Global corporate funding in the solar sector in 2024 reached $26.3 billion, a 24% year-over-year (YoY) decline from $34.4 billion, according to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report. There were 157 deals in 2024 compared to 161 deals in 2023. Global venture capital (VC) and private equity funding in the solar sector in 2024 reached $4.5 billion in 60 deals, a 36% decline from $7 billion raised in 70 deals in 2023. There were 14 VC funding deals of $100 million or more in 2024.

As India’s renewable energy sector continues to grow, the spotlight is on Finance Minister Nirmala Sitharaman as she prepares to present the Union Budget 2025. As India strives to achieve its ambitious target of 500 GW renewable energy capacity by 2030 and net-zero emissions by 2070, the upcoming budget is expected to play a pivotal role in shaping the country’s clean energy future.

Maharashtra Electricity Regulatory Commission approved Maharashtra State Electricity Distribution Company’s (MSEDCL) proposed tariff of ₹3.60 (~$0.042)/kWh to procure 13 MW of wind-solar hybrid power for 25 years. MSEDCL floated a tender for procuring 2,000 MW of power from wind-solar hybrid projects with an additional 2,000 MW through the greenshoe option. The Commission had approved tariffs ranging from ₹3.60 (~$0.0428) to ₹3.62 (~$0.0431)/kWh for MSEDCL to procure 1,601 MW of wind-solar hybrid power.

Adani Energy Solutions (AESL) won REC Power Development and Consultancy’s (RECPDCL) ₹250 billion (~$2.89 billion) Bhadla-Fatehpur High Voltage Direct Current transmission project to evacuate 6 GW of renewable energy. The transmission project is part of a larger program to evacuate an additional 20 GW of renewable power from the renewable energy zones in Rajasthan under Phase III Part I. AESL won the project under the Tariff-Based Competitive Bidding mechanism, the first project to be awarded to the private sector. RECPDCL was the bid process coordinator.

Power Grid Corporation of India (POWERGRID), a public sector enterprise under the Ministry of Power, invited bids for a 1.07 MW rooftop solar project at the National Institute of Technology Durgapur in West Bengal. This project is a part of POWERGRID’s corporate social responsibility initiatives. Bids must be submitted by February 13, 2025. Bids will be opened on the same day. Selected bidders must design, supply, install, commission, and maintain the solar project.

NHPC issued a tender to develop 125 MW/500 MWh standalone battery energy storage systems connected to the intrastate transmission system in Kerala (Tranche I). Developers will be eligible for Viability Gap Funding of ₹2.7 million (~$32,114)/MWh or 30% of the project’s capital cost, whichever is lower. Bids must be submitted by February 14, 2025. Bids will be opened on February 19. Successful bidders must commission the projects within 18 months of signing the battery energy storage purchase agreement.

Rajasthan Electronics and Instruments invited bids for rate contracts for rooftop solar power projects of a total capacity of 17.55 MW on government buildings in 22 states/union territories. The last date to submit bids is February 10, 2025. Bids will be opened on February 11. The estimated project cost is ₹706.05 million (~$8.15 million). The rate contract covers the survey, design, supply, erection, testing, and commissioning of rooftop solar power projects on various government buildings and comprehensive operations and maintenance for 10 years.

NHPC issued tenders for a cumulative capacity of 39.73 MW grid-connected rooftop solar projects under the renewable energy service company mode in Sikkim and Jammu and Kashmir. Selected bidders for the Sikkim tender must install 5.06 MW rooftop solar projects on government buildings across the state. Selected bidders for the Jammu and Kashmir tender must install rooftop solar projects for multiple government departments in the union territory, under the management of the Jammu and Kashmir Energy Development Agency.

Uttar Pradesh New and Renewable Energy Development Agency invited expressions of interest to set up 2 GW of solar power projects in the Chitrakoot, Jalaun, Jhansi, and Lalitpur districts in Uttar Pradesh. The last date to submit bids is February 10, 2025. Bids will be opened on February 11. The scope of work entails survey, design, supply, installation, testing, and commissioning with operations and maintenance.

Germany added an impressive 16,179 MW of new solar capacity in 2024, a 7% growth YoY, according to data published by the Federal Network Agency Bundesnetzagentur. The installations in 2024 were the highest in a year recorded to date in Germany. The country added 14.2 GW of solar capacity in 2023, nearly doubling from 7.45 GW in 2022. With this addition, the country’s total operational capacity reached 99.2 GW. According to the German government’s Renewable Energy Sources Act program, the cumulative solar installation target by the end of 2024 was 88 GW.

The U.S. International Trade Commission (ITC) terminated an investigation into the global provider of utility-scale wire (solar, electrical balance of systems) solutions company Voltage’s patent infringement through its LYNX trunk bus solution. The investigation cleared Voltage of violating ITC’s Section 337 for importing and selling its trunk bus solution. Shoals Technologies Group initiated the investigation in May 2023, accusing Voltage of infringing on its patents, including its big lead assembly technology for trunk bus solutions.