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					</table><p><a href="https://www.mercomindia.com/north-western-railway-floats-tender-for-2-74-mw-rooftop-solar-systems" target="_blank" rel="noopener">North Western Railway has issued a tender for a cumulative capacity of 2.748 MW of grid-connected rooftop solar systems</a> at platform shelters and station buildings in Jaipur. The last date to submit the bids is August 23, 2024. Bids will be opened on the same day. The project must be completed in six months. The tender has been floated in two packages —1,515 kW and 1,233 kW for an estimated value of ₹113.53 million (~$1.35 million). Bidders must pay an earnest money deposit of ₹717,700 (~$8,560.52).</p>
<p><a href="https://www.mercomindia.com/pesl-issues-tender-for-residential-rooftop-solar" target="_blank" rel="noopener">The PowerGrid Energy Services (PESL), a subsidiary of Power Grid Corporation of India, has invited bids to empanel channel partners</a> for rate contracts to install residential rooftop solar systems in Ladakh, Lakshadweep, Puducherry, and Odisha under the PM Surya Ghar: Muft Bijli Yojana. The last date to submit bids is August 31, 2024. Bids will be opened on September 2. Bidders must furnish an earnest money deposit of ₹320000 ($3,816). The scope of the work covers PESL working with channel partners to connect with EPC vendors and distribution companies to complete the installation of the rooftop solar systems. The channel partners will also act as aggregators in states/Union Territories and tie up with EPC vendors to complete the project.</p>
<p><a href="https://www.mercomindia.com/adani-energy-solutions-via-qip-route" target="_blank" rel="noopener">Adani Energy Solutions (AESL) has raised ₹83.73 billion (~$1 billion) through a qualified institutional placement (QIP).</a> The proceeds from the QIP will be utilized for investment in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes. The QIP represents AESL’s first equity raise in the capital market since its demerger and listing from Adani Enterprises in July 2015. The transaction was launched on July 30, 2024, with a base deal size of ₹58.61 billion ($700 million) and included a greenshoe option to size up to ₹83.73 billion ($1 billion).</p>
<p><a href="https://www.mercomindia.com/amara-raja-energy-mobilitys-2025" target="_blank" rel="noopener">Battery manufacturer Amara Raja Energy &amp; Mobility has announced a profit before tax of ₹3.29 billion (~$39.1 million)</a> for the first quarter of the financial year FY 2025, up 23% year-over-year (YoY) from ₹2.66 billion (~$31.6 million). For the quarter ending June 30, the company reported revenue from operations amounting to ₹31.31 billion (~$372.9 million), an increase of 12.9% YoY from ₹27.71 billion (~$330 million). Strong volumes in the automotive aftermarket, OEMs, and export markets drove the revenue growth.</p>
<p><a href="https://www.mercomindia.com/nextrackers-net-income-as-global-demand-grows" target="_blank" rel="noopener">Solar tracker firm Nextracker has recorded a net income of $139 million, a 95% year-over-year (YoY) increase compared</a> to $71 million for the first quarter (Q1) of the financial year 2025, reflecting significant growth across various metrics. The company reported a 50% YoY increase in revenue, reaching $720 million for Q1 FY25. This marks the sixth consecutive quarter of double-digit revenue growth, driven by healthy demand in both U.S. and international markets. The company achieved a record-adjusted EBITDA of $175 million, an increase of 108% YoY from $84 million, underscoring its operational efficiency and profitability.</p>
<p><a href="https://www.mercomindia.com/iex-july-2024" target="_blank" rel="noopener">The Indian Energy Exchange traded its highest monthly green energy volume of 989.6 MU million units (MU) in July 2024</a>, a 259% year-over-year (YoY) increase from 275.4 MU. The weighted average Green Day-Ahead Market (G-DAM) price was ₹4.34 (~$0.052)/kWh. G-DAM cleared volume recorded an all-time high of 50 MU on July 28. The Exchange achieved the highest monthly total volume (including certificates) of 13,250 MU in July 2024, marking a 56% YoY increase. According to government data published in July 2024, the country’s energy consumption reached 145.4 BUs, representing a 4% increase YoY.</p>
<p><a href="https://www.mercomindia.com/uk-increases-renewable-energy-auction-budget-to-1-5-billion" target="_blank" rel="noopener">The budget for the UK’s sixth renewable energy Contracts for Difference (CfD) Allocation Round (AR6) has been increased</a> by 51.71% to £1.555 billion (~$1.91 billion) from £1.025 billion (~$1.30 billion) allocated in March 2024. The AR6 will be valid for five years, from financial years 2026 to 2031. The funding aims to accelerate the delivery of clean, affordable, low-carbon electricity to families and businesses from renewable energy technologies such as wind turbines and solar panels. The industry will now bid for a share of the funding through the government’s sixth renewable auction—the CfD program.</p>


Daily News Wrap-Up: North Western Railway Issues 2.7 MW Rooftop Solar Tender


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					</table><p>Battery manufacturer <a href="https://www.amararajaeandm.com/" target="_blank" rel="noopener">Amara Raja Energy &amp; Mobility</a> has invested an additional €20 million (~$21.4 million) in electric vehicle (EV) battery firm <a href="https://www.inobat.eu/" target="_blank" rel="noopener">InoBat</a>, Norway, for a 4.5% equity stake.</p>
<p>Amara Raja&#8217;s stake in the Slovakia-headquartered InoBat now stands at 9.32%. It had earlier invested €10 million in the company to enable it to secure a foothold in the European EV ecosystem.</p>
<p>InoBat specializes in custom-designing batteries for EVs to meet specific requirements of global mainstream and specialist original equipment manufacturers (OEMs) in the automotive, commercial vehicle, motorsport, and aerospace sectors.</p>
<p>Amara Raja&#8217;s products range from energy storage solutions, lithium-ion cell manufacturing, EV chargers, and Li-ion battery pack assembly to automotive and industrial lubricants and exploration of new chemistries.</p>
<p>Vikramadithya Gourineni, Executive Director of Amara Raja, said, &#8220;Our investment in InoBat underscores our commitment to being at the forefront of the energy revolution. InoBat&#8217;s innovative approach to battery technology complements our mission to deliver sustainable and cutting-edge energy solutions.&#8221;</p>
<p>Last September, Chinese battery manufacturer Gotion High-Tech <a href="https://www.mercomindia.com/funding-and-ma-roundup-urbanvolt-raises-28-million" target="_blank" rel="noopener">acquired</a> a 25% stake in InoBat.</p>
<p>In May 2024, Amara Raja <a href="https://www.mercomindia.com/amara-rajas-q4-revenue-climbs">reported</a> a 15% year-over-year increase in revenue to ₹27.96 billion (~$338 million) for the fourth quarter of 2023. It attributed the robust performance to momentum across both the lead-acid battery and new energy businesses. The company saw healthy volume growth in automotive and industrial applications in the lead-acid segment.</p>
<p>In May 2023, Amara Raja <a href="https://www.mercomindia.com/amara-raja-lithium-cell-battery-facility-in-telangana" target="_blank" rel="noopener">set up</a> Telangana&#8217;s first gigafactory for lithium cell and battery pack manufacturing in the Mahbubnagar district. The unit, which has a capacity of up to 16 GWh, caters to domestic and international markets.</p>
<p>The Telangana government had entered into a memorandum of understanding with Amara Raja Advanced Cell Technologies, an Amara Raj Group subsidiary working on Li-ion cell chemistries customized for the Indian sub-continent.</p>


Amara Raja Invests €20 Million in InoBat, Ups Stake by 4.5%


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					</table><p><a href="https://www.mercomindia.com/seci-invites-bids-1-2-gw-grid-solar" target="_blank" rel="noopener"><strong>Solar Energy Corporation of India has invited bids to set up 1.2 GW of interstate transmission system-connected</strong></a> solar photovoltaic projects across India under Tranche XVI on a build, own, operate basis. The last date to submit bids is July 12, 2024. Bids will be opened on July 18, 2024. Bidders can quote for a minimum capacity of 50 MW and a maximum of 600 MW per project.</p>
<p><a href="https://www.mercomindia.com/bugs-glitches-national-portal" target="_blank" rel="noopener"><strong>Summer is the peak season for Surendra Chaudhary, a rooftop solar installer in Jaipur, Rajasthan, known for temperatures that routinely cross 40° C</strong></a>, leading to cooling needs that push up electricity bills. But business has been faltering as the National Portal, which serves as a platform to commission residential solar systems, is marred by bugs and glitches.</p>
<p><strong><a href="https://www.mercomindia.com/module-manufacturer-alpex-2h-fy-2024" target="_blank" rel="noopener">Greater Noida-based solar module manufacturer Alpex Solar has recorded a total revenue of ₹2 billion (~$24.05 million)</a> </strong>in the second half of the financial year 2024, a year-over-year decline of 6% compared to ₹2.13 billion (~$25.61 million). The company recorded a net profit of ₹189.44 million (~$2.28 million) in 2H FY 2024, a 149% YoY increase compared to ₹76.16 million (~$915,824).</p>
<p><strong><a href="https://sr.indianrailways.gov.in/" target="_blank" rel="noopener">The Southern Railway has invited bids to set up grid-connected rooftop solar power projects of a cumulative capacity of 1.55 MW</a></strong> at various service buildings and railway colonies in the Chennai division. The successful bidder will oversee the design, supply, erection, testing, and commissioning of the projects. The value of the project is ₹99.6 million (~$1.19 million).</p>
<p><strong><a href="https://www.mercomindia.com/inox-wind-raises-9-billion-reduce-debt" target="_blank" rel="noopener">Inox Wind Energy, the promoter of Inox Wind, has raised around ₹9 billion (~$108.05 million) through the sale of equity shares of Inox Wind</a></strong> via block deals on the stock exchanges. The funds raised are proposed to be infused into Inox Wind to reduce its debt and augment the company’s working capital needs to strengthen its balance sheet further.</p>
<p><a href="https://www.mercomindia.com/jakson-green-sustainability-boost-from-hsbc" target="_blank" rel="noopener"><strong>Jackson Green, the renewable energy arm of the Jakson Group, has obtained a sustainable trade facility of ₹600 million</strong></a> (~$7.1 million) from <a href="https://www.hsbc.co.in/">HSBC India</a>. The trade facility will help bolster the company’s operational needs within the renewable energy sector in India and overseas.</p>
<p><strong><a href="https://www.mercomindia.com/borosil-swings-to-loss-higher-expenses" target="_blank" rel="noopener">Solar glass manufacturer Borosil Renewables slipped into a net loss of ₹133.7 million (~$16.5 million) in the fourth quarter of the financial year 2024</a></strong> from a profit of ₹116.9 million (~$14.4 million) last year, hurt by higher costs of materials, power, and fuel, finance costs, and depreciation expenses.</p>
<p><strong><a href="https://www.mercomindia.com/amara-rajas-q4-revenue-climbs" target="_blank" rel="noopener">Battery manufacturer Amara Raja Energy &amp; Mobility reported a 15% year-over-year increase in revenue to ₹27.96 billion</a></strong> (~$338 million) for the fourth quarter of 2023, while profit before tax rose 55% to ₹3.05 billion (~$37 million). The company said the robust performance was driven by momentum across both the lead acid battery business and the new energy business, where consolidated growth stood at 13%.</p>


Daily News Wrap-Up: SECI Invites Bids to Set up 1.2 GW Solar Projects

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