India added 11.3 GW of solar modules and 2 GW of cell manufacturing capacity in the first half of 2024, according to Mercom India’s recently released research report, State of Solar PV Manufacturing in India 1H 2024. The capacity additions were driven by a robust solar project pipeline of 132.7 GW planned between 2024 and 2026 and the reinstatement of the Approved List of Models and Manufacturers order in April 2024.

Zodiac Energy has bagged the tender to develop 30 MW ground-mounted solar projects for Ahmedabad Municipal Corporation at the cost of ₹1.54 billion (~$18.33 million) in Gujarat. The company will design, supply, install, test, and commission grid-tied 30 MW ground-mounted solar projects. The scope of work includes five years of operation and maintenance and a lease/sublease. The projects are expected to be completed within 18 months. In September 2024, AMC approved Zodiac Energy’s bid. The tender for the projects was issued in March this year. The projects are expected to generate 14.20 million units annually and save nearly ₹206 million (~$2.45 million) in electricity costs.

Mahasamruddhi Renewable Energy, a special-purpose vehicle of Maharashtra State Road Development Corporation, has invited bids to commission 37 MW of ground-mounted and rooftop solar projects along the Hindu Hruday Samrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg, a highway connecting Nagpur and Mumbai. The project must be completed within ten months of receiving the award notification. Bidders must also oversee the projects’ operation and maintenance for seven years. Maharashtra State Road Development Corporation and its subsidiaries will use the generated power through net metering and open access. The estimated tender value is ₹1.6 billion (~$19.06 million).

The West Bengal Electricity Regulatory Commission has issued draft regulations for grid-interactive rooftop solar systems. The regulations provide a detailed framework for installing, operating, and managing rooftop solar systems. Stakeholders can send comments and suggestions on the draft by November 14, 2024. The draft regulations permit consumers of any distribution licensee to install rooftop solar systems, with options for self-ownership or third-party ownership models. To ensure grid stability and prevent oversizing, these systems’ maximum capacity is capped at 100% of the consumer’s sanctioned load or contract demand, whichever is lower.

The board of directors at Inox Green Energy Services, a wind power operations and maintenance service provider, has allotted 2.76 million equity shares with a face value of ₹10 (~$0.12) each at a price of ₹145 (~$1.73) to non-promoter warrant holders. The allotment was made after receiving conversion requests and the balance payment of 75% of the issue price for the previously issued convertible warrants. The newly allotted equity shares will be on an equal footing with the company’s existing equity shares in all respects, including dividend payments and voting rights.

The International Finance Corporation is partnering with Axis Bank to provide a $500 million loan to help develop a blue finance market and scale up financing of green projects in India. The funding will also aid in expanding Axis Bank’s climate finance portfolio. Besides tackling climate change issues, the loan will be utilized to develop offshore renewable energy. IFC will support Axis Bank in growing its green buildings portfolio, including affordable housing projects and building capacity for impact reporting. Through this engagement, IFC aims to catalyze the green buildings market in India. IFC will also provide a performance-based incentive of up to $2.9 million from the UK-IFC Market Accelerator for Green Construction program to support the design and construction of green buildings certified by IFC’s EDGE (Excellence in Design for Greater Efficiencies) green buildings standard.

The global renewable energy workforce grew to 16.2 million in 2023 from 13.7 million in 2022, the International Renewable Energy Agency has said in its Renewable Energy and Jobs: Annual Review 2024. China alone accounted for 7.1 million jobs, while India and the U.S. have created over a million jobs. Solar photovoltaic jobs constituted 7.1 million new jobs, representing 44% of the world’s total renewable energy workforce. Wind constituted 1.5 million jobs in 2023. According to the report, 347 GW of solar PV capacity was added in 2023. “With China in the lead, Asian countries hosted 77% of the world’s PV jobs. Europe had a 10.7% share (with the EU accounting for 10.1% of that), the Americas another 8.6%, and all others the remaining 3.3%,” the report said.