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Madhya Pradesh Floats Tenders for 2.21 MW Rooftop Solar Projects

Record 1.7 GW Community Solar Added in the U.S. in 2024; Long-Term Growth Uncertain

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					</table>Gujarat-based power company <a href="https://torrentpower.com/index.php/site/indexs" target="_blank" rel="noopener">Torrent Power</a> recorded a profit after tax (PAT) of ₹4.89 billion (~$55.9 million) for the third quarter (Q3) of the financial year (FY) 2025, a year-over-year (YoY) increase of 31% from ₹3.74 billion (~$42.8 million).
The increase in PAT was primarily due to cold weather conditions, which led to an increased power demand. There was a one-time gain in cable sales of about ₹770 million (~$8.8 million), contributing to the increase in other income.
The company’s revenue from operations saw a slight increase of 2% YoY to ₹64.99 billion (~$743 million).
Torrent Power’s earnings before interest, tax, depreciation, and amortization (EBITDA) for the quarter rose by 17% YoY to ₹12.84 billion (~$146.8 million) due to higher merchant and LNG sales, and foreign exchange gains.
The company’s earnings per share (EPS) for the quarter was ₹9.76 (~$0.11).
During the quarter, the company executed an energy storage facility agreement to develop and supply 2,000 MW / 16,000 MWh pumped storage hydro power from Maharashtra State Electricity Distribution Company. It also commissioned a 300 MW solar project.
<img loading="lazy" decoding="async" class="aligncenter wp-image-76177 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Picture1-torrent-power.png" alt="" width="752" height="415" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Picture1-torrent-power.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Picture1-torrent-power-300x166.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Picture1-torrent-power-650x359.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Picture1-torrent-power-624x344.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Picture1-torrent-power-600x331.png 600w" sizes="(max-width: 752px) 100vw, 752px" />
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9M 2024 
Torrent Power recorded a PAT of ₹19.74 billion (~$225 million) for the first nine months (9M) of FY 2024, a YoY increase of 37%. The company attributed these gains mainly to LNG and merchant sales, and foreign exchange gains.
The company’s total income increased by 10% YoY to ₹ 230.81 billion (~$2.6 billion) from ₹209.02 billion (~$2.4 billion).
Torrent Power’s revenue from operations for 9M 2024 also saw a rise of 9.9% to ₹227.09 billion (~$2.5 billion). The company’s EPS for 9M was ₹39.94 (~$0.46).
Torrent Power has an operational solar capacity of 741 MW, with an additional 1,546 MW currently under development. In the wind energy segment, the company has 921 MW already operational and 1,419 MW under development.
The company has an aggregate installed generation capacity of 4,754 MW comprising 2,730 MW of gas-based capacity, 1,662 MW of renewable capacity, and 362 MW of coal-based capacity.
Renewable projects of 2,965 MW are under development. The company’s total generation capacity, including projects under development, is 7,719 MW.
In December 2024, Torrent <a href="https://www.mercomindia.com/torrent-power-raises-%E2%82%B935-billion-in-qualified-institutional-placement" target="_blank" rel="noopener">raised</a> ₹35 billion (~$412.77 million) through qualified institutional placement of shares. The issue was oversubscribed four times.
Torrent Power also <a href="https://www.mercomindia.com/torrent-power-450-mw-hybrid-projects" target="_blank" rel="noopener">won</a> the auction for the purchase of 300 MW of power from wind-solar hybrid energy projects, with a greenshoe option of up to 150 MW from its distribution unit by quoting ₹3.65 (~$0.044)/kWh.

Torrent’s Q3 Profit Up 31% on Higher Merchant Sales and Power Demand

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					</table><a href="https://waareertl.com/" target="_blank" rel="noopener">Waaree Renewable Technologies</a>, the solar engineering, procurement, and construction arm of the <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Group</a>, has posted total revenue of ₹3.6 billion (~$41.57 million) in the third quarter (Q3) of the financial year (FY) 2025, an 11.5% year-over-year (YoY) growth from ₹3.24 billion (~$37.41 million).
The revenue from the EPC segment amounted to about ₹3.51 billion (~$40.6 million), a 12.14% YoY increase from ₹3.13 billion (~$36.20 million).
The net profit was at ₹534.8 million (~$6.2 million), a 16.74% fall year-over-year from ₹642.3 million (~$7.4 million) in Q3 FY24.
The earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased by 18.09% YoY to ₹719.2 million (~$8.3 million) from ₹878.1 million (~$1 million).
The profit margin in Q3 FY25 reduced to 14.84% from 19.81% in Q3 FY24.
Waaree’s unexecuted order book stood at over 3.4 GW as of December 31, 2024. It aims to complete its these orders within nine to 15 months.
<img loading="lazy" decoding="async" class="aligncenter wp-image-75611 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/waaree-picture.png" alt="" width="903" height="255" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/waaree-picture.png 903w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/waaree-picture-300x85.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/waaree-picture-768x217.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/waaree-picture-650x184.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/waaree-picture-624x176.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/waaree-picture-600x169.png 600w" sizes="(max-width: 903px) 100vw, 903px" />
9M FY 2025
In the first nine months (9M) of FY 2025, the company’s total revenue stood at ₹11.21 billion (~$129.4 million), an 85.87% YoY growth from ₹ 6.03 billion (~$69.6 million).
The revenue from the EPC segment contributed ₹10.94 billion (~$126.3 million) for a volume of about 1,025 MW, a YoY increase of 88.37% compared to ₹5.81billion (~$67.20 million) for a volume of about 473 MW.
Waaree posted a profit after tax of ₹1.35 billion (~$15.5 million) during the period, a 43.9% YoY increase from ₹939 million (~$10.8 million).
The EBITDA grew by 40.15% YoY to ₹1.85 billion (~$21.3 million) from ₹1.32 billion (~$15.2 million).
The profit margin in 9M FY25 was 12.06% down from 15.57% in 9M FY24.
The company said approximately 60–70% of its business comes from utility-scale EPC services. India is targeting 40–50 GW of renewable energy capacity addition annually and around 30–35% of the business originates from government entities such as <a href="https://ntpc.co.in/" target="_blank" rel="noopener">NTPC</a> and <a href="https://www.seci.co.in/" target="_blank" rel="noopener">Solar Energy Corporation of India</a>.
The company <a href="https://waaree.com/blog/news/waaree-renewable-technologies-limited-secures-largest-2-gw-solar-epc-order-with-jindal-renewables/" target="_blank" rel="noopener">received</a> a 2 GW order in 2024 which the company plans to start working on.
The company’s key ongoing ground-mounted solar projects include – a 3.4 MW project in Karnataka; 412.5 MW project at Bikaner, Rajasthan; 295.68 MW project at Kurnool, Andhra Pradesh; 210 MW project at Khandwa; 154 MW project at Thoothukudi, Tamil Nadu; 150 MW project at Ratlam, Madhya Pradesh; and 100 MW project at Jamnagar, Gujarat.
Waaree is also planning a foray into EPC of data centers as a new business segment.
The company <a href="https://www.mercomindia.com/revenue-waaree-q2-fy-2025" target="_blank" rel="noopener">posted</a> a total revenue of ₹5.24 billion (~$62.24 million) in the second quarter of FY 2025, an increase of 249.5% YoY. The revenue from the EPC segment alone surged by 255% YoY, reaching ₹5.2 billion (~$61.76 million).
Last year, it <a href="https://www.mercomindia.com/waaree-renewable-profit-surges-q3-fy24" target="_blank" rel="noopener">recorded</a> a net profit of ₹644.6 million (~$7.7 million) in Q3 FY 2024, an increase of 158% YoY from ₹249.8 million (~$3 million).

Solar EPC Segment Pushes Waaree’s Q3 FY25 Revenue Up 11.5% YoY

<a href="https://enkingint.org/" target="_blank" rel="noopener">EKI Energy Sevices</a>, a supplier of carbon credits, announced its results for the nine months (9M) and the third quarter (Q3) ending December 31 for the financial year (FY) 2021-22.
The company registered total revenue of ₹13.25 billion (~$177.78 million) for the 9M period for FY 2021-22, compared to ₹1.91 billion (~$25.63 million) for the whole of FY 2021.
The company stated that the strong performance was supported by higher demand and pricing of carbon credits by growing regulations for carbon control and widening of the carbon credit demand-supply gap.
As per the financial statement released by the company, for 9M FY 2022, the earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹3.7 billion (~$49.65 million), compared to ₹250 million (~$3.35 million) for the full FY 2021.
For the third quarter (Q3) FY 2021-22, the revenue from operations stood at ₹6.88 billion (~$92.31 million). The company reported an EBITDA of ₹2.13 billion (~$28.58 million) with a margin of 31%, and the profit after tax stood at ₹1.61 billion (~$21.61 million) with a margin of 23.4% for Q3 FY 2022.
The company has nearly 1,000 carbon credit projects in its portfolio, consisting of solar, wind, hydropower, and other clean energy projects.
The company recently announced incorporating its new subsidiary-GHG Reduction Technologies, for the backward integration of carbon credit supply through its green cooking initiative. The company’s associate will oversee the implementation of this initiative to manufacture and distribute cooking stoves, while EKI Energy will manage the carbon credit consultancy.
The project aligns with multiple UN sustainable development goals including, climate action, reduction in firewood consumption, forest and biodiversity conservation, employment creation, and enhancement of indoor air quality inside homes, among other things.
The company has also joined hands with Shell Overseas Investments BV to launch a joint venture to reduce carbon emissions in India through nature-based solutions.
Last September, the Delhi Metro <a href="https://mercomindia.com/daily-news-wrap-up-delhi-metro-carbon-credits/" target="_blank" rel="noopener">earned</a>₹195 million (~$2.64 million) from selling 3.55 million carbon credits collected from 2012 to 2018. In 2007, Delhi Metro became the first Metro or Railway project registered by the United Nations under the Clean Development Mechanism, which enabled it to claim carbon credits for its regenerative braking project.
In its Q2 FY 2022 financial results, Azure Power, an independent solar power producer, <a href="https://mercomindia.com/azure-powers-revenue-increases/" target="_blank" rel="noopener">disclosed</a> an additional income from the sale of carbon credits of ₹408 million (~$5.5 million).

Carbon Credits Supplier EKI Energy Posts Revenue of ₹13.25 Billion in 9M FY 2022

Germany added about 1.22 GW of new solar photovoltaic (PV) installations in the third quarter of 2020 (Q3 2020), a 34% increase from the same quarter last year, according to the latest data from Federal Network Agency <a href="https://www.bundesnetzagentur.de/EN/Home/home_node.html" target="_blank" rel="noopener noreferrer">Bundesnetzagentur</a>.
<a href="https://mercomindia.com/wp-content/uploads/2020/11/Germany-Solar-Quarterly-Installations-MW.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22459" src="https://mercomindia.com/wp-content/uploads/2020/11/Germany-Solar-Quarterly-Installations-MW.png" alt="Germany Solar Quarterly Installations (MW)" width="491" height="323" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2020/11/Germany-Solar-Quarterly-Installations-MW.png 491w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2020/11/Germany-Solar-Quarterly-Installations-MW-300x197.png 300w" sizes="(max-width: 491px) 100vw, 491px" /></a>
However, the data showed that installations during the quarter were about 2.6% lower than the preceding quarter. Germany had installed about 1.25 GW of solar projects in Q2 2020 despite the global Coronavirus pandemic.
Cumulative solar installations in the country stood at 52.76 GW as of September 2020. In the first nine months of 2020 (9M 2020), Germany added about 3.5 GW of solar capacity, up about 17% from about the 2.98 GW of installations in the same period last year. In September, Germany added about 387.6 MW of solar projects, down 13 MW of 3.2% from 401 MW of additions in August.
The German government recently announced its <a href="https://mercomindia.com/germany-new-climate-action-plan/" target="_blank" rel="noopener noreferrer">plans</a> to enhance the country’s cumulative capacity of solar from the current 52 GW to 83 GW in 2026 and 100 GW in 2030. The country also intends to expand its cumulative capacity for onshore wind projects from the current 54 GW to 65 GW in 2026 and 71 GW in 2030.
Germany seemed to remain unfazed by the COVID-19 pandemic as it continued to add solar capacity consistently. Germany
Recently, Bundesnetzagentur <a href="https://mercomindia.com/germany-solar-tender-oversubscribed/" target="_blank" rel="noopener noreferrer">announced</a> that its tender for 96.4 MW of solar projects was oversubscribed and received 87 bids for about 393.3 MW of projects. The agency would award a total of 30 bids for around 103.1 MW of projects. Bids for these projects ranged between €0.049 (~$0.058)/kWh and 0.054 (~$0.063)/kWh.
Image credit: Photo by <a href="https://unsplash.com/@samyagshah24?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText" target="_blank" rel="noopener noreferrer">Samyag Shah</a> on <a href="https://unsplash.com/?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText" target="_blank" rel="noopener noreferrer">Unsplash</a>

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