Daily News Wrap-Up: India Adds 16 GW Solar Capacity in 9M 2024

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India Adds an Unprecedented 16 GW Solar Capacity in 9M 2024

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MNRE Sets Terms for Real Estate Developers to Avail CFA Under PM Surya Ghar


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					</table><p>Norway-based silicon material manufacturer <a href="https://recsilicon.com/" target="_blank" rel="noopener">REC Silicon</a>&#8216;s net loss widened 112.09% year-over-year (YoY) to $52.6 million in the third quarter (Q3) 2024 from $24.8 million due to the suspension of Moses Lake and Butte Montana facility.</p>
<p>The company&#8217;s revenue also dropped 2.87% YoY to $33.8 million in Q3 2024 from $34.8 million.</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) also declined 139.88% YoY to $42.7 million in Q3 2024 from $17.8 million. The company has attributed the quarter&#8217;s loss to startup costs associated with the Moses Lake facility and weaker operational results from its Butte Montana facility.</p>
<p>Additionally, the company had announced the delay in qualifying Moses Lake polysilicon and shutting down operations at the Moses Lake facility. Silane shipments were also affected by the global solar module slowdown, particularly around utilization and due to trade concerns.</p>
<p>The company&#8217;s earnings per share (EPS) loss expanded to $0.13 in Q3 2024 from $0.06 in Q3 FY24.</p>
<p><strong>9M results</strong></p>
<p>In the first nine months (9M) of 2024, the company&#8217;s net loss widened 94.58% YoY to $143.8 million from $73.9 million in 9M 2023.</p>
<p>The company&#8217;s revenue declined 12.92% YoY to $113.6 million in 9M 2024 from $100.6 million in 9M 2023.</p>
<p>Its EBITDA loss also widened 127.78% YoY to $112.3 million in 9M 2024 from $49.3 million.</p>
<p>The company&#8217;s EPS loss also expanded YoY to $0.34 in 9M 2024 from $0.18 in 9M 2023.</p>
<p>In February 2024, the company announced that it would shut down its polysilicon production capacity at its Butte facility.</p>
<p>The semiconductor segment&#8217;s revenues were $32.8 million in the third quarter of 2024.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/REC-grapgh.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72585 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/REC-grapgh.png" alt="" width="688" height="643" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/REC-grapgh.png 688w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/REC-grapgh-300x280.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/REC-grapgh-650x607.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/REC-grapgh-624x583.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/REC-grapgh-600x561.png 600w" sizes="(max-width: 688px) 100vw, 688px" /></a></p>
<p>Total polysilicon sales volumes, including by-products, were 169MT in the third quarter of 2024. Semiconductor-grade polysilicon sales were at 108MT for both the third and second quarters of 2024. Other grade polysilicon sales volumes decreased to 61MT during the third quarter.</p>
<p>REC Silicon also restarted manufacturing granular polysilicon for the solar energy markets from its facility in Moses Lake, Washington, during the fourth quarter of 2023. This facility uses best-in-class proprietary Fluidized Bed Reactor (FBR) technology to produce low-cost, high-purity polysilicon for the solar industry. The Moses Lake facility has an annual capacity of 24,000MT of silane gas.</p>
<p>The majority of the capacity will be used to produce some 16,000 MT of monograde solar module polysilicon. The company is targeting a ramp to 100% operation during Q4 2024.</p>
<p><strong>Outlook</strong></p>
<p>REC Silicon CEO Kurt Levens said, &#8220;The solar module market is right now in a bit of softness. All of the regions that we supply to are experiencing lower utilization from a production standpoint. You can see there that an operating rate of an average of 45%, which is far lower than what those rates were prior to the occurrence of these particular mechanisms, and that has a direct effect on those other markets we talked about where we ship into, although, they&#8217;re not our primary target markets, we do ship into them in order to take advantage of volume opportunities while our business grows here in the U.S. as the onshoring efforts continue.&#8221;</p>
<p>&#8220;In Chinese polysilicon, we do see some production decreases. They appear to be attempting to control inventory and balance their demand. There are a number of producers that are in maintenance shutdowns. By those, I mean more than ten that are in maintenance shutdowns in order to, again, try to control inventory. We are hearing about some rationalization, but I clearly &#8212; we expect that there&#8217;s going to be some rationalization in the industry.&#8221; he added.</p>
<p>However, in the U.S., there is an increased activity around reshoring. &#8220;There were also some additional announcements of wafer and cell capacity. Wafers drive opportunities for not just polysilicon but also cells. Wafers, for us in the materials business, is the linchpin of the solar module market. So it drives polysilicon, but it drives cell opportunities and cell opportunities drive silane demand,&#8221; added Levens.</p>
<p>In January 2024, REC Solar Holdings, a 100% step-down subsidiary of Reliance Industries, <a href="https://mercomindia.com/rec-solar-holdings-sell-rec-solar-norway" target="_blank" rel="noopener">entered</a> into a share purchase agreement with Norway-based Elkem to sell a 100% equity stake in REC Solar Norway for an aggregate cash consideration of ₹22 million.</p>
<p>In Q$, FY24, REC Silicon <a href="https://www.mercomindia.com/rec-silicon-revenue-rises-semiconductor-strength" target="_blank" rel="noopener">reported</a> revenue of $40.5 million in the Q4 of 2023, a 28% year-over-year (YoY) rise from $31.6 million, driven by strong performance in the semiconductor business.</p>


Suspension of Facilities Sinks REC Silicon into 112.09% YoY Net Loss in Q3 2024


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					</table><p>Gujarat-based solar company <a href="https://www.ahasolar.in/" target="_blank" rel="noopener">Ahasolar Technologies</a> has received a letter of intent from Coal India (CIL) for an owner’s engineer-cum-project management consultancy contract for a 300 MW solar power project in Khavda, Gujarat.</p>
<p>The consultancy contract is estimated at ₹11 million, the company said in a regulatory filing.</p>
<p>The project must be completed within 27 months.</p>
<p>In 2022, CIL had <a href="https://www.mercomindia.com/coal-india-tender-empanel-consultants" target="_blank" rel="noopener">invited</a> expressions of interest to empanel owner’s engineers-cum-project management consultants for solar projects by Coal India and its subsidiaries.</p>
<p>The scope of work included support in pre-bid and post-bid activities, engineering study and bid management support, review and approval of drawings and documents submitted by suppliers or engineering, procurement, and construction contractors, site supervision and operation and maintenance review.</p>
<p>Ahasolar provides solar installers project management services for the entire project cycle. Its range of services includes feasibility assessments, system design, installation, and maintenance.</p>
<p>Recently, CIL also <a href="https://www.mercomindia.com/cil-invites-bids-for-300-mw-solar-project-in-gujarat" target="_blank" rel="noopener">invited</a> bids to set up a 300 MW grid-connected ground-mounted solar project at the Khavda Solar Park. The project involved supply, packing, and forwarding, the transportation of solar modules up to Khavda Solar Park, and the transit insurance of crystalline solar modules. The successful bidder will also be responsible for the project’s five-year comprehensive operation and maintenance.</p>
<p>In June, CIL Navikarniya Urja, a wholly owned subsidiary of Coal India, <a href="https://www.mercomindia.com/coal-india-solar-projects-odisha" target="_blank" rel="noopener">invited</a> bids to commission 20 MW of solar projects along with the associated transmission system in Jagannath and Lakhanpur, Odisha.</p>
<p>Earlier, CIL had <a href="https://www.mercomindia.com/coal-india-empanelment-tender" target="_blank" rel="noopener">invited</a> expressions of interest to empanel engineering procurement and construction-cum-operation and maintenance contractors for ground-mounted and floating solar power projects.</p>
<p>Ahasolar was also <a href="https://www.mercomindia.com/ahasolar-consultancy-contract-52-mw-solar-bpcl" target="_blank" rel="noopener">awarded</a> the consultancy contract for setting up a 52 MW solar power project at Prayagraj, Uttar Pradesh, by Bharat Petroleum Corporation. The company quoted ₹5.1 million (~$61,168) to win the ten-month contract.</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 tender activity in real-time.</p>
<p>&nbsp;</p>


Ahasolar Wins Consultancy Contract for Coal India’s 300 MW Solar Project


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					</table><p>Bharat Petroleum Corporation (<a href="https://www.bharatpetroleum.in/" target="_blank" rel="noopener">BPCL</a>) has announced joint ventures (JV) with Sembcorp Green Hydrogen India (<a href="https://sembcorpindia.com/" target="_blank" rel="noopener">SGHI</a>) and Bengaluru-based <a href="https://gpsrenewables.com/" target="_blank" rel="noopener">GPS Renewables</a> to develop green hydrogen and compressed biogas (CBG) projects, respectively.</p>
<p>With Sembcorp, BPCL plans to develop, construct, and operate renewable energy projects and green hydrogen and its derivatives projects across India. It also plans to sell renewable energy and green hydrogen.</p>
<p>As part of the JV with GPS Renewables, BPCL plans to construct, operate, and maintain CBG plants across India, including selling CBG and its derivatives. BPCL plans to meet its CBG blending obligation mandate through this venture.</p>
<p>BPCL will hold 50% shareholding in both the JVs. Sembcorp Green Hydrogen and GPS Renewables will hold the remaining 50% in their respective JVs.</p>
<p>The consideration for the share capital subscription will be finalized when signing the definitive agreement.</p>
<p>BPCL plans to commission 10 GW of renewable energy by 2035. The company plans 200-300 CBG projects of 1.3 million metric tons annually and 2000 million tons per year of biomass-based hydrogen projects by 2040.</p>
<p>Speaking to Mercom India, a spokesperson from GPS Renewables said the company has planned 8-12 CBG projects with a total capacity of 150 tons per day. Each unit is estimated to have a capacity of 15 tons per day.</p>
<p>The capacity of the proposed plants will depend on the availability of suitable feedstock and CBG offtake potential. The projects will be set up in Uttar Pradesh, Bihar, Maharashtra, Odisha and West Bengal.</p>
<p>The CBG projects are planned to be operationalized in FY 2025-26 &amp; FY 2026-27.</p>
<p>In August 2024, Sembcorp Industries <a href="https://www.mercomindia.com/sembcorp-begins-work-on-project-to-export-green-ammonia-to-japan" target="_blank" rel="noopener">commenced</a> work on a green ammonia project in Tuticorin, Tamil Nadu. The company plans to export 200,000 MTPA of green ammonia to Japan in the first phase.</p>
<p>In April 2024, GPS Renewables <a href="https://www.mercomindia.com/gps-renewables-raises-50-million" target="_blank" rel="noopener">secured</a> $50 million in debt financing from a consortium of banks and non-banking financial companies to accelerate the rollout of its CBG and Renewable Natural Gas projects.</p>


BPCL to Develop Green Hydrogen and Compressed Biogas Projects

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