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					</table>Here is a recap of important headlines from August 2023:
<a href="https://www.mercomindia.com/india-solar-capacity-q2-2023" target="_blank" rel="noopener">India installed 1.7 GW of solar capacity during the second quarter (Q2) of 2023, a 58% decline year-over-year (YoY), according to Mercom India Research’s Q2 2023 India Solar Market Update.</a> The second quarter saw large-scale solar projects contributing to approximately 77% of the total capacity added, with the remaining 23% coming from rooftop solar installations. During this quarter, over 1.3 GW of large-scale solar capacity was installed, reflecting a YoY decline of 64% and a quarter-over-quarter decline of 7%. In 1H 2023, 3.6 GW of solar capacity was added, signifying a decline of nearly 53% compared to the 7.6 GW installed during the same period in 2022.
<a href="https://www.mercomindia.com/india-installs-387-mw-of-rooftop-solar-drop" target="_blank" rel="noopener">India added 387 MW of rooftop solar capacity in Q2 of 2023, down 20% from 485 MW in Q1. According to the newly released Q2 2023 Mercom India Rooftop Solar Market Report, rooftop installations dropped 0.5% YoY.</a> Rooftop solar installations accounted for almost 23% of total solar installations in Q2 2023. During the quarter, residential users accounted for 54% of the capacity, industrial users 25%, and commercial users accounted for 21%. India’s cumulative rooftop solar capacity reached 9.6 GW at the end of Q2 2023. In Q2 2023, the average cost of a rooftop solar system fell by 2.7% QoQ and 4.2% YoY.
<a href="https://www.mercomindia.com/seci-disbursements-solar-wind-26-yoy-rise" target="_blank" rel="noopener">The Solar Energy Corporation of India disbursed ₹11.48 billion (~$138.3 million) to wind and solar developers for the electricity procured in the month of June 2023.</a> The payments marked an increase of 9.3% from ₹10.5 billion (~$126.43 million) disbursed in May. The disbursements increased by 25.7% on a YoY basis. The disbursements accounted for nearly 93% of the total amount released by the nodal agency in June.
<a href="https://www.mercomindia.com/indias-solar-cell-module-imports-exports-rise-q2-2023" target="_blank" rel="noopener">India exported solar cells and modules worth $463.8 million (~₹38.6 billion) in Q2 of calendar year 2023, a staggering YoY increase of 1,669%, according to the Department of Commerce data.</a> However, on a QoQ basis, exports fell 3.1% from $478.8 million (~₹39.9 billion) in Q1 2023. Solar photovoltaic modules accounted for approximately 98% of the country’s total solar exports.
<a href="https://www.mercomindia.com/gensol-%e2%82%b91-billion-solar-epc-contracts-dubai" target="_blank" rel="noopener">Engineering and consulting firm Gensol Engineering bagged two international engineering, procurement, and construction projects with a cumulative capacity of 14.08 MW in Dubai with the Dubai Government Workshop Warehouse and the Dubai Police.</a> The estimated value of the contract is ₹1.016 billion (~$12.29 million). The two contracts encompass various aspects such as design, engineering, supply, construction, erection, testing, and commissioning. Both projects are expected to contribute to the UAE’s Clean Energy Strategy 2050 and affirm Gensol’s position as a trusted partner for delivering sustainable solutions.
<a href="https://www.mercomindia.com/adb-loan-fourth-partner-energys-open-access-project" target="_blank" rel="noopener">Fourth Partner Energy entered into an agreement with the Asian Development Bank to secure a long-term loan of up to ₹1.2 billion (~$14.7 million) for constructing and operating a 25 MW solar open access project in the Tirunelveli district of Tamil Nadu.</a> The project will supply clean and cost-effective solar energy to Fourth Partner Energy’s various commercial and industrial clients and is projected to yield approximately 50.7 GWh of electricity annually. The project is expected to help prevent the release of around 41,700 tons of carbon dioxide emissions per year, which conventional fossil fuel power projects would have otherwise produced.
<a href="https://www.mercomindia.com/navitas-solar-to-manufacturing-facility-in-us-by-2024" target="_blank" rel="noopener">Gujarat-based solar module manufacturer Navitas Solar is establishing a 1.2 GW module factory in the United States through a strategic partnership with local entities, including Sustainable Equity and Colby Solar.</a> The facility, known as Navitas Solar USA by Colby, will be constructed within the Midwest region of the U.S. The company is yet to finalize between two undisclosed locations. The company said the collaboration expands Navitas Solar’s global footprint by introducing its solar modules to the North American market through a newly formed entity, Geosol Global Distribution.
<a href="https://www.mercomindia.com/inox-wind-raises-%e2%82%b95-billion-through-share-sale-free" target="_blank" rel="noopener">Wind energy solutions provider Inox Wind announced an investment of approximately ₹5 billion (~$60 million) from its main promoter and affiliated group entities.</a> The capital infusion was realized through an equity share sale of the company by its promoter and associated group entities, facilitated through block deals. The generated funds will be used to settle Inox Wind’s debts. In December 2022, the promoters had infused ₹6.2 billion (~$75.34 million) into the company, reducing debt in the wind business and the group company.
<a href="https://www.mercomindia.com/cabinet-program-to-boost-urban-electric-mobility" target="_blank" rel="noopener">In a move towards promoting sustainable urban transportation and economic growth, the Union Cabinet has approved the ‘PM-eBus Sewa’ program, under which  10,000 electric buses (e-buses) will be deployed across the nation.</a> The program will have a budget of ₹576.13 billion (~$6.9 billion). The PM-eBus Sewa program focuses on cities with a population of 300,000 and above per the 2011 census, encompassing all union territory capitals, the northeastern region, and the hilly states. It seeks to provide e-bus services to cities currently lacking such infrastructure.
<a href="https://www.mercomindia.com/qatar-investment-authority-shares-adani-green" target="_blank" rel="noopener">INQ Holdings, a wholly-owned subsidiary of the Qatar Investment Authority, acquired a significant stake in Adani Green Energy by purchasing 42.6 million shares.</a> The transaction took place at a price of ₹920 (~$11.11) per share, taking the total transaction value to ₹39.2 billion (~$472 million). INQ bought the shares after Infinite Trade and Investment, a stakeholder of Adani Green, divested 44.88 million shares in the company for ₹41.3 billion (~$498 million). This is Qatar Investment Authority’s second investment in an Adani group company after Adani Electricity Mumbai.
<a href="https://www.mercomindia.com/expedite-efforts-repower-old-wind-turbines" target="_blank" rel="noopener">The Parliamentary Standing Committee on Energy urged the Ministry of New and Renewable Energy to expedite the approval and implementation of the revised policy on repowering old wind turbines.</a> In a report on the evaluation of wind energy in India, presented to the Lok Sabha recently, the Committee said most of the wind energy potential is concentrated in eight states and suggested retiring old, inefficient wind turbines occupying prime wind sites. It recommended replacing the old turbines with advanced, more efficient ones to maximize natural resources and land usage.
<a href="https://www.mercomindia.com/waaree-10-billion-expand-solar-manufacturing" target="_blank" rel="noopener">India-based solar module maker Waaree Energies raised ₹10 billion (~$120.8 million) in a second round of equity funding led by ValueQuest, a boutique portfolio management company,</a> to help expand its existing manufacturing capacity by 6 GW. The additional capacity will include the manufacturing of solar ingots and wafers, cells, and modules. The company also has plans for backward integration in manufacturing solar cells with a capacity of 5.4 GW.
<a href="https://www.mercomindia.com/temasek-invest-%e2%82%b912-billion-mahindras-four-wheeler-ev" target="_blank" rel="noopener">India’s automotive conglomerate Mahindra &amp; Mahindra secured a ₹12 billion (~$145 million) investment from Temasek, a global investment firm headquartered in Singapore, to help boost its four-wheel electric vehicle footprint.</a> The binding agreement will see Temasek investing in Mahindra Electric Automobile, the four-wheeler passenger electric vehicle company, through Compulsorily Convertible Preference Shares. As part of the deal, Temasek will hold a 1.49% to 2.97% stake in MEAL, joining forces with British International Investments as an investor in the electric mobility subsidiary.

Month in a Minute: Top Headlines from the Indian Renewable Sector in August 2023

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