Daily News Wrap-Up: Top Solar Inverter Suppliers in 2022

FDI in India’s renewables sector grows 56% YoY in FY 2023

June 1, 2023


Sungrow, Sineng Electric, FIMER India (ABB), Ginlong (Solis) Technologies, and SOFAR emerged as the leading solar inverter suppliers in India in the calendar year (CY) 2022, according to Mercom’s recently released India Solar Market Leaderboard 2023. The report captured notable shifts in market share rankings, with three new players making it to the top ten list. SOFAR, NingBo Deye Inverter Technology, and Fox ESS were the new entrants in the top ten list.

Foreign Direct investment (FDI) in India’s renewable energy sector stood at $838 million (~₹69.2 billion) in the fourth quarter of the financial year (FY) 2023, a 102% increase year-over-year compared to $415 million (~₹32.1 billion). The Ministry of Commerce and Industry recently published the data. FDI in India’s renewable energy sector for FY23 stood at $2.5 billion (~₹206.5 billion), a 56% increase YoY compared to $1.6 billion (~₹121 billion). The investment is the highest ever in the Indian renewable sector in a year.

Wind turbine manufacturer Suzlon Energy posted a net profit of ₹3.2 billion (~$38.7 million) during the fourth quarter (Q4) of FY23, an increase of 266% YoY. The company attributed the positive performance to reduced expenses during the period. The company’s net finance cost for Q4 FY23 came up to ₹810 million (~$9.8 million), a decline of 53% YoY. The company’s net revenue for the quarter was ₹16.9 billion (~$204.4 million), a 31% YoY decline.

The Delhi Electricity Regulatory Commission has proposed to amend the state’s net metering regulations for renewable energy to provide greater flexibility to prosumers and eligible consumers by enabling peer-to-peer transactions through blockchain or other technologies. The proposed amendments seek to enhance secure and reliable electricity trading while ensuring proper accounting and billing by power distribution companies (DISCOMs).

Solar glass manufacturer Borosil Renewables’ profit peaked by 80% YoY to ₹105.01 million (~$1.2 million) for Q4 of FY23, mainly driven by higher solar glass sales and business expansions in India, Europe, and Turkey. The solar glass maker’s Q4 revenue came in at ₹3.09 billion (~$37.3 million), up 82% YoY, primarily on the gains recorded by the company’s overseas subsidiaries. Borosil’s subsidiaries in Europe and Germany recognized a gain on a bargain purchase of ₹541.87 million (~$6.5 million) during the quarter, which is included in the total income for the period.

Global wind turbine order intake during the first quarter (Q1) of 2023 surges by 27% YoY, reaching 23.5 GW, a record high so far, given the increase in wind turbine orders in China, Latin America, and the U.S., according to a recent analysis by Wood Mackenzie. The total value of global wind turbine orders is estimated to have reached $15.2 billion, representing a YoY increase of $3 billion. China achieved a new Q1 record with 15.2 GW of wind turbine order intake. Latin America also experienced record growth during the first quarter, reaching 1.7 GW.

The Maharashtra Electricity Regulatory Commission, in a recent order, directed the Maharashtra State Electricity Distribution Company to pay ₹406.44 million (~$4.92 million) to Juniper Green Field toward an increase in the Basic Customs Duty on the import of solar inverters and increased Goods and Services Tax on renewable energy devices. The Commission noted that the carrying cost on the ‘Change in Law’ compensation must be allowed at the interest rate on the working capital loan allowed in the Renewable Energy Tariff Regulations, 2019. It must be calculated on a simple interest basis from the date of incurring such increased expenses until the order date.

As the cost of technology and installations have come down over the years, rooftop solar has undoubtedly emerged as a viable option to cut electricity bills for Commercial and Industrial (C&I) consumers. However, smaller C&I entities must fully understand the extent of savings and the cash outgo toward loan repayment on the installation to make informed decisions. Consumers must assess their capacity requirement based on the operations, then choose developers with experience installing rooftop solar systems.

An international research team from the University of Tabriz in Iran and Bilkent University in Turkey has developed an inverted all-perovskite bilayer solar cell design with a power conversion efficiency of 24.83% by incorporating innovative materials and optimizing light absorption across a wide spectrum. The researchers focused on developing bilayer heterojunctions with different perovskite materials to enhance light absorption in various spectrum regions.