ACME Solar Holdings’ ₹29 Billion IPO to Hit the Market on November 6, 2024

Jodhpur DISCOM Tenders 333 MW Solar Projects Under PM KUSUM

CIE Automotive to Procure Power from ReNew’s 7.8 MW Captive Solar Project

John Cockerill to Supply Electrolyzers to AM Green’s Ammonia Project

Varroc to Procure Power from AMPIN’s 27 MW Solar Project in Maharashtra

JinkoSolar’s Revenue Drops 23% YoY in Q3 Due to Lower Module Prices

First Solar Revenue Falls Short in Q3, Revises 2024 Guidance Amid Sector Pressures

Tata Power Records 20th Consecutive Quarter of Profit in Q2 FY 2025

SECI Floats Tender to Procure 1.2 GW Round-the-Clock Renewable Power

Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief


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					</table><p><a href="https://www.mercomindia.com/pm-surya-ghar-vendor-registration" target="_blank" rel="noopener"><strong>The Ministry of New and Renewable Energy has announced new guidelines for vendor registration under the recently approved PM Surya Ghar: Muft Bijli Yojana</strong></a> rooftop solar program. The program, with an outlay of ₹750 billion (~$9.04 billion), aims to increase residential rooftop solar capacity and empower households to generate their own electricity until the financial year 2026-27. As per the guidelines, vendors must register on the National Portal to be eligible to install rooftop solar projects under the program.</p>
<p><a href="https://www.mercomindia.com/cerc-compensation-azure-gib" target="_blank" rel="noopener"><strong>The Central Electricity Regulatory Commission has issued an order directing Solar Energy Corporation of India and distribution companies to compensate</strong> </a>Azure Power’s special purpose vehicle companies, Azure Power Maple and Azure Power Forty One, for the additional expenditure incurred due to the installation of bird diverters on transmission lines. The order comes close on the heels of CERC awarding compensation to Adani Green Energy on the same grounds.</p>
<p><a href="https://www.mercomindia.com/delhi-high-court-quashes-cbics-revocation" target="_blank" rel="noopener"><strong>The </strong><strong>Delhi High Court</strong><strong> has quashed a Customs Department circular and show cause notices issued by the Central Board of Indirect Taxes and Customs</strong></a> revoking the permission for solar developers to warehouse imported solar modules to defer paying basic customs duty (BCD) on solar cells and modules effective from April 1, 2022. No duty was payable as long as the modules did not leave the bonded premises (project area).</p>
<p><a href="https://www.mercomindia.com/rerc-approves-solar-pm-kusum" target="_blank" rel="noopener"><strong>Rajasthan Electricity Regulatory Commission has approved Jodhpur Vidyut Vitran Nigam’s petition to purchase 2,929.8 MW of power from 1,111 solar projects</strong></a> under Component-C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM KUSUM) program for 25 years. The final levelized tariffs range from ₹2.52 (~$0.03)/kWh to ₹3.527 (~$0.042)/ kWh. The primary objective was to establish grid-connected solar power facilities capable of fulfilling the yearly energy requirements of these feeders.</p>
<p><a href="https://www.mercomindia.com/waaree-partners-with-ecofy-household-rooftops" target="_blank" rel="noopener"><strong>India-based solar module manufacturer </strong><strong>Waaree Energies</strong><strong> has partnered with </strong><strong>Ecofy</strong><strong>, a non-banking financial company supported by </strong><strong>Eversource Capital</strong></a>, to fund environmentally positive projects. Ecofy is investing ₹ $1 billion (~$11.9 million) in this collaboration. Aligned with the government’s PM Surya Ghar Muft Bijli Yojana and capitalizing on favorable market conditions, Waaree said the alliance will help advance India’s shift towards renewable energy.</p>
<p><a href="https://www.mercomindia.com/gef-invests-%e2%82%b95-8-billion-ti-clean-mobility-%e2%82%b930-billion-ev" target="_blank" rel="noopener"><strong>TI Clean Mobility (</strong><strong>TICMPL</strong><strong>), a wholly-owned subsidiary of </strong><strong>Tube Investments of India</strong><strong>, a Murugappa Group company, has raised ₹5.8 billion (~$69.5 million)</strong></a> in equity and convertible preference shares from South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively GEF Capital Partners). TICMPL had first ventured into last mile mobility with electric three-wheeler portfolio under the brand ‘Montra Electric.’</p>
<p><a href="https://www.mercomindia.com/remc-tender-wind-rajasthan" target="_blank" rel="noopener"><strong>Railway Energy Management Company, a joint venture between </strong><strong>RITES</strong><strong> and the </strong><strong>Ministry of Railways</strong><strong>, has invited bids to hire consultancy services for conducting</strong></a> a technical condition assessment and health analysis of 13 wind turbine generators at its 26 MW wind power project in Dangri, Jaisalmer district of Rajasthan. The consulting firm must analyze gearbox oil samples, conduct an endoscopy and inspection of gearboxes, and assess blade health through drone imagery.</p>
<p><a href="https://www.mercomindia.com/meghalaya-green-open-access-100-kw" target="_blank" rel="noopener"><strong>Consumers with a minimum contracted demand or sanctioned load of 100 kW can access Green Energy Open Access, according to the </strong><strong>Meghalaya</strong></a> State Electricity Regulatory Commission (Terms and Conditions of Green Energy Open Access) Regulations, 2023. There is no maximum power supply limit for captive consumers. The regulations align with the green energy open access rules issued by the Ministry of Power last June. The minimum power scheduled for sale or procurement during any time block must not be less than 100 kW.</p>
<p><a href="https://www.mercomindia.com/jsw-energy-q4-profits" target="_blank" rel="noopener"><strong>Independent power producer </strong><strong>JSW Energy</strong><strong> reported a net profit of ₹3.43 billion (~$41.07 million), a jump of 22% year-over-year (YoY) in the fourth quarter</strong></a> of the financial year 2023-24 due to a strong performance in the renewables segment. Net generation was up 26% YoY at 6.4 BU, driven by contributions from acquired and greenfield renewable capacity additions and higher thermal generation.</p>
<p><a href="https://www.mercomindia.com/solid-powers-q1-net-loss-widens" target="_blank" rel="noopener"><strong>Solid Power</strong><strong>, which develops solid-state battery technology for electric vehicles, reported a net loss for the first quarter of 2024 that widened</strong></a> to $21.2 million from $19.2 million, reflecting an 11% increase year-over-year, primarily driven by increased investments in scaling operations as the company pushes forward with commercializing its technology. Revenue for the quarter came in at $6 million, marking a robust 57% increase from $3.8 million in the first quarter of last year.</p>
<p><a href="https://www.mercomindia.com/fuel-cell-firm-ballard-proposes-new-3-gw-facility" target="_blank" rel="noopener"><strong>Fuel cell manufacturer </strong><strong>Ballard Power Systems</strong><strong> recorded a net loss from continuing operations in the Q1 of 2024 amounted to $41.1 million, recording an increase</strong></a> of 26.8% YoY compared to a net loss of $32.4 million. The increase in net loss was primarily driven by lower finance and other income of $7.5 million, attributed mainly to higher negative mark-to-market and foreign exchange impacts on long-term financial investments.</p>


Daily News Wrap-Up: Vendor Registration Guidelines for PM Surya Ghar Program


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					</table><p>Fuel cell manufacturer <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a> has reported a net loss of $48.9 million in the fourth quarter (Q4) of 2023, an increase of 77.17% year-over-year (YoY) from a net loss of $42.9 million, as operational expenses surge.</p>
<p>The quarter saw a total revenue of $46.8 million, marking a 132% YoY increase. The heavy-duty mobility segment experienced a surge, with revenue reaching $29 million, showing a 219% YoY increase. The growth was attributed to heightened revenues in various sectors such as bus, truck, rail, and marine.</p>
<p>In the stationary segment, revenue reached $12.8 million, reflecting a 105% YoY increase. This boost was primarily driven by elevated shipments to European customers.</p>
<p>The emerging and other markets segment reported flat revenue of $4.9 million compared to the previous year. Although there was increased revenue from off-highway customers, it was offset by a decline in technology solutions revenue.</p>
<p>Operating expenses amounted to $35 million, which is a 16% YoY increase from Q4 2022. The rise in total operating expenses was primarily influenced by elevated spending on research and product development.</p>
<p>Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at $44.1 million, an increase of 9.97% as opposed to $40.1 million in Q4 2022. This change can be attributed mainly to an increased gross margin loss, primarily caused by inventory impairment charges.</p>
<p>The order backlog as of the end of 2023 declined by 3% to $130.5 million compared to the end of Q3. Despite a new order intake of $64.7 million in Q4, this positive momentum was offset by a $47.1 million reduction attributed to record engine shipments during the quarter.</p>
<p>Additionally, $21.7 million was removed from the order backlog due to previously booked orders from a specific customer-facing financing and program delays.</p>
<p>Power products orders constitute over 80% of the order backlog, with nearly 80% of the backlog coming from customers in Europe and North America.</p>
<p>“Our transition to a commercial products company is gaining momentum, with growing market acceptance of our fuel cell engines across our verticals,” said Randy MacEwen, President and CEO. “We shipped a record number of fuel cell engines in the quarter, allowing us to close out the year with Q4 revenue of $46.8 million, up 132% year-over-year. We also booked $64.7 million of new orders in Q4, resulting in a product-based Order Backlog now 15% higher than the same period last year.”</p>
<p>During the earnings call, MacEwen added, “For the U.S. in particular, 2023 was a milestone year from a policy perspective, as seven hubs were awarded $7 billion to support the adoption of hydrogen across the value chain, while the IRS provided guidance for the 45B green hydrogen production tax credit. These policies, combined with electric grid limitations, will provide favorable tailwinds to our industry through 2032.”</p>
<p><strong>Full Year 2023</strong></p>
<p>For the full year, the company recorded a net loss of $144.2 million, a YoY improvement of 10% from $160.4 million in the previous year.</p>
<p>During the year, the company recorded revenue of $102.4 million, a 25% YoY increase, and EBITDA stood at $150.1 million, marking an increase of 13% YoY.</p>
<p>The company said its outlook for 2024 is promising, with expected growth in the order backlog, significant order announcements in their bus and stationary power sectors, and the revelation of upcoming manufacturing facility.</p>
<p>“In 2023, given an increasingly constructive hydrogen policy landscape and increased market activity in the U.S. and Europe, and given the continued hydrogen fuel cell policy uncertainties and market delays in China, as well as geopolitical risks, we decided to suspend our MEA localization plan in China while we completed a comparative analysis on manufacturing capacity expansion options and possible sequencing prioritization in the U.S. and or European markets,” MacEwen said.</p>
<p>Ballard Power Systems <a href="https://www.mercomindia.com/ballard-net-loss-surges-q3" target="_blank" rel="noopener">reported</a> a net loss of $62.4 million (~$749,437) in the third quarter (Q3) of 2023, marking an increase of 46% year-over-year (YoY) from a net loss of $42.9 million (~$515,238).</p>
<p>In January this year, Adani Enterprises <a href="https://www.mercomindia.com/daily-news-wrap-up-reliance-to-buy-line-from-chinas-sc-solar" target="_blank" rel="noopener">signed</a> an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck with Ashok Leyland and Ballard Power. The collaboration marks Asia’s first planned hydrogen-powered mining truck, with FCET scheduled to be launched in India in 2023.</p>


Ballard Power Systems’s Loss Up 77% to $48.9 Million


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					</table><p><a href="https://mercomindia.com/acme-juniper-tata-winners-sjvn-auction/" target="_blank" rel="noopener"><strong>ACME Cleantech Solutions, Juniper Green Energy, Tata Power Renewable Energy, Solarcraft Power India (Blupine), TEQ Green Power XVI (O2 Power), Hero Solar Energy, and ReNew Solar Power have</strong></a> won SJVN’s auction to supply 1,500 MW of power from interstate transmission system-connected renewable energy projects with energy storage across India. ACME (250 MW), Juniper (200 MW), and Tata (200 MW) won their quoted capacities at a tariff of ₹4.38 (~$0.0526)/kWh.</p>
<p><a href="https://www.mercomindia.com/ntpc-630-mw-solar-madhya-pradesh" target="_blank" rel="noopener"><strong>NTPC Renewable Energy, a wholly owned subsidiary of NTPC, has invited bids for the engineering, procurement, and construction package to develop 630 MW (2x 315 MW) grid-connected solar</strong></a> power projects in Barethi, Madhya Pradesh. The last date for the submission of bids is December 29, 2023. Bids will be opened the same day. Every bid submission should be supported by a bid security. The bid security for a single block (325 MW) is ₹200 million (~$2.4 million) and ₹500 million (~$6 million) for two blocks (2X325MW).</p>
<p><strong><a href="https://www.mercomindia.com/tata-power-net-profit-q2-fy24" target="_blank" rel="noopener">Tata Power, an integrated power company, clocked a net profit of ₹10.2 billion (~$122.5 million) in the second quarter (Q2) of the financial year (FY) 2024, marking a growth of 9% year-over-year</a></strong> (YoY). The company reported a net profit growth YoY for the 16th consecutive quarter. Tata Power’s consolidated revenue stood at ₹154.4 billion (~$1.8 billion), an increase of 9% YoY. The net profit and revenue growth was largely driven by higher revenue from core power generation, transmission, and distribution businesses.</p>
<p><a href="https://mercomindia.com/solid-power-reports-a-net-loss-up-22-yoy/" target="_blank" rel="noopener"><strong>Solid Power, which develops all-solid-state battery technology for electric vehicles (EV), recorded a net loss of $15.14 million during Q3 2023, a 22% YoY increase</strong></a> in losses compared to a loss of $12.4 million. The increase in net loss was mainly due to the company’s expanded efforts in building EV cells and increasing electrolyte production, which required additional investments.</p>
<p><a href="https://www.mercomindia.com/ballard-net-loss-surges-q3" target="_blank" rel="noopener"><strong>Fuel cell manufacturer Ballard Power Systems has reported a net loss of $62.4 million (~$749,437) in Q3 of 2023, marking an increase of 46% YoY from a net loss of $42.9 million (~$515,238).</strong></a> This increase in net loss is primarily due to the proposed further restructuring of operations at Ballard Motive Solutions, leading to non-cash impairment charges of $26.3 million (~$315,868) for goodwill and intangible assets recognized during the quarter.</p>
<p><a href="https://www.mercomindia.com/indigrids-q2-fy-2024-profits-million-down-69-1-yoy" target="_blank" rel="noopener"><strong>India Grid Trust (IndiGrid), a power infrastructure investment trust, has recorded a profit of ₹32.3 billion (~$388.91 million) during Q2 of FY 2024</strong></a>, a YoY decrease of 69.1% from ₹107.4 billion (~$1.29 billion) The company has earned a revenue of ₹6.95 billion (~$83.4 million), which was up 20% YoY, and the consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) was up 4% YoY to ₹5.58 billion (~$67 million).</p>
<p><a href="https://www.mercomindia.com/array-technologies-profit-drops-q3" target="_blank" rel="noopener"><strong>Array Technologies, a utility-scale solar tracker company, reported a profit of $23.2 million for Q3 of 2023, a 42% drop from $40.6 million for the same period in 2022 due to a drop in revenue from the</strong></a> sale of trackers. The company also attributed the big YoY drop in profit to the $42.8 million legal settlement received by the company during Q3 of 2022. Array reported revenue of $350.4 million in Q3, registering a 32% YoY decrease against $515.0 million.</p>


Daily News Wrap-Up: SJVN’s 1.5 GW Renewable Auction Winners


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					</table><p>Fuel cell manufacturer <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a> has reported a net loss of $62.4 million (~$749,437) in the third quarter (Q3) of 2023, marking an increase of 46% year-over-year (YoY) from a net loss of $42.9 million (~$515,238).</p>
<p>This increase in net loss is primarily due to the proposed further restructuring of operations at Ballard Motive Solutions, leading to non-cash impairment charges of $26.3 million (~$315,868) for goodwill and intangible assets recognized during the quarter.</p>
<p>The company recorded a revenue of ₹27.6 million (~$331,481), a YoY increase of 29% from ₹21.3 million (~$255,791). The heavy-duty mobility segment, fueled by higher revenues from the rail and marine verticals, contributed $21.1 million (~$253,389), a YoY increase of 67%.</p>
<p>In Q3, Ballard secured $14.8 million (~$177,733) worth of new orders and delivered orders worth $27.6 million (~$331,448). This resulted in an order backlog of $134.6 million (~$1.6 million) at the end of the quarter. Most of these orders came from customers in Europe and North America, with power products accounting for nearly 80% of the total order backlog.</p>
<p>The company recorded earnings before interest, taxes, depreciation, and amortization loss of $36.2 million (~$434,725), a 3% YoY increase from a loss of $35.1 million (~$421,515). This increase is on account of a higher loss associated with the Weichai Ballard joint venture and increased cash operating costs.</p>
<p>“We delivered robust revenue growth in Q3, with shipments to our core mobility markets substantially improved annually and sequentially,” said President and CEO Randy MacEwen. “Revenue generated from power products represented close to 80% of total revenues in the quarter, tracking the consistent increase in product revenues as a proportion of our total order backlog.”</p>
<p>Ballard Power Systems <a href="https://www.mercomindia.com/fuel-cell-maker-ballard-net-loss-narrows-q2-2023/" target="_blank" rel="noopener">reported</a> a net loss of $30.1 million (~$361,466) in the second quarter, marking a decrease of 46% YoY from a net loss of $55.8 million (~$670,094) as the new orders surged.</p>
<p>In January this year, Adani Enterprises <a href="https://www.mercomindia.com/daily-news-wrap-up-reliance-to-buy-line-from-chinas-sc-solar" target="_blank" rel="noopener">signed</a> an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck with Ashok Leyland and Ballard Power. The collaboration marks Asia’s first planned hydrogen-powered mining truck, with FCET scheduled to be launched in India in 2023.</p>


Fuel Cell Maker Ballard Power’s Net Loss Surges by 46% YoY to $62 Million in Q3


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					</table><p><a href="https://www.mercomindia.com/green-energy-open-access-ists-charges-waived-june-2025" target="_blank" rel="noopener"><strong>The waiver of interstate transmission system (ISTS) charges for projects commissioned by June 30, 2025, has enthused commercial and industrial consumers to procure power from ISTS-connected solar projects.</strong></a> In March this year, the Central Electricity Regulatory Commission amended the CERC (Sharing of Inter-State Transmission Charges and Losses) Regulations, 2020, waiving ISTS charges for renewable energy and pumped hydroelectric projects beginning operations by June 30, 2025. The waiver of these charges lowers costs for developers translating to attractive tariffs for businesses procuring power from ISTS-connected open access solar projects.</p>
<p><a href="https://www.mercomindia.com/cmpdi-tender-6-25-mw-solar-projects-jharkhand" target="_blank" rel="noopener"><strong>Central Mine Planning &amp; Design Institute, a subsidiary of Coal India, has invited bids for the construction of 6.25 MW of grid-connected solar project along with its operation and maintenance for five years.</strong></a> The project will be commissioned for Central Coalfields at various locations in Kathara in Bokaro, Jharkhand. The last date for submission of the bids is August 31, 2023. Bids will be opened on the next day. The project’s estimated value is ₹450.87 million (~$5.45 million).</p>
<p><a href="https://www.mercomindia.com/indian-oil-empanelment-tender-renewable-projects" target="_blank" rel="noopener"><strong>Indian Oil Corporation has issued a tender to empanel turnkey contractors for engineering, procurement, and construction and operation and maintenance of large-scale solar</strong></a>, wind, and hybrid power projects. The empanelment will be for two years with a one-year extension provision. The last day to submit the bids is August 29, 2023. Bids will be opened on August 31.</p>
<p><a href="https://www.mercomindia.com/maharashtra-green-energy-open-access-consumers-100-kw" target="_blank" rel="noopener"><strong>The Maharashtra Electricity Regulatory Commission has proposed amendments to the Distributed Open Access Regulations, 2016, in line with the Ministry of Power’s Green Energy Open Access Rules.</strong></a> According to the proposed amendments, consumers who possess a contract demand or sanctioned load of 100 kW or greater or an entity that combines multiple connections amounting to 100 kW or more within the same electricity division of a distribution company (DISCOM) will have the opportunity to obtain power from renewable sources via open access.</p>
<p><a href="https://www.mercomindia.com/torrent-profit-q1-fy2023" target="_blank" rel="noopener"><strong>Gujarat-based power company Torrent Power posted a profit after tax of ₹5.32 billion (~$64.3 million) for the first quarter (Q1) of financial year 2023-24, a year-over-year (YoY) increase of 6% due to an increase in contribution</strong></a> from merchant power sales in gas-based power projects, and contribution from licensed distribution businesses due to improved performance. The company’s revenue increased by 13% YoY to ₹73.28 billion (~$885.4 million). Torrent Power’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for the April-June quarter grew by 9% YoY to ₹12.7 billion (~$153.4 million).</p>
<p><a href="https://www.mercomindia.com/chennai-metro-invites-bids-rooftop-solar-projects" target="_blank" rel="noopener"><strong>Chennai Metro Rail has issued a tender for 5.74 MW rooftop solar projects at CMRL’s Phase 1 and Phase 1 Extension areas in the city.</strong></a> The project will be implemented under the renewable energy service company model. The last date for the submission of bids is September 11, 2023. Bids will be opened the next day. The scope of the work includes design, engineering, manufacturing, and supply to storage, civil construction, erection of appropriate structures, testing, and commissioning, as well as overseeing the operation and maintenance for 25 years.</p>
<p><a href="https://www.mercomindia.com/norfund-ifc-investment-fourth-partner" target="_blank" rel="noopener"><strong>Norwegian investment fund Norfund has announced an investment of ₹3.5 billion (~$42.26 million) in Fourth Partner Energy to support its renewables expansion in India.</strong></a> Separately, the International Finance Corporation announced an investment of ₹5.6 billion (~$67.62 million) to support the installation of the company’s rooftop solar projects and 75 MW solar park in Atharga, Karnataka. Fourth Partner will use the Norfund investment to support its off-site solar and wind projects for this fiscal year, under development in Tamil Nadu, Karnataka, Maharashtra, and Uttar Pradesh.</p>
<p><a href="https://www.mercomindia.com/maxeon-3-gw-topcon-cell-panel-manufacturing-us" target="_blank" rel="noopener"><strong>Solar module manufacturer Maxeon Solar Technologies has announced a 3 GW TOPCon photovoltaic-silicon cell and shingled-cell performance line solar module manufacturing facility to be developed in Albuquerque, New Mexico.</strong></a> With an estimated investment exceeding $1 billion, the project’s realization is contingent upon a successful financial closure facilitated by the U.S. Department of Energy’s Title 17 Clean Energy Financing Program.</p>
<p><a href="https://www.mercomindia.com/maxeon-solar-continues-to-reports-improvement" target="_blank" rel="noopener"><strong>Solar module manufacturer Maxeon Solar Technologies recorded a net loss of $1.51 million during Q2 FY 2023, an improvement of 98.2% on a YoY compared to a net loss of $87.92 million.</strong></a> The company’s revenue was recorded at $348.37 million, an increase of 9.4% YoY. The higher revenue with balanced cost and operating expenses helped improve the company’s performance compared to the same period last year when both the cost of revenue and operating expenses were higher.</p>
<p><a href="https://www.mercomindia.com/fuel-cell-maker-ballard-net-loss-narrows-q2-2023" target="_blank" rel="noopener"><strong>Fuel cell manufacturer Ballard Power Systems has reported a net loss of $30.1 million in Q2 2023, marking a decrease of 46% YoY from a net loss of $55.8 million as the new orders surged.</strong></a> The company’s total revenue dropped by 27% YoY to $15.3 million during the quarter. The revenue from heavy-duty mobility, which amounted to $8.5 million, experienced a 39% decrease YoY. This decline was influenced by reduced earnings in the bus, truck, and rail sectors. However, this was offset by increased revenue in the marine sector.</p>
<p><a href="https://www.mercomindia.com/plug-power-q2-fy23-loss-widens" target="_blank" rel="noopener"><strong>Plug Power, a U.S.-based hydrogen fuel cell company, experienced a wider net loss of $236.4 million in Q2 of 2023, compared to $173.3 million in the same period last year.</strong></a> The increase in net loss was attributed to significant cost escalation in areas such as sales, services, and power purchase agreements. Operating expenses also surged mainly due to higher research and development, administrative expenses, and impairment charges.</p>
<p><a href="https://www.mercomindia.com/germany-approves-billion-plan-to-tackle-climate-change" target="_blank" rel="noopener"><strong>The Federal Cabinet of Germany granted its approval to the draft business proposal for the specialized ‘Climate and Transformation Fund’ for 2024, along with the financial outline</strong></a> extending until 2027 to aid renewable energy expansion and reduce carbon emissions. As of 2024, projected program expenditure totals approximately €57.6 billion (~$63.3 billion), representing a €21.6 billion (~$23.7 billion) increase over the 2023 target.</p>
<p><a href="https://www.mercomindia.com/sustainable-recycling-silver-from-expired-solar-panels" target="_blank" rel="noopener"><strong>Engineers at the University of New South Wales in Sydney have introduced a novel method to recycle solar panels and efficiently recover valuable materials, particularly silver.</strong></a> The patented process has been designed to streamline the sorting of component materials, a crucial step in achieving efficient photovoltaic panel recycling. The research team calculates that their process could potentially recycle 5-50 million kilograms of silver from cumulative waste by 2050. Tests have indicated the recovery of approximately 0.64 kilograms of silver per ton of photovoltaic waste.</p>


Daily News Wrap-Up: Renewable Developers Hope for ISTS Charges Waiver Beyond June 2025


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					</table><p>Fuel cell manufacturer <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a> has reported a net loss of $30.1 million in the second quarter (Q2) of 2023, marking a decrease of 46% year-over-year (YoY) from a net loss of $55.8 million as the new orders surge.</p>
<p>The company&#8217;s total revenue dropped by 27% YoY to $15.3 million during the quarter.</p>
<p>The revenue from heavy-duty mobility, which amounted to $8.5 million, experienced a 39% decrease YoY. This decline was influenced by reduced earnings in the bus, truck, and rail sectors. However, this was offset by increased revenue in the marine sector.</p>
<p>Stationary revenue came in at $3.5 million, a 6% reduction YoY. This drop can be attributed mainly to decreased sales of fuel cell modules, stacks, products, and services for stationary power generation in Europe. This decrease was partly mitigated by higher revenue from stationary sources in North America.</p>
<p>The company&#8217;s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at a loss of $35.9 million, an increase of 3% YoY. The increase was primarily as a result of the decrease in gross margin and increase in cash operating costs.</p>
<p>The company also recorded increased cash operating costs due to higher expenditures on research, technology, and product development activities and general and administrative expenses.</p>
<p>In Q2 2023, Ballard secured around $25.1 million in new orders and fulfilled orders worth $15.3 million. As a result, the order backlog stood at roughly $147.5 million at the close of Q2 2023.</p>
<p>This surge in the order backlog was primarily propelled by an uptick in orders from North America within the bus, rail, and emerging markets segments. Notably, the combined order backlog from Europe and North America accounted for nearly 80% of the total backlog. The backlog for power products saw a 140% surge YoY.</p>
<p>Commenting on the results, Randy MacEwen, President and CEO of Ballard Power Systems, said, &#8220;During Q2, we grew our order book, invested in next-generation fuel cell products, and continued to drive our product cost reduction programs. We continue to see growing customer interest across our market verticals, which is reflected in $25.1 million of new orders in Q2 and a growing sales pipeline. Importantly, our Power Products backlog is now up over 140% compared to the prior year period. We are particularly excited by the growing customer engagement levels in the US and European markets.&#8221;</p>
<p><strong>1H 2023</strong></p>
<p>The company posted a net loss of $64.01 million in the first half (1H) of 2023, an improvement of 33% YoY.</p>
<p>The company&#8217;s revenue dropped 32% YoY and stood at $28.65 million at the end of 1H 2023.</p>
<p>The company aims to bring PEM fuel cell technology and products into the commercial realm. These innovations are designed to be adaptable to various market uses where fuel cell technology offers the most compelling advantages, particularly in cases where obstacles to hydrogen refueling infrastructure are minimal. These target markets encompass sectors such as buses, trucks, railways, and marine transportation, along with specific areas in stationary power generation and particular off-road segments.</p>
<p>The company&#8217;s revenue in Q1 2023 <a href="https://www.mercomindia.com/ballard-powers-q1-revenue-weak-sales-segments" target="_blank" rel="noopener">amounted</a> to $13.3 million, a 37% decline YoY.</p>
<p>In January this year, Adani Enterprises <a href="https://www.mercomindia.com/daily-news-wrap-up-reliance-to-buy-line-from-chinas-sc-solar" target="_blank" rel="noopener">signed</a> an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck (FCET) with Ashok Leyland and Ballard Power. The collaboration marks Asia&#8217;s first planned hydrogen-powered mining truck, with FCET scheduled to be launched in India in 2023.</p>


Fuel Cell Maker Ballard Power’s Net Loss Narrows to $30 Million in Q2 2023


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					</table><p><a href="https://www.mercomindia.com/top-utility-scale-solar-developers-2023" target="_blank" rel="noopener"><strong>Avaada Energy, NTPC Renewable Energy, Adani Green Energy, Tata Power Renewables, and Azure Power emerged as the top utility-scale solar project developers in the calendar year 2022,</strong></a> according to Mercom’s recently released India Solar Market Leaderboard 2023. The report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders.</p>
<p><a href="https://www.mercomindia.com/pfc-evacuate-7-gw-of-power-khavda-renewable-park" target="_blank" rel="noopener"><strong>PFC Consulting, a wholly owned subsidiary of Power Finance Corporation, has invited bids to develop an interstate transmission system to evacuate 7 GW of power from the Khavda</strong></a> Renewable Energy Park under Phase-III, Part A. The transmission projects will be developed on a build, own, operate, and transfer basis. The last date to submit the bids online is July 18, 2023. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/recs-q4-net-profit-rises" target="_blank" rel="noopener"><strong>REC Limited, a government-owned infrastructure finance company, posted a net profit of ₹30 billion (~$363.6 million) in the fourth quarter of the financial year (FY) 2022-23, up 31% year-over-year.</strong></a> This positive performance is attributable to the company’s efforts in enhancing asset quality and resolving stressed assets. The company said its net credit-impaired assets declined to 1.01% compared to 1.45% YoY. REC reported no new non-performing assets for the FY 2022-23</p>
<p><a href="https://www.mercomindia.com/competition-building-solar-manufacturing-ecosystem-longi" target="_blank" rel="noopener"><strong>LONGi Solar sees its Indian business nearly tripling in the next few years with an annual solar module supply of 10 GW, up from the 2021 high of 3.5 GW, Arijit Mitra, Deputy General Manager at LONGi</strong></a> Solar, said in an interview on the sidelines of the Mercom India Renewables Summit 2023, held in New Delhi on April 26-27. Mitra added that LONGi has applied to be part of the Approved List of Models and Manufacturers, and he hopes that factory visits by Indian government officials will happen soon with the end of COVID restrictions.</p>
<p><a href="https://www.mercomindia.com/defining-green-bonds-renewables-in-india-interview" target="_blank" rel="noopener"><strong>As India strives to achieve its non-fossil-based energy target of 500 GW set for 2030, the funding is going to be supported by the green bond market and not just the term lending, Chintan Shah</strong></a>, Renewable Energy Expert, commented on the sidelines of the Mercom India Renewables Summit 2023. He added that defining green bonds will help measure them and set up a long-term bond market, thus driving investments into the sector.</p>
<p><a href="https://www.mercomindia.com/himachal-pradesh-bids-for-3-mw-solar-project" target="_blank" rel="noopener"><strong>Himachal Pradesh Power Corporation has invited bids for the design, supply, construction, installation, and commissioning of a 3 MW solar power project at Sainj in the Kullu district</strong></a> of the state. The successful bidder must also undertake operation and maintenance for eight years. The last date to submit the bids is May 25, 2023. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/bharat-petroleum-solar-project-maharashtra" target="_blank" rel="noopener"><strong>Bharat Petroleum Corporation (BPCL) has floated a tender for the development and maintenance of a 7.56 MW (AC)/ 9.97 MW (DC) ground-mounted solar project in Tadali village of Chandrapur district in Maharashtra.</strong></a> The power generated from the project will be used primarily at the BPCL Refinery in Mumbai through Intrastate power transfer mode. The successful bidder will be responsible for the design, engineering, supply, installation, and commissioning of the project, along with the operation and maintenance for five years.</p>
<p><strong><a href="https://www.mercomindia.com/maharashtra-1-mw-ground-mounted-solar-project" target="_blank" rel="noopener">The Agriculture Department of Ratnagiri Zilla Parishad has invited bids to commission a 1 MW ground-mounted solar power project in Golap, Maharashtra.</a></strong> The project should be a ground-mounted unipolar-tracked, seasonal-tilt arrangement. It should be completed within six months of receiving the work order. The developer should also oversee the project’s operation and maintenance service for three years. The last day to submit the project is June 1, 2023. Bids will be opened on the next day.</p>
<p><a href="https://www.mercomindia.com/iit-researchers-make-headway-sodium-ion-batteries" target="_blank" rel="noopener"><strong>Scientists at the Indian Institute of Technology Bombay have claimed a breakthrough in developing sodium-ion (Na-ion) batteries by addressing the challenges of air/water instability and</strong></a> structural-cum-electrochemical instability in cathode materials. The breakthrough has led to the creation of new air/water-stable cathode materials that exhibit exceptional electrochemical cyclic stability and resilience when exposed to air and water.</p>
<p><a href="https://www.mercomindia.com/ballard-powers-q1-revenue-weak-sales-segments" target="_blank" rel="noopener"><strong>Fuel cell maker Ballard Power Systems’ revenue in the first quarter of the financial year 2023 amounted to $13.3 million, a 37% decline YoY.</strong></a> Heavy Duty Mobility revenue totaled $8.7 million, reflecting an 11% decrease, primarily driven by lower revenues from technology services contracts relating to the company’s truck vertical in China. However, this decrease was partially offset by higher rail and marine revenue.</p>
<p><a href="https://www.mercomindia.com/cuba-bids-for-60-mw-solar-power-projects" target="_blank" rel="noopener"><strong>Unión Eléctrica de Cuba, Cuba, has invited bids to select developers for 60 MW of solar projects in the country on a build, own, and operate basis</strong></a>. The brief scope of work includes the project’s design, financing, construction, installation, commissioning, and operation for the power purchase agreement period. The last date to submit the bids is July 20, 2023. Bids will be opened the following day.</p>


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