Daily News Wrap-Up: Cabinet Approves New Rooftop Solar Subsidy Program

Chhattisgarh issues tender for 10,000 solar water pumps under KUSUM

March 1, 2024


The Union Cabinet has approved the Pradhan Mantri-Surya Ghar: Muft Bijli Yojana, aimed at installing rooftop solar systems on 10 million households, with a total outlay of ₹750.21 billion (~$9.05 billion) until the financial year (FY) 2025-26. Consumers must apply for subsidy through the National Portal and select a vendor to install the rooftop solar system. The portal will provide consumers with information on system sizes, benefits calculators, vendor ratings, etc., to help with the decision-making process.

The Chhattisgarh State Renewable Energy Development Agency has issued a tender to establish standardized rates to set up off-grid solar photovoltaic water pumping systems with capacities of 02, 03, and 05 HP across Chattisgarh. The initiative falls under Component B of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program. The last date for the submission of bids is March 28, 2024. Bids will be opened on April 3.

Jindal Steel & Power has commissioned a 15 MWdc rooftop solar project at its steel manufacturing plant in Angul, Odisha. The 15 MWdc capacity comprises two projects, 12 MWdc , and 3 MWdc capacities. The project is expected to help power partial operations at the Angul plate mill. The rooftop solar project has a cumulative generation capacity of 21 million units per year. The project is expected to reduce the unit’s annual CO2 footprint by 18,000 tons.

China-based polysilicon manufacturer Daqo New Energy Corporation reported lower revenue and net income in the fourth quarter (Q4) of 2023, as polysilicon prices continued to decline due to market oversupply. Daqo’s Q4 revenue was $477.1 million, down 45% from $864.3 million last year. Quarterly adjusted net income also fell 82% to $66 million from $363 million in the same period last year. The steep declines were due to lower polysilicon average selling prices (ASP), which dropped to $7.97/kg in Q4 from $32.54/kg in 2022.

Smart energy storage company Stem’s fourth quarter (Q4) net loss widened by 6.8% to $37.7 million from the net loss of 35.3 million in Q4 2022. The lower gross profit and higher interest expenses drove the increase in net loss. The AI-driven energy storage system provider’s revenue for Q4 2023 surged by 8% year-over-year (YoY) to $167.4 million, primarily due to the higher storage hardware revenue from Front-of-the-Meter partnership agreements and higher solar asset performance revenue.

Solid Power, which develops all-solid-state battery technology for electric vehicles, recorded a net loss of $65.55 million during 2023, a 586.3% YoY increase from a net loss of $9.55 million. The increase in net loss was primarily driven by the higher operating expenses in 2023 compared to 2022 due to increased investments in product development and operational scaling.