Corporate funding for energy storage rose 15% year-over-year in the first nine months (9M) of  2024, while it decreased 33% for smart grids in the U.S. Corporate funding for energy storage companies in 9M 2024 reached $17.6 billion in 83 deals, a 15% YoY increase from $15.2 billion in 94 deals, according to the 9 M and Q3 2024 Funding and M&A for Storage and Grid Report by Mercom Capital Group.

India added 706.5 MW of wind energy capacity in Q3 2024, a 72% increase year-over-year from 411.5 MW in Q3 2023, according to Mercom India Research. The increased demand for wind energy by state distribution companies and other obligated entities to fulfill their renewable purchase obligations drove capacity additions in Q3. The capacity additions fell 8% quarter-over-quarter from 769.9 MW installed in Q2 due to delays in grid connectivity, limited availability of transmission infrastructure, land acquisition, and right-of-way issues.

Power Grid Corporation of India has won a project from REC Power Development and Consultancy to establish an interstate transmission system to evacuate 8 GW of renewable energy from Gujarat. The project is for evacuating power from the potential Renewable Energy Zone in the Khavda area under Phase-V (8 GW): Part A on a build, own, operate, and transfer basis. The project involves setting up 6,000 MW, ± 800kV HVDC terminals at KPS2 (Gujarat) and Nagpur (Maharashtra), ± 800kV HVDC Bipole line between KPS2 and Nagpur (~1,200 km) traversing through Gujarat and Maharashtra, and the LILO of Wardha – Raipur 765kV D/c line at Nagpur in Maharashtra.

India is seeking $70 million in financing from Climate Investment Funds to catalyze the deployment of critical energy storage system infrastructure and grid-strengthening projects. According to India’s Renewable Energy Integration Investment Plan, prepared by the Ministry of Finance and Ministry of New and Renewable Energy, $5 million of this concessional funding would be sought for technical assistance, including project preparation grants and capacity building. CIF enables climate-smart planning and action in low—and middle-income economies and provides low-cost, long-term financial solutions to help them achieve their climate objectives.

The Asian Development Bank has approved a $434.25 million loan to increase renewable energy capacity and improve energy security in Assam. The Assam Solar Project will construct a 500 MW grid-connected solar photovoltaic facility in Karbi Anglong district. The project will also support the development of a battery energy storage system to ensure grid stability and meet peak power demand. This storage system will be established through a joint venture between the Assam Power Distribution Company and the Oil and Natural Gas Corporation Tripura Power Company.

Renewable energy solutions provider Sunsure Energy has commissioned a 49 MW solar project in Uttar Pradesh from which power will be supplied to commercial and industrial consumers in a group captive mode. Inox, Kajaria, Dabur, Wonder Cement, and ATL Apollo are among the companies that will procure solar power from the project in Augasi, Banda. This is the company’s sixth solar open access solar power project in Uttar Pradesh. The company has commissioned over 100 MW of solar open-access capacity in the state in a year.

Convergence Energy Service has invited bids to set up and maintain electric vehicle charging stations in seven locations in the Municipal Corporation of Faridabad, Haryana. The last date to submit bids is October 30, 2024. Bids will be opened on the same day. Bidders must submit ₹15,000 (~$178.4) to purchase the tender document. Bidders must submit an earnest money deposit of ₹212,000 (~$2,521.38). The project is expected to be completed within four months of issuing the letter of award or the no-objection certificate for the approved locations, whichever is later.

Chennai-based Refex Industries has partnered with Winvision Enterprises to form a joint venture focused on wind energy solutions. The joint venture will operate through Refex Green Energy, a subsidiary of Refex Industries. The joint venture aims to establish RGEL as a comprehensive wind energy solution provider, with activities including manufacturing and assembly of wind turbine generators and associated components. Refex will hold a 75.5% stake in RGEL and Winvision, the remaining 24.5%. Both partners plan to infuse a total of ₹1.39 billion (~$16.5 million) into RGEL, to be invested in one or more tranches.

Independent power producer JSW Energy reported a net profit of ₹8.53 billion (~$101.45 million) in the second quarter of the financial year 2025, nearly unchanged from the ₹8.5 billion (~$101.1 million) in the same period last year. Despite flat earnings, the company saw a 14% increase in total net generation, producing 9.8 billion units (BUs) of electricity compared to 8.6 BUs in Q2 FY 2024. This growth was driven by a robust 14% rise in renewable energy generation, contributing 5 BUs. Wind generation has increased by 37% YoY, reaching 1.8 BUs, while hydro generation increased by 5% to 2.9 BUs​. Thermal power generation also saw a 14% increase, reaching 4.8 BUs.

The U.S. Department of Treasury and the Internal Revenue Service have released the final Advanced Manufacturing Production Credit regulations to boost the growth of domestic clean energy manufacturing under the Inflation Reduction Act. These regulations, effective 60 days after publication in the Federal Register, clarify eligibility, credit calculations, and reporting requirements for domestic manufacturers of renewable energy components, including solar, wind, battery components, inverters, and critical minerals.

As the solar industry transitions from Mono PERC to TOPCon technology and countries emphasize domestic manufacturing, we have seen a surge in intellectual property disputes related to TOPCon solar technology in recent months, particularly in China, Europe, and the U.S. TOPCon (tunnel oxide passivated contact) technology is an advanced solar cell architecture that has gained popularity rapidly because it enhances energy yield and efficiency compared to Passivated Emitter and Rear Cell technology. The increasing adoption of TOPCon technology has also given rise to patent infringement claims by TOPCon cell manufacturers.