Daily News Wrap-Up: Solar Generation in India Rises 8.8% YoY to 32 BU in 2024

2023 Solar Module Market Leaders: Jinko, LONGi, JA Solar, Waaree, Trina

May 15, 2024


India generated approximately 32 billion units (BU) of solar power in the first quarter  of the calendar year 2024, an 8.8% year-over-year increase. The country’s solar energy generation has steadily increased over the years with the capacity additions. Rajasthan, Karnataka, and Tamil Nadu were the top states for solar power generation. Rajasthan witnessed the highest solar generation with 10.1 BU, followed by Karnataka and Tamil Nadu with 4.3 BU and 3.9 BU, respectively.

Jinko Solar, LONGi Green Energy Technology, JA Solar, Waaree Energies, and Trina Solar were the top solar module suppliers in the calendar year 2023, according to Mercom’s India Solar Market Leaderboard 2024. Jinko Solar was the leading supplier, accounting for 20.4% of the modules shipped to India. LONGi Green Energy Technology and JA Solar ranked second and third, accounting for 18.8% and 8.7% of the module shipments, respectively.

The Dhanbad Division of East Central Railway has invited bids for state-wise empanelment of agencies to implement 2.017 MW of grid-connected rooftop solar power projects through public-private partnerships and on a design, build, finance, operate, and transfer basis. The projects would be developed in two capacity ranges — (i) above 10 kW and up to 100 kW, and (ii) above 100 kW and up to 500 kW. Bidders can quote for one or all the capacities. The projects must be commissioned within 240 days of receiving the work order.

The Indian Railways has invited bids to empanel agencies to implement 2.33 MW rooftop solar power projects. The last date for the submission of bids is June 3, 2024. Bids will be opened on the same day. The present tender is without central financial assistance. Bidders have to pay ₹34,810 (~$416.83) as cost of the bid document and ₹1.07 million (~$12,812)/MW as earnest money deposit. The successful bidder has to pay a performance bank guarantee of ₹1.6 million ($19,158)/MW.

U.S.-based solar tracker systems provider FTC Solar‘s net loss narrowed to $8.8 million during the first quarter of 2024 from a loss of ₹11.8 million a year ago. Earnings before interest, taxes, depreciation, and amortization loss, which excludes certain items like stock-based compensation expense and non-cash items, stood at $10.7 million, an increase of 48.6% year-over-year (YoY) from $7.2 million. During the quarter, the company’s revenue dipped 69.2% YoY to $12.6 million, a 69.2% YoY decrease due to lower product and logistics volumes.

Fuel cell manufacturer Bloom Energy recorded a revenue of $235.3 million in the first quarter (Q1) of 2024, a 14.5% year-over-year (YoY) decline from $275.2 million. The company’s net loss for the quarter reduced 24.5% YoY to $56.54 million from $74.91 million. The adjusted Earnings Before Interest, Taxes, Appreciation, and Amortization loss for the quarter stood at $18.21 million, a 14% YoY increase from $15.94 million. The company reported a gross margin of 17.5% in Q1 2024, a decrease from 21.2% in Q1 2023.

U.S.-based hydrogen fuel cell company Plug Power‘s loss-widening streak continued even after it announced cost-cutting measures following the resolution of going concern doubts in the previous quarter. The New York-based company’s net loss widened 43% to $295.8 million in the first quarter of 2024 from $206.6 million last year, hurt by lower sales and restructuring charges. Plug recorded $46.3 million in restructuring charges, impairments, and other provisions in the quarter as it implemented cost-cutting measures.

The United States power sector faced fewer delays in installing new utility-scale solar photovoltaic projects in 2023 compared to 2022, according to a recent analysis by the U.S. Energy Information Administration (EIA). While the percentage of solar capacity reporting delays decreased last year, it remained higher than the average delays recorded between 2018 and 2021. In 2023, solar developers postponed the scheduled online date for an average of 19% of planned solar capacity, compared to 23% in 2022.

Norway-based ammonia trader and distributor Yara Clean Ammonia has signed a term sheet with Greenko ZeroC, the green ammonia production arm of the India-based AM Green, for the long-term supply of up to 50% of renewable ammonia from the production facility in Kakinada, Andhra Pradesh. The ammonia production facility of AM Green, promoted by the founders of the Greenko Group, will produce and export renewable ammonia derived from round-the-clock carbon-free energy by 2027.