Daily News Wrap-Up: China Installs 46 GW Solar Capacity in Q1 2024

Tata Power partners with the Indian Bank to provide low-interest loans for rooftop solar

April 25, 2024


China installed 45.74 GW of solar power capacity in the first quarter of 2024, a 35.8% year-over-year growth, according to the National Energy Administration. The country also installed 15.5 GW of wind, 6.39 GW of thermal, and 1.81 GW of hydroelectric capacity. The country’s cumulative solar installations stood at 660 GW at the end of the quarter. As of the end of March, the country’s total installed power generation capacity reached about 2.99 TW. Solar power made up 660 GW, wind 456.6 GW, hydroelectric 423.4 GW, thermal power stood at 1.39 TW, while nuclear power accounted for 57 GW.

Tata Power Solar Systems will partner with the Indian Bank to bolster the adoption of affordable rooftop solar in the residential segment by making low-interest loans available to consumers. Under the partnership, financing solutions will be offered for installations up to 3 kW under the Pradhan Mantri Surya Ghar Muft Bijli Yojana and installations with capacities from 3 kW to 10 kW under the regular program. Residential consumers can avail loans up to ₹200,000 ($2,401) at a 7% annual rate of interest.

U.S.-based electric vehicle maker Tesla reported a total revenue of $ 21.3 billion in the first quarter of the financial year 2024, a 9% year-over-year (YoY) decrease. The decline in revenue was primarily attributed to a lower average selling price and a drop in vehicle deliveries, partly influenced by updates to the Model 3 at the Fremont factory and production disruptions at Giga Berlin. The revenue from the automotive segment stood at $17.38 billion, down 13% YoY. However, the energy generation and storage segment revenue was up 7% YoY at $1.64 billion.

At a time when solar open-access installations are gaining traction across the country, developers with small-capacity projects in Telangana say the inordinate delay in adhering to regulatory frameworks by distribution companies is creating bottlenecks. From tedious and time-consuming long-term open access renewal process to generator-end power quality challenges to partial payments for unutilized banked energy, the state’s solar open access developers cite a long list of problems threatening their projects’ feasibility.

U.S.-based renewables firm NextEra Energy said its first-quarter net income rose 12% year-over-year to $2.27 billion and that it expects data centers to drive electricity demand higher. The company has 3.5 GW in data center capacity operational and looks to add another 3 GW to 3.5 GW in its backlog from technology providers while seeing a 15% CAGR through the end of the decade for electricity demand from data centers. The quarterly revenue, however, dipped 14.6% to $5.73 billion from $6.71 billion last year, partly due to lower contributions from NextEra Energy Resources.

Microinverter and battery storage supplier Enphase Energy recorded a net income of $48 million during the first quarter of 2024, a year-over-year decrease of 75% from $192.32 million as the demand in its primary U.S. market witnessed a drop. In Q1 of 2024, the company reported quarterly revenue of $263.3 million, a 63.7% decrease YoY. Enphase’s revenue in the U.S. declined by roughly 34% compared to the fourth quarter of 2023. The drop in revenue was attributed to seasonal factors and a continued softening in U.S. demand, as they persisted in reducing shipments to manage channel inventory.


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