Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: China Utilities, Renewables & Power Grid [2][3] - **Key Trends**: Rapid deployment of renewable energy sources, particularly wind and solar, with annual installations projected at 200 to 300 GW [2][4] Core Insights 1. **Renewable Energy Deployment**: - Wind and solar installations are expected to reach 200-300 GW annually, with cumulative installations surpassing 3,000 GW by 2030 [4][2] - Offshore wind is anticipated to have the best growth prospects due to higher utilization hours and government support [4][2] 2. **Energy Storage Systems (ESS)**: - Strong growth in energy storage systems and pumped storage, with a combined CAGR of 20% projected until 2030 [2][8] - The power regulation capacity gap for renewable energy is estimated to reach 700 million kW by 2030, necessitating increased ESS deployment [8][5] 3. **Grid Investments**: - Continued investment in grid infrastructure is essential for integrating renewable energy, with UHV (Ultra High Voltage) capex expected to rise from RMB 380 billion per annum during the 14th FYP to RMB 500-600 billion during the 15th FYP [9][2] - Distribution grid automation is projected to grow at a CAGR of 15% due to increased capacity from distributed renewable projects [9][2] 4. **Thermal Power Outlook**: - Capacity charges for thermal power plants are expected to increase from 30% to 70% of fixed costs by 2030, while their role in peak shaving will diminish [10][2] - Thermal plants will generate more revenue from ancillary services, potentially offsetting lower utilization rates [10][2] 5. **Green Power Trading**: - Anticipated policy reforms may lead to green certificates covering all renewable power by the end of 2025, with prices expected to rise from RMB 5-6 to RMB 50 per certificate [11][2] - Green power trading volume is projected to reach 1.5 trillion kWh by 2030, growing at a CAGR of over 30% [11][2] Investment Recommendations - **Top Picks**: - Daqo (DQ US), GCL Tech (3800 HK), Orient Cable (603606 CH), Nari (600406 CH), and Huaming (002270 CH) are rated Overweight (OW) [2][12] - A long/short pair strategy is recommended with Longyuan (916 HK, OW) and Huaneng (902 HK, Underweight) [12][2] Additional Insights - **Catalyst-Rich Environment**: The period leading up to mid-2026 is expected to be rich in catalysts for policy discussions, which could positively impact the renewable energy sector [3][2] - **Technological Advancements**: Innovations in offshore wind technology, such as larger turbines and flexible DC cable transmission, are expected to enhance project returns [4][2] Conclusion - The renewable energy sector in China is poised for significant growth driven by government support, technological advancements, and increasing demand for energy storage solutions. Investment opportunities are abundant, particularly in companies aligned with these trends.

Core Insights - Voltalia has signed a strategic partnership with IFC to promote renewable energy solutions in the mining sector across Africa, addressing the industry's heavy reliance on fossil fuels [1][2] - The partnership aims to develop Power-to-Mine (PtM) projects that will integrate renewable energy sources, focusing on short- to medium-term infrastructure deployment in selected African countries [2][3] - Voltalia will leverage its expertise to provide integrated renewable energy solutions tailored for mining operations, including hybrid solar-wind systems and battery storage [3][4] Company Overview - Voltalia is an international player in renewable energies, producing and selling electricity from various sources, with a total operational and under-construction capacity of 3.3 GW and a project portfolio of 17.4 GW [5][6] - The company offers a comprehensive range of services, supporting clients from project design to operation and maintenance, and is recognized for its commitment to environmental improvement and local development [6][7] - Voltalia employs over 2,000 people across 20 countries, enabling it to operate globally and serve its customers effectively [7][8] Industry Context - The partnership supports the broader decarbonization goals of the mineral industry and aligns with the Mission 300 initiative, which aims to connect 300 million people in Africa to sustainable electricity by 2030 [5] - The mining sector is identified as a key area for enhancing energy sustainability, given its significant mineral resources and the current reliance on carbon-intensive energy sources [1][2]