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Sunnova Energy’s Net Loss Shrinks by 18% to $90 Million in Q1 2024

Chinese Wind Turbine Manufacturers Account for Majority Global Market Share


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					</table><p><a href="https://www.mercomindia.com/india-solar-new-leaders-2023-mercom" target="_blank" rel="noopener"><strong>India’s solar market witnessed the emergence of new leaders in the calendar year 2023, according to Mercom’s recently released </strong><strong>India Solar Market Leaderboard 2024</strong></a>, showcasing intense competition for market dominance. The report provides insight into notable shifts in market share across ten categories over the past calendar year, highlighting which companies are gaining traction and which ones fell behind. India added around 7.5 GW of solar capacity in 2023, significantly lower than the 13.4 GW installed in 2022, as deadline extensions and policy uncertainty pushed companies to delay projects.</p>
<p><a href="https://www.mercomindia.com/cerc-adani-compensated-bird-diverters" target="_blank" rel="noopener"><strong>The Central Electricity Regulatory Commission has granted compensation to Adani Solar Energy Jaisalmer One, a special purpose vehicle of Adani Green Energy</strong></a>, under the ‘Change in Law’ provision due to policy changes post the signing of the power purchase agreement for its 450 MW wind-solar hybrid power project in Rajasthan. CERC directed SECI and Chhattisgarh and Haryana distribution companies to reconcile ASEJOPL’s additional expenditure due to these events and pay the compensation.</p>
<p><a href="https://www.mercomindia.com/ntpc-rel-land-transmission-900-mw-solar" target="_blank" rel="noopener"><strong>NTPC Renewable Energy has invited bids for land and power evacuation packages to develop a 900 MW interstate transmission system-connected solar</strong></a> power project in the Neemuch Region of Madhya Pradesh. The last date to submit the bids is July 10, 2024. Bids will be opened on the same day. The cost of the bidding documents is ₹22,500 (~$270). The selected bidder must construct an access road with appropriate signage leading to the pooling substation and ensure connectivity between plots, independently or via state assistance.</p>
<p><a href="https://www.mercomindia.com/brookfield-microsoft-ai-demand" target="_blank" rel="noopener"><strong>Canada-based </strong><strong>Brookfield Asset Management</strong><strong>, along with </strong><strong>Brookfield Renewable Partners</strong><strong>, has signed a global framework agreement with tech giant </strong><strong>Microsoft</strong></a> to develop over 10.5 GW of new renewable power capacity, such as wind and solar farms, by 2030, as energy-intensive data centers powering artificial intelligence (AI) are expected to drive up electricity demand. Data centers, AI, and cryptocurrencies are estimated to consume at least 1,000 TWh of electricity by 2026, more than doubling from 460 TWh in 2022, according to the International Energy Agency.</p>
<p><a href="https://www.mercomindia.com/mes-invites-bids-for-solar-project" target="_blank" rel="noopener"><strong>Military Engineer Services has floated a tender for the repair and maintenance of a 5 MW solar project and its miscellaneous items in Madhya Pradesh. The last</strong></a> date for the submission of bids is May 25, 2024. Bids will be opened on May 27. The project’s estimated cost is ₹2.5 million (~$29,953), and the completion period is six months. Bidders have to submit an earnest money deposit of ₹50,000 (~$599.07). MES-enlisted contractors in Class ‘E’ and above must upload scanned documents along with their application, including a valid email ID.</p>
<p><a href="https://www.mercomindia.com/railway-empanelment-rooftop-solar-bihar" target="_blank" rel="noopener"><strong>The </strong><strong>Sonpur Division</strong><strong> of the </strong><strong>East Central Railway</strong><strong> has invited bids to empanel vendors to install 1.1 MW of grid-connected rooftop solar power projects through</strong></a> a public-private partnership on a design, build, finance, operate, and transfer basis. The bids must be submitted by May 30, 2024. They will be opened on the same day. The selected bidders will be empaneled to install rooftop solar systems in three capacity categories: &gt;10 and up to 100 kWp,&gt;100 and up to 500 kWp, and &gt; 500 KWp.</p>
<p><a href="https://www.mercomindia.com/stem-q1-loss-widens" target="_blank" rel="noopener"><strong>Smart energy storage company </strong><strong>Stem</strong><strong> reported a net loss of $72.3 million for the first quarter of 2024, up 61% from the net loss of $44.8 million last year</strong></a>, as extended project timelines and declining battery prices hurt its bottom line. Total revenue for the quarter also fell by 62%, from $67.4 million in the prior year quarter to $25.5 million. The revenue decline was primarily driven by a $33 million non-cash reduction due to changes in estimates related to legacy hardware pricing guarantees issued to certain customers in 2022 and early 2023.</p>


Daily News Wrap-Up: India’s Solar Market Sees New Leaders in 2023


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					</table><p>Smart energy storage company <a href="https://www.stem.com/" target="_blank" rel="noopener">Stem</a> reported a net loss of $72.3 million for the first quarter of 2024, up 61% from the net loss of $44.8 million last year, as extended project timelines and declining battery prices hurt its bottom line.</p>
<p>Total revenue for the quarter also fell by 62%, from $67.4 million in the prior year quarter to $25.5 million. The revenue decline was primarily driven by a $33 million non-cash reduction due to changes in estimates related to legacy hardware pricing guarantees issued to certain customers in 2022 and early 2023.</p>
<p>The reduction was triggered by extended project interconnection timelines in key markets and falling lithium-ion battery prices due to increased supply. &#8220;We are not issuing guarantees like that anymore,&#8221; said Bill Bush, CFO of the company, during a post-earnings conference call with analysts.</p>
<p>Late last year, prices of lithium-ion battery packs <a href="https://www.mercomindia.com/at-139-kwh-lithium-prices-hit-all-time-low" target="_blank" rel="noopener">dropped</a> by 14% to a record low of $139/kWh due to falling raw material and component prices.</p>
<p>Meanwhile, contracted annual recurring revenue increased 25% year-over-year to $89.3 million, driven by a &#8220;proactive effort to upgrade the backlog to focus on the most profitable opportunities,&#8221; CEO John Carrington said during the earnings call.</p>
<p>Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss narrowed slightly to $12.2 million from $13.7 million last year, benefiting from gross margin expansion and continued cost discipline despite the lower revenue base.</p>
<p>Non-GAAP gross margin improved by five percentage points to 24%, helped by a higher software and services revenue mix.</p>
<p>&#8220;We set a quarterly record for non-GAAP gross margin, and adjusted EBITDA improved year-over-year despite lower revenue, highlighting our focus on operating efficiency and cost management,&#8221; said Carrington.</p>
<p>The contracted backlog stood at $1.64 billion as of March 31, 2024, up 33% from the prior year but down 16% sequentially after the energy storage provider canceled around $257 million in lower-margin contracts.</p>
<p>&#8220;We think that we&#8217;re going to replace the backlog with projects which are more favorable for the business than those that went away,&#8221; said Bush.</p>
<p>Bookings in the quarter were $23.8 million, down 93% year-over-year, largely impacted by large-scale front-of-the-meter storage projects.</p>
<p>Solar monitoring assets under management (AUM) were 26.9 GW at quarter end, up 5% year-over-year. Contracted storage AUM in the same period rose 65% to 5.8 GW.</p>
<p>Stem announced the launch of its next-generation PowerTrack Asset Performance Management software suite to drive additional high-margin software revenue.</p>
<p>The company had <a href="https://www.mercomindia.com/stem-first-ever-positive-quarterly-ebitda-q4" target="_blank" rel="noopener">reported</a> its first-ever positive quarterly EBITDA in the previous quarter on higher sales.</p>


Falling Battery Prices Hurt Stem’s Q1 Revenue, Loss Widens by 61%


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					</table><p>The Central Electricity Regulatory Commission (<a href="https://www.cercind.gov.in/" target="_blank" rel="noopener">CERC</a>) has granted compensation to Adani Solar Energy Jaisalmer One (ASEJOPL), a special purpose vehicle of <a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a>, under the &#8216;Change in Law&#8217; provision due to policy changes post the signing of the power purchase agreement (PPA) for its 450 MW wind-solar hybrid power project in Rajasthan.</p>
<p>ASEJOPL had sought compensation for costs incurred due to the Supreme Court&#8217;s order on installing bird diverters in the endangered Great Indian Bustard (GIB) habitat, increase in basic customs duty on solar inverters, increase in Goods &amp; Services Tax (GST) rates, and the consequent rise in social welfare surcharge and integrated GST on imports for its project.</p>
<p>The company had signed a PPA with Solar Energy Corporation of India Limited (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>).</p>
<p>CERC directed SECI and Chhattisgarh and Haryana distribution companies to reconcile ASEJOPL&#8217;s additional expenditure due to these events and pay the compensation.</p>
<p><strong>Background</strong></p>
<p>ASEJOPL executed PPAs with SECI in December 2019 to set up the 450 MW wind-solar hybrid project, which achieved commercial operation in December 2022.</p>
<p>The project had an effective PPA date of November 8, 2019, with a quoted tariff of ₹2.67 (~$0.032) per kWh.</p>
<p>The project was impacted by certain regulatory changes and orders that increased its costs.</p>
<p>These included the Supreme Court’s <a href="https://www.mercomindia.com/overhead-powerlines-underground-great-indian-bustard" target="_blank" rel="noopener">order</a> in April 2021 on installing bird diverters, an increase in basic customs duty on solar inverters in February 2021, and a GST rate hike in September 2021.</p>
<p>ASEJOPL then approached CERC seeking compensation under the ‘Change in Law’ clause of the PPAs.</p>
<p><strong>Commission’s Analysis</strong></p>
<p>The Commission held that the Supreme Court’s order on bird diverters, though modified later, qualifies as it impacted ASEJOPL’s costs before the modification. The GST rate hike also met the criteria for ‘Change in Law’ compensation.</p>
<p>Regarding the customs duty hike, CERC held that revoking an exemption notification leading to increased duty on solar inverters from 5% to 20% is a ‘Change in Law’ event.</p>
<p>It also allowed compensation for the consequent increase in social welfare surcharge and integrated GST on imports.</p>
<p>CERC reasoned that since ASEJOPL could not have foreseen these events before bidding, it is entitled to restitution to restore its economic position. It approved annuity payments using benchmarks and carrying costs within specified limits to ensure compensation without undue gains.</p>
<p>The Commission directed that the compensation be paid as annuities over 15 years at a discount rate of 9.12%. Late payment surcharge would apply if not paid within the stipulated period. SECI or the DISCOMs must start making &#8216;Monthly Annuity Payments&#8217; 60 days after this order.</p>
<p>ASEJOPL will receive carrying costs (interest) from the actual payments made until the CERC order date. The interest rate will be either the actual rate supported by an auditor’s certificate, the working capital interest rate from Renewable Energy Tariff Regulations, or the late payment surcharge rate.</p>
<p>&nbsp;</p>
<p>Last month, the Supreme Court <a href="https://www.mercomindia.com/supreme-court-relooks-gib-order" target="_blank" rel="noopener">considered</a> limiting the undergrounding of power transmission lines to the Priority Area of 3,163 sq. km of the endangered GIB habitat.</p>
<p>Following the compensation awarded to Adani Green Energy, it is likely that other solar and wind developers with projects in the GIB habitat and installed bird diverters may approach the regulators for similar relief.</p>
<p>Subscribe to Mercom’s real-time <a href="https://www.mercomindia.com/product/mercoms-renewable-energy-regulatory-updates" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.</p>


CERC Rules Adani’s Hybrid Project Entitled to be Compensated for Bird Diverters


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					</table><p>NTPC Renewable Energy (<a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC REL</a>) has invited bids for land and power evacuation packages to develop 900 MW interstate transmission system (ISTS)-connected solar power project in the Neemuch Region of Madhya Pradesh.</p>
<p>The last date to submit the bids is July 10, 2024. Bids will be opened on the same day.</p>
<p>The cost of the bidding documents is ₹22,500 (~$270).</p>
<p>The scope of work includes securing 5 acres per MW of contiguous land on either a freehold or leasehold basis, situated near the Neemuch ISTS substation for a minimum duration of 29 years and 11 months. No more than 10% of the total land can consist of government property.</p>
<p>The selected bidder must construct an access road with appropriate signage leading to the pooling substation and ensure connectivity between plots, independently or via state assistance.</p>
<p>The successful bidder will be responsible for conducting a topography survey of the land parcels, performing any necessary land modifications like cutting or filling to achieve 95% compaction as per the standard proctor density test, and ensuring the land maintains an average slope of 10%. This is crucial for installing tracker-based module mounting structures, with a preference for the slope extending in a single direction over a minimum length of 100m in the north-south axis.</p>
<p>The selected bidder must also build a 220 kV/400 kV AIS pooling substation complete with a power transformer, an associated substation automation system, and protection measures to handle the proposed capacity and necessary reactive power. This includes installing 33 kV pooling switchgear and conducting all related civil work for the substation, including the control room and switchgear buildings.</p>
<p>The project also involves designing and constructing an extra-high-voltage transmission line that extends from the pooling substation to the ISTS substation.</p>
<p>Furthermore, the selected bidder must provide three years of operation and maintenance services for the pooling substation, associated equipment, and the extra-high-voltage transmission line, including the terminal bay at the ISTS end.</p>
<p>Bidders should have arranged land or obtained technical feasibility approval for power evacuation through intra-state or ISTS substations for grid-connected solar wind or wind-solar hybrid power projects of 100 MW or higher cumulative capacity. Out of this, at least one project should have a capacity of 50 MW or higher.</p>
<p>The average annual turnover of the bidders for any three out of the preceding five financial years, as of the bid opening date, should not be less than the specified financial figure below:</p>
<ul>
<li>The minimum annual turnover for a quoted capacity of 50 MW- 300 MW should be ₹125.7 million (~$1.5 million).</li>
<li>The minimum annual turnover for a quoted capacity of more than 300 MW should be ₹419,000 (~$5,019)/MW.</li>
</ul>
<p>Bidders should also have a positive net worth on the last day of the preceding financial year.</p>
<p>In March, NTPC REL <a href="https://www.mercomindia.com/ntpc-rel-land-transmission-tender-150-mw-solar/" target="_blank" rel="noopener">invited</a> bids for the land and power evacuation package to set up a 150 MW grid-connected solar power project in Bhadla, Rajasthan.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


NTPC REL Floats Land and Transmission Package Tender for 900 MW Solar Project


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					</table><p>The <a href="https://ecr.indianrailways.gov.in/view_section.jsp?lang=0&amp;id=0,6,336" target="_blank" rel="noopener">Sonpur Division</a> of the <a href="https://ecr.indianrailways.gov.in/index.jsp" target="_blank" rel="noopener">East Central Railway</a> has invited bids to empanel vendors to install 1.1 MW of grid-connected rooftop solar power projects through a public-private partnership on a design, build, finance, operate, and transfer basis.</p>
<p>The bids must be submitted by May 30, 2024. They will be opened on the same day.</p>
<p>The selected bidders will be empaneled to install rooftop solar systems in three capacity categories: &gt;10 and up to 100 kWp,&gt;100 and up to 500 kWp, and &gt; 500 KWp.</p>
<p>The duration of empanelment will be one year from the date of issue of the letter of award.</p>
<p>The successful bidder will be responsible for the entire project lifecycle, including engineering, procurement, construction, and 25 years of operation and maintenance. They will supply power to the Railways under a long-term power purchase agreement (PPA) lasting 25 years.</p>
<p>Bidders must have experience installing a minimum aggregate 200 kW capacity of grid-connected rooftop solar systems as a developer or engineering procurement and construction (EPC) company.</p>
<p>Those with experience installing and commissioning a minimum aggregate 1 MW capacity of any grid-connected systems as a developer or an EPC contractor in any sector such as residential, social, industrial, commercial, government, or any other client can also submit bids.</p>
<p>Bidders should have an average annual turnover of ₹15 million (~$185,000) and positive net worth over the last three financial years.</p>
<p>Qualified bidders will need to submit a bid security of ₹1.07 million (~$13,200) per MW and a performance security of ₹1.6 million (~$19,800) per MW after the award of the project.</p>
<p>A performance security of ₹1.6 million (~$19,000) per MW must also be submitted within 30 days of signing the PPA.</p>
<p>The generated solar power will be utilized solely by zonal railways through a net metering system. The tender document also mentions that no subsidy or viability gap funding will be provided by the Railways or the Ministry of New and Renewable Energy.</p>
<p>Last month, South Eastern Railway <a href="https://www.mercomindia.com/railway-rooftop-solar-three-states" target="_blank" rel="noopener">invited</a> bids to empanel agencies for setting up 8.383 MW of grid-connected rooftop solar power projects in Odisha, Jharkhand, and West Bengal.</p>
<p>Previously, the Asansol Division of Eastern Railway in West Bengal <a href="https://www.mercomindia.com/eastern-railway-1-mw-rooftop-solar-asansol" target="_blank" rel="noopener">invited</a> bids from solar developers to install 1 MW grid-connected rooftop solar projects.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders issued by various agencies in India.</p>


Railway Floats Empanelment Tender for 1.1 MW Rooftop Solar Projects in Bihar


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					</table><p>India&#8217;s solar market witnessed the emergence of new leaders in the calendar year 2023, according to Mercom&#8217;s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2024</a>, showcasing intense competition for market dominance.</p>
<p>The report provides insight into notable shifts in market share across ten categories over the past calendar year, highlighting which companies are gaining traction and which ones fell behind.</p>
<p>India added around 7.5 GW of solar capacity in 2023, significantly lower than the 13.4 GW installed in 2022, as deadline extensions and policy uncertainty pushed companies to delay projects. Delayed transmission construction timelines and grid connectivity issues in states like Rajasthan, Madhya Pradesh, and Gujarat also contributed to the decline, according to Mercom India Research.</p>
<p>&#8220;The market is widening right now. If you are looking at the rooftop or open access projects, the market has been expanding, providing opportunities to new players,&#8221; said Priya Sanjay, Managing Director at Mercom India.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-65851 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture566.png" alt="India Solar Market Share Leaders 2024" width="602" height="267" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture566.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture566-300x133.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture566-600x266.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></p>
<p>Large-scale solar projects accounted for the lion&#8217;s share at 77.2% of total installations. Meanwhile, the country&#8217;s cumulative installed solar capacity reached approximately 72 GW by the end of 2023.</p>
<p><a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a> remained the top developer for large solar projects in 2023, with the most installed capacity. <a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a> and <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a> followed closely. NTPC Renewable Energy had the most under-development capacity at the end of 2023.</p>
<p>Together, the top ten developers contributed 88.2% of the new large-scale solar capacity.</p>
<p>Adani Green Energy also emerged as one of the leading global large-scale solar photovoltaic (PV) project developers during the July 2022 to June 2023 period in Mercom Capital Group&#8217;s <a href="https://mercomcapital.com/product/2023-leading-global-large-scale-solar-pv-developers-report/" target="_blank" rel="noopener">Leading Global Large-Scale Solar PV Developers report</a>.</p>
<p><a href="https://oriano.com/" target="_blank" rel="noopener">Oriano</a> led among EPC service providers, followed by <a href="https://waareertl.com/" target="_blank" rel="noopener">Waaree Renewable Technologies</a> and <a href="https://www.prozealgreen.com/" target="_blank" rel="noopener">Prozeal Green Energy</a>.</p>
<p>Developers imported more modules towards the end of 2023, anticipating the reimposition of the Approved List of Models and Manufacturers (ALMM) regulation and taking advantage of the lower module prices during that period, according to Mercom Research.</p>
<p>The high shipments of modules and other components were also due to the strong solar project pipeline, as India anticipates its best year for solar in 2024.</p>
<p><a href="https://www.jinkosolar.com/" target="_blank" rel="noopener">Jinko Solar</a> led the module supply category, with <a href="https://www.longi.com/" target="_blank" rel="noopener">LONGi Green Energy Technology</a> and <a href="https://www.jasolar.com/html/en/" target="_blank" rel="noopener">JA Solar</a> following suit. <a href="https://www.waaree.com/" target="_blank" rel="noopener">Waaree Energies</a> was the only domestic manufacturer among the top five suppliers. The top ten module suppliers collectively controlled 73% of the market.</p>
<p>Other domestic manufacturers like <a href="https://www.vikramsolar.com/" target="_blank" rel="noopener">Vikram Solar</a> and ReNew are also expected to expand their manufacturing capacities to meet the rising demand for domestically produced modules under the Domestic Content Requirement (DCR) policy.</p>
<p><a href="https://www.arctechsolar.us/" target="_blank" rel="noopener">Arctech</a> was the top supplier of solar trackers in 2023.</p>
<p><a href="https://www.goodluckindia.com/">Goodluck India</a> led the solar module mounting structure supply category, followed by Arctech and <a href="https://gamechangesolar.com/" target="_blank" rel="noopener">GameChange Solar</a>. The top ten suppliers covered 95.3% of the shipments.</p>
<p>Solar open access capacity grew significantly in 2023, with <a href="https://www.o2power.in/" target="_blank" rel="noopener">O2 Power</a> leading as the top developer. <a href="https://www.continuumenergy.in/" target="_blank" rel="noopener">Continuum Green Energy</a> and <a href="https://www.cleanmax.com/" target="_blank" rel="noopener">CleanMax Enviro Energy</a> ranked second and third, respectively. The top ten developers held around 56.7% of the market share.</p>
<p>&#8220;Under the open access segment, projects, there&#8217;s a growing demand for larger projects, as corporates try to meet their net-zero targets. New EPC companies specializing in these projects are emerging to meet the increasing demand,&#8221; said Sanjay.</p>
<p><a href="https://aegeustechnologies.com/" target="_blank" rel="noopener">Aegeus Technologies</a> dominated the market for robotic module cleaning equipment in India in 2023.</p>
<p><strong>Higher Saturation in the Rooftop Solar Market</strong></p>
<p>On the rooftop solar front, over 1.7 GW of capacity was added in 2023. <a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a> continued to lead in rooftop solar development, with <a href="https://amplussolar.com/" target="_blank" rel="noopener">Amplus Solar</a> and <a href="https://roofsol.com/" target="_blank" rel="noopener">Roofsol Energy</a> coming in second and third.</p>
<p>The top ten developers in this sector accounted for 55.7% of the market. When compared with large-scale solar developers, where the top ten make up 88.2% of the market share, the rooftop solar market remained saturated with higher competition.</p>
<p><strong>Central Inverters Regain Market Share</strong></p>
<p>The report also showed a reversal in market preference for inverters. For the first time in over two years, central inverters made up 55.2% of total shipments, while string inverters accounted for 44.8%.</p>
<p><a href="https://en.sungrowpower.com/" target="_blank" rel="noopener">Sungrow Power Supply</a> maintained its position as the leading supplier of solar inverters, with <a href="https://www.tbeaindia.com/" target="_blank" rel="noopener">TBEA Energy India</a> leading in string inverter shipments. Sungrow led the central inverter supply, followed by <a href="https://www.fimer.com/" target="_blank" rel="noopener">FIMER India</a> and <a href="https://en.si-neng.com/" target="_blank" rel="noopener">Sineng Electric</a>.</p>
<p>With India targeting 280 GW of solar installations by 2030 and the government&#8217;s strong policy support through production-linked incentive schemes, the solar market is expected to remain dynamic, with further new leaders emerging in the coming years.</p>
<p>Mercom&#8217;s Market Leaderboard report, published twice a year, covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles">here</a>.</p>
<p>Mercom&#8217;s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a> also gives quarterly data insights into the solar market landscape and the top players.</p>


India’s Solar Market Sees New Leaders Rise in 2023: Mercom Report


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					</table><p>Military Engineer Services (<a href="https://mes.gov.in/en/southern-ce-af-bangalore-zone-cwe-af-trivandrum-ges/ge-af-sulur" target="_blank" rel="noopener">MES</a>) has floated a tender for the repair and maintenance of a 5 MW solar project and its miscellaneous items in Madhya Pradesh.</p>
<p>The last date for the submission of bids is May 25, 2024. Bids will be opened on May 27.</p>
<p>The project&#8217;s estimated cost is ₹2.5 million (~$29,953), and the completion period is six months.</p>
<p>Bidders have to submit an earnest money deposit of ₹50,000 (~$599.07)</p>
<p>MES-enlisted contractors in Class &#8216;E&#8217; and above must upload scanned documents along with their application, including a valid email ID.</p>
<p>The bidding application should be on the firm&#8217;s letterhead, and the contractors should upload a demand draft for the tender cost. They should also provide the enlistment letter and its enclosures.</p>
<p>The contractors should also include a copy of the GST registration number obtained from the relevant department. Failure to provide this number will lead to disqualification in the bid evaluation.</p>
<p>Other contractors who are not enlisted should upload scanned documents with the application, including a valid email ID. They should meet MES enlistment criteria for Class &#8216;E&#8217; and demonstrate satisfactory completion of similar works, annual turnover, solvency, etc.</p>
<p>An affidavit and attested copies of supporting documents are required.</p>
<p>There should be no outstanding recovery in any government department, and not suspended, debarred, or blacklisted from participating in bids or business dealings with government entities.</p>
<p>Before a work order is released, all contractors must provide the provident fund code number to the accepting officer. If the work is not applicable, the contractor can request the accepting officer, whose decision will be final.</p>
<p>For all contractors, subletting the work or assigning it to a third party through a power of attorney holder, except for sons/daughters/spouses of the proprietor/partner/director and the firm&#8217;s own employees, director, and project manager, is not allowed.</p>
<p>In June, MES <a href="https://www.mercomindia.com/military-engineer-services-1-mw-solar-project" target="_blank" rel="noopener">invited</a> bids to develop a 1 MW solar power project at Gorakhpur Air Force Area In Uttar Pradesh.</p>
<p>Earlier, MES <a href="https://www.mercomindia.com/military-engineer-services-bids-1-33-mw-solar-projects" target="_blank" rel="noopener">invited</a> bids for developing three solar power projects of capacities 1 MW, 200 kW, and 130 kW at Niwaru, Bhakrota, and Jaipur military stations, respectively, under Garrison Engineer (South) Jaipur.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of the tender activity in real-time.</p>


MES Invites Bids for Repair and Maintenance of 5 MW Solar Project


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					</table><p><a href="https://www.mercomindia.com/rajasthan-invites-bids-solar-projects" target="_blank" rel="noopener"><strong>Rajasthan Urja Vikas and IT Services has invited bids from developers to set up 8,000 MW solar power projects in the state</strong></a><strong>.</strong> The last date for the submission of bids is June 24, 2024. Bids will open the same day. Bidders must submit ₹29,500 (~$353.75) as the cost of the document fee and ₹500,000 (~$5,996) + 18% GST as the bid processing fee.</p>
<p><strong><a href="https://www.mercomindia.com/discom-dues-april-drop" target="_blank" rel="noopener">State distribution companies owed power generators ₹652.16 billion (~$7.81 billion) in total dues for the monthly billing cycle in April 2024</a>, </strong>according to the Ministry of Power’s payment ratification and analysis portal PRAAPTI. The dues for the March billing cycle amounted to ₹778.57 billion (~$9.32 billion). The current outstanding dues, excluding the latest monthly dues, are ₹239.93 billion (~$2.87 billion).</p>
<p><strong><a href="https://www.mercomindia.com/green-energy-trade-iex-april" target="_blank" rel="noopener">The Indian Energy Exchange traded 402 million units (MU) of green energy in April 2024, a 44% year-over-year (YoY) increase from 280 MU</a>. </strong>The Exchange, in total, traded 9,044 MU of power in the month, marking a 14% YoY increase. During April, the Market Clearing Price in the Day Ahead Market decreased by approximately 6% compared to the previous year, reaching ₹5.1 (~$0.061)/kWh. Sell bids on the Exchange, including both the Day Ahead Market and Real-Time Market, saw a notable 21% YoY increase for the month.</p>
<p><strong><a href="https://www.mercomindia.com/indian-oil-subsidiary-1-gw-renewable" target="_blank" rel="noopener">Indian Oil Corporation (IOCL) has decided to form a wholly-owned subsidiary to undertake low-carbon, clean, and green energy businesses</a></strong> with an equity investment of ₹13.04 billion (~$15.63 million). IOCL has committed itself to installing 1 GW of renewable energy projects, including standalone ground-mounted solar, standalone onshore wind, or wind-solar hybrid projects, at a cost of ₹52.15 billion (~$625.38 million).</p>
<p><strong><a href="https://www.mercomindia.com/adani-green-secures-400-million-in-rajasthan-and-gujarat" target="_blank" rel="noopener">Adani Green Energy has secured a $400 million green loan for its under-construction 750 MW solar power projects in Rajasthan and Gujarat</a> </strong>from a consortium of five international banks. The consortium will provide financing for projects that will come online by November this year. The 500 MW project being developed in Rajasthan has a long-term power purchase agreement with the Solar Energy Corporation of India. The second project, with a capacity of 250 MW, is a standalone merchant power project implemented at Gujarat’s Khavada renewable energy cluster.</p>
<p><strong><a href="https://www.mercomindia.com/adani-greens-from-new-projects-surge" target="_blank" rel="noopener">Renewable energy company Adani Green Energy generated revenue of ₹28.06 billion (~$336.29 million) in the fourth quarter of the financial year 2023-24</a>,</strong> an increase of 4.89% year-over-year (YoY) from ₹26.75 (~$320.5 million). The company recorded a net profit of ₹3.1 billion (~$37.2 million), an increase of 21% YoY, compared to ₹2.56 billion (~$30.7 million).</p>
<p><strong><a href="https://www.mercomindia.com/fortum-exits-indian-solar-market" target="_blank" rel="noopener">Finland-based energy company Fortum said it is exiting the Indian solar power market after signing an agreement to sell its remaining 43.75% stake in a 185 MW solar portfolio to Gentari Renewables India</a>,</strong> a subsidiary of Malaysia-based clean energy firm Gentari. The portfolio consists of four solar projects with a total capacity of 185 MW – a 5 MW Amrit project and 70 MW Bhadla project in Rajasthan, a 10 MW Kapeli project in Madhya Pradesh, and a 100 MW Pavagada plant in Karnataka.</p>
<p><strong><a href="https://www.mercomindia.com/fire-jinkosolar-cell-facility-china" target="_blank" rel="noopener">A fire broke out at one of JinkoSolar’s silicon wafer slicing and solar cell manufacturing facilities in Shanxi Province, China</a>, </strong>on April 26. While no casualties were reported, JinkoSolar stated that the incident could impact its operations and 2024 financial results. The solar manufacturer is shifting production across their other manufacturing sites to minimize disruptions to its supply chain. The Chinese solar manufacturer operates 14 production facilities globally, along with 26 overseas subsidiaries spanning North America, Europe, Asia, Africa, and South America as of the end of 2023.</p>
<p><strong><a href="https://www.mercomindia.com/eu-772-million-to-green-hydrogen" target="_blank" rel="noopener">The European Commission has awarded approximately €720 million (~$772 million) to seven green hydrogen projects across Europe</a></strong> through the first competitive auction under the European Hydrogen Bank initiative. The winning projects were selected from 132 bids submitted from 17 European countries, totaling over €15 billion (~$16 billion) in requested 800 million budget funds – far exceeding the €800 million budget for this initial auction round. The tender for the projects was floated last November.</p>


Daily News Wrap-Up: Rajasthan’s 8 GW Solar Tender


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					</table><p>Canada-based <a href="https://www.brookfield.com/" target="_blank" rel="noopener">Brookfield Asset Management</a>, along with <a href="https://bep.brookfield.com/" target="_blank" rel="noopener">Brookfield Renewable Partners</a>, has signed a global framework agreement with tech giant <a href="https://www.microsoft.com/en-gb" target="_blank" rel="noopener">Microsoft</a> to develop over 10.5 GW of new renewable power capacity, such as wind and solar farms, by 2030, as energy-intensive data centers powering artificial intelligence (AI) are expected to drive up electricity demand.</p>
<p>Data centers, AI, and cryptocurrencies are estimated to consume at least 1,000 TWh of electricity by 2026, more than doubling from 460 TWh in 2022, according to the <a href="https://www.iea.org/" target="_blank" rel="noopener">International Energy Agency</a>. The figure is roughly equivalent to Japan&#8217;s total electricity consumption.</p>
<p>The five-year agreement is nearly eight times larger than the biggest previous corporate renewable energy purchase ever recorded, the companies claimed. It is expected to help meet Microsoft&#8217;s goal of having 100% of its electricity consumption matched by zero-carbon sources by 2030.</p>
<p>Last year, the tech firm, which is also known for its cloud computing service Azure, acquired a stake in <a href="https://openai.com/" target="_blank" rel="noopener">OpenAI</a> – the company behind the generative ChatGPT that brought the term AI into the collective conscience.</p>
<p>The deal, which aims to help &#8220;decarbonize the grid,&#8221; underscores how AI&#8217;s insatiable appetite for computing power and electricity is becoming a major force shaping the renewable energy landscape at a time when the world is trying to transition away from fossil fuels.</p>
<p>&#8220;As the global trend of digitalization and the adoption of AI continues to drive growth in demand for electricity, we are thrilled to collaborate with Microsoft to support their customer demand…,&#8221; said Connor Teskey, CEO of Brookfield Renewable Partners, a subsidiary of the Brookfield Asset Management.</p>
<p>Adrian Anderson, Microsoft&#8217;s head of renewable energy procurement, said, &#8220;Microsoft wants to use our influence and purchasing power to create lasting positive impact for all electricity consumers.&#8221;</p>
<p>Brookfield currently has over $900 billion in assets under management, while Brookfield Renewable&#8217;s operating capacity stands at 33 GW, with more than 155 GW of projects in the development pipeline.</p>
<p>Last year,  Brookfield Renewable Partners <a href="https://www.mercomindia.com/totalenergies-adani-brookfield-top-global-solar-developers" target="_blank" rel="noopener">emerged</a> as one of the leading global large-scale solar photovoltaic project developers in Mercom Capital Group&#8217;s Leading Global Large-Scale Solar PV Developers report.</p>
<p>Previously, it had <a href="https://www.mercomindia.com/brookfield-acquire-dukes-renewables-business" target="_blank" rel="noopener">acquired </a>Duke Energy&#8217;s unregulated utility-scale commercial renewables business in the U.S. for approximately $2.8 billion.</p>


Brookfield to Set Up 10.5 GW Renewable Projects for Microsoft as AI Drives Demand


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					</table><p>Renewable energy company Adani Green Energy (<a href="https://www.adanigreenenergy.com/about-us" target="_blank" rel="noopener">AGEL</a>) generated revenue of ₹28.06 billion (~$336.29 million) in the fourth quarter (Q4) of the financial year (FY) 2023-24, an increase of 4.89% year over year (YoY) from ₹26.75 (~$320.5 million).</p>
<p>The company recorded a net profit of ₹3.1 billion (~$37.2 million), an increase of 21% YoY, compared to ₹2.56 billion (~$30.7 million).</p>
<p>Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) from power supply for the quarter was recorded at ₹18.11 billion (~$217.02 million), a decrease of 27% YoY.</p>
<p>The increase in revenue, EBITDA, and cash profit can be mainly attributed to the expansion of capacity by 2,848 MW in the past year, consistent capacity utilization rates for the solar portfolio, and improved rates for both wind and solar-wind hybrid portfolios.</p>
<p>The company’s CUF for wind assets for Q4 was 21.6%, compared to 20.4% YoY. The CUF for solar assets was 25.4% compared to 26.8% for Q4 FY 2023. The CUF for wind-solar hybrid projects was 38% compared to 36.9%.</p>
<p><strong>Full Year 2024</strong></p>
<p>AGEL recorded a revenue of ₹104.6 billion (~$1.2 billion), an increase of 21.3% YoY, compared to ₹ 86.17 billion (~$1.03 billion) during FY 2023.</p>
<p>During the year, the company recorded a net profit of ₹12.6 billion (~$151.19 million), an increase of 29.4% YoY.</p>
<p>For the year, revenue from renewable power generation and other ancillary activities accounted for ₹92.2 billion (~$1.1 billion), an increase of 18.5% YoY compared to ₹77.76 (~$932.3 million).</p>
<p>Notably, the sale of solar power equipment fetched the company ₹12.98 billion (~$155.6 million) in 2024, an increase of 83.5% YoY as compared to ₹7.07 billion (~$84.7 milion).</p>
<p>Adjusted EBITDA from the power supply for the period was recorded at ₹70.87 billion (~$849.3 million), an increase of 44% YoY.</p>
<p>The company’s CUF for wind assets was 24.5%, compared to 24.7% YoY. The CUF for solar assets remained at 24.5%. The CUF for wind-solar hybrid projects was 40.7% compared to 35.5%.</p>
<p>AGEL has successfully <a href="https://www.mercomindia.com/adanis-green-bond-issue-receives-over-3-billion-bids" target="_blank" rel="noopener">refinanced</a> its existing Restricted Group 1 bond, originally due in December 2024, by issuing new bonds totaling $409 million. The oversubscribed issue, priced at 6.7%, significantly undercuts the trading bond yield of the previous bond.</p>
<p>This new bond, structured with an amortizing feature and an 18-year tenure, aligns closely with project cash flows, reducing debt servicing risks.</p>
<p>The company has also commenced construction on its inaugural pumped hydro storage project (PSP), a 500 MW facility on the Chitravathi River in Andhra Pradesh. This project, located at Peddakotla, will utilize an existing reservoir as the lower reservoir while developing an upper reservoir.</p>
<p>Expected to generate 500 MW with an estimated 6.2 generation hours daily, all requisite approvals, including the final DPR approval, are secured, and financial closure is achieved.</p>
<p>Currently, the company has 10,934 MW of operational renewable energy capacity, and another 11,019 MW is under execution.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-65839 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1.png" alt="" width="406" height="318" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1.png 406w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1-300x235.png 300w" sizes="(max-width: 406px) 100vw, 406px" /></p>
<p>AGEL&#8217;s development pipeline includes hydro-pumped storage projects across Andhra Pradesh, Maharashtra, Tamil Nadu, and Telangana, aiming for over 5 GW of PSP capacity by 2030.</p>
<p>Consequently, AGEL is revising its renewable energy capacity target upward to 50 GW by 2030, with an increasing emphasis on storage solutions to accelerate renewable integration into the grid, aligning with India&#8217;s non-fossil fuel target of 500 GW by 2030.</p>
<p>AGEL <a href="https://www.mercomindia.com/adani-green-q3-revenue-up" target="_blank" rel="noopener">generated</a> revenue of ₹17.65 billion (~$212.29 million) from the power supply in the third quarter (Q3) of the financial year (FY) 2023-24, a 40% year-over-year (YoY) increase from ₹12.58 billion (~$151.31 million).</p>


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