CMPDI Invites Bids for 10 MW Solar Project at Mahanadi Coalfields

RERC Upholds Penalty for Failure to Comply with Renewable Energy Regulations

Hyundai to Source 118 MW Power from Fourth Partner’s Solar and Wind Projects

India Adds an Unprecedented 16 GW Solar Capacity in 9M 2024

Daily News Wrap-Up: UPNEDA Tenders 2 MW Rooftop Solar Projects

Maxeon Solar Modules Detained by US Customs Authority

Sungrow, TBEA, FIMER Dominate Solar Inverter Rankings in First Half of 2024

ReNew’s Revenue, Profit Up in Q2 FY25 as Commissioned Renewable Capacity Grows

MNRE Sets Terms for Real Estate Developers to Avail CFA Under PM Surya Ghar

ENGIE to Build 22 MW Solar Project for Saudi Cement Factory


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					</table><p><a href="https://www.mercomindia.com/jodhpur-333-mw-solar-pm-kusum" target="_blank" rel="noopener">Jodhpur Vidyut Vitran Nigam has invited expressions of interest to set up 333.5 MW of solar projects along with associated 11 kV lines and remote monitoring systems</a> under Component A of the Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan program. The last day to submit the bids is November 29, 2024. Bids will be opened on December 3. Bidders must submit a bid security of ₹100,000 (~$1,189)/MW. Selected bidders must submit a bid security of ₹100,000 (~$1,189)/MW. The projects must be commissioned within nine months of receiving the work order. Developers must also provide operation and maintenance services for 25 years.</p>
<p><a href="https://www.mercomindia.com/seci-floats-tender-to-procure-1-2-gw-round-the-clock-renewable-power" target="_blank" rel="noopener">Solar Energy Corporation of India (SECI) has invited bids to procure 1.2 GW of round-the-clock power from interstate transmission system-connected renewable</a> energy projects. Bids must be submitted by December 16, 2024. Bids will be opened on December 19. Bidders must pay ₹50,000 (~$594.58) for the bid documents. Bidders must submit an earnest money deposit of ₹1.29 million (~$15,340). SECI will enter into a 25-year power purchase agreement with the successful bidders. Bidders must submit a single bid offering a minimum capacity of 50 MW and a maximum of 600 MW. The cumulative contracted capacity must be quoted in multiples of 10 MW only.</p>
<p><a href="https://www.mercomindia.com/ntpc-wind-solar-hybrid-projects" target="_blank" rel="noopener">NTPC has invited bids to select developers to set up 1.2 GW interstate transmission system-connected wind-solar hybrid power projects with an additional 600 MW</a> greenshoe option (Hybrid 03). The last day to submit the bids is December 2, 2024. Bids will be opened on the same day. Bidders must pay ₹1.16 million (~$13,797)/MW as an earnest money deposit. Selected bidders must furnish ₹2.9 million (~$34,492)/MW as performance bank guarantee before signing the power purchase agreement. Bidders must offer a minimum capacity of 50 MW or more for the projects. The rated power capacity of one resource (wind or solar) constitutes at least 33% of the total contracted capacity, with a maximum capacity of 600 MW.</p>
<p><a href="https://www.mercomindia.com/upneda-invites-bids-for-23-mw-rooftop-solar-project" target="_blank" rel="noopener">Uttar Pradesh New &amp; Renewable Energy Development Agency has invited bids under five tenders for a cumulative capacity of 23 MW on-grid and off-grid rooftop</a> solar systems with battery backup for captive use in government buildings. The last date to submit the bids for the tenders is November 20, 2024. Bids will be opened on November 21. The cost of all the tenders is ₹11,800 (~$140). Bidders must pay a 2% earnest money deposit of the estimated cost. The security deposit is 5% of the work order value for all five tenders. The projects must be completed in four months. The scope of work for the five tenders covers designing, supplying, installing, commissioning, and providing five-year comprehensive warranties for the operation and maintenance of the rooftop solar systems.</p>
<p><a href="https://www.mercomindia.com/varroc-to-procure-power-from-ampins-27-mw-solar-project-in-maharashtra" target="_blank" rel="noopener">Automotive component company Varroc Engineering (Varroc) will procure solar power from AMPIN‘s 27 MW group captive project in Maharashtra. The two companies signed a</a> transaction document for the power procurement. AMPIN has set up multiple solar projects in Maharashtra, Karnataka, Uttar Pradesh, and Tamil Nadu. With the latest power purchase agreement, Varroc’s total contracted solar capacity with AMPIN reached more than 60 MW. This will enable Varroc to meet approximately 70% of its energy requirements with renewable energy.</p>
<p><a href="https://www.mercomindia.com/cie-automotive-renew-captive-solar" target="_blank" rel="noopener">Automotive components manufacturer CIE Automotive will procure power from ReNew Green‘s 7.8 MW captive solar power project. The company invested ₹36.03 million</a> (~$428,460) in cash to purchase ReNew Green’s 924,000 shares, each with a face value of ₹10 (~$0.12) and a premium of ₹29 (~$0.34). This transaction has established ReNew Green as an associate company of CIE Automotive. Once operational, the solar power project will provide power exclusively to CIE Automotive’s manufacturing facilities in Maharashtra, supporting the company’s strategy to reduce power expenses at its plants within the state.</p>
<p><a href="https://www.mercomindia.com/acme-solar-holdings-%E2%82%B929-billion-ipo-to-hit-the-market-on-november-6-2024" target="_blank" rel="noopener">Solar energy company ACME Solar Holdings’ ₹29 billion (~$344.85 million) Initial Public Offering (IPO) will be launched on November 6, 2024, and close on November 8, 2024.</a> The price band has been set at ₹275-289 (~$3.27-3.43) per equity share with a face value of ₹2 (~$0.023). Bids can be made for a minimum of 51 shares or in multiples of 51 equity shares. The IPO consists of a fresh issue of 1,1975 million shares at ₹2 (~$0.023)/share, amounting to ₹23.95 billion (~$284.80 million). It also includes an offer for sale of 2,525 million shares at ₹2 (~$0.023)/ shares amounting to ₹5.05 billion (~$60.05 million) from ACME Cleantech Solutions. The offer is being made through the book-building process.</p>
<p><a href="https://www.mercomindia.com/john-cockerill-to-supply-electrolyzers-to-am-greens-ammonia-project" target="_blank" rel="noopener">Belgium-based John Cockerill will supply 1.3 GW of electrolyzers to AM Green’s one-million-ton green ammonia project. The company will supply the electrolyzers in two</a> phases of 640 MW each for the production of green hydrogen and its conversion into green ammonia. As part of the agreement, the two companies will develop a 2 GW per year electrolyzer manufacturing plant in Kakinada, Andhra Pradesh This plant will supply the second phase of 640 MW of electrolyzers to the AM Green Kakinada project. CertifHy has certified the Kakinada facility as compliant with EU renewable fuels of non-biological origin requirements for green ammonia, including additionality and renewable energy timeliness.</p>
<p><a href="https://www.mercomindia.com/tata-power-profit-q2-fy-2025" target="_blank" rel="noopener">Tata Power, an integrated power company, reported a record-high quarterly profit after tax of ₹15.33 billion (~$182.32 million) in the second quarter of the financial</a> year 2025, a 51% year-over-year (YoY) increase. This was the 20th consecutive quarter of YoY profit growth for Tata Power. Quarterly revenue stood at ₹152.47 billion ($1.81 billion), reflecting a slight 1% YoY decline. However, earnings before interest, taxes, depreciation, and amortization grew by 23% YoY to ₹38.08 billion (~$452.9 million) on the back of ramped-up solar manufacturing, favorable regulatory development in distribution, and operational efficiency across businesses. The company has a ~12.4 GW renewable energy portfolio, including 6.5 GW in the pipeline.</p>
<p><a href="https://www.mercomindia.com/first-solar-revenue-falls-short-in-q3-revises-2024-guidance-amid-sector-pressures" target="_blank" rel="noopener">U.S.-based solar module manufacturer First Solar announced its financial results for the third quarter ended September 30, 2024, revealing a mixed performance amid</a> industry volatility and operational challenges. In Q3 2024, First Solar reported earnings per share of $2.91, missing the projected $3.10, and revenue of $887.7 million, below the expected $1.07 billion. This shortfall resulted from lower sales volumes and a $50 million warranty charge. However, revenue still grew by 10.8% year-over-year, showing strong demand. The company has updated its 2024 guidance, projecting net sales between $4.10 billion and $4.25 billion and an EPS range of $13.00 to $13.50.</p>
<p><a href="https://www.mercomindia.com/jinkosolar-revenue-drops-q3" target="_blank" rel="noopener">China-based solar cell and module manufacturer JinkoSolar’s revenue dipped 23% year-over-year (YoY) to RMB24.51 billion (~$3.49 billion) in the third quarter (Q3) of 2024,</a> primarily due to a drop in average selling prices for solar modules. Net income for the quarter was RMB22.5 million ($3.2 million), a decrease from RMB1.32 billion (~$185.39 million) in Q3 2023. Lower module prices also impacted gross profit, which fell 37.1% YoY to RMB3.86 billion ($549.4 million). Operating expenses rose by 20.3% YoY to RMB3.78 billion (~$538.7 million), mainly due to increased shipping costs for module deliveries and higher impairment charges on long-lived assets.</p>


Daily News Wrap-Up: JVVNL Invites EOI for 333.5 MW Solar Projects


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					</table><p><a href="https://www.mercomindia.com/cerc-draft-connectivity-gna-regulations" target="_blank" rel="noopener">Central Electricity Regulatory Commission has issued the Draft Central Electricity Regulatory Commission (Connectivity and General Network Access to the</a> inter-State Transmission System) (Third Amendment) Regulations, 2024. If an application for Connectivity or General Network Access (GNA) is withdrawn before the in-principle grant of connectivity (per Regulation 7) or GNA (per Regulation 22), the Nodal Agency will handle it as follows: (a) 50% of the application fee will be forfeited (b) The remaining 50% of the application fee and any bank guarantee (BG) submitted will be refunded within 15 days of the withdrawal.</p>
<p><a href="https://www.mercomindia.com/guvnl-issues-tender-to-procure-500-mw-of-solar-power-with-greenshoe-option" target="_blank" rel="noopener">Gujarat Urja Vikas Nigam has invited bids to purchase power from 500 MW of grid-connected solar power projects (Phase XXV) to be set up anywhere in India, with a</a> greenshoe option of an additional 500 MW. The tender allows for new projects and those in the development stage or already operational across India. The last day to submit the bids is September 17, 2024. Bids will be opened on September 20. Bidders should submit ₹25,000 (~$298) as the cost of the tender document and ₹300,000 (~$3577) as the processing fee. Bidders must also furnish an earnest money deposit of ₹928,000 (~$11,065)/MW. The selected developers must submit a performance bank guarantee of ₹2.32 million (~$27,663)/MW after the letter of award is issued and before the power purchase agreement is signed.</p>
<p><a href="https://www.mercomindia.com/seci-invites-proposals-to-set-up-green-hydrogen-hubs" target="_blank" rel="noopener">The Solar Energy Corporation of India has invited proposals to identify an executing agency to set up Green Hydrogen Hubs under the National Green Hydrogen</a> Mission. The last date to submit proposals is October 7, 2024. Bids will be opened the next day. Bidders must pay ₹59,000 (~$703.20) as a tender fee. The tender seeks to identify and develop regions capable of supporting large-scale production and/or utilization of hydrogen as Green Hydrogen Hubs, developing green hydrogen projects inside the hubs, improving cost competitiveness, maximizing production, large-scale utilization, and export of green hydrogen and its derivatives.</p>
<p><a href="https://www.mercomindia.com/msedcl-invites-bids-for-300-mw-600-mwh-battery-energy-storage-systems" target="_blank" rel="noopener">Maharashtra State Electricity Distribution Company (MSEDCL) has issued a request for selection to set up pilot projects of 300 MW/ 600 MWh standalone battery energy</a> storage systems in Maharashtra under tariff-based global competitive bidding. The last date for submission of bids is August 26, 2024. Bidders must pay a document fee of ₹29,500 (~$351.52). They must also furnish an earnest money deposit of ₹0.74 million (~$8,818) per MW. Bidders selected by MSEDCL will also have to submit a performance bank guarantee for a value of ₹1.85 million (~$22,042)/MW. The scope of work includes setting up a 600 MWh (300MW x 2 hrs) Battery Energy Storage System (BESS), with the primary objective of making the energy storage facility available to MSEDCL for charging/discharging the BESS on an &#8220;on-demand&#8221; basis.</p>
<p><a href="https://www.mercomindia.com/scatecs-q2-2024-revenue-global-expansion-efforts" target="_blank" rel="noopener">Norway-based independent power producer Scatec reported revenues of NOK1.5 billion (~$141 million), an increase of 38% year-over-year, in the second quarter</a> of 2024. The increase in revenue was driven by new plants starting operations in South Africa, Brazil, and Pakistan, as well as the recognition of reserve market revenues in the Philippines. The company’s power plants generated 995 GWh during the quarter, up from 873 GWh in the same period last year. The company’s EBITDA for the quarter stood at NOK951 million (~$89.4 million), with the power production segment achieving an EBITDA of NOK873 million (~$82.1 million), a 38% YoY increase when adjusted for divestments.</p>
<p><a href="https://www.mercomindia.com/us-solar-group-files-for-rising-imports-from-asia" target="_blank" rel="noopener">The American Alliance for Solar Manufacturing Trade Committee, represented by Wiley Rein, has filed critical circumstances allegations with the U.S. Department of</a> Commerce, targeting the surge in solar imports from Vietnam and Thailand, claiming it has reportedly harmed the domestic solar sector. The Trade Committee’s allegations hinge on a marked increase in solar imports from these countries. Between April 2024 and June 2024, imports from Vietnam surged by 39%, while those from Thailand increased by 17%, compared to the period from January 2024 through March 2024. In June 2024, Vietnam’s monthly imports reached a record high of over 2.5 GW, with an average of about 2.3 GW per month from April to June, up from less than 1.5 GW per month in the previous six months.</p>


Daily News Wrap-Up: CERC Issues Draft Connectivity and GNA Regulations


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					</table><p>Fuel cell manufacturer <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a>&#8216; second quarter (Q2) 2024 revenue reached $16 million, a 4% year-over-year (YoY) increase. The growth was primarily driven by a 48% YoY increase in fuel cell product sales, which constituted 84% of total revenue, up from 59% in Q2 2023.</p>
<p>The company reported a net loss of $31.46 million for Q2, up 4.5%from a net loss of $30.1 million during the same period in 2023.</p>
<p>Adjusted EBITDA was approximately $35.4 million, compared to $34.2 million, a change of 3%YoY.</p>
<p>Despite a strong start to the year with nearly $130 million in new orders in the first two quarters, Q2 saw a muted net order intake of $5 million. This was attributed to some customers deferring orders to the second half of the year.</p>
<p>The company has revised its 2024 capital expenditure guidance from $50-70 million to $25-40 million, reflecting a strategic decision to defer certain planned expenditures due to slower market adoption.</p>
<p>Cash operating costs remained flat compared to Q2 2023, and the company maintains a strong cash position of $678 million.</p>
<p><strong>Strategic Developments</strong></p>
<p>Ballard launched its 9th generation PEM fuel cell engine, the &#8220;FCmove-XD,&#8221; which it claimed offers better performance in heavy-duty mobility applications.</p>
<p>The company is also advancing Project Forge, which aims to scale bipolar plate production tenfold and reduce costs by 70%. This initiative is part of Ballard&#8217;s efforts to enhance manufacturing efficiency and reduce costs.</p>
<p>Ballard announced a strategic technology partnership with Vertiv to explore hydrogen-powered fuel cell backup power solutions for data centers, a rapidly growing market segment.</p>
<p>The company <a href="https://www.mercomindia.com/fuel-cell-firm-ballard-proposes-new-3-gw-facility" target="_blank" rel="noopener">recorded</a> a net loss from continuing operations in the first quarter of 2024 amounting to $41.1 million, an increase of 26.8% YoY from a net loss of $32.4 million.</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.</p>


Ballard Power’s Revenue Up 4% in Q2 2024 on Higher Fuel Cell Product Sales


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					</table><p>U.S.-based electric vehicle (EV) maker <a href="https://www.tesla.com/" target="_blank" rel="noopener">Tesla</a> reported a total revenue of $ 21.3 billion in the first quarter (Q1) of the financial year (FY) 2024, a 9% year-over-year (YoY) decrease. The decline in revenue was primarily attributed to a lower average selling price and a drop in vehicle deliveries, partly influenced by updates to the Model 3 at the Fremont factory and production disruptions at Giga Berlin.</p>
<p>The revenue from the automotive segment stood at $17.38 billion, down 13% YoY. However, the energy generation and storage segment revenue was up 7% YoY at $1.64 billion.</p>
<p>The company reported a net income of $1.13 billion in Q1 FY 2024, a 55% YoY decrease. The decline was driven by the reduced vehicle average selling price and heightened operating expenses, which stemmed from investments in artificial intelligence, battery cell technology advancements, and other research and development initiatives.</p>
<p>However, some of these financial pressures were alleviated by reduced costs per vehicle, including lower expenses for raw materials, freight, and duties, along with an increase in gross profit in the energy generation and storage segment—boosted by the Inflation Reduction Act credits.</p>
<p><strong>Electric Vehicles</strong></p>
<p>Vehicle production decreased by 2% YoY to 433,371 in Q1 2024. Production also decreased sequentially from 494,989 vehicles.</p>
<p>The vehicle deliveries for the January-March quarter decreased by 9% YoY to 386,810.</p>
<p>Model 3 production at Tesla&#8217;s Fremont facility saw a sequential decrease as the company updated its production line to accommodate the new model. Conversely, Model Y production at Gigafactory Texas reached record levels, with the cost of goods sold (COGS) per unit dropping to an unprecedented low. The ramp-up of Cybertruck production at the same location also saw cost improvements in Q1, with over 1,000 units produced in a single week of April.</p>
<p>At Gigafactory Shanghai, production dipped sequentially due to seasonal factors and planned shutdowns during the Chinese New Year in Q1. However, demand is expected to pick up throughout the year. As Tesla expands into new markets like Chile, Gigafactory Shanghai will serve as a crucial supply base.</p>
<p>In Berlin, Model Y production was affected sequentially by the ongoing Red Sea conflict and an arson attack at the factory. The COGS per unit decreased sequentially despite these challenges, including idle capacity charges and other disruption-related costs.</p>
<p>&#8220;There was, as we all have seen, the EV adoption rate globally is under pressure and a lot of other auto manufacturers are pulling back on EVs and pursuing plug-in hybrids instead. We believe this is not the right strategy, and electric vehicles will ultimately dominate the market,&#8221; said Elon Musk, Tesla&#8217;s CEO.</p>
<p><strong>Energy Storage</strong></p>
<p>Energy storage deployments increased sequentially in Q1 to a record 4.1 GWh. Energy Generation and Storage revenue and gross profit also achieved an all-time high in Q1. Revenues were up 7% YoY, and gross profit was up 140% YoY, driven by increased megapack deployments, partially offset by a decrease in solar deployments.</p>
<p>Energy generation and storage remains Tesla&#8217;s highest-margin business. The company&#8217;s second general assembly line is now commissioned, and it continues to ramp our 40 GWh Megafactory in Lathrop, California, toward full capacity.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Tesla-energy-storage-Q1-2024.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-65533 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Tesla-energy-storage-Q1-2024.png" alt="Tesla energy storage Q1 2024" width="630" height="336" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Tesla-energy-storage-Q1-2024.png 630w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Tesla-energy-storage-Q1-2024-300x160.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Tesla-energy-storage-Q1-2024-624x333.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Tesla-energy-storage-Q1-2024-600x320.png 600w" sizes="(max-width: 630px) 100vw, 630px" /></a></p>
<p>&#8220;Our Energy business continues to make meaningful progress, with margins reaching a record of 24.6%. We expect the energy storage deployments for 2024 to grow at least 75% higher from 2023. And accordingly, this business will begin contributing significantly to our overall profitability. Note that there is a bit of lumpiness in our storage deployments due to various factors that are outside our control so deployments may fluctuate quarter-over-quarter,&#8221; said Vaibhav Taneja, Chief Financial Officer of Tesla.</p>
<p>Tesla <a href="https://www.mercomindia.com/teslas-net-income-in-storage-deployments-surge-125/" target="_blank" rel="noopener">reported</a> a total net income of $10.8 billion in 2023, reflecting a 23% decrease compared to the previous year.</p>


Tesla’s EV Sales Drop, Energy Storage Revenues Surge in Q1 2024

<p>Independent power producer <a href="https://scatec.com/" target="_blank" rel="noopener">Scatec</a> announced its quarterly and full-year results, showing a revenue generation of  NOK46.15 billion (~$5.23 billion) in 2021, a 62% increase compared to NOK28.44 billion (~$3.22 billion) registered in 2020.</p>
<p>Scatec develops, builds, owns, and operates solar, wind, and hydropower projects and storage solutions. The company has more than 3.5 GW of projects in operation and under construction.</p>
<p>The earnings, however, showed an upward trend regardless of the project backlogs.</p>
<p>The earnings before interest, taxes, depreciation and amortization (EBITDA) for 2021 were NOK29.49 billion (~$3.39 billion), an increase of 110% compared to the NOK14.04 billion (~$1.61 billion) recorded in 2020.</p>
<p>The revenue generated from power production in 2021 is NOK41.76 billion(~$4.73 billion); this figure was NOK17.08 (~$1.93 billion) in 2020.</p>
<p>The company’s power production capacity increased by 1,814 MW compared to the end of 2020, 320 MW of which came from solar.</p>
<p>The operating profit for 2021 stood at NOK16.06 billion (1.82 billion), up by 132% from NOK6.9 billion (~$782 million) in 2020.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2022/02/scatec-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-32218 size-full" src="https://mercomindia.com/wp-content/uploads/2022/02/scatec-1.png" alt="scatec" width="1504" height="735" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/scatec-1.png 1504w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/scatec-1-300x147.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/scatec-1-768x375.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/scatec-1-650x318.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/scatec-1-624x305.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/scatec-1-600x293.png 600w" sizes="(max-width: 1504px) 100vw, 1504px" /></a></p>
<p style="text-align: center;">Image credit: Scatec</p>
<p><strong>Quarterly performance</strong></p>
<p>Scatec revenue in the fourth quarter (Q4) FY 2021 is NOK12.50 billion (~$1.41 billion), NOK4 billion (~$453 million) short of its Q3 2021 revenue.</p>
<p>The EBITDA for Q4 2021 was NOK6.36 billion (~$721 million), a decrease of 17% compared to the NOK7.67 billion (~$869 million) recorded in Q3 2021.</p>
<p>The operating profit for Q4 FY 2021 stood at NOK3.99 billion (~$452 million), down by 14% from NOK4.63 billion (~$524 million) in Q3 FY 2021.</p>
<p>The decrease was mainly attributed to the lower seasonal production in Ukraine and the Czech Republic. This was, however, partly offset by higher production in South Africa and the Philippines. According to Scatec, power production in the Philippines ended in line with the five-year seasonal average. The company is said to be closely monitoring the geopolitical situation in Ukraine.</p>
<p><strong>Project backlogs</strong></p>
<p>The company has put the 900 MW India solar project on hold. Scatec had <a href="https://mercomindia.com/daily-news-wrap-up-tata-power/" target="_blank" rel="noopener">partnered</a> with <a href="https://www.acme.in/" target="_blank" rel="noopener">ACME</a> last year to mark its entry into the Indian market with a 900 MW solar power project worth $400 million. The company cited the reasons for deferring the project as the lack of supply of domestic solar panels and the imposition of 40% basic customs duty (BCD) on solar panels coming into effect on April 1, 2022.</p>
<p>Scatec has  530 MW solar in Brazil and 273 MW solar in South Africa in the project backlog for the quarter. A few other projects listed were 540 MW solar and 225 MW battery system projects in South Africa, 360 MW solar in Tunisia, and 150 MW solar in Pakistan. The construction for all projects in the backlog is expected to begin in 2022, the company said in its statement.</p>
<p>The Release project by Scatec has started the delivery of re-deployable solar and battery solutions in Cameroon and Chad.</p>
<p>Scatec Solar had <a href="https://mercomindia.com/funding-and-ma-wrap-up-scatec-solar-2/" target="_blank" rel="noopener">completed</a> a private placement, raising approximately NOK 4,750 million (~$514.94 million) in gross proceeds by allocating 20,652,478 shares subscription price of NOK 230 (~$24.93) per share.</p>


Scatec Announces Q4 Results, Defers 900 MW India Solar Project

<p>The state-owned power company National Thermal Power Corporation Ltd. (<a href="http://www.ntpc.co.in/" target="_blank" rel="noopener">NTPC</a>) recently declared its annual financial results, registering a growth of 10.21 percent Profit After Tax (PAT) for the year 2017-18.</p>
<p>NTPC’s generation has increased from 250.31 Billion Units (BUs) in FY 2016-17 to 265.80 BUs in FY 2017-18, a rise of 6.19 percent.</p>
<p>The PAT for NTPC has jumped to ₹103.431 billion (~$1.53 billion) in FY 2017-18 as compared to ₹93.852 billion (~$1.39 billion) recorded in the preceding year.</p>
<p>The company’s total income for FY 2017-18 is reported to be ₹852. 0795 billion (~$12.59 billion). This is an increase of 7.39 percent over the previous year when its total income stood at ₹793.423 billion (~$11.72 billion).</p>
<p>For FY 2017-18, NTPC’s gross generation stood at 294.27 BUs as against 276.77 BUs during FY 2016-17. Similarly, on a consolidated basis, its total income for the financial year 2017-18 is reported to be ₹896.415 billion (~$13.24 billion) as compared to ₹830.093 billion (~$12.26 billion) during the previous year.</p>
<p>The company has also declared the financial results for the fourth quarter of the year 2017-18 that witnessed the highest quarterly generation of 68.56 BUs. This is an increase of 7.51 percent when compared to the 63.77 BUs generated by the company in Q4 FY 2016-17. Before this, the highest quarterly generation was achieved during Q3 FY 2017-18 with 67.78 BUs.</p>
<p>The company’s total income for Q4 FY 2017-18 is up by 13.08 percent as it received ₹236.178 billion (~$3.49 billion) as compared to ₹208.86 billion (~$3.08 billion) in Q4 FY 2016-17.</p>
<p>The Profit after Tax at NTPC Ltd. has jumped to ₹29.255 billion (~$0.43 billion) in Q4 FY 2017-18 as compared to ₹20.794 billion (~$0.31 billion) in the corresponding quarter a year ago, marking a significant growth of approximately 41 percent.</p>
<p>According to <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">Mercom’s India Solar Project Tracker</a>, NTPC has approximately 870 MW of solar projects in operation and another 750 MW of projects in the pre-construction stage. These <a href="https://mercomindia.com/ntpc-750mw-solar-auction-results/" target="_blank" rel="noopener">projects</a> in the pre-construction stage will be developed at Ananthapuramu Ultra Mega Solar Park in Nambulapulakunta mandal located in the Ananthapur district of Andhra Pradesh. NTPC had tendered the 750 MW capacity in <a href="https://mercomindia.com/ntpc-tenders-2-75-gw-solar/" target="_blank" rel="noopener">March 2018</a>.</p>
<p><a href="https://mercomindia.com/ntpc-tenders-2-gw-ists-wind/" target="_blank" rel="noopener">Previously, Mercom reported that</a> NTPC has entered into competitive wind auctions and has issued a mega tender for the development of 2 GW of interstate transmission system (ISTS)-connected wind power projects across India.</p>
<p>Image credit: By Adityamadhav83 [CC <a href="https://creativecommons.org/licenses/by-sa/4.0" target="_blank" rel="noopener">BY-SA 4.0</a>], from Wikimedia Commons</p>


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