Daily News Wrap-Up: MNRE Adds 3.5 GW of New Solar Module Capacity to ALMM

Suzlon Energy’s Q4 income rises 29.85% YoY as order book swells

May 28, 2024

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The Ministry of New and Renewable Energy (MNRE) has expanded the Approved List of Models and Manufacturers (ALMM) by adding 3,508 MW of new solar module capacity. The cumulative module manufacturing capacity under ALMM now stands at 47,971 MW. Rayzon Solar accounted for 692 MW of the newly added capacity, while RenewSys India contributed 576 MW. Oswal Solar Structure, HQ Lamps Manufacturing Company, ADM Solar Power & Infrastructure, and Luminous Power Technologies were the new entrants to the ALMM.

Wind turbine manufacturer Suzlon Energy recorded a total income of ₹21.79 billion (~$262 million) during the fourth quarter of 2024, a year-over-year (YoY) increase of 29.85% as compared to ₹17 billion (~$204.6 million). The company posted a net profit of ₹2.54 billion (~$30.5 million), a YoY decrease of 21.7%, from ₹3.23 billion (~$38.8 million), owing to certain exceptional expenses. Suzlon’s earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹3.57 billion (~$42.9 million), with an EBITDA margin of 16.4%.

India Grid Trust (IndiGrid), a power infrastructure investment trust, has recorded a revenue of ₹7.86 billion (~$94.59 million) during the fourth quarter of the financial year 2024, a year-over-year (YoY) increase of 31%. The company’s profit for the quarter was ₹584.87 million (~$7.04 million), down 57% YoY. The decline in profit can be attributed to the rise in expenses related to infrastructure maintenance charges, investment management fees, and finance costs, among others.

The Karnataka government has announced a series of measures to expedite the implementation of rooftop solar projects, following recommendations from an expert committee constituted by the state’s energy department. Bangalore Electricity Supply Company (BESCOM) will serve as the nodal agency to create a unified URL and website for rooftop solar applications, including the application process. Login credentials will be provided to all other Electricity Supply Companies to use the same platform.

Singareni Collieries Company (SCCL), a coal mining company owned by the Government of Telangana and the Government of India, has invited bids for a grid-connected battery energy storage system of 1MW/2.50 MWh at the 28 MW solar power project in Mancherial district, Telangana. The last date for the submission of bids is June 18, 2024. Bids will be opened on the same day. The scope of the work includes designing, engineering, supplying, packing and forwarding, transportation, unloading, storage, installation, and testing.

The policy push to promote rooftop solar among the masses gained much traction after the Union Cabinet approved a program earlier this year to make 10 million households energy self-sufficient under the PM Surya Ghar: Muft Bijli Yojana with an outlay of ₹75 billion (~$9 billion). Who better than a legislator to become an ambassador for rooftop solar and inspire constituents to become solar prosumers? S. Suresh Kumar, a Member of the Karnataka Legislative Assembly representing the Rajajinagar constituency in Bengaluru, has led by example installing a rooftop solar system at his residence.

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