In the fourth quarter (Q4) of calendar year 2024, the average cost of large-scale solar power projects in India fell over 8% year-over-year (YoY), according to Mercom’s recently released Q4 and Annual 2024 India Solar Market Update. However, the average project cost rose 1.6% quarter-over-quarter. The average selling price of India-made modules registered under the Approved List of Models and Manufacturers order rose in Q4 due to high demand and increasing component prices. Solar modules accounted for almost 47% of the project cost in Q4 2024, up from nearly 46% in the previous quarter.

Wind-solar hybrid open access power projects can meet 85-90% of the power requirements of big commercial and industrial (C&I) consumers in Tamil Nadu, according to industry experts. At the recent C&I Clean Energy Meet hosted by Mercom in Chennai, experts from leading solar companies discussed the benefits of rooftop solar systems, open access projects, and battery energy storage systems (BESS) for the C&I sector.

The Uttar Pradesh New and Renewable Energy Development Agency invited bids to implement 11 kW to 50 kW on-grid hybrid rooftop solar power projects with a battery backup on multiple government buildings across Uttar Pradesh. The project’s tentative capacity is 2 MW. The project’s expected cost is ₹440 million (~$5 million). The scope of work entails the design, supply, installation, testing, and commissioning of the project. It also includes providing operations and maintenance services for five years, which can be further extended by five years.

Continuing the trend of municipal corporations tapping the market to raise funds for infrastructure and green energy initiatives, the Agra Nagar Nigam proposed a ₹500 million (~$5.8 million) municipal bond issue to part-finance a 7.5 MW solar project. It filed preliminary papers with the market regulator Securities Exchange Board of India, for private placement of up to 1,250 redeemable, non-convertible municipal bonds with a face value of ₹400,000 (~$4,634), with four separately redeemable principal parts of ₹100,000 (~$1,158) each.

Government-owned lender Indian Renewable Energy Development Agency issued its first-ever perpetual bonds worth ₹12.47 billion (~$144.5 million) at an annual coupon rate of 8.4%. By issuing the bonds, IREDA targets enhancing its Tier-I capital for a stronger financial foundation. IREDA also received a fund of ₹244.8 million (~$2.6 million) from the Income Tax Department towards partial relief for the assessment year 2011-12 related to certain disallowances. A refund of ₹1.95 billion (~$22.6 billion) is also under process for similar relief for 2010-11, 2012-13, 2013-14, and 2015-16 to 2018-19.

The Philippines’ Department of Energy released the Terms of Reference for the fourth round of the green energy auction. This auction round aims to add 9,378 MW of renewable energy capacity from ground-mounted, rooftop, and floating solar and onshore wind projects. It is the first auction to incorporate renewable energy and energy storage systems, with an additional 1,100 MW of solar capacity integrated with BESS.

The Dhaka Electricity Supply Company (DESCO) floated an expression of interest to set up 120 MW on-grid solar power projects under the design-build-finance-operate and maintain model in Dhaka. The project involves setting up 120 MW solar projects in eight lots in eight operational circles of DESCO. The project will utilize rooftops and urban spaces within DESCO’s jurisdiction for solar power generation.

Fuel cell manufacturer Ballard Power Systems reported a revenue of $24.5 million, a 48% YoY decline in Q4 of 2024, reaching $24.5 million. The revenue missed analyst’s expectations by $4.05 million. All business segments reported declining revenues, reflecting broader industry challenges, including prolonged policy uncertainty and funding constraints. Heavy-duty mobility segment revenue fell 42% YoY to $16.8 million despite a 9% growth in bus revenue.

Sweden-headquartered battery developer and manufacturer Northvolt filed for bankruptcy in Sweden. The company’s board of directors approved the move to secure a viable financial and operational future. Following the filing, a Swedish court-appointed trustee will oversee the process, including the sale of the business and its assets and the settlement of outstanding obligations. Last year, Northvolt filed for bankruptcy protection in the U.S., seeking restructuring under Chapter 11 of the bankruptcy code.