Investments in the Indian solar sector in the second quarter of the calendar year 2023 totaled $1.57 billion (~₹129.86 billion), a 46% year-over-year decrease from $2.9 billion (~₹239.87 billion). The figures were revealed in Mercom India Research’s latest report, Q2 2023 India Solar Market Quarterly Update. The decline was primarily due to the delays, extensions, and postponements of utility-scale projects to next year. Additionally, the falling module prices lowered project costs and investment requirements.

Bharat Heavy Electricals has invited bids for designing, supplying, and assembling a floating system along with the necessary anchoring and mooring components for a 300 MW floating solar power project at the Rengali Reservoir in Angul district, Odisha. The last date for the submission of bids is September 4, 2023. Bids will be opened on the same day. The Rengali reservoir is under the ownership of the Water Resources Department of the Odisha Government. It is located in an area linked to National Highway NH55 through State Highway SH63 (at Bhudapal) in Angul district.

Power transmission company Sterlite Power has been awarded the contract for an inter-state transmission system project to evacuate 20 GW of renewable energy in Rajasthan under Phase-III Part F. The company received a letter of intent (LoI) from REC Power Development and Consultancy, a fully-owned subsidiary of REC. The LoI authorizes Sterlite Power to construct the project under the build, own, operate, and transfer framework for 35 years.

The Jodhpur Vidyut Vitran Nigam has floated three tenders for installing and commissioning 28 grid-connected solar power projects with a total capacity of 74 MW in various subdivisions of Sirohi Circle under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program for feeder-level polarization. The projects will be developed under the renewable energy service company model. The tenders have been floated for 22.08 MW, 21.64 MW, and 30.28 MW solar power projects.

Fourth Partner Energy has entered into an agreement with the Asian Development Bank to secure a long-term loan of up to ₹1.2 billion (~$14.7 million) for constructing and operating a 25 MW solar open access project in the Tirunelveli district of Tamil Nadu. The project will supply clean and cost-effective solar energy to Fourth Partner Energy’s various commercial and industrial clients and is projected to yield approximately 50.7 GWh of electricity annually.

Gulf Oil Lubricants India, an India-based lubricant manufacturing firm, is set to acquire a 51% stake in the electric vehicle charging solutions provider Tirex Transmission in a deal valued at approximately ₹1.03 billion (~$12.4 million). The capital infusion into Tirex will primarily fuel research and development initiatives, bolster production capabilities, and extend the service network. The acquisition hinges on the finalization of definitive agreements and the fulfillment of predefined closing conditions.

Hutah Industries, a biomass independent power producer, has signed a power purchase agreement with the Department of Power, Nagaland, for a 10 MW bamboo biomass project at the AK Industrial Village in Dimapur, Nagaland. The project will be developed on a build, own, and operate basis. The project will be developed on 1,500 acres of land acquired on a long-term lease of 25 years for the onsite bamboo power project at the AK Industrial Village. Hutah Industries will execute it in turnkey engineering, procurement, and construction mode.

The UAE Banks Federation has disclosed that six major banks, including the First Abu Dhabi Bank, the Abu Dhabi Commercial Bank, the Emirates NBD, the Dubai Islamic Bank, Mashreq, and the Abu Dhabi Islamic Bank, have collectively channeled over AED190 billion (~$51.72 billion) into green financing for projects involving renewable energy, waste-to-energy, and green technology as of 2022. The banks in the UAE have pledged to synchronize their lending and investment portfolios with the objective of achieving net zero emissions by the year 2050.