Daily News Wrap-Up: TOPCon Module Tech Trumps HJT in Indian Solar Market

Solar EPS firm Gensol raises ₹9 billion in equity capital

February 8, 2024


As solar technology evolves to keep up with the increasing adoption to help lower manufacturing costs and increase the efficiency of solar modules, Indian solar module manufacturers have been leaning towards the latest TOPCon (Tunnel Oxide Passivated Contact) module technology over its other mainstream rival – HJT (Heterojunction). In the Indian solar market, where the p-type mono PERC is well established, manufacturers are looking at the next big technology to replace it to achieve higher efficiency rates.

Solar engineering and consulting firm Gensol Engineering raised ₹9 billion (~$108 million) in equity capital through warrants convertible into equity shares on a preferential basis. The equity funding saw participation from international and domestic participants, including the Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund.

State Distribution companies owed power generators ₹878.1 billion (~$10.58 billion) in total dues for the monthly billing cycle in January 2024. The current outstanding dues, excluding the latest monthly dues, are ₹347.52 billion (~$4.18 billion). The overdue before the trigger date is ₹286.53 billion (~$3.45 billion), after which the amount will increase by ₹60.99 billion (~$734.92 million) as the late payment surcharge becomes applicable.

Uttar Pradesh New And Renewable Energy Development Agency (UPNEDA) has issued three tenders to install 7 MW of grid-connected net-metered rooftop solar projects with battery backup. UPNEDA can adjust the capacity by up to 25% when placing the contract and during the contract. Bidders must agree to accept these changes to their orders.

Tamil Nadu Generation and Distribution Corporation has floated a tender to set up 420 MW of solar power projects under Component A of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program. The last date for submitting bids is February 26, 2024. Bids will be opened the next day. Additionally, renewable project developers can set up these projects on behalf of farmers, referred to as renewable power generators.

The Tamil Nadu Electricity Regulatory Commission has unveiled the Forecasting, Scheduling, and Deviation Settlement and related matters for Wind and Solar Generation Regulations in 2024. These regulations will be implemented starting April 1, 2024. The regulations are designed to support the integration of wind and solar energy into the Tamil Nadu grid, ensuring stability and security in accordance with the state grid code and relevant legislation.

Microinverter and battery storage supplier Enphase Energy’s profit for the fourth quarter (Q4) of the financial year (FY) 2023 fell 65% from last year as the Nasdaq-listed company faced slowing demand and high inventory levels at its distribution partners. Enphase reported a net profit of $73.4 million versus $212.4 million last year. Its quarterly revenue also fell by about 58%, from $724.6 million to $302.6 million in Q4 of FY 2023.

The Gujarat Electricity Regulatory Commission (GERC) has adopted the tariff of ₹3.11/kWh (~$0.037) for Gujarat Urja Vikas Nigam Limited (GUVNL) to procure power from 500 MW grid-connected wind power projects in the state under a competitive bidding process. GERC directed GVNUL to disclose the names of the bidders and the tariff they quoted on its website within 30 days.

Jharkhand State Electricity Regulatory Commission has introduced new regulations to encourage the generation of electricity from renewable sources. Called the Jharkhand State Electricity Regulatory Commission (Terms and Conditions for Green Energy Open Access) Regulations, 2024, these rules outline the measures for grid connection and the sale of green energy.