Five key NSW solar plants receive financial backing from Canadian Solar
Canadian Solar, one of the largest solar companies in the world, is investing in five projects in New South Wales.
In partnership with Photon Energy, the companies will develop sites at Gunning, Mumbil, Gunnedah, Suntop and Maryvale, which together will provide a capacity of 1.14GWp.
Canadian Solar is taking a majority 51% stake in all five projects, with Photon retaining a 49% stake in the Gunning project and 24.99% in the others.
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Photon Energy Australia Managing Director, Michael Gartner, commented: “Australia is entering an exciting period where solar power will make a major contribution to Australia’s electricity needs.
“Photon Energy has been a pioneer in large scale solar Down Under reacting ahead of competing developers to utility scale opportunities through developing Australia’s largest solar pipeline.”
This is the first of several recent investment announcements in Australia’s solar industry. In December, the Clean Energy Finance Corporation revealed it is investing $207mn into expanding capacity at solar farms in Queensland and Victoria, helping it to pass 1GW of projects it has supported.
This time last year, US company First Solar was awarded the module supply contract for the 140MW Sun Metals Solar Farm, said at the time to be the largest solar project in Australia.
Canadian Solar is a keen investor in Australia, and over the past 16 years has successfully delivered over 25GW of modules to over 100 countries around the world.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.