Daily News Wrap-Up: Indian Solar Imports Surge to $2 Billion in Q1 2024

Winners of SJVN’s 1.5 GW wind-solar hybrid power auction revealed

June 12, 2024


India imported solar cells and modules totaling over $2 billion (~₹167 billion) in the first quarter (Q1) of the calendar year 2024, up 147.5% year-over-year (YoY), according to data from the Department of Commerce. Solar cells accounted for 21% of the quarter’s imports, and solar modules 79%. Module and cell imports fell 2.1% quarter-over-quarter (QoQ) from $2.05 billion (~₹170.9 billion). In Q1 2024, China accounted for 73% of India’s solar imports compared to 69% in Q4 2023. Imports from China totaled $1.5 billion (~₹121.8 billion), representing a 3.6% QoQ growth. Vietnam was second with 13.5%, followed by Malaysia, Thailand, Singapore, and Hong Kong with 3.5%, 3.3%, 3.1%, and 2.5%, respectively.

AMPIN Energy, Ganeko Solar (Solarpack), Inaayu Renewables (EverGreen Power), Juniper Green Energy, Datta Power Infra, JSW Neo Energy, and Avaada Energy have been awarded SJVN Green Energy’s tender to develop 1500 MW of ISTS-connected wind and solar hybrid power projects in India. AMPIN Energy, Ganeko Solar, Inaayu Renewables, Juniper Green Energy, and Datta Power Infra secured 150 MW, 300 MW, 60 MW, 150 MW, and 70 MW, respectively, at a quoted tariff of ₹3.41 (~$0.0408)/kWh. JSW Neo Energy and Avaada Energy secured 350 MW and 470 MW, respectively, at a tariff of ₹3.42 (~$0.0409)/kWh.

NTPC Vidyut Vyapar Nigam (NVVN) has invited bids from channel partners to facilitate the installation of grid-connected residential rooftop solar systems under the PM Surya Ghar: Muft Bijli Yojana. These projects will be implemented in three locations: districts of Telangana under the Northern Power Distribution Company of Telangana and the Southern Power Distribution Company of Telangana, and Maharashtra. NVVN seeks to engage channel partners to collaborate with EPC vendors and DISCOMs to install residential rooftop solar projects in the two states. Only bidders who meet the Class I Local Supplier requirement for supplying goods or services related to this tender are eligible to participate.

The U.S. solar industry installed 11.8 GWdc of capacity in Q1 2024, marking the second-best quarter for the industry, only behind the last quarter of 2023, according to the U.S. Solar Market Insight Q2 2024 report by Wood Mackenzie and Solar Energy Industries Association. Solar accounted for 75% of all new electricity-generating capacity added to the U.S. grid in Q1. Florida installed the most solar at 2.7 GWdc, with Texas as a close second with 2.6 GWdc. For both states, the vast majority of these installations were utility-scale. The utility-scale solar segment had a record-breaking first quarter in 2024, adding 9.8 GWdc, a 135% YoY increase.

In an exclusive interview with Mercom India, Divya Sharma, India Executive Director of Climate Group, outlines Climate Group’s activities in India, including the progress achieved under the RE100 program and other decarbonization initiatives aimed at reducing emissions by industries in various sectors. Substantial savings on energy bills and the clean energy transition goals have led to a growing number of commercial and industrial entities in India adopting renewable energy sources for their electricity needs. Several large companies have signed up to RE100, a global corporate renewable energy initiative bringing together hundreds of businesses committed to 100% renewable electricity. In India, the RE100 program is driven by the Climate Group.

Hero MotoCorp has increased its stake in electric mobility firm Ather Energy by 2.2% by purchasing shares worth ₹1.24 billion (~$14.85 million). The indicative period for the completion of the acquisition is July 31, 2024. The transaction will be made on an arm’s length basis. Ather Energy, an existing associate company of Hero MotoCorp, designs, manufactures, sells, and services electric two-wheelers. In 2023, Hero MotoCorp approved an investment of up to ₹5.5 billion (~$66.3 million) in the rights issue of Ather Energy. Prior to this investment, Hero MotoCorp held a 33.1% share in Ather, based on a fully diluted basis.

candi solar, a solar solutions provider for commercial and industrial (C&I) consumers, has secured $38 million in equity investment in its Series C funding round led by Norfund, Kyuden International, and STOA. This investment will support candi solar’s growth plans in India and Africa, financing an additional 200 MW of solar projects for C&I consumers and bolstering hiring initiatives to sustain its expansion. Founded in 2018, candi solar offers energy solutions as a solar engineer, financier, and operator. The company claims a contracted capacity of 112 MW and serves clients such as Airtel and Jindal Saw in India, and Schneider Electric in South Africa.


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