Will Norman

The move is an effort to strengthen its financial position after reporting losses of €126 million in the first half of 2024.

SMA Solar posted preliminary net losses of €117.7 million (US$126 million) in 2024—down from €225.7 million in income last year.

Despite revenue improvements, the company signalled doubts over its ability to continue operations and stay afloat over the coming year.

The company signed the financing MoU with the New and Renewable Energy Department of the Madhya Pradesh government.

Fabral will join a number of other US steel manufacturers supplying racking and tubing to the US solar industry.

The decline reflects the broad trend across the solar manufacturing industry, where severe downward pressure on prices—brought about by an excess of product supply—has squeezed manufacturers' margins and pushed some into the red.

The retreat on renewables has been described as a "last-ditch attempt to cash in" against the rising tide of the energy transition.

The deal values National Grid Renewables - the US project development arm of the UK's National Grid - at approximately US$1.735 billion.

The tripartite deal between UAE's Masdar, Eni and the Albanian power and grid companies was signed this week in Rome.

The deal follows the start of production at ES Foundry’s 3GW nameplate capacity manufacturing plant in January.