About 30 billion units of solar energy were generated in the second quarter of the calendar year 2023, a 20.8% YoY increase. Solar generation increased 5.5% quarter-over-quarter. Rajasthan, Karnataka, and Gujarat were the top solar energy-generating states. The country generated 59.79 BU of solar energy in the first half of 2023, up 25.5% from the 47.64 BU generated in 1H 2022. Even though solar energy generation has been witnessing steady growth, solar installations dropped in Q1 2023.

The Indian Energy Exchange traded 275 million units of renewable energy in July 2023, a year-over-year (YoY) decline of 53.3% from 589 MU and marginally increasing from 272 MU in June. By the end of July, the total traded volume reached 8,522 MU, indicating a YoY increase of 19%. During July, the trading price settled at ₹4.55 (~$0.055)/kWh, a 16% reduction from the previous year. Enhanced liquidity on the sell-side of the exchange platform led to the decline.

India-based solar module maker Waaree Energies has raised ₹10 billion (~$120.8 million) in a second round of equity funding led by ValueQuest, a boutique portfolio management company, to help expand its existing manufacturing capacity by 6 GW. The additional capacity will include the manufacturing of solar ingots and wafers, cells, and modules. Waaree had earlier raised ~₹10 billion (~$120.8 million) from various high-net-worth individuals and private offices. The proceeds were used to expand Waaree’s manufacturing facility in India from 5 GW to 9 GW for solar modules.

India’s automotive conglomerate Mahindra & Mahindra secured a ₹12 billion (~$145 million) investment from Temasek, a global investment firm headquartered in Singapore, to help boost its four-wheel electric vehicle footprint. The binding agreement will see Temasek investing in Mahindra Electric Automobile, the four-wheeler passenger electric vehicle company, through Compulsorily Convertible Preference Shares. Temasek’s infusion of funds will bolster MEAL’s valuation, propelling it from ₹700.7 billion (~$8.4 billion) to ₹805.8 billion (~9.7 billion), a 15% increase.

Adani Group’s subsidiary Adani Energy Solutions (AESL), a private utility providing end-to-end energy solutions, has obtained financial closure for its $1 billion Green High Voltage Direct Current link project in Mumbai. The company said the link would help enhance grid stability in Mumbai, where the electricity demand is projected to touch 5,000 MW by 2025, compared to the current peak demand of 4,000 MW. According to AESL, the city’s embedded generation capacity stands at only 1,800 MW, and the existing transmission corridors are at risk of capacity constraints.