Daily News Wrap-Up: RUVNL Announces Winners for 1 GW Solar Auction
Rajasthan tenders for 33 MW of solar projects under the KUSUM program
May 5, 2023
Mahindra Susten, Sunfree Energy (SAEL), Solarcraft Power India (Blupine Energy), Jakson, Shiva Corporation, Avaada Energy, and SJVN emerged winners in Rajasthan Urja Vikas Nigam’s auction to supply 1 GW of power from state transmission utility (STU)-connected solar power projects in the state.
Jodhpur Vidyut Vitran Nigam has invited bids to install and commission 32.76 MW of grid-connected solar power projects in various subdivisions of the Balotara division in the Barmer circle under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM). The successful bidder will also have to operate and maintain the project for 25 years. The projects will be developed under the Renewable Energy Service Company model for solarizing agriculture pumps in the subdivisions.
The Indian Energy Exchange traded 280 million units (MU) of renewable energy in April 2023, a decline of 16% year-over-year (YoY) and 28% month-over-month. The overall volume during the month was 7,928 MU, higher by 6% on a YoY basis. The price was ₹5.41 (~$0.066)/kWh, declining 46% YoY due to improving supply-side scenario and increased liquidity and cooler weather conditions.
Solar Ladder, a supply chain platform for solar installation companies, has raised ₹110 million (~$1.3 million) in seed funding from a group of investors to distribute software that helps automate processes for solar installers. Solar Ladder said that the software will help installers to expand their business. The company raised funds from Axilor Ventures, Titan Capital, DeVC, Stride Ventures, and angels from Atha Group, NIPHA group, Founder of Mamaearth Varun Alagh, Subin Mitra, and Aditya Bandi of Groyyo, and Deepak Jain, Partner, Bain.
The Kerala government’s Agency for New and Renewable Energy Research and Technology has invited bids to select an agency for developing 13 public electric vehicle fast charging stations in Thiruvananthapuram. The developers must install nine fast Combined Charging System (CCS) charger connectors with a minimum power rating of 120 kW with two charging points with two charging guns at a single site. The remaining four fast CCSs must have a minimum power rating of 240 kW with similar requirements for a single site.
Distribution companies owed power generators ₹448.62 billion (~$5.49 billion) in overdue payments for the monthly billing cycle at the end of April. The dues are higher than ₹422.13 billion (~$5.16 billion) at the end of March. Similarly, the total outstanding owed to power generators stood at ₹711.35 billion (~$8.7 billion), higher than ₹679.73 billion (~$8.3 billion) at the end of March. The current outstanding dues, excluding the latest monthly dues, are ₹262.72 billion (~$3.21 billion).
SolarEdge, an Israel-based solar inverters manufacturer, posted a net income of $138.4 million during Q1 of FY 2023, a spike of 318% YoY. The company attributed its financial performance to diversified geographic and segmental presence, which allows it to avoid excessive dependence on any single market or segment. The company’s revenue jumped 44% YoY to $943.9 million in January-March. The company earned $908.5 million in revenue from the solar segment, up 49% YoY.
United States-based residential solar, battery storage, and energy services company Sunrun reported a net loss of $335.8 million during Q1 of FY 2023, compared to a loss of $156.5 million YoY. The increase in loss is attributable to an overall rise in cost. The total cost of revenue rose 23%, while the company also saw total operating expenses go up 21% YoY in the first quarter. The company’s revenue rose 19% YoY to $589.85 million in the January-March period.
Distributed generation storage and energy services company SunPower Corporation’s net loss widened to $51 million for Q1 of FY 2023 against the loss of $2 million year-on-year (YoY), primarily due to higher cost of revenue and operational expenses. Higher cost of revenue led to Sunpower’s gross margin dipping to 17.1% in the quarter compared with 21.7% YoY. However, the company’s revenue rose by 26% YoY to $440.9 million for January-March, mainly driven by higher customer additions.
The rapidly growing renewable energy sector calls for significant technological breakthroughs to support its faster and more affordable adoption across the globe. At the ‘Mercom India Renewables Summit 2023’, an exclusive event on April 26-27 in New Delhi, industry stakeholders discussed the disruptive technologies that have made their way into Indian markets. In a session titled ‘Technology Trends Driving the Renewables Market,’ panelists discussed critical issues, opportunities, and emerging trends in the industry.