Government-owned renewable energy agencies floated 10.7 GW of solar tenders in the second quarter of 2024, down 65.2% from 30.7 GW in the previous quarter and 21.6% from 13.6 GW in the same quarter last year. The annual bidding trajectory announced by the Ministry of New and Renewable Energy in April 2023 drove tender activity in the financial year 2023-24 (FY24). The ministry mandated annual bid invitations for 50 GW of renewable energy projects by Solar Energy Corporation of India (SECI), NHPC, NTPC, and SJVN between FY24 and FY28.

Gujarat-based International Financial Services Center GIFT Power Company has invited bids to procure 9 MW of hybrid renewable energy (solar and wind) in the long, short, or medium term. The last date to submit the bids is September 30, 2024. The bidders’ scope of work includes supplying power generated from the wind-solar hybrid power projects. Hybrid projects must comprise at least one solar and one wind power project. The STU Interconnection Point or CTU Interconnection Point is the delivery point for the supply of power. The expected capacity utilization factor must be 50 to 60% annually.

The Jharkhand Renewable Energy Development Agency has invited bids for five years of comprehensive operation and maintenance of 47 solar mini/micro grids installed in the West Singhbhum district. Bidders will also be responsible for repairing and replacing PCUs, modules, batteries, and other components. The last date for submitting bids is August 24, 2024. Bids will be opened on 27. The estimated cost of the project is ₹87.02 million (~$1.03 million). Bidders must pay ₹11,800 (~$140.63) as the cost of the bid document and ₹150,000 (~$1,786) as earnest money deposit. Micro and small enterprises of Jharkhand in the manufacturing sector are exempted from paying both these charges.

Telangana-based solar project developer Soshe Power Tech has bagged the engineering, procurement and construction (EPC) contract for a 1 MW solar project from Indian Oil in Chittoor, Andhra Pradesh. The value of the contract is ₹44.75 million (~$530 million). Soshe Power will also have to undertake the operation and maintenance of the project for one year following construction and an additional four years of extended operation and maintenance support. The project, which was won through a reverse auction recently, must be completed in six months.

Gurugram-headquartered electric vehicle charger manufacturer Exicom Tele-systems (Exicom) announced it is acquiring Tritium, an Australia-based manufacturer of DC fast chargers. Tritium has a presence in 47 countries. Exicom will gain access to Tritium’s manufacturing facility in Tennessee, U.S., and an engineering center in Brisbane, Australia. Tritium has sold over 13,000 DC fast chargers. It designs and manufactures proprietary hardware and software to create liquid-cooled DC fast chargers for electric vehicles.

Surat-based KPI Green Energy, a solar and hybrid power provider, posted a revenue of ₹3.5 billion (~$40 million) in the first quarter (Q1) of the financial year (FY) 2025, an 84% year-over-year (YoY) and a 19% quarter-over-quarter (QoQ) increase. The company also reported a 99% YoY increase in Profit After Tax (PAT) at ₹661 million (~$7.87 million), an increase from ₹333 million (~$3.96 million) in Q1 FY24. Quarter-over-quarter, the PAT rose 53% from ₹430 million (~$5.12 million). The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization also saw an 86% jump from ₹705 million (~$8.39 million) last year to ₹1.32 billion (~$0.01 billion) in Q1 FY25.

Sunrun, a U.S.-based provider of solar energy, battery, and storage services, reported a total revenue of $523.9 million for the second quarter (Q2) of 2024, marking an 11% year-over-year (YoY) decline. The company said its revenue from customer agreements and incentives rose by 28% YoY to $387.8 million. However, the revenue of solar energy systems and product sales fell by 53% to $136 million. Sunrun explained that the growing number of subscribers has led to less upfront revenue recognition, as revenue is now recognized over the life of customer agreements, typically spanning 20 to 25 years. The company’s net profit for Q2 2024 stood at $139.1 million, up by 151% from the same period last year.

U.S.-based solar tracker systems provider FTC Solar‘s net loss for the second quarter (Q2) 2024 was $12.2 million, up 17.3% from a net loss of $10.4 million in Q2 2023. The increased net loss reflects the impact of reduced revenue and higher operational costs. The company reported a revenue of $11.4 million for Q2, down 73% YoY from $42.4 million in the same period last year. Project delays and challenging market conditions impacted sales, resulting in lower revenue.