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Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief


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					</table><p><a href="https://www.mercomindia.com/powering-the-future-renewable-energy-projects"><strong>The “</strong><strong>Financing the Renewable Energy Sector</strong><strong>” session at the Mercom India Renewables Summit 2024 brought together key industry leaders</strong></a> to discuss the current landscape, challenges, and opportunities in financing renewable energy projects in India. The panel featured Pranab Kumar Sinha, Executive Director of Power Finance Corporation; Manjiri Bhalerao, Chief General Manager of Exim Bank; Hitesh Paliwal, Senior Vice-President and Zonal Head, North Zone, State Bank of India; and Vikram Sheth, Head, Investment Banking at New Age.</p>
<p><a href="https://www.mercomindia.com/india-transformative-solar-technologies"><strong>The transformative technologies reshaping the energy landscape were explored during the session titled “</strong><strong>Exploring Next-Generation Technologies Driving</strong></a> the Clean Energy Market” on the first day of the two-day Mercom India Renewables Summit 2024, held in New Delhi. The session featured Mehul Sharma, CEO – India Sunpure Technology, Manish Narula, Executive Vice President – South Asia at Jinko Solar, Manish Relan, AVP Sales – (Solar Modules) at Swelect Energy, and Mayank Mishra, Senior Sales Director (India) at Nextracker.</p>
<p><a href="https://www.mercomindia.com/waaree-q1-fy-2025-profit"><strong>Waaree Renewable Technologies</strong><strong>, the solar engineering, procurement, and construction arm of the Waaree Group, posted a total revenue of ₹2.36 billion</strong></a> (~$28.18 million) in the first quarter of the financial year 2025, an increase of 83.3% year-over-year (YoY). Revenue from the EPC segment alone surged by 80.4% YoY, reaching ₹2.29 billion (~$27.34 million). This performance is underscored by customer billings amounting to ₹3.01 billion (~$35.94 million) for a volume of 302.95 MW, compared to ₹1.31 billion (~$15.64 million) for a volume of 109.45 MW YoY.</p>
<p><a href="https://www.mercomindia.com/torrent-powers-profit-grows-fy-2025"><strong>Gujarat-based </strong><strong>Torrent Power</strong><strong>‘s net profit for the first quarter of the financial year 2024-25 stood at ₹9.96 billion ($118.9 million), an 87% year-over-year</strong></a><strong> (YoY) </strong>rise from ₹5.32 billion ($63.5 million). Torrent Power reported a revenue of ₹90.34 billion ($1.07 billion), marking a 23% increase YoY from ₹73.28 billion ($875.4 million). Earnings Before Interest, Taxes, Depreciation, and Amortization surged by 52% to ₹19.34 billion ($231 million) from ₹12.7 billion ($151.7 million) in the same quarter last year.</p>
<p><a href="https://www.mercomindia.com/first-solar-q2-profit-doubles"><strong>U.S.-based </strong><strong>First Solar</strong><strong>‘s second quarter (Q2) 2024 net income rose 104.8% to touch $349.4 million from $170.6 million last year, primarily driven by higher</strong></a> module sales and improved pricing. Quarterly net sales rose to $1.01 billion, up 24.6% from $810.7 million in Q2 2023, reflecting increased module shipments. Meanwhile, operating expenses decreased slightly by 11%, falling from $142 million last year to $126.4 million, benefiting the top line. This reduction was largely due to lower litigation-related expenses.</p>


Daily News Wrap-Up: Financing India’s Renewable Energy Projects


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					</table><p><a href="https://www.mercomindia.com/government-retenders-10-gwh-battery-cell-pli" target="_blank" rel="noopener"><strong>The Ministry of Heavy Industries has issued a request for proposals to select manufacturers to set up 10 GWh manufacturing capacities for</strong></a> Advance Chemistry Cell (ACC) under the Production Linked Incentive (PLI) program. The tender follows MHI’s announcement that it would re-issue the tender for the unallocated 20 GWh capacity under the ‘National Program on ACC Battery Storage.’\</p>
<p><a href="https://www.mercomindia.com/karnataka-peer-to-peer-solar-energy-trading" target="_blank" rel="noopener"><strong>The Karnataka Electricity Regulatory Commission has released a draft proposal to allow peer-to-peer solar</strong></a> energy trading in the state using blockchain technology whereby electricity consumers can become ‘prosumers’ by installing rooftop solar modules and selling excess power generated to consumers directly.</p>
<p><a href="https://www.mercomindia.com/30-40-gw-open-access-green-energy-4-5-years-interview" target="_blank" rel="noopener"><strong>In an exclusive interview with Mercom India, Rahul Mishra, Senior VP and Head of Commercial &amp; Industrial</strong></a> (C&amp;I) at BluPine Energy, shared his views on the recent trends in the green energy open access market and the C&amp;I energy transition in India. BluPine Energy is a renewable energy solutions provider to the C&amp;I segment, with a development portfolio of over 4 GW in solar, wind, and storage assets.</p>
<p><a href="https://www.mercomindia.com/sael-secures-renewable-energy-expansion" target="_blank" rel="noopener"><strong>SAEL</strong><strong>, an India-based waste-to-energy producer, has raised $1 billion in a funding round involving </strong><strong>Norfund</strong></a>, the U.S. Development Finance Corporation, the Asian Development Bank, Tata Cleantech, and other financial institutions. The company said the investment will be used to expand its solar and biomass projects, taking advantage of the favorable market conditions and government programs in the renewable energy sector.</p>
<p><a href="https://www.mercomindia.com/gensol-profit-surges-eight-fold-q3-fy24" target="_blank" rel="noopener"><strong>Engineering and consulting firm </strong><strong>Gensol Engineering</strong><strong> posted a net profit of ₹123.1 million (~$1.5 million) in the third quarter</strong></a> (Q3) of the financial year (FY) 2024, an increase of 748% year-over-year (YoY) from a net loss of ₹19 million (~$228,578). The increase in net profit could be attributed to the increase in solar engineering, procurement, and commissioning (EPC) orders the company received during the period.</p>
<p><a href="https://www.mercomindia.com/acme-ihi-corporation-partner-from-india-to-japan" target="_blank" rel="noopener"><strong>ACME Group</strong><strong>, a renewable energy company, and </strong><strong>IHI Corporation</strong><strong>, a Japan-based integrated heavy industry</strong></a> group, have inked an offtake term sheet for the supply of green ammonia from India to Japan. The agreement is aimed at contributing to India’s National Green Hydrogen Mission and Japan’s net-zero commitment.</p>
<p><a href="https://www.mercomindia.com/robotic-solar-module-million-in-series-a-funding" target="_blank" rel="noopener"><strong>China-based robotic solar module cleaning solutions firm </strong><strong>Sunpure</strong><strong> announced that it has completed</strong></a> its Series A funding round of ¥100 million (~$676,221) led by Hengxu Capital. Yuantai Investment Partners Fund, Guoyuan Fund, and the company’s existing shareholder, GL Venture, also participated in this round.</p>
<p><a href="https://www.mercomindia.com/germanys-2023-solar-capacity-gw-91-increase-yoy" target="_blank" rel="noopener"><strong>Germany installed 3.5 GW of solar power capacity in the fourth quarter of 2023, a 105.8% YoY growth from 1.7 GW.</strong></a> On a quarter-over-quarter basis, installations witnessed a drop of 7.8% from 3.8 GW. The data was published in a recent report by the German Federal Network Agency Bundesnetzagentur.</p>
<p><a href="https://www.mercomindia.com/solar-dominate-us-power-generation-2050" target="_blank" rel="noopener"><strong>Wind energy deployment in the U.S. is expected to reach 770 GW and solar 1,090 GW by 2050, representing 5x and 10x</strong></a> increases over current levels, respectively, according to the National Renewable Energy Laboratory. Wind and solar are forecasted to contribute between 55% and 85% of total generation in 2050 across various scenarios.</p>
<p><a href="https://www.mercomindia.com/jsw-energys-profit-rises-on-renewables-q3-fy24" target="_blank" rel="noopener"><strong>JSW Energy</strong><strong>, an independent power producer, reported a net profit of ₹2.32 billion (~$27.9 million), a jump of 29% YoY in Q3 of FY 2023-24</strong></a>, helped by a strong performance in the renewables segment and lower fuel costs. Higher generation in both thermal and renewables segments drove the company’s total revenue up by 13% YoY to ₹26.61 billion (~$320 million).</p>


Daily News Wrap-Up: Tender for 10 GWh Battery Cell Capacity Under PLI Program


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					</table><p>China-based robotic solar module cleaning solutions firm <a href="https://en.sunpuretech.com/" target="_blank" rel="noopener">Sunpure</a> announced that it has completed its Series A funding round of ¥100 million (~$676,221) led by <a href="https://eng.hengxucapital.com/" target="_blank" rel="noopener">Hengxu Capital</a>.</p>
<p>Yuantai Investment Partners Fund, <a href="http://www.fundsgy.com/website/w/h" target="_blank" rel="noopener">Guoyuan Fund</a>, and the company’s existing shareholder, <a href="https://glventure.com/" target="_blank" rel="noopener">GL Venture</a>, also participated in this round.</p>
<p>The company, which specializes in research and development, manufacturing, sales, and service of intelligent photovoltaic (PV) robots, said it has secured contracts for over 13 GW capacity, and its cleaning robot has been deployed in 14 countries and regions.</p>
<p>The funds raised in this round will be directed towards the research and development of intelligent robots for solar projects,  as well as the optimization and upgrading of comprehensive cleaning solutions across various scenarios.</p>
<p>The company is keen on exploring robotic applications in different stages of PV plant development, with the aim of enhancing power generation efficiency, increasing the overall internal rate of return, lowering the levelized cost of electricity, and delivering higher value to global customers.</p>
<p>The process of soil, dust, and snow getting collected on solar panels, which is referred to as “soiling,” hinders the amount of light hitting the module and its output.</p>
<p>According to a report by the International Energy Agency, the soiling of solar PV systems could have led to a <a href="https://www.mercomindia.com/solar-pv-soiling-cut-energy-production-worldwide#:~:text=The%20soiling%20of%20solar%20photovoltaic,Energy%20Agency%20(IEA)%20said." target="_blank" rel="noopener">loss</a> of €4-7 billion ($4.3-7.6 billion) in 2023, which is equivalent to a 4-5% loss in energy production worldwide. To alleviate these costs, the right cleaning technology, which includes solutions such as automated PV cleaners, is important for the operation and maintenance of solar farms.</p>
<p>Recently, robotic cleaning technology has <a href="https://www.mercomindia.com/robotic-cleaning-maximize-energy-yield" target="_blank" rel="noopener">emerged</a> as a cost-effective method amongst utility-scale solar developers because of its efficiency in optimizing operations and management of solar projects.</p>
<p>According to Mercom Capital Group’s newly released <a href="https://mercomcapital.com/product/annual-q4-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Annual and Q4 2023 Solar Funding and M&amp;A Report</a>, the global corporate funding in the solar sector in 2023, including venture capital investments, public market funding, and debt financing, reached $34.3 billion, a 42% year-over-year increase from $24.1 billion.</p>


Robotic Solar Module Cleaning Firm Sunpure Secures ¥100 Million in Series A Funding

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