Adani Green Energy, NTPC Renewable Energy, UPC Renewables, Sprng Energy, and Aditya Birla Renewables emerged as the top utility-scale solar project developers in the first half (1H) of the calendar year 2023, according to Mercom’s newly released India Solar Market Leaderboard 1H 2023. The report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders. Adani Green Energy topped with a market share of 21.4%, followed by NTPC Renewable Energy and UPC Renewables with 6.3% and 5.5%, respectively. Sprng Energy and Aditya Birla Renewables had a market share of 4.4% each.

SJVN, a joint venture between the Government of India and the Government of Himachal Pradesh, has invited bids from developers to set up 1,500 MW Inter-State Transmission System (ISTS)-connected solar power projects in India. The last day to submit the bids is December 15, 2023. Bids will be opened on December 20. Bidders must submit ₹1.5 million (~$18,023) for each project as the bid processing fee. They must also submit an earnest money deposit of ₹1.16 million (~$13,938) /MW. Selected bidders must furnish ₹2.9 million (~$34,845)/MW as a performance bank guarantee.

NTPC Renewable Energy invited bids for the balance of the system package for 1,200 MW (2 blocks of 600 MW each) ISTS-connected solar energy projects at NTPC REL’s 4,750 MW Khavda Renewable Energy Park – South Block. The last date for the submission of bids is December 6, 2023. Bids will be opened on the same day. The scope of the work includes design, engineering, manufacturing, supply, packing and forwarding, transportation, unloading storage, installation, testing, and commissioning of solar photovoltaic projects, excluding the supply of solar modules.

Kota Division of West Central Railways invited bids for state-wise empanelment of agencies to implement grid-connected rooftop solar projects of 4.19 MW capacity at its yards and workshops through public-private partnership and on a design, build, finance, operate, and transfer basis. The projects would be developed in three capacity ranges— above 3 kW and up to 10 kW, above 10 kW and up to 100 kW, and above 100 kW and up to 500 kW. Bidders can quote for one or all the capacities. The last day to submit bids is November 22, 2023. Bids will be opened on the same day.

Radiance Renewables, a subsidiary of Green Growth Equity Fund and backed by EverSource Capital, secured a $90 million Green Loan Project Finance Facility for its 150 MW greenfield commercial and industrial solar power project in Maharashtra. Axis Bank and Standard Chartered Bank collaborated to organize the green loan, with Standard Chartered Bank overseeing green loan compliance, including the Loan Market Association’s Green Loan Principles, IFC Performance Standards, and Equator Principles. The 150 MW project is progressing in two phases, with the first 50 MW phase near completion and financial closure secured for both phases.

REC Limited posted a net profit of ₹37.73 billion (~$453.2 million) in the second quarter of the financial year 2024, an increase of 38% YoY from ₹27.28 billion (~$327.7 million). The numbers represent the company’s all-time highest first-quarter profit, driven by improvements in asset quality, increased lending rates, and cost-effective management. The company’s revenue from operations in the quarter stood at ₹112.13 billion (~$1.34 billion), a rise of 18%, compared to ₹95.34 billion (~$1.14 billion) during the same period last year.

U.S.-based solar module manufacturer First Solar recorded a net profit of $268.4 million during the third quarter of 2023, a year-over-year (YoY) increase of 445.8% compared to a loss of $49.17 million. The surge in net income was mainly due to higher average selling prices of solar modules, reduced transportation costs for sales, and a greater number of modules being manufactured and sold in the U.S., leading to extra benefits from the Inflation Reduction Act. The company reported net sales of $801.09 million, a YoY increase of 27% from $628.93 million.

SolarEdge, an Israel-based solar inverter manufacturer, recorded a net loss of $61.2 million in the third quarter of 2023, a 348% YoY drop from the net profit of $24.7 million. The drop in net income was attributed to the considerable drop in demand, especially from the company’s primary markets in Europe, and the high inventory of products in the channels. The company’s revenues were down by 13% to $725.3 million in Q3 from $836.7 million during the same quarter last year. The revenues from the solar segment were recorded at $676.4 million, a 14% YoY drop from $788.6 million.

United States-based residential solar, battery storage, and energy services company Sunrun recorded a net loss of $1.47 billion during Q3 2023, a YoY increase of 848% compared to a net loss of $155.51 million. The primary reason behind the surge in losses in Q3 was the non-cash goodwill impairment charge of about $1.2 billion, as the company reduced the goodwill value from $4.3 billion to $3.1 billion following the drop in stock prices. The goodwill came from their acquisition of Vivint Solar in October 2020, with its value determined based on market capitalizations at the time of the acquisition.