Daily News Wrap-Up: CERC Approves Evacuation of 4.5 GW of Renewable Power in Gujarat

India is well-poised for global investments in battery recycling

August 3, 2023


The Central Electricity Regulatory Commission has granted a transmission license to POWERGRID Khavda II-C Transmission, a wholly owned subsidiary of Power Grid Corporation of India, for evacuating 4.5 GW of renewable energy at the Khavda pooling station, Gujarat, under Phase-II, Part C on a build, own, and operate basis. The Commission said the evacuation of 4.5 GW of renewable energy under Phase II, including Parts A to D, has to be taken up in a similar timeframe.

The collective capacity of lithium-ion batteries in India across various sectors is projected to reach approximately 600 GWh by 2030, according to a report by NITI Aayog and the Green Growth Equity Fund Technical Cooperation Facility. By 2030, it is anticipated that around 128 GWh of these batteries will be recycled, with nearly 59 GWh originating specifically from the electric vehicle sector.

SolarEdge, an Israel-based solar inverter manufacturer, has posted a net income of $119.5 million during the second quarter (Q2) of 2023, a year-over-year (YoY) growth of 692% from $15.1 million. The company recorded revenue of $991.3 million, a 36% YoY increase from $727.8 million. The company reported that revenues from its solar business reached a record high of $947 million, while revenues from its non-solar businesses amounted to $44 million, an increase from $35.2 million last quarter which was a result of higher storage division revenues.

Spain-based independent power producer Iberdrola recorded a net profit of €1.04 billion (~$ 1.14 billion) during Q2 of FY 2023, an increase of 2% on a YoY as compared to €1.02 billion (~$1.1 billion). The company’s revenue during the quarter came up to €10.8 billion (~$11.8 billion), a decrease of 11.5%, from €12.28 billion (~$13.5 billion) during Q2 2022, due to the increased investments made through the first half including Q2.

Distributed generation storage and energy services company SunPower Corporation narrowed its net loss to $33 million during Q2 2023, an improvement of 47% on a YoY basis compared to losses of $62.3 million. The company recorded a revenue of $463.85 million during Q2 2023, an increase of 11% compared to $417.77 million recorded during the corresponding period in 2022.

UK-headquartered power infrastructure company Atlantica Sustainable Infrastructure recorded a net profit of $35.65 million for Q2 FY 2023, a YoY increase of 121%. The company’s revenue for the April-June period increased 1% YoY to $312.11 million. The jump in net profit was attributed to the operational income from the company’s South American operations, which also helped boost the profits for the first six months of the year.