The high cost of solar comes at a time when utility bills are rising faster than inflation, with that trend expected to continue.
Spanish renewables developer RIC Energy said it has closed EUR 29.5 million (USD 34.0m) in project financing for two solar photovoltaic projects in Almodovar del Campo, central Spain.
The financing was provided by Alameda Energy Fund, a renewables-focused vehicle managed by Beka Credit, RIC Energy said in a LinkedIn post. The company will use the funds to build its Bluesol 1 and Bluesol 2 solar farms, which will have a combined installed capacity of over 60 MW.
The transaction marks RIC Energy’s first project finance deal in Spain and involves the company’s first projects to be constructed in the country after two decades of developing renewables abroad.
RIC Energy said the transaction represents a “decisive step” in its transformation into an independent power producer (IPP) and showcases its ability to develop projects supported by its own financial strength.
Polish renewables developer-operator R.Power SA said it has started construction of the 55-MWp Lazuri solar farm in north-western Romania.
The project, located in the Lazuri commune of Satu Mare County, will be built by R.Power’s EPC arm NOMAD Electric, the company said.
The solar farm will connect to the national grid via a new 110-kV substation linked to the Vetis–Abator transmission line. Once operational, the plant is expected to produce around 70 GWh of electricity per year, enough to power more than 48,000 homes
The Lazuri project is backed by a 15-year contract-for-difference (CfD) awarded to R.Power in Romania’s renewables auction.
Ukraine’s government has approved the provision of UAH 440 million (USD 10.5m/EUR 9.08m) in state grants to support the development of decentralized renewable energy sources and secure an uninterrupted power supply for critical public facilities.
Some UAH 396 million will be allocated to local budgets for the installation of solar panels, heat pumps, and energy storage systems in schools, hospitals, and kindergartens. The remaining UAH 44 million will fund technical assistance for procurements, which will be carried out by the United Nations Development Program (UNDP).
This project underscores our priority: decentralization of the energy system and high-quality management of public investments, made possible through cooperation with the European Investment Bank and our international partners.
The Renewable Energy Solutions (RES) program is financed by a grant from the European Investment Bank (EIB) provided by the Federal Government of Germany and the International Climate Initiative (IKI). The project is jointly implemented by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and the UNDP, which will act as the procurement agent.
India's solar module manufacturing capacity is set to surpass 125 GW by 2025, well above domestic demand of around 40 GW, which is expected to lead to an inventory buildup of 29 GW by the third quarter of 2025.
India's Production Linked Incentive (PLI) scheme has been very effective in driving factory announcements, but the industry is now seeing warning signs of overcapacity. The challenge has shifted from building capacity to achieving cost-competitiveness and diversifying export markets.
New 50% reciprocal tariffs imposed by the US have significantly impacted India's module exports to its primary export market.
Indian-assembled module using imported cells is at least USD 0.03 per W more expensive than a fully imported Chinese module, while a completely ‘Made in India’ module would cost more than double Chinese counterparts.
Achieving cost-competitiveness will require a pivot to aggressive research and development (R&D), investment in next-generation technology, and a push to open new export markets in Africa, Latin America, and Europe.
India is at a crossroads, but it holds the clearest potential to become the only credible, large-scale alternative to the Chinese solar supply chain.
Dubai-based AMEA Power has begun installing the first solar panels at its 1,000-MW solar power project with a 600-MWh battery system in Egypt’s Benban area of Aswan, saying it will become Africa’s largest integrated solar and storage project.
In China’s domestic market, industry participants reported that over half of the nearly 20 GW wafer inventory comprises n-type 210R (182mm × 210 mm) wafers, underscoring a concentration in this specification. Market insiders noted that some producers have slightly reduced selling prices for these wafers from around CNY 1.40 ($0.20)/pc to CNY 1.35/pc to ease inventory pressure and improve cash flow, while emphasizing that favorable policy guidance alone is insufficient to stabilize prices amid weak demand.
Adding to the cost burden, another market participant noted that rising silver prices have pushed up solar cell manufacturing costs, further limiting producers’ ability to absorb any wafer price increases.
Despite these headwinds, wafer production remains at elevated levels. Sources indicated that average utilization rates have exceeded 60%, and October wafer output is expected to surpass 60 GW. However, under current policy directives on production control, market participants expect output to decline in November and December as inventory accumulation intensifies.
On the export front, both market sources and customs data show that Chinese wafer exports increased from January to September 2025 compared with the same period in 2024. This growth was primarily driven by rising solar cell manufacturing capacity in India, now the second-largest wafer consumption market after China. Other major export destinations include Vietnam, Thailand, Laos, and Indonesia, where Chinese wafers are processed into solar cells for markets such as India and Turkey, or further assembled into modules in Africa before being shipped to the U.S.
