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Daily News Wrap-Up: Leading Solar Inverter Suppliers in 2024

Saatvik Begins Work on 4.8 GW Solar Cell and 4 GW Module Facility in Odisha

NLC and MAHAPREIT Join Hands to Develop 5 GW Renewable Energy Projects

Waaree Energies to Divest 1.15% in Solar Cell Manufacturer Indosolar

ChargePoint’s Q1 Revenue Declines 9% YoY, Misses Analyst Expectations

Serentica Secures $100 Million Loan for 300 MW Solar Project


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					</table><p>Sungrow Power Supply, TBEA Energy India, Sineng Electric, FIMER India, and Ginlong (Solis) Technologies were the <a href="https://mercomindia.com/leading-solar-inverter-supplies-2024" target="_blank" rel="noopener">leading</a> inverter suppliers in India for the calendar year 2024, according to Mercom’s recently released India Solar Market Leaderboard 2025. Sungrow led the suppliers list, accounting for 29.1% of the market share. TBEA Energy India ranked second with 21.3%, followed by Sineng Electric at 13.3%. FIMER India and Ginlong (Solis) Technologies ranked fourth and fifth, accounting for 12.2% and 6% of the total market share, respectively.</p>
<p>Ahmedabad-based chemical manufacturer Epigral <a href="https://www.mercomindia.com/epigral-to-procure-19-8-mw-wind-solar-power-from-prozeal" target="_blank" rel="noopener">announced</a> it will source 19.8 MW of wind and solar power from Prozeal Green Energy’s special purpose vehicle, Pro-Zeal Green Power Ten. The two companies signed share subscription, shareholders’, and energy supply agreements. Epigral will invest ₹213.8 million (~$2.4 million) in one or more tranches for a subscription of 26% equity share capital and optionally convertible debentures.</p>
<p>In an exclusive interview, Vignesh Nandakumar, Enfinity Global CEO for Asia, <a href="https://mercomindia.com/single-window-system-for-ppa-clearance-key-to-renewables-growth-interview" target="_blank" rel="noopener">shared</a> his thoughts on what needs to be done to accelerate the development of renewable energy in India. He also discussed Enfinity’s plans for India and the company’s experience in operating in the utility-scale and commercial, and industrial segments.</p>
<p>Saatvik Solar Industries, a wholly owned subsidiary of Saatvik Green Energy, <a href="https://mercomindia.com/saatvik-begins-work-on-4-8-gw-solar-cell-and-4-gw-module-facility-in-odisha" target="_blank" rel="noopener">commenced</a> construction of its solar cell and module manufacturing facility in Odisha. The facility will have the capacity to manufacture 4.8 GW of solar cells and 4 GW of solar modules. Saatvik is implementing the project at the Gopalpur Industrial Park in Ganjam District. It is being set up on 57 acres of land sub-leased from the Tata Steel Special Economic Zone.</p>
<p>Gujarat-based Involt Energy <a href="https://mercomindia.com/involt-energy-breaks-ground-on-1-78-gw-solar-cell-facility-in-gujarat" target="_blank" rel="noopener">commenced</a> construction of its first solar cell manufacturing plant in Rajkot with an initial capacity of 1.78 GW. The facility is expected to be commissioned by June 2026. The company noted that the fully automated, guided vehicle-based facility will utilize the latest tunnel oxide passivated contact (TOPCon) technology. The 182mm*210mm G12R TOPCon cells will have an efficiency of 25.3% to 25.4% with a maximum power output of 9.5 W – 9.7 W.</p>
<p>Public infrastructure finance company, REC <a href="https://mercomindia.com/rec-gets-nod-from-cbtd-to-raise-%E2%82%B950-billion-via-zero-coupon-bonds" target="_blank" rel="noopener">received</a> approval from the Central Board of Direct Taxes to issue 500,000 zero-coupon bonds aggregating to ₹50 billion (~$582.25 million). The bond issue is part of REC’s effort to tap into innovative instruments for efficient fund mobilization to support India’s growing energy infrastructure needs. The bonds will be issued for a tenure of ten years and six months. Zero-coupon bonds are issued at a deep discount and are redeemable at face value upon maturity. It provides significant tax advantages to investors under the Income Tax Act 1961.</p>
<p>Renewable energy developer, Serentica Renewables <a href="https://www.mercomindia.com/serentica-secures-100-million-loan-for-300-mw-solar-project" target="_blank" rel="noopener">announced</a> the closure of its debt financing of over $100 million from Rabobank and Société Générale. The funds will be used to develop a 300 MW solar power project in Rajasthan. The project will supply renewable energy to Bharat Aluminium Company, a subsidiary of the Vedanta Group. The loan facility is a key part of Serentica’s financing strategy to support its commercial and industrial-focused renewable energy operations.</p>
<p>U.S.-based electric vehicle charging solutions company ChargePoint <a href="https://www.mercomindia.com/chargepoint-q1-revenue-declines-misses-expectations" target="_blank" rel="noopener">reported</a> a revenue of $97.6 million in the first quarter (Q1) of the fiscal year (FY) 2026, a 9% year-over-year (YoY) decline from $107 million. The revenue missed analyst expectations by $2.9 million. Revenue from networked charging systems stood at $52.1 million, a 20% decrease from $65.4 million in Q1 FY 2025. Subscription revenue grew 14% YoY to $38 million, up from $33.4 million.</p>
<p>Solar module manufacturer Waaree Energies <a href="https://www.mercomindia.com/waaree-energies-to-divest-1-15-in-solar-cell-manufacturer-indosolar" target="_blank" rel="noopener">proposed</a> divesting 1.15% of its shares in its solar cell manufacturing unit Indosolar. The divestment includes an offer for sale (OFS) of 476,495 shares of Indosolar, each with a face value of ₹10 (~$0.116) per share. The OFS for retail investors will take place on June 6, 2025, while non-retail investors were allowed to place their bids on June 5. Waaree holds 96.15% of shares in Indosolar. The company had acquired Indosolar in 2022 following approval from the National Company Law Tribunal.</p>
<p>NLC India Renewables, a wholly owned subsidiary of NLC India, <a href="https://mercomindia.com/nlc-and-mahapreit-join-hands-to-develop-5-gw-renewable-energy-projects#:~:text=These%20projects%20will%20span%20solar,MAHAPREIT%20holding%20the%20remaining%2026%25." target="_blank" rel="noopener">signed</a> a joint venture agreement with Mahatma Phule Renewable Energy and Infrastructure Technology to develop 5,000 MW of renewable energy projects in Maharashtra. These projects will span solar, wind, hybrid systems, floating solar, battery energy storage systems, and pumped storage, with an initial focus on developing 500 MW in the first phase.</p>
<p>Businesses in the U.S. <a href="https://mercomindia.com/14-billion-clean-energy-investments-cancelled-in-us-in-2025" target="_blank" rel="noopener">canceled</a> or delayed over $14 billion in investments in clean energy and clean vehicle factories since January this year due to rising fears surrounding the future of federal clean energy tax credits and policy, according to the latest analysis of clean energy projects tracked by E2. Companies canceled $4.5 billion in investments in new battery, electric vehicle, and wind projects in April alone. These cancellations occurred before the U.S. House’s passage of a massive tax and spending package, known as the “One Big Beautiful Bill Act,” that could kill federal clean energy tax credits.</p>


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