India’s installed power capacity was 450.7 GW as of September 2024. Renewable energy accounted for 44.3% of the country’s power capacity mix, with 199.5 GW installed at the end of Q3 2024, according to data from the Central Electricity Authority, Ministry of New and Renewable Energy, and Mercom’s India Solar Project Tracker. In the third quarter of the calendar year 2024, solar energy accounted for 19.6% of the country’s total installed power capacity and 44.3% of the installed renewable capacity. During the same quarter last year, solar energy was 16.5% of the total installed power capacity and 39.4% of renewable energy. The installations in the first half of the year have already surpassed all previous half-yearly and annual installations.

The Ministry of New and Renewable Energy has unveiled a program to promote innovative production and utilization of green hydrogen across various sectors. Announced on November 8, 2024, the initiative aims to support pilot projects exploring novel methods and pathways for green hydrogen production and use, particularly in residential, commercial, and decentralized applications. The program has been allocated a budget of ₹2 billion (~$23.7 million) until the financial year 2025-26. The National Green Hydrogen Mission, launched on January 4, 2023, with an outlay of ₹197.44 billion (~$2.3 billion), aims to position India as a global hub for producing, using, and exporting green hydrogen and its derivatives.

SJVN Green Energy has invited bids to develop GETCO-connected wind power projects of up to 100 MW in Gujarat with comprehensive 10-year operations and maintenance. The last date to submit the bids is November 20, 2024. Bidders are invited to propose wind projects with a minimum capacity of 50 MW and a maximum capacity of 100 MW. They can submit proposals for a single project of either 50 MW or 100 MW or two separate projects of 50 MW each.

Tata Power has signed 25-year power purchase agreement with Noida International Airport (NIA) to supply solar and wind power from onsite and offsite projects totaling nearly 24 MW. Yamuna International Airport, a wholly owned subsidiary of Zurich Airport International, has selected Tata Power to meet a substantial portion of NIA’s energy requirements through renewable sources. Tata Power Trading Company (TPTCL) has signed the power purchase agreement with Yamuna International Airport. TPTCL will supply 10.8 MW of wind power to NIA, with secured assets from Tata Power Renewable Energy group captive projects. It will also develop, operate, and maintain a 13 MW onsite captive solar project with essential electrical infrastructure and smart energy infrastructure for 25 years.

Government-owned power generation company SJVN’s revenue rose 16.38% year-over-year (YoY) to ₹11.08 billion (~$131.33 million) in the second quarter (Q2) of the financial year (FY25) 2024-25 from ₹9.52 billion (~$112.75 million). The company’s net profit remained flat at ₹4.41 billion (~$52.27 million) compared to ₹4.39 billion (~$52.1 million) in the same quarter of FY24. The earnings per share (EPS) remained ₹1.21 (~$0.014). Hydropower sales increased 14.40% YoY to ₹9.53 billion (~$113.08 million) in Q2 FY25 from ₹8.33 billion (~$98.84 million). Revenue from renewable energy (wind and solar) jumped 60.91% YoY to ₹532 million (~$6.31 million) in Q2 FY25 from ₹330.6 million (~$3.92 million).

Jaipur-based solar module manufacturer Insolation Energy reported a revenue of ₹6.13 billion (~$72.64 million) in the second quarter (Q2) of the financial year (FY) 2025, an increase of 118% YoY. The company noted that with the fall in solar cell and module prices, it maintained and improved gross spreads, resulting in profit margin expansion. No single customer constitutes more than 5% of its revenue. The company’s EBITDA saw a YoY growth of 172%, rising to ₹810 million (~$9.59 million) from ₹297.5 million (~$3.52 million). Net profit after tax was up 307% YoY, soaring to ₹612.7 million (~$7.26 million) from ₹150.3 million (~$1.78 million.

U.S.-based solar energy, battery, and storage services provider Sunrun reported revenue of $537.2 million in Q3 2024, a 4.62% decline YoY, which missed projections by $27.74 million. The decrease in revenue was primarily attributed to a shift toward a higher proportion of subscriber-based agreements, which spread revenue recognition over the long term instead of upfront, despite a strong increase in customer agreements and incentives revenue of 28% year-over-year. Sunrun reported an earnings per share of -$0.37, missing analysts’ expectations by $0.15. Sunrun reported a net loss of $83.8 million in Q3 2024.

Energy storage solutions provider Eos Energy Enterprises reported a revenue of $854,000 for Q3 2024, a 24.9% YoY increase from $684,000. However, this figure was lower than the expected $5.79 million due to supply chain delays affecting the delivery of new Z3 inline enclosures, its latest generation battery module. The company reported a net loss of $342.9 million in Q3 2024, compared to a net income of $14.9 million in the same period last year. This significant swing was primarily due to changes in the fair value of derivatives and warrants. Adjusted EBITDA loss for Q3 2024 was $46.1 million, representing a 49.7% YoY increase from the $30.8 million loss reported in Q3 2023. The company reported earnings per share of—$1.77 for Q3, missing estimates by $1.60 due to ongoing supply chain challenges affecting product deliveries.

The Directorate General of Trade Remedies (DGTR) has recommended an anti-dumping duty on imports of textured tempered glass (solar glass) from China and Vietnam. In its provisional findings, the DGTR suggested an anti-dumping duty equal to the lesser of the dumping margin or the injury margin, intending to counteract the harm to India’s domestic industry and restore market balance. As part of the ongoing process, the DGTR has allowed interested parties 30 days to submit their comments on these preliminary findings, after which oral hearings will be conducted. The DGTR’s investigation revealed a positive dumping margin for textured tempered glass from China and Vietnam, comprising 98% of India’s total imports.