Daily News Wrap-Up: Solar Irradiation in India Fell by 3-10% in 2024

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Coal India Floats Tender for 1 GW Solar Project in Rajasthan

UltraTech Cement to Source  Power from AMPIN’s 75 MW Solar Project

Most of India Saw 3-10% Decline in Solar Irradiation in 2024: Interview


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					</table><p>Germany-based solar energy equipment supplier <a href="https://www.sma-india.com/" target="_blank" rel="noopener">SMA Solar Technology</a> has reported a 19.7% decline in its 2024 revenue, primarily due to a significant decrease in sales in the home solutions segment.</p>
<p>The company’s full-year revenue totaled €15.30 billion (~$16.83 billion), down from €19.04 billion (~$20.50 billion) in the previous year. The year-on-year (YoY) decrease in revenue reflects the decline in business development in the home and commercial and industrial (C&amp;I) solutions segments.</p>
<p>In the home solutions segment, sales decreased by 70.6% YoY to €170.3 million (~$183.5 million) from €580.2 million (~$561 million).</p>
<p>The significant decline was due to a combination of price and volume-related sales reduction, increased costs, and inventory devaluations.</p>
<p>Europe, the Middle East, and Africa accounted for the highest share of sales, at 92.9%. The company attributed it to soft sales development in home solutions and C&amp;I in 2024.</p>
<p>SMA Solar’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) decreased from €311 million (~$335 million) to €16 million (~$17.2 million), resulting in a lower EBITA margin of 1% compared to last year’s 16.3%.</p>
<p>The reduced EBITDA was due to low sales and the resulting lower fixed cost degression in the home and C&amp;I solutions segments, increased costs, and impairment losses on inventories of €113.4 million (~$12 million).</p>
<p>At the end of 2024, the company’s net income stood at €117.7 million (~$126 million), a 47% YoY decrease from €225.7 million (~$243 million). Earnings per share in 2024 came in at a negative €3.39 (~$3.66), compared to a positive €6.50 (~$7.01) in 2023.</p>
<p>The company’s net cash stood at €84.2 million (~$90.24 million), a decline from €283.3 million (~$305.5 million) in 2023. The group’s inverter output sales in 2024 totaled 19.5 GW.</p>
<p><strong>Outlook</strong></p>
<p>SMA Solar expects sales for its home and business solutions divisions to be slightly higher in 2025.</p>
<p>The company expects its sales to reach between €1.5 million (~$1.6 million) and €1.7 million (~$1.8 million), projecting higher sales in inverter output ranging from 20 GW to 22 GW.</p>
<p>EBITDA is expected to see a positive impact in 2025, driven by cost reductions and increased efficiency as part of the company’s restructuring and transformation program. It is projected to reach between €70 million (~$75 million) and €110 million (~$118.6 million).</p>
<p>SMA Solar had <a href="https://www.mercomindia.com/sma-solar-net-income-plunges-on-increased-costs" target="_blank" rel="noopener">recorded</a> a net income of €28.5 million (~$30.6 million), a 44.8% decrease from €51.7 million (~$55.6 million) in the first quarter of 2023.</p>
<p>In 2023, the company <a href="https://www.mercomindia.com/sma-solar-revenue-growth-2023" target="_blank" rel="noopener">reported</a> a 79% increase in revenue, driven by strong inverter sales.</p>


Lower Home Solution Segment Sales Reduce SMA Solar’s Revenue by 20%


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					</table><p>The United States installed a record 50 GW of new solar capacity in 2024, a 21% year-over-year (YoY) rise, according to the Solar Energy Industries Association’s (<a href="https://seia.org/" target="_blank" rel="noopener">SEIA</a>) U.S. Solar Market Insight 2024 Year in Review report.</p>
<p>The capacity addition in 2024 is the highest added to the grid by any energy technology in over two decades, according to the report.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-77408 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/SEIA-3.png" alt="" width="834" height="509" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/SEIA-3.png 834w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/SEIA-3-300x183.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/SEIA-3-768x469.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/SEIA-3-650x397.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/SEIA-3-624x381.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/SEIA-3-600x366.png 600w" sizes="(max-width: 834px) 100vw, 834px" />The U.S. solar capacity is expected to reach 739 GW by 2035. However, sudden shifts in federal tax credits, supply chain access, and permitting policies can lead to uncertainty for investors, raise costs for developers and manufacturers, and slow down solar deployment.</p>
<p><strong>Market Segment-Wise Growth</strong></p>
<p>The residential segment installations totaled 4,710 MW in 2024, a 32% decline from 2023. While the interest cuts offered some relief, they came too late in the year to make a significant impact on financing costs. California installations dropped by 45% in 2024 due to the change in net billing, creating uncertainty in the largest residential market.</p>
<p>However, the residential market is expected to bounce back in 2025, with 9% growth after a tough year.</p>
<p>According to the report, the segment is expected to grow more than three times over the next decade, adding over 96 GW by 2035.</p>
<p>The commercial solar segment installed 2,118 MW in 2024, an 8% YoY growth driven by significant deployments in California, Illinois, New York, and Maine.</p>
<p>The community solar segment installed 1,745 MW in 2024, a 35% increase over the previous year. This growth can be attributed to record capacity additions in New York, Maine, and Illinois. Projects in this segment are part of formal programs where multiple residential and non-residential customers can subscribe to the power produced by a local solar system and receive credits on their utility bills.</p>
<p>The report expects the market to bounce back in 2027, with continued growth into 2028 and 2029. This resurgence will primarily occur due to increased retail rates and more projects qualifying for the investment tax credit. It projects an 8% average annual growth over the next five years.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-77404 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/SEIA-2.png" alt="" width="602" height="342" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/SEIA-2.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/SEIA-2-300x170.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/SEIA-2-600x341.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></p>
<p>The utility-scale segment installed a record-breaking 41.4 GW in 2024, a 33% YoY increase. Developers installed over 16 GW alone in the fourth quarter (Q4). In SEIA’s Base Case outlook, Wood Mackenzie forecasted the utility-scale segment, adding 356 GW of installed capacity between 2025 and 2035.</p>
<p>The report noted that, despite impressive national volumes in 2024, the capacity additions are expected to level off beginning this year, contracting annually at an average of 8% through 2029.</p>
<p>In 2024, Texas maintained its position as the top-ranked state for new solar capacity installed for the second consecutive year, with 11.6 GW. California came second, beating Florida, and its growth was driven by significant installation volumes in the utility-scale and commercial segments.</p>
<p><strong>Solar Module and Cell Manufacturing</strong></p>
<p>According to the report, U.S. factories can manufacture enough to meet all solar module demand in the country at full capacity.</p>
<p>Domestic module manufacturing capacity increased to 42.1 GW in 2024, a 190% YoY increase from 14.5 GW. This manufacturing is largely concentrated in the south, with 8.6 GW produced in Texas and 8.4 GW in Georgia.</p>
<p>In 2024, cell manufacturing was re-shored for the first time in five years, with Suniva restarting production at its 1 GW factory in Georgia.</p>
<p>Module manufacturing capacity in the U.S. <a href="https://www.mercomindia.com/us-module-manufacturing-hits-50gw-capacity" target="_blank" rel="noopener">surpassed</a> 50 GW, according to an earlier SEIA report.</p>
<p>In Q3 2024, the U.S. solar industry <a href="https://www.mercomindia.com/solar-additions-us-q3-2024" target="_blank" rel="noopener">installed</a> 8.6 GWdc capacity, marking a 21% YoY increase but a 13% decline from the previous quarter, according to the U.S. Solar Market Insight Q4 2024 report by Wood Mackenzie SEIA.</p>


US Adds 50 GW of New Solar Capacity in 2024, a 21% YoY Growth


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					</table><p>Smart energy storage company <a href="https://www.stem.com/" target="_blank" rel="noopener">Stem</a> reported a revenue of $55.8 million in the fourth quarter (Q4) of 2024, a 67% year-over-year (YoY) decrease from $167.4 million.</p>
<p>The declining revenue was caused by reduced battery hardware sales, partly attributable to the company’s software-focused strategy introduced last year.</p>
<p>The company’s net loss widened to $51.1 million, a 35% increase from a net loss of $37.7 million in Q4 2023. It attributed the rising losses to lower revenue and losses suffered under the generally accepted accounting principles.</p>
<p>Stem’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at $4.2 million compared to $4.6 million in the corresponding quarter of the previous year.</p>
<p>Stem’s contracted annual recurring revenue (ARR) in Q4 2024 was $86.0 million, down approximately 6% YoY from $91.0 million.</p>
<p>Doran Hole, Chief Financial Officer and Executive Vice President, Stem, said the company’s Q4 2024 results broadly met expectations.</p>
<p>The company’s solar monitoring assets under management grew to 29.9 GW, up from 27.5 GW at the end of 2023.</p>
<p><strong>Full Year 2024 </strong></p>
<p>Stem recorded a net loss of $854 million in 2024, an increase from a net loss of $140.4 million in 2023.</p>
<p>The results were mainly affected by a $104.1 million bad debt expense due to impaired receivables from customer contracts backed by a parent company guarantee and a one-time $547.2 million goodwill impairment recorded in Q2 2024.</p>
<p>The company’s revenue declined 69% YoY to $144.6 million from $461.5 million.</p>
<p>Stem’s earnings per share -$5.29 missing analyst expectations by $0.20.</p>
<p>Stem attributed the falling revenue to updated valuations of certain contract guarantees for hardware revenue originally recorded in 2022 and 2023.</p>
<p>The company’s adjusted EBITDA in 2024 came in at -$22.8 million, a 16.9% YoY increase from the previous year’s EBITDA of -$19.5 million.</p>
<p>In January, the company announced that its solar monitoring and optimization solutions will support the commercial operations of a 484 MW solar portfolio for <a href="https://neovolt.fi/" target="_blank" rel="noopener">Neovolt</a>, one of the largest asset owners in Hungary. Under the five-year agreement, Stem&#8217;s PowerTrack Web will monitor, optimize, and control eight utility-scale sites in the country.</p>
<p>The company earned 70% to 80% of its gross margins from the PowerTrack software. It earned a high margin on associated offerings, such as 50% gross margins on professional services tied to PowerTrack’s installation and commissioning and 30% to 40% on PowerTrack’s edge devices.</p>
<p><strong>Outlook</strong></p>
<p>Stem expects its revenue to reach between $125 million and $175 million in 2025, of which about $120 million to $140 million is expected to come from high-margin software, edge devices, and services revenue. The remaining $35 million is projected to be driven by battery hardware resales.</p>
<p>The company expects its EBITDA to range between -$10 million and $5 million during the year.</p>
<p>Stem considers ARR a key metric and expects it to reach 15% from year-end 2024 to 2025.</p>
<p>Hole said the company will increase its focus on reducing operating expenses, which it believes will substantially improve adjusted EBITDA and cash flow.</p>
<p>Stem’s revenue in Q3 2024 had <a href="https://www.mercomindia.com/energy-storage-firm-on-lower-hardware-sales" target="_blank" rel="noopener">dropped</a> 78% YoY to $29.3 million from $133.7 million due to lower battery hardware sales.</p>


Reduced Battery Sales Plunge Stem’s Q4 Revenue by 67%


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					</table><p><a href="https://www.shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a>, a manufacturer of electrical balance of systems for solar, energy storage, and e-mobility reported a net income of $7.8 million during the fourth quarter (Q4) of 2024, down from $16.6 million in the corresponding period in 2023.</p>
<p>Revenue experienced an 18% year-over-year (YoY) decrease, from $130.4 million to $107 million. At the end of the quarter, income from operations stood at $16.5 million from $31.9 million, a 48% YoY decrease.</p>
<p>The decrease in the net income and revenue was primarily due to a rapidly shifting political environment, challenges in labor and equipment availability, and regulatory and permit delays during the quarter.</p>
<p>Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) fell to $26.4 million from $39.1 million, a 32.4% decline.</p>
<p>Brandon Moss, CEO, Shoals said, “2024 proved to be an unpredictable year for the U.S. utility scale solar industry. A rapidly shifting political landscape, supply chain and regulatory bottlenecks, and persistently high interest rates, drove unprecedented disruption within our markets. However, 2024 was also a year of exciting operational and commercial process improvements that are beginning to yield results.”</p>
<p><strong>Full Year 2024</strong></p>
<p>The company’s revenue stood at $399.2 million, an 18% YoY decrease from $488.9 million last year.</p>
<p>This decline is due to reducing sales volumes caused by lower demand linked to solar project delays that have postponed initiatives from 2024. Competitive factors, volume discounts, and customer mix in key markets also played a role.</p>
<p>The net income for the full year was $24.1 million compared to $42.7 million, a 43% YoY decrease. Income from operations stood at $51.2 million, compared to $79.0 million in 2023.</p>
<p>Shoals’ adjusted EBITDA for 2024 reduced to $99.1 million from $173.4 million last year.</p>
<p>Asked at the earnings call conference about the imposition of 10% import tariffs on China and a potential 25% for Mexico and Canada, Moss said his company will directly benefit. “We do have competitors and some primary competitors in China and in Mexico. So, we would certainly benefit us directly if those were imposed,” he said.</p>
<p><strong>Outlook </strong></p>
<p>Shoals is expecting its revenue for 2025 to reach between $410 million and $450 million, given the current market trends and business conditions. The company expects its adjusted EBITDA to range from $100 million to $115 million.</p>
<p>To further penetrate the U.S. utility-scale solar market, the company is deploying a new, highly engaged sales model to portions of the market that have historically not been pursued.</p>
<p>It will offer localized products to meet customer needs in targeted geographies. The company also plans to accelerate product development, enabling expansion into adjacent markets that can benefit from its capabilities and scale, including consumer and industrial and original equipment manufacturer applications.</p>
<p>Shoals <a href="https://www.mercomindia.com/shoals-revenue-project-delays-and-supply-chain-issues" target="_blank" rel="noopener">reported</a> a 23.9% YoY dip in revenue to $102.2 million during Q3, primarily due to project delays and supply chain issues. In Q2 2024, the company <a href="https://www.mercomindia.com/shoals-revenue-dips-17-yoy-in-q2" target="_blank" rel="noopener">reported</a> a revenue of $99.2 million, down 17% YoY from $119 million.</p>


Shoals’ Revenue Falls 18% Amid Delayed Projects and Political Shifts


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					</table><p><a href="https://www.mercomindia.com/lowest-wind-solar-hybrid-power-tariffs-in-2024-infographics" target="_blank" rel="noopener">The number of wind-solar hybrid projects that were tendered and auctioned by various agencies rose in 2024</a> due to increased demand from offtakers including power distribution companies and corporate consumers. In 2024, 13 auctions were held for wind-solar hybrid power projects. Tariffs for such hybrid power projects ranged between ₹3.15 (~$0.04)/kWh and ₹3.65 (~$0.043)/kWh. The lowest tariff of ₹3.15 (~$0.04)/kWh discovered in Solar Energy Corporation of India’s auction was 2.6% higher than the lowest tariff of ₹3.07 (~$0.0368)/kWh seen in 2023.</p>
<p><a href="https://www.mercomindia.com/major-events-indian-solar-sector-2024" target="_blank" rel="noopener">India added 16.4 GW of solar capacity in the first nine months of 2024, a 167% year-over-year increase from</a> 6.2 GW in 9M 2023, according to Mercom India Research’s Q3 2024 India Solar Market Update. Here is a compilation of the most important developments that impacted India’s solar sector.</p>
<p><a href="https://www.mercomindia.com/punjab-awards-264-mw-solar-projects" target="_blank" rel="noopener">The Punjab Energy Development Agency has issued a letter of award to VP Solar Generation to develop 66 solar power projects of 4 MW each, totaling 264 MW.</a> These solar projects are part of the feeder-level solarization initiative under Component-C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program. Once operational, they are expected to generate approximately 400 million units of electricity annually, attract investments of ₹10.56 billion (~$123.85 million), and save the state an estimated ₹1.76 billion (~$123.84 million) annually in agricultural subsidies.</p>
<p><a href="https://www.mercomindia.com/rajasthan-empanelment-tender-511-mw-rooftop" target="_blank" rel="noopener">Rajasthan Renewable Energy Corporation has invited bids to empanel developers to install 511 MW of grid-connected rooftop solar systems on government buildings in the state.</a> Bids must be submitted by January 20, 2025. Bids will be opened on January 21. Bidders must furnish an earnest money deposit of ₹870,000 (~$10,187)/MW of the quoted capacity. Small-scale industries must furnish an EMD of ₹217,500 (~$2,546)/MW. Selected bidders must submit a performance bank guarantee of 3% of the order value. Small-scale industries can furnish a PGB of 0.5% of the order value.</p>
<p><a href="https://www.mercomindia.com/seci-tenders-energy-storage-system-in-kerala" target="_blank" rel="noopener">The Solar Energy Corporation of India has invited bids to set up 125 MW/500 MWh standalone battery energy storage system</a> in Kerala with viability gap funding under tariff-based global competitive bidding. The project will be developed under the built-own-operate model. Bids must be submitted by February 2, 2025. Bids will open on February 7. Bidders must submit a document fee of ₹50,000 (~$586.4) + GST to be submitted and a bid processing fee of ₹20,000 (~$234.5)/MW for the quoted capacity subject to a maximum amount of ₹2 million (~$23,454) + GST.</p>
<p><a href="https://www.mercomindia.com/south-africa-solar-battery-projects-auction" target="_blank" rel="noopener">South Africa has released the list of preferred bidders for solar and battery storage projects to be developed under its Renewable Energy Independent</a> Power Producer Procurement Program and Battery Energy Storage Independent Power Producer Procurement Program. These tenders were floated last December, and the bid window 7 (BW7) of the program aims to develop 3.2 GW of wind and 1.8 GW of solar projects. Of the bids received in August 2024, wind projects were undersubscribed with 1,692 MW, and solar was oversubscribed with 8,526 MW.</p>


Daily News Wrap-Up: Lowest Wind-Solar Hybrid Power Tariffs in 2024


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					</table><p>India added 1.1 GW of rooftop solar capacity in the first half (1H) of calendar year (CY) 2024, the highest half-yearly installations to date, according to Mercom India&#8217;s newly released <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q2-2024" target="_blank" rel="noopener">Q2 2024 India Rooftop Solar Market Report</a>.</p>
<p>The capacity addition was about a 26% year-over-year (YoY) increase from the 873 MW installed in 1H 2023.</p>
<p>Rooftop solar capacity additions in the second quarter (Q2) of 2024 were unprecedented, with 731 MW, up 89% YoY from 388 MW. Sequentially, capacity additions grew by 99% from 367 MW.</p>
<p>Rooftop solar accounted for almost 15% of total solar installations in the quarter.</p>
<p>Residential rooftop solar projects largely drove the installation growth during 1H and Q2 of 2024 under the PM Surya Ghar: Muft Bijli Yojana. Residential installations surged nearly 923% quarter-over-quarter (QoQ), making up over 72% of the projects commissioned during the period.</p>
<p>&#8220;The residential sector&#8217;s contribution, historically overshadowed by the commercial and industrial (C&amp;I) sector, soared, around ten-fold from the previous quarter,&#8221; said Priyadarshini Sanjay, Managing Director of Mercom India. She stressed the critical need to maintain the quality of installations, particularly in the residential sector, where homeowners often lack the expertise to assess the quality of the installations.</p>
<p>Projects under the capital expenditure (CAPEX) model accounted for nearly 84% of the capacity additions in Q2 2024, with the remaining under the operational expenditure or renewable energy service company (OPEX/RESCO) model.</p>
<p>The industrial segment contributed over 23% to the total installations, while the commercial and government segments accounted for 4% and 0.7%, respectively.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-69574 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW.png" alt="Rooftop Solar Installations by Quarter (MW)" width="980" height="427" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW.png 980w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW-300x131.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW-768x335.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW-650x283.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW-624x272.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW-600x261.png 600w" sizes="(max-width: 980px) 100vw, 980px" /></a></p>
<p>Gujarat, Maharashtra, Kerala, Uttar Pradesh, and Tamil Nadu were the leading states for rooftop solar capacity additions during the quarter, collectively contributing over 81% of the total installations.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Q2-2024-Rooftop-Solar-Installations-by-States.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-69572 " src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Q2-2024-Rooftop-Solar-Installations-by-States.png" alt="Q2 2024 Rooftop Solar Installations by States" width="401" height="373" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Q2-2024-Rooftop-Solar-Installations-by-States.png 480w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Q2-2024-Rooftop-Solar-Installations-by-States-300x279.png 300w" sizes="(max-width: 401px) 100vw, 401px" /></a></p>
<p>As of June 2024, India&#8217;s cumulative installed rooftop solar capacity reached 11.6 GW. The top 10 states accounted for over 78% of this cumulative capacity, with Gujarat, Maharashtra, Rajasthan, Kerala, and Karnataka maintaining their leadership in installed capacity.</p>
<p>Kerala achieved the highest compounded quarterly growth rate, reaching nearly 9% between Q2 2023 and Q2 2024.</p>
<p>In Q2 2024, rooftop solar tenders totaling 533.6 MW were issued, about a 35% drop from 816.9 MW in Q1 2024 but a 259% increase from 148.6 MW in Q2 2023. Empanelment tenders for installing rooftop solar on government buildings comprised 38% of the quarter&#8217;s announcements.</p>
<p>The average cost of rooftop solar systems rose by over 12% QoQ, ending a six-quarter trend of declining prices, although costs were still down nearly 10% YoY. &#8220;After a year and a half of declining prices, module costs have begun to rise again, with DCR modules remaining more expensive due to high demand and limited supply,&#8221; Sanjay said.</p>
<p>Manufacturers are ramping up their DCR module production capacity, but procuring locally manufactured cells has been a challenge.</p>
<p>Sanjay also expressed concern over the likelihood of future shortages for other critical components, such as inverters and cables, which could impact installations in the coming quarters. &#8220;The implementing agencies have to periodically assess the market to ensure there are no serious demand-supply gaps affecting installations drastically.&#8221;</p>
<p>The report also includes a comprehensive analysis of net metering policies across all Indian states and Union Territories.</p>
<p><strong><em>The Q2 2024 India Rooftop Solar Market Report is 56 pages long and covers all facets of India&#8217;s rooftop solar market. For the complete report, visit: <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q2-2024" target="_blank" rel="noopener">https://www.mercomindia.com/product/rooftop-solar-market-report-q2-2024</a></em></strong></p>


India Adds Record 1 GW Rooftop Solar Capacity in 1H 2024


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					</table><p>Solar module manufacturer <a href="https://www.canadiansolar.com/" target="_blank" rel="noopener">Canadian Solar</a> posted a net income of $12.35 million in the first quarter (Q1) of 2024, an 85.25% year-over-year (YoY) drop from $83.71 million as the company continued to tackle pricing pressures in light of lower module average selling prices (ASP).</p>
<p>The drop in profit was offset by the lower manufacturing costs and higher contribution from battery energy storage solutions (BESS) sales.</p>
<p>The company’s revenue dropped by 21.88% YoY to $1.33 billion from $1.7 billion, primarily driven by the decline in module ASP and offset by BESS sales and an increase in solar module shipment.</p>
<p>Canadian Solar’s operating expenses during the quarter increased to $203.68 million, an 18.15% YoY increase from $172.4 million.</p>
<p>The company shipped 6.3 GW solar module shipments during the quarter, a 4% YoY jump. Of these, 236 MW were shipped to the company’s utility-scale solar power projects.</p>
<p>The company operates two business segments – <a href="https://recurrentenergy.com/" target="_blank" rel="noopener">Recurrent Energy</a>, the clean energy development platform, and <a href="https://www.csisolar.com/" target="_blank" rel="noopener">CSI Solar Inc</a>., the solar module, BESS manufacturing, and the engineering, procurement, and construction platform.</p>
<p>Recurrent Energy recorded a 96.65% YoY revenue increase during Q1 2024 to $39.43 million from $20.05 million.</p>
<p>At the end of March 2024, the company’s total global solar development pipeline stood at 26.3 GWp, including 1.5 GWp under construction, 5 GWp backlog, and 19.8 GWp of projects in advanced and early-stage pipelines.</p>
<p>The company’s BESS development pipeline stood at 55.9 GWh, including 4.3 GWh under construction and backlog and 51.6 GWh of projects in advanced and early stages.</p>
<p>In January 2024, Recurrent Energy also secured a $500 million investment from BlackRock to help the company execute its strategy to move from developer to developer plus long-term owner and operator in U.S. and European markets and also grow its high-value project development pipeline.</p>
<p>The investment represents 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis, with the majority of shares still owned by Canadian Solar.</p>
<p>CSI Solar’s revenue for Q1 2024 was $1.3 billion, a 23.29% YoY drop from $1.68 billion, primarily due to the decreased module ASP, offset by the BESS deployments.</p>
<p>CSI Solar’s revenues from BESS surged 16-fold from $14.81 million to $251.47 million. The quarterly revenue figure topped the total of 2023.</p>
<p>The company’s utility-scale battery energy storage platform, e-STORAGE, had a total project turnkey pipeline of around 56 GWh, including both contracted and in-construction projects and projects at different stages of the negotiation process at the end of March 2024.</p>
<p>The platform has 3.1 GWh of operational project capacity contracted under long-term service agreements. The contracted backlog, including those under long-term service agreements, stood at $2.5 billion.</p>
<p>The company shipped 6.3 GW of solar modules and solar system kits to more than 70 countries in Q1 2024. The top five markets ranked by shipments were China, the U.S., Pakistan, Brazil, and Spain.</p>
<p>Yan Zhuang, President of Canadian Solar&#8217;s CSI Solar subsidiary, attributed the improvement in solar manufacturing costs to the decrease in polysilicon prices and the company’s upscaling of N-type TOPCon capacity.</p>
<p>He said, “With the rapid phaseout of PERC and the narrowing cost differential between these technologies, TOPCon has become the market&#8217;s preferred choice. We are well-positioned as we continue to reduce our manufacturing costs and enhance vertical integration. Additionally, e-STORAGE delivered a record quarter, achieving volume and revenue comparable to the totals for all of 2023.&#8221;</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-66065" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Canadian-Solar-Solar-Manufacturing-Outlook-Q1-2024.png" alt="Canadian Solar Solar Manufacturing Outlook Q1 2024" width="1510" height="742" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Canadian-Solar-Solar-Manufacturing-Outlook-Q1-2024.png 1510w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Canadian-Solar-Solar-Manufacturing-Outlook-Q1-2024-300x147.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Canadian-Solar-Solar-Manufacturing-Outlook-Q1-2024-768x377.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Canadian-Solar-Solar-Manufacturing-Outlook-Q1-2024-650x319.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Canadian-Solar-Solar-Manufacturing-Outlook-Q1-2024-624x307.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Canadian-Solar-Solar-Manufacturing-Outlook-Q1-2024-600x295.png 600w" sizes="(max-width: 1510px) 100vw, 1510px" /></p>
<p>Addressing the concerns about the recently filed anti-dumping and countervailing duty <a href="https://www.mercomindia.com/us-solar-manufacturers-trade-petition" target="_blank" rel="noopener">petitions</a>, Shawn Qu, President, Chairman, and CEO of Canadian Solar, said, “We have been navigating similar cases for over a decade and have time and time again, managed risk effectively on behalf of both of our company and our customers and partners. Furthermore, as Thailand is both a WTO member and a market economy, it likely faces lower AD/CVD risks. All local leadership and professional cross-functional teams are among our key competitive edges.”</p>
<p>Qu also said the company plans to invest over $1 billion in new manufacturing in the U.S. to build a long-term and resilient domestic solar supply chain.</p>
<p>The company announced the setting up of a 5 GW solar wafer production facility in <a href="https://www.mercomindia.com/canadian-solar-wafer-production-thailand" target="_blank" rel="noopener">Thailand</a> in November last year and a 5 GW solar cell production facility in the <a href="https://www.mercomindia.com/canadian-solar-production-facility-in-the-us" target="_blank" rel="noopener">U.S</a>. in October last year.</p>
<p>Canadian Solar also announced that it has won three BESS projects, totaling 193 MW, in Japan&#8217;s first long-term decarbonization power source auction, securing 13.3% of the total awarded project capacity. The projects are expected to start commercial operations between 2027 and 2028 and feature its latest SolBank 3.0 system from e-STORAGE.</p>


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