Daily News Wrap-Up: Solar Corporate Funding Reaches $34.3 Billion in 2023

Private DISCOMs top consumer satisfaction ratings for FY 2022-23

January 23, 2024


Global corporate funding in the solar sector in 2023, including venture capital investments, public market funding, and debt financing, reached $34.3 billion, a 42% year-over-year increase from $24.1 billion. This was the largest amount raised in over a decade. While the total funding rose, the number of deals dropped 8.5% from 175 to 160.

Only four distribution companies (DISCOMs) out of 62 scored an A+ rating in an assessment of consumer service performance conducted by the Ministry of Power and REC Limited for the financial year 2022-23. The third edition of the Consumer Service Rating of Distribution Companies assessed ten private and 52 state-owned DISCOMs serving over 320 million customers.

NTPC Vidyut Vyapar Nigam, a wholly owned subsidiary of NTPC, has invited bids from enlisted developers to set up 2,300 kW of grid-connected rooftop solar power projects across various buildings of public sector undertakings under the Department of Defence Production across northern India. The last date to submit the bids is February 1, 2024. Bids will be opened on February 2. The projects are to be installed across seven locations across Panchkula in Haryana, Ghaziabad, Kanpur, Korwa, and Shahjahanpur in Uttar Pradesh.

The government-owned lender Indian Renewable Energy Development Agency has reported a 67% year-over-year increase in profit after tax for the third quarter (Q3) of the financial year (FY) 2023-24 to ₹3.36 billion (~$40.42 million) from  ₹2.01 billion (~$24.18 million). The considerable profit growth was primarily driven by the consistent growth in the company’s loan book and a significant reduction in its net non-performing assets to 1.52% in Q3 from 2.03% in the same period last year, a 25% improvement.

NTPC Vidyut Vyapar Nigam has invited bids from enlisted developers to commission 9.98 MW of ground-mounted and rooftop solar power projects at multiple locations in the western region for the Department of Defence Production’s public sector undertakings. The projects will be split between 7.48 MW ground-mounted and 2.5 MW rooftop solar. The work must be completed within nine months of receiving the work order. The scope of work includes operation and maintenance activities for ten years.

NTPC Renewable Energy, a wholly owned subsidiary of NTPC, has invited bids for the supply of solar modules for the 1,200 MW Khavda solar project (North Block) in Gujarat. The scope of work includes manufacturing, supply, packing and forwarding, and transportation of open-category crystalline solar modules. The last date for the submission of bids is March 5, 2024. Bids will be opened the same day.

SolarEdge, an Israel-based solar inverter manufacturer, has announced a restructuring initiative to trim operating expenses and adapt its cost structure to current market conditions. As part of this plan, around 16% of the company’s global workforce, totaling approximately 900 employees, will be affected. Approximately 500 of these job cuts will come from SolarEdge’s diverse manufacturing sites.