There is a remarkable shift in the adoption of renewable energy in India, particularly with solar open access growing as a compelling choice for commercial and industrial power consumers. According to Mercom India Solar Open Access Report, in the first nine months (9M) of 2024, 4.8 GW of solar open access capacity was added, a 69% year-over-year increase from 2.8 GW installed in 9 M 2023. The capacity added in 9M 2024 surpassed the annual installations in previous years. As of September 2024, the cumulative installed solar open-access capacity stood at 17.8 GW.

The Himachal Pradesh State Electricity Board invited bids to set up 8.33 MW of grid-connected, ground-mounted solar power projects under the RESCO model. Bids must be submitted by February 13, 2025. Bids will be opened on February 14. Bidders can submit proposals for one or more projects separately. Selected bidders must use only commercially established and operational technologies to minimize the technology risk and achieve timely project commissioning. They must also comply with the Approved List of Modules and Manufacturers.

Mercom Capital Group reported significant developments in the renewable energy sector involving international companies. Emeren Group, a solar project developer, agreed to sell a 65 MWp solar portfolio to Trina Solar International System Business Unit. While the financial terms of the acquisition remain undisclosed, the projects are slated for completion by mid-to-late 2025 and may potentially incorporate battery energy storage systems in the future to enhance operational efficiency.

Mercom Capital Group highlighted recent developments in the sustainable energy and transportation sectors. Moment Energy, a company specializing in repurposing EV batteries for energy storage systems, has successfully raised $15 million in a Series A funding round, led by the Amazon Climate Pledge Fund and Voyager Ventures. This brings Moment Energy’s total funding to $52 million. Separately, responsAbility, a Switzerland-based impact asset manager, has committed up to $20 million to Euler Motors, an Indian electric commercial vehicle manufacturer.