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ChargePoint’s Q1 Revenue Declines 9% YoY, Misses Analyst Expectations

Serentica Secures $100 Million Loan for 300 MW Solar Project


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					</table><p>India’s solar open access capacity additions <a href="https://www.mercomindia.com/solar-open-access-capacity-additions-in-india-slump-48-qoq-in-q1" target="_blank" rel="noopener">dropped</a> 47% year-over-year (YoY) to 1.1 GW in the first quarter (Q1) of 2025 from over 2 GW, according to Mercom India’s Q1 2025 Solar Open Access Market Report. Solar open access capacity additions also dropped 48% quarter-over-quarter from 2.1 GW in Q4 2024. Solar open access projects accounted for 19.8% of the total large-scale solar installations during the quarter. Of the open access projects installed in Q1 2025, 67.4% were standalone solar, 32% wind-solar hybrid energy projects, and 0.6% floating solar.</p>
<p>Servotech Renewable Power System has <a href="https://www.mercomindia.com/servotech-wins-northeast-frontier-railways-7-8-mw-rooftop-solar-auction" target="_blank" rel="noopener">secured</a> Northeast Frontier Railway’s auction to develop 7.8 MW rooftop solar power projects in Assam’s Rangiya division. The projects estimated contract value is ₹336 million (~$3.9 million). The project’s scope of work encompasses the supply, design, installation, testing, and commissioning of rooftop solar systems with capacities ranging from 3 kW to 10 kW.</p>
<p>With a 55 kW rooftop solar power project in its Nellore factory, Iceberg Organic Ice Creams was able to <a href="https://www.mercomindia.com/nellore-ice-cream-factory-switches-to-solar-saves-%E2%82%B9150000-per-month" target="_blank" rel="noopener">save</a> ₹150,000 (~$1,753)/month. When the company expanded to over 70 outlets nationwide, it resulted in increased electricity consumption.  In 2021, it decided to switch to solar power to reduce its rising electricity bills. Currently, about 80% of its electricity needs are met through the solar system and it has recovered its initial investment.</p>
<p>Indian Energy Exchange electricity traded volume <a href="https://www.mercomindia.com/iex-green-energy-market-sees-47-increase-in-may-2025" target="_blank" rel="noopener">reached</a> 10,946 million units in May 2025, a 2.9% YoY rise from 10,633 MU. In May 2025, the country’s energy consumption stood at 148.7 billion units, down 4% YoY. The decline can be attributed to unseasonal rains and the early onset of the monsoon, which kept temperatures lower than usual, resulting in reduced electricity demand. The Real Time Market on the platform saw market-clearing prices plunge to near-zero levels due to a surge in power supply and a simultaneous dip in demand caused by unseasonal rains and thunderstorms.</p>
<p>Metals and mining company Lloyds Metals will <a href="https://www.mercomindia.com/lloyds-metals-to-procure-28-mw-of-wind-solar-power-from-hexa-climate" target="_blank" rel="noopener">procure</a> power from Hexa Climate’s 28.2 MW wind-solar hybrid power projects in Maharashtra. Lloyds will acquire a 26% equity stake in special purpose vehicles, Hexa Energy MH3 and Hexa Energy for ₹100 million (~$1.17 million) and Hexa Energy W2 for ₹120 million (~$1.4 million). The wind-solar power project comprises an 8.4 MW wind power project and a 19.8 MW solar power project.</p>
<p>Automaker Maruti Suzuki India has <a href="https://www.mercomindia.com/maruti-suzuki-solar-capacity-79-mw" target="_blank" rel="noopener">commissioned</a> a 20 MW solar power project at its new facility in Kharkhoda and added another 10 MW of capacity at its Manesar plant, both in Haryana. The company’s total solar capacity across its sites has increased from 49 MW to 79 MW over the past year. Maruti Suzuki India said it aims to achieve a solar capacity of 319 MW, with an investment exceeding ₹9.25 billion (~$107.63 million) by the end of FY 2031. The company installed its first solar power project in 2014 at its Manesar facility, which was later upgraded to 1.3 MW in 2018.</p>
<p>Kolkata-based solar module manufacturer Vikram Solar has <a href="https://www.mercomindia.com/vikram-solar-gets-sebi-approval-for-ipo-to-fund-expansion-plans" target="_blank" rel="noopener">received</a> approval from the Securities and Exchange Board of India to proceed with its Initial Public Offering (IPO). The company filed the draft red herring prospectus for the IPO in October 2024. The IPO will consist of a fresh issue of equity shares worth up to ₹15 billion (~$176.25 million) and an offer for sale of up to 17.45 million equity shares by the promoter and promoter group selling shareholders. The face value of each equity share is ₹10 (~$0.11).</p>
<p>The Asian Development Bank has <a href="https://www.mercomindia.com/protests-lead-to-adb-nixing-434-million-loan-for-1-gw-assam-solar-project" target="_blank" rel="noopener">withdrawn</a> loan approval of $434.25 million for a 1 GW solar project in Assam following a request from India’s Finance Ministry. The solar projects were to be implemented under the ‘Mukhya Mantri Sauro Shakti Prokolpo’ program. A 500 MW solar project and a battery energy storage system were to be set up in the state’s Karbi Anglong district. Another 250 MW solar project was planned in the same district, out of a total 1 GW capacity.</p>
<p>In 2024, RE100 member companies <a href="https://www.mercomindia.com/businesses-are-powering-the-renewable-revolution-but-systemic-gaps-persist-report" target="_blank" rel="noopener">consumed</a> over 545 TWh of electricity. More than half of that power, 53%, was attributed to renewable sources. Yet only 42% was verified under RE100’s recognition criteria, revealing persistent gaps in data quality, regulatory frameworks, and market access. RE100 companies are businesses that have committed to sourcing 100% of their electricity from renewable sources by a specific target year.</p>
<p>Solar cell and module manufacturer Meyer Burger Technology has <a href="https://mercomindia.com/meyer-burger-shuts-arizona-facility-as-german-subsidiaries-file-for-insolvency" target="_blank" rel="noopener">announced</a> that its German subsidiaries, Meyer Burger (Industries) and Meyer Burger (Germany), have initiated insolvency proceedings as restructuring efforts were unsuccessful. Meyer Burger stated that it had made intensive efforts to keep the sites operational during the restructuring negotiations. However, the efforts yielded no success, and the company will continue the proceedings, together with a provisional insolvency administrator to be appointed by the court.</p>


Daily News Wrap-Up: Solar Open Access Capacity Additions Drop 47% in Q1


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					</table><p>The Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>) has updated the Approved List of Models and Manufacturers (ALMM) by adding 5,085 MW of solar module manufacturing capacity.</p>
<p>The cumulative module manufacturing capacity reached 79,320 MW after the latest additions.</p>
<p>New entries included <a href="https://www.webelsolar.com/" target="_blank" rel="noopener">Websol Energy System,</a> adding 242 MW; <a href="https://www.knackenergy.com/" target="_blank" rel="noopener">Knack Energy</a>, adding 598 MW; <a href="https://www.loomsolar.com/?srsltid=AfmBOoraUamdPMFE98COwVwIihoPUOaJgRuS0145l6ybh2gUjYJIml8M" target="_blank" rel="noopener">Loom Solar</a>, adding 43 MW; and <a href="https://www.rayonilluminations.com/" target="_blank" rel="noopener">Rayon Illuminations Solar Solutions</a>, adding 62 MW, increasing the total number of module manufacturers to 99.</p>
<p>The companies that increased their capacity are <a href="https://emmvee.com/" target="_blank" rel="noopener">Emmvee Energy</a> (1,760 MW), Emmvee Photovoltaic Power (2 MW), <a href="https://gautamsolar.com/" target="_blank" rel="noopener">Gautam Solar</a> (470 MW), <a href="https://www.iconsolar-en.com/" target="_blank" rel="noopener">Icon Solar En Power Technologies</a> (179 MW), <a href="https://www.raajfasteners.com/" target="_blank" rel="noopener">Raajaratna Ventures</a> (7 MW), <a href="https://redren.in/" target="_blank" rel="noopener">Redren Energy</a> (320 MW), <a href="https://www.renewsysworld.com/" target="_blank" rel="noopener">RenewSys India</a> (116 MW), and FS Green Energies (<a href="https://www.futuresolar.net/" target="_blank" rel="noopener">Future Solar</a>) (72 MW).</p>
<p><span data-teams="true">Delisted companies that were included again in ALMM </span>are <a href="https://aatmanirbharsolar.com/" target="_blank" rel="noopener">Aatmanirbhar Solar </a><span data-teams="true">(158 MW)</span>, Ankur Traders &amp; Engineers <span data-teams="true">(54 MW)</span>, <a href="https://credencesolar.com/" target="_blank" rel="noopener">Credence Solar Panels</a> (495 MW), <a href="https://www.fujiyamautlsolar.com/" target="_blank" rel="noopener">Fujiyama Power Systems </a>(355 MW), and <a href="https://sunifysolar.in/" target="_blank" rel="noopener">Sunify Solar </a>(152 MW).</p>
<p>In the last ALMM update issued in March, new entrants Asote Solutions (Ananya Solar), MKU Holdings, and Axitec Energy India <a href="https://www.mercomindia.com/solar-module-capacity-under-almm-rises-to-74-23-gw" target="_blank" rel="noopener">added</a> 152 MW, 1,183 MW, and 18 MW of new capacity, respectively.</p>
<p>According to Mercon’s State of Solar PV Manufacturing in India 2025 report, India <a href="https://www.mercomindia.com/almm-strong-demand-drive-indias-solar-panel-manufacturing-capacity-to-25-3-gw-in-2024" target="_blank" rel="noopener">added</a> 25.3 GW of solar module capacity and 11.6 GW of solar cell capacity in 2024. These additions were primarily driven by demand from the solar project pipeline and the reimposition of the ALMM orders.</p>
<p>In December 2024, MNRE <a href="https://www.mercomindia.com/list-ii-for-solar-cells-into-force-from-june-2026" target="_blank" rel="noopener">introduced</a> List-II for solar cells under the ALMM. It will be effective from June 1, 2026. The inclusion of solar cells in ALMM addresses the growing domestic production capacity. Until this point, only solar modules were covered in the list.</p>
<p>In October, the MNRE the MNRE <a href="https://www.mercomindia.com/mnre-applicability-almm-open-access" target="_blank" rel="noopener">clarified</a> that the ALMM Order will not apply to open access and net-metering solar power projects where the first application for the grant of certain approvals has been submitted on or before October 1, 2022.</p>
<p>These approvals include, the in-principle approval, no objection certificate, government order, or any other such approvals as required for open access or net-metering of the renewable energy projects.</p>


MNRE Adds 5,085 MW Solar Module Capacity Under ALMM

<p>India’s wind sector has been around for much longer than the solar sector with steady installations of about 1.5 – 2.5 GW per year. Cumulative wind installations have reached 32 GW and currently account for more than 50 percent of installed renewable energy capacity in India. After the National Solar Mission (NSM) was announced, solar stole wind’s thunder with exponential growth and supporting policies, quickly becoming cheaper than wind.</p>
<p>The recent introduction of reverse auctions in India’s wind energy sector is proving to be a much-needed catalyst for growth. Earlier, only private developers were developing projects to sell power, but now states are actively tendering wind projects to meet renewable purchase obligations (RPO) and generate clean, green power. With the advent of reverse auctions, wind farms are now being developed in coordination with state governments and other implementing agencies.</p>
<p>Up to March 31, 2004, according to Ministry of New and Renewable Energy (MNRE) data, the total installed wind capacity in India was just over 2.5 GW. From 2004 to 2015, these installations hovered between 1 and 2.5 GW annually with installations crossing 3 GW only twice in advance of subsidy cuts.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2017/07/India_Wind_MNRE_Mercom.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-6708" src="https://mercomindia.com/wp-content/uploads/2017/07/India_Wind_MNRE_Mercom.png" alt="" width="733" height="351" srcset="https://cms.mercomindia.com/wp-content/uploads/2017/07/India_Wind_MNRE_Mercom.png 733w, https://cms.mercomindia.com/wp-content/uploads/2017/07/India_Wind_MNRE_Mercom-600x287.png 600w, https://cms.mercomindia.com/wp-content/uploads/2017/07/India_Wind_MNRE_Mercom-300x144.png 300w, https://cms.mercomindia.com/wp-content/uploads/2017/07/India_Wind_MNRE_Mercom-650x311.png 650w, https://cms.mercomindia.com/wp-content/uploads/2017/07/India_Wind_MNRE_Mercom-624x299.png 624w" sizes="(max-width: 733px) 100vw, 733px" /></a></p>
<p>In 2016, the year when MNRE came up with a reverse auction in wind, capacity additions totaled over 5 GW.</p>
<p>Wind projects were previously developed largely by private players for captive consumption or for sale to the state; the process was not transparent and the sector grew slowly. From 2002 to 2016 a total of over 32 GW of wind capacity was added to the grid at a rate of less than 3 GW/year.</p>
<p>To achieve MNRE’s target of installing 60 GW of wind power by 2022, the entire sector needs to grow at a much faster pace and the reverse auction may just be the boost needed for that growth.</p>
<p>In 2016, the Solar Energy Corporation of India (SECI) carried out the <a href="https://mercomindia.com/seci-auctions-1000-mw-wind/" target="_blank" rel="noopener">first-ever wind auction</a> in India. The sector has benefitted immensely ever since:</p>
<ul>
<li>Within six months of the first auction, another 2,500 MW of wind was tendered by state agencies.</li>
<li>Wind power tariffs have since gone down throughout the country.</li>
<li>The lowest wind tariff of Rs.3.46 (~$0.054)/kWh is on par with thermal power in some states.</li>
</ul>
<p><a href="https://mercomindia.com/wp-content/uploads/2017/07/Wind_tenders.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-6709" src="https://mercomindia.com/wp-content/uploads/2017/07/Wind_tenders.png" alt="" width="540" height="255" srcset="https://cms.mercomindia.com/wp-content/uploads/2017/07/Wind_tenders.png 540w, https://cms.mercomindia.com/wp-content/uploads/2017/07/Wind_tenders-300x142.png 300w" sizes="(max-width: 540px) 100vw, 540px" /></a></p>
<p><strong>What Developers are Saying:</strong></p>
<p>The introduction of the reverse auction has spurred activity in the wind sector, making it lucrative again, stated an Inox Wind executive.</p>
<p>Prices have gone down, benefiting both consumers and wind project developers alike. This has put wind costs almost on par with thermal and provided a push to the sector, stated a Wind World India executive. The executive added, “In the next few tenders, wind might go lower than thermal.”</p>
<p>A Southern Wind Farms executive said, “More projects are being tendered due to reverse auction and this a good trend. The sector will grow at a faster pace compared to before.”</p>
<p>This will lead to maximum utilization of the country’s wind power potential, stated a ReGen Powertech executive. The MNRE first suggested removing of inter-state transmission charges, then came up with a reverse auction in wind and now the green energy corridor is being developed. “These show that the government is finally providing proper support to the sector,” commented the executive.</p>
<p><strong> What Government Officials Say:</strong></p>
<p>An MNRE official told Mercom, due to the success of competitive bidding in wind, the generation-based incentive program for wind can be easily done away with and there will be a decrease in the accelerated depreciation rate for wind projects.</p>
<p>The General Manager (IPP) from Gujarat Urja Vikas Nigam Limited (GUVNL), told Mercom, “In the past, Gujarat used to buy wind power to fulfill its RPO, but now the recent wind auction conducted by the Solar Energy Corporation of India (SECI) &#8211; with wind tariffs falling as low as Rs.3.46 (~$0.051)/kWh &#8211; has changed the way the state views the wind sector. The tariff at which we are buying wind at present is much higher than the tariff quoted in the SECI auction. This led us to re-strategize and come up with the wind tender,” added the GM (IPP), GUVNL.</p>
<p><a href="https://mercomindia.com/ppas-1050-mw-wind-projects-signed/" target="_blank" rel="noopener">Power Purchase Agreements (PPAs)</a> for the capacity tendered in the first-wind auction were signed between PTC India, a power trading solution provider, and developers. While addressing the gathering at the PPAs signing ceremony, Mr. Piyush Goyal, Minister for Power said, “The Ministry is doing everything necessary to remove uncertainty regarding PPAs, and an example is this auction where PPAs have been signed way ahead of project completion.” The reverse auction is showing positive signs for the sector and better days are to come soon for wind in India.</p>
<blockquote><p>“Just two years ago, the wind sector was lagging with no growth and several wind project developers went into solar project development to diversify and tap into the growing solar market. Now, some of those companies may rethink their strategies as solar gets hypercompetitive and wind begins growing again,” said Raj Prabhu CEO of Mercom Capital Group.</p></blockquote>
<p>&nbsp;</p>
<p><em>Image Credits: By Leaflet (Own work) [CC <a href="http://creativecommons.org/licenses/by-sa/3.0" target="_blank" rel="noopener">BY-SA 3.0</a>], via Wikimedia Commons</em></p>
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With the Advent of Reverse Auctions Wind is a Player Again

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