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Daily News Wrap-Up: MNRE Adds 4.1 GW of New Solar Module Capacity to ALMM

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					</table><p><a href="https://mercomindia.com/delay-almm-restricts-module-supplies/" target="_blank" rel="noopener"><strong>Even as the industry awaits official order on lifting the Approved List of Models and Manufacturers (ALMM) mandate for developers due to the lack of domestic solar module capacity</strong></a>, its role in delaying the enlistment of new models and manufacturers has been causing a supply bottleneck. According to the updated ALMM, the total capacity listed is approximately 21 GW and includes 83 module manufacturers.</p>
<p><a href="https://mercomindia.com/gqg-partners-invests-adani-companies/" target="_blank" rel="noopener"><strong>United States-based equity investment firm GQG Partners has closed a major deal involving a series of secondary block trade transactions amounting to ₹154.46 billion (~$1.87 billion) in the Adani</strong></a> Portfolio companies. The investments include ₹54.6 billion (~$663.21 million) in Adani Enterprises for 38.7 million shares at a price of ₹1,410.86 (~$17.14) per share. Adani Ports and Special Economic Zone received ₹52.82 billion (~$641.59 million) for 88.6 million shares at a price of ₹596.2 (~$7.24) per share.</p>
<p><a href="https://mercomindia.com/adani-operating-portfolio-crosses-8-gw/" target="_blank" rel="noopener"><strong>Adani Green Energy Ltd (AGEL), the renewables arm of the Adani Group, said its fourth wind-solar hybrid power project has become fully operational at Jaisalmer in Rajasthan</strong></a>. With the operationalization of the 700 MW plant, Adani Green now has the largest operating renewable portfolio in India with 8,024 MW. The plant is housed under AGEL’s 100% subsidiary, Adani Hybrid Energy Jaisalmer Four Limited. The hybrid power project has a power purchase agreement at a tariff of ₹3.24/kWh for 25 years.</p>
<p><a href="https://mercomindia.com/soltec-profit-surges-2022/" target="_blank" rel="noopener"><strong>Solar tracker maker Soltec Power Holdings recorded a net profit of €13.1 million ($14 million) in financial year (FY) 2022, a year-over-year (YoY) increase of 1191% compared to the net loss</strong></a> of €1.2 million (~$1.3 million) in FY21. The profit was driven by solid demand for trackers and the company’s measures to mitigate industry disruptions. The company delivered a record 3.8 GW of trackers in 2022. It has supplied a total of 15.6 GW of trackers to date.</p>
<p><strong><a href="https://mercomindia.com/tusco-consultancy-tender-solar-park/" target="_blank" rel="noopener">TUSCO, a joint venture company of THDC India and the Uttar Pradesh New and Renewable Energy Development Agency , has invited bids from consultants to prepare a feasibility-cum-detailed project report</a></strong> to develop an 800 MW ultra-mega solar power park in Chitrakoot, Uttar Pradesh. The final feasibility report must be submitted within 90 days of receiving the work order. The estimated work cost is ₹5.43 million (~$66,024). The last day to submit the bids is March 29, 2023. Bids will be opened the next day.</p>
<p><a href="https://mercomindia.com/greenko-700-million-pumped-storage/" target="_blank" rel="noopener"><strong>Renewable energy company Greenko Group announced the signing of definitive agreements for a primary equity raising of US$ 700 million from affiliates of Singapore’s sovereign wealth fund GIC, ORIX Corporation, and a wholly owned subsidiary of the Abu Dhabi Investment Authority</strong></a>. Greenko said that it would use the funds raised to accelerate its decarbonization efforts through the supply of carbon-free energy. The company will use the $700 million investment towards the capital expenditure of pumped storage projects which will have a storage capacity of more than 25 GWh, enabling 45 billion units of dispatchable carbon-free energy.</p>
<p><a href="https://mercomindia.com/germany-wind-solar-tenders-undersubscribed/" target="_blank" rel="noopener"><strong>Germany’s recent offshore wind energy auction for 3.21 GW has received interest for only less than half (1.5 GW) of the capacity on offer, according to the Federal Network Agency (Bundesnetzagentur</strong></a><strong>)</strong>. The auction received only 126 bids, while Bundesnetzagentur excluded seven bids due to procedural errors. The tariffs ​​quoted in the bids range between €0.0724 (~$0.077)/kWh and €0.0735 (~$0.078)/kWh. At €0.0743 (~$0.079)/kWh, the average quantity-weighted bid value is slightly below the newly defined maximum value.</p>
<p><a href="https://mercomindia.com/iron-ess-techs-q4-net-loss-narrows/" target="_blank" rel="noopener"><strong>Manufacturer of long-duration iron-flow batteries, ESS Tech, recorded a net loss of $25 million in the fourth quarter (Q4) of 2022, a year-on-year improvement of 86.12% compared to a $180.73 million loss during the corresponding period in 2021</strong></a>.The company said it continued to be challenged by supply throughout the year, which hindered its ability to fully achieve its delivery ambitions for the year, resulting in losses. However, it delivered 14 ‘Energy Warehouses’ in the fourth quarter. The company recorded $16,000 in revenue during the quarter compared to zero revenue generation in Q4 2021.</p>
<p><a href="https://mercomindia.com/meyer-burger-to-introduce-for-solar-modules/" target="_blank" rel="noopener"><strong>Switzerland-based engineering company Meyer Burger is planning to introduce a unified glass, glass-based product platform for its solar modules</strong></a><strong>.</strong> The modules designed under the platform will have optimized glass on the front and back. They will have enhanced bifaciality, a prominent attribute in heterojunction solar technology. The company said the products will come with increased durability, low weight, sustainably higher performance, and appealing aesthetics in black, white, and transparent variants.</p>
<p><strong><a href="https://mercomindia.com/australia-can-rival-china-for-renewables-sector/" target="_blank" rel="noopener">Australia can become a potential supply chain partner for the global renewables sector and an alternative to China, a report by think tank Climate Energy Finance has said</a></strong>. Australia houses minerals critical to renewable energy technologies in abundance and is the leading producer of unprocessed lithium. The country produces 79% of the world’s hard rock lithium, with its mineral exports projected to reach $16 billion in 2023. The country is the third largest exporter of cobalt and stands fourth in exporting mined copper, nickel, and rare earths.</p>
<p><strong><a href="https://mercomindia.com/perovskite-alkylammonium-26-08-efficiency/" target="_blank" rel="noopener">Researchers at South Korea’s Ulsan National Institute of Science and Technology have developed a perovskite solar cell by using alkylammonium chloride to control the formation of defects in the perovskite layer</a></strong><strong>.</strong> The researchers said when testing the film in a perovskite cell, it was found that it achieved a power conversion efficiency of 26.08%, which exceeds the efficiency of silicon solar cells. When tested by NREL experts, the device achieved a certified efficiency of 25.73%. The study “Controlled growth of perovskite layers with volatile alkylammonium chlorides” was recently published in Nature.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/mercom-staff/" class="vcard author" rel="author"><span class="fn">Mercom Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Daily News Wrap-Up: ALMM Approval Delay Restricts Solar Module Supply


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					</table><p>Switzerland-based engineering company <a href="https://www.meyerburger.com/en/" target="_blank" rel="noopener">Meyer Burger</a> is planning to introduce a unified glass, glass-based product platform for its solar modules.</p>
<p>The modules designed under the platform will have optimized glass on the front and back. They will have enhanced bifaciality, a prominent attribute in heterojunction solar technology.</p>
<p>The company said the products will come with increased durability, low weight, sustainably higher performance, and appealing aesthetics in black, white, and transparent variants.</p>
<p>Meyer Burger hopes to cut manufacturing costs as the new platform enables the scalability of new manufacturing capacities and accelerate mass production.</p>
<p>The company said the platform will help eliminate downtime due to product changes and complex procurement logistics processes caused by product diversity.</p>
<p>The company has set a target of producing solar modules with a total output of approximately 800 MW in 2023.</p>
<p>Meyer Burger has designed production lines for the new platform at its Goodyear site in the United States while the technical upgrades at the company’s Freiberg plant in Germany are scheduled to begin in the second quarter of 2023.</p>
<p>While the company expanded its production capacity in Germany’s plant to 1.4 GW which would be sufficient for the new platform, Meyer said the ongoing supply chain disruptions for some industrial electronics components have delayed ramping up of the third module line in Freiberg until summer.</p>
<p>Meyer said that it is providing the black and white glass-backsheet modules to its customers while the company transitions to the new product platform. The new platform can be combined with future solar cells technologies such as IBC-HJT and HJT-perovskite tandem.</p>
<p>In 2021, the company <a href="https://mercomindia.com/daily-news-wrap-up-module-plant/" target="_blank" rel="noopener">announced</a> the beginning of module production using heterojunction technology with an annual capacity of 400 MW which the company said would be expanded to 1 GW.</p>
<p>Last year, the International Energy Agency said in a <a href="https://mercomindia.com/diversifying-global-production-solar-modules-net-zero/" target="_blank" rel="noopener">report</a> that ensuring a secure transition to net-zero emissions will require increased efforts to expand and diversify the global production of solar modules. The report examined solar photovoltaic supply chains from raw materials to the finished product, covering energy consumption, emissions, employment, production costs, investment, trade, and financial performance.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Meyer Burger to Introduce Unified Glass-Glass Platform for Solar Modules


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					</table><p>The profit of solar glass manufacturer <a href="http://borosilrenewables.com/" target="_blank" rel="noopener">Borosil Renewables</a> slumped by 52% year-over-year (YoY) to ₹223.8 million (~$2.7 million) for the third quarter (Q3) of the financial year (FY) 2023. The financial performance was impacted due to increased input costs.</p>
<p>The cost of materials for Borosil in the quarter increased 30% YoY to ₹406 million (~$4.8 million).</p>
<p>For the October-December quarter, the total expenses jumped by 31% YoY to ₹1.4 billion (~$17 million).</p>
<p>The India-based company’s total income for the third quarter came in at ₹1.7 billion (~$20.6 million), a decline of 1.4% YoY.</p>
<p>The company said that during the quarter, the overseas wholly owned subsidiaries of the Borosil, Geosphere Glassworks GmbH, and Laxman AG acquired an 86% stake in GMB Glasmanufaktur Brandenburg GmbH (&#8220;GMB&#8221;) and Interfloat in Europe.</p>
<p>The acquisition involved an upfront consideration of €7.5 million (~$8 million) and the deferred consideration equivalent to 20% of the EBIT (earnings before interest and taxes) of GMB and Interfloat for calendar years 24, 25, and 26. Consequently, both GMB and Interfloat have become step-down subsidiary companies of the Company with effect from October 21, 2022</p>
<p><strong>9M FY 2023</strong></p>
<p>Higher input costs also impacted the profit for the first nine months of the fiscal year as it fell 36% YoY to ₹766.1 million (~$9.2 million), compared to ₹1.2 billion (~$14.3 million).</p>
<p>During this period, the overall expenses of Borosil for the initial nine months (9M) of the year rose by 31.4% YoY to ₹4.1 billion (~$49.7 million).</p>
<p>During the first 9M, the cost of materials for the company stood at ₹1.2 billion (~$14.6 million), up by 38% from ₹886.05 million (~$10.6 million) in 9M of FY 2022.</p>
<p>The company’s total income for 9M stood at ₹5.2 billion (~$62.1 million), up by 7% YoY compared with ₹4.8 billion (~$58.1 million) during 9M of FY 2022.</p>
<p>Borosil Renewables posted a 31.4% increase in Depreciation and Amortization expenses at ₹322.8 million (~$3.9 million) compared to ₹319.7 million (~$3.9 million) during the same period in the previous year.</p>
<p>Borosil Renewables <a href="https://mercomindia.com/solar-glass-manufacturer-borosil-profit-29-fy23/" target="_blank" rel="noopener">recorded</a> a profit ₹241.9 million ($2.97 million) for the second quarter of 2023, a YoY decrease of 29.2% compared to ₹341.1 million ($4.20 million).</p>
<p>Last October, Borosil Renewables <a href="https://mercomindia.com/borosil-acquires-two-solar-glass-manufacturers-in-europe/" target="_blank" rel="noopener">completed</a> the acquisition of an 86% stake in Interfloat Corporation and Glasmanufaktur Brandenbur (GMB), entities engaged in the solar glass manufacturing business, sales, and distribution in Europe.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Borosil Renewables’ Q3 Profit Dips 52% to ₹224 Million on Higher Input Cost

<p>The Rajasthan Electronics and Instruments Limited (<a href="http://www.reiljp.com/" target="_blank" rel="noopener">REIL</a>), a joint venture between the government of India and the government of Rajasthan, invited bids to procure 7,000 solar modules of minimum 380 W made from 72 monocrystalline solar cells.</p>
<p>The last date to submit bids is October 30, 2021. The bids will be opened on the same day.</p>
<p>Bidders are not required to furnish an earnest money deposit for this tender.</p>
<p>The successful bidder must deliver the modules within 75 days from the contract&#8217;s start in three tranches.</p>
<p>The successful bidder must also provide a warranty of ten years and free replacement against manufacturing defects. The solar module&#8217;s peak watt capacity should not be less than 90% at the end of 10 years and 80% at the end of 25 years.</p>
<p>The solar modules must perform satisfactorily between 10°C and +85°C and withstand harsh environmental conditions and wind speeds up to 130 kilometers/hour on the panel surface. Every module should comply with International Electrotechnical Standards (IEC). No negative power tolerance would be accepted.</p>
<p>The modules should be 100% potential induced degradation tolerant and have more than 25 years of service life. The minimum efficiency of modules should be over 18%. The glass used for modules should be of high transmission, low iron, toughened with a minimum thickness of around 3.2 mm.</p>
<p>According to the tender document, only Class-I, and Class-II local suppliers, as per Make in India order 2017, will be eligible to participate in the competitive bidding process. However, eligible micro and small enterprises will be allowed to participate in the tender.</p>
<p>Micro and small enterprises and original equipment manufacturers are exempt from the average turnover criteria. Micro and small enterprises are exempt from experience criteria. However, module manufacturers should be listed in the &#8216;Approved List of Models and Manufacturers&#8217; issued by the Ministry of New and Renewable Energy.</p>
<p>A micro and small enterprise will be awarded 25% of the total quantity if it quotes below the lowest bid (L1)+15% and matches the lowest bid.</p>
<p>Earlier this month, REIL <a href="https://mercomindia.com/rajasthan-electronics-invites-bids-solar-modules/" target="_blank" rel="noopener">invited</a> bids to supply 3,000 mono or polycrystalline solar modules of 320 W under the domestic content requirement category.</p>
<p>Mercom had earlier <a href="https://mercomindia.com/rajasthan-electronics-issues-tender/" target="_blank" rel="noopener">reported</a> that REIL issued a rate contract tender for 8,000 monocrystalline or polycrystalline solar modules of 160W, 320W, 325W, and 340W.</p>
<p>According to Mercom&#8217;s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a>, REIL has issued tenders to procure 102,610 solar modules to date.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Rajasthan Electronics Invites Bids for 7,000 Monocrystalline Solar Modules

<p>Two leading Chinese manufacturers have said that the spiraling prices of raw materials like glass, polysilicon, and silver since the second half of 2020 have led to a sharp increase in the prices of solar modules.</p>
<p>Supply constraints could continue until the second half of this year, and the current prices of modules were the best that can be projected for the next six months, or even longer, the two companies said in separate statements.</p>
<p>Overall solar module cost has gone up 35% since the second half of 2020 due to spiraling raw material prices, Chinese solar module supplier <a href="https://en.longi-solar.com/" target="_blank" rel="noopener">LONGi</a> has said.</p>
<p>Between June 2020 and February 2021, glass prices surged by around 80% per square meter. Prices for polysilicon and silver also shot up by 64% and 55%, respectively. Silver is mainly used in manufacturing silver paste for solar cell metallization.</p>
<p>“Overall module cost has increased about 35% and has remained high, due to the sharp price increases in these raw materials,” LONGi said in a statement.</p>
<p>Modules make up 55-60% of project CAPEX in a highly competitive market like India. While acknowledging that independent power producers have thin margins, LONGi said that raw material prices are driven by many factors which are not in control of OEMs (original equipment manufacturers) like LONGi.</p>
<p>Meanwhile, freight rates had also increased substantially due to a shortage of shipping capacity because of Covid-19 regulations for the crew, pushing up module prices further. “It is a difficult situation and beyond any of our control,” the company said.</p>
<p>“Our clients, which are leading IPPs in India and worldwide, are fully aware of the price increases in raw materials and freight cost. It is a difficult situation and beyond any of our control. In this scenario, LONGi and our partners mutually renegotiated the price terms in supply contracts to ensure on time project completion. We are happy to announce that we have been able to successfully fulfill almost all our clients’ orders and made deliveries on time,” said Dennis She, Senior Vice President, LONGi Solar.</p>
<p>Earlier this year, Mercom reported how Indian solar developers were facing a new <a href="https://mercomindia.com/freight-charges-adding-financial-burden-solar/" target="_blank" rel="noopener">challenge</a> while importing modules, especially from China, with shipping/freight charges having shot up substantially in the range of 500%-800% in the last quarter of last year.</p>
<p>Separately, another Chinese module supplier, <a href="https://www.jinkosolar.com/en" target="_blank" rel="noopener">JinkoSolar</a>, said that the fresh surge in downstream demand had driven the polysilicon shortage to crisis levels.</p>
<p>The global vice president at JinkoSolar, Dany Qian, said that polysilicon prices are not expected to drop for at least six months. The company’s general manager for South &amp; Central Asia, Daniel Liu, stated that Jinko is not backing out from any of the signed deals with its Indian customers due to the raw material supply shortage and the rising prices. The company has had record shipments to India in 2020 and Q1-2021!</p>
<p>The rise in polysilicon prices and the shortage of the raw material has forced panel suppliers to slow down production. “The price and supply situation has been steadily worsening since last year,” it said.</p>
<p>According to Jinko, some forecasts say that these supply issues could continue until the second half of the year or even later because Q4 is traditionally the peak season in China for project commissioning.</p>
<p>“It is evident that polysilicon shortage is here to stay for a while. There are no signs of its supply catching up anytime soon. Furthermore, this will cross over to the whole ecosystem, and it is expected that silver and copper will also see upward price trends. Industry experts and analysts following this situation very closely have concluded that price projections that we are getting today are probably the best and the lowest in the next six-month timeframe or even longer,” the company said.</p>
<p>Mercom had reported that the solar glass <a href="https://mercomindia.com/anti-dumping-duty-on-solar-glass/" target="_blank" rel="noopener">shortage</a> had adversely impacted Indian module manufacturers and, in turn, solar developers.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nagaraj/" class="vcard author" rel="author"><span class="fn">B.S. Nagaraj</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nagaraj_edtd-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">B.S. Nagaraj,</strong> Senior Editor at Mercom India<br />
<a href="https://mercomindia.com/author/nagaraj/" target="_blank" rel="noopener">More articles from B.S. Nagaraj.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nagaraj_edtd-1.jpg" alt="Nagaraj Bharadwaj" /><a href="https://mercomindia.com/author/nagaraj/" target="_blank" rel="noopener"><strong style="color: #00b451">B.S. Nagaraj</strong></a> is a Senior Editor at Mercom India. Nagaraj is an experienced journalist and has held senior roles in publications like The Indian Express and Deccan Herald, and Qatar Tribune. He has also worked for business advisory and risk management consulting firms in New Delhi.<br />
<a href="https://mercomindia.com/author/nagaraj/">More articles from B.S. Nagaraj.</a></p>
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Solar Module Prices to Remain High Until Second Half of 2021: Chinese Manufacturers

<p><a href="https://convergentfinance.com/" target="_blank" rel="noopener noreferrer">Convergent Finance LLP</a>, a Maharashtra-based investment firm, announced it has invested ₹2 billion ($27.2 million) in solar glassmaker <a href="http://borosilrenewables.com/" target="_blank" rel="noopener noreferrer">Borosil Renewables</a> through a qualified institutions placement (QIP) of equity shares.</p>
<p>In a separate press statement, Borosil had announced that it had received funding through a QIP to expand its solar glass manufacturing operations. It plans to use these funds to meet its capital expenditure requirements for a brownfield expansion to double its solar glass production capacity from 450 tons per day to 950 tons per day, it said.</p>
<p>The glassmaker said it raised the funding by issuing 15,804,030 of its equity shares with a face value of ₹1 (~$0.014) each. The issue price for these shares is ₹126.55 (~$1.72) per equity share. It said this included a premium of ₹125.55 (~$1.71) per equity share and a 4.99% discount per share from the floor price of ₹133.19 (~$1.81) per equity share.</p>
<p>A qualified institution placement is a way for publicly traded companies, primarily in India and Southeast Asia, to raise capital without submitting legal paperwork to market regulators. The rule was created by the Securities and Exchange Board of India (SEBI) to help these companies avoid depending on foreign capital resources.</p>
<p>Qualified institutional buyers (QIBs) are the only entities allowed to purchase QIPs. QIBs can be institutional investors with the expertise and the financial strength to evaluate and invest in capital markets. These QIBs include mutual, provident, or pension funds, insurance companies, public financial institutions, and scheduled commercial banks.</p>
<p>Borosil said its Securities Issue Committee approved the issue and allotment of these shares on December 17, 2020. Following the QIP issue, the holding of the promoter and the promoter group would stand at 61.92%.</p>
<p>The Mumbai-based glass maker also noted that following the allotment of these shares, the issued, subscribed, and paid-up equity share capital of the company rose to ₹129.9 million (~$1.77 million), comprising 129,863,567 equity shares worth ₹1 (~$0.014) each from ₹114.05 million (~$1.55 million) comprising 114,059,537 equity shares, previously.</p>
<p>“We are overwhelmed with the response from the investors and thank them for showing confidence in the business and management team of Borosil Renewables. The funds raised through this QIP will help us undertake our planned expansion, and we are excited to capitalize on the business opportunity that our industry offers,” said Pradeep Kheruka, Executive Chairman of Borosil Renewables Limited.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2020-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">9M and Q3 Solar Funding and M&amp;A Report</a>, public market financing into the solar sector globally came to $1.3 billion in four deals in Q3 2020, 75% higher compared to $737 million raised in five deals in Q2 2020.</p>
<p>Last year, Mercom <a href="https://mercomindia.com/india-anti-dumping-import-tempered-solar/" target="_blank" rel="noopener noreferrer">reported</a> that India imposed an anti-dumping duty on the import of textured tempered coated and uncoated glass from Malaysia for five years, according to a notification released by the Ministry of Finance.  A recent report by SolarZoom <a href="https://mercomindia.com/solar-glass-china-module-market/" target="_blank" rel="noopener noreferrer">highlighted</a> the demand-supply gap in the Chinese solar module market due to the ongoing shortage of solar glass used in the manufacturing of solar modules.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nithin-thomas-prasad/" class="vcard author" rel="author"><span class="fn">Nithin Thomas</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nithin-2-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Nithin Thomas,</strong> Staff reporter at Mercom India<br />
<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" target="_blank" rel="noopener">More articles from Nithin Thomas.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nithin-2-1.jpg" width="102" height="102" /><a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">Nithin Thomas</a> is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor&#8217;s Degree in Commerce from Loyola College, Chennai.<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">More articles from Nithin Thomas Prasad</a></div>
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Convergent Finance Invests ₹2 Billion in Solar Glassmaker Borosil Renewables

<p>The Director-General of Trade Remedies (<a href="http://www.dgtr.gov.in/" target="_blank" rel="noopener noreferrer">DGTR</a>) has published a list of parties interested in its anti-subsidy investigation concerning the import of textured (tempered) glass from Malaysia.</p>
<p>This glass is used in solar PV panels and solar thermal applications. The textured glass in consideration has a minimum of 90.5% transmission, with a thickness not exceeding 4.2 mm (including tolerance of 0.2 mm). Further, one dimension should exceed 1,500 mm, whether coated or uncoated.</p>
<p>Eight parties expressed their interest in the investigation. They included the Xinyi Solar (Malaysia) that submitted an exporter questionnaire and the Embassy of Malaysia, which submitted a Government response. Meanwhile, Waaree Energies, Goldi Solar, Patanjali Renewable Energy, and Insolation Energy, submitted importer questionnaires.</p>
<p>The All India Solar Industries Association (AISMA) registered as an interested party but did not file a response. The domestic industry, also listed as an interested party, was represented by APJ-SLG Law Offices.</p>
<p><strong>Background: </strong></p>
<p>Previously, the DGTR <a href="https://mercomindia.com/dgtr-oral-hearing-malaysian-solar-imports/" target="_blank" rel="noopener noreferrer">announced</a> that the second hearing in the anti-subsidy investigation concerning the import of textured (tempered) glass from Malaysia would take place on July 24, 2020.</p>
<p>Earlier, <a href="http://gujaratborosil.com/" target="_blank" rel="noopener noreferrer">Gujarat Borosil Limited</a> had filed an application before the DGTR for the imposition of countervailing duty on imports of textured toughened (tempered) glass from Malaysia.</p>
<p>It alleged that the producers of tempered glass in Malaysia had benefitted from subsidies provided at various levels by the government of Malaysia and other public bodies. The subsidies consisted of both direct and potential transfer of funds or liabilities.</p>
<p>The company had furnished information on various parameters related to the adverse impact on the domestic industry caused by the alleged subsidized glass imports from Malaysia.</p>
<p>It was argued that programs like buyer credit guarantee and export credit refinancing offered to the exporters were subsidies since they involve a financial contribution from the governments, including public bodies, to benefit the recipient.</p>
<p>Subsequently, the DGTR initiated an investigation into the alleged subsidization and the ensuing material harm caused to the domestic market. The investigation will also determine the degree and effect of the subsidies to recommend the amount of countervailing duty.</p>
<p>Borosil Gujarat, in its submission, had said that the items produced by them and the tempered glass imported from Malaysia are alike, with no difference between the two. The two are technically and commercially substitutable and should be treated as “like articles” under the rules.</p>
<p>The investigation covers a 12-month period stretching from April 2018 to March 2019, and the injury investigation includes the data for the previous three years.</p>
<p>Domestic solar manufacturers have commented in the past that the Gujarat Borosil has essentially become a <a href="https://mercomindia.com/dgad-anti-dumping-solar-imports-malaysia/" target="_blank" rel="noopener noreferrer">monopoly</a> when it comes to solar glass manufacturing by filing petitions for anti-dumping investigations and blocking imports. Smaller manufacturers have claimed that it hurts their business as Borosil’s higher prices prevent them from competing with large module manufacturers.</p>
<p>Last year, the government <a href="https://mercomindia.com/india-anti-dumping-import-tempered-solar/" target="_blank" rel="noopener noreferrer">imposed</a> anti-dumping duty on the import of textured tempered coated and uncoated glass from Malaysia for five years. The investigation concluded that the domestic industry suffered material injury due to the export of solar glass to India below normal price from Malaysia, leading to an anti-dumping duty imposition for five years to remove injury to the domestic industry. This was preceded by Borosil <a href="https://mercomindia.com/dgad-anti-dumping-solar-imports-malaysia/" target="_blank" rel="noopener noreferrer">filing a petition</a> for the imposition of an anti-dumping duty.</p>
<p>Recently, the Department of Revenue under the Ministry of Finance <a href="https://mercomindia.com/india-extends-safeguard-duty-solar-imports/" target="_blank" rel="noopener noreferrer">issued</a> a notification imposing safeguard duty on the import of solar cells and modules for another year starting July 30, 2020. The announcement came hot on the heels of the DGTR’s <a href="https://mercomindia.com/india-extend-sgd-solar-imports/" target="_blank" rel="noopener noreferrer">recommendation</a> supporting the extension.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nithin-thomas-prasad/" class="vcard author" rel="author"><span class="fn">Nithin Thomas</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nithin-2-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Nithin Thomas,</strong> Staff reporter at Mercom India<br />
<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" target="_blank" rel="noopener">More articles from Nithin Thomas.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nithin-2-1.jpg" width="102" height="102" /><a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">Nithin Thomas</a> is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor&#8217;s Degree in Commerce from Loyola College, Chennai.<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">More articles from Nithin Thomas Prasad</a></div>
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‘Interested Parties’ in Anti-Subsidy Investigation on Malaysian Solar Glass Imports

<p>The Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener noreferrer">MNRE</a>) has issued a blueprint for the utilization, manufacture, disposal, and import of solar photovoltaic (PV) module and glass containing Antimony. Antimony is a chemical element that has been found to have hazardous effects on the environment.</p>
<p>The ministry has released the concept note after directions issued by the <a href="http://www.greentribunal.gov.in/Home.aspx" target="_blank" rel="noopener noreferrer">National Green Tribunal</a> in Delhi. The issue of controlling the hazardous impact of Antimony dates back to August 2017 when a lawyer filed a plea with the National Green Tribunal citing the severe adverse impact on the environment resulting from solar PV panels. It sought a direction to the <a href="http://cpcb.nic.in/" target="_blank" rel="noopener noreferrer">Central Pollution Control Board</a> to amend the E-Waste Rules, 2016 and bring antimony within the scope of Rules 16 pertaining to hazardous substances.</p>
<p>According to the MNRE, the management of PV modules needs to follow the cradle-to-grave life cycle assessment in four stages: component production, module manufacturing, module use, and end-of-life- use stage.</p>
<p>The disposal should be done in an environmentally safe manner, and glass needs to be recycled following the principles of resource recovery, resource efficiency, and circular economy.</p>
<p>The MNRE has pointed out that the recycling facilities for solar panels with antimony containing glass (SPACG) at the end of life of solar panel is not yet available in the country. Such facilities can be created by the industry once the adequate quantity of PV waste is available for recycling and also a policy framework that stipulates the responsibility to the generator or producer for sending the waste for recycling.</p>
<p>In the concept note, the MNRE has recommended that recycling of end-of-life solar panel glass containing Antimony must be made mandatory on the generators as part of their environmental liability. Producers must be made responsible for ensuring the recycling of end-of-life glass panels as part of their extended producer’s responsibility.</p>
<p>It has also stated that generators must ensure environmentally sound handling of used solar panel waste. The generator or the manufacturers can be given the responsibility of recycling of used solar glass panel for reproducing new glass for solar panels. Every generator should set up facilities for the safe dismantling of used solar panels or tie-up with an authorized dismantling facility. It should be ensured that Antimony containing glass should never get mixed with normal glasses for recycling, as it will contaminate entire glass being produced.</p>
<p>The ministry has also shed light on the possibility of utilizing used solar panels by co-processing in cement kilns. To prevent antimony leaking into the environment, MNRE has stated only the non-recyclable material in solar panel after the removal of glass, aluminum and junction box, may be allowed for disposal through secured landfills. Considering the leaching potential of Antimony, the end-of-life solar panels will be treated as ‘low-effect waste’ and handled as per the provisions under Hazardous and Other Wastes Management Rules, 2016 with valid authorization from concerned State Pollution Control Boards.<strong> </strong></p>
<p>The National Green Tribunal in its order dated February 27, 2019, had provided the MNRE with three weeks to submit the final blueprint. The <a href="http://envfor.nic.in/" target="_blank" rel="noopener noreferrer">Ministry of Environment, Forest and Climate Change</a> will come out with a policy regarding the same within three weeks of issuance of this concept note. <a href="https://mercomindia.com/solar-glass-antimony-mnre-rules/" target="_blank" rel="noopener noreferrer">In March 2019</a>, Mercom reported that the MNRE would soon be coming out with a blueprint for the utilization, manufacture, disposal, and import of solar PV module and glass containing Antimony.</p>
<p><a href="https://mercomindia.com/solar-cell-module-imports-decline-2018/" target="_blank" rel="noopener noreferrer">Mercom recently reported</a> that in the calendar year 2018, the Indian solar sector imported solar modules and cells totaling nearly $2.59 billion (~₹184.57 billion). The Indian solar market installed 8,263 MW in 2018, according to Mercom India’s <a href="https://mercomindia.com/product/solarinstallations-q4-2018/" target="_blank" rel="noopener noreferrer">Q4 &amp; Annual 2018 India Solar Market Update</a>.</p>
<p>Image credit: Tata Power Solar</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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