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


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					</table><p>The <a href="https://mnre.gov.in/" target="_blank" rel="noopener">Ministry of New and Renewable Energy</a> has updated the Approved List of Models and Manufacturers (ALMM) for solar photovoltaic modules.</p>
<p>The cumulative module manufacturing capacity under ALMM now stands at 64,568 MW.</p>
<p>The latest updates to the provisional ALMM features 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://shop.waaree.com/?gad_source=1&amp;gclid=CjwKCAiAm-67BhBlEiwAEVftNjOajqKR01CsgPvN-NodN3EvuzGC1lnvKJS3u83AkwCdYocmC9H5zRoCqiwQAvD_BwE" target="_blank" rel="noopener">Waaree Energies</a> and Mundra Solar Energy, part of the <a href="https://www.adani.com/" target="_blank" rel="noopener">Adani Group</a>, have both been newly incorporated into ALMM. Together, these two entities bring an applied capacity of 11,610 MW per year.</p>
<p>In October, the MNRE <a href="https://www.mercomindia.com/solar-module-capacity-almm" target="_blank" rel="noopener">expanded</a> the ALMM by adding 2,079 MW of solar module capacity.</p>
<p>The ministry recently <a href="https://www.mercomindia.com/list-ii-for-solar-cells-into-force-from-june-2026" target="_blank" rel="noopener">issued</a> a draft amendment to the ALMM order to bring solar cells under its ambit. The mandate for solar cells will be operational by June 2026.</p>
<p>The inclusion of solar cells in ALMM addresses the growing domestic production capacity.</p>
<p>In another update earlier in the year, MNRE <a href="https://www.mercomindia.com/solar-manufacturers-delisting-almm" target="_blank" rel="noopener">revised</a> the guidelines for the inspection and final enlistment of provisionally listed manufacturers. According to the new rules, the final enlistment must be completed within two months of the application.</p>
<p>The ALMM requires all listed modules to comply with the Bureau of Indian Standards and meet specified minimum efficiency criteria. Silicon-based utility-scale modules must have at least 20% efficiency, while cadmium telluride thin-film modules must achieve a minimum of 19% efficiency.</p>
<p>According to Mercom’s State of Solar PV Manufacturing in India 1H 2024 Report, India <a href="https://www.mercomindia.com/india-module-manufacturing-capacity-2024" target="_blank" rel="noopener">added</a> 11.3 GW of solar modules and 2 GW of cell manufacturing capacity in the first six months of 2024. The capacity additions were driven by the reinstatement of the ALMM mandate in April this year and a robust solar project pipeline of 132.7 GW planned until 2026. The ALMM mandate was suspended for a year.</p>


Solar Module Capacity Under ALMM Rises to 64,568 MW


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					</table><p><a href="https://www.mercomindia.com/pm-surya-ghar-vendor-registration" target="_blank" rel="noopener"><strong>The Ministry of New and Renewable Energy has announced new guidelines for vendor registration under the recently approved PM Surya Ghar: Muft Bijli Yojana</strong></a> rooftop solar program. The program, with an outlay of ₹750 billion (~$9.04 billion), aims to increase residential rooftop solar capacity and empower households to generate their own electricity until the financial year 2026-27. As per the guidelines, vendors must register on the National Portal to be eligible to install rooftop solar projects under the program.</p>
<p><a href="https://www.mercomindia.com/cerc-compensation-azure-gib" target="_blank" rel="noopener"><strong>The Central Electricity Regulatory Commission has issued an order directing Solar Energy Corporation of India and distribution companies to compensate</strong> </a>Azure Power’s special purpose vehicle companies, Azure Power Maple and Azure Power Forty One, for the additional expenditure incurred due to the installation of bird diverters on transmission lines. The order comes close on the heels of CERC awarding compensation to Adani Green Energy on the same grounds.</p>
<p><a href="https://www.mercomindia.com/delhi-high-court-quashes-cbics-revocation" target="_blank" rel="noopener"><strong>The </strong><strong>Delhi High Court</strong><strong> has quashed a Customs Department circular and show cause notices issued by the Central Board of Indirect Taxes and Customs</strong></a> revoking the permission for solar developers to warehouse imported solar modules to defer paying basic customs duty (BCD) on solar cells and modules effective from April 1, 2022. No duty was payable as long as the modules did not leave the bonded premises (project area).</p>
<p><a href="https://www.mercomindia.com/rerc-approves-solar-pm-kusum" target="_blank" rel="noopener"><strong>Rajasthan Electricity Regulatory Commission has approved Jodhpur Vidyut Vitran Nigam’s petition to purchase 2,929.8 MW of power from 1,111 solar projects</strong></a> under Component-C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM KUSUM) program for 25 years. The final levelized tariffs range from ₹2.52 (~$0.03)/kWh to ₹3.527 (~$0.042)/ kWh. The primary objective was to establish grid-connected solar power facilities capable of fulfilling the yearly energy requirements of these feeders.</p>
<p><a href="https://www.mercomindia.com/waaree-partners-with-ecofy-household-rooftops" target="_blank" rel="noopener"><strong>India-based solar module manufacturer </strong><strong>Waaree Energies</strong><strong> has partnered with </strong><strong>Ecofy</strong><strong>, a non-banking financial company supported by </strong><strong>Eversource Capital</strong></a>, to fund environmentally positive projects. Ecofy is investing ₹ $1 billion (~$11.9 million) in this collaboration. Aligned with the government’s PM Surya Ghar Muft Bijli Yojana and capitalizing on favorable market conditions, Waaree said the alliance will help advance India’s shift towards renewable energy.</p>
<p><a href="https://www.mercomindia.com/gef-invests-%e2%82%b95-8-billion-ti-clean-mobility-%e2%82%b930-billion-ev" target="_blank" rel="noopener"><strong>TI Clean Mobility (</strong><strong>TICMPL</strong><strong>), a wholly-owned subsidiary of </strong><strong>Tube Investments of India</strong><strong>, a Murugappa Group company, has raised ₹5.8 billion (~$69.5 million)</strong></a> in equity and convertible preference shares from South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively GEF Capital Partners). TICMPL had first ventured into last mile mobility with electric three-wheeler portfolio under the brand ‘Montra Electric.’</p>
<p><a href="https://www.mercomindia.com/remc-tender-wind-rajasthan" target="_blank" rel="noopener"><strong>Railway Energy Management Company, a joint venture between </strong><strong>RITES</strong><strong> and the </strong><strong>Ministry of Railways</strong><strong>, has invited bids to hire consultancy services for conducting</strong></a> a technical condition assessment and health analysis of 13 wind turbine generators at its 26 MW wind power project in Dangri, Jaisalmer district of Rajasthan. The consulting firm must analyze gearbox oil samples, conduct an endoscopy and inspection of gearboxes, and assess blade health through drone imagery.</p>
<p><a href="https://www.mercomindia.com/meghalaya-green-open-access-100-kw" target="_blank" rel="noopener"><strong>Consumers with a minimum contracted demand or sanctioned load of 100 kW can access Green Energy Open Access, according to the </strong><strong>Meghalaya</strong></a> State Electricity Regulatory Commission (Terms and Conditions of Green Energy Open Access) Regulations, 2023. There is no maximum power supply limit for captive consumers. The regulations align with the green energy open access rules issued by the Ministry of Power last June. The minimum power scheduled for sale or procurement during any time block must not be less than 100 kW.</p>
<p><a href="https://www.mercomindia.com/jsw-energy-q4-profits" target="_blank" rel="noopener"><strong>Independent power producer </strong><strong>JSW Energy</strong><strong> reported a net profit of ₹3.43 billion (~$41.07 million), a jump of 22% year-over-year (YoY) in the fourth quarter</strong></a> of the financial year 2023-24 due to a strong performance in the renewables segment. Net generation was up 26% YoY at 6.4 BU, driven by contributions from acquired and greenfield renewable capacity additions and higher thermal generation.</p>
<p><a href="https://www.mercomindia.com/solid-powers-q1-net-loss-widens" target="_blank" rel="noopener"><strong>Solid Power</strong><strong>, which develops solid-state battery technology for electric vehicles, reported a net loss for the first quarter of 2024 that widened</strong></a> to $21.2 million from $19.2 million, reflecting an 11% increase year-over-year, primarily driven by increased investments in scaling operations as the company pushes forward with commercializing its technology. Revenue for the quarter came in at $6 million, marking a robust 57% increase from $3.8 million in the first quarter of last year.</p>
<p><a href="https://www.mercomindia.com/fuel-cell-firm-ballard-proposes-new-3-gw-facility" target="_blank" rel="noopener"><strong>Fuel cell manufacturer </strong><strong>Ballard Power Systems</strong><strong> recorded a net loss from continuing operations in the Q1 of 2024 amounted to $41.1 million, recording an increase</strong></a> of 26.8% YoY compared to a net loss of $32.4 million. The increase in net loss was primarily driven by lower finance and other income of $7.5 million, attributed mainly to higher negative mark-to-market and foreign exchange impacts on long-term financial investments.</p>


Daily News Wrap-Up: Vendor Registration Guidelines for PM Surya Ghar Program


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-lithium-tech-firm-element3-raises-seed-funding/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Element3, a company that specializes in extracting lithium from oil and gas wastewater, <a href="https://mercomcapital.com/element3-closes-seed-funding-lithium-from-oil-gas-wastewater/" target="_blank" rel="noopener">announced</a> that it has closed its seed investment round.</strong> The round was led by EIC Rose Rock and joined by leading oil and gas family offices and other strategic partners. The funding amount was undisclosed. The funding will enable Element3 to accelerate the development and testing of its patent-pending Direct Lithium Extraction technology, and plans to deploy its technology in field operations by early 2024.</p>
<p><strong>India-based solar module manufacturer Waaree Energies has </strong><a href="https://www.mercomindia.com/waaree-raise-%e2%82%b930-billion-ipo" target="_blank" rel="noopener"><strong>filed</strong></a><strong> draft papers with the market regulator to raise ₹30 billion (~$361 million) in an initial public offering (IPO)</strong>. The IPO will feature a fresh issue of 3.2 million shares and an offer for sale of 2.7 million shares by promoter shareholder Waaree Sustainable Finance, 450,000 shares by Chandurkar Investments, and 50,000 shares by Samir Surendra Shah, according to the draft red herring prospectus filed with Securities and Exchange Board of India. The shares have a face value of ₹10 (~$0.12).</p>
<p><strong>India-based digital lending platform Revfin has </strong><a href="https://www.mercomindia.com/revfin-funding-india-ev-ecosystem" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹115 million (~$14 million) in the latest round of funding</strong> to expand financing for electric vehicles, charging systems, and batteries. Led by Omidyar Network’s $5 million investment, the Series B funding was joined by Asian Development Bank, Companion Capital, and existing investors Green Frontier Capital and Lighthouse Canton Nueva. This capital infusion is the company’s second significant investment in the last year. This funding brings Revfin’s total capital raised through debt and equity to ₹6.25 billion (~$75 million).</p>
<p><strong>SinglePoint, a holding company providing renewable energy solutions and energy-efficient applications, </strong><a href="https://singlepoint.com/singlepoint-announces-closing-of-4-million-public-offering-uplisting-to-cboe-global-markets-and-reverse-stock-split/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closing of its underwritten public offering</strong> of 800,000 shares of common stock at a public offering price of $5 per share. The gross proceeds from the offering, before underwriting discounts and commissions, and estimated offering expenses payable by the company are expected to be $4 million. The shares began trading on the BZX Exchange, a division of Cboe Global Markets, under the ticker symbol “SING.” The company intends to use the net proceeds of the public offering for general corporate purposes.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-exeger-secures-38-4-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Lithium Tech Firm Element3 Raises Seed Funding

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