JinkoSolar’s Q1 Profit Drops 44% as Falling Module Prices Hurt Margins

Daily News Wrap-up: NTPC’s 260 MW Solar EPC Tender

Energy Storage Must Expand Six-Fold by 2030 to Enable Renewable Boom: IEA

Germany Invites Bids for 258 MW Rooftop Solar Projects

Vietnam’s Boviet to Build 2 GW Solar Cells and Modules Plant in North Carolina

Germany Adds 3.7 GW of Solar in Q1; Cumulative Capacity Reaches 86.2 GW

NTPC Renewable Energy Floats EPC Tender for 260 MW Solar Project in Rajasthan

DVC Invites Bids for Land Survey for Solar Project in Jharkhand

AdaniConneX Raises $1.44 Billion in Green Financing for Data Centers

BluPine Energy Secures ₹4.18 Billion for 120 MW Solar Project in Gujarat


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					</table><p>India could become the world&#8217;s third largest market for utility-scale batteries, with capacity additions expected to rise to 9 GW by 2030, fuelled by the cost competitiveness of solar photovoltaics (PV) coupled with battery storage, according to a recent report from the International Energy Agency (<a href="https://www.iea.org/" target="_blank" rel="noopener">IEA</a>).</p>
<p>The rapidly declining cost of utility-scale batteries is a driving force behind the solar-plus-storage surge. The IEA&#8217;s report highlights that global average costs for four-hour duration battery systems are expected to fall by 40% over the next eight years, from $290 per kilowatt-hour (kWh) in 2022 to $175/kWh by 2030. In India, cost reductions are projected to be even steeper.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-65656 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture2-4.png" alt="Utility-scale battery storage average cost" width="739" height="514" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture2-4.png 739w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture2-4-300x209.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture2-4-650x452.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture2-4-624x434.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture2-4-600x417.png 600w" sizes="(max-width: 739px) 100vw, 739px" /></p>
<p>Prices of utility-scale lithium-ion batteries have already declined by 90%, from $1,400 per kilowatt-hour (kWh) in 2010 to less than $140 per kWh in 2023, one of the fastest cost declines of any energy technology ever.</p>
<p>According to the Announced Pledges Scenario (APS), which assumes that all targets announced by governments are met on time and in full, IEA predicts that solar PV and battery systems will form the backbone of India&#8217;s power grid by 2050, with batteries charging during peak solar hours and discharging during evening peak demand periods.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-65657 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture3-2.png" alt="Electricity Supply Mix" width="754" height="577" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture3-2.png 754w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture3-2-300x230.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture3-2-650x497.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture3-2-624x478.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture3-2-600x459.png 600w" sizes="(max-width: 754px) 100vw, 754px" /></p>
<p>While the total daily power generation will be dominated by solar, according to the scenario, battery storage will provide grid support during peak hours.</p>
<p><strong>Solar-plus-Battery Cheaper than Coal</strong></p>
<p>By 2030, the IEA projects that the value-adjusted levelized cost of electricity (LCOE) for solar-plus-battery systems in India will be lower than that of new coal-fired power plants, driven by tumbling costs of batteries.</p>
<p>The report said that innovative tariff structures and financial incentives are also stimulating consumer demand for battery systems. <a href="https://www.mercomindia.com/dhi-issues-details-pli-program" target="_blank" rel="noopener">Production-linked incentives</a> worth nearly $2.5 billion to spur domestic battery manufacturing in India will also help bring prices down.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-65658 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture4-1.png" alt="Cost of utility scale storage" width="739" height="586" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture4-1.png 739w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture4-1-300x238.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture4-1-650x515.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture4-1-624x495.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture4-1-600x476.png 600w" sizes="(max-width: 739px) 100vw, 739px" /></p>
<p>The rise of solar-plus-battery systems could also alleviate India&#8217;s reliance on imported coal. But if battery storage deployment falters, the IEA warns that India might need to increase both domestic coal production and imports, adding an estimated $5 billion annually to its coal import bills from 2030 to 2050.</p>
<p>Meanwhile, according to a recently released <a href="https://mercomcapital.com/product/q1-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Mercom report</a>, the global energy storage sector witnessed a 432% increase year-over-year in corporate funding, totaling $11.7 billion across 29 transactions, from $2.2 billion in 27 deals.</p>


India to Become Third-Largest Market for Utility-Scale Batteries by 2030: IEA


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					</table><p><a href="https://www.mercomindia.com/corporate-funding-in-energy-storage-billion-in-q1/" target="_blank" rel="noopener"><strong>The global energy storage sector witnessed a 432% increase year-over-year in corporate funding, totaling $11.7 billion across 29 transactions</strong>,</a> from $2.2 billion in 27 deals. The findings were published in Mercom Capital’s recently released <a href="https://mercomcapital.com/product/q1-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Q1 2024 Funding and M&amp;A Report for Storage and Grid</a>. Compared to Q4 2023, funding surged by 216%, surpassing the $3.7 billion raised in 26 deals. Raj Prabhu, CEO and Co-Founder of Mercom Capital Group, said, “Two significant debt deals skewed the numbers higher this quarter. Yet, when we exclude these transactions, the figures are similar to Q1 2023.”</p>
<p><a href="https://www.mercomindia.com/bihar-invites-bids-rooftop-solar-projects/" target="_blank" rel="noopener"><strong>Bihar Renewable Energy Development Agency has invited expressions of interest for the empanelment of agencies for grid-connected rooftop solar power projects</strong></a> of various capacities under the CAPEX model, with an estimated capacity of 200 MW, at government buildings in the state. The scope of the work includes design, supply, erection, testing, commissioning, warranty, and comprehensive operation and maintenance for five years. The last date for the submission of bids is May 27, 2024. Bids will be opened the next day.</p>
<p><a href="https://www.mercomindia.com/rec-avails-loan-sace-green-projects/" target="_blank" rel="noopener"><strong>Public infrastructure finance company REC Limited has availed a green loan of ¥60.5 billion (~$387.6 million) from SACE, an Italian export credit agency,</strong></a> to finance a slew of green projects in India. This maiden green loan transaction in India also marks a first-of-its-kind successful collaboration between the two companies. “Through this facility, SACE is committed to supporting projects in renewable energy, green mobility, and energy efficiency, enabling sustainable long-term growth in India,” said Gautam Bhansali, Head of SACE – India &amp; South Asia.</p>
<p><a href="https://www.mercomindia.com/kpi-green-profit-q4-fy24/" target="_blank" rel="noopener"><strong>Renewable energy solutions provider KPI Green Energy posted a revenue of ₹2.93 billion (~$35.16 million) in the fourth quarter of the financial year 2023-24</strong></a>, an increase of 59% year-over-year (YoY). The company’s net profit for the quarter stood at ₹430 million (~$5.16 million), a rise of 36% YoY. The earnings before interest, taxes, depreciation, and amortization (EBITDA) for the January-March period was ₹ 964.8 million (~$11.58 million), a YoY increase of 71%. The rise in profits, income, and EBITDA can be attributed to the increase in revenue from the captive segment, which grew by 56% YoY to ₹2.36 billion (~$28.32 million).</p>
<p><a href="https://www.mercomindia.com/sjvn-green-hydrogen-project-starts/" target="_blank" rel="noopener"><strong>SJVN has started the commercial operation of its multi-purpose (combined heat and power) green hydrogen pilot project at its 1.5 GW Nathpa Jhakri hydropower project</strong></a> in Himachal Pradesh. The project will generate electricity through its 25-kW fuel cell and produce green hydrogen for the hydropower project’s High-Velocity Oxygen Fuel Coating facility. It is expected to produce 14 kgs of green hydrogen during its daily 8-hour operational window. The project has the facility to store the green hydrogen at a pressure of 30 bars in 12 m3  tanks.</p>
<p><a href="https://www.mercomindia.com/us-solar-manufacturers-trade-petition/" target="_blank" rel="noopener"><strong>The American Alliance for Solar Manufacturing Trade Committee has filed anti-dumping and countervailing duty petitions against solar imports from select Southeast Asian countries.</strong></a> The petitions, lodged with the U.S. International Trade Commission and the U.S. Department of Commerce, target alleged illegal trade practices in Cambodia, Malaysia, Thailand, and Vietnam, which are believed to be detrimental to the American solar industry. The petitioners include Convalt Energy, First Solar, Meyer Burger, Mission Solar, Qcells, REC Silicon, and Swift Solar.</p>


Daily News Wrap-Up: Corporate Funding in Energy Storage Sector Up 432% in Q1


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					</table><p>Global solar manufacturing capacity under construction indicates an increase of 330 GW in 2023 to almost 800 GW – triple the 2021 level, according to the International Energy Agency (<a href="https://www.iea.org/" target="_blank" rel="noopener">IEA</a>). This surplus in capacity is projected to more than double the forecast installations for 2023, creating a significant supply surplus.</p>
<p>The manufacturing pipeline suggests further expansion to over 1,100 GW in 2024 and 1,300 GW in 2028, maintaining more than double the annual photovoltaic (PV) installations over the forecast period.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-global-manufacturing-capacity.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-65639 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-global-manufacturing-capacity.png" alt="IEA global manufacturing capacity" width="607" height="313" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-global-manufacturing-capacity.png 607w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-global-manufacturing-capacity-300x155.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-global-manufacturing-capacity-600x309.png 600w" sizes="(max-width: 607px) 100vw, 607px" /></a>Since 2017, the main bottleneck in the PV supply chain has been the insufficient PV-grade polysilicon manufacturing capacity. This challenge was particularly evident in 2021 when delayed investments and a major manufacturing plant <a href="https://www.mercomindia.com/explosion-hoshine-polysilicon-china-threatens-supply" target="_blank" rel="noopener">fire</a> resulted in a global polysilicon shortage and a threefold price increase, significantly impacting PV module prices.</p>
<p>Although wafer manufacturing is anticipated to be the least developed part of the global supply chain in 2024, shortages are unlikely due to the significant capacity surpassing expected demand.</p>
<p>Most PV manufacturing capacity expansion through 2028 is anticipated in China, with projections ranging from 85% for modules to 95% for polysilicon. Chinese companies have significantly increased their investment plans in response to dynamic global PV demand growth, driven by concerns over energy security following events like Russia&#8217;s invasion of Ukraine and many countries&#8217; growing clean energy aspirations.</p>
<p>The remaining investments will be divided among the U.S., India, and the ASEAN countries. Expansion outside of China is primarily driven by various policy measures supporting domestic manufacturing, although Chinese companies are investing in the ASEAN region to diversify their production geographically.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-global-manufacturing-capacity-country-wise.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-65638 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-global-manufacturing-capacity-country-wise.png" alt="IEA global manufacturing capacity country wise" width="602" height="328" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-global-manufacturing-capacity-country-wise.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-global-manufacturing-capacity-country-wise-300x163.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-global-manufacturing-capacity-country-wise-600x327.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></a></p>
<p>Between 2022 and 2023, numerous PV manufacturing projects outside of China and the ASEAN region were initiated, thanks to policy incentives like the IRA in the United States and the Production-Linked Incentive in India.</p>
<p>In the U.S., approximately half of these projects focus solely on module assembly, while the rest are evenly distributed across other segments of the manufacturing process.</p>
<p>As a result of these investments, it is anticipated that by 2028, PV manufacturing capacity across North America will be able to meet about 35% of the region&#8217;s solar PV demand.</p>
<p>Cell and module manufacturing capacity in India is projected to exceed local demand significantly by 2028, presenting export opportunities. However, due to delays in polysilicon investments, India&#8217;s self-sufficiency in PV is estimated to reach only about 50%.</p>
<p>In contrast, insufficient policy support for domestic PV manufacturers in the European Union has led to limited project announcements. Turkey is expected to attract most European investments due to its local content incentives and relatively low manufacturing costs. Despite Europe&#8217;s growing manufacturing aspirations, it&#8217;s projected to achieve just 10% self-sufficiency by 2028, remaining the largest PV import market, with China likely as its leading supplier.</p>
<p>While the U.S. and India have ambitious PV manufacturing development plans that should reduce their import dependence, global geographical diversification of PV manufacturing is unlikely to improve significantly due to China&#8217;s extensive investment plans.</p>
<p>Consequently, China is still expected to dominate production, accounting for 90% of wafers, 85% of polysilicon and cells, and 75% of modules by 2028.</p>
<p>In the European Union and the U.S., PV module imports surpassed PV installations in recent years, leading to considerable stockpiling, particularly from China. Distributors in both regions are building stockpiles ahead of circumvention tariffs scheduled for June 2024. The surplus resulting from this stockpiling, coupled with the low-price environment due to oversupply, led to an estimated 90 GW of module stockpiles in the EU and 45 GW in the U.S. by the end of 2023, nearly double the forecasted installations for 2024.</p>
<p>According to the report, despite this surplus demand, global PV manufacturers managed to maintain a 75% average capacity utilization rate in 2022. However, with the continued expansion of the supply chain, the global average utilization rate was set to fall to about 60% in 2023. This oversupply has intensified competition among manufacturers, driving a 50% drop in module spot prices between January and December 2023.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-average-global-manufacturing-capacity.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-65637 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-average-global-manufacturing-capacity.png" alt="IEA average global manufacturing capacity" width="608" height="312" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-average-global-manufacturing-capacity.png 608w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-average-global-manufacturing-capacity-300x154.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-average-global-manufacturing-capacity-600x308.png 600w" sizes="(max-width: 608px) 100vw, 608px" /></a>On the other hand, manufacturers outside of China are likely to maintain higher utilization rates, often shielded by various supportive policies and trade measures. Considering the persistent trend of declining production costs and low utilization rates in manufacturing, PV module prices are anticipated to continue decreasing over the forecast period.</p>
<p>Manufacturers prioritize cost reduction and innovation to thrive in this fiercely competitive market. Larger, vertically integrated firms hold an edge as they can manage costs throughout the value chain. Notably, there&#8217;s rising adoption of TOPCon (tunnel oxide passivated contact) solar cell technology, although PERC (passivated emitter rear contact) cells currently dominate the market.</p>
<p>Chinese companies lead the way in upgrading manufacturing lines in their plants in China and ASEAN countries. However, the surplus manufacturing capacity and resulting low PV module prices are poised to pose financial challenges for less efficient manufacturers. This could lead to cancellations of manufacturing projects and overall market consolidation.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-supply-cost.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-65635 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-supply-cost.png" alt="IEA supply cost" width="595" height="328" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-supply-cost.png 595w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/IEA-supply-cost-300x165.png 300w" sizes="(max-width: 595px) 100vw, 595px" /></a></p>
<p>Established Chinese manufacturers, often vertically integrated firms, play a significant role in driving down module prices. They benefit from economies of scale, resulting in high production cost efficiencies unmatched by any other country in the medium term.</p>
<p>However, several governments, including the U.S., the European Union, Turkey, and India, have implemented direct subsidies, tax credits, local content requirements, and trade measures to bolster domestic PV equipment manufacturing. These initiatives aim to attract investment, generate employment, and enhance the security of the clean energy supply chain.</p>
<p>While diversifying the solar PV supply chain is necessary to reduce excessive concentrations in certain regions, it also comes with added costs for governments and consumers.</p>
<p>For example, manufacturing a PV module from polysilicon to the finished panel was estimated to be approximately 10% higher in India, 30% higher in the United States, and 60% higher in the European Union compared to China by the end of 2023. These differences stem from increased investment, labor and energy costs, smaller production scales, and a lack of vertical integration.</p>
<p>By 2028, these disparities could widen to 70% in India, 100% in the United States, and 140% in the European Union.</p>
<p>Consequently, the cost of replacing Chinese PV imports with pricier domestic manufacturing from 2023 to 2028 is projected to reach $12 billion in the United States and $8 billion in the European Union and India combined. These estimates assume capacity utilization rates of over 70% for planned manufacturing plants in these countries, which would enable efficient operations.</p>
<p>Despite the high investment costs, local manufacturing provides numerous economic benefits to a country, including job creation, innovation stimulation, and bolstered supply chain security, all of which should be factored into policy planning.</p>
<p>India added 20.8 GW of solar modules and 3.2 GW of solar cell capacity in the calendar year 2023, according to the recently released <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-2024" target="_blank" rel="noopener">State of Solar PV Manufacturing in India 2024</a> Report by Mercom India Research. The country&#8217;s cumulative solar module manufacturing capacity reached 64.5 GW, and solar cell manufacturing capacity reached 5.8 GW as of December 2023.</p>


Global Solar Manufacturing Capacity Set to Expand to Over 1.3 TW by 2028


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					</table><p>Researchers have developed a high-energy, high-power hybrid sodium-ion battery that could be a viable alternative to lithium-ion batteries.</p>
<p>Led by Jeung Ku Kang, a team from the Korea Advanced Institute of Science and Technology (<a href="http://www.kaist.ac.kr/" target="_blank" rel="noopener">KAIST</a>) and <a href="https://www.lbl.gov/" target="_blank" rel="noopener">Lawrence Berkeley National Laboratory</a> has found a way to enhance sodium-ion hybrid energy storage systems through an innovative hybrid energy storage system that integrates anode and cathode materials.</p>
<p>Sodium, a metal 500 times more abundantly available than lithium, shows much promise for electrochemical storage technologies. While iron-based sulfides are environmentally non-toxic, low-cost, and promising anode materials, they have low electrical conductivity, significant volume change during charging/discharging cycles, and slow kinetics.</p>
<p>This necessitated the development of next-generation energy storage materials.</p>
<p>In a recent paper in the <em>Energy Storage Materials</em> journal, the researchers said they combined these materials to allow for high energy density, rapid charging capabilities, and robust long-term stability over many charging cycles, addressing the limitations plaguing sodium-ion technologies.</p>
<p>Sodium-ion hybrid energy storage cells that can use the different potential windows of capacitor-type cathodes and battery-type anodes have attracted a lot of attention because they could, in principle, simultaneously allow for high energy density and fast-rechargeable power density.</p>
<p>The team synthesized iron sulfide-embedded S-doped carbon or graphene (FS/C/G) anode materials from the iron-based metal-organic framework or graphene oxide heterostructures via graphitic carbon formation and sulfidation.</p>
<p>This optimized the balance and minimized the disparities in energy storage rates between the electrodes.</p>
<p>They also achieved high-energy density and fast-rechargeable sodium ion cells by developing a low-crystallinity multivalence iron FS/C/G anode and a ZIF-derived porous carbon cathode.</p>
<p>Through this, the team was able to offer a more abundant and potentially cheaper alternative to lithium-ion systems, which will be especially useful for large-scale energy storage applications.</p>
<p>Earlier this year, Australian and American researchers <a href="https://mercomindia.com/new-sodium-ion-battery-scale-energy-storage#:~:text=A%20team%20of%20researchers%20from,of%20aqueous%20batteries:%20water%20decomposition." target="_blank" rel="noopener">developed</a> a new type of aqueous sodium-ion battery that they claimed would last for over 13,000 charge cycles.</p>
<p>In February 2024, another team from Liverpool University <a href="https://www.mercomindia.com/researchers-discover-new-fast-material" target="_blank" rel="noopener">discovered</a> a solid material that rapidly conducts lithium-ions, which consists of non-toxic, earth-abundant materials.</p>


Researchers Develop Fast-Charging Sodium Battery


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					</table><p>U.S.-based solar firm <a href="https://us.sunpower.com/" target="_blank" rel="noopener">SunPower Corp</a> will wind down its SunPower Residential Installation (SPRI) locations, close SunPower Direct sales, and reduce its workforce by about 1,000 employees to rein in costs, according to an internal memo.</p>
<p>“I’m writing to share difficult news with you as we implement changes across our organization in the days and weeks to come,” wrote executive chairman of the board Tim Werner in the memo. “Some of our impacted team members will depart today, and others will remain on with us for a period of time to help facilitate the transition for our customers.”</p>
<p>Werner, who had previously served as CEO for nearly two decades, attributed the restructuring to prolonged market recovery and improving financial controls.</p>
<p>“To position SunPower for the future, we need to achieve financial viability, which includes simplifying our business structure and transitioning away from areas where we have been unable to sustain profitable operations,” he said.</p>
<p>The company has been dealing with some issues recently. On April 17, SunPower discovered errors in its audited financial statements for the fiscal year ending January 1, 2023, resulting in misstatements primarily related to certain deferred costs and sales commissions.</p>
<p>These adjustments are estimated to decrease income before taxes and equity earnings for that year by $15 to $25 million. The review, however, is ongoing, and the financial impact may change.</p>
<p>In February, the company announced that its CEO, Peter Faricy, had left the company, effective February 26, 2024. The board said it was conducting a search to identify a new permanent CEO.</p>
<p>Amidst the shift in leadership, Werner was called out of retirement to assume the role of executive chairman.</p>
<p>The company’s fourth-quarter revenue <a href="https://www.mercomindia.com/sunpowers-q4-revenue-falls-higher-interest-rates" target="_blank" rel="noopener">had fallen</a> nearly 28% as it struggled to attract new customers amidst a high-interest rate environment.</p>
<p>SunPower in 2023 <a href="https://www.mercomindia.com/us-residential-solar-prices-drop-second-half-2023" target="_blank" rel="noopener">provided</a> the most expensive equipment package on the marketplace, according to a report by EnergySage – an online marketplace for solar.</p>


SunPower to Shutter Residential Solar Direct-Sales Units, Axe 1,000 Jobs in the US


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					</table><p><a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a> has started the commercial operation of its multi-purpose (combined heat and power) green hydrogen pilot project at its 1.5 GW Nathpa Jhakri hydropower project in Himachal Pradesh.</p>
<p>The project will generate electricity through its 25-kW fuel cell and produce green hydrogen for the hydropower project’s High-Velocity Oxygen Fuel (HVOF) Coating facility.</p>
<p>It is expected to produce 14 kgs of green hydrogen during its daily 8-hour operational window. The project has the facility to store the green hydrogen at a pressure of 30 bars in 12 m<sup>3  </sup>tanks.</p>
<p>The green hydrogen will be produced using alkaline electrolyzers of 20 Nm<sup>3</sup>/hour capacity, fueled by clean energy supplied from SJVN’s 1.3 MW solar power project in Wadhal, Shimla.</p>
<p>Besides producing power, green hydrogen will be utilized to coat the turbine&#8217;s underwater parts for HVOF.</p>
<p>“Aligned with National Green Hydrogen Mission of the Government of India, SJVN’s Green Hydrogen Pilot Project is poised to accelerate the development of green hydrogen production infrastructure in the power sector, thus establishing green hydrogen as a clean energy source, “ said the Chairperson and Managing Director of SJVN, Geeta Kapur.</p>
<p>SJVN also announced the centralized operation of its 1,500 MW Nathpa Jhakri hydropower project and 412 MW Rampur hydropower project.</p>
<p>In February this year, the Ministry of New and Renewable Energy (MNRE) <a href="https://www.mercomindia.com/mnre-pilot-implement-hydrogen-steel" target="_blank" rel="noopener">released</a> an implementation framework to incentivize the production of 200,000 MT of green hydrogen annually. The incentives will be granted for three years.</p>
<p>With an aim to decarbonize the shipping, steel, and transportation sectors, the government has launched pilot projects to use green hydrogen in <a href="https://www.mercomindia.com/government-pilot-projects-hydrogen-trucks-buses" target="_blank" rel="noopener">trucks and buses</a>, the <a href="https://www.mercomindia.com/government-pilot-green-hydrogen-shipping" target="_blank" rel="noopener">shipping</a>, and the <a href="https://www.mercomindia.com/mnre-pilot-implement-hydrogen-steel" target="_blank" rel="noopener">steel</a> industry. The program plans to support the deployment of green hydrogen through fuel cell electric vehicles (FCEVs) and hydrogen internal combustion engine (ICE) based trucks and buses in phases.</p>


SJVN’s Heat and Power Generating Green Hydrogen Project Starts Operation


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					</table><p>Bihar Renewable Energy Development Agency (<a href="https://www.breda.bih.nic.in/" target="_blank" rel="noopener">BREDA</a>) has invited expressions of interest for the empanelment of agencies for grid-connected rooftop solar power projects of various capacities under the CAPEX model, with an estimated capacity of 200 MW, at government buildings in the state.</p>
<p>The scope of the work includes design, supply, erection, testing, commissioning, warranty, and comprehensive operation and maintenance for five years.</p>
<p>The last date for the submission of bids is May 27, 2024. Bids will be opened the next day.</p>
<p>Bidders must pay ₹11,800 (~$141.60) as a non-refundable tender document fee and ₹10 million (~$120,000) as an earnest money deposit.</p>
<p>The successful bidder should provide a contract performance guarantee equivalent to 5% of the value of the work order.</p>
<p>To qualify for the tender, bidders must have a minimum operational capacity of 10 MW and experience executing at least 5 MW of solar power projects in India&#8217;s government sector over the past five years.</p>
<p>They must provide relevant experience certificates from authorized organizations.</p>
<p>Furthermore, bidders should exhibit a minimum average annual turnover of ₹150 million (~$1.8 million) over the last three financial years (i.e., 2020-21, 2021-22, and 2022-23, or as relevant).</p>
<p>They must also furnish proof of a line of credit of ₹50 million (~$599,947), confirmed by their banker, to be earmarked for the specified works under the bid.</p>
<p>This line of credit encompasses unencumbered cash, bank deposits with a maturity of less than 365 days, and tradable securities with a maturity of less than 365 days.</p>
<p>Bidders should have a positive net worth at the end of the preceding financial year (i.e., 2022-23 or as applicable).</p>
<p>Recently, BREDA <a href="https://www.mercomindia.com/bihar-off-grid-rooftop-solar" target="_blank" rel="noopener">invited</a> bids to empanel bidders to connect non-functional off-grid solar power projects on government buildings to the grid.</p>
<p>In November 2023, Bihar State Power Generation Company <a href="https://www.mercomindia.com/bihar-10-mw-floating-solar-project/" target="_blank" rel="noopener">invited</a> bids to set up a 10 MW floating solar project on Phulwaria Dam under the renewable energy service company model.</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 real-time tender activity.</p>


Bihar Invites Bids for 200 MW Rooftop Solar Projects


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					</table><p>Public infrastructure finance company <a href="https://recindia.nic.in/" target="_blank" rel="noopener">REC Limited</a> has availed a green loan of ¥60.5 billion (~$387.6 million) from <a href="https://www.sace.it/en" target="_blank" rel="noopener">SACE</a>, an Italian export credit agency, to finance a slew of green projects in India.</p>
<p>This maiden green loan transaction in India also marks a first-of-its-kind successful collaboration between the two companies.</p>
<p>The green loan saw participation from Asian, European, and American banks such as <a href="https://www.ca-cib.com/en" target="_blank" rel="noopener">Crédit Agricole Corporate and Investment Bank</a>, <a href="https://www.bankofamerica.com/" target="_blank" rel="noopener">Bank of America</a>, <a href="https://www.citi.com/" target="_blank" rel="noopener">Citibank</a>, and <a href="https://www.kfw-ipex-bank.de/International-financing/KfW-IPEX-Bank/" target="_blank" rel="noopener">KfW-IpexBank</a> with <a href="https://www.smbcgroup.com/" target="_blank" rel="noopener">Sumitomo Mitsui Banking Corporation</a> as Mandated Lead Arrangers. CréditAgricole Corporate and Investment Bank acted as the ECA Coordinator, Green Loan Coordinator, Documentation Bank, and Facility Agent.</p>
<p>“Through this facility, SACE is committed to supporting projects in renewable energy, green mobility, and energy efficiency, enabling sustainable long-term growth in India,” said Gautam Bhansali, Head of SACE – India &amp; South Asia.</p>
<p>The green facility benefits from an 80% SACE guarantee under its Push Strategy program. This facility is SACE’s first JPY-dominated loan transaction.</p>
<p>This investment, which reflects a growing momentum towards green financing, also aligns with REC’s Green Finance Framework to foster low-carbon growth in India.</p>
<p>“The successful transaction in this truly global facility is anticipated to pave the way for more such collaborations, further enhancing Indo-Italian business relationships in green energy financing and sustainable projects capabilities, as well as the global community’s support for sustainable development projects in India,” said Vivek Kumar Dewangan, Chairman &amp; Managing Director, REC.</p>
<p>REC <a href="https://www.mercomindia.com/rec-records-highest-9m-profit-%E2%82%B9100-billion-fy24" target="_blank" rel="noopener">recorded</a> a revenue of $1.44 billion for the third quarter of 2023 due to improved asset quality and increased lending rates.</p>
<p>In January 2024, the company <a href="https://www.mercomindia.com/rec-raises-denominated-green-bonds" target="_blank" rel="noopener">issued</a> its inaugural yen-denominated green bonds of ¥61.1 billion (~$390.03 million) to finance eligible renewable energy projects under its green finance framework and the Reserve Bank of India guidelines.</p>
<p>In December 2023, REC <a href="https://www.mercomindia.com/rec-215-million-loan-kfw-reform-indian-discoms" target="_blank" rel="noopener">signed</a> a €200 million (~$214.59 million) loan agreement with German bank KfW, committing to utilize the funds to undertake reforms in India’s distribution sector.</p>


REC Avails $388 Million Loan from SACE for Green Energy Projects


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					</table><p><a href="https://www.mercomindia.com/rumsl-i170-mw-solar-project-neemuch/" target="_blank" rel="noopener"><strong>Rewa Ultra Mega Solar (RUMSL) has issued a request for proposal to develop a 170 MW grid-connected ground-mounted solar photovoltaic project in the Neemuch Solar Park</strong></a> in Madhya Pradesh. The power generated from the project will be procured by Madhya Pradesh Power Management Company and West Central Railway. The last date to submit bids is June 07, 2024. Bids will be opened on the same day. RUMSL / Government of Madhya Pradesh will provide land for the project’s development on the terms and conditions specified in the relevant land use agreement.</p>
<p><a href="https://www.mercomindia.com/cerc-grants-citing-force-majeure-events/" target="_blank" rel="noopener"><strong>The Central Electricity Regulatory Commission relaxed rules, allowing ACME Solar to switch the connectivity of its 300 MW solar power project to the land route</strong></a>, considering their substantial progress and commitment to the project. The Commission also noted that failure to achieve financial closure or compliance with the order would revoke connectivity if the 10% equity release is not attained. ACME Solar Holdings and ACME Sikar Solar submitted a petition under Section 79 of the Electricity Act, 2003. Central Transmission Utility of India was the respondent in the case.</p>
<p><a href="https://www.mercomindia.com/hitachi-energy-1-5-billion-transformer-facility/" target="_blank" rel="noopener"><strong>Hitachi Energy will ramp up its global manufacturing capacity for transformers with a $1.5 billion investment by 2027, as a long queue for grid interconnections</strong></a>, particularly from renewables, is driving up demand. The investment, which comes in addition to a 2020 announcement of a $3 billion injection in manufacturing capacity, will span across Europe, the Americas, and Asia, the company said in a press release. Transformers are a key component for integrating renewables into the grid as they help regulate voltage and ensure grid stability.</p>
<p><a href="https://www.mercomindia.com/us-aims-to-slash-grid-interconnection-months-by-2030/" target="_blank" rel="noopener"><strong>The U.S. Department of Energy has introduced a comprehensive roadmap to expedite the integration of clean energy sources into the national transmission grid.</strong></a> The Transmission Interconnection Roadmap outlines solutions for aligning interconnection processes with the increasing demand for renewable energy resources, which is driven by the rapid and widespread transition to clean energy. The Interconnection Innovation e-Xchange roadmap, released in April 2024, offers a range of solutions to diverse interconnection stakeholders, addressing both short-term and long-term challenges in the transmission system interconnection process.</p>
<p><a href="https://www.mercomindia.com/us-solar-ppa-prices-europe-sees-drop-of-5/" target="_blank" rel="noopener"><strong>Following years of fluctuation in the energy market, power purchase agreement prices in North America were stable during the first quarter of 2024.</strong></a> P25 solar and wind PPA offer prices increased less than 1% during the quarter, according to a recent report from LevelTen Energy. Specifically, P25 solar PPA prices experienced a modest decline of 1.5% over the quarter, while P25 wind prices saw a slight increase of 2.4% LevelTen’s P25 Price Index represents the 25<sup>th</sup> percentile PPA prices. All PPA price data in LevelTen’s report are based on the prices developers offer for PPA contracts, not the transacted PPA prices.</p>


Daily News Wrap-Up: RUMSL Invites Bids to Develop 170 MW Solar Project


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					</table><p>In a significant move aimed at protecting the burgeoning U.S. solar manufacturing sector, the <a href="https://americansolartradecmte.org/">American Alliance for Solar Manufacturing Trade Committee</a> has filed anti-dumping and countervailing duty petitions against solar imports from select Southeast Asian countries.</p>
<p>The petitions, lodged with the U.S. International Trade Commission (<a href="https://www.usitc.gov/" target="_blank" rel="noopener">USITC</a>) and the <a href="https://www.commerce.gov/" target="_blank" rel="noopener">U.S. Department of Commerce</a>, target alleged illegal trade practices in Cambodia, Malaysia, Thailand, and Vietnam, which are believed to be detrimental to the American solar industry.</p>
<p>The petitioners—<a href="https://convalt.com/" target="_blank" rel="noopener">Convalt Energy</a>, <a href="https://www.firstsolar.com/" target="_blank" rel="noopener">First Solar</a>, <a href="https://www.meyerburger.com/en-us/" target="_blank" rel="noopener">Meyer Burger</a>, <a href="https://missionsolar.com/" target="_blank" rel="noopener">Mission Solar</a>, <a href="https://us.qcells.com/" target="_blank" rel="noopener">Qcells</a>, <a href="https://recsilicon.com/" target="_blank" rel="noopener">REC Silicon</a>, and <a href="https://www.swiftsolar.com/" target="_blank" rel="noopener">Swift Solar</a>—assert that these Southeast Asian countries, under the influence of Chinese industrial policy, are engaging in practices that undermine U.S. manufacturers by flooding the market with low-cost solar modules.</p>
<p>This has resulted in what the industry describes as a historic glut of solar modules in the U.S., with imports in 2023 outstripping installations by over 25 GW and prices plummeting by more than 50%.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/US-Solar-Imports-Quantity.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-65592 " style="width: 70%;" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/US-Solar-Imports-Quantity.png" alt="US Solar Imports Quantity" width="409" height="168" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/US-Solar-Imports-Quantity.png 562w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/US-Solar-Imports-Quantity-300x123.png 300w" sizes="(max-width: 409px) 100vw, 409px" /></a></p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/US-Solar-Imports-Value.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-65593 " style="width: 70%;" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/US-Solar-Imports-Value.png" alt="US Solar Imports Value" width="401" height="159" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/US-Solar-Imports-Value.png 558w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/US-Solar-Imports-Value-300x119.png 300w" sizes="(max-width: 401px) 100vw, 401px" /></a></p>
<p>According to the petition, U.S. imports of crystalline silicon cells and modules from March 2023 to February 2024 were primarily from Vietnam (28%), Thailand (24%), Malaysia (14%), and Cambodia (13%), with the rest coming from other countries (20%). The capacity and value of modules from the said countries amount to 47,949,154 kW and $15.85 million.</p>
<p>The petition estimates the dumping margin from Vietnam to be 271%, Cambodia 126%, Malaysia 81%, and Thailand 70%.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Estimated-sumping-margins.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-65596 " style="width: 70%;" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Estimated-sumping-margins.png" alt="Estimated dumping margins" width="292" height="140" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Estimated-sumping-margins.png 390w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Estimated-sumping-margins-300x144.png 300w" sizes="(max-width: 292px) 100vw, 292px" /></a></p>
<p>The petitioners claim that these Southeast Asian exporters are selling their products in the U.S. at prices below normal value, prompting a request for anti-dumping duties to counteract these low prices. They argue that the high volume of imports has significantly harmed the U.S. solar industry and could cause further damage. They recommend that the Department of Commerce initiate investigations and provide the requested relief.</p>
<p>The petitions follow a U.S. Department of Commerce <a href="https://www.mercomindia.com/us-circumvention-inquiries-solar-products-china">finding</a> last year, which identified that Chinese solar manufacturers were bypassing U.S. tariffs by routing their operations through subject Southeast Asian countries.</p>
<p>Despite a subsequent two-year tariff moratorium intended to allow time for supply chain adjustments, the American Alliance for Solar Manufacturing contends that unfair practices persist unabated.</p>
<p>If the Commerce Department decides to initiate investigations based on these petitions, the process could extend over approximately one year, with preliminary countervailing and anti-dumping duties possibly being imposed within three to six months post-initiation.</p>
<p>The products in question include crystalline silicon photovoltaic cells and modules, with the petitioners arguing for duties sufficient to counteract the unfairly low pricing and subsidies reported. The legal arguments hinge on the substantial market share controlled by Chinese-owned companies, which is asserted to exceed 80% globally.</p>
<p>The next steps involve the Commerce Department determining whether to initiate the investigations within 20 days of this filing, followed by a USITC preliminary determination of material injury or threat thereof within 45 days. Final dumping, subsidization, and injury determinations are expected by spring 2025.</p>
<p>This legal action marks a critical point for the U.S. in defining its stance on international trade practices in renewable energy sectors, particularly as it seeks to secure a robust, self-reliant supply chain for clean energy technologies. It also reflects broader geopolitical tensions around trade and technology transfer between the U.S. and China.</p>
<p>According to the investment banking firm ROTH Capital Partners, Indian solar exports could <a href="https://www.mercomindia.com/us-anti-dumping-duties-indian-solar-module-exports" target="_blank" rel="noopener">become</a> a target for the anti-dumping and countervailing duty petitions if the manufacturers consider the volume of exports from India significant enough for them to seek relief under this regime.</p>


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