Daily News Wrap-Up: Top Solar Module Mounting Firms in 2023

SJVN’s subsidiary invites bids for 377 MW of solar modules

May 17, 2024


Goodluck India, Arctech, and GameChange Solar were the top three module mounting structure suppliers to the Indian solar market in the calendar year 2023. Raydean Industries and Strolar Mounting Systems rounded off the top five, according to Mercom’s recently released report, India Solar Market Leaderboard 2024. The top five companies shipped 67% of the mounting structures used in the country’s solar projects during the year.

SJVN Green Energy (SGEL), a wholly owned subsidiary of SJVN, has invited bids for the manufacture and supply of solar photovoltaic modules with a capacity of 376.60 MW for the GUVNL (Phase-XIV) solar power project. The last date to submit bids is June 11, 2024. Bids will be opened on the same day. The bidding process will have two stages, with the first involving the submission of techno-commercial bids, followed by a price bid in the second stage. A reverse auction will then determine the successful bidder.

Singareni Collieries Company (SCCL), a coal mining company owned by the Government of Telangana and the Government of India, has floated a tender to appoint a project management consultant for a 67.5 MW solar power project. The last date for submission of bids is June 5, 2024. Bids will open on the same day. Bidders must furnish an earnest money deposit of ₹700,000 (~$8,383). They must also pay a transaction fee of 0.03% on their quoted value (on a landed cost basis) plus 18% GST on the transaction fee.

The Rajasthan Electricity Regulatory Commission (RERC) has adopted a tariff of ₹2.64 (~$0.03)/kWh for NLC India’s (NLCIL) 810 MW intrastate-connected solar photovoltaic power project in Rajasthan. The tariff was discovered through tariff-based competitive bidding under the program for flexibility in generating and scheduling thermal / hydropower stations through bundling with renewable energy.

The Indian Energy Exchange (IEX) has reported a total income of ₹1.49 billion (~$17.85 million), an increase of 15% year-on-year (YoY) in the fourth quarter of the financial year 2024. The profit after tax (PAT) for the quarter stood at ₹966.86 million (~$11.58 million), a 9% increase YoY. IEX achieved a total trading volume of 30.1 billion units (BU) across all market segments, marking a 15.5% increase from the previous year. The trading volume includes 25.9 BU from the conventional power market, 1 BU from the green market, and 3.25 million Renewable Energy Certificates (RECs), equivalent to 3.2 BU. The REC traded volume surged by nearly 98% YoY.

The Central Electricity Regulatory Commission (CERC) has released a draft Deviation Settlement Mechanism (DSM) Regulations 2024 to provide a framework of charges and penalties to treat and settle deviations from scheduled generation or drawal of electricity to ensure grid stability. The charges get progressively steep as the percentage deviation increases from the safe range of 49.90 Hz to 50.05 Hz. They also factor in grid frequency – from paying back at normal rates for moderate deviations to heavy penalties of up to 200% of normal rates for large deviations.

Solar tracker firm Nextracker‘s fourth-quarter revenue jumped 42% to $737 million in financial year 2024 from $518 million last year, reflecting robust demand for its products. The demand was driven by 27% growth in the U.S. and 89% growth in the rest of the world. Meanwhile, lower cost of sales and robust sales growth, along with optimized supply chains, helped the California-based company’s net income surge 710% to $223 million from $27.5 million in the prior year quarter.

Enfinity Global, a renewable energy project developer, has announced financing worth $135 million from the Canada Pension Plan Investment Board to fund the development and construction of 1.2 GW of solar and wind power projects across five states in India. The projects, located in Maharashtra, Delhi, Karnataka, Rajasthan, and Uttar Pradesh, are in advanced development stages and are projected to be commissioned and connected to the grid between 2025 and 2026.

CIL Navikarniya Urja, a wholly-owned subsidiary of Coal India Limited (CIL), has invited bids to commission 20 MW (10 MW x 2) of solar power projects along with the associated transmission system in Jagannath and Lakhanpur, Odisha. Only empanelled engineering, procurement, and construction contractors can participate in this tender. The project should be commissioned within 12 months of receiving the work order. The successful bidder must also provide operation and maintenance services for the project for ten years.

Energy storage solutions provider Eos Energy Enterprises narrowed its first quarter, 2024 net loss by 34.7% to $46.71 from $71.6 million in the same quarter of 2023. Eos’ revenue from its their “Z3” semi-automated manufacturing line amounted to $6.6 million, a 25% YoY decrease, primarily due to the timing of customer revenue recognition. The cost of goods sold reached $28.2 million, up 5% YoY, due to a 28% rise in manufacturing volume. Operating expenses totaled $19.5 million, indicating a 3%YoY decrease compared to the prior year.