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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>India&#8217;s solar market witnessed the emergence of new leaders in the calendar year 2023, according to Mercom&#8217;s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2024</a>, showcasing intense competition for market dominance.</p>
<p>The report provides insight into notable shifts in market share across ten categories over the past calendar year, highlighting which companies are gaining traction and which ones fell behind.</p>
<p>India added around 7.5 GW of solar capacity in 2023, significantly lower than the 13.4 GW installed in 2022, as deadline extensions and policy uncertainty pushed companies to delay projects. Delayed transmission construction timelines and grid connectivity issues in states like Rajasthan, Madhya Pradesh, and Gujarat also contributed to the decline, according to Mercom India Research.</p>
<p>&#8220;The market is widening right now. If you are looking at the rooftop or open access projects, the market has been expanding, providing opportunities to new players,&#8221; said Priya Sanjay, Managing Director at Mercom India.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-65851 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture566.png" alt="India Solar Market Share Leaders 2024" width="602" height="267" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture566.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture566-300x133.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture566-600x266.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></p>
<p>Large-scale solar projects accounted for the lion&#8217;s share at 77.2% of total installations. Meanwhile, the country&#8217;s cumulative installed solar capacity reached approximately 72 GW by the end of 2023.</p>
<p><a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a> remained the top developer for large solar projects in 2023, with the most installed capacity. <a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a> and <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a> followed closely. NTPC Renewable Energy had the most under-development capacity at the end of 2023.</p>
<p>Together, the top ten developers contributed 88.2% of the new large-scale solar capacity.</p>
<p>Adani Green Energy also emerged as one of the leading global large-scale solar photovoltaic (PV) project developers during the July 2022 to June 2023 period in Mercom Capital Group&#8217;s <a href="https://mercomcapital.com/product/2023-leading-global-large-scale-solar-pv-developers-report/" target="_blank" rel="noopener">Leading Global Large-Scale Solar PV Developers report</a>.</p>
<p><a href="https://oriano.com/" target="_blank" rel="noopener">Oriano</a> led among EPC service providers, followed by <a href="https://waareertl.com/" target="_blank" rel="noopener">Waaree Renewable Technologies</a> and <a href="https://www.prozealgreen.com/" target="_blank" rel="noopener">Prozeal Green Energy</a>.</p>
<p>Developers imported more modules towards the end of 2023, anticipating the reimposition of the Approved List of Models and Manufacturers (ALMM) regulation and taking advantage of the lower module prices during that period, according to Mercom Research.</p>
<p>The high shipments of modules and other components were also due to the strong solar project pipeline, as India anticipates its best year for solar in 2024.</p>
<p><a href="https://www.jinkosolar.com/" target="_blank" rel="noopener">Jinko Solar</a> led the module supply category, with <a href="https://www.longi.com/" target="_blank" rel="noopener">LONGi Green Energy Technology</a> and <a href="https://www.jasolar.com/html/en/" target="_blank" rel="noopener">JA Solar</a> following suit. <a href="https://www.waaree.com/" target="_blank" rel="noopener">Waaree Energies</a> was the only domestic manufacturer among the top five suppliers. The top ten module suppliers collectively controlled 73% of the market.</p>
<p>Other domestic manufacturers like <a href="https://www.vikramsolar.com/" target="_blank" rel="noopener">Vikram Solar</a> and ReNew are also expected to expand their manufacturing capacities to meet the rising demand for domestically produced modules under the Domestic Content Requirement (DCR) policy.</p>
<p><a href="https://www.arctechsolar.us/" target="_blank" rel="noopener">Arctech</a> was the top supplier of solar trackers in 2023.</p>
<p><a href="https://www.goodluckindia.com/">Goodluck India</a> led the solar module mounting structure supply category, followed by Arctech and <a href="https://gamechangesolar.com/" target="_blank" rel="noopener">GameChange Solar</a>. The top ten suppliers covered 95.3% of the shipments.</p>
<p>Solar open access capacity grew significantly in 2023, with <a href="https://www.o2power.in/" target="_blank" rel="noopener">O2 Power</a> leading as the top developer. <a href="https://www.continuumenergy.in/" target="_blank" rel="noopener">Continuum Green Energy</a> and <a href="https://www.cleanmax.com/" target="_blank" rel="noopener">CleanMax Enviro Energy</a> ranked second and third, respectively. The top ten developers held around 56.7% of the market share.</p>
<p>&#8220;Under the open access segment, projects, there&#8217;s a growing demand for larger projects, as corporates try to meet their net-zero targets. New EPC companies specializing in these projects are emerging to meet the increasing demand,&#8221; said Sanjay.</p>
<p><a href="https://aegeustechnologies.com/" target="_blank" rel="noopener">Aegeus Technologies</a> dominated the market for robotic module cleaning equipment in India in 2023.</p>
<p><strong>Higher Saturation in the Rooftop Solar Market</strong></p>
<p>On the rooftop solar front, over 1.7 GW of capacity was added in 2023. <a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a> continued to lead in rooftop solar development, with <a href="https://amplussolar.com/" target="_blank" rel="noopener">Amplus Solar</a> and <a href="https://roofsol.com/" target="_blank" rel="noopener">Roofsol Energy</a> coming in second and third.</p>
<p>The top ten developers in this sector accounted for 55.7% of the market. When compared with large-scale solar developers, where the top ten make up 88.2% of the market share, the rooftop solar market remained saturated with higher competition.</p>
<p><strong>Central Inverters Regain Market Share</strong></p>
<p>The report also showed a reversal in market preference for inverters. For the first time in over two years, central inverters made up 55.2% of total shipments, while string inverters accounted for 44.8%.</p>
<p><a href="https://en.sungrowpower.com/" target="_blank" rel="noopener">Sungrow Power Supply</a> maintained its position as the leading supplier of solar inverters, with <a href="https://www.tbeaindia.com/" target="_blank" rel="noopener">TBEA Energy India</a> leading in string inverter shipments. Sungrow led the central inverter supply, followed by <a href="https://www.fimer.com/" target="_blank" rel="noopener">FIMER India</a> and <a href="https://en.si-neng.com/" target="_blank" rel="noopener">Sineng Electric</a>.</p>
<p>With India targeting 280 GW of solar installations by 2030 and the government&#8217;s strong policy support through production-linked incentive schemes, the solar market is expected to remain dynamic, with further new leaders emerging in the coming years.</p>
<p>Mercom&#8217;s Market Leaderboard report, published twice a year, covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles">here</a>.</p>
<p>Mercom&#8217;s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a> also gives quarterly data insights into the solar market landscape and the top players.</p>


India’s Solar Market Sees New Leaders Rise in 2023: Mercom Report


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					</table><p>Solar prices fell for the first time since mid-2021 in the U.S., dropping 3.5% to $2.80/W in the second half (H2) of 2023, highlighting a residential solar market plagued by high inflation and changes to net metering policies, according to a report by <a href="https://www.energysage.com/" target="_blank" rel="noopener">EnergySage</a>.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-63755 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/Energysage-Chart-1-1.png" alt="Energysage Chart 1" width="782" height="637" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/Energysage-Chart-1-1.png 782w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/Energysage-Chart-1-1-300x244.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/Energysage-Chart-1-1-768x626.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/Energysage-Chart-1-1-650x529.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/Energysage-Chart-1-1-624x508.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/Energysage-Chart-1-1-600x489.png 600w" sizes="(max-width: 782px) 100vw, 782px" /></p>
<p>The company analyzed quotes submitted by solar companies to shoppers, comparing trends throughout the year.</p>
<p>Despite the downturn, consumer demand remained strong. The median quoted solar system size increased by half a kilowatt to 11.3 kW in H2 of 2023 as homeowners looked to offset higher-than-average electricity bills. Installers also quoted larger, 400+ watt solar panels, which were included in 90% of EnergySage&#8217;s quotes, up from just 2% in 2020.</p>
<p>&#8220;Despite the slowdown in 2023, we continue to see strong consumer demand for solar energy solutions,&#8221; said EnergySage CEO Vikram Aggarwal.</p>
<p>Arizona has had the lowest median quoted solar costs for three consecutive years, while Tennessee surpassed Indiana as the state with the highest median solar cost.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-63762 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-2-2.png" alt="EnergySage Chart 2" width="501" height="661" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-2-2.png 501w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-2-2-227x300.png 227w" sizes="(max-width: 501px) 100vw, 501px" /></p>
<p>The growth in the residential solar market was <a href="https://www.mercomindia.com/us-solar-power-capacity-soars-reflecting-35-yoy-rise" target="_blank" rel="noopener">facing headwinds</a> from rising interest rates, notably impacting price-sensitive markets like Texas, Arizona, and Florida, according to a Wood Mackenzie report published late last year.</p>
<p><strong>Battery Storage Takes Off</strong></p>
<p>The report also found that storage attachment rates rose by 10% to 61% in the country, and the median storage pricing fell for the first time since 2020, dropping 6.4% to $1,265 per kWh stored. The decrease in pricing was driven primarily by <a href="https://www.tesla.com/powerwall" target="_blank" rel="noopener">Tesla</a> and <a href="https://www.franklinwh.com/" target="_blank" rel="noopener">FranklinWH</a>.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-63757 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-3-1.png" alt="EnergySage Chart 3" width="887" height="665" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-3-1.png 887w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-3-1-300x225.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-3-1-768x576.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-3-1-650x487.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-3-1-624x468.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-3-1-600x450.png 600w" sizes="(max-width: 887px) 100vw, 887px" /></p>
<p>California saw the biggest jump in storage attachment rate, by nearly 45%, following the implementation of the controversial Net Billing Tariff in April, which significantly reduces the savings benefit of solar-only systems.</p>
<p>Of the companies EnergySage tracks, <a href="https://enphase.com/" target="_blank" rel="noopener">Enphase</a> and Tesla were the two most quoted battery brands, appearing in two-thirds of storage quotes. FranklinWH gained the most market share, growing from 1% of quotes in H2 2022 to 11% of quotes in H2 2023.</p>
<p>Financial savings, maximizing self-consumption, and backup power were the main contributors to consumer interest in storage. Seven out of 10 solar shoppers requested battery quotes on EnergySage throughout 2023.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-63758 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-4-1.png" alt="EnergySage Chart 4" width="758" height="691" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-4-1.png 758w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-4-1-300x273.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-4-1-650x593.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-4-1-624x569.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-4-1-600x547.png 600w" sizes="(max-width: 758px) 100vw, 758px" /></p>
<p><strong>Brand Preference</strong></p>
<p>During H2 2023, <a href="https://www.recgroup.com/en/home-solar-panels-commercial-utility-scale-solar-solutions" target="_blank" rel="noopener">REC</a> became the top quoted solar panel brand on EnergySage, overtaking <a href="https://www.q-cells.eu/en/" target="_blank" rel="noopener">QCells</a>. At the same time, <a href="https://www.solaredge.com/us/" target="_blank" rel="noopener">SolarEdge</a>&#8216;s share dropped from over 30% in early 2022 to under 10% in late 2023.</p>
<p><a href="https://waareetech.com/" target="_blank" rel="noopener">Waaree</a> panels were in 5% of quotes, which were usually paired with SunPower inverters and quoted for $0.78/W more than the lowest-priced option. <a href="https://us.sunpower.com/" target="_blank" rel="noopener">SunPower</a> was the most expensive equipment package on the marketplace.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-63760 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-5-1.png" alt="EnergySage Chart 5" width="1152" height="613" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-5-1.png 1152w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-5-1-300x160.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-5-1-768x409.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-5-1-650x346.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-5-1-624x332.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EnergySage-Chart-5-1-600x319.png 600w" sizes="(max-width: 1152px) 100vw, 1152px" /></p>
<p>In 2022, France-based Schneider Electric <a href="https://www.mercomindia.com/funding-and-ma-roundup-clean-energy-palmetto" target="_blank" rel="noopener">acquired</a> a controlling stake in EnergySage.</p>


US Residential Solar Prices Drop in Second Half of 2023 Amid Slowing Demand


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					</table><p><a href="https://www.longi.com/en/about-longi/" target="_blank" rel="noopener">LONGi Solar</a>, <a href="https://www.waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>, <a href="https://www.jasolar.com/html/en/" target="_blank" rel="noopener">JA Solar</a>, <a href="https://www.jinkosolar.com/en/" target="_blank" rel="noopener">Jinko Solar</a>, and <a href="https://www.premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a> were the top solar module suppliers in the first half (1H) of the calendar year (CY) 2023, according to Mercom&#8217;s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener"><em>India Solar Market Leaderboard 1H 2023.</em></a></p>
<p>The report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of industry leaders.</p>
<p>During 1H 2023, polycrystalline modules accounted for 11.6% of the total module supply, while monocrystalline modules constituted around 81.5%. Bifacial, Thin Film, and HJT modules accounted for approximately 7% of the supply.</p>
<p>The top three suppliers— LONGi Solar, Waaree Energies, and JA Solar —accounted for 9.1%, 8.9%, and 7.2% of the total modules supplied in 1H 2023, respectively. Jinko Solar and Premier Energies were the fourth and fifth largest, with 6% and 4.3% of the market share, respectively.</p>
<p>About 35% of the capacities shipped to the domestic solar market came from the top five suppliers.</p>
<p>LONGi Solar emerged as the top choice among developers in 1H 2023.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-60451 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-4.png" alt="" width="752" height="458" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-4.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-4-300x183.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-4-650x396.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-4-624x380.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-4-600x365.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></p>
<p>As of June 2023, LONGi has supplied around 8.5 GW of solar modules in India. The company has <a href="https://www.mercomindia.com/longi-plans-new-100-gw-wafer-50-gw-cell-capacity" target="_blank" rel="noopener">signed</a> an investment agreement with the local government of Shaanxi province to manufacture 100 GW of monocrystalline silicon wafers and 50 GW of monocrystalline cells. It aims to expand its monocrystalline silicon wafer, cell, and module production capacity to 190 GW, 110 GW, and 130 GW by the end of CY 2023.</p>
<p>Waaree Energies, one of India&#8217;s major module producers, with 12 GW of module production capacity in Gujarat, recently <a href="https://www.mercomindia.com/waaree-10-billion-expand-solar-manufacturing" target="_blank" rel="noopener">raised</a> $120.8 million in a second round of equity fundraising headed by Valuequest. It intends to expand its module production capacity to 20 GW, cell manufacturing capacity to 11.4 GW, and wafer manufacturing capacity to 6 GW over the next two years.</p>
<p>JA Solar ranked third. The company has 12 manufacturing bases and produces and supplies silicon wafers, cells, and modules. As of June 2023, the company was one of the largest suppliers of solar modules in the Indian market, with shipments totaling nearly 7 GW.</p>
<p>Mercom&#8217;s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">click here</a>.</p>
<p>Also, the <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a>, which gives data insights into your competitors and their growth rates on a quarterly basis, is now available.</p>


LONGi, Waaree, JA Solar, Jinko, Top Solar Module Suppliers in 1H 2023


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					</table><p>As India prepares to build out its solar module manufacturing capacity, Gujarat has emerged as an overwhelmingly favorite destination for domestic manufacturers, accounting for more than half of the country’s module-making capacity and roughly 30% of cell manufacturing capacity.</p>
<p>The state has benefited from friendly industrial policies in the form of expedited and simpler compliance procedures. Additionally, the electricity tariff in the state is competitive and attracts manufacturing companies.</p>
<p>The details emerged in Mercom’s <a href="https://mercomindia.com/product/state-solar-manufacturing-india/" target="_blank" rel="noopener">State of Solar Manufacturing in India</a> report, released last month. It is a 58-page document and covers all facets of India’s solar manufacturing.</p>
<p>As of September 2022, India had the capacity to manufacture 39.5 GW of solar modules and 4.7 GW of cells, although the operational capacity was slightly lower.</p>
<p>The report projects module manufacturing capacity to increase by 28% by 2025 and cell capacity by 82% by 2024.</p>
<p>According to the report, Gujarat will continue to be the top destination, as 48% of the upcoming module and 54% of the planned cell capacity is projected to come up in the state.</p>
<p>The state’s industry-friendly policy has attracted manufacturers from across sectors. The state launched an Investor Facilitation Portal (IFP) in 2010 after the government introduced the Integrated Work Flow and Document Management System in 2006.</p>
<p>IFP acts as a single window for the state government&#8217;s approvals needed by investors.</p>
<p>The top three module manufacturers in the state were Waaree Energies, Adani Solar, and Goldi Solar.</p>
<p>Half of the module manufacturing capacity enlisted under the Approved List of Models and Manufacturers is from Gujarat.</p>
<p>Further, the state’s electricity tariffs for industrial customers range between ₹4(~$0.052)/kWh and ₹4.5 (~$0.056)/kWh, which are the lowest in the country and attractive to manufacturers.</p>
<p>Electricity accounts for a significant portion of the Indian solar module makers&#8217; operating costs.</p>
<p>Based on current announcements, Gujarat-based Reliance Industries and Goldi Solar are expected to commence commercial production of HJT modules and cells by early 2025.</p>
<p>As with module manufacturing, Gujarat also leads the domestic annual solar cell production capacity.</p>
<p>Companies, including Waaree Energies, Goldi Solar, Adani Solar, ReNew Power, and Solex Energy, announced capacity additions for its production.</p>
<p>Mercom’s State of Solar Manufacturing in India report is 58 pages and covers all facets of India’s solar manufacturing. For the complete report, visit:  <a href="https://mercomindia.com/product/state-solar-manufacturing-india/" target="_blank" rel="noopener">https://mercomindia.com/product/state-solar-manufacturing-india</a></p>
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50% of India’s Planned Solar Module Capacity to be in Gujarat

<p>Solar microinverter supplier <a href="https://enphase.com/en-us" target="_blank" rel="noopener">Enphase Energy</a> and solar module manufacturer Waaree Energies Ltd. have announced their 4.5 MW solar project installation in Hosapet, Karnataka.</p>
<p>The project will be the largest Enphase microinverter-based solar installation in the world, according to the company.</p>
<p>The project will be spread across 18 acres and is expected to generate more than 7,500 MWh of solar power annually. The power will be sold to businesses in Karnataka through short and long-term power purchase agreements.</p>
<p>The project will be powered by 13,235 Enphase Energy microinverters and an equal number of solar modules.</p>
<p>Installing microinverters is beneficial because of their ability to increase energy harvest by working in low, diffused light or shaded conditions. They are more suited to India’s harsh, dusty environment.</p>
<p>Microinverters are more reliable as they have the advantage of single-point tracking, so the entire system is not affected by a single failure. In the case of a fault, it is easier to diagnose a problem. Despite these advantages, the adoption of microinverters in the Indian solar industry has been negligible.</p>
<p>The main reason for this is its high initial cost. In a price-sensitive market like India, higher costs per watt can easily deter developers and installers to look for cheaper options. Installations can also be costly because each inverter needs to be installed in tandem with each solar panel. Thus, many companies have started manufacturing built-in microinverters.</p>
<p>In September 2017, Enphase and Waaree <a href="https://mercomindia.com/enphase-energy-waaree-energies-join-forces-develop-ac-modules-india/" target="_blank" rel="noopener">announced</a> their partnership to develop AC solar modules for the Indian market.</p>
<p><a href="https://mercomindia.com/string-inverter-indian-solar-market/" target="_blank" rel="noopener">Mercom recently reported</a> that the choice of inverter type for EPC players and developers is no longer as simple as it used to be. A string inverter connected to a series of solar panels does not affect the performance of the entire system due to shading. It also provides greater flexibility in making design choices for the balance of system (BOS).</p>
<p>The market share for string inverters is still miniscule in comparison to central inverters, which earn approximately 90 percent of the market share. Mercom’s recently released <em><a href="https://mercomindia.com/product/mercoms-india-solar-market-share-report/" target="_blank" rel="noopener">India Solar Market Leaderboard 2018</a></em> report covers the top inverter suppliers for 2017.</p>
<p>Image credit: By Pacific Southwest Region from Sacramento, [<a href="https://creativecommons.org/licenses/by/2.0" target="_blank" rel="noopener">CC BY 2.0</a>], via Wikimedia Commons</p>


Enphase Energy to Develop Its Biggest Microinverter-Based Solar Project in Karnataka

<p>Azure Power has emerged as the lowest (L1) bidder in the recently conducted 250 MW solar auction. The project will be developed under the domestic content requirement (DCR) category. Azure Power quoted a tariff of ₹3.14/kWh to develop 250 MW of solar under DCR.</p>
<p>In the auction, tariffs quoted ranged between a high of ₹4.95/kWh and a low of ₹3.14/kWh. ReNew Power and Waaree Energies were the other bidders who quoted below ₹4/kWh; ReNew Power quoted a tariff of ₹3.15/kWh to develop 150 MW, and Waaree Energies quoted ₹3.95/kWh to develop 25 MW.</p>
<p>The other bidders were, Mahoba Solar (UP) who quoted ₹4.44/kWh to develop 250 MW and Canadian Solar Energy Holding who quoted ₹4.95/kWh to develop 100 MW.</p>
<p>The difference in bids quoted was significant with the highest bid almost 58 percent more than the winning bid.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-7918" src="https://mercomindia.com/wp-content/uploads/2017/10/AZURE-DCR.png" alt="AZURE DCR AUCTION WIN" width="812" height="289" srcset="https://cms.mercomindia.com/wp-content/uploads/2017/10/AZURE-DCR.png 812w, https://cms.mercomindia.com/wp-content/uploads/2017/10/AZURE-DCR-600x214.png 600w, https://cms.mercomindia.com/wp-content/uploads/2017/10/AZURE-DCR-300x107.png 300w, https://cms.mercomindia.com/wp-content/uploads/2017/10/AZURE-DCR-768x273.png 768w, https://cms.mercomindia.com/wp-content/uploads/2017/10/AZURE-DCR-650x231.png 650w, https://cms.mercomindia.com/wp-content/uploads/2017/10/AZURE-DCR-624x222.png 624w" sizes="(max-width: 812px) 100vw, 812px" /></p>
<p>NTPC tendered the project in <a href="https://mercomindia.com/ntpc-tenders-250-mw-solar-dcr-category/">August 2017</a> and the developer could  choose to develop the project anywhere in India. An NTPC official confirmed the results of the auction and said the entire capacity will be awarded to Azure Power, the L1 bidder. “These are good tariffs for a DCR project,” added the NTPC official.</p>
<p>Azure Power recently <a href="https://mercomindia.com/gujarat-government-agencies-push-low-bid-%E2%82%B92-65kwh-500-mw-guvnl-auction-india/" target="_blank" rel="noopener noreferrer">won </a>a 260 MW solar project quoting a tariff of ₹2.67 (~$0.0417)/kWh in the recently held Gujarat Urja Vikas Nigam Limited (GUVNL) 500 MW solar auction.</p>
<p>December 14, 2017 will be the <a href="https://mercomindia.com/dcr-category-officially-end-december-2017/">last day for the DCR category</a> based on the WTO ruling.</p>
<p><a href="https://mercomindia.com/solar-tariffs-dcr-auctions-decline/" target="_blank" rel="noopener noreferrer"><em>More to come…</em></a></p>
<p>Image credit: Azure Power</p>


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