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					</table>The global renewable energy workforce grew to 16.2 million in 2023 from 13.7 million in 2022, the International Renewable Energy Agency (<a href="https://www.irena.org/" target="_blank" rel="noopener">IRENA</a>) has said in its Renewable Energy and Jobs: Annual Review 2024.
China alone accounted for 7.1 million jobs, while India and the U.S. have created over a million jobs.
Solar photovoltaic (PV) jobs constituted 7.1 million new jobs, representing 44% of the world&#8217;s total renewable energy workforce. Wind constituted 1.5 million jobs in 2023.
<img loading="lazy" decoding="async" class="alignnone wp-image-71010" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Picture2-1-300x191.png" alt="" width="750" height="477" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Picture2-1-300x191.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Picture2-1-768x489.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Picture2-1-650x414.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Picture2-1-624x397.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Picture2-1-600x382.png 600w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Picture2-1.png 903w" sizes="(max-width: 750px) 100vw, 750px" />
According to the report, 347 GW of solar PV capacity was added in 2023.
“With China in the lead, Asian countries hosted 77% of the world’s PV jobs. Europe had a 10.7% share (with the EU accounting for 10.1% of that), the Americas another 8.6%, and all others the remaining 3.3%,” the report said.
Solar Second Largest Renewables Employer in India 
In 2023, India has reached an estimated 1.02 million renewable energy jobs.
The report stated that hydropower, with some 453,000 jobs, was the largest renewables employer. It was followed by solar PV, which employed 318,600 people in on-grid and off-grid systems. Other renewables contributed much smaller numbers.
<img loading="lazy" decoding="async" class="alignnone wp-image-71013" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Picture3-300x211.png" alt="" width="684" height="481" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Picture3-300x211.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Picture3-768x540.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Picture3-650x457.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Picture3-624x439.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Picture3-600x422.png 600w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Picture3.png 903w" sizes="(max-width: 684px) 100vw, 684px" />
India was also among the top 10 countries that created wind jobs. The top countries constituted 85% of the wind jobs created globally. IRENA estimated that the Indian wind sector had 52,200 jobs in 2023, with nearly 40% in operations and maintenance and approximately 35% in construction and installation.
China had the clear lead with 745,000 jobs.
Hydropower created 2.3 million jobs, with India creating 20% and China 34%. According to the report, renewable hydropower has developed slowly across all countries.
Women in RE Jobs
The report highlights how women entrepreneurs in off-grid solar PV suffer limited access to finance, land rights, and modern energy.
The report noted that cultural barriers and social norms further constrain their entrepreneurial opportunities and growth potential. Addressing these barriers requires comprehensive strategies and policies to support women’s participation.
Women-led businesses, such as those focusing on e-cooking solutions, address social needs while creating economic opportunities. Supporting female entrepreneurs requires mentorship, training, financial literacy programs, and access to non-traditional financing options.
In the U.S., while women still hold a small number in the energy sector, they represented a significant 19% of the energy jobs newly created in 2023.
According to a 2023 International Energy Agency (<a href="https://www.iea.org/" target="_blank" rel="noopener">IEA</a>) World Energy Employment report, <a href="https://www.mercomindia.com/jobs-energy-sector-grow-2022" target="_blank" rel="noopener">investments</a> in clean energy technologies drove demand for new workers in every region.
However, a shortage of skilled labor has emerged as a critical barrier to ramping up activity. The report found that global energy employment rose to 67 million people in 2022, a 3.2 million increase from pre-pandemic levels.
According to the National Solar Jobs Census by the Interstate Renewable Energy Council, the U.S. had 263,883 jobs dedicated to solar energy as of December 2022, indicating a 3.5% growth with 8,846 additional jobs since 2021.

Solar Represents 44% of Global Renewable Energy Jobs: IRENA

Photovoltaic inverter manufacturer <a href="https://www.ginlong.com/hi" target="_blank" rel="noopener">Ginlong Technologies (Solis)</a> has released its annual report for the calendar year (CY) 2020. The company gained an 83% year-on-year (YoY) growth in 2020, with its revenue reaching 321.6 million.
The company’s net profit attributable to the shareholders was $48.9 million, an increase of 151% from the previous year. The firm’s net profit after deducting extraordinary items stood at $43.1 million, an over 130% YoY increase.
The global solar module maker’s net cash flow from operating activities was $56.3 million, an over 154% hike from 2019.
In the first three quarters of 2020, the company had clocked a <a href="https://mercomindia.com/daily-news-wrap-up-solar-inverter/" target="_blank" rel="noopener">revenue</a> of $202 million.
The company’s sales within the China market reached $127.3 million, an increase of 93%. The proceeds of sales in overseas markets (including Australia, the U.S., and Europe) reached $194.4 million, an increase of 76% from the year before.
In March 2019, Ginlong was <a href="https://mercomindia.com/solar-inverter-ginlong-reports-revenue-during-q3/" target="_blank" rel="noopener">listed</a> as a public company on the Shenzhen Stock Exchange and became the first string inverter supplier to be listed on the Exchange. The firm said it utilized the financial expansion towards strengthening its research and development (R&amp;D).
In 2020, the company increased R&amp;D investment, spending $14.5 million, an 122% rise from what it was in 2019, which accelerated the R&amp;D and development of new products.
To keep its growth on a firm footing, Ginlong said it has implemented a global strategy to pursue balanced development and technological innovation to promote continuous product iteration – allowing multiple testing of prototypes for optimal results.
To that end, the company has come up with several innovative solar inverter models over the years.
In May 2020, Ginlong laid out its plans to <a href="https://mercomindia.com/ginlong-solis-set-double/" target="_blank" rel="noopener">raise</a> over $100 million through a non-public offering. The company said it would use the fund to expand its manufacturing capacity.
Responding to global market demand, Ginlong launched the Solis-(215-255)K-EHV-5G ultra-high-power 1,500 V inverter series to strengthen its presence in the utility-scale and ground-mount solar segments.
According to the first quarter report of 2021 disclosed by the company, its revenue reached $95.2 million, an increase of 119% from Q1 2020. The net profit attributable to shareholders of the listed company was $163,580.2, an increase of 81.29% versus the same period in 2020.
In addition to the rapid sales growth of string inverters, the company said that the sales of energy storage inverters also increased.
The Q1 2021 sales of energy storage inverters reached $5.6 million, almost the total annual sales achieved in 2020.
The company stated that the objective for 2021 is to increase annual output and finalize the build of a brand-new smart factory.

Ginlong Solis Logs $321.6 Million Revenue in CY 2020, an 83% YoY Growth

The Rural Electrification Corporation (<a href="http://www.recindia.nic.in/" target="_blank" rel="noopener">REC</a>), a public sector unit of the government of India involved in financing all segments of the power sector, <a href="http://www.recindia.nic.in/uploads/files/Boards-Report-2017-18.pdf">has announced</a> its 49th annual report for the financial year which ended March 31, 2018.
The total operating income for the financial year 2017-18 declined to ₹223.5827 billion (~$3.15 billion) as compared to ₹235.873 billion (~$ 3.32 billion) during the previous financial year.  REC’s profit after tax for financial year (FY) 2017-18 stood at ₹46.47 billion (~$655.01 million).
The company’s gross loan asset as on March 31, 2018 was ₹2,394.4934 billion (~$33.75 billion) as compared to ₹2,019.2867 billion (~$28.46 billion) in the previous year. The outstanding borrowings as on March 31, 2018 stood at ₹1,987.9151 billion (~$28.02 billion).
The net worth of the company as of March 31, 2018 has increased by 6 percent to ₹354.91 billion (~$5.00 billion) from ₹333.26 billion (~$4.70 billion).
The company sanctioned loans worth ₹1,075.3405 billion (~$15.16 billion) during the financial year 2017-18, compared to ₹838.7 billion (~$11.82 billion) in the previous year. The cumulative loans up to March 31, 2018 made by the company since its inception have been recorded to be ₹8,728.841 billion (~$ 123.04 billion).
In <a href="https://mercomindia.com/rec-to-increase-renewable-segment-loans/" target="_blank" rel="noopener">June 2018</a>, REC had announced that it plans to increase loan disbursements for the renewable energy sector to 4-5 percent by 2022. In the last financial year, the renewable energy segment received ₹34.18 billion (~$0.51 billion) from the REC, which amounts to only one percent of its total outstanding loan amount of ₹2,390 billion (~$ 35.41 billion) that is available for the sector.
A total sum of ₹617.1247 billion (~$8.70 billion) was disbursed during the FY2017-18 compared to ₹580.3861 billion (~$8.18 billion) in the previous year.
In addition to that, a total subsidy of ₹105.6872 billion (~$1.49 billion) under Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) and ₹15.40 billion (~$217.16 million) under SAUBHAGYA program was disbursed to states and implementing agencies. The cumulative amount disbursed since inception up to March 31, 2018 was ₹4,492.8949 billion (~$63.33 billion) excluding subsidies under government programs.
During the financial year 2017-18, the company contributed an amount of ₹37.6493 billion (~$530.68 million) compared to ₹40.9779 billion (~$577.60 million) in the previous year, to the national exchequer.
<a href="https://mercomindia.com/rural-electrification-corporation-raises-450-million-green-bonds/" target="_blank" rel="noopener">During FY2018</a>, REC became the first PSU to raise $450 million in green bonds on the London Stock Exchange which witnessed a phenomenal response from investors across Asia and Europe with an oversubscription of 6.7 times. The funds were to be utilized to develop solar, wind, and biomass projects, as well as sustainable water and waste management projects.
<a href="https://mercomindia.com/rec-international-solar-alliance/" target="_blank" rel="noopener">Earlier, Mercom reported</a> that REC has announced a $1 million (~₹67 million) contribution to the International Solar Alliance (ISA).
&nbsp;

Government PSU Rural Electrification Corporation’s Net Worth Increases by 6 Percent

Domestic renewable energy project developer <a href="http://suzlon.com" target="_blank" rel="noopener">Suzlon</a> has declared its annual financial results for the financial year (FY) of 2018.  It also announced that it commissioned 626 MW of wind power projects &#8211;  the highest installations by any wind OEM during the fiscal year.
Overall, Suzlon’s revenue for FY 2018 stands at ₹82.92 billion (~$1.23 billion) while the company’s EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) is ₹11.49 billion (~$0.17 billion). Suzlon’s EBITDA margin for the year stands at 13.9 percent, the company stated in its media release.
The company also announced that it has registered a net loss of ₹3.84 billion (~$0.057 billion) for FY 2018. The consolidated net term debt (excluding FCCB) of Suzlon stood at ₹60.37 billion (~$0.89 billion) while its working capital debt has been valued at ₹38.89 billion (~$0.58 billion).
Along with the annual financial performance for FY18, Suzlon declared its fourth quarter results for the year 2017-18. Its revenue for Q4 stands at ₹22.36 billion (~$0.33 billion) and EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) is ₹3.19 billion (~$0.047 billion) for the Q4 of FY18.
<a href="https://mercomindia.com/suzlon-340mw-solar-commissioned/" target="_blank" rel="noopener">Earlier, Mercom reported</a> on Suzlon’s commissioning of 340 MW of solar photovoltaic (PV) projects  in Telangana (210 MW), Rajasthan (60 MW), and Maharashtra (70 MW) with the help of a combination of joint ventures and the formation of Special Purpose Vehicles (SPVs) with various partners.
<a href="https://mercomindia.com/suzlon-renew-power-wind-agreement/" target="_blank" rel="noopener">In February 2018</a>, it secured a repeat order of a 96.6 MW project from renewable energy project developer <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew Power</a> for the development of a wind project in the state of Karnataka.
According to <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">Mercom’s India Solar Project Tracker</a>, Suzlon Group has over 340 MW of solar projects in the country.

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