It’s Deal Week. Lots of transactions yesterday and I think we are just getting started.
Shoals. The IPO is well oversubscribed and they have upsized their offering from 50 to 70million shares and increased their price range. It’s now expected that SHLS will raise/sell over $1.4billion in shares. Not bad for a $150million revenue company.
Sunlight Financial. If you’ve dialed into Phil Shen’s market updates that I participate in, you’ve seen Sunlight’s CEO on those calls. Unable to attend the past 2 times, you now know why. Sunlight is acquired by an Apollo backed SPAC and will be going public as well.
First Solar. What once saved the company is now being sold. First Solar is selling its development business to Leeward and will be focusing solely on manufacturing.
A Supply Chain Mess. Solar is growing everywhere and the US market continues to be underestimated. With our path to 1million solar homes installed in a few years, Australia at over 25% penetration, suppliers are having a hard time keeping up with demand. The SolarWakeup Buyer’s Group was meant to not only lower costs but also increase access by consolidating demand amongst its members. We’re doing that now, reducing lead times and saving money. Get in touch with us through our portal or hit reply to this email.
- Techcrunch: Chamath Palihapitiya’s SPAC for Sunlight Financial is another sign of a renewables boom
- PV-Magazine: First Solar sells 10 GW solar pipeline for $261 million
- Greentech Media: What the Biggest Corporate Energy Buyers Want From Federal Clean Energy Policy
- Reuters: Many U.S. utilities plan to hang on to their coal plants for a decade: Sierra Club
- Quartz: Why rooftop solar costs more than it should
- Utility Dive: Minnesota governor accelerates state’s carbon-free power target 10 years, to 2040
- Axios: Biden ushers in historical turn on clean energy and climate change
Opinion
Best, Yann