The global energy storage sector witnessed a 432% increase year-over-year in corporate funding, totaling $11.7 billion across 29 transactions, from $2.2 billion in 27 deals. The findings were published in Mercom Capital’s recently released Q1 2024 Funding and M&A Report for Storage and Grid. Compared to Q4 2023, funding surged by 216%, surpassing the $3.7 billion raised in 26 deals. Raj Prabhu, CEO and Co-Founder of Mercom Capital Group, said, “Two significant debt deals skewed the numbers higher this quarter. Yet, when we exclude these transactions, the figures are similar to Q1 2023.”

Bihar Renewable Energy Development Agency has invited expressions of interest for the empanelment of agencies for grid-connected rooftop solar power projects of various capacities under the CAPEX model, with an estimated capacity of 200 MW, at government buildings in the state. The scope of the work includes design, supply, erection, testing, commissioning, warranty, and comprehensive operation and maintenance for five years. The last date for the submission of bids is May 27, 2024. Bids will be opened the next day.

Public infrastructure finance company REC Limited has availed a green loan of ¥60.5 billion (~$387.6 million) from SACE, an Italian export credit agency, to finance a slew of green projects in India. This maiden green loan transaction in India also marks a first-of-its-kind successful collaboration between the two companies. “Through this facility, SACE is committed to supporting projects in renewable energy, green mobility, and energy efficiency, enabling sustainable long-term growth in India,” said Gautam Bhansali, Head of SACE – India & South Asia.

Renewable energy solutions provider KPI Green Energy posted a revenue of ₹2.93 billion (~$35.16 million) in the fourth quarter of the financial year 2023-24, an increase of 59% year-over-year (YoY). The company’s net profit for the quarter stood at ₹430 million (~$5.16 million), a rise of 36% YoY. The earnings before interest, taxes, depreciation, and amortization (EBITDA) for the January-March period was ₹ 964.8 million (~$11.58 million), a YoY increase of 71%. The rise in profits, income, and EBITDA can be attributed to the increase in revenue from the captive segment, which grew by 56% YoY to ₹2.36 billion (~$28.32 million).

SJVN has started the commercial operation of its multi-purpose (combined heat and power) green hydrogen pilot project at its 1.5 GW Nathpa Jhakri hydropower project in Himachal Pradesh. The project will generate electricity through its 25-kW fuel cell and produce green hydrogen for the hydropower project’s High-Velocity Oxygen Fuel Coating facility. It is expected to produce 14 kgs of green hydrogen during its daily 8-hour operational window. The project has the facility to store the green hydrogen at a pressure of 30 bars in 12 m3  tanks.

The American Alliance for Solar Manufacturing Trade Committee has filed anti-dumping and countervailing duty petitions against solar imports from select Southeast Asian countries. The petitions, lodged with the U.S. International Trade Commission and the U.S. Department of Commerce, target alleged illegal trade practices in Cambodia, Malaysia, Thailand, and Vietnam, which are believed to be detrimental to the American solar industry. The petitioners include Convalt Energy, First Solar, Meyer Burger, Mission Solar, Qcells, REC Silicon, and Swift Solar.