Ac t i o n | 31 Mar 2026 13:36:12 ET │ 20 pages Sungrow Power Supply (300274.SZ) 2025 Earnings Miss for More Than Expected ESS Margin Cut CITI'S TAKE Sungrow reported 2025 earnings miss with negative surprise of net profit falling 54% yoy to Rmb1,580m in 4Q25 primarily owing to lower-than- expected margin of its ESS sales. While we issued a negative catalyst watch on 28 Jan 2026 highlighting the margin cut risk, the cut in 4Q25 was earlier and deeper than our previous expectations. Our Sungrow net profits a ...

Core Viewpoint - ARRAY Technologies has expanded its Board of Directors by adding two independent members, Emily Cohen and Carolyne Murff, to enhance governance and strategic oversight in the renewable energy sector [1][2][8]. Board Composition - The Board now consists of ten directors, with nine being independent, following the appointments of Ms. Cohen and Ms. Murff [2]. - Ms. Murff is a Class I director with a term expiring at the 2027 Annual Meeting, while Ms. Cohen is a Class II director with a term expiring at the 2028 Annual Meeting [2]. Director Backgrounds - Emily Cohen has over 20 years of experience in the clean energy industry and currently serves as Chief Commercial Officer of Primergy Solar, focusing on utility-scale solar and battery energy storage projects [3]. - Carolyne Murff has over 30 years of experience in the energy sector, including significant roles at LS Power, and is currently the CEO of Clearlight Energy, which develops renewable energy projects [5][6]. Strategic Importance - The Chairman of ARRAY, Brad Forth, expressed enthusiasm about the new board members, highlighting their expertise in renewable energy and their potential contributions to the company's growth strategy and operational performance [8]. Company Overview - ARRAY Technologies is a leading provider of solar tracking technology and fixed tilt systems, catering to utility-scale and distributed generation customers [9]. - The company emphasizes its commitment to manufacturing and technology, supported by a diversified global supply chain and a customer-centric approach [9].

Financial Data and Key Metrics Changes - Total revenues in 2025 were $176.4 million, flat compared to $175.7 million in 2024 [12] - Adjusted EBITDA for 2025 was $35.6 million, a decrease of $7 million or 16.5% compared to $42.6 million for 2024 [31] - Net income for 2025 was $1.7 million, a decrease of $8 million or 84.5% compared to $9.7 million in 2024 [32] Business Line Data and Key Metrics Changes - RNG production in 2025 was approximately 5.6 million MMBtu, consistent with 2024 [15] - Revenues from the renewable natural gas segment in 2025 were $155.7 million, a decrease of $2.3 million or 1.4% compared to $158 million in 2024 [16] - Renewable electricity revenues in 2025 were $17.2 million, a decrease of $0.6 million or 2.9% compared to $17.8 million in 2024 [22] Market Data and Key Metrics Changes - The average realized RIN price in 2025 was $2.33, a decrease of approximately 29% compared to $3.28 in 2024 [12] - The natural gas index price increased approximately 51.1% during 2025, moving from $2.27 in 2024 to $3.43 in 2025 [13] Company Strategy and Development Direction - The company is evaluating additional development expansion opportunities to ensure the beneficial processing of all available feedstock volumes [4] - The commissioning of the Turkey, North Carolina facility is expected to process feedstock from approximately 400-450,000 hog spaces, with production and revenue generation activities anticipated to commence in April 2026 [9] - The company has negotiated the termination of the earn-out obligation related to the acquisition of the Pico facility to maximize economic benefits from increased production [5] Management's Comments on Operating Environment and Future Outlook - Management expects RNG production volumes in 2026 to range between 5.8 million and 6.1 million MMBtu, with corresponding RNG revenues between $175 million and $190 million [34] - The company does not provide guidance on the market price of environmental attributes but anticipates a significant uplift in EBITDA from the commissioning of the North Carolina Turkey project [34] Other Important Information - The company completed a $200 million senior credit facility to restructure existing debt and support future growth initiatives [9][28] - Capital expenditures for 2025 were approximately $116.5 million, with significant investments in Montauk Ag Renewables and other projects [29] Q&A Session Summary Question: Discussion on 2026 RNG production outlook and growth sources - Management indicated that growth is expected across all RNG sites due to landfill improvements and existing well field automation initiatives [37] Question: Inquiry about adjusted EBITDA potential growth - Management noted that while they do not provide specific guidance on EBITDA, there will be a significant uplift from the North Carolina Turkey project and a reduction in non-repeated costs from 2025 [42][46] Question: Clarification on RNG revenues and RIN price impacts - Management explained that the revenue range reflects various expectations, including potential RIN pricing outcomes and production initiatives [48]

Investor Presentation FULL YEAR 2025 RESULTS MARCH 12, 2026 Cautionary Statement Regarding Forward-Looking and non-GAAP Financial Information This presentation contains "forward-looking statements" within the meaning of U.S. federal securities laws. Such statements include those relating to estimated and projected financial condition, results of operations, costs and expenditures and objectives for future operations, growth, initiatives and strategies. They also include those related to the Montauk Ag proje ...

Core Insights - Swift Current Energy has completed the sale of its Steel River solar and storage project to Cypress Creek Renewables, which is under development in Mississippi County, Arkansas [1][2] - The project will consist of 2.9 GWh/720 MW of battery storage and 2.5 GW of solar power, developed in three phases with completion expected by 2029 [1][2] - The total cost of the Steel River project is anticipated to exceed $4.5 billion, contributing significantly to local tax revenue and supporting community services [3][4] Company Developments - Cypress Creek Renewables aims to enhance its position as a leading energy solutions provider with this acquisition, increasing its operational and in-progress portfolio to nearly 7 GW [2][3] - The project is expected to create 700 full-time construction jobs and 19 permanent on-site positions, utilizing equipment manufactured in the US [4] - Swift Current Energy initiated the development of Steel River in 2020 and has secured all necessary permits for the project [4][5] Economic Impact - The Steel River project is projected to support local economic growth by providing substantial tax revenue for Mississippi County, which will benefit local schools, public safety, and infrastructure improvements [3][5] - A 20-year power purchase agreement has been signed with a technology company for energy and renewable energy certificates related to the first two phases of the project [4]

Westbridge Completes Vertical Short Form Amalgamation Accessibility Statement Skip NavigationTORONTO, March 10, 2026 /PRNewswire/ - Westbridge Renewable Energy Corporation (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) ("Westbridge", "Westbridge Renewable" or the "Company") is pleased to announce that it has completed a vertical short form amalgamation with its wholly owned subsidiary, Westbridge Renewable Energy Holding Corp. effective as of March 10, 2026.The amalgamation of the Company and its subsidiary was unde ...

Core Insights - FTC Solar reported strong fourth-quarter results for 2025, with revenue growth of 26% sequentially and nearly 150% year-over-year, achieving a total revenue of $32.9 million [2][4][7] - The company experienced significant improvements in gross margin, reaching 21.0% under GAAP and 23.4% on a non-GAAP basis, marking one of the highest levels in its history [5][6][7] - Adjusted EBITDA loss was reduced to $0.3 million, compared to losses of $4.0 million in the prior quarter and $9.8 million in the year-ago quarter, indicating improved operational efficiency [8][12] Financial Performance - Total revenue for Q4 2025 was $32.9 million, reflecting a 26.2% increase from Q3 2025 and a 148.9% increase from Q4 2024 [4][6] - GAAP gross profit was $6.9 million, compared to a gross profit of $1.6 million in the previous quarter, while non-GAAP gross profit was $7.7 million [5][6] - The company reported a net loss of $33.7 million or $2.23 per diluted share, compared to a net loss of $12.2 million or $0.96 per diluted share in the year-ago quarter [7][12] Commercial Developments - FTC Solar secured a 1GW supply agreement for solar trackers with a leading developer in the U.S. and an 840MW supply agreement with Lubanzi in South Africa, enhancing its market position [9][10] - The company noted positive and accelerating net bookings, new multi-year supply agreements, and inclusion in multiple Tier 1 approved vendor lists, indicating strong commercial traction [3][9] Outlook - For Q1 2026, the company anticipates an 8% year-over-year increase in revenue, with expectations for continued improvement in gross margin and Adjusted EBITDA [12][13] - The backlog, excluding uncontracted agreements, stands at approximately $491 million, suggesting a robust pipeline for future growth [11]

Financial Data and Key Metrics Changes - Clearway Energy delivered Adjusted EBITDA of $237 million for Q4 2025 and Cash Available for Distribution (CAFD) of $35 million, with full-year CAFD generation of $430 million, exceeding the midpoint of the original guidance range of $400 million-$440 million [17][18] - The company reiterated its 2026 CAFD guidance range of $470 million-$510 million, reflecting incremental contributions from closed and committed drop-downs and third-party acquisitions [18][19] Business Line Data and Key Metrics Changes - The renewables and storage segment experienced below median expectations in wind resources, while solar performance was impacted by the timing of debt service related to growth investments [17] - Flexible generation exhibited solid operational execution in line with budgeted expectations [17] Market Data and Key Metrics Changes - Hyperscaler demand significantly drove growth, with approximately 2 gigawatts of new Power Purchase Agreements (PPAs) signed in 2025, enhancing revenue contracting opportunities [5][8] - The pricing environment for PPAs has been favorable, with current pricing approximately double that of three years ago, indicating robust demand across various geographies [39][40] Company Strategy and Development Direction - Clearway Energy aims to achieve a CAFD per share target of $2.90-$3.10 by 2030, representing a 7%-8% compound annual growth rate (CAGR) from 2025 [5][12] - The company is focusing on proven technologies in strategic geographic markets, with a significant pipeline of storage projects expected to be cost-competitive [12][13] - Clearway plans to maintain a long-term payout ratio below 70% after 2030, with retained cash flows becoming a greater source of funding for investments [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet its 2030 targets, citing strong organic growth and a favorable M&A environment [26][29] - The management team highlighted the importance of maintaining operational excellence and high levels of plant availability, which contributed to exceeding financial guidance [18][19] Other Important Information - Clearway Energy raised $600 million in senior unsecured notes due in 2034, demonstrating strong credit quality and supporting long-term growth targets [21] - The company executed $50 million of opportunistic equity issuances, which were the least dilutive in its history, providing flexibility for future capital needs [22] Q&A Session Summary Question: M&A Outlook - The management noted that the current M&A environment is similar to the previous year, allowing for disciplined evaluation of opportunities that are accretive to existing growth [26][28] Question: PPA Pricing Environment - Management indicated that the pricing environment is robust across all geographies, with significant demand for new projects, and that they are not seeing observable price escalation [39][40] Question: Revenue Enhancement Opportunities - The company is executing new long-term unit-contingent PPAs, which will enhance the quality of earnings and provide a favorable risk profile for existing projects [78] Question: Interconnection Capacity and Hybridization - Clearway is exploring opportunities to co-locate battery storage at existing sites, particularly in solar projects, to enhance capacity and meet growing demand [82][84] Question: Deriva Acquisition Timeline - Management expects to close the Deriva acquisition well before the end of the first half of the year, with financing already in place [87]

Financial Data and Key Metrics Changes - Revenue and income increased by 46% year-over-year for both Q4 and the full year, reaching $152 million and $582 million respectively [8][29] - Adjusted EBITDA grew by 51% to $438 million for the full year, with Q4 adjusted EBITDA also increasing by 51% to $99 million [8][32] - The company exceeded its full year revenue and EBITDA guidance by 4% and 7% respectively [8] Business Line Data and Key Metrics Changes - The total portfolio expanded by 26% during 2025, growing by 7.8 factored gigawatts to reach 38 factored gigawatts [8] - The mature portfolio grew by 33% to 11.4 factored gigawatts, while the operating portfolio increased by 30% [9] - The under construction portfolio doubled over the past year, with 2.6 factored gigawatts starting construction [9][10] Market Data and Key Metrics Changes - In the U.S., the operational capacity doubled to 1.6 factored gigawatts, with significant projects achieving commercial operation ahead of schedule [9][21] - In Europe, the mature storage portfolio expanded by 3.5 GWh, reaching 17.5 GWh globally, which is over 50% growth from the previous quarter [12][13] - The company secured $2.9 billion in project finance and $470 million in tax equity during 2025, enhancing financial flexibility [33] Company Strategy and Development Direction - The company aims to triple its size every three years by advancing high-quality projects through a de-risk development funnel [16] - A record year of construction is expected in 2026, with 3-4 factored gigawatts anticipated to begin construction [17] - The strategy includes leveraging expertise in energy storage and expanding in Europe, particularly in the fast-growing renewable markets [12][13] Management's Comments on Operating Environment and Future Outlook - Management highlighted a uniquely favorable environment for the energy sector, driven by structural tailwinds and rising power demand [7] - The company expects to achieve 12-13 factored gigawatts of operating capacity by 2028, generating annual run rate revenue of $2.1 billion to $2.3 billion [18] - The anticipated unlevered return on investment for under construction and pre-construction projects is expected to range from 12% to 13% [19] Other Important Information - The company signed a significant agreement with Mihne in Israel to supply electricity worth approximately $500 million over 15 years [15] - The company is expanding its agrivoltaic presence in Israel, with 49 deals signed in the past 12 months [15] Q&A Session Summary Question: Drivers of increased 2028 revenue outlook - The acquisition of Project Jupiter contributed $150 million to the 2028 revenue outlook, with additional projects moving into the mature portfolio [38] Question: Potential for additional safe harbor capacity - The company plans to safe harbor an additional 0.5-3.5 factored gigawatts in the first half of 2026, with ongoing opportunities for energy storage projects [41][42] Question: Potential for platform acquisitions - The company is open to acquiring projects and platforms to expand capabilities and geographic reach, leveraging its financial strength [50] Question: Expectations for partial asset sales - The company views minority sales or sell-downs as part of its ordinary business strategy, with flexibility to increase its holding in its portfolio [63]

Financial Data and Key Metrics Changes - Revenue and income increased by 46% year-over-year for both Q4 and the full year, reaching $152 million and $582 million respectively [8][28] - Adjusted EBITDA grew by 51% to $99 million in Q4 and by 51% to $438 million for the full year, exceeding guidance by 4% and 7% respectively [8][30] - Net income for Q4 increased by $13 million compared to Q4 2024, amounting to $21 million [30] Business Line Data and Key Metrics Changes - The total portfolio expanded by 26% during 2025, growing by 7.8 factored gigawatts to reach 38 factored gigawatts [8] - The mature portfolio grew by 33% to 11.4 factored gigawatts, while the operating portfolio increased by 30% [9] - The U.S. operational capacity doubled to 1.6 factored gigawatts, with significant contributions from projects like Quail Ranch and Roadrunner [21][22] Market Data and Key Metrics Changes - Revenue distribution for the company was 32% from Israel, 37% from Europe, and 31% from the U.S. [30] - The U.S. data center electricity consumption is expected to triple by the end of the decade, driving demand for scalable, clean energy solutions [16] Company Strategy and Development Direction - The company aims to triple its size every three years by advancing high-quality projects through a de-risk development funnel [16] - A record year of construction is expected in 2026, with 3-4 factored gigawatts anticipated to begin construction [17] - The company is committed to expanding its presence in Europe, particularly in the energy storage market, with the acquisition of Project Jupiter in Germany [12][13] Management's Comments on Operating Environment and Future Outlook - Management highlighted a uniquely favorable environment for the energy sector, driven by structural tailwinds and rising power demand [7] - The company expects to achieve 12-13 factored gigawatts of operating capacity by 2028, generating annual run rate revenue of $2.1 billion to $2.3 billion [18] - Management expressed confidence in the ability to secure additional tax incentives and maintain a strong financial position [31][33] Other Important Information - The company secured $4.3 billion in funding during 2025, providing a financial foundation for its expansion plans [31] - The mature storage portfolio globally reached 17.5 GWh, representing annual run rate revenues of approximately $1 billion [13] Q&A Session Summary Question: Drivers of increased 2028 revenue outlook - The acquisition of Project Jupiter contributed $150 million to the 2028 run rate revenues, with additional projects moving into the mature portfolio [37][38] Question: Potential for additional safe harbor capacity - The company plans to safe harbor 0.5-3.5 factored gigawatts in the first half of 2026, with ongoing opportunities for energy storage projects [40][41] Question: Potential for platform acquisitions - The company is open to acquiring projects and platforms to expand capabilities and geographic reach, leveraging its strong financial position [49][50] Question: Impact of new rules on safe harbor - Recent guidelines on FIOC are in line with expectations and do not significantly impact current estimations for the mature portfolio [53][54] Question: Capital plan for equity needs - The company has sufficient funding sources to support growth through 2028, with project-level financing as part of ordinary business operations [56][58] Question: Key drivers of growth in 2026 guidance - Growth will be driven by new projects connected in 2025, including Quail Ranch and Roadrunner, which will have their first full year of revenues in 2026 [66]