Renewable energy company Adani Green Energy (AGEL) generated revenue of ₹28.06 billion (~$336.29 million) in the fourth quarter (Q4) of the financial year (FY) 2023-24, an increase of 4.89% year over year (YoY) from ₹26.75 (~$320.5 million). The company recorded a net profit of ₹3.1 billion (~$37.2 million), an increase of 21% YoY, compared to ₹2.56 billion (~$30.7 million). Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) from power supply for the quarter was recorded at ₹18.11 billion (~$217.02 million), a decrease of 27% YoY. The increase in revenue, EB ..read more

State distribution companies (DISCOMs) owed power generators ₹652.16 billion (~$7.81 billion) in total dues for the monthly billing cycle in April 2024, according to the Ministry of Power’s payment ratification and analysis portal PRAAPTI. The dues for the March billing cycle amounted to ₹778.57 billion (~$9.32 billion). The current outstanding dues, excluding the latest monthly dues, are ₹239.93 billion (~$ 2.87 billion). The overdue before the trigger date is ₹ 239.64 billion (~$2.87 billion), after which the amount will increase by ₹ 293.1 million (~$3.51 million) as the late paym ..read more

Finland-based energy company Fortum said it is exiting the Indian solar power market after signing an agreement to sell its remaining 43.75% stake in a 185 MW solar portfolio to Gentari Renewables India, a subsidiary of Malaysia-based clean energy firm Gentari. The portfolio consists of four solar projects with a total capacity of 185 MW – a 5 MW Amrit project and 70 MW Bhadla project in Rajasthan, 10 MW Kapeli project in Madhya Pradesh, and a 100 MW Pavagada plant in Karnataka. The other owners, UK Climate Investments Lakeside, with a 40% stake, and a fund managed by Evli Fund Management, wit ..read more

The Indian Energy Exchange (IEX) traded 402 million units (MU) of green energy in April 2024, a 44% year-over-year (YoY) increase from 280 MU. The Exchange, in total, traded 9,044 MU of power in the month, marking a 14% YoY increase. During April, the Market Clearing Price in the Day Ahead Market decreased by approximately 6% compared to the previous year, reaching ₹5.1 (~$0.061)/kWh. Sell bids on the Exchange, including both the Day Ahead Market and Real-Time Market, saw a notable 21% YoY increase for the month. Day Ahead Market prices were nearly 45% lower than those discovered under bilater ..read more

Indian Oil Corporation (IOCL) has decided to form a wholly-owned subsidiary to undertake low-carbon, clean, and green energy businesses with an equity investment of ₹13.04 billion (~$15.63 million). IOCL has committed itself to installing 1 GW of renewable energy projects, including standalone ground-mounted solar, standalone onshore wind, or wind-solar hybrid projects, at a cost of ₹52.15 billion (~$625.38 million). As part of its transition plan to meet its operational requirement of net zero, the company aims to bring together its existing green assets and expand its presence across sustain ..read more

Rajasthan Urja Vikas and IT Services (RUVITL) has invited bids from developers to set up 8,000 MW solar power projects in the state. The last date for the submission of bids is June 24, 2024. Bids will open the same day. Bidders must submit ₹29,500 (~$353.75) as the cost of the document fee and ₹500,000 (~$5,996) + 18% GST as the bid processing fee. Bidders must also furnish an earnest money deposit (EMD) of ₹500,000 (~$5,996)/MW of the quoted capacity. Selected bidders must provide a performance bank guarantee of ₹1.2 million (~$14,388)/MW per project at least seven working days before signin ..read more

The solar sector secured $8.1 billion in corporate funding through 41 transactions in the first quarter (Q1) of 2024, marking a 4% decrease from the $8.4 billion raised in 42 deals during the same period in 2023. However, there was a 47% increase in funding compared to Q4 2023, which saw $5.5 billion raised in 37 deals. The numbers were revealed in Mercom Capital Group’s newly released Q1 2024 Solar Funding and M&A Report. In Q1 2024, global venture capital funding for the solar sector amounted to $406 million across 13 deals, an 81% decrease year-over-year from the $2.1 billion raised in ..read more

SJVN has invited bids from developers to set up 1.2 GW interstate transmission system-connected solar power projects anywhere in India under tariff-based competitive bidding. The last day to submit the bids is June 17, 2024. Bids will be opened on June 21. The minimum project capacity that a bidder can offer is 50 MW, and the maximum is 600 MW. Bidders can offer projects at multiple locations, given each project has a minimum capacity of 50 MW. Bidders should also submit a tender fee of ₹29,500 (~$353). They must also remit a bid processing fee of ₹1.5 million (~$17,967)/ MW for each project ..read more

The European Commission has awarded approximately €720 million (~$772 million) to seven green hydrogen projects across Europe through the first competitive auction under the European Hydrogen Bank initiative. The winning projects were selected from 132 bids submitted from 17 European countries, totaling over €15 billion (~$16 billion) in requested funds – far exceeding the €800 million budget for this initial auction round. The tender for the projects was floated last November. The seven selected projects are expected to produce 1.58 million tons of renewable hydrogen over the next d ..read more

A fire broke out at one of JinkoSolar‘s silicon wafer slicing and solar cell manufacturing facilities in Shanxi Province, China, on April 26. While no casualties were reported, JinkoSolar stated that the incident could impact its operations and 2024 financial results. The solar manufacturer is shifting production across their other manufacturing sites to minimize disruptions to its supply chain. JinkoSolar, one of the world’s largest solar module makers, maintains property and equipment insurance coverage at the Shanxi plant. The company has begun filing insurance claims related to the fire, t ..read more