Daily News Wrap-Up: Solar’s Share in India’s Power Capacity Rose to 18.5% YoY in Q1

Adani Green, UPC, and Tata Power were top utility-scale solar developers in 2023

May 14, 2024


Solar power accounted for 18.5% of India’s total installed power capacity and 42.9% of the installed renewable capacity in the first quarter (Q1) of the calendar year 2024, up from 15.2% and 37.4% year-on-year, respectively. India’s installed renewable energy capacity, including large hydro projects, stood at 190.6 GW, accounting for a 43.1% share of the overall power capacity mix at the end of Q1 2024, according to data from the Central Electricity Authority, Ministry of New and Renewable Energy, and Mercom’s India Solar Project Tracker.

Adani Green Energy, UPC Renewables, Tata Power Company, Gujarat State Electricity Corporation, and Rising Sun Energy (Yinson Holdings) were the top utility-scale solar project developers in the calendar year 2023, according to Mercom’s India Solar Market Leaderboard 2024. The report covers market share and ranking across India’s solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders. The 2023 report captured notable shifts in market share rankings compared to the previous year.

The Delhi Electricity Regulatory Commission has approved the Battery Energy Storage System agreement between BSES Rajdhani Power and Kilokari BESS for the establishment of a 20MW/40MWh energy storage project. The Commission also adopted a single-part tariff structure, comprising capacity charges of ₹5.7million (~$68,981)/MW per year. These charges will be billed monthly per the agreement.

Waaree Renewable Technologies, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, posted a net profit of ₹541.8 million (~$6.48 million) in the fourth quarter of the financial year 2024, an increase of 341% year-over-year (YoY) from ₹122.8 million (~$1.47 million). The company’s total revenue stood at ₹2.73 billion (~$32.68 million), a growth of 344% YoY from ₹614.9 million (~$7.36 million). The revenue from the EPC segment surged 343% YoY to ₹2.67 billion (~$31.96 million).

HPCL Renewable and Green Energy, a subsidiary of Hindustan Petroleum Corporation, has invited bids for the engineering, procurement, and construction package with land for 300 MW of interstate transmission system-connected solar power projects in seven states. The projects to be implemented in Gujarat, Rajasthan, Maharashtra, Karnataka, Andhra Pradesh, Madhya Pradesh, and Tamil Nadu must be commissioned within 15 months of receiving the work order.

SolarEdge, an Israel-based solar inverter manufacturer, recorded a net loss of $108.6 million in Q1 of 2024, an improvement of 37.7% on a YoY basis as compared to a net loss of $174.5 million. Revenue for the quarter stood at $204.4 million, marking a decline of 78% YoY from $943.9 million. Within the solar segment, revenues amounted to $190.1 million, a 79% YoY decrease from $908.5 million.

The U.S. Department of Commerce has announced a preliminary determination that aluminum extrusions from India, used in racking, trackers, and mounting frames for solar panels, are being sold in the U.S. at unfairly low prices, allowing them to be subject to anti-dumping duties. Producers and exporters of aluminum extrusions from China, Colombia, Ecuador, Indonesia, Italy, Korea, Malaysia, Mexico, Taiwan, Thailand, Turkey, the United Arab Emirates, and Vietnam are also under the scanner.

Relux Electric, an India-based electric vehicle (EV) charging infrastructure firm, has secured ₹2.5 billion (~$29.93 million) in project financing from a group of real estate and infrastructure investors. The company plans to use the funds to expand its hyper charging station network across the highways in South India. Relux Electric plans to install 20 new hyper EV charging stations in the next eight months. The company is in the process of procuring identified land parcels on busy highways like NH 44, NH 45, and NH 556.