Daily News Wrap-Up: SECI Invites Bids to Set up 1.2 GW Solar Projects

Glitches on the national rooftop solar portal has slowed down installations

May 30, 2024


Solar Energy Corporation of India has invited bids to set up 1.2 GW of interstate transmission system-connected solar photovoltaic projects across India under Tranche XVI on a build, own, operate basis. The last date to submit bids is July 12, 2024. Bids will be opened on July 18, 2024. Bidders can quote for a minimum capacity of 50 MW and a maximum of 600 MW per project.

Summer is the peak season for Surendra Chaudhary, a rooftop solar installer in Jaipur, Rajasthan, known for temperatures that routinely cross 40° C, leading to cooling needs that push up electricity bills. But business has been faltering as the National Portal, which serves as a platform to commission residential solar systems, is marred by bugs and glitches.

Greater Noida-based solar module manufacturer Alpex Solar has recorded a total revenue of ₹2 billion (~$24.05 million) in the second half of the financial year 2024, a year-over-year decline of 6% compared to ₹2.13 billion (~$25.61 million). The company recorded a net profit of ₹189.44 million (~$2.28 million) in 2H FY 2024, a 149% YoY increase compared to ₹76.16 million (~$915,824).

The Southern Railway has invited bids to set up grid-connected rooftop solar power projects of a cumulative capacity of 1.55 MW at various service buildings and railway colonies in the Chennai division. The successful bidder will oversee the design, supply, erection, testing, and commissioning of the projects. The value of the project is ₹99.6 million (~$1.19 million).

Inox Wind Energy, the promoter of Inox Wind, has raised around ₹9 billion (~$108.05 million) through the sale of equity shares of Inox Wind via block deals on the stock exchanges. The funds raised are proposed to be infused into Inox Wind to reduce its debt and augment the company’s working capital needs to strengthen its balance sheet further.

Jackson Green, the renewable energy arm of the Jakson Group, has obtained a sustainable trade facility of ₹600 million (~$7.1 million) from HSBC India. The trade facility will help bolster the company’s operational needs within the renewable energy sector in India and overseas.

Solar glass manufacturer Borosil Renewables slipped into a net loss of ₹133.7 million (~$16.5 million) in the fourth quarter of the financial year 2024 from a profit of ₹116.9 million (~$14.4 million) last year, hurt by higher costs of materials, power, and fuel, finance costs, and depreciation expenses.

Battery manufacturer Amara Raja Energy & Mobility reported a 15% year-over-year increase in revenue to ₹27.96 billion (~$338 million) for the fourth quarter of 2023, while profit before tax rose 55% to ₹3.05 billion (~$37 million). The company said the robust performance was driven by momentum across both the lead acid battery business and the new energy business, where consolidated growth stood at 13%.