Union Finance Minister Nirmala Sitharaman, in the first Budget under a new coalition government, laid out a series of measures to promote clean energy adoption and develop critical mineral supply chains. She highlighted ‘Energy Security’ as one of the nine pillars for Budget 2024. The allocation for the solar sector has surged by 75% from the previous year’s revised estimate, now set at ₹86.49 billion (~$1.03 billion). However, the wind energy sector allocation has decreased by 12.7% to ₹8 billion (~$95.6 million).

Damodar Valley Corporation (DVC) has invited bids for the design, engineering, supply, erection, and commissioning of 10 MW grid-connected rooftop solar power systems, including comprehensive operation and maintenance for five years in DVC-owned buildings in West Bengal and Jharkhand. The last date for submitting bids is July 31, 2024. Bids will be opened on August 1. The scope of the work should include the installation, testing, and commissioning of rooftop solar systems. The estimated project cost, earnest money deposit, and tender document cost will be announced later.

Jakson Green, the renewable energy arm of the Jakson Group, has secured a ₹2.96 billion (~$35.36 million) credit facility from First Abu Dhabi Bank (Mumbai) to support its international expansion, starting with a solar photovoltaic and battery storage project in Uzbekistan. The project involves building and operating a 250 MW solar power facility combined with a 63 MW/126 MWh battery energy storage system in Bukhara. This credit facility marks a significant milestone for Jakson Green’s entry into Uzbekistan’s renewable energy market as the company continues to expand its presence in the Middle East, Africa, the Commonwealth of Independent States, and Europe.

Independent power producer JSW Energy reported an 80% year-on-year surge in net profit for the first quarter of fiscal year 2025, reaching ₹5.22 billion (~$63.3 million), helped by higher power generation across its portfolio and improved operational efficiencies. Total net generation for the quarter increased by 18% to 7,881 million units (MUs), compared to 6,699 MUs in the same period last year. This growth was powered by a 44% rise in renewable energy generation, which reached 3,242 MUs. The company’s thermal power generation also saw an uptick of 4%, contributing 4,638 MUs to the total output.

Wind turbine manufacturer Suzlon Energy recorded a net revenue of ₹20.16 billion (~$241.02 million) during the first quarter of 2025, a year-over-year (YoY) increase of 50% as compared to ₹13.48 billion (~$161.16 million). The company posted a net profit of ₹3.02 billion (~$36.1 million), a 200% YoY increase from ₹1.01 billion (~$12.07 million). Suzlon’s earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹3.7 billion (~$44.23 million), a YoY increase of 86%, from ₹1.99 billion (~$23.79 million). This is Suzlon’s highest quarterly EBITDA in seven years.

The Green Climate Fund has approved $215.6 million for the Small Industries Development Bank of India’s Financing Mitigation and Adaptation Projects (FMAP) in Indian micro, small, and medium enterprises (MSMEs). The projects aim to help MSMEs adopt low-emission and climate-resilient technologies. They will also increase climate finance for MSMEs by using private sector investments from non-banking financial companies, small finance banks, and microfinance institutions. These investments will provide loans to MSMEs to adopt various mitigation and adaptation technologies. The FMAP program is projected to reduce 35.3 million tons of greenhouse gas emissions and significant water savings.