Daily News Wrap-Up: Solar Accounts for 16% of Total Installed Power Capacity in Q3

Coal Ministry identifies 20 abandoned mines to develop pumped storage projects

November 13, 2023


Solar power accounted for 16.44% of the total installed power capacity and 39.4% of the total installed renewable capacity in Q3 of 2023, marginally up from 15.9% and 38.4% in the previous quarter. India’s installed renewable energy capacity, including large hydropower projects, stood at 177.1 GW, making up for 41.8% of the overall power capacity at the end of the quarter, according to data from the Central Electricity Authority, Ministry of New and Renewable Energy (MNRE), and Mercom’s India Solar Project Tracker.

The Ministry of Coal has identified 20 abandoned mines to evaluate their feasibility for setting up pumped storage projects and leveraging vast land banks’ economic advantages. The projects will be developed to help utilize solar energy to generate hydroelectricity, promoting sustainable development in the coal sector. The information was shared by the Coal Ministry Secretary at a review meeting. The initiative aims to harness solar energy during the day and generate hydroelectricity at night.

Government-owned Power Finance Corporation (PFC) has recorded a net profit of ₹66.28 billion (~$795.5 million) during the second quarter (Q2) of the financial year (FY) of 2024, a year-over-year (YoY) increase of 26.7%. The public infrastructure company posted an income of ₹224.04 billion (~$2.69 billion), an increase of 15.9% YoY. The company recorded ₹219.5 million (~$2.94 million) in dividend income and an additional ₹913.2 million (~$12.26 million) as fees and other income. During Q2 FY 2024, PFC distributed loans amounting to ₹327.7 billion (~$4.38 billion), reflecting a 91% YoY increase.

Lithium-ion storage solutions provider Flux Power Holdings recorded a net loss of $2.11 million for Q1 of the fiscal year (FY) 2023-24, a marginal 1.3% YoY improvement from $2.14 million. The improvement in net income reflected the company’s increased gross profit, offset by increased operating and interest expenses. The revenue for Q1 decreased by 17% YoY to $14.8 million from $17.8 million, primarily driven by shipment deferrals and delays in receiving anticipated orders, leading to a drop in energy storage pack sales.

Solar module manufacturer Canadian Solar announced it is setting up a 5 GW solar photovoltaic wafer production facility in Thailand. Headquartered in Ontario, Canada, the company is building a solar photovoltaic N-type wafer manufacturing plant in Thailand, slated to begin production in March 2024. While the wafers produced here will initially be used at the existing Thailand TOPCon cell manufacturing plant, they will gradually be used as inputs to the Indiana cell factory. This depends on their newly announced 5 GW U.S. cell factory in Indiana’s Jeffersonville becoming fully operational.

Germany-based solar energy equipment supplier SMA Solar Technology reported a net income of €76.94 million (~$82 million) during Q3 of 2023, a YoY increase of 256% from €21.59 million (~$23 million). Revenues from the large-scale and project solutions and commercial and industrial solutions segments substantially improved profitability during the third quarter. The company said all segments delivered positive results, with the Home Solutions segment maintaining its leadership position.

Fuel cell manufacturer Bloom Energy announced that its total revenue at the end of Q3 of 2023 climbed to $400.3 million, registering a 39% increase from the same period in 2022. This was attributed to a YoY increase of 40.7% in Products and Services, which stood at $352.5 million, against $250.6 million. The non-GAAP net profit improved significantly to $51.8 million compared to a non-GAAP operating loss of $28.5 million in the third quarter of 2022. The significant improvement in the net profit was attributed to the impairment charge adjustments of $130.1 million against the company’s past power purchase agreements.


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