The “Financing the Renewable Energy Sector” session at the Mercom India Renewables Summit 2024 brought together key industry leaders to discuss the current landscape, challenges, and opportunities in financing renewable energy projects in India. The panel featured Pranab Kumar Sinha, Executive Director of Power Finance Corporation; Manjiri Bhalerao, Chief General Manager of Exim Bank; Hitesh Paliwal, Senior Vice-President and Zonal Head, North Zone, State Bank of India; and Vikram Sheth, Head, Investment Banking at New Age.

The transformative technologies reshaping the energy landscape were explored during the session titled “Exploring Next-Generation Technologies Driving the Clean Energy Market” on the first day of the two-day Mercom India Renewables Summit 2024, held in New Delhi. The session featured Mehul Sharma, CEO – India Sunpure Technology, Manish Narula, Executive Vice President – South Asia at Jinko Solar, Manish Relan, AVP Sales – (Solar Modules) at Swelect Energy, and Mayank Mishra, Senior Sales Director (India) at Nextracker.

Waaree Renewable Technologies, the solar engineering, procurement, and construction arm of the Waaree Group, posted a total revenue of ₹2.36 billion (~$28.18 million) in the first quarter of the financial year 2025, an increase of 83.3% year-over-year (YoY). Revenue from the EPC segment alone surged by 80.4% YoY, reaching ₹2.29 billion (~$27.34 million). This performance is underscored by customer billings amounting to ₹3.01 billion (~$35.94 million) for a volume of 302.95 MW, compared to ₹1.31 billion (~$15.64 million) for a volume of 109.45 MW YoY.

Gujarat-based Torrent Power‘s net profit for the first quarter of the financial year 2024-25 stood at ₹9.96 billion ($118.9 million), an 87% year-over-year (YoY) rise from ₹5.32 billion ($63.5 million). Torrent Power reported a revenue of ₹90.34 billion ($1.07 billion), marking a 23% increase YoY from ₹73.28 billion ($875.4 million). Earnings Before Interest, Taxes, Depreciation, and Amortization surged by 52% to ₹19.34 billion ($231 million) from ₹12.7 billion ($151.7 million) in the same quarter last year.

U.S.-based First Solar‘s second quarter (Q2) 2024 net income rose 104.8% to touch $349.4 million from $170.6 million last year, primarily driven by higher module sales and improved pricing. Quarterly net sales rose to $1.01 billion, up 24.6% from $810.7 million in Q2 2023, reflecting increased module shipments. Meanwhile, operating expenses decreased slightly by 11%, falling from $142 million last year to $126.4 million, benefiting the top line. This reduction was largely due to lower litigation-related expenses.