Daily News Wrap-Up: Leading Solar EPC Companies in 1H 2023

India aims to add 21 GW of renewable power capacity in FY24

November 10, 2023


Prozeal Green Energy, Tata Power Solar, Vikram Solar, Waaree Renewable Technologies, and Opera Energy emerged as the top utility-scale solar engineering, procurement, and construction service providers in the first half (1H) of 2023, according to Mercom’s recently released India Solar Market Leaderboard 1H 2023. Prozeal Green Energy topped with a market share of 12.4%, followed by Tata Power Solar and Vikram Solar with 9.1% and 5.3%, respectively. Waaree Renewable Technologies and Opera Energy had a 5.3% and 3.6% market share, respectively.

India aims to add 21 GW of renewable energy capacity and 10 GW of thermal capacity during the financial year (FY) 2023-24, according to Power Secretary Pankaj Agarwal. At the National Conference of Power and New & Renewable Energy, Agarwal said concrete steps were being taken to achieve a total power capacity of 900 GW by FY 2031-32. India’s installed renewable energy capacity, as of July 2023, stood at 173.5 GW, amounting to 41.4% of the share of the overall power capacity mix, according to data from the Central Electricity Authority, Ministry of New and Renewable Energy, and Mercom’s India Solar Project Tracker.

NTPC Renewable Energy has floated two land and power evacuation package tenders to develop inter-state transmission system-connected solar projects in Andhra Pradesh with greenshoe options. The first tender aims to develop a 900 MW solar project in Kurnool, with an additional 300 MW greenshoe option. The second tender is for a 900 MW solar project in Anantapur, also with a 300 MW greenshoe option. The last day to submit the tenders for the Kurnool project is December 18, 2023. Bids will be opened on the same day.

The Haryana government has unveiled the ‘Draft Haryana Solar Power Policy 2023,’ aiming for 6 GW of solar power installations by 2030. This target comprises 3.2 GW of ground-mounted capacity, 1.6 GW of rooftop solar, and the solarization of 1.2 GW of irrigation pumps. Power distribution companies can set aside 20% of the ground-mounted solar capacity for small generators of up to 2 MW. They can issue separate tenders for this reserved capacity, and the tariff for small generators will be determined based on the bids. There will be no capacity restriction for entities looking to establish solar projects for their own consumption.

Shri Tuljabhavani Temple Trust has issued a tender for technical consulting services to install a solar power project with a capacity of 250 MW or more near Malumbra and Masala villages in the Tuljapur district of Maharashtra. The last date for the submission of bids is November 28, 2023. Bids will be opened on November 30. The proposed project will be established on a 1,000-acre land tract near the Tuljapur-Solapur road, part of the National Highway Solapur-Dhule. The cost of the tender application is ₹10,000 (~$120) plus 12% GST. Bidders are required to submit an earnest money deposit of ₹100,000 (~$1,200).

The U.S. Department of Energy Solar Energy Technologies Office and Wind Energy Technologies Office have jointly issued a request for information to gather input on a draft Transmission System Interconnection Roadmap prepared by the Interconnection Innovation e-Xchange (i2X) to improve interconnection practices for the bulk power system. Feedback on the draft roadmap has been sought from grid operators, utilities, state and local governments, tribal governments and tribal utilities, clean energy developers, energy justice organizations, nonprofits, trade associations, and other i2X stakeholders by November 22, 2023.

The renewable energy units traded at the Indian Energy Exchange (IEX) in October 2023 dropped further to 188 million units (MU), the lowest recorded in 2023, a 53.35% year-over-year (YoY) and 18.26% month-on-month drop. The renewable energy trade continues its downward trend at the IEX this year, with a ~50% YoY drop in the second quarter of the financial year 2023-24. The Green Day-Ahead Market and Green Term-Ahead Market segments witnessed a surge in the weighted average prices during the month, causing a drop in trading volumes.

Energy storage solutions provider Eos Energy Enterprises recorded a revenue of $684,000 in the third quarter (Q3) of 2023, an 89% YoY drop from $6.07 million, primarily due to lower sales during the period. The company’s net income, however, was boosted to $14.93 million profit, a 121% improvement from the $70.72 million of losses reported in Q3 2022. The profits were mainly due to the one-time non-cash accounting adjustments for project commissioning and inventory reserves, which helped reduce $61.80 million from the overall operating expenses and net taxes.

Shoals Technologies Group, a manufacturer of electrical balance of systems for solar, energy storage, and eMobility, reported a net loss of $9.8 million for Q3 of 2023, a YoY decline of 176.5% from the net income of $12.8 million, primarily due to increased expenses. The company’s revenue increased by 48% to reach $134.2 million, in contrast to the $90.8 million reported in the prior-year period. The growth was mainly driven by higher sales volumes from increased domestic demand for solar EBOS.

Gujarat-based power company Torrent Power posted a total income of ₹5.3 billion (~$63.6 million) for Q2 of FY 2023-24, a YoY increase of 9% due to an increase in contribution from merchant power sales in gas-based power projects, and contribution from licensed distribution businesses due to improved performance. The company’s revenue increased by 4% YoY to ₹69.6 billion (~$835.5 million) due to higher contributions from renewable businesses due to capacity addition, higher wind plant load factor, and decreased tax expenses.