Uttar Pradesh recorded the highest quarter-over-quarter (QoQ) growth rate of 4,042% in solar open access installations in the second quarter (Q2) of 2024, according to Mercom’s Q2 2024 India Solar Open Access Market Report. In Q2 of 2024, about 1.8 GW of solar open access capacity was added in the country, a marginal 2.5% drop QoQ and up nearly 152% year over year (YoY). Uttar Pradesh ranked third for capacity additions in the quarter, and the installations were up 263.7% compared to the same quarter of the previous year. Solar open access installations in the first half (1H) of 2024 reached 3.6 GW, up 153% from the 1.4 GW installed in 1H 2023.

Four months after announcing stiff tariff hikes on imports of solar cells, electric vehicles (EV), batteries, and critical minerals originating from China, the U.S. has confirmed that the new tariff regime will take effect from September 27, 2024. The Office of the U.S. Trade Representative (USTR) said Chinese-manufactured electric vehicles would carry a 100% tariff and solar cells a 50% tariff. A 25% tariff will apply to EV batteries, critical minerals, aluminum, and steel. A tariff of 50% has also been proposed for polysilicon used in solar panels starting in 2025.

The Ministry of New and Renewable Energy has introduced a ₹5 billion (~$59.7 million) Innovative Projects Component as part of the PM Surya Ghar: Muft Bijli Yojana to showcase and demonstrate cutting-edge solar technologies and applications. The PM Surya Ghar: Muft Bijli Yojana, approved on February 29, 2024, program aims to increase the share of rooftop solar capacity and empower households to generate their electricity. With an outlay of ₹750.21 billion (~$8.9 billion), the program is set to be implemented until the fiscal year 2026-27.

The Rajasthan Electricity Regulation Commission has approved the final levelized tariff for Jaipur Vidyut Vitran Nigam’s (JVVNL) and six projects of Jodhpur Vidyut Vitran Nigam’s (JdVVNL) solar projects under Component-C (Feeder Level Solarization) of the PM Kusum Program. The order, issued in response to petitions by the two DISCOMs, pertains to 75 JVVNL solar projects with a total capacity of 208.91 MW and six JdVVNL projects with a total capacity of 13.12 MW. The Commission approved tariffs for the solar projects in the range of ₹2.898-₹3.309 (~$0.034-$0.039)/kWh and ₹2.900-₹3.31 (~$0.034-$0.039)/kWh for two tenders floated by JVVNL and ₹3.032-₹3.421 (~$0.036-$0.04)/kWh for six tenders floated by JdVVNL.

Power generation, transmission, and distribution company Torrent Power has received a letter of intent from the Maharashtra State Electricity Distribution Company (MSEDCL) to procure 1,500 MW/12,000 MWh energy storage capacity from a pumped hydro storage project. MSEDCL will procure the energy storage capacity for 40 years. Torrent Power plans to supply the storage capacity from its upcoming pumped hydro storage project in Raigad, Maharashtra. Under the Pumped Hydro Energy Storage Facility Agreement, Torrent will supply MSEDCL with a contracted capacity of 1,500 MW of scheduled discharge of 8 hours (with a maximum continuous 5 hours) per day. MSEDCL will provide the input energy to charge.

IGREL Renewables, a renewable power generation platform of the INOXGFL Group, has raised ₹3 billion (~$35.8 million) in equity capital from prominent investors. The capital infusion will support IGREL Renewables’ expansion of its renewable energy portfolio. Through their respective entities, investors, including Akash Bhansali, Rohit Kothari, and Madhusudan Kela, participated in the equity raise. IGREL Renewables has set a target of installing a renewable energy capacity of 2 GW by the financial year 2027. This capacity will comprise both wind and solar projects.

New Delhi-based solar module manufacturer Gautam Solar has announced a foray into solar cell manufacturing by investing ₹10 billion (~$119.4 million) in a 2 GW solar cell facility. The company aims to include its solar cells in the Approved List of Models and Manufacturers. The company plans to manufacture N-type TopCon technology solar cells at the proposed facility. Gautam Solar said the solar cell facility will address the growing demand for domestic content requirement panels, a requisite for government-backed subsidy projects that mandate locally manufactured components.

The Indian Renewable Energy Development Agency (IREDA) has invited bids from banks and financial institutions to raise term loans amounting to ¥16 billion(~ $113.3 million) with an additional greenshoe option. The last date for submitting the bids is October 9, 2024. IREDA is raising funds to lend towards renewable energy, energy efficiency and conservation projects, and renewable energy-allied services in India. The loan tenure will be five years, with bullet repayment and floating interest linked to the Tona interest rate, which can be paid semi-annually.