Daily News Wrap-Up: India’s Solar Market Sees New Leaders in 2023

CERC rules Adani’s hybrid project is entitled to be compensated for bird diverters

May 7, 2024


India’s solar market witnessed the emergence of new leaders in the calendar year 2023, according to Mercom’s recently released India Solar Market Leaderboard 2024, showcasing intense competition for market dominance. The report provides insight into notable shifts in market share across ten categories over the past calendar year, highlighting which companies are gaining traction and which ones fell behind. India added around 7.5 GW of solar capacity in 2023, significantly lower than the 13.4 GW installed in 2022, as deadline extensions and policy uncertainty pushed companies to delay projects.

The Central Electricity Regulatory Commission has granted compensation to Adani Solar Energy Jaisalmer One, a special purpose vehicle of Adani Green Energy, under the ‘Change in Law’ provision due to policy changes post the signing of the power purchase agreement for its 450 MW wind-solar hybrid power project in Rajasthan. CERC directed SECI and Chhattisgarh and Haryana distribution companies to reconcile ASEJOPL’s additional expenditure due to these events and pay the compensation.

NTPC Renewable Energy has invited bids for land and power evacuation packages to develop a 900 MW interstate transmission system-connected solar power project in the Neemuch Region of Madhya Pradesh. The last date to submit the bids is July 10, 2024. Bids will be opened on the same day. The cost of the bidding documents is ₹22,500 (~$270). The selected bidder must construct an access road with appropriate signage leading to the pooling substation and ensure connectivity between plots, independently or via state assistance.

Canada-based Brookfield Asset Management, along with Brookfield Renewable Partners, has signed a global framework agreement with tech giant Microsoft to develop over 10.5 GW of new renewable power capacity, such as wind and solar farms, by 2030, as energy-intensive data centers powering artificial intelligence (AI) are expected to drive up electricity demand. Data centers, AI, and cryptocurrencies are estimated to consume at least 1,000 TWh of electricity by 2026, more than doubling from 460 TWh in 2022, according to the International Energy Agency.

Military Engineer Services has floated a tender for the repair and maintenance of a 5 MW solar project and its miscellaneous items in Madhya Pradesh. The last date for the submission of bids is May 25, 2024. Bids will be opened on May 27. The project’s estimated cost is ₹2.5 million (~$29,953), and the completion period is six months. Bidders have to submit an earnest money deposit of ₹50,000 (~$599.07). MES-enlisted contractors in Class ‘E’ and above must upload scanned documents along with their application, including a valid email ID.

The Sonpur Division of the East Central Railway has invited bids to empanel vendors to install 1.1 MW of grid-connected rooftop solar power projects through a public-private partnership on a design, build, finance, operate, and transfer basis. The bids must be submitted by May 30, 2024. They will be opened on the same day. The selected bidders will be empaneled to install rooftop solar systems in three capacity categories: >10 and up to 100 kWp,>100 and up to 500 kWp, and > 500 KWp.

Smart energy storage company Stem reported a net loss of $72.3 million for the first quarter of 2024, up 61% from the net loss of $44.8 million last year, as extended project timelines and declining battery prices hurt its bottom line. Total revenue for the quarter also fell by 62%, from $67.4 million in the prior year quarter to $25.5 million. The revenue decline was primarily driven by a $33 million non-cash reduction due to changes in estimates related to legacy hardware pricing guarantees issued to certain customers in 2022 and early 2023.