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					</table><p><a href="https://www.mercomindia.com/utility-scale-solar-developers-1h-2024" target="_blank" rel="noopener">Adani Green Energy, ReNew, O2 Power, ACME Solar, and NTPC Renewable Energy emerged as the top utility-scale solar project developers in the first half of the</a> calendar year 2024, according to Mercom’s newly released India Solar Market Leaderboard 1H 2024. 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. Adani Green Energy topped with a market share of 29.3%. ReNew, O2 Power, and ACME Solar entered the top five list in the second, third, and fourth positions, with market shares of 10.1%, 9.2%, and 6.9%, respectively. NTPC Renewable Energy rounded off the top five with a 5.7% market share.</p>
<p><a href="https://www.mercomindia.com/unverified-dcr-solar-modules-wont-be-accepted-in-government-programs" target="_blank" rel="noopener">The Ministry of New and Renewable Energy (MNRE) has mandated that all domestic solar cell and module manufacturers file all data on the Domestic Content Requirement</a> (DCR) portal from January 1, 2024. From December 1, 2024, any solar module whose DCR credentials cannot be verified through the DCR verification portal will not be accepted under MNRE’s CPSU Program Phase-II, PM Surya Ghar: Muft Bijli Yojana and PM KUSUM. The National Institute of Solar Energy operates the portal. To ensure better traceability of domestically produced solar cells and modules, the ministry has amended the Approved List of Models and Manufacturers order to include the new provision about DCR verification.</p>
<p><a href="https://www.mercomindia.com/aptel-orders-reconnection-of-greenko-maha-wind-energys-wtg-to-the-grid" target="_blank" rel="noopener">Four years after the disconnection of Greenko Maha Wind Energy’s (Greenko) 2 MW Wind Turbine Generator (WTG), the Appellate Tribunal for Electricity (APTEL) has</a> ordered its reconnection to the grid. APTEL also directed the Maharashtra State Electricity Distribution Company (MSEDCL) to sign a Power Purchase Agreement (PPA) with Greenko within two weeks and allow reconnection within one week from the PPA signing. The Tribunal said MSEDCL must issue credit notes for the energy injected from the WTG into the grid from the date of commissioning and disconnection. It noted that the WTG should be deemed registered with the Maharashtra Energy Development Authority on November 23, 2015, and a formal registration certificate should be issued in a week.</p>
<p><a href="https://www.mercomindia.com/cerc-tariffs-seci-900-mw-wind-solar-projects" target="_blank" rel="noopener">The Central Electricity Regulatory Commission has adopted the tariffs for Solar Energy Corporation of India’s (SECI) 900 MW wind-solar hybrid power projects (Tranche</a> VII). The Commission approved the tariffs of ₹3.15 (~$0.037) /kWh and ₹3.21 (~$0.038)/kWh and a trading margin of ₹0.07(~$0.00083)/kWh. The petition arose from SECI’s issuance of a tender in October 2023 to set up 2 GW of ISTS-connected wind-solar hybrid power projects. SECI received five qualified bids totaling 1,265 MW. The process culminated in a competitive e-reverse auction, which finalized the tariffs. SECI issued letters of award to three winning bidders: NTPC Renewable Energy (300 MW at ₹3.15 (~$0.037)/kWh), Juniper Green Energy (150 MW at ₹3.21 (~$0.038)/kWh), and Green Infra Wind Energy (450 MW at ₹3.21 (~$0.038)/kWh).</p>
<p><a href="https://www.mercomindia.com/nvvn-tenders-7-2-mw-rooftop-solar-project-for-assam-rifles" target="_blank" rel="noopener">NTPC Vidyut Vyapar Nigam has invited bids for grid-connected rooftop solar systems with a cumulative capacity of 7.2 MW in 26 buildings under Assam Rifles in</a> Nagaland, Manipur, and Assam. The last date to submit bids is December 2, 2024. Bids will be opened on December 3, 2024. The project is expected to be completed within seven months. Bidders must submit a bid security of ₹5 million (~$59,241.5). The scope of work covers design, engineering, supply, civil construction, erection, testing, and commissioning of the system as per design and specifications, connecting to existing mains / ACDB / feeder pillars and interfacing internal electrical loads of the project’s license’s network/electrical loads.</p>
<p><a href="https://www.mercomindia.com/northeast-frontier-railway-invites-bids-for-3-5-mw-rooftop-solar-systems" target="_blank" rel="noopener">Northeast Frontier Railway, Alipurduar Division – Electrical has invited bids for a cumulative capacity of 3.5 MW grid-connected rooftop solar power systems in</a> Guwahati, Assam. The last date to submit the bids is December, 2024. The projects must be completed in six months. Bidders must furnish an EMD of ₹469,700 (~$5,564). The advertised value of the tender is ₹64 million (~$758,197). The scope of work for all three tenders includes the design, supply, installation, testing, and commissioning of rooftop solar systems, including the supply of 550 Wp or above solar modules with IEC-certified monocrystalline cells.</p>
<p><a href="https://www.mercomindia.com/pfcs-q2-fy-2025-proft-rises-asset-quality-improves" target="_blank" rel="noopener">Government-owned Power Finance Corporation has recorded a net profit of ₹43.70 billion (~$524.5 million) during the second quarter (Q2) of the financial year (FY)</a> of 2025, a year-over-year (YoY) increase of 13.6%. The public infrastructure company posted revenue of ₹132.15 billion (~$1.59 billion), an increase of 12.1% YoY. The company recorded ₹12.48 billion (~$149.8 million) in dividend income and an additional ₹500 million (~$5.9 million) as fees and commission income. During Q2 FY 2025, PFC distributed loans amounting to ₹327.70 billion (~$3.93 billion).</p>
<p><a href="https://www.mercomindia.com/silicon-price-drop-plunges-borosil-into-a-%E2%82%B9131-million-loss-in-q2" target="_blank" rel="noopener">Mumbai-based solar glass manufacturer Borosil Renewables reported a net loss of ₹131.27 million (~$1.55 million) in the second quarter of the financial year</a> 2024-25 from a net profit of ₹304.74 million (~$3.61 million) in the same quarter a year ago. The company has attributed the loss to slashing of free-on-board prices of solar glass by Vietnamese and Chinese exporters by up to 32% between June and September this year. Price of solar-grade silicon have dropped by 80% in a year and prices across the global solar value chain have fallen. The price of solar modules continued to fall, hitting a record low of 9 cents per watt on October 31, 2024.</p>
<p><a href="https://www.mercomindia.com/nepal-960-mw-solar-auction" target="_blank" rel="noopener">The Nepal Electricity Authority has recently concluded its latest auction round, awarding contracts for 960 MW of grid-connected solar power projects to various</a> developers. The tender was floated for 800 MW capacity. Among the largest winners, the GEPPERT-RAPTI Consortium secured ten projects for a total capacity of 125 MW, each awarded at a tariff of NPR5.49 (~$0.0406)/kWh. The Mountain-Dordi Consortium won seven projects with a combined capacity of 105 MW at the same tariff. Other significant awards include Golyan Power – Pure Energy JV, which received five projects with a total capacity of 100 MW at tariffs ranging from NPR5.38 (~$0.0398)/kWh to NPR5.51 ($0.0408)/kWh.</p>
<p><a href="https://www.mercomindia.com/inventory-write-downs-of-1-billion-widen-solaredges-net-loss-in-q3-fy-2025" target="_blank" rel="noopener">Israel-based solar inverter manufacturer SolarEdge‘s net loss expanded by over 1877% year-over-year to $1.21 billion in the third quarter of the financial year  2024-25 from</a> $61.18 million, impacted by impairment and inventory write-down of $1.03 billion. The company wrote down $612 million of inventory, of which $536 million is related to its solar business and $76 million to its non-solar business. The write-down was due to excess inventory and partial write-downs of certain stock-keeping units due to pricing reductions and promotions implemented in Europe. Additionally, the company took a $47 million charge related to non-cancellable raw material orders.</p>
<p><a href="https://www.mercomindia.com/suspension-of-facilities-sinks-rec-silicon-into-112-09-yoy-net-loss-in-q3-2024" target="_blank" rel="noopener">Norway-based silicon material manufacturer REC Silicon‘s net loss widened 112.09% year-over-year (YoY) to $52.6 million in the third quarter (Q3) 2024 from $24.8 million</a> due to the suspension of Moses Lake and Butte Montana facility. The company’s revenue also dropped 2.87% YoY to $33.8 million in Q3 2024 from $34.8 million. Earnings before interest, taxes, depreciation, and amortization also declined 139.88% YoY to $42.7 million in Q3 2024 from $17.8 million. The company has attributed the quarter’s loss to startup costs associated with the Moses Lake facility and weaker operational results from its Butte Montana facility. Additionally, the company had announced the delay in qualifying Moses Lake polysilicon and shutting down operations at the Moses Lake facility.</p>
<p><a href="https://www.mercomindia.com/array-technologies-q3-revenue" target="_blank" rel="noopener">U.S.-based solar tracker company Array Technologies reported adjusted earnings per share of $0.17 in the third quarter (Q3) of 2024, beating analyst estimates by</a> $0.03. However, the revenue of $231.41 million missed expectations by $1.48 million, marking a 34% decline compared to the same period last year, affected by lower volumes and average selling price (ASP) decline. Array faced a significant currency impact in Brazil, where it holds the leading market share in distributed generation projects. The recent devaluation of the Brazilian real meant that revenue, when converted to U.S. dollars, was lower despite stable volume and pricing in the local market.</p>
<p><a href="https://www.mercomindia.com/battery-tech-firm-solid-fall-in-q3-revenue" target="_blank" rel="noopener">Solid Power, which develops solid-state battery technology for electric vehicles, reported a revenue of $4.7 million in the third quarter (Q3) of 2024, reflecting a 26.94%</a> decline year-over-year (YoY). This decline is mainly attributed to the completion timing of the joint development agreement with BMW in 2024. Solid Power posted a net loss of $22.4 million, an increase of 47.93% YoY. Operating expenses in the third quarter were higher than in Q3 2023, primarily due to increased production costs, higher expenses related to cell and electrolyte development, operations scaling, and the execution of joint development agreements (JDA). The BMW JDA aims to develop competitive solid-state battery technology that can be used in an automotive application. As of September 30, 2024, the company maintained a strong liquidity position with total liquidity of $348.1 million.</p>
<p><a href="https://www.mercomindia.com/bloom-energy-misses-q3-revenue" target="_blank" rel="noopener">Fuel cell and electrolyzer manufacturer Bloom Energy reported revenue of $330.4 million in the third quarter (Q3) of 2024, down 17.46% year-over-year (YoY) from $400.3</a> million in Q3 2023, missing analyst expectations by $52.79 million. The company posted an earnings per share of $0.06, missing estimates by $0.09. The decrease is attributed to the inherent variability in Bloom’s project-based business model. The company’s gross profit rose significantly to $78.7 million in Q3 2024, up from a gross loss of $5.2 million in the same quarter last year. This resulted in a substantial YoY increase in gross margin, which reached 23.8% this quarter, a 25.1% improvement from a negative 1.3% gross margin in Q3 2023.</p>


Daily News Wrap-Up: Top Utility-Scale Solar Developers in 1H 2024

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