India added 1.6 GW of rooftop solar capacity in the calendar year 2022, nearly a 4% decline year-over-year (YoY), compared to 1.7 GW in 2021, according to Mercom India Research’s newly released 2022 Q4 & Annual Mercom India Rooftop Solar Market Report. The industrial sector accounted for approximately 42% of all installations during the year. Residential, commercial, and government sectors made up 32%, 25%, and 1% of installations, respectively. In the fourth quarter of 2022, India’s rooftop solar installations increased by almost 51% quarter-over-quarter, adding 483 MW compared to 320 MW. This represents a YoY growth of 20%.

The Power Company of Karnataka has invited bids to purchase 1,000 MW of energy for 8 hours daily from pumped hydro storage projects providing continuous 5-hour discharge. The power purchase agreement (PPA) will be valid for 40 years. The projects must be commissioned within 36 months of signing the PPA. The last day to submit the bids is March 12, 2023. Bids will be opened on the same day.

NSE Indices, National Stock Exchange’s subsidiary, has launched India’s first Sovereign Green Bond indices, which will track the performance of Indian Sovereign Green Bonds issued by the government recently. These indices – Nifty India Sovereign Green Bond Jan 2028 Index and Nifty India Sovereign Green Bond Jan 2033 Index – will have a maturity date of January 31, 2028, and January 31, 2033, respectively. Both indices have a base date of January 27, 2023, and a base value of 1,000. The indices will be reviewed monthly.

Tata Power Renewable Energy (TPREL), a fully owned subsidiary of Tata Power, has approved the allotment of 200 million compulsorily convertible preference shares to GreenForest New Energies. The shares have a face value of ₹100 (~$1.2) each at par, amounting to a total of ₹20 billion (~$242.4 million). The share sale completes the two investment tranches of ₹20 billion (~$242.4 million) million) each in TPREL by GreenForest. GreenForest is a joint investment vehicle of BlackRock Real Assets and Mubadala Investment Company owned by the Abu Dhabi government.

An infrastructure fund managed by BlueOrchard Finance (BlueOrchard) said it would invest in U-Solar, a renewable energy platform in India, to support the growth of the company’s commercial and industrial (C&I) rooftop solar portfolio. Archis Management Advisors acted as the lead financial advisor to U-Solar. The parties have not disclosed the size of the investment. The funding provided by BlueOrchard will be utilized exclusively to expand U-Solar’s C&I rooftop solar portfolio and contribute to the transition towards clean energy in India.

Germany’s Federal Network Agency (Bundesnetzagentur) has launched a new offshore wind auction to install 1.8 GW of offshore wind power projects in the North Sea, with an expected grid connection date of 2028. The last day to submit the bids is August 1, 2023. The agency has identified four designated areas in proximity to existing wind farms. Two are located approximately 35 km north of Nordine and have a combined generation capacity of 900 MW. The other two are located 90 km northwest of Borkum and are projected to have a generation capacity of 900 MW.

Manufacturer of electrical balance of systems (EBOS) for solar, energy storage, and e-mobility Shoals Technologies Group recorded a net profit of $118.3 million in the fourth quarter (Q4) of 2022, a massive recovery from a loss of $2.15 million during the corresponding period in 2021. The recovery was driven by a $110.9 million one-time gain on terminating a trust and retention agreement and higher income from operations. The company generated total revenue of $94.65 million, a year-over-year increase of 97% from $48.05 million in Q4 2021. The higher revenue resulted from better sales volumes due to greater demand for solar EBOS generally and the company’s “combine-as-you-go system” and electric vehicle solutions.

Daqo New Energy Corporation, the Chinese photovoltaic (PV)-grade polysilicon manufacturer, posted a net income of $323.4 million in Q3, 2022, a YoY increase of 11%. The net income growth was a direct result of higher demand for polysilicon and a surge in average sale price (ASP) realization for the product in Q3. The polysilicon sales volume for the July-September quarter rose by 56% YoY to 33,126 metric tons. The ASP during the same period surged by over 32% to $36.44/kg. The average total production cost for the company was $6.82/kg in Q3 compared to $6.84/kg during the same quarter in 2021.

U.S.-based solar module manufacturer First Solar has recorded a net loss of $8 million in the fourth quarter (Q4) of 2022, compared to an income of $131 million YoY. The company attributed the net loss to depreciation and amortization, production start-up expense, net losses associated with the Luz del Norte project sale, and share-based compensation expenses. The company registered net sales of $1 billion in Q4 2022, an increase of 10% YoY from $907.32 million. The increase was primarily a result of increased module sales and the Luz del Norte project sale in Chile in Q4 2022.

Godawari Green Energy (GGEPL), a wholly-owned subsidiary of investment firm Kohlberg Kravis Roberts (KKR)-backed Virescent Renewable Energy Trust, has acquired a 25 MW operational solar project from Samta Energy in Surendranagar district of Gujarat. The estimated cost of the acquisition is ₹1.4 billion (~$17 million). The project’s total revenue stood at ₹555 million (~$7 million) in 2022. In February 2022, Virescent Renewable Energy Trust signed a share purchase agreement to acquire 100% shareholding and management control in GGEPL for ₹6.65 billion (~$98.11 million).

Developer of all-solid-state battery technology for electric vehicles (EV) Solid Power posted a net loss of $9.5 million for FY 2022 against a profit of $18 million recorded in FY 2021. The company said expenses on certain planned investments in product development and scaling of operations led to the loss. Solid Power’s total operating expenses for the year amounted to $70.9 million, up by 143% compared to $29.2 million in the previous year. The company began production of EV cells during the fourth quarter (Q4) of 2022.