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					</table><a href="https://enphase.com/en-in" target="_blank" rel="noopener">Enphase Energy</a>, a microinverter-based solar and storage systems supplier, recorded a net income of $141.85 million during the third quarter (Q3) of 2023, a year-over-year (YoY) decrease of 19 % from $175.51 million.
During the quarter, the revenue was reported at $551.1 million, a YoY decrease of 13%, primarily attributed to adverse macroeconomic conditions.
Specifically, revenue within the U.S. decreased approximately 16% in Q3 2023 compared to Q2 2023.
In Europe, revenue decreased by approximately 34% during the same period due to excess inventory held by distribution partners and softened demand in key markets, namely the Netherlands, France, and Germany.
Operating expenses totaled $99 million in Q3 2023, slightly up from $98.2 million in the previous quarter.
Operational Highlights 
Enphase’s IQ8 microinverters accounted for approximately 86% of all microinverter shipments during the quarter. The company expanded its market presence by introducing IQ8 Microinverters in various countries, including the United Kingdom, Brazil, Sweden, Denmark, South Africa, India, and Greece, extending their global footprint to 15 countries.
In the same period, the company’s IQ Battery shipments increased to 86.2 MWh, up from 82.3 MWh in Q2 2023. The company expanded its presence by introducing IQ Batteries in Sweden, Denmark, and Greece.
During the quarter, the IQ Battery 5P was launched in the United Kingdom and is now being shipped to Australia, the United States, Puerto Rico, and the United Kingdom. Furthermore, more than 4,100 installers worldwide have obtained certification to install IQ Batteries.
Microinverter shipments began from the company&#8217;s third U.S. contract manufacturer, Salcomp, in Arlington, Texas.
Approximately 531,000 microinverters were shipped to customers in Q3 2023 from the company&#8217;s three contract manufacturers, including Flex in South Carolina, Foxconn in Wisconsin, and Salcomp in Texas.
In August, the company introduced a comprehensive solution to maximize the return on investment for homeowners under California&#8217;s new net billing tariff, called NEM 3.0.
September witnessed Enphase&#8217;s new system launch, which features its new IQ Battery 5P and IQ8 Microinverters, focusing on the United Kingdom market.
Enphase Energy entered the Greek solar market in October by introducing IQ8 microinverters and IQ batteries, marking its expansion into new territories. Additionally, the company made an EV charger available in the United States and Canada to boast smart control and monitoring capabilities.
Shipments of its IQ8 microinverters also commenced in India to support high-powered solar modules, while South Africa saw Enphase&#8217;s entry with IQ8 microinverters for grid-tied residential and small commercial applications.
Enphase <a href="https://www.mercomindia.com/enphase-energys-q1-million-on-higher-shipments" target="_blank" rel="noopener">posted</a> a 183% YoY surge in profit at $147 million for Q1 of 2023, mainly driven by increased microinverter and battery shipments to new regions.
Previously, the company <a href="https://www.mercomindia.com/enphase-q4-profit-climbs-193-yoy-higher-shipments" target="_blank" rel="noopener">said</a> it planned to add manufacturing capacity in America to address the demand and build on the incentives related to the Inflation Reduction Act.

Enphase Reports 19% YoY Net Income Decline to $142 Million in Q3

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					</table>India’s energy storage sector witnessed significant developments in 2022, which included the government issuing guidelines for the use of batteries as part of the generation, transmission, and distribution assets, the results of a performance-linked incentive (PLI) program for manufacturing advanced chemistry cell facilities, and issue of major tenders.
Here are some of the most important developments in the sector:
Policies
To support the country’s 2030 goal of installing 500 GW of non-fossil energy and facilitating the growth of energy storage, the <a href="https://powermin.gov.in/" target="_blank" rel="noopener">Ministry of Power</a> in March <a href="https://mercomindia.com/bess-power-procure-guidelines" target="_blank" rel="noopener">issued</a> guidelines to procure and use battery energy storage systems as part of the generation, transmission, and distribution assets, along with ancillary services. The guidelines are for procuring energy from BESS through competitive bidding from grid-connected projects to be set up on a “Build-Own-Operate” or “Build-Own-Operate-Transfer” basis.
The Ministry of Power <a href="https://mercomindia.com/power-ministry-notifies-wind-hydro-and-energy-storage-purchase-obligation/" target="_blank" rel="noopener">released</a> the Energy Storage Obligation (ESO) until the financial year 2029-30. The percentage of the total energy that can be consumed from solar and wind projects with storage was notified. The ESO will be calculated in energy terms as a percentage of the total electricity consumption and treated as fulfilled only when at least 85% of the total energy stored in ESS is procured from renewable energy sources annually.
Reliance New Energy, Ola Electric Mobility, and Rajesh Exports <a href="https://mercomindia.com/reliance-ola-rajesh-exports-sign-agreement-battery-storage-pli/" target="_blank" rel="noopener">inked</a> an agreement under the Government of India’s production-linked incentive (PLI) program to set up Advanced Chemistry Cell (ACC) facilities in India. The three companies were <a href="https://mercomindia.com/reliance-ola-hyundai-rajesh-exports-win-bid-50-gwh-acc/" target="_blank" rel="noopener">selected</a> by the Ministry of Heavy Industries under the PLI program to build the ACC units within two years from the date of allotment of the contracts. The selected bidders will deploy a cumulative capacity of 50 GWh, of which Ola received incentives to set up 20 GWh of ACC capacities. Reliance and Rajesh Exports were awarded incentives to deploy 5 GWh of capacity each.
A special purpose vehicle of Jindal Steel Works, JSW Renew Energy Five Limited, <a href="https://mercomindia.com/jsw-renew-energy-wins-seci-tender-1gwh-bess/" target="_blank" rel="noopener">won</a> the auction held by the Solar Corporation of India (SECI) to set up 500 MW/1000 MWh standalone BESS projects under build, own, operate, and transfer model. JSW’s SPV won the entire capacity by quoting ₹1.08 million (~$13,566)/MWh per month.
SECI had <a href="https://mercomindia.com/seci-invites-bids-for-1-gwh-standalone-battery-energy-storage/" target="_blank" rel="noopener">issued</a> the expression of interest for these projects to be located near Fatehgarh-III substations connected to the interstate transmission system network in Rajasthan.
Greenko Energies <a href="https://mercomindia.com/greenko-wins-ntpcs-3000-mwh-energy-storage/" target="_blank" rel="noopener">bagged</a> the NTPC Renewable Energy’s tender to set up interstate transmission system-connected energy storage systems of 3,000 MWh capacity with a minimum of 500 MW capacity to be installed anywhere across India. Greenko quoted ₹2.79 million (~$33,985)/MW/year and won the total capacity. NTPC Renewable Energy plans to use the energy storage facility to meet its round-the-clock renewable energy needs with a wind-solar profile.
NTPC Renewable Energy has <a href="https://mercomindia.com/ntpc-tender-250-mw-500-mwh-battery-storage-rajasthan/" target="_blank" rel="noopener">invited</a> bids for the design, engineering, manufacturing, supply, installation, and commissioning of a 250 MW/500 MWh grid-connected standalone BESS  near Fatehgarh-III inter-state transmission system substation in Rajasthan.
SECI has <a href="https://mercomindia.com/seci-rd-proposals-set-up-pilot-energy-storage-systems/" target="_blank" rel="noopener">requested</a> proposals for research and development to demonstrate scalability in gravity-based or mechanical ESS, green hydrogen-based ESS, including any other non-electrochemical ESS technology, among pilot clean energy projects. It said that the capacities of the projects must be up to 500 kWh of energy storage capacity, with a suitable solar generation system in place.

Significant Developments in India’s Energy Storage Sector in 2022

Here are some noteworthy cleantech announcements of the day from around the world:
Tata Power Solar has <a href="https://www.tatapower.com/media/PressReleaseDetails/1861/tata-power-solar-receives-epc-orders-for-inr-686-crores-from-ntpc-to-set-up-solar-pv-projects" target="_blank" rel="noopener">received</a> a Letter of Award from NTPC to build a 210 MW solar project at a total cost of ₹6.86 billion (~$94.01 million). With this addition, the order pipeline of Tata Power Solar stands at around 2.8 GW with an estimated value of ₹130 billion (~$1.78 billion). To be set up in Gujarat, the scope of work includes transmission, engineering, procurement, installation, and commissioning of the solar projects. The project is expected to be commissioned in 2022.
Danish power company Ørsted has <a href="https://orsted.com/en/company-announcement-list/2021/06/2240135" target="_blank" rel="noopener">accelerated</a> its global build-out of renewable energy, setting an ambitious target of 50 GW of installed capacity by 2030. To support the cause, the company plans to invest around DKK350 billion (~$57.22 million) in green energy from 2020 to 2027. The firm’s board of directors approved the new strategic ambition and financial guidance in connection with its Capital Markets Day. Ørsted aims to fast-track its average yearly investments by around 50% since its last Capital Markets Day.
Adani Wind Energy Kutchh Three Limited, a subsidiary of Adani Green Energy, has <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/36dd5d3d-ed86-4859-a190-f9480cebc21e.pdf" target="_blank" rel="noopener">commissioned</a> a 150 MW wind project in Kutchh, Gujarat, nine months ahead of its schedule. This is the sixth project commissioned before the scheduled date by the company over the past 12 months, the company noted in a BSE filing. The project has a 25-year power purchase agreement with Solar Energy Corporation of India at ₹2.82 (~$0.039)/kWh. This commissioning takes Adani Green Energy Limited’s total operational renewable capacity to 5,070 MW, a step closer to its vision of 25 GW capacity by 2025.
Norway-based renewable energy systems specialist Scatec has been <a href="https://scatec.com/2021/06/01/scatec-awarded-540-mw-solar-plant-with-storage-in-a-government-tender-in-south-africa/" target="_blank" rel="noopener">awarded</a> a 540 MW solar project with storage by South Africa’s Department of Mineral Resources and Energy. The three projects, 540 MW solar and 225 MW/1,140 MWh battery storage, were bid-based on sites located in the Northern Cape Province of South Africa. The solar and storage solution will provide dispatchable power from 5 AM to 9.30 PM. The power will be sold under a 20-year power purchase agreement with a paid capacity charge.
The Ministry of Energy of Uzbekistan has <a href="http://minenergy.uz/en/news/view/1279" target="_blank" rel="noopener">awarded</a> Abu Dhabi-based Masdar a 457 MW solar photovoltaic (PV) project to be built in the country’s Sherabad district. The project coming up in the Surkhandarya region is part of a wider program to construct solar PV plants with a total capacity of 1 GW. The program is being implemented with support from the Asian Development Bank. Masdar bagged the project with a winning bid of $1.8045/kWh. The project also includes constructing a new 220 kV substation and a 52 km transmission line to connect to the 500 kV Surkhan substation.
The Ministry of New and Renewable Energy has <a href="https://mnre.gov.in/img/documents/uploads/file_f-1622692756707.pdf" target="_blank" rel="noopener">issued</a> a declaration format associated with the order issued on March 10, 2021. The order declared the first batch of module manufacturers under the Approved List of Models and Manufacturers (ALMMs). As per the notification, the bidding agencies can consider the declaration document as a reference paper to procure involving ALMM dispensation, and if required, may modify it as per specification within the overall ALMM framework.
Oslo-based Scatec has <a href="https://www.globenewswire.com/news-release/2021/06/03/2240962/0/en/Scatec-enters-the-Indian-market-by-signing-agreement-for-a-900-MW-solar-power-plant.html" target="_blank" rel="noopener">entered</a> into a partnership with solar developer ACME for a 900 MW solar project in Rajasthan. The project holds a 25-year power purchase agreement with the Solar Energy Corporation of India secured in a tender in 2018. The project has an estimated total CAPEX of $400 million, with 75% debt financing from an Indian state-owned lender. Scatec will hold a 50% economic interest in the project, while ACME will retain the rest. ACME will be the turn-key engineering, procurement, and construction provider for the project. The annual production from the plant is expected to be 1,600 GWh.

Daily News Wrap-Up: Tata Power Solar to Build a 210 MW Solar Project for NTPC

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