India installed 1.9 GW of new solar capacity during the first quarter (Q1) 2023, a decline of 48% year-over-year (YoY), according to Mercom India Research’s newly released Q1 2023 India Solar Market Quarterly Update. On a quarter-over-quarter (QoQ) basis, the installations fell 30%. Nearly 1.4 GW of utility-scale solar was installed during the quarter, falling 56% YoY and 37% QoQ. Utility-scale solar accounted for almost 74% of the installations during the quarter.

The Ministry of Power has amended the Green Energy Open Access Rules to enable consumers with a total contracted demand or sanctioned load of 100 kW or above to avail of green energy open access. This applies to consumers with single or multiple connections that add up to 100 kW or more within the same electricity division. Captive consumers can use green energy open access without any load limitations.

To simplify the vendor registration procedure for the National Portal for Rooftop Solar, the Ministry of New and Renewable Energy notified that vendors can register for an entire state covering the jurisdictions of all distribution companies by submitting a performance bank guarantee (PBG) of ₹250,000 (~$3,021). The registration would be extended yearly without additional charges. The vendor, however, should have extended the previously submitted PBG for another year or submitted a new PBG. In any case, the PBG submitted by the vendor will be valid for at least five years from the registration or renewal date.

The group captive model is the most preferred model by the commercial and industrial segment as it allows them to not only use green energy but also save 30-50% on energy bills, Pankaj Verma-Head of Business Development at SunSource Energy, said on the sidelines of the Mercom India Renewables Summit 2023. Verma added that companies opt for hybrid power projects offering round-the-clock power with a capacity utilization factor of up to 50%.

The Maharashtra Electricity Regulatory Commission has approved a tariff of ₹3.10 (~$0.037)/kWh for the procurement of 117.5 MW of solar power on a long-term basis. The Commission directed the parties to sign the power purchase agreement (PPA) within 30 days of the order. It added that the power procured from these projects would be eligible for fulfilling the solar renewable purchase obligation (RPO) targets of the Maharashtra State Electricity Distribution Company.

Himachal Pradesh Power Corporation has invited bids for the design, supply, construction, installation, and commissioning of a 5 MW solar power project at Bhanjal in the Una district. The successful bidder must also operate and maintain the project for eight years. The last date to submit the bids is June 21, 2023. Bids will be opened on the same day.

Higher earnings from products and services helped solid-oxide fuel cells manufacturer Bloom Energy post a revenue of $275.2 million in the first quarter of 2023, a year-over-year (YoY) spike of 37%. Revenue from products and services alone increased by 40% YoY to $234.4 million. The company was able to narrow its loss to $71.6 million during the January-March quarter from a loss of $78.4 million last year. Operating losses reduced to $63.7 million from $65.7 million in Q1 2022.

Chinese solar cell and module manufacturer Jinko Solar has announced that its majority-owned subsidiary, Jiangxi Jinko, has entered into an agreement for the sale of its complete equity interest in Xinjiang Jinko for a consideration of RMB 4.3 billion ($622 million). The equity transfer agreement is with Ziyang Major Industry Equity Investment Fund, backed by authorities in the southwestern province of Sichuan, and Dong Shihong, chairman of Suzhou Shijing Environmental Technology.

London-headquartered Octopus Energy has announced it would invest £1.5 billion (~$1.8 billion) in the Asia Pacific energy market by 2027 to accelerate the transition to clean energy. The company said it planned to invest £1.2 billion (~$1.4 billion) into solar and wind generation. Half the funds will be invested in renewable energy projects across Japan. Octopus will scale its presence in Asia with a commitment of £300 million (~$370 million) to expand its tech innovation and retail energy hub in Tokyo using its tech platform Kraken.

Global investment in energy is expected to reach $2.8 trillion in 2023, of which more than $1.7 trillion is likely to go to clean technologies, including renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements, and heat pumps, finds a new report from the International Energy Agency. The report “World Energy Investment 2023” found that investment in clean energy technologies is significantly outpacing spending on fossil fuels as affordability and security concerns triggered by the global energy crisis strengthen the momentum behind more sustainable options.