vibrant, well functioning polity was more than evident in the standing ovation the Vice President received at the end of his address.
  10. MOUs entered into related to plant protection, tourism, air services, oil research, diplomatic training and maritime cooperation.
  11. In all the three countries, there was considerable interest in Yoga and Ayurveda and in Romania, the Vice President launched two books on Ayurveda and inaugurated an Ayurveda Information Centre.

The Vice President was accompanied by Shri Shiv Pratap Shukla, the Minister of State in Ministry of Finance, three Members of Parliament from Rajya Sabha - Shri Prasanna Acharya, Smt Vijila Sathyananth, Ms. Saroj Pandey and one Member of Parliament from Lok Sabha - Shri Raghav Lakhanpal and other officials.

Following is the detailed Press Note:

"The Vice President of India, Shri M. Venkaiah Naidu was on an official Visit to Serbia, Malta and Romania from September 14-20, 2018 and returned today.

On the first leg of his three-nation tour, the Vice President visited Serbia from September 14-16, 2018 at the invitation of the President of Serbia, Mr. Aleksander Vucic. 
During the visit, the Vice President had a meeting with President of Serbia, Mr. Aleksander Vucic, who hosted a Banquet in the honour of the Vice President. There were also separate meetings of Vice President with Ms. Maja Gojkovic, Speaker of the National Assembly of Serbia and  Ms. Ana Brnabic, Prime Minister of the Republic of Serbia hosted a lunch for the Vice President. The Vice President laid a Wreath at the Tomb of the Unknown Soldier in Serbia.

Marking the revival of the spirit of warmth and cooperation of Marshal Tito-Pandit Nehru years, the Vice President of India Shri M. Venkaiah Naidu was extended the rare honour of addressing the special session of the Parliament of the Republic of Serbia in Belgrade. It was in the same hallowed hall of the National Assembly of Serbia that former Prime Minister Pandit Jawaharlal Nehru addressed the world leaders while launching the Non-Alignment Movement (NAM) along with the veteran leader of Yugoslavia  Marshal Tito in 1961.

Speaker of the Serbian Parliament received Shri Naidu and escorted him to the podium and introduced him to the Members of the House.

The Vice President’s address was applauded quite a few times and particularly when he said that Marshal Tito was a household name in India when he (Shri Naidu) was a school student. The Vice President received huge standing ovation on the conclusion of his address to the law makers of Serbia.

During the day, Shri Naidu held detailed discussions on a range of bilateral and multilateral issues with President Mr. Aleksander Vucic, the Prime Minister Ms. Ana Brnabic and Speaker of the National Assembly of Serbia Ms. Maja Gojkovic besides addressing a business forum.

During the joint media briefing along with Shri Naidu, President of Serbia Mr. Aleksander Vucic complimented the Indian political leadership for stellar economic results. He said “India is witnessing exceptional economic progress. We are happy for the country who has been our long time friend and well wisher”. He also thanked India for recognizing Serbia’s territorial integrity. Mr. Vucic stressed that Serbia is keen to engage with India on agriculture, pharmacy, IT and generic medicines. He evinced interest in defense cooperation.

On the occasion of 70 years of establishment of diplomatic relations between the two countries, Serbia Post and India Post have released commemorative stamps on renowned Serbian Physicist and Innovator Nikola Tesla and Swami Vivekananda. Shri Naidu noted that Swami Vivekananda’s thoughts and ideas left a deep impression on Tesla’s works.

In the presence of the President of Serbia and the Vice President of India agreements were signed. Agreement on Plant Protection and Quarantine that seeks to enhance trade in fruits, vegetables and processed foods and revised Air Services agreement aims at promoting connectivity boosting trade and tourism including direct air link between the two countries.

He also addressed the business representatives of India and Serbia at a Business Forum and interacted with the Indian Community during the visit.
The Vice president visited Malta from September 16-18, 2018 at the invitation of the President of Malta, Ms. Marie-Louise Coleiro Preca. India was one of the first countries to recognize Malta in 1964 and established diplomatic relations soon after the independence of Malta.

During the visit, the Vice President had a meeting with President Ms. Marie-Louise Coleiro Preca. The two leaders discussed the whole gamut of bilateral relations and also our cooperation in multilateral and international forums. President Coleiro acknowledged Indian diaspora’s positive contribution to the Maltese society especially in sectors like Health care and Information Technology. The fact that both Indian and Maltese economies are performing very well, the scope of mutual cooperation is very high in several sectors such as ICT, pharmaceuticals & health care, maritime cooperation, tourism etc.

President Coleiro thanked the Government of India for opening a Resident High Commission of India in Malta. The two leaders strongly condemned terrorism in all its forms, saying that there could be no justification for terrorism. There is an urgent need to strengthen the global counter-terrorism legal framework to combat this global menace.

The two leaders expressed concern about issue of global warming and climate change. President Coleiro commended India’s effort to focus on renewable energy and the initiative of International Solar Alliance. Malta is giving a positive consideration to joining the ISA as a partner country.

Malta confirmed its support to India’s candidature in various multilateral forums.

Three Memorandum of Understanding (MoU) namely; (i) MoU on Maritime Cooperation between Ministry of Shipping, India and Ministry of Transport, Infrastructure and Capital Projects, Malta; (ii) MoU on mutual cooperation between the Foreign Service Institute, India and The Mediterranean Academy of Diplomatic Studies, University of Malta, and (iii) MoU in the field of Tourism Cooperation between India and Malta, were signed in the presence of the two leaders.
The Vice President also had a meeting with Dr. Angelo Farrugia, Speaker of the House of Representatives, Parliament of Malta and Mr. Evarist Bartolo, Acting Prime Minister of Malta. Later in the day, the Vice President addressed the business representatives of India and Malta at a Business Forum and the Indian community during the visit.
The Vice President visited Romania from September 18-20, 2018 at the invitation of the Mr. Calin Popescu-Tariceanu, the President of the Senate of Romania. The Vice President, Shri Naidu was received by President of Senate Tariceanu and was accorded a very warm welcome.
The visit is coincided with the 70 years of establishment of diplomatic relations between India and Romania and the Centenary year for Romania. It was also the fifth year of Declaration of Extended Partnership between India and Romania.

The Vice President had a separate meetings with the President of Romania, Mr. Klaus Iohannis, the President of the Chamber of Deputies of Romanian Parliament, Mr. Nicolae Liviu Dragnea, and the Prime Minister of Romania, Ms. Vasilica Viorica Dancila.

The bilateral talks with the Romanian leadership were held in a warm, cordial and positive atmosphere, reflecting the long-standing and friendly bilateral relationship between India and Romania.

Memorandum of Understanding on Cooperation on Tourism, Memorandum of Understanding between Petroleum-Gas University, Ploiesti and Pandit Deen Dayal Petroleum University, Gandhinagar and three Memorandums of Understanding of Bucharest Chamber of Commerce each with CII, ASSOCHAM and PHDCCI were signed during the visit.

Both sides appreciated a long tradition of the Indology and welcomed the growing popularity of Yoga in Romania. Given the increasing interest in Ayurveda in Romania, the Vice President of India inaugurated the AYUSH Information Cell and unveiled a Book on Ayurveda.

The Romanian  leaders offered their support for resumption of negotiations for early conclusion of India-EU Broad based Trade and Investment Agreement (BTIA) with balanced outcomes, especially in the context of Romania’s upcoming Presidency of EU Council from January 2019.

Both sides affirmed the need for a comprehensive reform of the United Nations, including its Security Council. In this context, President Iohannis and Prime Minister Dancila reaffirmed the Romania's endorsement of India's aspirations to become a Permanent Member of the UN Security Council.

Both sides expressed satisfaction regarding mutual support for each other’s candidatures for international organizations. Both sides affirmed commitment to fight the scourge of terrorism, its financing and safe havens. In this context, Romanian side expressed its support to developing consensus on draft UN Comprehensive Convention on International Terrorism.

The Vice President Naidu addressed India-Romania Business Forum meeting along with Romanian President of Senate, Minister for Business Environment, Commerce and Entrepreneurship. This kind of Business Forum was being held after almost a decade and was co-ordinated by Bucharest Chambers of Commerce and Indian Chambers of Commerce like CII, PHDCCI, and ASSOCHAM. The presence of larger number of Romanian business people indicated growing interest in investing in India, especially in the sectors like Petroleum and Natural gas Information technology, manufacturing, defence, pharmaceuticals, infrastructure, real estate, tourism etc.

The Vice President Naidu addressed the Prahova Chamber of Commerce in Ploiesti and also addressed the vibrant Indian diaspora in Romania on 20 September.

The Vice President was accompanied by Shri Shiv Pratap Shukla, the Minister of State in Ministry of Finance, three Members of Parliament from Rajya Sabha - Shri Prasanna Acharya, Smt Vijila Sathyananth, Ms. Saroj Pandey and one Member of Parliament from Lok Sabha - Shri Raghav Lakhanpal and other officials.

 

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AKT/BK/RK

 


 

 

The Vice President of India, Shri M. Venkaiah Naidu has asked the Romanian Businessmen to create a genuine, multifaceted Indo-Romanian partnership. He was addressing the India-Romania Business Forum Meeting, in Bucharest, Romania today. The President of the Senate of Romania, Mr. Calin Popescu-Tariceanu, the Vice Prime Minister of Romania, Dr. Ana Birchall, the Minister of State for Finance, Shri Shiv Pratap Shukla and other dignitaries were present on the occasion.

The Vice President invited Romanian businessmen to partner with India in its exciting and transformative journey.  He further said that India-Romania annual bilateral trade has risen to US $ 810 million in 2017-18, a 40% increase over last year (USD 575 million). This is a huge development in our bilateral economic relations and we need to sustain this momentum to scale it up even higher GFX out, he added.

Saying that India’s economic transformation in recent past presents fresh opportunities in multiple sectors for Romanian entrepreneurs, the Vice President invited them to invest in India. With a growth rate over 8%, India is one of the fastest growth rates in the world for a large economy, he added.

The Vice President said that India has managed a positive swing in stock market indices, foreign exchange reserves, and public investment in infrastructure and welfare measures. Government investment in infrastructure development has increased exponentially and it is already visible in the improved railways, roads, airports and shipping infrastructure in our country, he added.

Saying that India has one of the best regulated financial systems in the world, the Vice President highlighted how India became the most attractive FDI destinations in the world. He further said that demonetisation and the GST have been successfully implemented for India to emerge as a transparent, modern and unified market. Greater ease of doing business is being reported from different corners of the country and tax rates are harmonised across the country, he noted. More than 320 million bank accounts have been opened under the Jan Dhan Yojana for the first time enabling direct cash benefit transfers and millions of LPG connections have been given to rural women, he added.

 

Following is the text of Vice President's address:

 

"I am delighted to be here amongst large gathering of eminent Romanian business leaders this afternoon. Your presence here is an affirmation of your continued and renewed interest in exploring business opportunities. I hope the interactions among the business leaders of the two sides during the course of the day have been fruitful.

India-Romania annual bilateral trade has risen to US $ 810 million in 2017-18, a 40% increase over last year (USD 575 million). This is a huge development in our bilateral economic relations. We need to sustain this momentum to scale it up even higher

India has embarked on the path of economic transformation and this presents fresh opportunities in multiple sectors for Romanian entrepreneurs. Indian economy is growing at over 8%, which is one of the fastest growth rates in the world for a large economy. We have managed a positive swing in stock market indices, foreign exchange reserves, public investment in infrastructure and welfare measures. Government investment in infrastructure development has increased exponentially and it is already visible in the improved railways, roads, airports and shipping infrastructure in our country.

We are committed to build a five trillion dollar economy by 2025, making us the 3rd largest consumer market in the world. India has climbed 42 placed in the World Bank’s Ease of Business Index. We are strengthening the manufacturing sector through the Make in India program even as our services sector remains robust and high-tech.

India also has one of the best regulated financial systems in the world.  It is now ranked as one of the most attractive FDI destinations in the world. We have a TRIPS compliant IPR regime and our multi-party democracy ensures essential stability and predictability.

Demonetisation and the GST have been successfully implemented for India to emerge as a transparent, modern and unified market. Greater ease of doing business is being reported from different corners of the country and tax rates are harmonised across the country. More than 320 million bank accounts have been opened under the Jan Dhan Yojana for the first time enabling direct cash benefit transfers. Millions of LPG connections have been given to rural women.

We have launched flagship programs including the Swachh Bharat i.e. Clean India, Skill India, Make in India, Digital India, Industrial Corridors and Smart Cities development programs.  I encourage Romanian companies to participate actively in these and reap the dividends from these profitable flagship programmes.

Today, I had meaningful discussions with Prime Minister Madam Dancila, on taking forward India-Romania multifaceted relations, with special emphasis on our economic ties. We are both convinced that there is immense potential to take the relationship, to a higher level.

Our economies have significant complementarities which can be leveraged for mutually beneficial cooperation. Several Indian companies in the sectors of IT, manufacturing, pharmaceuticals, healthcare have made their mark in Romania. These companies have invested significantly and have created thousands of jobs to benefit the local communities and economy. I am told that Genpact and WIPRO each have engaged more than 4000 employees.

Romanian companies are also operating in India and the cumulative FDI inflows from Romania to India is around USD 7.5 million. There are opportunities for bilateral investment flows between a growing Romanian economy and a huge Indian market in sectors such as IT, automobiles, mining, agriculture and food processing, tourism, healthcare products and energy. India stands ready to welcome more Romanian investors and I encourage Romanian entrepreneurs to partner in Indian growth story.

India has emerged as one of the leaders in renewable energies and my Government has launched a massive push for clean power.  We aim at installing 100 GW of solar power by 2022.  Solar power prices in India have hit a record low, thus bringing us close to achieving our goals under the Paris Climate Change accords.  In this sector therefore, we offer one of the most exciting opportunities for Romania.

Earlier this evening Bucharest Chamber of Commerce of Romania signed 3 MoU with with leading chambers of commerce CII, ASSOCHAM and PHDCCI will  surely pave the way for greater and better exchange of information and cooperation in the trade and investment sectors.

In conclusion, I invite you all to partner us in India’s exciting and transformative journey which is going to usher in a new era not just for India and Romania but also for the world. Let us use our imagination to open up exciting and growing opportunities in many spheres with a friendly democratic partner and create a genuine, multifaceted Indo-Romanian partnership. 

 

Thank you!"

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AKT/BK/RK

Canadian Solar, one of the world's largest solar power companies, has acquired 97.6MWp solar photovoltaic project in Cafayate, Salta Province, Argentina.

The Cafayate Project was awarded in the second public renewable energy tender in Argentina, receiving a USD denominated 20-year Power Purchase Agreement at US$56.28/MWh. Canadian Solar plans to start construction on the plant in July 2018. Once connected to the grid by Q2 of 2019, the plant will generate approximately 235,777 MWh of electricity per year, which will be sold to CAMMESA.

Verano Capital, an American project developer headquartered in Santiago, announced  that the 47 MW solar project they initially developed was selected in Chile’s latest energy tender with a winning bid at $25.38/MWh, the lowest 24/7 block price combining solar and wind ever recorded in the history of energy tenders.

The twin-island state Antigua and Barbuda has taken a leading role in terms of clean energy supply in the Caribbean.

Tamarugal Solar Project in the Tarapacá region will provide reliable, non-intermittent electricity from solar energy 24-hours a day 

SolarXXL is an already well known and successful company for photovoltaics in Europe.

France’s EDF Renewable Energy (EN) has inaugurated the 146 MW Boléro solar plant in the Atacama Desert of Northern Chile, according to a press release.

IRVING, Texas, Sept. 25, 2018 /PRNewswire/ -- TXU Energy today announced that it has recognized five North Texas companies as winners in the inaugural year of its TXU Energy Leadership Award Program. This program recognizes corporate and nonprofit leaders in various energy-related categories, including sustainability, innovation, energy management, community, and engagement. The awards were announced in conjunction with the TXU Energy Summit held today in Dallas.

Gabe Castro, vice president of business markets for TXU Energy, stated, "These businesses and organizations define energy responsibility, and we are excited to recognize the leadership they've shown. We are focused on partnering with our customers to help them reach their sustainability goals and keep their environmental commitments. These five such customers have seen impressive, measurable results, and we hope their successes motivate others to follow their lead."

The five North Texas-area winners include:

Leadership in Sustainability – City of Dallas
The City of Dallas has become a national leader in sustainability by changing the way it does business – looking at the entire cycle of the processes it provides and materials it uses. Dallas is the largest city in the nation to power its municipal operations with 100 percent renewable energy. Managing more than 13 million square feet of building space and 7,000 municipal vehicles, the city has seen tremendous results in increased energy efficiency and reductions in its environmental impacts. It has upgraded lighting and back-up power resources for some of its most critical services, including the 911 call center and its emergency operations center. The city has also converted a portion of its vehicle fleet to electric vehicles and offers electric vehicle charging stations at numerous municipal facilities. The Dallas City Council recently directed its staff to undertake comprehensive environmental and climate action planning to incrementally advance its commitment to making Dallas a greener and more resilient place to live, work, and play.

Leadership in Innovation – Cinemark
Cinemark, headquartered in Plano, is a leader in motion picture exhibition and in energy innovation. The company is setting a new standard for theatre efficiency and sustainability, inspiring other industries to follow its lead. Cinemark powers its Texas theatres with 100 percent clean energy from solar and wind, and the company leverages the latest technologies for energy efficiency. As such, Cinemark has significantly reduced its carbon footprint each year, while enhancing the moviegoing experience of its guests.

Leadership in Energy Management – Tyler Junior College
With more than 12,000 students, Tyler Junior College is one of the largest community colleges in Texas. Additionally, it is one of only a handful of community colleges in Texas accredited as a Level II Institution, offering two baccalaureate degrees and more than 125 associate degrees and certificates. With five locations in east Texas, the largest is the main campus, which includes 40 buildings situated on more than 145 acres. Though the first buildings on the main campus were built in the 1940s, TJC is managing energy consumption through new technologies and reaping the benefits. From energy efficient equipment in its facilities to electric vehicle charging stations for its mechanical automotive program, TJC is demonstrating excellence in energy management and education.

Leadership in Community – Meals on Wheels of Tarrant County
Meals on Wheels of Tarrant County is a 501(c)(3) not-for-profit that is making a tremendous difference in the lives of the people it serves. With more than 225 volunteer delivery routes run each day across Tarrant County, Meals on Wheels provides approximately one million meals each year to homebound, elderly, and disabled clients. The organization goes above and beyond assisting clients with fans, air conditioners, and heaters. Over the last five years, Meals on Wheels has assisted TXU Energy customers in obtaining energy bill pay assistance with nearly $9,000 of TXU Energy AidSM funds.

Leadership in Engagement – Huffines Auto Dealerships
The Huffines Auto Dealerships has a 94-year-long reputation in North Texas of treating customers the right way. The family-owned company is also committed to its more than 750 employees, having been ranked six times on the Dallas Morning News Top Places to Work. Huffines has created a workplace culture that engages its employees, including on innovative ideas for energy conservation. Employees have offered up ideas that, once implemented, have saved over one million kilowatt-hours of electricity.  

TXU Energy is proud to share the accomplishments of the recipients of its inaugural awards program. Awards were presented earlier this year to four South Texas-area businesses and organizations: Houston Pizza Venture, Lone Star Flight Museum, Cypress Fairbanks ISD, and BakerRipley. Learn more about what TXU Energy can do to help your business or organization achieve its energy and sustainability goals by visiting us on LinkedIn.

About TXU Energy
More Texans trust TXU Energy to power their homes and businesses than any other electricity provider. We're passionate about creating experiences and solutions tailored to fit the needs of our customers, including electricity plans, online tools to help save, renewable energy options, and more. Consistently ranked as one of the Top Places to Work by The Dallas Morning News, TXU Energy is also committed to creating a dynamic and fun workplace where all our people can succeed. Visit txu.com for more. TXU Energy is a subsidiary of Vistra Energy (NYSE :VST ).  REP #10004

Media
Meranda Cohn
214-875-8004
This email address is being protected from spambots. You need JavaScript enabled to view it.

SOURCE TXU Energy

ATLANTA, Sept. 25, 2018 /PRNewswire/ -- All four of the Vogtle co-owners (Georgia Power, MEAG Power, Dalton Utilities and Oglethorpe Power) have agreed to extend today's voting deadline to 7 p.m. (EST) tonight in order to continue the progress being made on reaching an agreement to move forward with construction.

About Georgia Power
Georgia Power is the largest electric subsidiary of Southern Company (NYSE :SO ), America's premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.5 million customers in all but four of Georgia's 159 counties. Committed to delivering clean, safe, reliable and affordable energy at rates below the national average, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power focuses on delivering world-class service to its customers every day and the company is consistently recognized by J.D. Power and Associates as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), Twitter (Twitter.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning the cancellation of Plant Vogtle Units 3 and 4. Georgia Power cautions that there are certain factors that could cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power's Annual Report on Form 10-K for the year ended December 31, 2017 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: state and federal rate regulations and the impact of pending and future rate cases and negotiations; the impact of recent and future federal and state regulatory changes, as well as changes in application of existing laws and regulations; current and future litigation or regulatory investigations, proceedings, or inquiries; legal proceedings and regulatory approvals and actions related to the cancellation of Plant Vogtle Units 3 and 4, including Georgia PSC approvals and U.S. Nuclear Regulatory Commission actions; changes in Georgia Power's credit ratings; and the effect of accounting pronouncements issued periodically by standard setting bodies. Georgia Power expressly disclaims any obligation to update any forward-looking information.

SOURCE Georgia Power

Related Links

http://www.georgiapower.com

MILWAUKEE, Sept. 25, 2018 /PRNewswire/ -- EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems ("EnSync Energy," "we," "us," "our," or the "Company"), the leading provider of innovative distributed energy resources ("DERs") and business models for residential, commercial and utility installations, today announced financial results for the fourth quarter and fiscal year ended June 30, 2018. 

Financial Highlights

  • Revenue for fiscal 2018 was $11.9 million, compared to $12.5 million in fiscal 2017. The Company experienced construction delays for two power purchase agreement ("PPA") projects, and a signing delay on a third, which resulted in the shifting of revenue to the first half of fiscal 2019. For the fiscal year, the Company recognized revenue from 13 PPA projects.
  • Significantly better operational performance in fiscal 2018 compared to fiscal 2017. Gross profit improved by more than $3.0 million in fiscal 2018 on approximately the same amount of revenue as compared to fiscal 2017.
  • Gross margins improved to 19.9% during fiscal 2018, compared to a negative gross margin of (0.7)% during fiscal 2017. The Company continues to become more efficient and profitable on its PPA construction and sales efforts.
  • On September 5, 2018, the Company completed a registered direct offering of 11,334,616 shares of Common Stock at a price of $0.26 per share for net proceeds of $2.7 million.
  • The Company has 12 PPA projects in backlog in various stages of execution. Estimated backlog value for PPA projects, components and systems as of the date of this announcement is approximately $16.4 million.

Recent Business and Product Backlog Highlights

  • During the fourth quarter, EnSync Energy formally launched the company's leapfrog EnSync Home Energy System for property developers and residential customers which will allow for a completely integrated system with solar, energy storage, power electronics and an Internet of Energy control platform that delivers state-of-the-art functionality and modularity, with industry benchmark economics, safety and system efficiency.
  • Announced the signing of the largest PPA in company history, a 750 kW solar and 500 kWh energy storage system at the Keahumoa Place affordable housing development, utilizing our recently launched residential solution, the EnSync Home Energy System and the first ever deployment of peer-to-peer energy exchange on a DC-Link in the United States.
  • Secured a total backlog of just under $6.0 million for the EnSync Home Energy System
  • Announced the signing of a 20-year PPA with Kona Brewing Company for 336-kW solar and 122kW-hour energy storage system.
  • Announced the sale of a 20-year PPA with California Department of Forestry and Fire Protection to Standard Solar, marking the Company's entry into the California marketplace.
  • Announced the sale of a 20-year PPA with two community facilities, Polynesian Cultural Center, a tourist destination, and Kohala Village HUB, a community organization. The Polynesian Cultural Center agreement marks the first commercial on-bill financing project in Hawaii using the Hawaii Green Infrastructure Authority's Green Energy Money Saver (GEM$) On-Bill program.
  • Announced the sale of Hawai'i Pacific University Phase 2 PPA for Downtown Honolulu's largest solar project, the 20-year PPA will bring clean, affordable energy to Aloha Tower Marketplace.
  • Received a purchase order for a DER SuperModuleTM system shipping to an unannounced customer in Ohio.
  • Currently showcasing the Company's Home Energy System at the Solar Power International conference and demonstrated True Peer-to-PeerTM at Intersolar North America in San Francisco in July 2018.
  • Signed land options for six 2MW Community Solar installations in Illinois, each parcel being estimated at a little more than $4.0 million of value upon buildout and sale.
  • Signed a 20-year PPA for a system to be installed at Hawaii Pacific University for the Ocean Institute.

Management Discussion

Brad Hansen, CEO of EnSync Energy, commented, "Fiscal 2018 was a very strong operational and development year for EnSync Energy, where we increased gross profits by more than $3.0 million, while at the same time developed innovative products that are opening up new markets poised for rapid growth in the near term. Our strategy to expand our product portfolio beyond our historic Hawaii commercial and industrial market is gaining significant traction.  Besides the new commercial systems penetrations in California, Colorado and Ohio, we're targeting the Northeast for near-term success. Core to the success we have had, and the tremendous opportunities in front of us, is our DER SuperModuleTM product that is unmatched in the marketplace. The introduction of the leapfrog EnSync Home Energy System, targeted at the very high growth residential energy systems market, at least triples our total available market over the next few years, with the residential energy systems market overtaking the commercial systems market in size by as early as late-2019.  Our early success in locking up land lease options in Northern Illinois for 2019 build-out is a further addition to our sources of business. Our exceptional operational execution demonstrated in FY2018 is a great foundation to grow from in these additional regions and market segments."

"In fiscal 2019, we anticipate making a hard push towards our multi-family residential market opportunity, where our technology enables us to disrupt the traditional utility model that others in the industry simply cannot match. We believe the market window is wide open, and our EnSync Home Energy System is ideal for self-generation, while our True Peer-to-PeerTM energy exchange is creating a solution for installing solar generation on multi-family properties that were previously unsolvable. Our recent announcement and execution on our Keahumoa Place multi-family residential contract, the first peer-to-peer installation of its kind in the United States, has showcased our capabilities and has become a key driver to building out our pipeline. Our IP protected True Peer-to-PeerTM energy exchange capability will become vital for states like California to implement Zero Net Energy properties.  We're also heavily focused on signing up developer channels, especially in the Hawaii, California and Arizona markets where we anticipate shipping approximately 20 channel partner qualification systems at the end of this calendar year.  The US residential systems market will be worth at least $7.0 billion through 2023 and we're excited to go after a significant share of it."

"Our utility focus, driven largely by our participation in Illinois' renewable energy initiatives, is rapidly progressing as we target the community solar portion of their program. This program allows for up to 4 megawatt size installations to be constructed, then anyone in the utility territory of the installation can subscribe to that renewable electricity that is generated. We now have six parcels of land under option contract that will support a total of at least 12 megawatts of PV, where we estimate each megawatt will be worth approximately $2 million in revenue.  We're working to lock-up about another half dozen parcels before the end of the calendar year, targeting at least enough land to support 25 to 30 megawatts of projects. If the program administration stays on schedule and if we execute well, we should begin to see Illinois sales contribution next summer." 

Mr. Hansen concluded, "We're well prepared to capitalize on the opportunities that are directly in front of us in the commercial and industrial, residential, and utility markets. Our operational execution continues to improve, our addressable markets continue to expand, and our backlog and pipeline of projects is at an all-time high. I look forward to leveraging our unique product capabilities into fully operational projects in fiscal 2019 and the years to come."

Quarterly Financial Results

Total revenue for the fourth quarter of fiscal 2018 was $1.7 million, compared to $3.1 million in the year ago period.  Revenue in the fourth quarter was impacted by the sale and construction delays for three PPA projects, which resulted in the shifting of revenue to the first half of fiscal 2019. Revenue during the fourth quarter of fiscal 2018 was largely derived from 9 PPA contracts in Hawaii. 

Gross margins were 4.0% during the fourth quarter, compared to 5.5% gross margin in the year ago period. The decline in gross margin in the fourth quarter relative to the significant improvements during the first nine months of fiscal 2018, which resulted in a 22.4% gross margin for that period, was the result of inventory reserves and adjustments related to our legacy flow battery business, which resulted in a more pronounced impact on gross margin for the fourth quarter of fiscal 2018. Excluding the inventory reserves and adjustments of $0.3 million and $(0.1) million for the fourth quarter of fiscal 2018 and fiscal 2017, respectively, adjusted gross margins would have been 21.9% in the fourth quarter of fiscal 2018, compared to adjusted gross margins of 3.8% in the year ago period. The Company's expectation is that gross profit margins on future PPA sales should be between 15% and 25%. 

Advanced Engineering and Development costs decreased to $1.0 million during the fourth quarter, compared to $1.3 million in the year ago period, primarily due to the completion of the EnSync Home Energy System in the fourth quarter of fiscal 2018.  Selling, General and Administrative expenses decreased to $2.7 million during the fourth quarter, compared to $2.8 million in the year ago period. Total Advanced Engineering and Development costs plus Selling, General and Administrative expenses (excluding stock-based compensation of $0.4 million and $0.6 million, respectively) was $3.3 million during the fourth quarter, compared to $3.5 million in the year ago period.

Net loss attributable to common shareholders was $(3.7) million, or $(0.07) per basic and diluted share, for the fourth quarter of fiscal 2018, compared to net income of $9.2 million, or $0.19 per basic and diluted share, in the fourth quarter of fiscal 2017, or an adjusted net loss of $(4.1) million, or $(0.08) per basic and diluted share after excluding the $13.3 million gain related to the termination of the SPI supply agreement in the fourth quarter of fiscal 2017.

Annual Financial Results

Total revenue for fiscal 2018 was $11.9 million compared to $12.5 million in fiscal 2017. In fiscal 2018, the Company had 13 PPA contracts contribute to revenues.

Gross margins improved to 19.9% during fiscal 2018, compared to (0.7)% gross margin in fiscal 2017.  Adjusted gross margins excluding the inventory reserves and adjustments of $0.4 million and $0.2 million, respectively, would have been 22.8% in fiscal 2018 and 0.7% in fiscal 2017. The improved gross margin is attributable to continued efficiencies in the procurement, construction and sale process.   

Advanced Engineering and Development costs decreased to $4.4 million during fiscal 2018, compared to $4.8 million in fiscal 2017.  Selling, General and Administrative expenses decreased to $10.3 million in fiscal 2018, compared to $11.1 million in fiscal 2017. The improvement in Selling, General and Administrative expenses was primarily the result of a reduction in stock-based compensation.

Net loss attributable to common shareholders was $(13.3) million, or $(0.24) per basic and diluted share in fiscal 2018, compared to a net loss attributable to common shareholders of $(4.4) million, or $(0.09) per basic and diluted share, in fiscal 2017, or an adjusted net loss of $(17.7) million, or $(0.37) per basic and diluted share after excluding the $13.3 million gain related to the termination of the SPI supply agreement in fiscal 2017.

Balance Sheet and Backlog

Cash and cash equivalents at June 30, 2018 was $3.0 million. On September 5, 2018, the Company completed a registered direct offering of a maximum shares currently available under its shelf registration of 11.3 million shares at a price of $0.26 per share. The Company received net proceeds of $2.7 million.

Estimated backlog value for PPA projects, components and systems as of the date of this announcement is approximately $16.4 million.

Nonstatutory Inducement Stock Option Grant to New Employees

On April 24, 2018, two new non-executive employees were issued nonstatutory inducement stock options to purchase a total of 160,000 shares of common stock.  The nonstatutory inducement stock options are exercisable at a price of $0.39 per share (which was the closing price of a share of the Company's Common Stock on the grant date) and vest in three equal annual installments.  The awards were approved by the Company's independent Compensation Committee of the Board of Directors and were granted as an inducement material to the new employees entering into employment with the Company.  The Company is making this announcement as required by NYSE American rules.

Conference Call Information

Date: Tuesday, September 25, 2018

Time: 4:30 p.m. ET (3:30 p.m. CT)

Domestic participant dial in #: (877) 283-0524 or (412) 317-5232

Conference code #: 10124143

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.

Interested parties can also listen to a live internet webcast available in the investor section of the Company's website at www.ensync.com. 

A teleconference replay of the call will be available at (877) 344-7529 or (412) 317-0088, confirmation code 10124143, through October 2, 2018. A webcast replay will be available in the investor section of the Company's website at www.ensync.com for 90 days. 

About EnSync Energy Systems

EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems, is creating the future of electricity with innovative distributed energy resource (DER) systems and internet of energy (IOE) control platforms. EnSync Energy ensures the most cost-effective and resilient electricity, delivered from an electrical infrastructure that prioritizes the use of all available resources, such as renewables, energy storage and the utility grid. As project developer, EnSync Energy's distinctive engagement methodology encompasses load analysis, system design consulting, and technical and financial modeling to ensure energy systems are sized and optimized to meet our customers' objectives for value and performance.  Proprietary direct current (DC) power control hardware, energy management software, and extensive experience with numerous energy storage technologies uniquely positions EnSync Energy to deliver fully integrated systems that provide for efficient design, procurement, commissioning, and ongoing operation.  EnSync Energy's IOE control platform adapts easily to ever-changing generation and load variables, as well as changes in utility prices and programs, ensuring the means to make or save money behind-the-meter, while concurrently providing utilities the opportunity to use DERs for an array of grid enhancing services. In addition to direct system sales, EnSync Energy includes power purchase agreements (PPAs) in its portfolio of offerings, which enables electricity savings for customers and provides a stable financial yield for investors. EnSync Energy is a global corporation, with joint venture Meineng Energy in AnHui, China, and energy project development subsidiary Holu Energy LLC in Hawaii. For more information, visit www.ensync.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections.  Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other comparable terms.  All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding project completion timelines, our ability to monetize our PPA assets, statements regarding the sufficiency of our capital resources, expected operating losses, expected revenues, expected expenses and our expectations concerning our business strategy. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our historical and anticipated future operational losses and our ability to continue as a going concern; our ability to raise the necessary capital to fund our operations and the risk of dilution to shareholders from capital raising transactions; our ability to successfully commercialize new products, including our EnSync Home Energy System, MatrixTM Energy Management, DER FlexTM, DER SupermoduleTM, and AgileTM Hybrid Storage Systems; our ability to lower our costs and increase our margins; our product, customer and geographic concentration, and lack of revenue diversification; the length and variability of our sales cycle; our dependence on governmental mandates and the availability of rebates, tax credits and other economic incentives related to alternative energy resources and the regulatory treatment of third-party owned solar energy systems; and the other risks and uncertainties discussed in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Report(s) on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Non-GAAP Financial Measures
In this press release, we have included several non-U.S. GAAP financial measures, including adjusted gross margin and adjusted net loss, as our management believes this information is useful to investors to aid in comparisons with other periods.   The non-U.S. GAAP information has limitations as an analytical tool and should not be considered in isolation from or as a substitute for U.S. GAAP information.

Media Relations Contact:
Antenna
Shreema Mehta
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(646) 416-9853

EnSync Energy Media Contact:
Michelle Montague
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(262) 735-5676

Investor Relations Contact:
Lytham Partners, LLC 
Robert Blum, Joseph Diaz, or Joe Dorame 
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(602) 889-9700

EnSync, Inc.

Consolidated Statements of Operations

 Three months ended June 30, 

 Year ended June 30, 

2018

2017

2018

2017

Revenues

$   1,650,495

$  3,050,549

$   11,932,328

$  12,494,184

Costs and expenses

Cost of product sales

1,584,611

2,882,600

9,562,472

12,586,458

Cost of engineering and development

-

-

-

937,725

Advanced engineering and development

979,619

1,336,514

4,449,974

4,829,840

Selling, general and administrative

2,691,239

2,777,265

10,252,674

11,109,038

Depreciation and amortization

49,491

97,293

296,417

551,680

Impairment of long-lived assets

-

-

447,000

-

Total costs and expenses

5,304,960

7,093,672

25,008,537

30,014,741

Loss from operations

(3,654,465)

(4,043,123)

(13,076,209)

(17,520,557)

Other income (expense)

Equity in gain (loss) of investee company

77,769

(46,082)

(307,674)

(217,898)

Interest income

3,882

8,225

23,795

41,661

Interest expense

(7,514)

(13,255)

(38,484)

(50,474)

Other income (loss)

(64,003)

6,973

74,031

15,405

Gain on termination of SPI Supply Agreement

-

13,290,000

-

13,290,000

Total other income (expense)

10,134

13,245,861

(248,332)

13,078,694

Income (loss) before benefit for income taxes

(3,644,331)

9,202,738

(13,324,541)

(4,441,863)

Benefit for income taxes

-

-

-

-

Net income (loss)

(3,644,331)

9,202,738

(13,324,541)

(4,441,863)

Net income (loss) attributable to noncontrolling interest

35,237

81,266

354,526

352,327

Net income (loss) attributable to EnSync, Inc.

(3,609,094)

9,284,004

(12,970,015)

(4,089,536)

Preferred stock dividend

(89,679)

(81,246)

(345,810)

(313,286)

Net income (loss) attributable to common shareholders

$  (3,698,773)

$  9,202,758

$  (13,315,825)

$   (4,402,822)

Net income (loss) per share

Basic and diluted

$           (0.07)

$           0.19

$             (0.24)

$            (0.09)

Weighted average shares - basic and diluted

56,537,508

48,675,937

56,003,019

48,070,993

EnSync, Inc.

Consolidated Balance Sheets

 June 30, 2018 

 June 30, 2017 

Assets

Current assets:

Cash and cash equivalents

$         2,984,532

$        11,782,962

Accounts receivable, net

215,009

469,906

Inventories, net

1,220,448

2,482,013

Costs and estimated earnings in excess of billings

528,266

87,318

Prepaid expenses and other current assets

929,379

630,998

Total current assets

5,877,634

15,453,197

Long-term assets:

Property, plant and equipment, net

775,545

3,446,253

Investment in investee company

1,640,054

1,947,728

Goodwill

809,363

809,363

Right of use assets-operating leases

1,087,249

150,214

Other assets

91,087

7,502

Total assets

$       10,280,932

$        21,814,257

Liabilities and Equity

Current liabilities:

Current maturities of long-term debt

$                        -

$             726,256

Accounts payable

1,142,256

487,185

Billings in excess of costs and estimated earnings 

176,294

456,950

Accrued expenses 

1,236,680

1,231,714

Total current liabilities

2,555,230

2,902,105

Long-term liabilities:

Long-term debt, net of current maturities

331,827

331,827

Deferred revenue

538,937

422,638

Other long-term liabilities

1,072,120

249,920

Total liabilities

4,498,114

3,906,490

Commitments and contingencies

-

-

Equity

Series B redeemable convertible preferred stock ($0.01 par value, $1,000 face value), 3,000 shares authorized and issued, 2,300 shares outstanding, preference in liquidation of $5,976,896 and $5,631,086 as of June 30, 2018 and June 30, 2017, respectively

23

23

Series C convertible preferred stock ($0.01 par value, $1,000 face value), 28,048 shares authorized, issued, and outstanding, preference in liquidation of $0 and $12,276,682 as of June 30, 2018 and June 30, 2017, respectively

280

280

Common stock ($0.01 par value), 300,000,000 authorized, 56,609,115 and 55,200,963 shares issued and outstanding as of June 30, 2018 and June 30, 2017, respectively

1,274,406

1,260,324

Additional paid-in capital

143,008,995

141,822,317

Accumulated deficit

(137,609,659)

(124,639,644)

Accumulated other comprehensive loss

(1,587,702)

(1,584,578)

Total EnSync, Inc. equity

5,086,343

16,858,722

Noncontrolling interest

696,475

1,049,045

Total equity

5,782,818

17,907,767

Total liabilities and equity 

$          10,280,932

$          21,814,257

EnSync, Inc.

 Consolidated Statements of Cash Flows

Year ended June 30,

2018

2017

Cash flows from operating activities

Net loss

$    (13,324,541)

$      (4,441,863)

Adjustments to reconcile net loss to net cash used in

operating activities:

Depreciation of property, plant and equipment

288,168

483,636

Amortization of customer intangible assets

8,249

68,044

Stock-based compensation, net

1,142,749

2,145,765

Equity in loss of investee company

307,674

217,898

Provision for inventory reserve

354,000

182,647

Gain on sale of property, plant and equipment

(73,647)

(1,911)

Interest accreted on note receivable

(10,981)

(12,000)

Allowance for note receivable

162,121

-

Gain on termination of SPI Supply Agreement

-

(13,290,000)

Impairment of long-lived assets

447,000

-

Changes in assets and liabilities

Accounts receivable

254,897

(297,273)

Inventories

907,565

(794,718)

Costs and estimated earnings in excess of billings

(440,948)

(87,318)

Prepaids and other current assets

(478,119)

1,756,979

Deferred PPA project costs

-

5,690,307

Other assets

(86,360)

(4,727)

Accounts payable

655,071

(82,041)

Billings in excess of costs and estimated earnings 

(280,656)

456,950

Accrued expenses

(127,646)

227,474

Deferred revenue

116,299

422,638

Other long-term liabilities

16,793

145,013

Net cash used in operating activities

(10,162,312)

(7,214,500)

Cash flows from investing activities

Expenditures for property and equipment

(288,846)

(46,366)

Proceeds from sale of property, plant and equipment

2,299,017

8,432

Payments from note receivable

20,000

12,000

Net cash provided by (used in) investing activities

2,030,171

(25,934)

Cash flows from financing activities

Repayments of long term debt

(726,256)

(332,344)

Proceeds from issuance of common stock

96,674

2,095,840

Proceeds from the exercise of stock options

-

69,960

Payments of tax withholding related to stock-based compensation

(38,663)

-

Contribution of capital from noncontrolling interest

1,956

-

Net cash provided by (used in) financing activities

(666,289)

1,833,456

Effect of exchange rate changes on cash and cash equivalents

-

851

Net decrease in cash and cash equivalents

(8,798,430)

(5,406,127)

Cash and cash equivalents - beginning of period

11,782,962

17,189,089

Cash and cash equivalents - end of period

$     2,984,532

$       11,782,962

Supplemental disclosures of cash flow information:

Cash paid for interest

$          40,888

$              51,134

Supplemental noncash information:

Right of use asset obtained in exchange for new operating lease

937,035

122,950

SOURCE EnSync, Inc.

Related Links

http://www.ensync.com

HONOLULU, Sept. 25, 2018 /PRNewswire/ -- EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems, the leading provider of innovative distributed energy resources (DERs) and business models for residential, commercial and utility installations, today announced a 20-year power purchase agreement with Hawai'i Pacific University to build a 211-kilowatt (kW) photovoltaic (PV) system on four buildings at its affiliate not-for-profit, the Oceanic Institute, on Oahu, Hawaii.

Nestled next to the iconic Sea Life Park Hawaii aquarium on the far eastern point of the island, the Oceanic Institute works as an applied aquaculture research facility to support the development of more efficient and productive farming in controlled underwater habitats. The Oceanic Institute works to improve the systems managing what the World Wildlife Fund describes as the fastest growing food production system in the world.

"Working with Hawai'i Pacific University and the Oceanic Institute of HPU enables us to champion both responsible coastal resource management and now sustainable, local energy. Just as its technology leadership has had ripple effects on the aquaculture industry, we hope the Oceanic Institute's interest in solar energy technology will spread as well," said Brad Hansen, CEO of EnSync Energy.

The Oceanic Institute, like other aquaculture facilities, has a large energy load to meet its mission-critical energy needs, which include constant water pumping. To find and deliver the lowest-cost, most reliable electricity from multiple sources, EnSync Energy performed detailed modeling of the site, the load consumption data, available energy assets and technical design options to optimize the final design and validate financial return on the photovoltaic system's production numbers.

The 211-kW roof-mounted PV installation will support the Oceanic Institute's large load by generating local and clean energy to be used on-site. The solar project will reduce the facility's energy costs, which in Hawaii are the highest in the nation, by lowering the aquaculture research facility's total grid-supplied energy use, reducing expensive peak demand charges and adding resiliency.

"Our partnership with EnSync Energy furthers HPU's commitment to innovative energy solutions and sustainable business practices," said Bruce Edwards, Senior Vice President and Chief Financial Officer of HPU. "We're proud initiatives like this and our PV installation at Aloha Tower Marketplace are helping Hawai'i meet its clean energy goal."

HPU and EnSync Energy's 660-kilowatt PV system on the rooftop of the historic Aloha Tower Marketplace is the largest solar development in downtown Honolulu. The first phase of that project is operational and supplying energy to the mixed-use university space, while the second phase is under construction.

EnSync Energy's tailored project development and financing support enables investors and local energy consumers to commit to clean energy cost savings while furthering Hawaii's state goal to achieve 100 percent renewable energy by 2045. EnSync Energy has contracted 27 commercial projects in Hawaii, which will account for more than $42.8 million in electricity sales over the terms of the agreements. 

About EnSync Energy Systems
EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems, is creating the future of electricity with innovative distributed energy resource (DER) systems and internet of energy (IOE) control platforms. EnSync Energy ensures the most cost-effective and resilient electricity, delivered from an electrical infrastructure that prioritizes the use of all available resources, such as renewables, energy storage and the utility grid. As project developer, EnSync Energy's distinctive engagement methodology encompasses load analysis, system design consulting, and technical and financial modeling to ensure energy systems are sized and optimized to meet our customers' objectives for value and performance.  Proprietary direct current (DC) power control hardware, energy management software, and extensive experience with numerous energy storage technologies uniquely positions EnSync Energy to deliver fully integrated systems that provide for efficient design, procurement, commissioning, and ongoing operation.  EnSync Energy's IOE control platform adapts easily to ever-changing generation and load variables, as well as changes in utility prices and programs, ensuring the means to make or save money behind-the-meter, while concurrently providing utilities the opportunity to use DERs for an array of grid enhancing services. In addition to direct system sales, EnSync Energy includes power purchase agreements (PPAs) in its portfolio of offerings, which enables electricity savings for customers and provides a stable financial yield for investors. EnSync Energy is a global corporation, with joint venture Meineng Energy in AnHui, China, and energy project development subsidiary Holu Energy LLC in Hawaii. For more information, visit www.ensync.com.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections.  Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other comparable terms.  All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding project completion timelines, our ability to monetize our PPA assets, statements regarding the sufficiency of our capital resources, expected operating losses, expected revenues, expected expenses and our expectations concerning our business strategy. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our historical and anticipated future operation losses and our ability to continue as a going concern; our ability to raise the necessary capital to fund our operations and the risk of dilution to shareholders from capital raising transactions; our ability to successfully commercialize new products, including our EnSync Home Energy System, MatrixTM Energy Management, DER FlexTM, DER SuperModule, and AgileTM Hybrid Storage Systems; our ability to lower our costs and increase our margins; our product, customer and geographic concentration, and lack of revenue diversification; the length and variability of our sales cycle; our dependence on governmental mandates and the availability of rebates, tax credits and other economic incentives related to alternative energy resources and the regulatory treatment of third-party owned solar energy systems; and the other risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Report(s) on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

About Hawai'i Pacific University
Founded in 1965, Hawai'i Pacific University has grown to become the state's leading private, non-profit university, with a student population of nearly 5,000 undergraduate and graduate students from all 50 states and nearly 65 countries around the world. It has campuses in downtown Honolulu, Kāne'ohe, and Makapu'u, and on military bases around O'ahu. The Chronicle of Higher Education, The Wall Street Journal and USA Today have named it among the most diverse private universities in the nation. www.HPU.edu

EnSync Energy Media Contact:

Lisa Nash
Antenna Group for EnSync Energy
This email address is being protected from spambots. You need JavaScript enabled to view it.
646-883-4296

Michelle Montague 
This email address is being protected from spambots. You need JavaScript enabled to view it. 
(262) 735-5676

Investor Relations Contact:

Lytham Partners, LLC 
Robert Blum, Joseph Diaz, or Joe Dorame 
(602) 889-9700

SOURCE EnSync, Inc.

Related Links

http://www.ensync.com

NEW YORK--(BUSINESS WIRE)--Greenbacker Renewable Energy Company LLC (the “Company”), a limited liability company that invests in renewable energy assets, announced today that it will terminate its public offering of securities on or about January 31, 2019.

“We have been pleased with the steady increase in overall investor subscriptions as well as the performance of our investment portfolio. As was contemplated in our offering prospectus, the Company expected to achieve a certain scale before beginning the process of seeking strategic alternatives that will hopefully benefit our investors,” said Charles Wheeler, CEO of the Company. “At the direction of our Board, and consistent with our opinion it is in the best interests of our investors, we will cease raising capital through our public offering while continuing to work with institutional investors to position the Company for the best overall outcome.” While the Company will only accept subscriptions for its public shares until on or about January 31, 2019, the dividend reinvestment plan and the share repurchase plan will continue to be available to investors.

As of August 31, 2018, the Company’s investment portfolio includes 114 commercial solar assets, five wind farms and 4,584 residential solar installations located in 20 U.S. states or Canadian provinces with a rated system capacity of 191.71 megawatts, including 64.7 megawatts currently under construction, for a total capacity of 256.41 megawatts.

About Greenbacker Renewable Energy Company

Greenbacker Renewable Energy Company is a public, non-traded limited liability company that owns and operates a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. The Company undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in the Company‘s expectations.

KANSAS CITY, Mo., Sept. 25, 2018 /PRNewswire/ -- Eduardo Andrade, a longtime executive in the Mexico energy industry, has joined Burns & McDonnell as its general director in Mexico for Burns & McDonnell Services S.A. de C.V. In that role, he will oversee the company's pursuit of power generation and electrical transmission projects as Mexico moves quickly to upgrade its energy infrastructure. Over the past 30 years, Andrade has served in a variety of executive roles for large companies in Mexico with significant operations in the energy sector.

"Mexico is quickly becoming a first-world economy thanks to investments in the power and energy sectors and Eduardo has been a key influencer in that process due to his professional and civic roles over the past several years," says Mike Brown, President of Burns & McDonnell International. "We're thrilled to have him on our team and ready to get to work helping Mexico achieve its potential on the global stage."

"I have spent my entire career advocating for investments and improvements to Mexico's power and energy sectors because I believe strongly this is the best way forward to improve the lives of my fellow countrymen," says Andrade. "This opportunity to lead Burns & McDonnell, the number one power firm in America, to bring their skills and expertise to my home country of Mexico is a dream come true."

Prior to joining Burns & McDonnell Andrade was Executive President for Mexico for Sacyr, where he was responsible for a number of business initiatives related to recently enacted constitutional reforms in Mexico. Sacyr is a multi-national corporation with engineering and construction projects in 29 countries across five continents. In addition, Andrade has held executive positions with Iberdrola, a Spanish energy company with global operations, and Techint, the world's second largest steel producer with additional businesses in construction and oil and gas production.

Andrade is a founder of the Mexico Energy Association and the Energy Chapter with the Canadian Mexico partnership. He is a past president of the World Energy Council, Mexico Chapter, and currently serves on the Mexico Energy Regulatory Commission's External Advisory Board for electricity. He holds a civil engineering degree, with concentration in project management, from Universidad de Mexico and a graduate degree in corporate finance from ITESM (Instituto Tecnológico de Estudios Superiores de Monterrey). 

In 2016, Burns & McDonnell established an office in Mexico City to pursue engineering/procure/construct (EPC) project opportunities in the power and energy sectors.

Earlier this year, the company was certified by the Centro Nacional de Control De Energía (CENACE), enabling the company to gain access to critical data on grid performance and other system performance measures as a means to offer engineering consulting services to clients and the system operator. The certification has enabled Burns & McDonnell to develop master plans on a number of improvements that are necessary to improve system reliability and resilience.  Formed in 2013 in the wake of a reform of Mexico's energy industry, CENACE is Mexico's independent system operator for the country's electrical grid.

Burns & McDonnell has had a presence in Mexico for more than 100 years, beginning in 1908 when company founders Clinton Burns and Robert McDonnell won a bid to develop a hydroelectric project for El Tigre Mining. Over the following decades, the company has engineered and built a number of projects, including a massive new wastewater treatment facility in Monterrey that was the largest treatment facility in Mexico when completed in 1997.

Mexico implemented far-reaching reforms of its power and energy industries in 2014 after decades of monopoly control by state-run enterprises PEMEX and Comisión Federal de Electricidad (CFE). Both sectors are now open to private investment by both U.S. and international businesses. Solar, wind and gas-fired generating facilities are being added to the Mexico grid while other projects are being planned to upgrade its power transmission and distribution system.

For photos and support materials, please visit our MEDIA KIT.

About Burns & McDonnell

Burns & McDonnell is a family of companies made up of more than 6,000 engineers, architects, construction professionals, scientists, consultants and entrepreneurs with offices across the country and throughout the world. We strive to create amazing success for our clients and amazing careers for our employee-owners. Burns & McDonnell is 100 percent employee-owned and is proud to be on Fortune's 2018 list of 100 Best Companies to Work For. For more information, visit burnsmcd.com.

SOURCE Burns & McDonnell

Related Links

http://www.burnsmcd.com

SHANGHAI and LOS ANGELES, Sept. 24, 2018 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar"), one of the world's largest solar module manufacturers, and Edisun Microgrids, Inc. (Edisun), a solar technology company that develops patented, distributed solar and energy storage technologies, today announced a partnership to develop the Eagle PowerTrack, a performance bundle for commercial and industrial (C&I) rooftops. The new performance bundle will feature JinkoSolar's high-efficiency Eagle G2 modules in combination with Edisun's PV Booster ("PV Booster") breakthrough rooftop tracking technology. The new performance bundle will be available for sale during the fourth quarter of 2018.

By integrating JinkoSolar's Eagle G2 modules with Edisun's PV Booster rooftop tracker, solar contractors will be able to unlock the enormous market opportunity in commercial and industrial rooftop installations. The performance bundle leverages JinkoSolar's Eagle G2 modules which feature the company's new Diamond cell technology, a brand new high-efficiency mono PERC cell that allows 72-cell Eagle G2 modules to reach up to 400 watts. Edisun's PV Booster rooftop tracker offers contractors a flexible system design, more energy harvested per panel, and real-time data for predictive operations and maintenance. When combined, the Eagle PowerTrack performance bundle yields 30 percent more energy per panel, resulting in notably lower levelized cost of electricity (LCOE) and significantly increases return on investment over traditional C&I systems. In addition, the Eagle PowerTrack's simplicity, high levels of energy generation, and improved economics will enable solar contractors to bid and win more business.

"We are excited to work with Edisun in developing and launching the Eagle PowerTrack performance bundle," said Mr. Nigel Cockroft, general manager, JinkoSolar (U.S.) Inc. "Edisun's PV Booster is a unique product that, combined with our modules, transforms a commercial rooftop segment with much unrealized potential."

"JinkoSolar's scale, financial strength, and high-powered modules are ideal fits for our company and product, and should make the Eagle PowerTrack the preferred solution for C&I rooftops," said Mr. Conrad Chase, vice president, business development, Edisun Microgrids. "Pairing the world's best-selling module with the industry's only rooftop tracker creates a new innovation that is finally addressing the needs of the C&I market."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the world's largest and foremost solar module manufacturers. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 9 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of June 30, 2018.

JinkoSolar has more than 12,000 employees across its 6 productions facilities globally, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.

About Edisun Microgrids

Edisun Microgrids, Inc. is a solar technology company that develops patented, distributed solar and energy storage technologies to meet the needs of the fast-changing energy sector. The company's flagship product, PV Booster™, is the only dual-axis rooftop solar tracker specifically designed to meet the needs of C&I building owners and solar developers. Edisun was created at leading technology incubator Idealab. To learn more, please visit www.edisun.com and follow us on Twitter @EdisunSolar.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Media Contacts:

For JinkoSolar Holding Co., Ltd.:
In China:
Mr. Sebastian Liu
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

For Edisun Microgrids, Inc.:
Daniel Alvarez
512.638.2182
This email address is being protected from spambots. You need JavaScript enabled to view it.  

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-partners-with-edisun-microgrids-to-develop-eagle-powertrack-bundle-for-ci-rooftop-solar-projects-300717404.html

SOURCE JinkoSolar Holding Co., Ltd.

SHANGHAI, Sept. 17, 2018 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the photovoltaic (PV) industry, today announced that it was ranked as a top solar brand in debt financed projects and named the most "bankable" PV manufacturer by Bloomberg New Energy Finance (BNEF) for the second consecutive year. 57 solar manufacturers were ranked based on BNEF's global survey of key PV stakeholders assessing which module brands used in projects are most likely to obtain non-recourse debt financing from commercial banks.

Survey respondents included banks, technical consultants, EPCs, and independent power producers (IPPs) from all around the world. Considering product quality, long term reliability, field deployment performance, and the manufacturer's financial strength, 100% of survey respondents considered JinkoSolar as bankable. Aligning with JinkoSolar's high bankability score, BNEF's database also shows that projects using JinkoSolar modules have secured more debt financing than any other brand since July 2016.

"To be nominated again by BNEF confirms that JinkoSolar is the preferred brand by customers, investors, and banks due to their high quality," said Kangping Chen, CEO of JinkoSolar. "The brand that industry players and banks are more willing to use in their projects and finance is JinkoSolar, which I am extremely proud of. Our R&D team is committed to nurturing technological innovation and quality improvements. We believe that high-quality products will bring better returns to investors."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the world's largest and foremost solar module manufacturers. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 9 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of June 30, 2018.

JinkoSolar has over 12,000 employees across its 8 productions facilities globally, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen, Beijing 
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-ranked-as-top-solar-brand-used-in-debt-financed-projects-and-most-bankable-pv-manufacturer-by-bloomberg-new-energy-finance-for-the-second-consecutive-year-300713550.html

SOURCE JinkoSolar Holding Co., Ltd.

SHANGHAI, Aug. 24, 2018 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:JKS), a global leader in the solar PV industry, today announced that it has signed a 240MW solar module supply agreement with POWERCHINA Huadong Engineering Corporation Limited ("POWERCHINA HUADONG") for the second phase of the 420 MW Dau Tieng solar plant in Vietnam, which will become the largest solar power project in Southeast Asia when completed.

The Dau Tieng project is located in Tay Ninh, southwest Vietnam and is being developed by Vietnam'sXuan Cau Co Ltd and Thailand'sB.Grimm Power Public Co Ltd. POWERCHINA HUADONG is responsible for EPC. The project is a milestone in the accelerating development of new energy markets in Vietnam and even across Southeast Asia.

"We stood out from our competition during the selection process by POWERCHINA HUADONG as a result of our excellent products, high-quality services and strong brand recognition," commented Mr. Gener Miao, Vice President Global Sales and Marketing of JinkoSolar. "With the reduction of solar costs, the competitiveness of solar energy is increasing, we look forward to working closely again with POWERCHINA to participate in more outstanding solar energy projects globally."

Mr. Leiming Shi, Vice President of POWERCHINA HUADONG, commented, "A number of projects developed by POWERCHINA HUADONG are located in countries that often experience power shortages along the 'Belt and Road' route. These projects have strengthened the partnerships between each country and have helped Chinese companies to go global, allowing them to gain valuable experience in the planning, design, construction and operation of solar plants. Developing a partnership with a global leader like JinkoSolar to push this project forward allows us to use their high quality modules and leverage their mature global sales network. We look forward to deepening our relationship by working on more international power projects in the future and jointly expanding the influence of Chinese companies in the international clean energy market."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 9 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of June 30, 2018.

JinkoSolar has over 12,000 employees across its 8 production facilities globally, 15 overseas subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in theUnited Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-signs-solar-module-supply-agreement-for-the-development-of-southeast-asias-largest-solar-power-project-300701975.html

SOURCE JinkoSolar Holding Co., Ltd.

SHANGHAI, Aug. 13, 2018 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced its unaudited financial results for the second quarter ended June 30, 2018.

Second Quarter 2018 Highlights

  • Total solar module shipments were 2,794 megawatts ("MW") (including 200 MW to the Company's overseas downstream segment for which no revenue has been recognized), an increase of 38.7% from 2,015 MW in the first quarter of 2018 and a decrease of 3.1% from 2,884 MW in the second quarter of 2017.
  • Total revenues were RMB6.06 billion (US$915.9 million), an increase of 32.7% from the first quarter of 2018 and a decrease of 23.5% from the second quarter of 2017.
  • Gross margin was 12.0%, compared with 14.4% in the first quarter of 2018 and 10.5% in the second quarter of 2017.
  • Income from operations was RMB94.6 million (US$14.3 million), compared with RMB125.0 million in the first quarter of 2018 and RMB85.3 million in the second quarter of 2017.
  • Net income attributable to the Company's ordinary shareholders was RMB99.0 million (US$15.0 million) in the second quarter of 2018, compared with RMB3.6 million in the first quarter of 2018 and RMB47.4 million in the second quarter of 2017.
  • Diluted earnings per American depositary share ("ADS") were RMB2.512(US$0.408) in the second quarter of 2018.
  • Non-GAAP net income attributable to the Company's ordinary shareholders in the second quarter of 2018 was RMB106.7 million (US$16.1 million), compared with RMB11.0 million in the first quarter of 2018 and RMB61.2 million in the second quarter of 2017.
  • Non-GAAP basic and diluted earnings per ADS were RMB2.728(US$0.412) and RMB2.708(US$0.408) in the second quarter of 2018, compared with RMB0.300 and RMB0.296 in the first quarter of 2018 and RMB1.908 and RMB1.892 in the second quarter of 2017.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "We delivered a strong quarter with module shipments hitting 2,794 MW while generating total revenue of US$915.9 million. Leveraging our cutting-edge technologies, strong global sales network, and industry leading cost structure, I'm confident in our ability to generate sustainable profits and growth going forward."

"Growth during the quarter was strong and we expect this momentum to continue into the second half of the year despite the impact from the new policies issued by the Chinese government on May 31 as shipments to overseas markets are expected to continue growing and account for an increasing proportion of our shipments. We believe these new policies will have a relatively limited impact on our operations over the short-term and are optimistic about our future prospects. We expect demand from Top Runner Program, poverty alleviation projects, local government subsidies, and self-contained DG projects to continue to drive the growth in the Chinese market, especially in regions with ample sunlight and high commercial power prices."

"We already have good visibility of our order book for the entire year which is predominantly made up of overseas orders to markets which are growing rapidly and will generate significant opportunities ahead. We are taking full advantage of our market leading position and production facility in Florida to expand our presence in the US market. Demand in emerging markets continues to grow, especially in Latin American and the Middle East and North Africa. We are devoting our resources there towards securing large long-term orders through our mature sales network which spans a number of markets there. We believe the Indian solar sector will maintain its long-term growth trajectory despite the short-term impact of recently announced tariffs and will continue to explore opportunities there."

"We continued to develop high-efficiency technologies while optimizing the cost structure of our products. We made significant progress in improving wafer efficiency and reducing both oxygen content and light induced degradation. We are increasing our mono PREC cell capacity which will reach 4.2GW by the end of year. We are also investing in N type technology, especially HOT double sided cell technology. The falling cost of raw materials and our deep experience in rapidly rolling out new technologies will allow us to further optimize our cost structure going forward and help us increase market share by providing clients with high-efficiency products at cost effective prices."

"Despite some industry headwinds, we believe those challenges also create opportunities for us to further strengthen our position as a global leader in the solar PV industry. On one hand they will push the industrial upgrading and accelerate the industry's consolidation by phasing out outdated production capacities and replacing them with high efficiency ones; On the other hand, it will push the rapidly falling cost of solar, making solar more competitive and stimulating the global demand. We are now in a good position and are fully prepared for these new opportunities to continue to expand our market share and further consolidate our leading position in the industry."

Second Quarter 2018 Financial Results

Total Revenues

Total revenues in the second quarter of 2018 were RMB6.06 billion (US$915.9 million), an increase of 32.7% from RMB4.57 billion in the first quarter of 2018 and a decrease of 23.5% from RMB7.92 billion in the second quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the second quarter of 2018. The year-over-year decrease was mainly attributable to a decline in the average selling price of solar modules and a slight decrease in the shipment of solar modules in the second quarter of 2018.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2018 was RMB727.6 million (US$110.0 million), compared with RMB656.1 million in the first quarter of 2018 and RMB834.8 million in the second quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the second quarter of 2018. The year-over-year decrease was mainly attributable to a decline in the average selling price of solar modules and a slight decrease in the shipment of solar modules, which was partially offset by a decrease in solar module cost in the second quarter of 2018.

Gross margin was 12.0% in the second quarter of 2018, compared with 14.4% in the first quarter of 2018 and 10.5% in the second quarter of 2017. The sequential decrease was mainly attributable to a decline in the average selling price of solar modules. The year-over-year increase was mainly attributable to a decrease in solar module cost, which was partially offset by a decrease in solar module shipments and a decline in the average selling price of solar modules in the second quarter of 2018.

Income from Operations and Operating Margin

Income from operations in the second quarter of 2018 was RMB94.6 million (US$14.3 million), compared with RMB125.0 million in the first quarter of 2018 and RMB85.3 million in the second quarter of 2017. Operating margin in the second quarter of 2018 was 1.6%, compared with 2.7% in the first quarter of 2018 and 1.1% in the second quarter of 2017.

Total operating expenses in the second quarter of 2018 were RMB633.0 million (US$95.7 million), an increase of 19.2% from RMB531.1 million in the first quarter of 2018 and a decrease of 15.5% from RMB749.5 million in the second quarter of 2017. The sequential increase was mainly due to an increase in shipping cost as a result of an increase in solar module shipments, an increase in bad debt expenses and an occurrence of provision for impairment of property, plant and equipment for certain damaged equipment of South Africa manufacturing facilities. The year-over-year decrease was primarily due to a decrease in shipping costs.

Total operating expenses accounted for 10.4% of total revenues in the second quarter of 2018, compared to 11.6% in the first quarter of 2018 and 9.5% in the second quarter of 2017.

Interest Expense, Net

Net interest expense in the second quarter of 2018 was RMB80.6 million (US$12.2 million), a decrease of 5.6% from RMB85.4 million in the first quarter of 2018 and an increase of 0.1% from RMB80.6 million in the second quarter of 2017.

Exchange Gain / (Loss), Net and Change in Fair Value of Forward Contracts

The Company recorded a net exchange gain (including change in fair value of forward contracts) of RMB20.8 million (US$3.1 million) in the second quarter of 2018, compared to a net exchange loss of RMB90.8 million in the first quarter of 2018 and a net exchange loss of RMB34.2 million in the second quarter of 2017. The sequential gain was primarily due to the appreciation of the US dollar against the RMB during the quarter.

Change in Fair Value of Derivatives

The Company entered into Interest Rate Swap agreements with several banks for the purpose of reducing interest rate exposure. The Company recorded a gain of RMB14.3 million (US$2.2 million) in the second quarter of 2018, compared to a gain of RMB21.1 million in the first quarter of 2018 and a loss of RMB16.4 million in the second quarter of 2017. The sequential and year-over-year changes were primarily due to an increase in the LIBOR rate.

Equity in Income of Affiliated Companies

The Company indirectly holds 20% equity interest of Sweihan PV Power Company P.J.S.C, which develops and operates solar power projects in Dubai and accounts for its investments using the equity method. The Company also holds 30% equity interest in Jiangsu Jinko-Tiansheng Co., Ltd, which processes and assembles PV modules as OEM manufacturer and accounts for its investments using the equity method. The Company recorded equity in income of affiliated companies of RMB 28.0 million (US$ 4.2 million) in the second quarter of 2018, compared with a loss of RMB 5.2 million in the first quarter of 2018 and a loss of RMB 0.2 million in the second quarter of 2017.

Income Tax Benefit, Net

The Company recorded an income tax benefit of RMB10.0 million (US$1.5 million) in the second quarter of 2018, increased from RMB3.3 million in the first quarter of 2018 and decreased from RMB32.5 million in the second quarter of 2017. The sequential increase was mainly due to the additional 2017 income tax deduction for R&D costs approved by the local tax bureau in the second quarter of 2018.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders was RMB99.0 million (US$15.0 million) in the second quarter of 2018, compared with RMB3.6 million in the first quarter of 2018 and RMB47.4 million in the second quarter of 2017.

Basic and diluted earnings per ordinary share were RMB0.633(US$0.096) and RMB0.628(US$0.095), respectively during the second quarter of 2018. This translates into basic and diluted earnings per ADS of RMB2.532(US$0.384) and RMB2.512(US$0.380), respectively.

Non-GAAP net income in the second quarter of 2018 was RMB106.7 million (US$16.1 million), compared with RMB11.0 million in the first quarter of 2018 and RMB61.2 million in the second quarter of 2017.

Non-GAAP basic and diluted earnings per ordinary share were RMB0.682(US$0.103) and RMB0.677(US$0.102), respectively during the second quarter of 2018. This translates into non-GAAP basic and diluted earnings per ADS of RMB2.728(US$0.412) and RMB2.708(US$0.408), respectively.

Financial Position

As of June 30, 2018, the Company had RMB2.56 billion (US$386.5 million) in cash and cash equivalents and restricted cash, compared with RMB2.86 billion as of March 31, 2018.

As of June 30, 2018, the Company's accounts receivables due from third parties were RMB4.77 billion (US$720.7 million), compared with RMB4.18 billion as of March 31, 2018.

As of June 30, 2018, the Company's inventories were RMB5.89 billion (US$890.2 million), compared with RMB4.71 billion as of March 31, 2018.

As of June 30, 2018, the Company's total interest-bearing debts were RMB9.29 billion (US$1.40 billion), compared with RMB8.38 billion as of March 31, 2018.

Second Quarter 2018 Operational Highlights

Solar Module Shipments

Total solar module shipments in the second quarter of 2018 were 2,794 MW, including 200 MW to the Company's overseas downstream segment.

Solar Products Production Capacity

As of June 30, 2018, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 9.0 GW, 5.0 GW and 9.0 GW, respectively.

Recent Business Developments

  • In June 2018, JinkoSolar announced that its wholly owned subsidiary, JinkoSolar (U.S.) Inc. has entered into a three-year agreement to supply 1.43GW of high efficiency modules to sPower, a leading renewable energy independent power producer.
  • In June 2018, JinkoSolar announced that it has supplied 275.4 MWdc of high efficiency modules to Green Light Contractors Pty Ltd for use in the Bungala Solar Farm near Port Augusta, South Australia, which is owned by a joint venture between Enel Green Power and Dutch Infrastructure Fund.
  • In July 2018, JinkoSolar announced that JinkoSolar Japan K.K., a subsidiary of the Company, has signed a JPY5.3 billion syndicated loan agreement up to two years with a bank consortium led by Sumitomo Mitsui Banking Corporation.
  • In July 2018, JinkoSolar announced that it will supply 86 MW of solar modules for a PV Plant that will be located in the Cesar, northern Colombia.
  • In July 2018, JinkoSolar announced that it is ranked 278th on the 2018 Fortune 500 Companies in China and 1st among solar manufacturers.

Operations and Business Outlook

Third Quarter and Full Year 2018 Guidance

For the third quarter of 2018, the Company estimates total solar module shipments to be in the range of 2.8 GW to 3.0 GW.

For the full year 2018, the Company estimates total solar module shipments to be in the range of 11.5 GW to 12 GW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Monday, August 13, 2018 at 8:00 a.m. U.S. Eastern Time (8:00 p.m.Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

Hong Kong / International:

+852 3027 6500

U.S. Toll Free:

+1 855-824-5644

Passcode:

55864212#

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, August 20, 2018. The dial-in details for the replay are as follows:

International:

+61 2 8325 2405

U.S.:

+1 646 982 0473

Passcode:

319295377#

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 9.0 GW for silicon wafers, 5.0 GW for solar cells, and 9.0 GW for solar modules, as of June 30, 2018.

JinkoSolar has over 12,000 employees across its 8 productions facilities globally, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.

To find out more, please see: www.jinkosolar.com

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial measures including, non-GAAP net income, non-GAAP earnings per Share, and non-GAAP earnings per ADS, which are adjusted from the comparable GAAP results to exclude certain expenses or incremental ordinary shares relating to share-based compensation, convertible senior notes and capped call options:

  • Non-GAAP net income is adjusted to exclude the expenses relating to interest expenses of convertible senior notes, exchange gain on the convertible senior notes, and stock-based compensation; given these Non-GAAP net income adjustments above are either related to the Company or its subsidiaries incorporated in Cayman Islands, which are not subject to tax exposures, or related to those subsidiaries with tax loss positions which result in no tax impacts, therefore no tax adjustment is needed in conjunction with these Non-GAAP net income adjustments; and
  • Non-GAAP earnings per Share and non-GAAP earnings per ADS are adjusted to exclude interest expenses of convertible senior notes and exchange gain on the convertible senior notes, and stock-based compensation.

The Company believes that the use of non-GAAP information is useful for analysts and investors to evaluate JinkoSolar's current and future performances based on a more meaningful comparison of net income and diluted net income per ADS when compared with its peers and historical results from prior periods. These measures are not intended to represent or substitute numbers as measured under GAAP. The submission of non-GAAP numbers is voluntary and should be reviewed together with GAAP results.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of June 29, 2018, which was RMB6.6171 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe-Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)


For the quarter ended


For the six months ended


June 30, 2017


March 31, 2018


June 30, 2018


June 30, 2017


June 30, 2018


RMB


RMB


RMB


USD


RMB


RMB


USD

 Revenues from third parties 

7,908,533


3,671,345


5,618,862


849,143


13,661,612


9,290,207


1,403,969















 Revenues from related parties 

15,555


895,491


441,769


66,762


39,279


1,337,260


202,092















 Total revenues 

7,924,088


4,566,836


6,060,631


915,905


13,700,891


10,627,467


1,606,061















 Cost of revenues 

(7,089,255)


(3,910,775)


(5,333,000)


(805,942)


(12,217,034)


(9,243,775)


(1,396,953)















 Gross profit 

834,833


656,061


727,631


109,963


1,483,857


1,383,692


209,108















 Operating expenses: 














   Selling and marketing 

(550,823)


(313,897)


(366,077)


(55,323)


(964,635)


(679,974)


(102,760)

   General and administrative 

(125,029)


(130,831)


(170,509)


(25,768)


(240,979)


(301,340)


(45,539)

   Research and development 

(73,694)


(86,382)


(81,907)


(12,378)


(136,180)


(168,289)


(25,432)

   Impairment of long-lived assets 

-


-


(14,548)


(2,199)


-


(14,548)


(2,199)

 Total operating expenses 

(749,546)


(531,110)


(633,041)


(95,668)


(1,341,794)


(1,164,151)


(175,930)















 Income from operations 

85,287


124,951


94,590


14,295


142,063


219,541


33,178

 Interest expenses, net 

(80,572)


(85,411)


(80,636)


(12,186)


(137,693)


(166,047)


(25,093)

 Change in fair value of derivatives 

(16,394)


21,104


14,284


2,159


(16,018)


35,388


5,348

 Subsidy income 

49,038


36,581


2,619


396


104,229


39,200


5,924

 Exchange (loss)/gain 

(29,810)


(91,413)


42,389


6,406


(36,149)


(49,024)


(7,409)

 Change in fair value of forward contracts 

(4,341)


585


(21,618)


(3,267)


(3,235)


(21,033)


(3,179)

 Other income, net 

11,773


8,678


9,444


1,427


23,716


18,122


2,739

 Loss on disposal of subsidiaries 

-


(9,425)


-


-


-


(9,425)


(1,424)

 Income before income taxes

14,981


5,650


61,072


9,230


76,913


66,722


10,084

 Income tax benefit 

32,460


3,293


10,003


1,512


30,933


13,296


2,009

 Equity in income of affiliated companies 

(194)


(5,240)


28,024


4,235


(194)


22,784


3,443

 Net income 

47,247


3,703


99,099


14,977


107,652


102,802


15,536

 Less: Net (loss)/income attributable to non-controlling
          interests 

(121)


107


117


18


(290)


224


34

 Net income attributable to JinkoSolar
 Holding Co., Ltd.'s ordinary shareholders 

47,368


3,596


98,982


14,959


107,942


102,578


15,502















 Net income attributable to JinkoSolar Holding Co., Ltd.'s
 ordinary shareholders per share: 














   Basic 

0.369


0.025


0.633


0.096


0.846


0.680


0.103

   Diluted 

0.366


0.024


0.628


0.095


0.838


0.672


0.102















 Net income attributable to JinkoSolar Holding Co., Ltd.'s
   ordinary shareholders per ADS: 














   Basic 

1.476


0.100


2.532


0.384


3.384


2.720


0.412

   Diluted 

1.464


0.096


2.512


0.380


3.352


2.688


0.408















 Weighted average ordinary shares outstanding: 














   Basic 

128,247,292


145,540,445


156,457,441


156,457,441


127,556,967


150,894,845


150,894,845

   Diluted 

129,493,716


147,793,780


157,574,069


157,574,069


128,859,633


152,579,390


152,579,390















 Weighted average ADS outstanding: 














   Basic 

32,061,823


36,385,111


39,114,360


39,114,360


31,889,242


37,723,711


37,723,711

   Diluted 

32,373,429


36,948,445


39,393,517


39,393,517


32,214,908


38,144,848


38,144,848















UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME





















 Net income 

47,247


3,703


99,099


14,977


107,652


102,802


15,536

 Other comprehensive income: 














   -Foreign currency translation adjustments 

(22,391)


(33,351)


47,966


7,249


(39,954)


14,615


2,209

 Comprehensive income/(loss) 

24,856


(29,648)


147,065


22,226


67,698


117,417


17,745

 Less: Comprehensive (loss)/income attributable to non-
controlling interests 

(121)


107


117


18


(290)


224


34

 Comprehensive income/(loss) attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders 

24,977


(29,755)


146,948


22,208


67,988


117,193


17,711











































 Reconciliation of GAAP and non-GAAP Results 



























 1. Non-GAAP earnings per share and non-GAAP
earnings per ADS 




























 GAAP net income attributable to ordinary shareholders 

47,368


3,596


98,982


14,959


107,942


102,578


15,502















 4% of interest expense of convertible senior notes 

1


1


1


-


1,556


1


-















 Exchange loss/(gain) on convertible senior notes 

(1)


(2)


3


-


843


1


-















 Stock-based compensation expense 

13,822


7,376


7,700


1,164


31,224


15,076


2,278















 Non-GAAP net income attributable to ordinary

shareholders 

61,190


10,971


106,686


16,123


141,565


117,656


17,780















 Non-GAAP earnings per share attributable to ordinary
shareholders - 














   Basic 

0.477


0.075


0.682


0.103


1.110


0.780


0.118

   Diluted 

0.473


0.074


0.677


0.102


1.099


0.771


0.117















 Non-GAAP earnings per ADS attributable to ordinary
shareholders - 














   Basic 

1.908


0.300


2.728


0.412


4.440


3.120


0.472

   Diluted 

1.892


0.296


2.708


0.408


4.396


3.084


0.468















 Non-GAAP weighted average ordinary shares
outstanding  














   Basic 

128,247,292


145,540,445


156,457,441


156,457,441


127,556,967


150,894,845


150,894,845

   Diluted 

129,493,716


147,793,780


157,574,069


157,574,069


128,859,633


152,579,390


152,579,390















 Non-GAAP weighted average ADS outstanding  














   Basic 

32,061,823


36,385,111


39,114,360


39,114,360


31,889,242


37,723,711


37,723,711

   Diluted 

32,373,429


36,948,445


39,393,517


39,393,517


32,214,908


38,144,847


38,144,847

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


December 31, 2017


June 30, 2018


RMB


RMB


USD

ASSETS






Current assets:






  Cash and cash equivalents

1,928,303


2,299,826


347,558

  Restricted cash 

833,072


257,955


38,983

  Restricted short-term investments

3,237,773


4,037,172


610,112

  Short-term investments

2,685


4,642


702

  Accounts receivable, net - related parties

2,113,042


2,163,388


326,939

  Accounts receivable, net - third parties

4,497,635


4,768,733


720,668

  Notes receivable, net - third parties

571,232


350,504


52,969

  Advances to suppliers, net - third parties

397,076


441,902


66,782

  Inventories, net

4,273,730


5,890,591


890,207

  Other receivables - related parties

46,592


73,237


11,068

  Derivative assets

-


10,133


1,531

  Prepayments and other current assets

1,706,717


1,360,476


205,601

Total current assets

19,607,857


21,658,559


3,273,120







Non-current assets:






  Restricted cash

248,672


506,529


76,549

  Project Assets

473,731


1,314,267


198,617

  Long-term investments

22,322


52,972


8,005

  Property, plant and equipment, net

6,680,187


7,132,508


1,077,890

  Land use rights, net

443,269


580,725


87,761

  Intangible assets, net

25,743


26,179


3,956

  Deferred tax assets 

275,372


300,989


45,487

  Other assets - related parties

146,026


112,360


16,980

  Other assets - third parties

713,226


1,197,993


181,045

Total non-current assets

9,028,548


11,224,522


1,696,290







Total assets

28,636,405


32,883,081


4,969,410







LIABILITIES






Current liabilities:






  Accounts payable - related parties

5,329


40,546


6,128

  Accounts payable - third parties

4,658,202


4,991,274


754,299

  Notes payable - related parties

-


14,000


2,116

  Notes payable - third parties

5,672,497


4,976,512


752,068

  Accrued payroll and welfare expenses

721,380


694,786


104,999

  Advances from related parties

37,400


35,158


5,313

  Advances from  third parties

748,959


2,169,672


327,889

  Income tax payable

27,780


41,126


6,215

  Other payables and accruals

1,804,799


2,056,294


310,755

  Other payables due to related parties

12,333


13,214


1,997

  Forward contract payables

4,521


21,618


3,267

  Derivative liability

26,486


-


-

  Bond payable and accrued interests

10,257


21,373


3,230

  Short-term borrowings from third parties,
     including current portion of long-term bank
     borrowings

6,204,440


7,639,625


1,154,528

  Guarantee liabilities to related parties

28,034


33,161


5,011

Total current liabilities

19,962,417


22,748,359


3,437,815







Non-current liabilities:






  Long-term borrowings

379,789


855,562


129,296

  Accrued income tax - non current

6,041


6,041


913

  Long-term payables

538,410


471,215


71,212

  Bond payables

298,425


298,950


45,178

  Accrued warranty costs - non current

571,718


543,971


82,207

  Convertible senior notes

65


66


10

  Deferred tax liability

70,122


63,783


9,639

  Long-term liabilities of equtiy investment

-


7,537


1,139

  Guarantee liabilities to related parties 
   - non current

120,154


98,517


14,888

Total non-current liabilities

1,984,724


2,345,642


354,482







Total liabilities

21,947,141


25,094,001


3,792,297







SHAREHOLDERS' EQUITY






Ordinary shares (US$0.00002 par value,
500,000,000 shares authorized, 132,146,074
and 156,457,441 shares issued and
outstanding as of  December 31, 2017
and June 30, 2018, respectively)

19


22


3

Additional paid-in capital

3,313,608


3,996,004


603,890

Statutory reserves

516,886


516,886


78,114

Accumulated other comprehensive income

23,296


37,911


5,729

Treasury stock, at cost; 1,723,200 ordinary
shares as of  December 31, 2017 and June
30, 2018

(13,876)


(13,876)


(2,097)

Accumulated retained earnings

2,849,341


2,951,919


446,105







Total JinkoSolar Holding Co., Ltd.
shareholders' equity

6,689,274


7,488,866


1,131,744







Non-controlling interests

(10)


300,214


45,369







Total liabilities and shareholders' equity

28,636,405


32,883,081


4,969,410

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2018-financial-results-300695888.html

SOURCE JinkoSolar Holding Co., Ltd.

SHANGHAI, July 27, 2018 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced that it plans to release its unaudited financial results for the second quarter ended June 30, 2018 before the open of U.S. markets on Monday, August 13, 2018.

JinkoSolar's management will host an earnings conference call on Monday, August 13, 2018 at 8:00 a.m. U.S. Eastern Time (8:00 p.m.Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

Hong Kong / International:

+852 3027 6500

U.S. Toll Free:

+1 855-824-5644

Passcode:

55864212#

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, August 20, 2018. The dial-in details for the replay are as follows:

International:

+61 2 8325 2405

U.S.:

+1 646 982 0473

Passcode:

319295377#

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at http://www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 9 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of March 31, 2018.

JinkoSolar has over 12,000 employees across its 8 productions facilities globally, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-to-report-second-quarter-2018-results-on-august-13-2018-300687673.html

SOURCE JinkoSolar Holding Co., Ltd.

SHANGHAI, July 16, 2018 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the photovoltaic (PV) industry, today announced that it is ranked 278th on the 2018 Fortune 500 Companies in China and 1st among solar manufacturers.

Fortune China's annual ranking of the top 500 Chinese companies in 2018 reflects the achievements China's largest listed companies have made over the past year. JinkoSolar ranked 330th in 2016 and 284th in 2017.

"We are excited to see our ranking on the Fortune 500 companies in China steadily increase over the past three years," commented Mr. Kangping Chen, CEO of JinkoSolar. "Our ranking on the list demonstrates the rapid growth we have experienced over the past few years and our leading position in the industry. I remain confident in the long-term prospects of the solar industry and our ability to take full advantage of our brand, technology, and global infrastructure to further consolidate our leading position in the industry."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 9 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of March 31, 2018.

JinkoSolar has over 12,000 employees across its 8 productions facilities globally, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-ranked-among-the-2018-fortune-500-companies-in-china-300681187.html

SOURCE JinkoSolar Holding Co., Ltd.

| Source: Consolidated Edison Company Of NY

photo-release

Solar panels
Solar panels

Con Edison’s ‘Community Power’ to BringSolar Energy to 350 NYCHA Households

Consolidated Edison Company Of NY

Workforce of NYCHA Residents Will Install the Panels

NEW YORK, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Con Edison is proposing placing solar panels on the roofs of New York City Housing Authority developments as part of its effort to make renewable energy available to low- and moderate-income customers.

The demonstration project by the energy company and its partners is called “Community Power” and would give 350 NYCHA households access to solar energy for a discounted price. Tenants could save an estimated $78 a year on their energy bills, and up to 30 NYCHA residents will receive paid job training and then be hired to install the panels.

The proposed 1-megawatt solar initiative will avoid the emission of more than 1.7 million pounds of carbon dioxide a year.

“The NYCHA tenants who participate will get the benefits of renewable energy without the upfront costs that can make solar energy challenging to afford,” said Margarett Jolly, director of Demonstration Projects for Con Edison. “We want all our customers to have access to solar energy, energy efficiency and other products and services that technology is making possible.”

“Community Power” represents a new business model for bringing self-sustaining community distributed generation to low- and moderate-income Con Edison customers.

“Solar One facilitates solar projects and provides job training in NYC’s underserved communities to advance a clean energy economy that benefits all New Yorkers,” said Noah Ginsburg, director of the Here Comes Solar program at non-profit Solar One, Con Edison’s lead partner on the project. “We are pleased to partner with Con Edison to implement ‘Community Power,’ which will demonstrate how low-income New Yorkers can play a central role in our transition to renewable power.”

"This partnership helps ensure that NYCHA residents can both participate in the green jobs economy and have access to low-cost solar power," said NYCHA Executive Vice President for Community Engagement and Partnerships Sideya Sherman. “We thank Con Edison and Solar One for keeping public housing residents at the heart of their green energy opportunities.”

Other partners have integral roles. WE ACT for Environmental Justice will help enroll customers, while Green City Force will recruit NYCHA residents for paid solar installer apprenticeships. Co-op Power will finance, own and operate the solar projects, and Resonant Energy will support project development.

In “Community Power,” direct-metered Con Edison customers living in NYCHA buildings who sign up and are selected will get a share of solar energy produced in their community and see a discount of up to15 percent on their normal energy cost.

The customers will pay a subscription fee and receive a discount – or credit - on their monthly bill, as long as they continue to pay their monthly subscription fee. The customer will always receive a discount or net benefit because the subscription price the customer pays will be less than the full dollar value of the solar energy they receive.

Though the demonstration project will last three years, participating households will save money for the life of the panels – which is expected to be about 25 years.

“Community Power” includes a unique cooperative ownership model for the solar panels. In addition to utility bill savings, “Community Power” subscribers will be members of Co-op Power, meaning they will have indirect ownership of the panels through their membership.

The project follows the Community Distributed Generation concept, under which a third party owns solar panels and subscribers – who do not necessarily live in the buildings with the panels - get the energy. This model makes it possible for renters in multi-family buildings to get solar energy, even though they do not own or control their roofs.

“Community Power,” is the second initiative by Con Edison to make solar energy available to low-income customers. In another project, the company will place panels on buildings it owns and make the power available to low-income customers, initially providing 3 megawatts to up to 1,600 customers.

Con Edison is a subsidiary of Consolidated Edison, Inc. [NYSE: ED], one of the nation’s largest investor-owned energy companies, with approximately $12 billion in annual revenues and $49 billion in assets. The utility delivers electricity, natural gas and steam to 3.4 million customers in New York City and Westchester County, N.Y. For financial, operations and customer service information, visit conEd.com. For energy efficiency information, visit coned.com/energyefficiency. Also, visit us on Twitter and Facebook

CONNECT WITH US:

Facebook: https://www.facebook.com/ConEdison
Twitter: https://twitter.com/conedison
YouTube: http://www.youtube.com/conedisonny
Flickr: http://www.flickr.com/photos/conedison/sets/72157627767618832/

Contact: Media Relations
212-460-4111

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/de513ae9-0561-4fe1-9d0d-97df72d829ab

Consolidated Edison Company Of NY

New York, New York, UNITED STATES

Solar panels
Solar panels

Con Edison’s ‘Community Power’ to BringSolar Energy to 350 NYCHA Households

Consolidated Edison Company Of NY

Formats available:

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conedisonlogo.jpg

Formats available:

| Source: Savosolar Plc

multilang-release

Savosolar Plc                     Company Announcement    24 September 2018 at 6.00 p.m. (CEST)


Savosolar: CFO moves to another company

Nalle Stenman, CFO at Savosolar Oyj, has resigned his employment at Savosolar to join another company. He will continue working in Savosolar over his notice period and Savosolar will begin recruitment of a successor.

Savosolar thanks Nalle for his input and achievements in supporting the growth of the company.

SAVOSOLAR PLC

For more information:

Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

This company announcement contains information that Savosolar Plc is obliged to make public pursuant to the Nasdaq First North Rulebook. The information was submitted for publication by aforementioned contact person on 24 September 2018 at 6.00 p.m. (CEST).

Savosolar in brief
Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company's collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar's vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems - market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savosolar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com

The company's Certified Adviser is Augment Partners AB, phone: +46 8-505 65 172.

Complete Report in English

Official version of document (may contain signatures, etc)

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*The text version is uncorrected OCR text and is included solely to benefit users with slow connectivity.

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Abstract

This newsletter includes the following headlines: Philippine Stock Exchange index (PSEi) declined significantly in the first week of September 2018 due to a mix of external and domestic factors; the Philippine peso depreciated in August after strengthening... See More + This newsletter includes the following headlines: Philippine Stock Exchange index (PSEi) declined significantly in the first week of September 2018 due to a mix of external and domestic factors; the Philippine peso depreciated in August after strengthening in July; headline inflation surged in August with increased food and energy prices; Balance of payment deficit widened in the first half of 2018 reaching 2.1 percent of GDP from 0.5 percent of GDP same period in 2017; the government posted a fiscal deficit in July as public spending growth outpaced revenue growth; unemployment declined further in July 2018, but underemployment continued to worsen; consumer confidence turned negative for the first time in two years and business confidence fell to its lowest since 2009  See Less -

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SUBSCRIBE TO EMAIL ALERTS

Chua, Kevin C.; Cruz, Kevin Thomas Garcia; Endo, Isaku; Qian, Rong; Hansl, Birgit. 2018. Philippines Monthly Economic Developments (September 2018) (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/708191537196602132/Philippines-Monthly-Economic-Developments-September-2018

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Philippines Monthly Economic Developments (September 2018) (English)

Abstract

This operational manual describes the process for planning and implementing performance-based contracts (PBCs) for nonrevenue water (NRW) reduction. An NRW-PBC is a contract for outsourcing technical, commercial, and construction activities related to... See More + This operational manual describes the process for planning and implementing performance-based contracts (PBCs) for nonrevenue water (NRW) reduction. An NRW-PBC is a contract for outsourcing technical, commercial, and construction activities related to NRW reduction, while providing the contractor with incentives to achieve the desired results. Unlike conventional NRW reduction contracts in which contractors are paid based on inputs (for example, number of connections replaced), NRW-PBCs pay the contractor for outputs, such as amount of water saved, number of illegal connections detected, or number of customers receiving 24/7 service. NRW-PBCs differ from management contracts, concessions, leases, or other forms of private sector participation, in that the utility retains control of utility operations and assets. The PBC allows the utility to take advantage of the expertise and incentivized performance of specialized private sector firms to reduce NRW. NRW-PBCs do not entail privatization of management, operations, or assets. This manual can be read in its entirety for general knowledge of NRW-PBCs and the NRW-PBC preparation process. Practitioners can also reference individual sections of the guide during the NRW-PBC preparation process. The primary users of this manual are those involved in assessing, preparing, and implementing NRW-PBCs. This includes governments, water utilities, regulators, consultants, contractors, and international finance institutions.  See Less -

Details

Document Date: 2018/09/01 10:21:01
Document Type: Working Paper
Report Number: 129958
Volume No: 1
Country: World ; 
Disclosure Date: 2018/09/17 10:17:54
Doc Name: A Practitioner's Handbook for Eco-Industrial Parks: Implementing the International EIP Framework
Keywords: environmental management system; industrial park; small and medium size enterprise; cubic meter of water; Occupational health and safety; fundamental principles; Policy and Institutional Framework; policy development process; national policy framework; international good practice; foreign direct investment; environmental performance indicator; climate change risk; types of assessments; social and environmental; national policy priority; level of capacity; Water and Energy; national policy maker; public health problem; internal audit system; lower energy consumption; international development institution; return on investment; national development plan; economic development strategy; reduction of emission; infrastructure and services; multilateral development institution; awareness raising activity; competitiveness of sme; access to technology; gross domestic product; stakeholder engagement; performance requirement; industrial sector
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Language: English
Region: The World Region ; 
Rep Title: A Practitioner's Handbook for Eco-Industrial Parks: Implementing the International EIP Framework
Topics: Private Sector Development ; Energy ; Health, Nutrition and Population ; Social Protections and Labor
SubTopics: Private Sector Economics ; Global Environment ; Energy and Environment ; Energy Demand ; Energy and Mining ; Health Service Management and Delivery ; Labor Markets
Unit Owning: Fin, Comp & Innov - Ind Solu (GFCIS)
Show More
 

 

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