The Ministry of New & Renewable Energy (MNRE) and the Ministry of Coal have announced they would work together to promote green energy initiatives. At a meeting between these ministries, it was decided that MNRE will provide essential technical, policy, and capacity-building support. The Coal Ministry will offer land capital and oversee the implementation of projects related to solar energy, green hydrogen, and other renewable energy programs. A notable outcome of the meeting was the offer of making surplus land from coal companies available for private investors interested in establishing green hydrogen projects.

The Ministry of Power warned the states against levying extra fees on the production of electricity from different sources in the guise of development fees or charges. It clarified that such supplementary charges, including any form of taxation or duty imposed on electricity generation, covering all types of generation such as thermal, hydro, wind, solar, and nuclear, are illegal and violative of the Constitution. The Ministry had addressed this legal stance in a letter dated April 25, 2023, specifically concerning the imposition of water tax or cess by some states.

Waaree Renewable Technologies, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, posted a net profit of ₹182.9 million (~$2.2 million) in the second quarter of the financial year 2024, an increase of 124% year-over-year (YoY) from ₹81.6 million (~$14.4 million). The increase in net profit could be attributed to the increase in the EPC orders won and executed by the company during the period. The company executed ~168 MW of EPC projects during the quarter.

Adani Energy Solutions commissioned the Karur Transmission project in Tamil Nadu, facilitating the evacuation of 2,500 MW of power from renewable sources in the Karur/Tiruppur Wind Energy Zone. The project encompasses a 400/230 kV, 1,000 MVA pooling station, and an associated transmission line spanning 8.51 circuit kilometers. The project will support the integration of renewable energy sources on a large scale and strengthen the southern regional grid, providing enhanced access to reliable and clean energy for industrial, commercial, and residential consumers.

Enphase Energy, a microinverter-based solar and storage systems supplier, recorded a net income of $141.85 million during the third quarter of 2023, a YoY decrease of 19 % from $175.51 million. During the quarter, the revenue was reported at $551.1 million, a YoY decrease of 13%, primarily attributed to adverse macroeconomic conditions. Specifically, revenue within the U.S. decreased approximately 16% in Q3 2023 compared to Q2 2023.

U.S.-based residential solar firm Sunnova reported a net loss of $56.5 million in the third quarter of 2023, an increase of 74.9% YoY in contrast to a net loss of $32.3 million for the corresponding period in 2022. The heightened net loss can be attributed mainly to a surge in interest expenses, totaling $36.8 million, and increased general and administrative expenses. However, this negative impact was partially mitigated by a boost in interest income amounting to $14.4 million, primarily due to the company’s larger customer loan portfolio.