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Canadian Solar’s Q1 Profits Dip 85% on Lower Module Demand and Prices

SMA Solar Net Income Plunges 44.8% YoY in Q1 2024 on Increased Costs


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					</table><p><a href="https://www.mercomindia.com/india-solar-capacity-q2-2023" target="_blank" rel="noopener"><strong>India installed 1.7 GW of solar capacity during the second quarter (Q2) of 2023, a 58% decline year-over-year (YoY), according to Mercom India Research&#8217;s Q2 2023 India Solar Market Update.</strong></a> On a quarter-over-quarter basis, the installations fell by 10%. The Ministry of New and Renewable Energy extended commissioning timelines for various solar and solar-wind hybrid projects until March 2024, thrice between December 2022 and June 2023. The module price fluctuations, supply constraints, and uncertainties around the Approved List of Models and Manufacturers added to the project delays in Q2 and the first half of 2023.</p>
<p><a href="https://www.mercomindia.com/jodhpur-discom-78-mw-solar-projects-kusum" target="_blank" rel="noopener"><strong>The Jodhpur Vidyut Vitran Nigam has invited bids to install and commission 31 grid-connected solar projects with a total capacity of 78.6 MW under Component C of the Pradhan Mantri Kisan</strong></a> Urja Suraksha evam Utthaan Mahabhiyan program for feeder level solarization. The projects, to be developed under the renewable energy service company model, will be located in AP Kallu, Jaitaran, Bar, and Pipaliya Kallan subdivisions of Pali Circle in Jodhpur. The last date to submit the bids online is October 11, 2023. Bids will be opened on October 13.</p>
<p><strong><a href="https://www.mercomindia.com/seci-disbursements-solar-wind-26-yoy-rise" target="_blank" rel="noopener">The Solar Energy Corporation of India disbursed ₹11.48 billion (~$138.3 million) to wind and solar developers for the electricity procured in the month of June 2023.</a></strong> The payments marked an increase of 9.3% from ₹10.5 billion (~$126.43 million) disbursed in May. The disbursements increased by 25.7% on a year-over-year basis. The disbursements accounted for nearly 93% of the total amount released by the nodal agency in June.</p>
<p><a href="https://www.mercomindia.com/jharkhand-tender-solarization-8000-agricultural-pumps" target="_blank" rel="noopener"><strong>Jharkhand Renewable Energy Development Agency has invited bids for the installation and commissioning of 8,000 off-grid solar pumping systems of different capacities under Component B</strong></a> of the PM-KUSUM program. The successful bidder will also have to take care of the operation and maintenance of the solar systems for five years. The last date to submit the bids is September 4, 2023. Bids will be opened on September 6.</p>
<p><a href="https://www.mercomindia.com/oriana-power-wins-epc-solar-project-from-coal-india" target="_blank" rel="noopener"><strong>Noida-based solar energy solutions company Oriana Power has won the auction to construct a 20 MW ground-mounted solar photovoltaic power project in Dhanbad, Jharkhand, for Bharat Coking Coal, a subsidiary of Coal India.</strong></a> The Engineering, Procurement, and Construction phase is expected to conclude within a year. The estimated value is ₹1.38 billion (~$16.6 million), including GST and operation and maintenance expenses.</p>
<p><a href="https://www.mercomindia.com/kolkata-police-floats-tender-maintenance-of-200-evs" target="_blank" rel="noopener"><strong>Kolkata Police has invited bids for the supply and maintenance of 200 four-wheeler electric vehicles with all standard accessories, including regular chargers.</strong></a> The last date for the submission of bids is September 9, 2023. Bids will be opened on September 14. The project&#8217;s estimated cost, including GST, is valued at ₹440 million (~$5.3 million).</p>
<p><a href="https://www.mercomindia.com/energy-storage-firm-nsure-lithium-ion-cells-in-karnataka" target="_blank" rel="noopener"><strong>Energy storage solutions company NSure Reliable Power Solutions is set to begin pilot production of lithium-ion cells at its 1 GWh plant located in Malur, near Bengaluru.</strong></a> The venture involves an investment of ₹10.5 billion (~$126.9 million) and spans across an 80-acre facility. The Malur facility, with an initial capacity of 1 GWh, will focus on lithium iron phosphate cells and envisages a capacity expansion of up to 5 GWh in subsequent phases.</p>
<p><a href="https://www.mercomindia.com/captive-projects-3-25-total-electricity-generated-fy-2022" target="_blank" rel="noopener"><strong>Renewable energy (wind and solar) accounted for 9.07% of the total installed captive capacity as of March 31, 2022, according to the General Review Report 2023, published by the Central Electricity Authority.</strong></a> The generation from renewable captive power projects accounted for 3.25% of the total captive generation during FY 2021-22. The total installed capacity of renewable captive power projects, excluding hydropower, as of March 31, 2022, stood at 6.96 GW.</p>
<p><a href="https://www.mercomindia.com/canadian-solar-net-income-q2-23" target="_blank" rel="noopener"><strong>Solar module maker Canadian Solar&#8217;s net income surged 130% YoY to $170 million for Q2 of FY 2023, driven by increased module shipments and improved margins.</strong></a> The module manufacturer&#8217;s engineering, procurement, and construction subsidiary CSI Solar shipped 8.2 GW of solar modules to over 70 countries during the quarter, a 62% rise YoY. The top five markets ranked by shipments were China, Brazil, the U.S., Spain, and Germany. Net revenues for the April-June quarter were up 2% YoY to $2.4 billion.</p>
<p><strong><a href="https://www.mercomindia.com/higher-pricing-of-deliverables-takes-2023" target="_blank" rel="noopener">Vestas Wind Systems, a wind turbine manufacturer, has recorded a net loss of €115 million (~$124 million) during Q2 FY 2023, a marginal YoY improvement of 3% from a loss of €119 million</a></strong> (~$128.5 million). The company recorded a revenue of €3.4 billion (~$3.6 billion), a YoY growth of 4%. This was driven by 29% service growth and higher average pricing on deliverables, partly offset by lower volume.</p>


Daily News Wrap-Up: India’s Solar Installations Down 58% YoY in Q2 2023


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					</table><p>Noida-based solar energy solutions company <a href="https://orianapower.com/" target="_blank" rel="noopener">Oriana Power</a> has won the auction to construct a 20 MW ground-mounted solar photovoltaic power project in Dhanbad, Jharkhand, for Bharat Coking Coal Limited (<a href="https://www.bcclweb.in/?page_id=3678&amp;lang=en" target="_blank" rel="noopener">BCCL</a>), a subsidiary of Coal India Limited (<a href="https://www.coalindia.in/" target="_blank" rel="noopener">CIL</a>).</p>
<p>The Engineering, Procurement, and Construction (EPC) phase is expected to conclude within a year. The estimated value is ₹1.38 billion (~$16.6 million), including GST and operation and maintenance expenses.</p>
<p>The company will manage all aspects of the project&#8217;s lifecycle, including planning, acquiring solar equipment, building, rigorous testing, smooth commissioning, integration with the transmission grid, and a commitment to five years of operation and maintenance.</p>
<p>The initiative aims to produce sufficient clean energy to meet the needs of over 10,000 households while offsetting roughly 26,000 tonnes of CO2 emissions annually.</p>
<p>Oriana Power said the project acquisition aligns with the company&#8217;s endeavors to contribute to the nation&#8217;s transition towards a more sustainable energy future.</p>
<p>In case the company fails to complete the work within the agreed-upon timeframe, a penalty of 0.5% of the contract price per week of delay, up to a maximum of 10% of the total value, will be imposed as predetermined damages.</p>
<p>The electricity generated from the solar project will be consumed by BCCL for its own use.</p>
<p>BCCL will transmit the electricity to the nearest Damodar Valley Corporation (<a href="https://www.dvc.gov.in/cms-web" target="_blank" rel="noopener">DVC</a>) substation located six kilometers away from the project location using a 33 kV line. BCCL will secure the authorization for this transmission.</p>
<p>Oriana Power must ensure the generation of 37.43 million units of electricity during the initial year, with a permissible degradation of 0.7% for the subsequent years.</p>
<p>The capacity utilization factor is expected to be 21.67% for the first year, and up to 0.7% reduction is allowed for the following years.</p>
<p>Last month, Oriana Power <a href="https://www.mercomindia.com/solar-solutions-company-oriana-amount-in-pre-ipo-round" target="_blank" rel="noopener">concluded</a> its pre-initial public offering with the participation of several stock market veterans.</p>
<p>Oriana Power was recently <a href="https://cms.mercomindia.com/seci-empanels-six-installers-50-mw-rooftop-systems/" target="_blank" rel="noopener">incorporated</a> into Solar Energy Corporation of India’s list of empaneled engineering, procurement, and construction contractors for 5.98 MW out of 50 MW grid-connected rooftop solar systems.</p>


Oriana Power Wins EPC Contract for 20 MW Solar Project from Coal India


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					</table><p>Noida-based solar energy solutions company <a href="https://orianapower.com/" target="_blank" rel="noopener">Oriana Power</a> has concluded its pre-initial public offering (IPO) round, with the participation of several stock market veterans.</p>
<p>The company develops, constructs, and operates solar projects for its commercial and industrial (C&amp;I) customers.</p>
<p>Leading the pre-IPO round was Anil Kumar Goel, known for investing in the sugar and textile sectors. <a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a>’s Prashant Jain’s personal fund, Tikri Investments, also acquired a minority stake in the round. Neeraj Gupta, the founder of Meru, made a personal investment as well.</p>
<p>Joining them were Manoj Agarwal, an investor from Jaipur, and Amit Kumar, the founder of MSMEx, a live online coaching and handholding platform for MSME business owners.</p>
<p>Oriana Power recently filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge, signaling its intent to launch an IPO.</p>
<p>The IPO is set to offer 5.05 million equity shares with a face value of ₹10 (~$0.12) per share through the book-building route. The company has appointed Corporate Capital Ventures as the lead manager for the issue, with Skyline Financial Service taking up the role of registrar to the issue.</p>
<p>The funds raised from the IPO will be allocated as follows: ₹230 million (~$2.7 million) for working capital requirements, ₹200 million (~$2.4 million) for investment in subsidiary companies, ₹200 million (~$242,586) for capital expenditure for expansion purposes, and the remaining amount for general corporate expenses, according to the DRHP.</p>
<p>Oriana operates both on the Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO) models. It offers energy solutions through the installation of on-site solar projects, including rooftops, ground-mounted systems, and off-site solar farms.</p>
<p>As of March 31, 2023, Oriana Power recorded revenues of ₹1.34 billion (~$16.2 million), a significant increase from ₹1.01 billion (~$12.2 million) during the same period in 2022.</p>
<p>The company&#8217;s profit after tax nearly doubled to ₹126.9 million (~$1.5 million) in the fiscal year ending March 31, 2023, compared to ₹69.6 million (~$844,499) in the previous year, as stated in the DRHP.</p>
<p>Oriana Power recently unveiled its corporate brand, TrueRE, reflecting its intention to diversify into other renewable energy avenues beyond solar.</p>
<p>The company has commissioned a 2.7 MW single rooftop solar power plant at the Indian Oil Corporation refinery in Panipat, Haryana, for Indian Synthetic Rubber.</p>
<p>Additionally, Oriana Power accomplished the installation of a unique 800 kW floating solar power plant at Dabok Mines in Udaipur, Rajasthan, for Udaipur Cement Works Limited in April 2023.</p>
<p>Oriana Power was recently <a href="https://cms.mercomindia.com/seci-empanels-six-installers-50-mw-rooftop-systems/" target="_blank" rel="noopener">incorporated</a> into Solar Energy Corporation of India’s list of empaneled engineering, procurement, and construction (EPC) contractors for 5.98 MW out of 50 MW grid-connected rooftop solar systems.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/q1-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Q1 2023 Solar Funding and M&amp;A Report</a>, total corporate funding for solar companies, including from venture capital, public market, and debt financing, amounted to $8.4 billion in 42 deals in the first quarter of 2023, up 11% year-over-year compared to $7.5 billion raised in 49 deals.</p>


Solar Solutions Company Oriana Power Raises Undisclosed Amount in Pre-IPO Round

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