SAEL Industries, Jindal India Renewable Energy, Sembcorp Green, JBM Renewables, Fastnote Biofuels (Hindustan Power), and Reliance NU Energies won SJVN’s auction to develop 1,200 MW interstate transmission system-connected solar power projects with 600 MW/2,400 MWh energy storage systems. SAEL, Jindal, Sembcorp, and JBM quoted a tariff of ₹3.32 (~$0.0389)/kWh to win 150 MW, 300 MW, 150 MW, and 150 MW, respectively. Fastnote Biofuels won 100 MW at a tariff of ₹3.33 (~$0.0390)/kWh. Reliance NU Energies won 350 MW, out of a quoted capacity of 600 MW, at a tariff of ₹3.33 (~$0.0390)/kW under the bucket filling method.

Government agencies floated around 14.4 GW of solar tenders in Q1 2025, a 53.1% drop compared to 30.7 GW in Q1 2024, but a 5.4% increase from Q4 2024. The Ministry of New and Renewable Energy has set an annual bidding target of 50 GW for renewable projects, with a minimum allocation of 10 GW for wind power. However, agency-specific targets for FY25 have not yet been specified. The four implementing agencies, NTPC, NHPC, SECI, and SJVN, together issued tenders amounting to 77% of the 50 GW annual target for FY25. They were responsible for 41% of all solar tenders floated in Q1 2025.

Adani Electricity Mumbai invited bids to procure 500 MW/4,000 MWh of energy storage capacity along with an additional 250 MW/2,000 MWh under greenshoe option from pumped hydro storage projects or battery energy storage systems. Each project must have a minimum capacity of 50 MW and may be connected to an intra-state or interstate transmission system. Bids must be submitted by July 1, 2025. Bids will be opened on July 8. Selected developers must deliver the contracted capacity on a build-own-operate-maintain basis and handle all aspects of financing, development, design, engineering, procurement, construction, commissioning, and ongoing operation and maintenance.

Damodar Valley Corporation (DVC) invited bids to set up 234 MW floating solar projects on the Reservoir of DVC Maithon Dam, Maithon in Jharkhand. The minimum individual project size must be 59.5 MW. Bids must be submitted by 16, 2025. Bids will be opened on the same date. The scope of work entails the design, engineering, procurement, erection, testing, and commissioning of the projects. It also includes overseeing the equipment and materials supply, testing at the manufacturers’ works, inspections, packing and transportation, receipt, unloading and storage at the site, installation and incidentals, and associated civil works

Israel-based solar inverter manufacturer SolarEdge reported a revenue of $219.5 million in the first quarter (Q1) of 2025, reflecting a 7% year-over-year (YoY) increase from $204.4 million. The results surpassed analysts’ expectations by $15.2 million. The U.S. accounted for $132.1 million, or 62% of the total revenue. European markets contributed $47.4 million (22%), while international markets added $32.6 million (16%). Despite the revenue increase, SolarEdge reported a net loss of $66.1 million for the quarter, an improvement compared to a loss of $108.6 million in the same period last year.

Shoals Technologies Group, a manufacturer of electrical balance of systems for solar, energy storage, and e-mobility, reported its Q1 2025 earnings, revealing a revenue of $80.4 million, surpassing the forecasted $74.76 million. This represents an 11.5% YoY decrease from $90.8 million. The company recorded a net loss of $0.3 million for Q1 FY 2025, compared to a loss of $4.8 million in the same period of 2024. The decrease in revenue, coupled with the factors affecting gross margin and operating expenses, contributed to the company’s net loss.

Array Technologies, a utility-scale solar tracker supplier, reported a net income of $2.3 million in the Q1 of 2025, compared to a net loss of $11.3 million in Q1 2024. The company’s revenue during Q1 2025 was $302.4 million, a 97% YoY increase from $153.4 million. The company exceeded analyst estimates by 14%. Array Technologies attributed this growth to a strong order book with an 18% contract growth, gaining traction with independent power producers across Europe, the Middle East, and Asia.

Public infrastructure finance company REC Limited recorded a total income of ₹153.48 billion (~$1.79 billion) for the Q4 of the financial year 2025, a 21% YoY increase. REC’s net profit for the quarter rose 6% YoY to ₹43.09 billion (~$502.29 million). The company’s earnings per share came in at ₹16.24 (~$0.19) compared to ₹15.36 (~$0.18) in the corresponding quarter last year.