JSW Neo Energy (JSW Energy), Powerica, and Torrent Power were declared winners in Solar Energy Corporation of India’s auction to set up 1.35 GW inter-state transmission system (ISTS)-connected wind power projects with a 700 MW greenshoe option (Tranche-XVI). For projects to be set up in Gujarat, JSW won 350 MW at a tariff of ₹3.61 (~$0.0431)/kWh. JSW was also awarded an additional 350 MW at a tariff of ₹3.61 (~$0.0431)/kWh under the greenshoe option. Powerica quoted a tariff of ₹3.70 (~$0.0442)/kWh to win 50 MW. For projects to be set up in Karnataka, Torrent won 100 MW at a tariff of ₹3.60 (~$0.0430)/kWh.

Corporate funding for energy storage companies surged to $15.4 billion across 64 deals in the first half (1H) of 2024, reflecting a 117% increase from the $7.1 billion in 59 deals in 1H of 2023. The top five energy storage VC funding deals in the first half of 2024 were Sila $375 million; EnerVenue $308 million; Natron Energy $189 million; Ascend Elements $162 million; and Antora Energy $150 million. Lithium-ion-based battery companies received the highest VC funding in the first half of 2024. Other leading funded categories included battery recycling, metal-hydrogen batteries, materials and components providers, and sodium-based battery companies.

NTPC has invited bids for a 20 MW ground-mounted solar project in the MGR Bulb area of NTPC Vindhyachal in Madhya Pradesh. The scope of work covers the design, engineering, supply, erection, and commissioning of the project. It also includes three years of the project’s operation and maintenance and an annual maintenance contract for critical equipment. The last date to submit the bids is September 3, 2024. Bids will be opened on the same day.

ITI Limited, a public sector undertaking under the Department of Telecommunication, has invited bids to empanel agencies for 18 MW grid-connected rooftop solar photovoltaic power systems on identified government buildings in the UT of Jammu and Kashmir. The scope of the work includes supply, installation, and commissioning, including warranty and a five-year comprehensive maintenance contract. The last date for submitting bids is July 29, 2024. Bids will be opened the same day.

The Uttar Pradesh New and Renewable Energy Development Agency has floated a tender for 3.205 MW grid-connected solar power projects under feeder-level solarization of PM KUSUM component C2 program. The deadline for bid submission is August 27, 2024, with bids opening the following day. Bidders must pay ₹1,180 (~$14.09) as a document fee and ₹2,950 (~$35.2)/MW. An earnest money deposit of ₹100,000 (~$1,194.7)/MW is also required. Bidders can submit bids for any number of substations or projects without any cap on total bid capacity.

Microinverter and battery storage supplier Enphase Energy’s net income for the second quarter (Q2) of 2024 dropped 71.4% to $58.8 million as the Nasdaq-listed company continued to face demand headwinds. This is the fourth consecutive quarter in which Enphase reported year-on-year lower profits. Revenue for the quarter also fell sharply by 57.3% to $303.5 million, compared to $711.1 million last year. However, the company’s battery storage business grew by 60% sequentially. Enphase shipped 120.2 MWh of IQ Batteries in Q2 from 75.5 MWh in the previous quarter as higher battery attach rates in California, attributed to the increasing adoption of NEM 3.0, drove demand.

U.S.-based electric vehicle and clean energy company Tesla‘s revenue for the second quarter of the financial year 2024 rose 2% year-over-year (YoY) to $25.5 billion, as declining automotive sales were partially offset by booming energy storage business. The Texas-based company reported a net income of $1.48 billion for the quarter, down 45% from $2.7 billion last year, partly because its core automotive segment, Tesla’s largest revenue source, saw a 7% decline in revenue. Operating expenses rose 39% YoY due to investments in artificial intelligence projects and restructuring.