India imported solar cells and modules worth over $774.9 million (~₹64.6 billion) in the second quarter of the calendar year 2024, down 16.4% year-over-year, according to data from the Department of Commerce. Solar modules accounted for 55% of the quarter’s imports, and solar cells 45%. In a quarter-over-quarter comparison, solar module and cell imports dropped by 61.4% from over $2 billion (~₹166.9 billion). Solar module imports saw a sharp decline of 73.2%, while solar cell imports fell by 17%.

Bihar Electricity Regulatory Commission has allowed South Bihar Power Distribution Company and North Bihar Power Distribution Company to carry forward their Renewable Purchase Obligation (RPO) shortfalls from fiscal years 2022-23 and 2023-24 to the fiscal year 2024-25. Most of Bihar’s RPO fulfillment comes from energy sourced through agencies such as Solar Energy Corporation of India and NTPC. However, the petitioner DISCOMs cited delays in commissioning certain renewable energy projects and contract terminations as significant roadblocks to meeting their RPO requirements.

Onward Solar Power, Jevargi Solar (Rays Infra), Essar Renewables, Mahindra Susten, and Avaada Energy have won NHPC’s auction to develop 1.2 GW interstate transmission system-connected solar power projects. The tender was floated in May this year. Onward Solar Power and Jevargi Solar were awarded a capacity of 50 MW and 200 MW, respectively, at a tariff of ₹2.56 (~$0.0304)/kWh. Essar Renewables was awarded 300 MW at the same tariff. Mahindra Susten and Avaada Energy won a capacity of 300 MW and 350 MW, respectively, at the tariff of ₹2.57 (~$0.0306)/kWh.

TP Solar, a subsidiary of Tata Power Renewable Energy, has begun commercial production from its 2 GW solar cell line at the Tirunelveli manufacturing facility in Tamil Nadu. This new capacity aims to meet the increasing demand for domestically produced solar components, especially for large-scale projects. The facility plans to add another 2 GW of capacity over the next 4-6 weeks, with total production expected in the coming months. The module production line at the Tirunelveli plant, commissioned in October 2023, has produced 1,250 MW of solar modules. This brings Tata Power’s total solar cell and module manufacturing capacity to 4.3 GW.

Adani Green Energy (AGEL) has redeemed $750 million 4.375% Holdco Notes through a fully funded redemption reserve account maintained since January 2024. In January 2024, AGEL announced its full support for backing the Holdco Notes. This entails establishing a fully funded redemption reserve account eight months before the redemption date. The account will facilitate the complete redemption of Holdco Notes upon maturity in accordance with relevant guidelines. The Holdco Notes supported the company’s high-growth objectives. During the period, AGEL’s capacity energy increased more than three times, from 3.5 GW to 11.2 GW, registering a compounded annual growth rate of 48%.

Electric two-wheeler manufacturer Ather Energy has proposed raising ₹31 billion (~₹369.4 million) through an initial public offering (IPO). In a draft red herring prospectus filed with market regulator Securities Exchange Board of India, the company said the IPO includes a fresh issue of shares worth ₹31 billion (~$369.4 million) and an offer for sale of ₹22 million (~$262,022) from investors and promotors. Under the offering, Tarun Sanjay Mehta and Swapnil Babanlal Jain are offering shares worth ₹1 million (~$11,911.83). Caladium Investment, National Investment and Infrastructure Fund II, Internet Fund III, 3State Ventures, and IITM Incubation Cell are among the corporates selling shares.

Bokaro Power Supply Company, a joint venture of SAIL and DVC, has issued a tender for the maintenance of a 2 MW solar project in Bokaro Steel City, Jharkhand, for two years. The last date to submit the bids is October 10, 2024. Bids will be opened on October 11. The scope of work includes providing a suitable approach road to reach the solar project, repairing and renovating the water supply line to make it functional, replacing defective inverters, energy meters, and other accessories, and removing dust and dirt from the solar panels, inverters, and distribution boxes to achieve optimum power output.

Commercial and industrial consumers benefit significantly from sourcing renewable energy through open access arrangements. In addition to an assurance of reliable power supply and savings on energy costs, they can also make their operations more sustainable and reduce their carbon footprint. The Ministry of New and Renewable Energy‘s green energy open access regulations have significantly boosted India’s solar open access market. In the first quarter of 2024 alone, India achieved 1.8 GW of solar open access capacity, marking a 152% year-over-year increase in installations, according to the Q1 2024 Mercom India Solar Open Access Market Report. At Mercom India’s recent C&I Clean Energy Meet in Coimbatore, Santhosh T, Senior Manager-BD, Sunsure, highlighted three key aspects that C&I consumers must consider before opting for solar open access: regulatory alignment, business needs, and a streamlined process facilitated by a renewable energy developer.