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


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					</table><p>The Ministry of Power <a href="https://www.mercomindia.com/government-mandates-two-hour-energy-storage-integration-in-solar-tenders/" target="_blank" rel="noopener">mandated</a> that all renewable energy implementing agencies and state utilities incorporate a minimum two-hour co-located energy storage system equivalent to 10% of the installed solar capacity in all solar tenders. The Ministry said distribution licensees could also consider mandating two-hour storage with rooftop solar installations. If the proposed mandates are implemented, the government expects approximately 14 GW/28 GWh of storage to be installed by 2030.</p>
<p>The Rajasthan government <a href="https://www.mercomindia.com/rajasthan-announces-150-units-of-free-electricity-with-rooftop-solar-projects/" target="_blank" rel="noopener">announced</a> 150 units of free monthly electricity for the beneficiaries of the Chief Minister Free Electricity Program. The announcement was made by the state Finance Minister, Diya Kumari, while presenting the state budget for 2025-2026. Leveraging the PM Surya Ghar: Muft Bijli Yojana, the government has said it will install free rooftop solar systems for the beneficiaries of the state program which was providing 100 units of free electricity. The free units have now been increased to 150.</p>
<p>Power Grid Corporation of India <a href="https://www.mercomindia.com/powergrid-7-mw-rooftop-solar-systems/" target="_blank" rel="noopener">invited</a> bulk contract bids to supply and install 7 MW of rooftop solar systems on its buildings in northern and western regions under the PM Surya Ghar: Muft Bijli Yojana. The northern region will have a total capacity of 4 MW, while the total capacity will be 3 MW for western regions. In the western region, the total capacity will be 3 MW, with installations in Gujarat, Madhya Pradesh, Dadra and Nagar Haveli, Daman and Diu, Maharashtra, Goa, and Chhattisgarh.</p>
<p>The Assam Power Distribution Company <a href="https://www.mercomindia.com/assam-invites-bids-for-134-mw-rooftop-solar-projects/" target="_blank" rel="noopener">invited</a> bids to set up rooftop solar projects with a cumulative capacity of 134 MW across government buildings under the PM Surya Ghar: Muft Bijli Yojna. The capacity will be divided into 76 MW in lower Assam, 31 MW in central Assam, and 27 MW in upper Assam. Bids must be submitted by March 11, 2025. Bids will be opened on March 12. The scope of work entails the design, supply, installation, testing, and commissioning of the projects.</p>
<p>Rooftop solar financing company Credit Fair <a href="https://www.mercomindia.com/credit-fair-secures-5-million-from-symbiotics-for-rooftop-solar-financing/" target="_blank" rel="noopener">raised</a> $5 million (₹415 million) from the $75 million (₹6.22 billion) ‘Green Basket Bond’ issued by Symbiotics Investments. Credit Fair intends to use the funds to finance 2,500 rooftop solar projects, targeting residential customers, micro, small, and medium enterprises, and housing societies in tier-2 and tier-3 cities. It also aims to utilize the funds to provide financing options to underserved communities and make renewable energy accessible.</p>
<p>The Ministry of Heavy Industries <a href="https://www.mercomindia.com/reliance-signs-agreement-for-10-gwh-battery-storage-under-pli-program/" target="_blank" rel="noopener">signed</a> a program agreement with Reliance New Energy Battery, a subsidiary of Reliance Industries, for a capacity of 10 GWh under the Production Linked Incentive (PLI) Program For Advanced Chemistry Cell (ACC). With this agreement, a cumulative capacity of 40 GWh has been allocated to four firms out of the total 50 GWh capacity. The initial bidding for the ACC Energy Storage PLI Program concluded in March 2022, awarding 30 GWh capacity to Ola Electric Mobility (20 GWh), Reliance New Energy (5 GWh), and Rajesh Exports (5 GWh).</p>
<p>Borosil Renewables <a href="https://www.mercomindia.com/borosil-hurt-by-cheaper-chinese-solar-glass-loss-widens-in-q3-fy-2025/" target="_blank" rel="noopener">reported</a> a net loss of ₹300.7 Million (~$3.46 million) in the third quarter (Q3) of the financial year (FY) 2025, from a loss of ₹158.9 million (~$1.83 million) in Q3 FY 2024. The company attributed the higher loss to a significant reduction in average selling prices of solar glass, which dropped from ₹113 (~$1.3)/mm in Q2 FY 2025 to ₹108 (~$1.2)/mm in Q3 FY 2025 due to price cuts by Chinese exporters and lower ocean freight costs. The company’s revenue for the quarter stood at ₹3.61 billion (~$41.52 million), a 9.4% year-over-year growth but a 3.1% quarter-over-quarter decline.</p>
<p>Government-owned power generation company SJVN’s revenue <a href="https://www.mercomindia.com/sjvns-q3-revenue-rises/" target="_blank" rel="noopener">rose</a> to ₹7.61 billion (~$87.52 million in Q3 FY 2025, a 25% year-over-year (YoY) increase from ₹6.08 billion (~$69.92 million). Revenue from renewable energy sources (wind and solar) increased 265% YoY to ₹530.2 million (~$6.09 million) from ₹145.3 million (~$1.67 million). The company’s net profit increased 7% to 1.49 billion (~$17.13 million) compared to ₹1.39 billion (~$15.98 million) in the corresponding quarter of FY 2024.</p>


Daily News Wrap-Up: Two-Hour Energy Storage Integration Mandated for Solar Tenders


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					</table><p>Rooftop solar financing company <a href="https://creditfair.in/" target="_blank" rel="noopener">Credit Fair</a> has raised $5 million (₹415 million) from the $75 million (₹6.22 billion) ‘Green Basket Bond’ issued by <a href="https://symbioticsgroup.com/" target="_blank" rel="noopener">Symbiotics Investments</a>.</p>
<p>Credit Fair intends to use the funds to finance 2,500 rooftop solar projects, targeting residential customers, micro, small, and medium enterprises, and housing societies in tier-2 and tier-3 cities. It also aims to utilize the funds to provide financing options to underserved communities and make renewable energy accessible.</p>
<p>The UK’s development finance institution, British International Investment (<a href="https://www.bii.co.uk/en/" target="_blank" rel="noopener">BII</a>) has subscribed to the bond. BII aims to promote renewable energy adoption across Asia and Africa.</p>
<p>Credit Fair has onboarded over 1,000 solar installers and is funding their customers. It has also financed over 8,000 rooftop solar customers since its inception.</p>
<p>The company monitors the end-use of loans to ensure their deployment for projects such as rooftop solar installations.</p>
<p>Credit Fair is supported by venture capital firms LC Nueva AIF and Capital A. It has also secured debt funding from multiple financial institutions, including SBI, SIDBI, IDFC First Bank, AU Bank, and Oikocredit.</p>
<p>Rooftop solar installations have seen a significant increase over the last year after the introduction of the PM Surya Ghar: Muft Bijli Yojana. The program aims to install rooftop solar panels in 10 million households by 2027. At the end of the first year, installations under the program have <a href="https://www.mercomindia.com/pm-surya-ghar-completes-one-year" target="_blank" rel="noopener">crossed</a> 800,000.</p>
<p>Last July, the Asian Development Bank <a href="https://www.mercomindia.com/adb-240-million-loan-rooftop-solar-india" target="_blank" rel="noopener">approved</a> loans of $240.5 million to finance rooftop solar systems in India. The financing was provided to the State Bank of India and the National Bank for Agriculture and Rural Development to offer loans to developers and end-users for installing rooftop solar systems across the country.</p>
<p>Several public and private sector financial institutions extend loans for rooftop solar installations in both the residential and commercial and industrial sectors at competitive interest rates.</p>


Credit Fair Secures $5 Million from Symbiotics for Rooftop Solar Financing


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					</table><p><a href="https://mercomindia.com/msmes-solar-savings-power-bills-cover-emi-cost-interview/" target="_blank" rel="noopener"><strong>Small businesses are open to adopting rooftop solar if loan repayment is not an additional burden and is equal to their savings on electricity bills. Entities in the commercial and industrial</strong></a> segment are increasingly moving towards renewable energy options, including rooftop solar, given the immense benefits they bring in terms of cost savings and reputation as sustainable companies. Vikas Agarwal, the co-founder of non-banking financial company Credit Fair, said in an interview with Mercom India that there is an uptick in rooftop installations in the residential segment after the Union government launched a national portal for rooftop solar to submit applications.</p>
<p><a href="https://mercomindia.com/sterlite-ists-project-evacuate-20-gw-renewables-rajasthan/" target="_blank" rel="noopener"><strong>Sterlite Power has bagged an interstate transmission system project for the evacuation of 20 GW of power from renewable energy zones in Rajasthan under Phase III, Part-G.</strong></a> The company participated in tariff-based competitive bidding and was awarded the letter of intent by PFC Consulting, a wholly-owned subsidiary of Power Finance Corporation, to build the project on a build, own, operate, and transfer basis for 35 years. The project comprises the construction of a 765 kV transmission corridor which will be laid across a 350 km stretch from Fatehgarh III to Beawar in the Ajmer district.</p>
<p><a href="https://mercomindia.com/gujarat-bids-500-mw-wind-power-greenshoe-option/" target="_blank" rel="noopener"><strong>Gujarat Urja Vikas Nigam (GUVNL) has invited bids to procure power from 500 MW of grid-connected wind projects (Phase V) with a greenshoe option</strong></a> of an additional capacity of up to 500 MW. The last day to submit the bids online is April 11, 2023. Bids will be opened on April 17. GUVNL will enter into a PPA with successful bidders for 25 years from the scheduled commercial operation date of the project or the date of full commissioning of the project, whichever is earlier.</p>
<p><a href="https://mercomindia.com/green-hydrogen-india-save-%e2%82%b91-trillion-fuel-imports-2030/" target="_blank" rel="noopener"><strong>Union Minister of Renewable Energy and Power R. K. Singh informed the Rajya Sabha that the government aims to reduce a total of ₹1 trillion (~$12 billion) worth of fossil fuel imports</strong></a> by 2030, following the targets set under the National Green Hydrogen mission. The minister said nearly 50 million metric tons of carbon emissions are likely to be mitigated through the production and use of green hydrogen.</p>
<p><a href="https://mercomindia.com/europe-plans-clean-energy-raw-materials-access/" target="_blank" rel="noopener"><strong>The European Union has unveiled two key initiatives to make the transition to clean energy and ensure it has access to critical raw materials to make the switch.</strong></a> The measures are expected to enable the bloc to counter the competition from the United States and China on the clean energy front. The first of these initiatives announced by European Commission President von der Leyen as part of the Green Deal Industrial Plan is the proposed Net-Zero Industry Act that promotes the scaling up of clean technology manufacturing.</p>
<p><a href="https://mercomindia.com/researchers-show-tandem-perovskite-solar-cell/" target="_blank" rel="noopener"><strong>Italy-based renewable energy company Enel Green Power, researchers at the National Solar Energy Institute, and the French Alternative Energies and Atomic Energy Commission</strong></a> claimed to have achieved a power conversion efficiency of 26.5% for a 2-terminal tandem perovskite solar cell. The improved efficiency in the collaborative research was obtained for a PIN architecture cell in the device with an active area of 9 cm² and an open-circuit voltage of over 1,880 Mv, with shading correction.</p>
<p><strong><a href="https://mercomindia.com/researchers-perovskite-solar-cells-saves-input-energy/" target="_blank" rel="noopener">Researchers at Helmholtz-Zentrum Berlin have found that solar cells made of metal halide perovskites achieve high efficiencies and can be produced from liquid inks</a></strong> with little energy input. Metal halide perovskites are a particularly inexpensive and promising material class for next-generation solar modules. Perovskite solar cells can be fabricated using coating processes that use liquid inks made from precursor materials and various solvents. After the coating, the solvents evaporate, and the perovskites crystallize into a homogeneous layer.</p>


Daily News Wrap-Up: Cost Savings Help MSMEs Move Toward Rooftop Solar

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