Finance Minister Nirmala Sitharaman reaffirmed the government’s commitment to strengthening domestic value addition and enhancing India’s manufacturing ecosystem for solar cells and modules, electric vehicles, lithium-ion batteries, and high-voltage transmission equipment. The Budget saw revisions in estimates for various energy programs. The allocation for the total solar sector has increased from ₹150.61 billion (~$1.73 billion) to ₹242.24 billion (~$2.79 billion). The National Green Hydrogen Mission’s funding was raised from ₹3 billion (~$34.6 million) to ₹6 billion (~$69.24 million).

India added over 800 MW of wind power capacity in the fourth quarter (Q4) of calendar year 2024, up 45.1% year-over-year from 551 MW. The capacity additions surged 13.3% quarter-over-quarter from 706.6 MW, according to Mercom India Research. Increasing demand for wind-solar hybrid power and improvement in the wind turbine supply chain with project developers undertaking construction and erection activities reduced commissioning timelines.

Amara Raja Infra, a subsidiary of battery manufacturer Amara Raja, won Solar Energy Corporation of India’s (SECI) auction to supply balance of systems for a 300 MW grid-connected solar power project at Ramagiri, Andhra Pradesh. Amara Raja won the work for a contract value of ₹5.44 billion (~$62.89 million). The scope of work comprises designing, engineering, procuring, constructing, and commissioning the project.

Alpex Solar and TP Solar, a subsidiary of Tata Power Renewable Energy, won the SECI auction for supplying 400 MW of domestically manufactured solar modules. Alpex was awarded 97.5 MW, and TP Solar won 292.5 MW at a bid value of ₹21.61 (~$0.25)/Wp. The total per MW bid value for both the bidders was ₹21.61 million (~$249,468). SECI awarded 390 MW of the tendered 400 MW capacity.

NTPC Green Energy reported a total income of ₹5.81 billion (~$67.06 million) in the third quarter (Q3) of the financial year (FY) 2025, up 25% YoY. The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter rose by 22% YoY to ₹5 billion (~$57.71 million). Net profit grew 18% YoY to reach ₹656.1 million (~$7.57 million). However, the Earnings Per Share declined to ₹0.08 (~$0.00092) from ₹0.12 (~$0.0014) in the same period last year.

In an interview with Mercom India, Sunil Gupta, COO of Vedanta Aluminium, part of the Vedanta Group, shared details about Vedanta’s sustainable energy practices, including the use of renewable energy. He advocates the introduction of targeted financial incentives to encourage hard-to-abate sectors to transition to cleaner energy sources.  The company’s smelters and refineries in Odisha and Chhattisgarh are increasing the use of renewable energy sources like solar, wind, and biomass.

U.S.-based solar tracker firm Nextracker reported a net profit of $115.28 million in the Q3 of the FY 2025, a 178.48% YoY growth from $41.4 million. Increased bookings for its tracker software drove the growth. The company’s consolidated revenue fell 4.37% YoY to $679.36 million in Q3 FY 2025 from $710.43 million. Solar tracker system sales contributed the most to the company’s revenue. Nextracker’s EBITDA was up 10.7% YoY to $186 million in Q3 FY25 from $168 million.

U.S.-based electric vehicle maker Tesla posted a net income of $2.32 billion in the Q4 of the FY 2024, down 71% YoY. This decline can be partly attributed to the $5.9 billion one-time non-cash tax benefit that boosted last year’s results. The company recorded total revenue of $25.71 billion in Q4, reflecting a 2% YoY growth and missing analyst expectations by $1.42 billion. The modest growth was attributed to increased vehicle deliveries, energy storage deployments, and regulatory credit revenue.

Bangladesh Power Development Board invited bids for installing solar power projects with a cumulative capacity of 1,780 MW at 19 locations in the country. Bids must be submitted by March 13, 2025. Bids will be opened on the same date. Bids can be placed for capacities of 70 MW and 100 MW. Four projects will have a capacity of 70 MW each, and 15 projects will have a capacity of 100 MW each.