In the second quarter (Q2) of the calendar year 2024, India scaled a new high with solar power generation reaching 36 billion units (BU), a 17.6% increase year-over-year (YoY). India added 10.1 GW of solar capacity in Q1 2024, a 399.4% increase from Q1 2023 when only 2 GW was installed. The country’s cumulative installed solar capacity stood at 82.1 GW at the end of Q1, according to Mercom India Research’s Q1 2024 India Solar Market Update. Rajasthan, Tamil Nadu, and Karnataka led the solar power generation during the quarter.

The Ministry of New and Renewable Energy has issued operational guidelines to set up one model solar village in every district of the country under the PM-Surya Ghar: Muft Bijli Yojana. An amount of ₹8 billion (~$95.2 million) has been allocated for this component, with a provision of ₹10 million (~$119,110) in central financial assistance for each model village. The primary objectives of the model solar villages are to facilitate access to clean and green energy in rural areas through rooftop solar systems and to reduce dependency on utilities.

Energy Efficiency Services has invited bids for the design, engineering, supply, construction, erection, testing, commissioning, and operation of 70 MW of solar power projects in Maharashtra. The scope of work includes comprehensive maintenance of the projects for 12 years. The projects range from 2 MW to 10 MW (Lot 1- 30 MW, Lot 2- 20 MW, and Lot 3 – 20 MW). The last date for submission of bids is September 20, 2024. To qualify, bidders must have participated as an EPC contractor, joint venture partner, or subcontractor in at least one EPC contract similar in size and nature to the proposed contract, completed in the last seven years.

Germany-headquartered solar modules and energy storage solutions company AXITEC has launched a 300 MW module manufacturing plant in Tiruvallur, Tamil Nadu. The facility is designed to manufacture solar modules using the N-type TopCon technology in the Domestic Content Requirement (DCR) and non-DCR categories. The company said the plant’s strategic location on the outskirts of Tiruvallur supports effective production and allows for improved control over the supply chain, ensuring the timely delivery of products.

Scientists at the Oxford University Physics Department have developed a breakthrough in solar technology that can increase the amount of solar electricity produced without the need for silicon-based solar panels. The innovation, a new light-absorbing material, is thin and flexible and can be applied to the surface of almost any building or everyday object, such as rucksacks, cars, and mobile phones. The university stacked multiple light-absorbing layers into one solar cell to harness a wider range of the light spectrum, allowing more power to be generated from the same amount of sunlight.

Fuel cell manufacturer Bloom Energy recorded a revenue of $335.76 million in the second quarter (Q2) of 2024, an 11.5% year-over-year (YoY) growth from $301.09 million due to increased interest in the company’s products and solutions. The company’s net quarterly loss reduced 11.4% YoY to $61.18 million from $69.05 million. The adjusted Earnings Before Interest, Taxes, Appreciation, and Amortization (EBITDA) for the quarter stood at $10.21 million, compared to an EBITDA loss of $8.42 million in the corresponding period last year.

U.S.-based solar tracker company Array Technologies reported a revenue of $255.77 million in Q2 2024, a 50% year-over-year decrease from $507.7 million. The company’s net income also fell by 77.18% to $11.95 from $52.38 million. Adjusted EBITDA shrunk 52.08% to $55.38 million from $115.59 million in Q2 2023.

Hydrogen fuel cell solutions provider Plug Power‘s Q2 2024 revenue dropped 44.88% year-over-year to $143.4 million from $260.18 million. The company’s net loss rose to $262.33 million, an increase of 9.88% from $236.39 million in the same period last year. The company attributed the increase in loss to strategic investments, market dynamics, and ~$86 million of non-cash charges such as depreciation and amortization, stock-based compensation, provision for common stock warrants, inventory adjustments, and impairment charges.

Norway-based polysilicon manufacturer REC Silicon reported revenue of $37.7 million for Q2 2024, a slight increase of 2.7% from $36.7 million in Q2 2023. The company recorded an EBITDA loss of $38.2 million, primarily due to startup costs associated with the Moses Lake facility. The 349% year-over-year (YoY) loss is significantly higher than the $8.5 million loss in Q2 of 2023. The net loss before tax was $50.7 million, an increase of 244% YoY compared to a loss of $14.7 million in the same period last year.