Investment Rating - The report assigns a "Buy" rating to First Solar Inc (FSLR) with a target price of US$160.16 as of June 9, 2025 [112]. Core Insights - AI data centers are a significant driver of electricity demand growth in the U.S., with six major technology companies (Amazon, Microsoft, Google, Meta, Oracle, and Apple) accounting for nearly 20% of the growth in U.S. electricity demand, which grew by 3.2% year-over-year [2][3]. - The report anticipates that the potential loss of U.S. renewable tax credits will not materially impact the demand for renewables from large tech companies, as electricity costs average around 1.3% of their revenue [3][7]. - There is a shift towards hourly matching of renewable energy consumption by corporations, with some companies aiming for 24/7 carbon-free energy by 2030, which will increase the demand for diverse energy generation sources [4][90]. Summary by Sections Electricity Demand Growth - U.S. electricity generation increased by 3.2% year-over-year, equating to an additional 144 TWh [2]. - The six technology companies mentioned are growing their electricity consumption at approximately 30% per annum [2]. Tax Credits and Cost Impact - The estimated loss of U.S. renewable tax credits would have less than a 25 basis points impact on operating margins across the technology sector [3][11]. - Electricity costs are projected to average around 1.3% of revenue for the companies analyzed, indicating minimal impact from potential tax credit losses [3][7]. Corporate Renewable Targets - Corporations primarily meet renewable targets through Power Purchase Agreements (C-PPAs), which allow them to match their total annual non-renewable electricity consumption with renewable energy [4][89]. - Companies are increasingly focusing on achieving hourly matching of renewable energy consumption, which will require a more diverse energy generation mix [4][90]. Technology Company Insights - Amazon's electricity consumption was reported at 30.9 TWh in 2021, with a commitment to match 100% of its electricity with renewable sources by 2023 [25][26]. - Microsoft reported a 180% increase in electricity consumption since 2020, with electricity costs making up only 1.8% of its revenue in 2024 [40]. - Google's electricity consumption grew by 17% year-over-year in 2023, with a goal of operating on 24/7 carbon-free energy by 2030 [46]. - Meta has maintained net zero emissions since 2020 by matching 100% of its electricity use with renewable energy [53]. - Oracle's electricity consumption increased by 55% year-over-year in 2023, with electricity costs representing a small fraction of its revenue [56]. - Apple's electricity usage is significantly lower than its peers, accounting for only an estimated 0.14% of its revenue in 2023, but it is pushing for renewable energy in its supply chain [57]. Market Dynamics - The report highlights that if the growth rates of the six technology companies continue at approximately 25% per annum, their annual incremental electricity demand will exceed the entire U.S. utility-scale solar industry's generation growth by early 2028 [64][68]. - The corporate renewable demand is dominated by solar energy, which comprised 87% of the C-PPA market in 2025 [62].

Executing Our Strategy Validating The Thesis On Power & Data Intersection Talen Energy Corporation | June 11, 2025 Disclaimers The information contained herein, as well as any information that has been supplied orally in connection herewith, speaks only as of the date of this presentation. Talen Energy Corporation ("Talen," "TEC," the "Company," "we," "our," or "us") and our affiliates and representatives expressly disclaim any obligation to update any information contained herein, whether as a result of ne ...

Core Insights - Scatec ASA signed a 25-year USD-denominated Power Purchase Agreement (PPA) with Egypt Aluminium for a 1.1 GW Solar PV and 100 MW/200MWh Battery Energy Storage System (BESS) project in Egypt, backed by a sovereign guarantee [1][2] Group 1: Project Details - The solar PV + BESS project aims to support Egypt Aluminium's decarbonization efforts and compliance with the EU's Carbon Border Adjustment Mechanism (CBAM) set to be implemented in 2026 [2] - The total estimated capital expenditure for the project is approximately USD 650 million, with around 80% funded by non-recourse project debt and the remainder by equity from Scatec and partners [5] - Scatec will act as the designated EPC service provider, responsible for about 90% of the total capex, and will also provide asset management and operations and maintenance services [5] Group 2: Strategic Importance - This project marks the first utility-scale PPA in Egypt with an industrial offtaker, highlighting Scatec's leadership in the renewable energy sector within the country [4] - The project is expected to reach financial close and commence construction within the next 12 months, pending land allocation, grid connection finalization, and financing [3]