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92.5% of New Power Capacity Additions Globally in 2024 was Renewables: Report


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					</table><p><a href="https://www.mercomindia.com/cabinet-approves-new-rooftop-solar-subsidy-program" target="_blank" rel="noopener"><strong>The Union Cabinet has approved the Pradhan Mantri-Surya Ghar: Muft Bijli Yojana, aimed at installing rooftop solar systems on 10 million households</strong></a>, with a total outlay of ₹750.21 billion (~$9.05 billion) until the financial year (FY) 2025-26. Consumers must apply for subsidy through the <a href="https://pmsuryaghar.gov.in/" target="_blank" rel="noopener">National Portal</a> and select a vendor to install the rooftop solar system. The portal will provide consumers with information on system sizes, benefits calculators, vendor ratings, etc., to help with the decision-making process.</p>
<p><a href="https://cms.mercomindia.com/cabinet-approves-new-rooftop-solar-subsidy-program/" target="_blank" rel="noopener"><strong>The Chhattisgarh State Renewable Energy Development Agency has issued a tender to establish standardized rates to set up off-grid solar</strong></a> photovoltaic water pumping systems with capacities of 02, 03, and 05 HP across Chattisgarh. The initiative falls under Component B of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program. The last date for the submission of bids is March 28, 2024. Bids will be opened on April 3.</p>
<p><a href="https://www.mercomindia.com/jindal-commissions-solar-project-at-odisha-steel-mill" target="_blank" rel="noopener"><strong>Jindal Steel &amp; Power has commissioned a 15 MW<sub>dc</sub> rooftop solar project at its steel manufacturing plant in Angul, Odisha. The 15 MW<sub>dc</sub> capacity</strong></a> comprises two projects, 12 MW<sub>dc</sub> , and 3 MW<sub>dc</sub> capacities. The project is expected to help power partial operations at the Angul plate mill<strong>.</strong> The rooftop solar project has a cumulative generation capacity of 21 million units per year. The project is expected to reduce the unit’s annual CO2 footprint by 18,000 tons.</p>
<p><a href="https://cms.mercomindia.com/chhattisgarh-issues-water-pumps-under-kusum/" target="_blank" rel="noopener"><strong>China-based polysilicon manufacturer </strong><strong>Daqo New Energy Corporation</strong><strong> reported lower revenue and net income in the fourth quarter (Q4) of 2023</strong></a>, as polysilicon prices continued to decline due to market oversupply. Daqo’s Q4 revenue was $477.1 million, down 45% from $864.3 million last year. Quarterly adjusted net income also fell 82% to $66 million from $363 million in the same period last year. The steep declines were due to lower polysilicon average selling prices (ASP), which dropped to $7.97/kg in Q4 from $32.54/kg in 2022.</p>
<p><a href="https://www.mercomindia.com/stem-first-ever-positive-quarterly-ebitda-q4" target="_blank" rel="noopener"><strong>Smart energy storage company </strong><strong>Stem</strong><strong>’s fourth quarter (Q4) net loss widened by 6.8% to $37.7 million from the net loss of 35.3 million in Q4 2022</strong></a>. The lower gross profit and higher interest expenses drove the increase in net loss. The AI-driven energy storage system provider’s revenue for Q4 2023 surged by 8% year-over-year (YoY) to $167.4 million, primarily due to the higher storage hardware revenue from Front-of-the-Meter partnership agreements and higher solar asset performance revenue.</p>
<p><a href="https://www.mercomindia.com/battery-tech-company-solid-by-586-in-2023" target="_blank" rel="noopener"><strong>Solid Power</strong><strong>, which develops all-solid-state battery technology for electric vehicles, recorded a net loss of $65.55 million during 2023</strong></a>, a 586.3% YoY increase from a net loss of $9.55 million. The increase in net loss was primarily driven by the higher operating expenses in 2023 compared to 2022 due to increased investments in product development and operational scaling.</p>


Daily News Wrap-Up: Cabinet Approves New Rooftop Solar Subsidy Program


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					</table><p>India-based independent power producer <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew Power</a> has announced it has signed an agreement with <a href="https://news.microsoft.com/en-in/" target="_blank" rel="noopener">Microsoft India</a> to supply 150 MW of solar power from its recently commissioned project near Bikaner in Rajasthan.</p>
<p>With an aim to remove carbon in its energy purchases by 2030, Microsoft plans to contract green energy for 100% of carbon-emitting consumption by all its data centers, buildings, and campuses worldwide. The partnership is expected to help drive this transition further.</p>
<p>Renewable power procurement through open access has been the driving force behind the rise in installations across India. According to the recently released <a href="https://mercomindia.com/product/india-solar-open-access-market-report-q3-2022/" target="_blank" rel="noopener">Mercom India Solar Open Access Market report Q3 2022</a>, open access solar installations increased by 96% year-over-year, given the rising demand amongst large corporates.</p>
<p>“For its part, ReNew is committed to being a catalyst for global energy transition and will continue to offer innovative solutions to companies to support their climate goals,” Sumant Sinha, Chairman, and CEO of ReNew Power.</p>
<p>Rohini Srivathsa, National Technology Officer, Microsoft India, said, “We are happy to partner with ReNew Power to meet our sustainability targets and help our customers and partners on their sustainability journey.”</p>
<p>ReNew develops, builds, owns, and operates wind, solar and hydro projects for the supply of power to utilities as well as to corporates. The company said the deal signifies that corporates across the globe are integrating renewable energy into their operations.</p>
<p>ReNew has a total gross portfolio of ~13.4 GW of renewable energy projects across India, including commissioned and committed projects, as of September 30, 2022.</p>
<p>Jindal Stainless recently <a href="https://mercomindia.com/jindal-stainless-pact-renew-power-300-mw-renewable-project/" target="_blank" rel="noopener">signed</a> a contract with ReNew Power to develop an approximately 300 MW utility-scale captive renewable project to power its facilities in Jajpur, Odisha. The project would use a mix of solar and wind technologies and is expected to generate 700 million units of energy annually.</p>
<p>In August, the power producer <a href="https://mercomindia.com/renew-power-1-1-billion-loan-1-3-gw-round-the-clock-renewable/" target="_blank" rel="noopener">announced</a> a partnership with twelve international lenders for what is deemed to be the largest External Commercial Borrowings (ECB) project finance loan totaling $1.1 billion in India’s renewables sector for any single project.</p>
<p>Microsoft had previously <a href="https://mercomindia.com/microsoft-buy-power-from-amplus-solar-project/" target="_blank" rel="noopener">signe</a>d a long-term renewable energy agreement with Amplus Solar for a 100 MW solar project developed in Rajasthan.</p>


ReNew to Supply 150 MW Solar Power to Microsoft India

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>Saatvik, an Indian module manufacturer, </strong><a href="https://saatvikgroup.com/introducing-bifacial-half-cut-mbb-solar-modules-with-545-w-peak-output-and-21-efficiency/" target="_blank" rel="noopener"><strong>launched</strong></a><strong> the Bifacial Half Cut MBB Solar Modules with 545W output and 21.12% efficiency.</strong> The company would be one of the first manufacturers to start with the production of 545W bifacial modules using M10-sized cells with BIS &amp; IEC certificates. The backside of bifacial modules could provide up to 25% additional power gain. They can also provide significant gains on grasslands and dry sand, especially in snowfields. The modules are based on the advanced mono wafer and PERC Half-cut technology, which would help bring solar plants to a 545W+ solar era with a linear warranty of up to 30 years.</p>
<p><strong>Jindal Worldwide </strong><a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/e2f5ac29-0e50-4fd9-8ecf-f3802259cca6.pdf" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of Mumbai-based electric vehicle (EV) startup Earth Energy EV through its subsidiary Jindal Mobilitric.</strong> In addition to the acquisition, Jindal Mobilitric would set up a new manufacturing plant in Ahmedabad, supplementing the existing Earth Energy manufacturing facility in Maharashtra. The acquisition will see Jindal Mobilitric take over the indigenously developed technology platform as well as Earth Energy&#8217;s brands — Glyde SX and the Glyde SX+ variants of its commuter scooter as well as the — Evolve R and the Evolve S commuter and cruiser motorcycles. The EV startup has already appointed distributors across ten states which Jindal Mobilitric will retain. The company will also add new touchpoints by strengthening the distributor network in each market.</p>
<p><strong>Hong Leong Bank </strong><a href="https://www.hlb.com.my/en/personal-banking/news-updates/hlb-concludes-maiden-issuance-of-green-capital-securities-of-rm900-million-in-nominal-value.html" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the issuance of its first Green Additional Tier 1 (AT1) Capital Securities amounting to RM900 million (~$206 million) in nominal value</strong>, issued under HLB’s existing multi-currency securities program of up to RM10 billion (~$2.29 billion). The issuance of the Green Capital Securities also achieves the milestone of being the first issuance of a green AT1 bond by a bank in Malaysia. HLB  seeks to raise funds to finance or refinance new or existing green assets, projects, or companies that meet the eligibility criteria outlined in HLB’s Green Bond Framework.</p>
<p><strong>Maxeon Solar Technologies </strong><a href="https://mediaroom.maxeon.com/2022-05-05-Maxeon-Solar-Technologies-Unveils-SunPower-One,-a-Complete-Home-Energy-Management-Experience" target="_blank" rel="noopener"><strong>unveiled</strong></a><strong> the SunPower One integrated home energy solution.</strong> This technology is based on a flexible ecosystem of products and services, including Maxeon&#8217;s market-leading solar panels, battery storage, and actionable household energy insights. The SunPower One solution will enable consumers to take control of their domestic energy consumption. Designed to be intuitive and engaging, the technology would proactively advise homeowners on ways to optimize their energy usage. Over time, it will learn about a homeowner&#8217;s electricity consumption pattern and suggest strategies to drive further energy bill savings.</p>


Daily News Wrap-Up: Saatvik Launches Bifacial Half Cut MBB Solar Modules

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