Sprng Energy, AMPIN, Juniper, ReNew, Avaada Win NTPC’s 1 GW Hybrid Auction

Biofuels Firm GPS Renewables Raises $50 Million in Debt Financing

Solar Auctions Surge by 229% in Q1 2024, Tender Activity Up 122%

Global Wind Installations Reached 1 TW Milestone in 2023

Funding and M&A Roundup: Nexamp Secures $520 Million

Project Finance Brief: Arevon Secures $352 Million for Posey Solar Project

Indian Oil Issues Empanelment Tender for Solar Power Projects

Southern Railway Seeks Bids for 1.2 MW Rooftop Solar Projects in Chennai

Husk Secures $4 Million from Electrifi to Scale up Mini Grids in Rural India

Doubling Transmission Capacity of Existing Grid Through Reconductoring: Report


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					</table><p><a href="https://www.mercomindia.com/indias-rooftop-solar-installations-1-7-gw-2023" target="_blank" rel="noopener"><strong>India installed 1.7 GW of rooftop solar capacity in 2023, the second-highest annual installation numbers on record, according to Mercom India Research</strong></a>’s newly unveiled 2023 Q4 &amp; Annual Mercom India Rooftop Solar Market Report. However, the capacity addition rose only by 3.7% as many commercial and industrial consumers held off on new projects while waiting for solar module prices to stabilize. Lower module prices forecasted in early 2024 are expected to help companies reduce project costs.</p>
<p><a href="https://www.mercomindia.com/india-launches-second-strategic-mineral-blocks" target="_blank" rel="noopener"><strong>The </strong><strong>Ministry of Mines</strong><strong> has issued the second tranche of the auction for the grant of concessions for 18 critical and strategic mineral blocks across seven states</strong></a>, with 17 designated for the grant of composite license and one for the mining lease. The Union Minister of Parliamentary Affairs, Coal and Mines, Pralhad Joshi , highlighted the diverse array of minerals up for auction in the second tranche, including Tungsten, Vanadium, Graphite, Rare Earth elements, Glauconite, Phosphorite, Nickel, Platinum group of minerals, Cobalt, and Potash.</p>
<p><a href="https://www.mercomindia.com/adani-discom-floats-tender-wind-power" target="_blank" rel="noopener"><strong>Adani Electricity Mumbai</strong><strong> has floated a tender to select project developers for the supply of 600 MW of power from grid-connected wind power projects in India</strong></a>. The selected developers are required to establish wind power projects on a build own operate basis. Land, connectivity, and long-term access will be in the scope of the project developer. The last date for the submission of the bid is April 2, 2024. Bids will be opened on April 5.</p>
<p><a href="https://www.mercomindia.com/chandigarh-tenders-50-mw-rooftop-solar-projects" target="_blank" rel="noopener"><strong>Chandigarh Renewable Energy and Science &amp; Technology Promotion Society has invited bids to set up 50 MW grid-connected rooftop solar power projects</strong></a> on various houses in the Union Territory under the renewable energy service company model. The projects must be installed on a build-operate-transfer basis and within five months of receiving the work order. The last date to submit the bids is March 13, 2024. Bids will be opened the following day.</p>
<p><a href="https://www.mercomindia.com/merc-approves-tariffs-for-tata-powers-225-mw-wind-solar-hybrid-projects" target="_blank" rel="noopener"><strong>The Maharashtra Electricity Regulatory Commission has approved Tata Power Company – Distribution’s adoption of tariffs of ₹3.27 (~$0.0394)/kWh</strong></a> and ₹3.28 (~$0.0395)/kWh discovered through competitive bidding for the procurement of 225 MW of wind-solar hybrid power along with 150 MW additional capacity under the ‘greenshoe’ option to meet its renewable purchase obligations.</p>
<p><strong><a href="https://www.mercomindia.com/polysilicon-imports-into-china-drop-vietnam" target="_blank" rel="noopener">Polysilicon imports into China dropped 28.5% in 2023 to 62,965 metric tons, the lowest level since 2011, according to Germany-based polysilicon market</a></strong> research firm Bernreuter. Polysilicon is a key material for making solar cells and semiconductors. The report also says that major foreign suppliers are shifting shipments from China to Vietnam after U.S. regulations aimed at preventing imports of goods linked to forced labor in Xinjiang came into force.</p>
<p><a href="https://www.mercomindia.com/breakthrough-in-silicon-solar-cell-efficiency" target="_blank" rel="noopener"><strong>Physicists at the </strong><strong>University of Paderborn</strong><strong> in Germany, through complex virtual simulations, have discovered that adding a thin layer of an organic semiconductor</strong></a> called tetracene to a silicon solar cell can achieve significantly higher efficiency. Tetracene absorbs short-wave high-energy radiation, a part of which is wasted away as heat, and converts it into lower-energy forms that can be efficiently used by the silicon in the solar cell.</p>
<p><a href="https://www.mercomindia.com/shoals-q4-revenue-driven-by-higher-sales" target="_blank" rel="noopener"><strong>Shoals Technologies Group</strong><strong>, a manufacturer of electrical balance of systems for solar, energy storage, and eMobility reported a net income of $16.6 million</strong></a> during the fourth quarter of 2023, contrasting with the $118.3 million reported in the corresponding period in 2022. The company stated that the previous year’s timeframe experienced a positive impact, deriving a gain of $110.9 million from concluding the tax receivable agreement.</p>
<p><a href="https://www.mercomindia.com/uttar-pradesh-invites-bids-mau-district" target="_blank" rel="noopener"><strong>The Uttar Pradesh New and Renewable Energy Development Agency has invited bids for a 5 MW grid-connected solar photovoltaic power project in Mau</strong></a> district on a build-own-operate and maintain basis. The last date for online bid submission is March 21, 2024. The bids will be opened the next day. The scope of work includes complete design, engineering, procurement, construction, installation, testing, commissioning, evacuation of power to the grid substation, and operation and management of the project.</p>
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Daily News Wrap-Up: India’s Rooftop Solar Installations Reach 1.7 GW in 2023


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					</table><p><a href="https://www.shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a>, a manufacturer of electrical balance of systems (EBOS) for solar, energy storage, and eMobility reported a net income of $16.6 million during the fourth quarter (Q4) of 2023, contrasting with the $118.3 million reported in the corresponding period in 2022.</p>
<p>The company stated that the previous year&#8217;s timeframe experienced a positive impact, deriving a gain of $110.9 million from concluding the tax receivable agreement.</p>
<p>Revenue experienced a 38% YoY growth, reaching $130.4 million, compared to $94.7 million. This surge was driven by increased domestic demand for solar EBOS, leading to higher sales volumes.</p>
<p>Income from operations reached $31.9 million, an increase of 36.3%, up from $23.4 million.</p>
<p>Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) in Q4 2023 saw an increase of $9 million, reaching $39.1 million, marking a 29.9%YoY increase compared to $30.1 million.</p>
<p>“Shoals continued its strong growth trajectory in the fourth quarter, with revenue growing 38% year-over-year, reflecting the exceptional dedication and execution of the management team and associates,” said Brandon Moss, CEO of Shoals.</p>
<p>Moss added, “Demand for our products remains robust, with backlog and awarded orders increasing 47% year-over-year, as the Company added over $128 million in new orders in the quarter. International markets continue to develop as a growth driver, representing more than 13% of our backlog and awarded orders. Domestically, we further strengthened our leadership position after engaging a new top solar EPC in a master supply agreement subsequent to the quarter end.”</p>
<p><strong>Full Year 2023</strong></p>
<p>The net income for the full year amounted to $42.7 million, a decrease of 70% YoY from the net income of $143 million.</p>
<p>The prior-year period included a $110.9 million gain on the termination of the tax receivable agreement, partially offset by a $6.7 million payable pursuant to the tax receivable agreement adjustment.</p>
<p>Revenue experienced substantial growth, increasing by 50% to $488.9 million, compared to $326.9 million. This surge was attributed to higher sales volumes driven by increased domestic demand for solar EBOS.</p>
<p>Adjusted EBITDA witnessed an 86%YoY increase, reaching $173.4 million, compared to $93 million for the prior-year period.</p>
<p>Income from operations amounted to $79 million, marking an increase of 19.1% YoY, up from $66.3 million in the prior year.</p>
<p>In October 2023, the company filed a complaint against Prysmian Cables and Systems USA, the wire supplier exhibiting shrinkback, seeking compensatory and punitive damages. The outcome of this litigation and its impact on the business and financial results remains uncertain.</p>
<p>The company <a href="https://www.mercomindia.com/shoals-net-income-surges-product-demand" target="_blank" rel="noopener">recorded</a> a net income of $18.92 million during the second quarter of 2023, a YoY increase of 159% from $7.3 million.</p>
<p>The company’s net income <a href="https://www.mercomindia.com/shoals-net-income-jumps-five-fold-q1" target="_blank" rel="noopener">jumped</a> over five-fold YoY to $14.3 million in Q1 2023 due to increased demand for solar EBOS generally and the company’s system solutions specifically.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Shoals’ Q4 Revenue Surges by 38%, Driven by Higher Sales


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					</table><p><a href="https://www.shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a>, a manufacturer of electrical balance of systems (EBOS) for solar, energy storage, and eMobility reported a net loss of $9.8 million for the third quarter (Q3) of 2023, a year-over-year (YoY) decline of 176.5% from the net income of $12.8 million, primarily due to increased expenses.</p>
<p>The company&#8217;s revenue increased by 48% to reach $134.2 million, in contrast to the $90.8 million reported in the prior-year period. The growth was mainly driven by higher sales volumes from increased domestic demand for solar EBOS.</p>
<p>Despite the revenue growth, the company&#8217;s gross profit declined to $14.2 million from the prior-year period&#8217;s $36 million. The gross profit as a percentage of revenue decreased from 39.7% to 10.5%.</p>
<p>This reduction was primarily due to $50.2 million in wire insulation shrinkback expenses, partially offset by lower raw material costs, increased leverage on fixed costs, and operational efficiencies.</p>
<p>On October 31, 2023, the company initiated legal action against <a href="https://www.prysmiangroup.com/en" target="_blank" rel="noopener">Prysmian Cables and Systems</a>, the supplier of the problematic wire insulation, seeking various forms of compensation and relief. The outcome of this litigation and its potential impact on the company&#8217;s business and financial results remains uncertain.</p>
<p>General and administrative expenses were $22.6 million, an increase of 62.5% YoY from $13.9 million. This increase was mainly attributed to higher non-cash stock-based compensation, legal fees related to patent infringement and wire insulation complaints, and planned payroll expense increases due to a larger workforce supporting the company&#8217;s growth.</p>
<p>The company reported a loss of $10.6 million from operations, a reversal from the prior year when it had an income of $20 million from operations.</p>
<p>Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 81% YoY to $48 million, up from $26.6 million.</p>
<p>As of September 30, 2023, the company’s backlog and awarded orders amounted to $633.3 million,a 34% YoY increase and a 16% quarter-over-quarter increase.</p>
<p>The growth in backlog and awarded orders reflected the demand for the company&#8217;s solar products, with expansion in international markets constituting more than 10% of the orders.</p>
<p>Brandon Moss, CEO of Shoals, said, “Backlog and awarded orders increased 34% year-over-year and 16% sequentially to a record of $633.3 million as the Company added over $220 million in orders in the quarter. While the domestic utility-scale solar market is experiencing slower growth, we believe our strong value proposition and the emerging strength from our international business will continue to drive order growth. We are pleased that international represents over 10% of our backlog and awarded orders.”</p>
<p>The company said it completed the ramp-up of its third Tennessee facility, adding 15 GW of new capacity to its 2022 base of 20 GW. With all shifts active at all facilities, Shoals&#8217; capacity is now 35 GW, with the ability to scale the existing site footprint to 42 GW.</p>
<p>This increased capacity is expected to enable Shoals to meet growing demand well into 2025, enhance production efficiency, and maintain attractive margins.</p>
<p><strong>9M 2023 </strong></p>
<p>For the first nine months (9M) of the year, Shoals recorded a net income of $26.08 million, a 5.5% increase YoY.</p>
<p>The company’s revenue for 9M stood at $358.5 million, a 54.3% YoY increase.</p>
<p>Adjusted EBITDA for the period was recorded at $134.27 million, a 113.5% YoY increase.</p>
<p>The company <a href="https://www.mercomindia.com/shoals-net-income-surges-product-demand" target="_blank" rel="noopener">recorded</a> a net income of $18.92 million during the second quarter of 2023, a YoY increase of 159% from $7.3 million.</p>
<p>The company’s net income <a href="https://www.mercomindia.com/shoals-net-income-jumps-five-fold-q1" target="_blank" rel="noopener">jumped</a> over five-fold YoY to $14.3 million in Q1 2023 due to increased demand for solar EBOS generally and the company’s system solutions specifically.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Shoals Technologies Sees Q3 2023 Financial Setback with $9.8 Million Net Loss


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					</table><p><a href="https://www.shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a>, a manufacturer of electrical balance of systems (EBOS) for solar, energy storage, and eMobility, recorded a net income of $18.92 million during the second quarter (Q2) of 2023, a year-over-year (YoY) increase of 159% compared to $7.3 million.</p>
<p>The revenue was recorded at $119.21 million, a YoY increase of 62.2%</p>
<p>The increase in revenue stemmed from elevated sales quantities due to a heightened need for solar EBOS overall and the company&#8217;s customizable Combine-As-You-Go System Solutions in particular.</p>
<p>System Solutions revenue saw an 80% rise compared to the previous year, constituting 86% of the total revenue, as opposed to the 77% seen in the prior year.</p>
<p>The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were recorded at $38.67 million, a 95.5% YoY increase compared to $19.77 million.</p>
<p>Jeff Tolnar, President of Shoals, said, “Shoals delivered another outstanding performance in the second quarter, setting new company records for revenue and earnings. Revenue grew 62% year-over-year, while System Solutions revenue increased 80% compared to the year-ago period, as customers continue to partner with and use Shoals for their EBOS needs. This was further illustrated in the quarter when we signed our landmark 10-gigawatt master supply agreement with Blattner.”</p>
<p><strong>1H 2023</strong></p>
<p>During the first half (1H) of 2023, the company recorded a net income of $35.91 million, a YoY increase of 200% compared to $11.97 million.</p>
<p>Shoals’ revenue during 1H stood at $224.2 million, a 58.4% YoY increase.</p>
<p>During January-June, EBITDA was recorded at $74.8 million, a YoY increase of 106% from $36.3 million.</p>
<p>As of June 30, 2023, the company’s backlog and awarded orders were valued at $546.1 million, indicating a substantial 67% YoY surge.</p>
<p>In April, the company and Brookfield Renewable announced a partnership to introduce an innovative Charging-as-a-Service solution for electric vehicle charging infrastructure to eliminate large up-front payments and enable streamlined deployment of charging networks for fleets, retail, multi-unit dwellings, and other large commercial properties.</p>
<p>During the period, Shoals was also awarded a 120 MW contract to supply its BLA+ (Big Lead Assembly) solution to a utility-scale solar project in Western Australia. The BLA+ solution, formerly known as BLA 2.0, is a bundled offering that combines the BLA system with all the components required to attach the BLA to the racking system, including wire management, support wire, and tensioning systems to create a single integrated offering.</p>
<p>The company’s net income <a href="https://www.mercomindia.com/shoals-net-income-jumps-five-fold-q1" target="_blank" rel="noopener">jumped</a> over five-fold YoY to $14.3 million in Q1 2023 due to increased demand for solar EBOS generally and the company’s system solutions specifically.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Shoals Technologies’ Net Income Surges by 159% in Q2 on Higher Product Demand


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					</table><p><a href="https://www.mercomindia.com/amp-india-cesc-wind-solar-hybrid-tender" target="_blank" rel="noopener"><strong>Amp Energy India won the Kolkata-based power utility company CESC’s auction to develop 150 MW of the interstate transmission system-connected wind-solar hybrid projects.</strong></a> Amp quoted a tariff of ₹3.07 (~$0.037)/kWh to emerge as the winner. The tender was floated in February this year.</p>
<p><a href="https://www.mercomindia.com/strict-financing-rules-penalties-non-payment-improve-discoms" target="_blank" rel="noopener"><strong>Stricter regulations around financing, severe penalties for non-payment of dues, mandatory energy accounting, and auditing are the driving factors behind the considerable improvement in </strong></a>the otherwise sluggish performance of state distribution companies over the past year. The Ministry of Power recently published data notifying a considerable decline in Aggregate Technical and Commercial losses and the gap between the Average Cost of Supply and Average Realizable Revenue, the key indicators of DISCOMs’ performance.</p>
<p><a href="https://www.mercomindia.com/india-seek-eus-nod-carbon-certificates-new-import-norms" target="_blank" rel="noopener"><strong>With the Damocles’ sword of the European Union’s Carbon Border Adjustment Mechanism hanging over Indian exporters, the government is planning to seek validation of its </strong></a>proposed carbon certificates and the exemption for some micro, medium, and small enterprises. According to a PTI report, officials of Finance, Commerce, Power, Mines and Steel, and industry representatives met this week to discuss the strategy to counter the EU’s move to subject imports to a carbon tax of up to 35% starting in 2026.</p>
<p><strong><a href="https://www.mercomindia.com/gujarat-land-lease-policy-promote-green-hydrogen" target="_blank" rel="noopener">The Revenue Department, Government of Gujarat, has issued the ‘Policy 2023’ for leasing out land to foster the growth of green hydrogen production in the state.</a></strong> The policy aims to provide the framework for promoting green hydrogen production by using renewable energy to make the best use of land and achieve the objective of a clean environment. As per the policy, the lease period for installing solar, wind, and wind-solar hybrid projects for green hydrogen production will be 40 years.</p>
<p><a href="https://www.mercomindia.com/plug-powers-q1-million-on-higher-natural-gas-prices" target="_blank" rel="noopener"><strong>Plug Power, a U.S.-based hydrogen fuel cell company, said its net loss widened to $206.6 million for the first quarter of the financial year 2023, compared to $156.5 million as the margins</strong></a> were squeezed by higher hydrogen molecule costs caused by elevated natural gas prices and supply chain disruptions. Additionally, the company’s fixed costs rose during the quarter due to the ongoing production ramp at their new manufacturing facilities.</p>
<p><a href="https://www.mercomindia.com/array-swings-profit-higher-solar-tracker-shipments" target="_blank" rel="noopener"><strong>Utility-scale solar tracker company Array Technologies swung to a profit of $13.6 million for the first quarter of the financial year 2023 from a loss of $37.5 million year-over-year</strong></a>, mainly on higher shipment of its products at a higher average selling price due to improved pass-through pricing. The company’s revenue rose 25% YoY to $376.8 million for January-March.</p>
<p><a href="https://www.mercomindia.com/solar-tracker-narrows-on-lower-cost-of-services" target="_blank" rel="noopener"><strong>U.S.-based solar tracker systems provider FTC Solar’s net loss narrowed to $11.8 million for the first quarter of the financial year (FY) 2023 from $27.8 million year-over-year (YoY)</strong></a> despite a decline in revenue because the cost of revenue associated with engineering services saw a sharper cut. The cost reduction was accompanied by a 17.5% YoY drop in total revenue at $40.9 million, mainly driven by lower logistics volume, partially offset by higher product average selling price.</p>
<p><a href="https://www.mercomindia.com/shoals-net-income-jumps-five-fold-q1" target="_blank" rel="noopener"><strong>Manufacturer of electrical balance of system components (EBOS) Shoals Technologies Group’s net income jumped over five-fold year-over-year (YoY) to $14.3 million in the first quarter (Q1)</strong></a> of the financial year (FY) 2023 due to increased demand for solar EBOS generally, and the company’s system solutions specifically. The company’s revenue rose 55% YoY at $105.1 million during January-March.</p>
<p><a href="https://www.mercomindia.com/researchers-say-new-additive-improves-perovskite-solar-cells-efficiency" target="_blank" rel="noopener"><strong>Researchers from the City University of Hong Kong have invented a multifunctional, non-volatile additive that can regulate the growth of perovskite films and improve the efficiency</strong> </a>and stability of perovskite solar cells. During the experiments, the new additive boosted power conversion efficiency, reaching 24.8%, with an overall energy loss of 0.36 eV.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/mercom-staff/" class="vcard author" rel="author"><span class="fn">Mercom Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Daily News-Wrap Up: Amp Energy India Wins CESC’s 150 MW Hybrid Tender


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					</table><p>Manufacturer of electrical balance of system components (EBOS) <a href="https://www.shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a>’s net income jumped over five-fold year-over-year (YoY) to $14.3 million in the first quarter (Q1) of the financial year (FY) 2023 due to increased demand for solar EBOS generally, and the company’s system solutions specifically.</p>
<p>The company’s revenue rose 55% YoY at $105.1 million during January-March.</p>
<p>Shoals said that system solutions revenue grew 95% YoY, contributing 87% to the overall revenue, compared to the 69% contribution YoY.</p>
<p>The company’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) grew by 119% YoY to $36.1 million.</p>
<p>Shoals said it had a backlog and awarded orders worth $527.5 million by the end of Q1, up 75% YoY.</p>
<p>President and Interim CEO of Shoals Jeff Tolnar said, “Demand for our combine-as-you-go solution was particularly strong, with six new customers converting to our system during the quarter, bringing the total number of Big Lead Assembly (BLA) customers to 42. Solar market conditions remain favorable, both for the industry as a whole and for Shoals specifically.”</p>
<p>During Q1, the number of engineering, procurement, construction, and developer conversions increased ten-fold since the Initial Public Offering (IPO) in 2021, wherein the company <a href="https://www.mercomindia.com/funding-ma-roundup-shoals-technologies" target="_blank" rel="noopener">raised</a> $2.2 billion.</p>
<p>The company announced the closing of its upsized IPO of 88,550,000 shares of Class A common stock. The offering consisted of 11,550,000 shares of Class A common stock issued and sold by the company at an IPO price of $25.00 per share.</p>
<p>Shoals Technologies <a href="https://www.mercomindia.com/shoals-revenue-rises-49-yoy-to-68-million-in-q1" target="_blank" rel="noopener">recorded</a> revenue of $68 million in Q1 2022, a YoY increase of 49% primarily driven by a record increase of 73% in revenue from components and a 40% increase in revenue from system solutions.</p>
<p>The company <a href="https://www.mercomindia.com/shoals-118-million-profit-in-q4-2022" target="_blank" rel="noopener">posted</a> a net profit of $118.3 million in the fourth quarter of 2022, recovering from a loss of $2.15 million during the corresponding period in 2021. Shoals said the recovery was driven by a $110.9 million one-time gain on terminating a trust and retention agreement and higher income from operations.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Shoals’ Q1 Net Income Jumps Five-fold to $14.3 Million on Strong Demand


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					</table><p>Manufacturer of electrical balance of systems (EBOS) for solar, energy storage, and eMobility <a href="https://www.shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a> recorded a net profit of $118.3 million in the fourth quarter (Q4) of 2022, a massive recovery from a loss of $2.15 million during the corresponding period in 2021.</p>
<p>The recovery was driven by a $110.9 million one-time gain on terminating a trust and retention agreement and higher income from operations.</p>
<p>The company generated total revenue of $94.65 million, a year-over-year (YoY) increase of 97% from $48.05 million in Q4 2021. The higher revenue resulted from better sales volumes due to greater demand for solar BOS generally and the company’s “combine-as-you-go system” and electric vehicle solutions.</p>
<p>The adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization stood at $30.11 million, a YoY increase of 167% compared to $11.27 million.</p>
<p><strong>Full Year 2022 </strong></p>
<p>Shoals Technologies posted a profit of $143 million, a considerable increase from $3.94 million the previous year.</p>
<p>The company recorded total revenue of $326.9 million, a YoY increase of 53.3% from $213.2 million in 2021.</p>
<p>The adjusted EBITDA for the year stood at $92.99 million, a YoY increase of 48% compared to $62.86 million.</p>
<p>“Shoals set new records for revenue, gross profit, net income, adjusted EBITDA, and adjusted net income in both the fourth quarter and full year. Compared to the prior-year periods, fourth quarter and full-year revenue grew 97% and 53%, respectively,” said Jason Whitaker, Chief Executive Officer of Shoals.</p>
<p>The higher sales volumes provided greater leverage on fixed costs leading to margin expansion.</p>
<p>The company said their product demand is underscored by the $428.6 million backlog and new orders at the end of the year. This represented a growth of 43% compared to the same period the previous year.</p>
<p>The company <a href="https://mercomindia.com/shoals-technologies-q3-net-income-soars-142/" target="_blank" rel="noopener">recorded</a> a net income of $12.9 million in the third quarter of FY 2022, a 142% YoY jump.</p>
<p>Earlier in 2022, Shoals <a href="https://mercomindia.com/daily-news-wrap-up-sungrow-10-gw-solar-inverter-manufacturing/" target="_blank" rel="noopener">announced</a> a new production unit in Tennessee’s Portland spread across 219,000 square feet.</p>
<p>&nbsp;</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Shoals Technologies Swings to $118 Million Profit in Q4 2022


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					</table><p>Manufacturer of the solar balance of system (BOS) components <a href="https://shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a> recorded a net income of $12.9 million in the third quarter (Q3) of FY 2022, a 142% jump year-over-year (YoY).</p>
<p>The company’s performance was driven by higher sales volume for solar electrical BOS in general and its combine-as-you-go system solutions specifically.</p>
<p>The revenue from system solutions –a division of business &#8211; contributed 77% to the total sales for the company in Q3, compared with 65% YoY.</p>
<p>While Q3 revenue for system solutions rose by 80%, the sales from the solar components business grew marginally by 1% YoY.</p>
<p>Shoals Technologies’ revenue for the July-September quarter stood at $90.82 million, a growth of 52% YoY.</p>
<p>The adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at $26.6 million, a YoY increase of 57.4%.</p>
<p>Jason Whitaker, Chief Executive Officer of Shoals, said, “Demand for our products has continued to grow faster than the overall market, which is underscored by the 74% year-over-year increase in our backlog and awarded orders this quarter.”</p>
<p>As of September, the company’s backlog and awarded orders were $471.2 million, up 74% YoY and a 44% sequential increase from Q2.</p>
<p>The company CEO said that the two-year tariff exemption for Chinese solar panels, the recently passed Inflation Reduction Act, and higher energy prices had given customers and end-users the confidence to reinitiate previously delayed projects, make multi-year commitments to invest in solar generation and prioritize product availability and performance over price.</p>
<p><strong>9M FY 2022</strong></p>
<p>In the first nine months (9M) of FY 2022, Shoals reported a net income of $24.7 million, a surge of 305% YoY.</p>
<p>Revenue of the Company came in at $232.29 million, up 40.6% YoY</p>
<p>Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at $62.88 million, a YoY increase of 21.8%.</p>
<p>The Company <a href="https://mercomindia.com/shoals-revenue-rises-49-yoy-to-68-million-in-q1/" target="_blank" rel="noopener">recorded</a> a revenue of $68 million in the first quarter (Q1) of 2022, a YoY increase of 49% from $45.6 million in the same period last year.</p>
<p>Earlier this year, Shoals <a href="https://mercomindia.com/daily-news-wrap-up-sungrow-10-gw-solar-inverter-manufacturing/" target="_blank" rel="noopener">announced</a> a new production unit in Tennessee’s Portland spread across 219,000 square feet. The facility is scheduled to be operational by the second quarter of the current fiscal.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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