India added 706.5 MW of wind energy capacity in Q3 2024, a 72% increase year-over-year from 411.5 MW in Q3 2023, according to Mercom India Research. The increased demand for wind energy by state distribution companies and other obligated entities to fulfill their renewable purchase obligations drove capacity additions in Q3. The capacity additions fell 8% quarter-over-quarter from 769.9 MW installed in Q2 due to delays in grid connectivity, limited availability of transmission infrastructure, land acquisition, and right-of-way issues.

Gujarat added the sixth-highest solar open access capacity in Q2 2024, according to Mercom’s Q2 2024 India Solar Open Access Market Report. In Q2 of 2024, about 1.8 GW of solar open access capacity was added in the country, a marginal 2.5% drop QoQ and up nearly 152% year over year (YoY). Gujarat contributed 9.2% to the quarterly capacity additions, with wind-solar hybrid power projects comprising over 36% of the state’s installations. However, the installations were 56.9% lower YoY and 9.9% QoQ.

Corporate funding for energy storage rose 15% year-over-year (YoY) in the first nine months (9M) of  2024, while it decreased 33% for smart grids in the U.S. Corporate funding for energy storage companies in 9M 2024 reached $17.6 billion in 83 deals, a 15% YoY increase from $15.2 billion in 94 deals, according to the 9 M and Q3 2024 Funding and M&A for Storage and Grid Report by Mercom Capital Group.

Total corporate funding, including venture capital, public market activity, and debt financing for the solar sector, reached $22.3 billion in the first nine months (9M) of 2024, a 23% decrease from the $28.9 billion raised during the same period in 2023. The number of deals also dropped by 6% year-over-year, with 117 deals in 9M 2024 compared to 124 in the same period in 2023, according to the recently released report 9M and Q3 2024 Solar Funding and M&A Report by Mercom Capital Group.

In the first half (1H) of 2024, India added 3.6 GW of solar open access capacity, a 153% increase from the 1.4 GW installed in 1H 2023, according to Mercom’s Q2 2024 India Solar Open Access Market Report. The capacity added in the first half of this year surpassed the total annual installations of any previous year. India’s cumulative installed solar open access capacity was 16.3 GW as of June 2024. In Q2 2024, about 1.8 GW of solar open access capacity was added in the country, a marginal 2.5% drop quarter-over-quarter and a 152% year-over-year increase.

India added 11.3 GW of solar modules and 2 GW of cell manufacturing capacity in the first half (1H) 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.

The renewable energy landscape in India presents a complex mosaic where each state faces unique challenges and opportunities. Two states that highlight this contrast are Telangana and Andhra Pradesh. While Andhra Pradesh shows renewed optimism under a favorable political shift, Telangana’s renewable energy sector continues to grapple with regulatory hurdles and restrictive policies, particularly in the open access market.

The Ministry of Power has issued the Electricity Distribution (Accounts and Additional Disclosure) Rules, 2024, to enhance transparency in financial disclosures and bolster regulatory compliance for power distribution companies (DISCOMs). The rules aim to enable DISCOMs to clearly demarcate revenue, receivables, and subsidies for better financial clarity. This will also allow investors, regulators, and the public to assess distribution entities’ fiscal health better.

The Ministry of Power plans to amend its tariff-based competitive bidding process guidelines to procure power from grid-connected solar, wind, wind-solar hybrid projects, and firm and dispatchable renewable energy projects equipped with energy storage systems. Stakeholders can submit their comments by November 9, 2024. One of the amendments seeks to reduce the Power Purchase Agreement period from 20 years to 15 years.

The Ministry of New and Renewable Energy has expanded the Approved List of Models and Manufacturers (ALMM) by adding 2,079 MW of solar module capacity. The cumulative module manufacturing capacity under ALMM now stands at 60,494 MW. FS Green Energies and Hexatron Industries were the new entrants to the ALMM, accounting for 572 MW and 203 MW, respectively. Alpex Solar, Icon Solar En Power, Vikram Solar, and Avaada Electro increased their enlisted capacity by 175 MW, 209 MW, 309 MW, and 611 MW, respectively.

The Central Electricity Regulatory Commission (CERC) has introduced the draft fourth amendment to its 2020 regulations, expanding the eligibility for transmission charges waiver by adding Renewable Energy Generation Systems based on offshore wind to the list of energy sources, which already includes hydropower generation. The CERC has invited feedback on the Sharing of Inter-State Transmission Charges and Losses (Fourth Amendment) Regulations, 2024, by November 11, 2024.

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.

Gensol Engineering, a solar energy consultancy and EPC solutions provider, has acquired 100% of the equity in three newly incorporated companies to expand its renewable energy business. The company acquired 10,000 equity shares each of Shakti Sangini Energy, Innogrid Energy, and Hari Shakti Energy by investing ₹100,000 (~$1,189.45) each. After the transaction, the companies will become wholly owned subsidiary companies of Gensol Engineering, the company said in a BSE filing. Gensol plans to expand its renewable energy business by acquiring the three companies.