Core Insights - Terra Metals Inc. announces a strategic equity investment partnership with Investment Bank of Africa (IBA) and Nalolo Solar Power Energy Company (NASPEC) to advance the Nalolo Solar Project, a key initiative for Zambia's renewable energy transition [1] - The partnership reflects Terra Metals' long-term commitment to sustainable economic growth and support for Zambia's clean energy agenda [1] - The Nalolo Solar Project is expected to play a transformative role in Zambia's energy transition, driving economic growth, expanding job opportunities, enhancing energy security, and supporting the country's climate and sustainable development commitments [1] Company Overview - Terra Metals Inc. holds vested interests in the Nalolo Solar Project through its major shareholder, who is also a shareholder in NASPEC [1] - The company's executive director, Brian Chisala, expressed excitement about the strategic collaboration, marking significant progress for the Nalolo and Lukulu solar projects [1] - Chairman Mushinge Mumena emphasized the partnership's commitment to providing clean energy solutions and advancing Zambia's sustainable development goals [1] Investment Insights - IBA's CFO, Robert Solomon, highlighted that the investment aligns with IBA's strategic direction to allocate capital to high-value sustainable infrastructure projects that generate substantial financial returns while mitigating long-term risks [1] - The Nalolo Solar Project is based on solid foundations, growing energy demand, and government support, ensuring profitability for stakeholders and significant socio-economic impact for Zambia [1] Project Impact - NASPEC's chairman, Dr. Victor Ryan, stated that the collaboration marks a decisive moment for NASPEC and Zambia's renewable energy development [1] - The project aims to provide clean, reliable, and affordable electricity, create job opportunities, drive industrial growth, and enhance climate resilience [1]

Group 1 - First Solar Inc. (FSLR) is highly rated by analysts, with 15 out of 17 recommending a Buy, leading to a consensus rating of "Strong Buy" [1] - The 12-month price forecasts for FSLR range from $177.00 to $287.00, with an average target of $222.31, indicating a potential upside of 9.40% from the current price of $203.21 [1] - JPMorgan has reaffirmed FSLR as its top pick, projecting the stock could reach $241 by December, supported by improving fundamentals [2][3] Group 2 - The stock has shown resilience amid regulatory concerns and inventory oversupply, rallying over 8% year to date, following strong second-quarter earnings of $3.18 per share, surpassing estimates of $2.66 per share [4] - The company is expected to benefit from the unveiling of a capital-light finishing factory, which will mitigate the impact of tariffs on products from Vietnam and Malaysia [5] - First Solar manufactures advanced thin-film solar technology and modules for utility-scale applications, providing a competitive alternative to traditional crystalline silicon panels [6]

Group 1 - ACME Venus Urja Private Limited has secured long-term project funding of ₹3,892 crore from State Bank of India for a 400 MW Firm and Dispatchable Renewable Energy project with a 19-year repayment period [1][2] - This project represents SBI's largest financing commitment to ACME Solar and marks the bank's first investment in FDRE projects [2] - The project will be developed in Barmer, Rajasthan, under a contract with NHPC at a tariff of ₹4.64 per unit [2] Group 2 - The FDRE project will integrate solar power generation with Battery Energy Storage System technology to ensure consistent power supply [2] - ACME Solar Holdings operates 2,890 MW of capacity and has in-house Engineering, Procurement and Construction and Operations & Maintenance divisions [3] - The Barmer project enhances ACME's renewable energy asset portfolio in India, allowing for efficient project development and maintenance [4] Group 3 - ACME Solar Holdings Limited shares were trading at ₹307.55, up by ₹5.20 or 1.72 percent on the NSE [4]

Core Viewpoint - The kingdom is focusing on utilizing solar energy to power new AI data centers, which is expected to enhance oil exports [1] Group 1 - The initiative aims to leverage abundant sunshine for energy needs, aligning with the kingdom's broader economic diversification strategy [1] - The development of AI data centers is seen as a critical step in modernizing the economy and attracting foreign investment [1] - The integration of renewable energy sources is intended to reduce reliance on oil for domestic energy consumption, thereby increasing oil export capacity [1]

Core Viewpoint - The digital economy is facing an energy bottleneck due to the high power demands of artificial intelligence and hyperscale data centers, which may soon exceed the capacity of the existing US grid [1][2]. Energy Demand and Supply - The largest hyperscale data centers are nearing 1 gigawatt (GW) of demand, which is about 10% of New York City's peak summer electricity usage. Projections indicate that US data centers could consume 25% of the nation's electricity capacity by 2030, requiring significant grid expansion [2]. - Current data center power usage is approximately 55 GW, representing about 4% of total electricity output, and is expected to rise to 85 GW by 2027 and 300 GW by 2030 [2]. Solar Power Potential - Solar power is emerging as a viable solution to the energy challenges posed by AI and data centers, with several catalysts aligning to enhance its competitiveness [3][4]. - The solar industry has matured, with photovoltaic (PV) costs decreasing by roughly 90% over the past decade, making solar energy cheaper than coal or natural gas in many regions [6][9]. - Battery technology is also advancing, with lithium-ion battery pack costs dropping 20% in the past year to $115 per kWh, making solar-plus-storage increasingly viable [8]. Investment Opportunities - Despite the favorable economics, solar stocks remain undervalued after years of underperformance, presenting attractive investment opportunities as the sector approaches a significant growth phase [9][24]. - Key solar stocks identified include SolarEdge Technologies (SEDG), Nextracker Inc. (NXT), Sunrun (RUN), Array Technologies (ARRY), and Shoals Technologies Group (SHLS), all of which are well-positioned for growth [4][14]. Growth Projections - To meet the projected demand of 130 GW for US data centers by 2030, the solar industry would need to expand its capacity significantly, requiring an investment of hundreds of billions, potentially exceeding $1 trillion when including storage [12][13]. - The current US solar fleet stands at about 235 GWdc, indicating a need to triple or quadruple capacity in a short timeframe [12]. Company-Specific Insights - SolarEdge Technologies (SEDG) is positioned for recovery with rising earnings estimates and strong demand for utility-scale inverters [15][16]. - Nextracker Inc. has seen significant stock appreciation and benefits from the shift to utility-scale solar projects [18]. - Sunrun is expected to recover as financing conditions improve and consumer adoption of solar-plus-storage increases [19]. - Array Technologies is projected to grow earnings by 21.6% annually over the next three to five years, offering a compelling risk-reward opportunity [20]. - Shoals Technologies Group specializes in essential components for solar farms and has a strong demand base, making it a stable investment choice [21][22]. Regulatory Challenges - The primary challenges for solar and storage projects are regulatory and permitting delays, which can hinder the adoption of renewable energy solutions compared to fossil fuel infrastructure [23]. Conclusion - The solar sector is poised for significant growth driven by the demand from AI data centers, with strong economic fundamentals and currently depressed valuations making it an attractive investment opportunity [24].

India needs to navigate tariffs and fix a supply chain reliant on China to become a global force in solar power https://t.co/JlnemUBe84 ...

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]