Core Insights - Meta has signed a $100 million deal with Silicon Ranch to develop a 100-megawatt solar farm in South Carolina, which will power its planned $800 million AI data center expected to begin operations in 2027 [1] - This agreement marks the eighteenth collaboration between Meta and Silicon Ranch, contributing to over $2.5 billion in investments [2] - Meta has added over 2 gigawatts of solar capacity in 2023, with ongoing projects in Ohio, Kansas, and Texas [3] Investment and Development - The solar farm's equipment will primarily be manufactured in the U.S., aligning with domestic production goals [1] - The renewable energy initiatives are part of Meta's strategy to achieve net-zero carbon emissions while also addressing the need for quick deployment of energy solutions to reduce time-to-power for new data centers [4] Industry Trends - The trend among hyperscalers like Meta is to invest in renewable energy sources, particularly solar, due to their cost-effectiveness and rapid deployment capabilities [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report provides a comprehensive update on the fixed - income market, including bond price movements, macro - news, and company - specific financial and operational information. It also highlights potential investment opportunities, such as the recommendation to buy INCLEN 4.5 04/18/27 in the RNW complex [15]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new DBS 3.989 28 was 3bps tighter from RO at par. In Asia IG, HYUELE 2.375 31s was 1bp tighter. SK Hynix repaid KRW3.4tn (cUSD2.5bn) [2]. - In financials, there was selling in STANLNs due to USD9.6bn unlawful transactions allegations. STANLN Perps were down 0.1pt. Yankee AT1s were weaker [2]. - In lifers, JP DAIL 6.2 Perps/MYLIFE 5.8 54s/NIPLIF 6.5 55s were down 0.4pt. KR TYANLI 35 was 1bp tighter. Tongyang Life announced the redemption of USD300mn TYANLI 5.25 Perp on 22 Sep'25 [2]. - In Chinese AMCs, CFAMCI 25/29s were 0.1 - 0.2pt higher. China CITIC FAMC expects its 1H25 net profit to increase 12.5 - 16.3% yoy to RMB6 - 6.2bn [2]. - In HK Corp, there was selling in HYSAN/CPREIT/CKHH/MTRC for profit - taking. HYSAN 4.85/7.2 Perps was 0.4 - 1.1pts lower. MTRC 55 was 1bp wider and MTRC Perps were 0.1 - 0.2pt lower [2]. - In Chinese HY, HONGQI 28s were 1bp tighter. China Hongqiao announced the buy - back of 10.2mn shares for cHKD234mn. GWFOOD 30 was 1.1pts lower. WESCHI 26 was 0.1pt higher [2]. - In Chinese properties, FTLNHD 25 - 26 were 0.2pt higher, FUTLAN 28 was unchanged. Seazen obtained approval for up to RMB1.1bn (cUSD147.5mn) onshore ABS offering and announced a profit warning for 1H25 results [2]. - In SEA, PTTGCs were 0.2 - 1.4pts higher (1 - 4bps tighter). PTT Global Chemical eyes THB30bn (cUSD923mn) from non - core assets monetization. PERTIJs were 1 - 2bps tighter. VLLPM 27 - 29 were down 0.1 - 1.5pts [2]. - This morning, the new ALVGR 6.55 Perp was up 0.5pt from RO at par. China and KR IGs were 1 - 3bps wider. There was profit - taking from BNKEAs/NANYANs. BBLTB subs were 2bps wider. SHIKON 35 was 1bp tighter [3]. - INCLEN 27s/INGPHL 27s/RPVIN27 - 28s were 0.1 - 0.4pt higher after results announcement. CTFSHK 29 was 0.4pt lower this morning [3]. - In the LGFV space, flows were mixed. Higher - yielding (8%+) papers were sought after by HF and RM, while there was profit - taking on 5% - 7% yielding papers. TSIVMG 1.55 29 was up 0.7pt [4]. Macro News Recap On Tuesday, S&P was down 0.59%, Dow was up 0.02%, and Nasdaq was down 1.46%. UST yield was lower, with 2/5/10/30 yields at 3.75%/3.82%/4.30%/4.90% [7]. Desk Analyst Comments - INCLEN's module and cell manufacturing drove 1QFY26 revenue and adj. EBITDA growth [8]. - ReNew Energy (RNW) reported a 71% yoy increase in 1QFY26 revenue to INR39.0bn, with adj. EBITDA rising 43% yoy to INR27.2bn. The manufacturing segment contributed significantly [8]. - In May'25, RNW secured INR8.7bn (cUSD100mn) from Marquee Investment for a 10% stake in its solar manufacturing subsidiary. The investment will expand manufacturing capacity [9]. - RNW's total operational capacity reached 11.1GW in 1QFY26, up 16% yoy. The PLF for wind assets improved to 32.8%, while solar PLF declined to 24.6% [10]. - RNW reiterates its FY26 guidance for adj. EBITDA at INR87 - 93bn and maintains CFe guidance at INR14 - 17bn. 1QFY26 adj. EBITDA represents 29 - 31% of the full - year target [11]. - As of Jun'25, cash and bank balance was INR76.1bn, 6% lower than in Mar'25. 1QFY26 capex was INR5.1bn, down 86% yoy [12]. - RNW's net debt/LTM adj. EBITDA was down to 7.5x in Jun'25 from 8.3x in Dec'24 [13]. - On 2 Jul'25, RNW received a final non - binding offer to be taken private at USD8 per share, a 13.2% increase from the previous proposal [14]. - The analyst maintains a buy on INCLEN 4.5 04/18/27 in the RNW complex [15]. Offshore Asia New Issues - Priced: Ganzhou Urban Investment Holding issued USD250mn, 3 - year bonds at a 4.8% coupon. Tongling State - owned Capital Operation Holding Group issued USD200mn, 3 - year bonds at a 4.65% coupon [20]. - Pipeline: No new issues pipeline today [20]. News and Market Color - Yesterday, 118 credit bonds were issued onshore with an amount of RMB114bn. Month - to - date, 1,319 credit bonds were issued, raising RMB1,183bn, a 3.7% yoy increase [22]. - The US government is exploring ways to get stakes in companies like Taiwan Semiconductor Manufacturing, Micron, and Samsung [22]. - BHP plans to cut annual capex to USD10bn in FY28 - 30 from USD11bn in FY26 - 27 and will sell Carajas copper assets in Brazil for up to USD465mn [22]. - Media reported CK Asset was approached for short - term financing or equity investment opportunities [22]. - Seazen expects 1H25 profit to fall by up to 48% yoy to RMB500 - 700mn (cUSD69.6 - 97.5mn) [22]. - HPCL - Mittal Energy will purchase USD56.39mn of HMELIN 5.45 10/22/26 and USD85.55mn of HMELIN 5.25 04/28/27 in tender offers [22]. - LG Electronics aims to expand in the Indian home electronics market [22]. - Powerlong 1H25 loss will widen to up to RMB2.9bn (cUSD403mn) [22]. - West China Cement will hold fixed income investor meetings from 26 Aug'25 [22]. - Xiaomi 1H25 revenue rose 38.2% yoy to RMB227.3bn (cUSD31.6bn) and plans to enter the European EV market by 2027 [22].

Texas faces a crunch to meet energy demand, but Trump’s budget bill will hurt renewable power development like wind and solar — the state's fastest growing electricity source https://t.co/pyJD53KZIF ...

Energy Demand & Supply - Texas is facing a crunch to meet energy demand [1] - Renewable power, like wind and solar, is the state's fastest growing electricity source [1] Policy Impact - Trump's budget bill will hurt renewable power development in Texas [1]

Core Insights - REFI Sun, part of the INVL Renewable Energy Fund I, successfully completed a public bond placement of EUR 15 million aimed at financing renewable energy projects in Poland and Romania [1][2][3] Group 1: Bond Offering Details - The bond offering raised EUR 15 million, with total demand reaching EUR 15.636 million from 567 investors [2][6] - The bonds have a 2.5-year maturity with an annual interest rate of 8.5%, payable quarterly, and a minimum investment amount of EUR 1,000 [6] - Institutional investors acquired 57.75% of the bonds, while retail investors received 42.25% [6] Group 2: Project Financing and Development - Proceeds from the bond will finance a portfolio of solar power projects with a total capacity of 389 MW in Poland and Romania [2][9] - The fund's total investments in these markets are expected to exceed EUR 250 million, with over EUR 90 million already invested as of June 2025 [9][10] - The construction of all solar parks is anticipated to be completed by the end of 2027 [9] Group 3: Market and Investor Confidence - The bond issuance reflects strong investor confidence in the fund's renewable energy initiatives in Poland and Romania [3][5] - The offering allows investors to diversify their portfolios while contributing to sustainable development goals [5] - Increased interest from institutional investors has been noted compared to previous bond offerings [3]

Core Insights - Scatec ASA has achieved financial closure for its 142 MW solar PV plant in Minas Gerais, Brazil, with an expected Commercial Operation Date in the first half of 2026 [1][2][3] Financing Details - The non-recourse project financing totals BRL 150 million (USD 27 million), representing 30% of the total estimated capital expenditure of BRL 506 million (USD 91 million) [2] - Scatec has secured an additional EUR 25 million debt facility from Impact Fund Denmark to partially fund its equity share, bringing the total expected equity injection to BRL 201 million (USD 36 million) by COD [4] Project Management and Agreements - Scatec holds a 100% ownership stake in the solar project and plans to introduce equity partners post-COD to enhance value creation [5] - A 10-year power purchase agreement has been signed with Statkraft for approximately 75% of the expected power output, with the remainder to be sold under various term PPAs [4] Company Overview - Scatec is a prominent renewable energy solutions provider, with 6.2 GW of capacity in operation and under construction across five continents [6]

Q1 FY2026 SHAREHOLDER LETTER July 29, 2025 Financial Highlights Performance Through Q1 FY26 Revenue ($M) GAAP Gross Profit ($M) GAAP Diluted EPS ($) GAAP Operating Income ($M) Adjusted Gross Profit ($M) Adjusted Diluted EPS ($) Adjusted Operating Income ($M) Adjusted EBITDA ($M) Adjusted Free Cash Flow ($M) Q1 FY25 Q1 FY25 Q1 FY25 Q1 FY25 Q1 FY25 Q1 FY25 Q1 FY25 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY26 Q1 FY26 Q1 FY26 Q1 FY26 Q1 FY26 Q1 FY26 Q1 FY26 864 282 70 1.04 186 285 1.16 212 215 +20% +23% -41% 720 237 ...

Industry Focus - The solar photovoltaics buildout in China is primarily driven by resource utilization, accounting for >99.9% of Earth's energy budget, rather than climate change concerns [1]

Market Overview - The global market for High Purity Quartz (HPQ) was valued at approximately US$972.9 Million in 2024 and is projected to reach US$1.3 Billion by 2030, with a compound annual growth rate (CAGR) of 5.4% during this period [1][15]. Market Trends & Drivers - The demand for HPQ is significantly driven by the growth in semiconductor manufacturing, which is fueled by advancements in global digitization, artificial intelligence, 5G deployment, and autonomous systems [2][5]. - The energy transition towards low-carbon solutions is increasing demand from the solar power industry, which is expanding in both mature and emerging markets [2][9]. - The optical fiber market is also growing due to the rising demand for high-speed internet and communication infrastructure, further solidifying HPQ's role in connectivity solutions [3][7]. - Technological advancements in mining, purification, and quality control are enabling producers to meet rising quality benchmarks while improving cost-efficiency [3][10]. - Increased research and development in alternative applications such as LED manufacturing, aerospace coatings, and specialty ceramics is broadening HPQ's utility [4][10]. Strategic Importance - HPQ is classified as a critical material in the technology supply chain, essential for semiconductor production, high-performance optical fibers, and solar photovoltaic cells [5][6]. - The geographical concentration of high-quality HPQ deposits raises concerns about supply security, prompting governments and manufacturers to assess critical mineral strategies and encourage domestic exploration [11][12]. - The industry faces pressure to develop sustainable mining and refining practices that comply with environmental standards while maintaining ultra-high purity [13]. Regional Insights - The U.S. market for HPQ is estimated at $265.1 Million in 2024, while China is forecasted to grow at an impressive 8.9% CAGR to reach $272.8 Million by 2030 [18]. - The HPQ Sand Grade segment is expected to reach US$592.5 Million by 2030, growing at a CAGR of 7.1% [18]. Competitive Landscape - Key players in the HPQ market include American Elements Corp, Australian Silica Quartz Group Ltd, and Covia Holdings LLC, among others [18][23].

Core Insights - California Water Service (Cal Water) has signed a 20-year power purchase agreement with EDPR NA Distributed Generation LLC for a solar photovoltaic array to be installed at its Northeast Bakersfield Treatment Plant, aimed at reducing environmental impact and energy costs [1][2][3] Group 1: Partnership Details - The solar array will have a capacity of 2.35 MWdc / 1.75 MWac and is expected to generate approximately 3,800 megawatt-hours of renewable energy annually [1][2] - The partnership is projected to save about $1.7 million in grid energy costs over the agreement's term, based on current electric rates in the Bakersfield District [2] Group 2: Company Commitments - Cal Water emphasizes its commitment to environmental stewardship and aims to meet greenhouse gas emissions reduction targets through this partnership [3] - The company has been recognized as one of "America's Most Responsible Companies" and "World's Most Trustworthy Companies" by Newsweek, highlighting its dedication to sustainability and community well-being [4] Group 3: EDPR NA DG Overview - EDPR NA Distributed Generation focuses on accelerating the adoption of distributed generation and has an operating capacity of 337 MW across 545 active sites [5] - The company provides a comprehensive range of renewable energy services, including financing, development, construction, and operation of energy and storage assets [5]