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Government Updates Domestic Content Norms for Solar Cells

Adani, Sprng, Mahindra and Avaada Win NHPC’s 1.2 GW Hybrid Power Auction

Solar Powered Desalination in Water-Stressed Middle East

India Adds 6.9 GW of Solar Open Access Capacity in 2024

Central Commission Approves Tariff for SECI’s 1.2 GW Solar Projects

Daily News Wrap-Up: Rajasthan Waives Charges for Rooftop Projects

Western Coalfields Invites Bids for 1.3 MW Rooftop Solar Systems

Attractive Financing Options for C&I Rooftop Solar with Rates as Low as 6.8%

CleanMax, Osaka Gas Form JV to Develop Renewable Energy Projects


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					</table><p><a href="https://www.mercomindia.com/corporate-funding-in-the-solar-sector-dropped-24-yoy-in-2024" target="_blank" rel="noopener">Global corporate funding in the solar sector in 2024 reached $26.3 billion, a 24% year-over-year decline from $34.4 billion</a>, according to Mercom’s Annual and Q4 2024 Solar Funding and M&amp;A Report. There were 157 deals in 2024 compared to 161 deals in 2023. Global venture capital and private equity funding in the solar sector in 2024 reached $4.5 billion in 60 deals, a 36% decline from $7 billion raised in 70 deals in 2023.</p>
<p><a href="https://www.mercomindia.com/center-and-states-must-align-better-for-accelerated-solar-open-access-growth" target="_blank" rel="noopener">There is a remarkable shift in the adoption of renewable energy in India, particularly with solar open access growing as a compelling choice</a> for commercial and industrial power consumers. According to Mercom India Solar Open Access Report, in the first nine months of 2024, 4.8 GW of solar open access capacity was added, a 69% year-over-year increase from 2.8 GW installed in 9 M 2023.</p>
<p><a href="https://www.mercomindia.com/mercom-capital-report-corporate-funding-energy-storage-smart-grid" target="_blank" rel="noopener">According to Mercom Capital Group’s newly released Annual and Q4 2024 Funding and M&amp;A Report for Storage &amp; Grid</a>, corporate funding for energy storage companies, including venture capital investments, public market funding, and debt financing, increased 5% year-over-year. Corporate funding for energy storage companies grew to $19.9 billion in 116 deals in 2024, compared to $19 billion in 120 deals in 2023.</p>
<p><a href="https://www.mercomindia.com/solar-energys-contribution-to-indias-power-mix-surpassed-21-in-q4" target="_blank" rel="noopener">At the end of December 2024, solar photovoltaic projects represented 21.2% of India’s total installed power capacity and 46.8%</a> of its total installed renewable capacity. India’s installed solar capacity grew by 10.5% quarter-over-quarter and 57.2% year-over-year. Renewables, including hydro projects, accounted for 45.4% of the country’s installed power capacity, totalling 209.7 GW by the end of 2024.</p>
<p><a href="https://www.mercomindia.com/kerala-rooftop-solar-growth" target="_blank" rel="noopener">Kerala emerged as a leader in residential rooftop solar installations, with the PM Surya Ghar program being a major catalyst</a>. The state has achieved a 60.13% application-to-installation conversion rate, reflecting high implementation efficiency. This ratio highlights the active participation of distribution companies and empaneled vendors.</p>
<p><a href="https://www.mercomindia.com/maharashtra-and-rajasthan-lead-solar-powered-agriculture-under-kusum-program" target="_blank" rel="noopener">Maharashtra and Rajasthan have been frontrunners in adopting the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan</a> (PM KUSUM) program Component C, demonstrating progress in scaling renewable energy infrastructure to meet the dual objectives of sustainable agriculture and energy security.</p>
<p><a href="https://www.mercomindia.com/karnataka-high-court-strikes-down-green-energy-open-access-rules" target="_blank" rel="noopener">The Karnataka High Court struck down the Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules, 2022</a>, along with the Karnataka Electricity Regulatory Commission (KERC) (Terms and Conditions for Green Energy Open Access) Regulations, 2022. The court held that the Union government cannot exceed the authority granted under the Electricity Act while enacting such regulations.</p>
<p><a href="https://www.mercomindia.com/how-to-monetize-brownfield-transmission-assets-to-attract-private-investment" target="_blank" rel="noopener">Government agencies in India’s power sector suggested that states find methods to monetize brownfield electricity transmission assets</a> to attract investments required for creating new transmission infrastructure. According to the Central Electricity Authority’s National Electricity Plan, an investment of ₹9.16 trillion (~$106 billion) is required to create new transmission infrastructure by 2032.</p>
<p><a href="https://www.mercomindia.com/solar-industry-2025-budget-wishlist" target="_blank" rel="noopener">As India’s renewable energy sector continues to grow, the spotlight is on Finance Minister Nirmala Sitharaman</a> as she prepares to present the Union Budget 2025. As India strives to achieve its ambitious target of 500 GW renewable energy capacity by 2030 and net-zero emissions by 2070, the upcoming budget is expected to be pivotal in shaping the country’s clean energy future.</p>
<p><a href="https://www.mercomindia.com/indias-installed-wind-capacity-rose-45-yoy-in-q4-2024" target="_blank" rel="noopener">India added over 800 MW of wind power capacity in the fourth quarter of calendar year 2024, up 45.1% year-over-year from 551 MW</a>. The capacity additions surged 13.3% quarter-over-quarter from 706.6 MW, according to Mercom India Research. Increasing demand for wind-solar hybrid power and improvement in the wind turbine supply chain with project developers undertaking construction and erection activities reduced commissioning timelines.</p>
<p><a href="https://www.mercomindia.com/solar-module-capacity-under-almm-mw" target="_blank" rel="noopener">The Ministry of New and Renewable Energy updated the Approved List of Models and Manufacturers (ALMM) for solar photovoltaic modules</a>. The cumulative module manufacturing capacity under ALMM now stands at 64,568 MW. The latest updates to the provisional ALMM feature Insolar Limited, with a capacity of 1,525 MW, and Visaka Industries (ATUM Division), with a capacity of 16 MW.</p>
<p><a href="https://www.mercomindia.com/andhra-high-court-solar-gst" target="_blank" rel="noopener">The Andhra Pradesh High Court held that a solar power project does not qualify as a ‘works contract’ taxable at 18% goods and services tax (GST)</a>; instead, it is a ‘composite supply’ and a moveable property, attracting 5% GST. Mercom had written about how GST intricacies impact the renewable energy sector, requiring a closer look at taxation.</p>
<p><a href="https://www.mercomindia.com/mnre-adds-3-gw-of-solar-module-capacity-to-almm" target="_blank" rel="noopener">The Ministry of New and Renewable Energy updated the Approved List of Models and Manufacturers (ALMM) for solar photovoltaic modules</a>, adding 3,015 MW of new capacity. The cumulative module manufacturing capacity stands at 67,401 MW. New entries to the list included BVG India adding 367 MW, KLK Ventures adding 33 MW, and SAN Energy and Solution adding 27 MW to the total added capacity.</p>
<p><a href="https://www.mercomindia.com/gujarat-guidelines-off-grid-renewable-projects" target="_blank" rel="noopener">The Gujarat Energy Development Agency issued detailed procedures, guidelines, and terms for establishing</a> off-grid solar, wind, and wind-solar hybrid power projects. The guidelines aim to help isolated entities meet Renewable Purchase Obligation requirements through off-grid renewable solutions, encourage sustainable energy use in areas without grid connectivity, and expand diverse energy technologies to enhance energy security and environmental sustainability.</p>
<p><a href="https://www.mercomindia.com/mnre-sets-efficiency-standards-for-solar-modules-inverters-and-batteries" target="_blank" rel="noopener">The Ministry of New and Renewable Energy released the “Solar Systems, devices, and Components Goods Order, 2025,”</a> setting performance standards for solar modules, inverters, and storage batteries. The order aims to enhance the quality and reliability of solar components and boost the adoption of high-performance solar technologies.</p>
<p><a href="https://www.mercomindia.com/karnataka-releases-draft-regulations-for-grid-ancillary-services" target="_blank" rel="noopener">KERC released draft regulations to strengthen the framework for ancillary services</a> to maintain the state’s grid. These regulations are driven by an increasing renewable energy penetration, rising demand, and diverse grid integration challenges. KERC has invited stakeholders’ objections, suggestions, and views on the proposed draft within 30 days.</p>
<p><a href="https://www.mercomindia.com/chhattisgarh-draft-dsm-guidelines" target="_blank" rel="noopener">The Chhattisgarh State Electricity Regulatory Commission issued the Draft Chhattisgarh State Electricity Regulatory Commission</a> (Intra-State Deviation Settlement Mechanism and Related Matters) Regulations, 2025. The regulations apply to all entities connected to the state transmission utility, inter-state or intra-state within Chhattisgarh.</p>
<p><a href="https://www.mercomindia.com/uttar-pradesh-deviations-solar-tender" target="_blank" rel="noopener">The Uttar Pradesh Electricity Regulatory Commission approved the Uttar Pradesh New and Renewable Energy Development Agency’s</a> revised tender to supply 3,205 MW of solar power to Uttar Pradesh Power Corporation under Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM- KUSUM) Component C2.</p>
<p><a href="https://www.mercomindia.com/jerc-releases-draft-resource-adequacy-regulations-for-goa-and-union-territories" target="_blank" rel="noopener">The Joint Electricity Regulatory Commission released draft resource adequacy regulations for the state of Goa and the union territories (UTs)</a> of Andaman and Nicobar, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, Lakshadweep, and Puducherry. The regulations aim to enable the implementation of the resource adequacy framework by outlining a mechanism for planning the generation and transmission of resources to reliably meet the projected demand in compliance with specified reliability standards.</p>
<p><a href="https://www.mercomindia.com/cerc-recovery-of-legacy-dues-dsm-pool-account" target="_blank" rel="noopener">The Central Electricity Regulatory Commission reiterated that the approved methodology in the National Load Despatch Centre’s</a> detailed procedure applies to all Deviation Settlement Mechanism Pool Account deficits starting September 16, 2024. It directed the distribution companies to ensure timely payment of dues to avoid delays in compensating ancillary service providers and maintain grid stability.</p>
<p><a href="https://www.mercomindia.com/karnataka-draft-open-access-regulations-2025" target="_blank" rel="noopener">KERC released the draft Karnataka Electricity Regulatory Commission (Terms and Conditions for Open Access) Regulations, 2025</a>. Stakeholders can submit their comments and suggestions by February 15, 2025. This draft follows the Karnataka High Court’s decision to strike down the previous Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules 2022 and the KERC (Terms and Conditions for Green Energy Open Access) Regulations 2022.</p>
<p><a href="https://www.mercomindia.com/haryana-releases-draft-deviation-settlement-mechanism-regulations" target="_blank" rel="noopener">The Haryana Electricity Regulatory Commission released draft regulations on the Deviation Settlement Mechanism and related matters.</a> Stakeholders can submit their feedback by February 11, 2025. The Commission aims to maintain grid discipline and security through the commercial mechanism for deviation settlement.</p>


Month in a Minute: Top Headlines from the Indian Renewable Sector in January 2025


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					</table><p><a href="https://www.acmesolar.in/" target="_blank" rel="noopener">ACME Solar Holdings</a> has reported a consolidated revenue of ₹4.01 billion (~$48.46 million) for the third quarter (Q3) of the financial year (FY) 2025, a 9.9% year-over-year (YoY) growth from ₹3.65 billion (~$44.06 million) and a 35.8% increase from ₹2.95 billion (~$35.68 million) in Q2 FY 2025.</p>
<p>The company attributed the revenue growth to the phased commissioning of a 1,200 MW project for the Solar Energy Corporation of India.</p>
<p>ACME Solar’s profit after tax (PAT) surged to ₹1.12 billion (~$13.53 million) for the quarter, a 152.1% YoY increase from ₹440 million (~$5.32 million), growing its PAT margin growth to 28%, from 12.2%.</p>
<p>Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q3 FY 2025 stood at ₹3.59 billion (~$43.37 million), a 15.7% YoY increase from ₹3.1 billion (~$37.47 million). The EBITDA margin also rose to 89.6% from 85.1% in the corresponding period of the previous year.</p>
<p>ACME Solar’s Earnings Per Share (EPS) for the quarter came in at ₹2.09 (~$0.024), a 161% YoY growth from ₹0.8 (~$0.009).</p>
<p><strong>Operational Highlights</strong></p>
<p>ACME Solar generated 2,499 million units (MU) of electricity in the first nine months (9M) of FY 2025, a 34.5% increase over the 1,858 MU generated during the same period the previous year. The company’s capacity utilization improved to 23.7%, up 3.2% compared to 9M FY 2024.</p>
<p>The company’s EPS during 9M FY 2025 came in at ₹2.4 (~$0.028), a 23% YoY decline from ₹2.97 (~$0.034). Profit for 9M decreased from ₹1.65 billion (~$19.88 million) in FY23 to ₹1.29 billion (~$15.55 million) in FY24. Revenue decreased from ₹10.24 billion (~$123.49 million) in 9M FY23 to ₹9.18 billion (~$110.47 million) in the same period.</p>
<p>At the earnings call conference, ACME Solar management said the company utilized its recent initial public offering proceeds to reduce debt by ₹20.7 billion (~$248.55 million), bringing total debt down to ₹68.82 billion (~$827 million) from ₹87.55 billion (~$1.05 billion) in the previous quarter.</p>
<p>Its projected annual EBITDA run rate is between ₹17.5 billion (~$210 million) and ₹18 billion (~$216 million), and a pre-tax return on capital employed of 14.5%.</p>
<p>The company claimed 100% grid connectivity for its under-construction projects and 5,000 acres of land ready for development. It said its Firm and Dispatchable Renewable Energy projects contributed to improved capacity utilization factor of up to 32%-33% for newer installations.</p>
<p>During Q3 FY 2025, ACME commissioned a 1,200 MW Solar Energy Corporation of India project in Rajasthan, increasing its operational portfolio to 2,540 MW. The company’s under-construction capacity increased to 4,430 MW during this period.</p>
<p>The company signed power purchase agreements for 2,340 MW, representing 52.8% of its total under-construction capacity.</p>
<p>It secured debt financing of approximately ₹165 billion (~$1.99 billion) for 1,700 MW of its ongoing projects. The company also obtained refinancing for operational capacity debt of ₹55 billion (~$664.71 million) at an average annual interest rate of 8.8%.</p>
<p>In December 2024, ACME Renewtech, a subsidiary of ACME Solar Holdings, <a href="https://www.mercomindia.com/acme-renewtech-wind-solar-hybrid-project" target="_blank" rel="noopener">secured</a> ₹19.88 billion (~$240.19 million) in term loan financing from the Power Finance Corporation (PFC) to fund a 300 MW solar-wind hybrid project.</p>
<p>In November 2024, ACME Sun Power, a wholly owned subsidiary of ACME Solar Holdings, <a href="https://www.mercomindia.com/acme-secures-37-billion-loan-from-rec" target="_blank" rel="noopener">secured</a> a ₹37.53 billion (~$453.82 million) loan from REC Limited to develop 320 MW FDRE projects in collaboration with SJVN.</p>


ACME’s Q3 FY 2025 Revenue Up 10% on Commissioning of 1.2 GW Solar Project


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					</table><p>Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) reported a consolidated revenue of ₹1.605 billion (~$19.32 million) for the third quarter (Q3) of the financial year (FY) 2025, up 13.7% year-on-year (YoY) from ₹1.412 billion (~$17.02 million).</p>
<p>IEX had <a href="https://www.mercomindia.com/iex-reports-25-jump-trades-36-7-bu-of-energy" target="_blank" rel="noopener">reported</a> a consolidated revenue of ₹1.68 billion (~$20.1 million), an increase of 26.2% YoY in Q2.</p>
<p>The third quarter&#8217;s consolidated profit after tax (PAT) was ₹1.073 billion (~$12.91 million), a 16.9% increase from ₹918 million (~$11.06 million) in the same period last year.</p>
<p>The standalone revenue from operations in Q3 FY25 was ₹1.313 billion (~$15.80 million), with total standalone income, including other income of ₹285 million (~$3.43 million), at ₹1.598 billion (~$19.14 million).</p>
<p>The standalone PAT for the quarter was ₹1.031 billion (~$12.43 million), reflecting a 15.5% increase compared to ₹ 893 million (~$10. 75 million) in Q3 FY24.</p>
<p>For the nine months ending December 2024, the company’s consolidated revenue reached ₹4.828 billion (~$58.14 million), a 20% YoY growth. The consolidated PAT reached ₹3.121 billion (~$37.58 million), up 22.8% YoY from ₹2.541 billion (~$30.58 million).</p>
<p>The growth levers for IEX included increase in power consumption, new products and regulatory developments, and ample supply-side availability. Despite a 5% increase in demand in the first nine months, prices declined due to improved (+40% YoY) sell-side liquidity.</p>
<p><strong>Operational Highlights</strong></p>
<p>The exchange recorded a total electricity trading volume of 30.5 billion units (BU) in Q3 , a 15.9% YoY increase from 26.3 BU in Q3 FY24. The cumulative trading volume for the first nine months of FY25 reached 89 BU, reflecting a 19% YoY growth.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-75663 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/IEX-Q3-Graphics-1.png" alt="IEX Q3 Graphics" width="752" height="474" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/IEX-Q3-Graphics-1.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/IEX-Q3-Graphics-1-300x189.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/IEX-Q3-Graphics-1-650x410.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/IEX-Q3-Graphics-1-624x393.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/IEX-Q3-Graphics-1-600x378.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></p>
<p>Renewable Energy Certificate (REC) trading increased, with 2.652 million RECs traded during the quarter, a 31% rise from 2.24 million in Q3 FY24. The green market segment grew steadily, with 0.4 BU traded during the quarter.</p>
<p>Additionally, the exchange facilitated trading 2.03 million certificates during the quarter, including energy-saving certificates.</p>
<p>The average Day-Ahead Market (DAM) price during Q3 FY25 dropped to ₹3.71 (~$0.045)/kWh a 26% YoY decline due to higher sell-side liquidity and improved coal inventory levels.</p>
<p>The Central Electricity Regulatory Commission (<a href="https://cercind.gov.in/" target="_blank" rel="noopener">CERC</a>) also introduced draft procedures for trading Carbon Credit Certificates, which is expected to expand IEX’s operational capabilities soon.</p>
<p>IEX <a href="https://www.mercomindia.com/iex-electricity-trade-december" target="_blank" rel="noopener">recorded</a> the highest-ever monthly electricity trading volume of 11,132 MU in December 2024, a 29% YoY increase.</p>
<p>In December 2024, it <a href="https://www.mercomindia.com/green-energy-trade-on-iex-increases-by-331-yoy-in-november-2024" target="_blank" rel="noopener">traded</a> 818 million units (MU) of green energy during November 2024, a 331.8% increase from 189 MU in the same month in 2023.</p>


IEX Reports 16.9% Growth in Q3 FY 2025 Profit, Trades 30.5 BU of Energy


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					</table><p>U.S.-headquartered <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 23.9% year-over-year (YoY) dip in revenue to $102.2 million during the third quarter (Q3) of 2024, primarily due to project delays and supply chain issues.</p>
<p>Shoals reported a net loss of $300,000, an improvement from the $9.8 million net loss in Q3 2023, while adjusted net income was $13.9 million, down 58.2% YoY.</p>
<p>Adjusted EBITDA was $24.5 million, down 48.9% from the previous year, with a margin of 24%, down from 35.8% in Q3 2023.</p>
<p>As of September 30, 2024, the company’s backlog and awarded orders totaled $596.6 million, a decrease of 5.8% YoY. About $455.2 million worth of orders is expected to be fulfilled over the next four quarters.</p>
<p>Shoals reported an earnings per share (EPS) of $0.08, missing expectations by $0.02.</p>
<p>General and administrative expenses declined 17% YoY to $18.7 million due to reduced stock-based and incentive compensation expenses.</p>
<p>Shoals’ cash flow from operations for the first nine months of 2024 rose to $66.4 million, up 1.4% from $65.5 million in 2023.</p>
<p><strong>Market Landscape </strong></p>
<p>CEO Brandon Moss acknowledged the challenges of the current market conditions but said the long-term outlook for utility-scale solar remains positive.</p>
<p>Shoals employs over 1,000 people across the U.S. and does not receive any 45X tax credits. The company noted that project timelines have been extended as developers take longer to award projects to EPCs, who then bring Shoals into the process.</p>
<p>The delay is attributed to various factors, including developers renegotiating Power Purchase Agreements (PPAs) due to shifting financial conditions, prolonged permitting processes, some projects being placed further back in the interconnection queue, and rising labor costs leading to economic reassessments.</p>
<p>The company said it is navigating through these challenges by improving relationships with existing customers and establishing new ones, focusing on product innovation, including introducing 2 kV systems and expanding into new markets such as commercial, community, and industrial solar and battery energy storage solutions.</p>
<p>Shoals received a favorable initial determination from the International Trade Commission regarding its patent infringement case against a competitor. The company plans to continue protecting its intellectual property and pursue damages in pending district court cases.</p>
<p>Despite the challenges in 2024, management expressed confidence in returning to growth in the upcoming year, supported by a strong backlog and awarded orders.</p>
<p>The company <a href="https://www.mercomindia.com/shoals-revenue-dips-17-yoy-in-q2" target="_blank" rel="noopener">reported</a> a revenue of $99.2 million in Q2 2024, a 17%YoY decrease from $119 million. The fall in revenue was triggered by project pushouts, which resulted in lower demand for the company’s products in domestic utility-scale solar projects.</p>
<p>In Q1 2024, Shoals <a href="https://www.mercomindia.com/shoals-q1-2024-net-income" target="_blank" rel="noopener">reported</a> a net income of $4.8 million, a YoY decline of 72% from $17 million.</p>


Shoals’ Revenue Drops 23.9% in Q3 2024 Amid Project Delays and Supply Chain Issues


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					</table><p>U.S.-based renewables firm <a href="https://www.nexteraenergy.com/" target="_blank" rel="noopener">NextEra Energy</a> reported a net income of $1.85 billion for the third quarter (Q3) of 2024, a 52.8% increase from $1.21 billion in the same period of 2023.</p>
<p>Earnings were $2.12 billion, up from $1.92 billion, an increase of 10.4% year-over-year (YoY).</p>
<p>&#8220;NextEra Energy delivered strong third-quarter results, increasing adjusted earnings per share by approximately 10% year-over-year, reflecting continued solid financial and operational performance at both our businesses,&#8221; said John Ketchum, chairman, president and chief executive officer</p>
<p>Florida Power &amp; Light (FPL), the principal subsidiary of NextEra Energy, saw its net income for the quarter increase to $1.29 billion from $1.183 billion in the same period of the previous year. The growth was driven by continued investment in business operations and capital expenditures, which totaled approximately $2 billion for the quarter.</p>
<p>NextEra Energy Resources (NEER), another subsidiary, reported a net income of $1.2 billion, compared to a net loss of $230 million in the third quarter of 2023. On an adjusted basis, earnings were $979 million, up from $882 million in the previous year.</p>
<p><strong>Operational Highlights</strong></p>
<p>NextEra Energy added approximately 3 GW of new renewables and storage projects to its backlog for the second consecutive quarter. The total backlog now exceeds 24 GW.</p>
<p>The company said that despite the challenges posed by Hurricanes Helene and Milton, FPL&#8217;s investments in grid hardening and smart-grid technology minimized outages and facilitated rapid service restoration to affected customers.</p>
<p>NEER has entered into incremental framework agreements with two Fortune 50 companies to potentially develop up to 10.5 GW of renewables and storage projects by 2030.</p>
<p>FPL&#8217;s investments in low-cost solar generation and battery storage have significantly reduced fuel costs and saved customers nearly $16 billion since 2001.</p>
<p>The company&#8217;s first-quarter net income <a href="https://www.mercomindia.com/nextera-energy-q1-profit-rises" target="_blank" rel="noopener">rose</a> 12% YoY to $2.27 billion.</p>
<p>Last year, NextEra said it would <a href="https://www.mercomindia.com/nextera-sell-natural-gas-assets-focus-on-renewables" target="_blank" rel="noopener">focus</a> solely on growing its renewable energy portfolio and selling its natural gas assets.</p>
<p>Its net income <a href="https://www.mercomindia.com/nextera-net-income-q2-23-higher-renewable" target="_blank" rel="noopener">rose</a> by more than 100% in the second quarter of last year, helped by the execution of growth initiatives by the company’s clean energy generation vertical.</p>


NextEra Energy Reports 52.8% YoY Surge in Q3 2024 Net Income


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					</table><p>The Indian Energy Exchange’s (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) profit after tax (PAT) demonstrated an uptrend, with an 18.9% year-over-year (YoY) increase, soaring to ₹918 million (~$11 million) in the third quarter (Q3) of the financial year (FY) 2023-24 from ₹772 million (~$9.2 million).</p>
<p>The company&#8217;s total trading volumes surged by 16.8%, reaching 28.3 billion units (BU) compared to 24.2 BU in the same period last year.</p>
<p>The growth was accompanied by a 20.4% YoY increase in revenue, rising from ₹1.17 billion (~$ 14.07 million) in Q3 FY 23 to ₹1.41 billion (~$16.9 million) in Q3 FY 24.</p>
<p>For the first nine months (9M) of the year, IEX recorded ₹2.54 billion (~$30.5 million) of PAT, a YoY increase of 16.5%. The revenue for the period stood at ₹4.02 billion ($48.3 million), a 16.5% YoY increase from ₹3.45 billion ($41.5 million).</p>
<p><strong>Operational Highlights</strong></p>
<p>During the quarter, IEX recorded a trading volume of 28.3 BU, with 25.9 BU attributed to the conventional power market segment and an additional 0.4 BU from the green market segment.</p>
<p>The company facilitated the trading of 2.03 million certificates during this period.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-62655 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1.png" alt="" width="1185" height="615" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1.png 1185w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1-300x156.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1-768x399.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1-650x337.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1-624x324.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1-600x311.png 600w" sizes="(max-width: 1185px) 100vw, 1185px" /></p>
<p>In the power sector, October saw a peak power demand of 221 GW, and electricity consumption during Q3 FY’24 increased by 10% YoY, reaching approximately 380 BUs.</p>
<p>The improved supply scenario resulted in increased sell liquidity since November 2023. Sell bids in collective auctions rose by 25% YoY in November 2023 and 18% YoY in December 2023, leading to a softening of prices on the exchange.</p>
<p>The average market clearing price in the Day-Ahead Market (DAM) segment during Q3 FY 24 was ₹5.00 (~$0.060)/unit, compared to ₹5.80 (~$0.069)/unit in Q2 FY&#8217;24. Increased electricity consumption coupled with an easing supply-side led to a surge in the volumes of electricity traded on the Exchange.</p>
<p>The company said that positive regulatory and policy developments during the quarter, including the revised Indian Electricity Grid Code and the Sharing of Inter-State Transmission Charges Regulations, are expected to enhance the sell liquidity on Exchanges further, resulting in a potential decline in power prices.</p>
<p>IEX <a href="https://www.mercomindia.com/energy-trading-iex-fell-december-23" target="_blank" rel="noopener">traded</a> 232 MU of green energy in December 2023, a 38% YoY drop from 377 MU.</p>
<p>In Q2 FY24, it <a href="https://www.mercomindia.com/iex-21-jump-profits-green-energy-trade-drops" target="_blank" rel="noopener">recorded</a> a PAT of ₹865 million (~$10.39 million), a 21.5% YoY increase from ₹712 million (~$8.55 million).</p>
<p>Mercom recently <a href="https://www.mercomindia.com/green-energy-trading-takes-hit-2023" target="_blank" rel="noopener">reported</a> on the downward trend of the green energy trade at the IEX and the reasons behind it.</p>


IEX Records 19% Jump in Q3 Profits, Trades 400 MU of Green Energy


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					</table><p>Solar module maker <a href="https://www.canadiansolar.com/" target="_blank" rel="noopener">Canadian Solar</a>‘s net income in the third quarter (Q3) of 2023 was recorded at $22 million, a year-over-year (YoY) decrease of 71% from $78 million.</p>
<p>The revenue for Q3 of 2023 was $1.8 billion, a 4% YoY decrease. This decline was attributed to lower project sales and a decrease in module average selling price, partially offset by increased solar module shipment volumes.</p>
<p>Total operating expenses for Q3 of 2023 amounted to $225 million, a 17% YoY decrease compared to $274 million in Q3 of 2022. The sequential increase was attributed to higher transportation costs, the TOPCon production ramp-up, and increased research and development expenses.</p>
<p>This increase was partially offset by a reduction in share-based compensation following the successful CSI Solar IPO in the second quarter of 2023.</p>
<p>Depreciation and amortization charges for Q3 of 2023 were $76 million, a 35.7% increase YoY up from $56 million. The sequential increase was primarily due to the company&#8217;s ongoing capacity expansion.</p>
<p>Total module shipments recognized as revenues during the quarter were 8.3 GW, indicating a 39% YoY increase. Of this total, 82 MW were shipped to the company&#8217;s utility-scale solar power projects.</p>
<p>As of September 30, 2023, Canadian Solar&#8217;s total debt stood at $3.3 billion, unchanged from the previous quarter. This total debt included $1.72 billion, $1.38 billion, and $227 million related to CSI Solar, Recurrent Energy, and convertible bonds.</p>
<p>Dr. Shawn Qu, Chairman and CEO, said, &#8220;We delivered solid profitability in the third quarter of 2023 with continued progress on our capacity diversification, despite lower-than-expected market demand growth due to the higher interest rate environment driving higher inventories in certain markets. We significantly ramped up our capacity in the latest N-type TOPCon cell technology, which now accounts for half of our total cell capacity and is expected to reach 60% by the end of 2023.&#8221;</p>
<p><strong>9M 2023 </strong></p>
<p>For the first nine months (9M) of the year, Canadian Solar recorded a net income of $366.83 million, a YoY increase of 83.6% compared to $199.73 million.</p>
<p>Revenue for 9M was posted at $5.91 billion, a marginal YoY increase of 7.5%.</p>
<p>Total operating expenses for the period came to $ 613.84 million, a YoY decrease of 11.5%</p>
<p>The company said it continued its strategic, long-term investments in crucial premium markets, evidenced by the recent announcement of a 5 GW solar cell facility in Jeffersonville, Indiana, and a 5 GW solar wafer facility in Thailand.</p>
<p>Both facilities are poised to cater to U.S. customers. These developments are set to complement the existing 5 GW solar module facility in Mesquite, Texas, scheduled to commence production in a few weeks.</p>
<p>In June this year, Canadian Solar <a href="https://www.mercomindia.com/canadian-solar-establish-5-gw-module-production-facility-texas" target="_blank" rel="noopener">announced</a> the establishment of a 5 GW solar photovoltaic module manufacturing facility in Mesquite, Texas. This facility, representing an investment of over $250 million, will produce approximately 20,000 high-power modules daily.</p>
<p>The company recently <a href="https://www.mercomindia.com/canadian-solar-subsidiary-ipo-pricing-shanghai-bourse" target="_blank" rel="noopener">revealed</a> the pricing for the shares of CSI Solar, its majority-owned subsidiary, as part of its proposed initial public offering on the Shanghai Stock Exchange.</p>


Canadian Solar’s Net Income Drops 71% As Module Prices Decline


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					</table><p>Solar project developer <a href="https://www.renesolapower.com/" target="_blank" rel="noopener">ReneSola Power</a> posted a net income of $3 million for the third quarter (Q3) of 2022, an over four-fold jump year-on-year (YoY) from $711,000.</p>
<p>The company’s revenue for the July-September quarter stood at $28.89 million, an increase of 85% YoY.</p>
<p>The company said its revenue growth was primarily driven by Independent Power Producer (IPP) solar assets in China, project development business in the U.S., and strong EPC revenue from Poland.</p>
<p>Further, it said its recent acquisition of a solar farm in Branston, U.K. contributed to the revenue growth.</p>
<p>The adjusted earnings before interest, tax, depreciation, and amortization accounted for $7.14 million, a YoY increase of 57.9%.</p>
<p>Yumin Liu, Chief Executive Officer, said, “Q3 results outperformed the high end of our guidance range and represented one of our best quarters in the last three years.”</p>
<p>“We achieved these results despite economic challenges and a strong dollar, which negatively impacted our revenue and earnings from Europe and China by approximately $3 million,” he added.</p>
<p>During the quarter, ReneSola acquired a 50 MW solar farm in Branston in the United Kingdom for $41 million.</p>
<p>“We have already signed attractive PPAs (power purchase agreements) for Branston through March 31, 2027, which we estimate will provide approximately $25 million EBITDA by the end of 2026,” the company said.</p>
<p>The company said it was revising its full-year outlook downwards due to the strategy shift in Poland and Hungary and to approximately $6 million of unexpected negative foreign exchange impact.</p>
<p>ReneSola expects full-year (2022) revenue in the range of $85 million to $90 million, from $100 to $120 million earlier. Similarly, the full-year income forecast stands at $7 to $8 million from $9 to $10 million earlier.</p>
<p>As part of its European IPP strategy, the company decided to withhold approximately 110 MW of project sales in Poland and Hungary, which they originally planned to sell in Q4 2022.</p>
<p>ReneSola will now construct and operate these projects in their European IPP portfolio.</p>
<p>The company also <a href="https://mercomindia.com/funding-and-ma-roundup-form-energy/" target="_blank" rel="noopener">acquired</a> a utility-scale power and battery project developer, <a href="https://emeren.co.uk/#:~:text=Emeren%20is%20a%20renewable%20energy,and%20in%20other%20international%20markets." target="_blank" rel="noopener">Emeren</a>, in Europe for another $16 million with earn-out provisions.</p>
<p>This acquisition expands ReneSola’s footprint in Italy, one of the top three European solar markets.</p>
<p>The solar developer also completed a 10 MW IPP in Hungary in October this year, and its project pipeline reached its 3 GW target.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2022-solar-funding-ma-report/" target="_blank" rel="noopener">9M and Q3 2022 Solar Funding and M&amp;A Report</a>, solar project <a href="https://mercomindia.com/corporate-funding-for-solar-down-18-yoy-with-18-billion-in-9m-2022/" target="_blank" rel="noopener">acquisition</a> activity during the nine months (9M) period was robust, with 207 deals for 52 GW compared to 200 projects for 55.5 GW in the same period last year.</p>


ReneSola Power’s Q3 Net Income Jumps Four-fold to $3 Million on China Assets

<p><a href="https://www.jinkosolar.com/" target="_blank" rel="noopener">Jinko Solar</a>, a Chinese solar module and cell manufacturer, has announced its financial results for the third quarter (Q3) ending September 2018.</p>
<p>The company’s total revenue for Q3 2018 was RMB 6.69 billion ($974.8 million), which is an increase of 10.5 percent from RMB 6.06 billion (~$870 million) in Q2 of 2018. It is also an increase of 4.3 percent from RMB 6.42 billion (~$920 million) compared to the Q3 of 2017.</p>
<p>The growth of revenue was due to an increase in the shipment of solar modules in Q3 2018.</p>
<p>Jinko Solar’s gross profit in Q3 2018 was RMB 997.6 million ($145.3 million), a 37 percent compared to  RMB 727.6 million (~$104.66 million) in Q2 of 2018 and RMB772.4 million (~$ 111.10 million) in Q3 2017.</p>
<p>Solar module shipments totalled 2,953 MW in Q3 2018, an increase of 5.7 percent from 2,794 MW in Q2 2018 and 24.4 percent from 2,374 MW in Q3 2017.</p>
<p>Kangping Chen, chief executive officer of Jinko Solar said, “Overseas module shipments accounted for almost 80% of total shipments during the quarter which offset the impact of softened demand domestically. We are confident in our ability to further expand our market share with global demand expected to recover next year as solar energy becomes more competitive and grid parity approaches in more key markets.&#8221;</p>
<p><a href="https://mercomindia.com/jinkosolar-solar-module-supply-deal-vietnam/" target="_blank" rel="noopener">Earlier</a>, Mercom reported that Jinko Solar signed a 240 MW solar module supply agreement with Powerchina Huadong Engineering Corporation Limited for the second phase of the 420 MW Dau Tieng solar project in Vietnam.</p>


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