Assam Invites Bids for Pooling Substation for 1 GW Solar Project

Adani New Industries Incorporates Subsidiary for Solar Manufacturing

TPG Acquires Siemens Gamesa’s India and Sri Lanka Wind Businesses

Singareni Collieries Floats Tenders for 137 MW Solar Projects in Telangana

Jaipur DISCOM Tenders 112 MW Solar Projects Under PM KUSUM

BluPine Energy Secures ₹17.87 Billion from NaBFID for Renewables Expansion

AMPIN Energy Secures $50 Million Investment from Siemens Financial Services

Project Finance Brief: ACCIONA Energía Secures $288 Million for Solar Project

Daily News Wrap-Up: TGGENCO Announces 250 MW/500 MWh BESS Auction Results

Funding and M&A Roundup: TRENDE Secures $7.2 Million


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					</table><p>In the fourth quarter (Q4) of calendar year 2024, the average cost of large-scale solar power projects in India <a href="https://www.mercomindia.com/average-cost-of-large-scale-solar-projects-down-8-3-yoy-in-q4-2024" target="_blank" rel="noopener">fell</a> over 8% year-over-year (YoY), according to Mercom’s recently released Q4 and Annual 2024 India Solar Market Update. However, the average project cost rose 1.6% quarter-over-quarter. The average selling price of India-made modules registered under the Approved List of Models and Manufacturers order rose in Q4 due to high demand and increasing component prices. Solar modules accounted for almost 47% of the project cost in Q4 2024, up from nearly 46% in the previous quarter.</p>
<p>Wind-solar hybrid open access power projects can <a href="https://www.mercomindia.com/open-access-hybrid-projects-can-meet-up-to-90-of-energy-cost-of-ci-units" target="_blank" rel="noopener">meet</a> 85-90% of the power requirements of big commercial and industrial (C&amp;I) consumers in Tamil Nadu, according to industry experts. At the recent C&amp;I Clean Energy Meet hosted by Mercom in Chennai, experts from leading solar companies discussed the benefits of rooftop solar systems, open access projects, and battery energy storage systems (BESS) for the C&amp;I sector.</p>
<p>The Uttar Pradesh New and Renewable Energy Development Agency <a href="https://www.mercomindia.com/uttar-pradesh-invites-bids-for-2-mw-rooftop-solar-projects" target="_blank" rel="noopener">invited</a> bids to implement 11 kW to 50 kW on-grid hybrid rooftop solar power projects with a battery backup on multiple government buildings across Uttar Pradesh. The project’s tentative capacity is 2 MW. The project’s expected cost is ₹440 million (~$5 million). The scope of work entails the design, supply, installation, testing, and commissioning of the project. It also includes providing operations and maintenance services for five years, which can be further extended by five years.</p>
<p>Continuing the trend of municipal corporations tapping the market to raise funds for infrastructure and green energy initiatives, the Agra Nagar Nigam <a href="https://www.mercomindia.com/agra-civic-body-plans-raising-%E2%82%B9500-million-for-7-5-mw-solar-project-via-bonds" target="_blank" rel="noopener">proposed</a> a ₹500 million (~$5.8 million) municipal bond issue to part-finance a 7.5 MW solar project. It filed preliminary papers with the market regulator Securities Exchange Board of India, for private placement of up to 1,250 redeemable, non-convertible municipal bonds with a face value of ₹400,000 (~$4,634), with four separately redeemable principal parts of ₹100,000 (~$1,158) each.</p>
<p>Government-owned lender Indian Renewable Energy Development Agency <a href="https://www.mercomindia.com/ireda-issues-perpetual-bonds-to-raise-%E2%82%B912-47-billion" target="_blank" rel="noopener">issued</a> its first-ever perpetual bonds worth ₹12.47 billion (~$144.5 million) at an annual coupon rate of 8.4%. By issuing the bonds, IREDA targets enhancing its Tier-I capital for a stronger financial foundation. IREDA also received a fund of ₹244.8 million (~$2.6 million) from the Income Tax Department towards partial relief for the assessment year 2011-12 related to certain disallowances. A refund of ₹1.95 billion (~$22.6 billion) is also under process for similar relief for 2010-11, 2012-13, 2013-14, and 2015-16 to 2018-19.</p>
<p>The Philippines’ Department of Energy <a href="https://www.mercomindia.com/philippines-issues-terms-for-9-3-gw-renewables-auction-with-energy-storage" target="_blank" rel="noopener">released</a> the Terms of Reference for the fourth round of the green energy auction. This auction round aims to add 9,378 MW of renewable energy capacity from ground-mounted, rooftop, and floating solar and onshore wind projects. It is the first auction to incorporate renewable energy and energy storage systems, with an additional 1,100 MW of solar capacity integrated with BESS.</p>
<p>The Dhaka Electricity Supply Company (DESCO) <a href="https://www.mercomindia.com/bangladesh-issues-eoi-for-120-mw-solar-projects-in-dhaka" target="_blank" rel="noopener">floated</a> an expression of interest to set up 120 MW on-grid solar power projects under the design-build-finance-operate and maintain model in Dhaka. The project involves setting up 120 MW solar projects in eight lots in eight operational circles of DESCO. The project will utilize rooftops and urban spaces within DESCO’s jurisdiction for solar power generation.</p>
<p>Fuel cell manufacturer Ballard Power Systems <a href="https://www.mercomindia.com/ballard-q4-revenue-falls-misses-expectations" target="_blank" rel="noopener">reported</a> a revenue of $24.5 million, a 48% YoY decline in Q4 of 2024, reaching $24.5 million. The revenue missed analyst’s expectations by $4.05 million. All business segments reported declining revenues, reflecting broader industry challenges, including prolonged policy uncertainty and funding constraints. Heavy-duty mobility segment revenue fell 42% YoY to $16.8 million despite a 9% growth in bus revenue.</p>
<p>Sweden-headquartered battery developer and manufacturer Northvolt <a href="https://www.mercomindia.com/battery-manufacturer-northvolt-files-for-bankruptcy-in-sweden" target="_blank" rel="noopener">filed</a> for bankruptcy in Sweden. The company’s board of directors approved the move to secure a viable financial and operational future. Following the filing, a Swedish court-appointed trustee will oversee the process, including the sale of the business and its assets and the settlement of outstanding obligations. Last year, Northvolt filed for bankruptcy protection in the U.S., seeking restructuring under Chapter 11 of the bankruptcy code.</p>


Daily News Wrap-Up: Large-Scale Solar Project Costs Down 8% YoY in Q4 2024


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					</table><p>India added 16.4 GW of solar capacity in the first nine months (9M) of 2024, a 167% year-over-year (YoY) increase from 6.2 GW in 9M 2023, according to Mercom India Research&#8217;s <a href="https://www.mercomindia.com/product/q3-2024-india-solar-market-update" target="_blank" rel="noopener">Q3 2024 India Solar Market Update</a>.</p>
<p>These installations surpassed all previous nine-month and annual records, driven by the commissioning of several delayed projects.</p>
<p>&#8220;Many developers expedited project completions in Q1 and Q2 to utilize imported modules amid regulatory uncertainties surrounding the ALMM. However, delayed clarity on exemptions, especially for open access and rooftop solar, posed significant challenges​,&#8221; said Priya Sanjay, Managing Director at Mercom India.</p>
<p>In the third quarter (Q3) of 2024, India added 3.5 GW of solar capacity. While this was a 28% drop quarter-over-quarter (QoQ) from 4.9 GW in Q2, it represented a significant 78% YoY jump from the 2 GW installed in the same quarter last year.</p>
<p>Large-scale solar projects dominated installations, contributing 2.8 GW in Q3. However, this was a 34% decline in QoQ from 4.2 GW due to persistent challenges such as grid connectivity delays, land acquisition issues, monsoon disruptions, and limited availability of domestic content requirement (DCR)-compliant modules. Despite these hurdles, large-scale solar installations rose by 77% YoY from 1.6 GW.</p>
<p>Solar open access projects accounted for nearly 39% of large-scale installations during the quarter, reflecting high corporate demand despite tariff revision delays and regulatory roadblocks.​</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72923 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW.png" alt="Solar Installations by Quarter (MW)" width="1158" height="493" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW.png 1158w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW-300x128.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW-768x327.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW-650x277.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW-624x266.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW-600x255.png 600w" sizes="(max-width: 1158px) 100vw, 1158px" /></a></p>
<p>Gujarat, Madhya Pradesh, and Maharashtra emerged as leaders in large-scale solar capacity additions during the quarter. Gujarat accounted for over 22% of the installations, while Madhya Pradesh and Maharashtra contributed over 16% each.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72925 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations.png" alt="Q3 2024 Large-Scale Installations" width="838" height="601" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations.png 838w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations-300x215.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations-768x551.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations-650x466.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations-624x448.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations-600x430.png 600w" sizes="(max-width: 838px) 100vw, 838px" /></a></p>
<p>Rajasthan, Gujarat, and Karnataka maintained their dominance in cumulative large-scale solar capacity, with Rajasthan contributing over 27%, Gujarat nearly 15%, and Karnataka about 14%.</p>
<p>As of September 2024, the top 10 states accounted for 94% of the country’s cumulative large-scale solar installations.</p>
<p>India added 22.4 GW of new power capacity in 9M 2024, with renewable energy sources, including large hydro, accounting for 83% of the total. Solar energy led the charge, contributing 73% of the new capacity additions.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72926 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024.png" alt="Share of New Power Capacity Additions in India (2010 - 9M 2024)" width="1095" height="602" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024.png 1095w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024-300x165.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024-768x422.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024-650x357.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024-624x343.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024-600x330.png 600w" sizes="(max-width: 1095px) 100vw, 1095px" /></a></p>
<p>As of September 2024, India&#8217;s cumulative installed solar capacity stood at 89.1 GW, with utility-scale projects accounting for 86% and rooftop solar comprising 14%.</p>
<p>Solar energy now constitutes 20% of India&#8217;s total installed power capacity and 44% of its renewable energy capacity.</p>
<p>India&#8217;s large-scale solar project pipeline reached 163 GW by September 2024, with an additional 127.2 GW of projects tendered and awaiting auction. The third quarter saw 16.2 GW of tenders announced, up 19% YoY and 52% QoQ.</p>
<p>Auction activity in Q3 declined, with 5.8 GW of projects auctioned — down 14% QoQ and 17% YoY. However, the cumulative tendering and auction figures for 9M 2024 set new records, with 57.6 GW of tenders announced and 37.6 GW of projects auctioned, an increase of 40% and 158% YoY, respectively.</p>
<p>India&#8217;s solar module and cell imports rose by over 27% QoQ but fell by 19% YoY. Exports declined sharply, dropping 55% QoQ and 62% YoY.</p>
<p>&#8220;While the average cost of large-scale solar projects declined, making solar power more competitive, transmission infrastructure and technical clearances remain bottlenecks. Developers also faced delays in securing connectivity approvals, impacting the viability of planned projects,&#8221; Sanjay noted.</p>
<p><strong>Mercom&#8217;s Q3 2024 India Solar Market Update report is 86 pages long and covers all facets of India&#8217;s solar market. For the complete report, visit: </strong><a href="https://www.mercomindia.com/product/q3-2024-india-solar-market-update" target="_blank" rel="noopener"> https://www.mercomindia.com/product/q3-2024-india-solar-market-update</a></p>


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

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