IREDA’s Profits Surge 46% YoY in Q4 FY 2024 as NPAs Drop
Government-owned lender Indian Renewable Energy Development Agency (IREDA) has reported a 45.9 % year-over-year (YoY) increase in profit after tax for the fourth quarter (Q4) of the financial year (FY) 2024 to ₹373.76 million (~$4.4 million) from ₹256.16 million (~$3.07 million). The profit growth was primarily driven by the consistent growth in the company’s loan […]
Read MoreEV Logistics Firm BluWheelz Raises $1 Million in Bridge Funding
BluWheelz, a tech-enabled logistics firm with an electric vehicle (EV) fleet, received $1 million in a bridge funding round led by Venture Catalysts, an integrated incubator. The other participants in the investment round included FAAD, LetsVenture, and Chakra Growth Fund. The company expects to utilize the funds to expand its EV-fleet offerings for logistics across […]
Read MoreSolar Module Manufacturer Premier Energies Files DRHP for ₹15 Billion IPO
Telangana-based solar cell and module manufacturer Premier Energies has filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise over ₹15 billion (~$179.91 million) through an initial public offering (IPO). The IPO would consist of a fresh issue of equity shares with a face value of ₹1 (~$0.012) aggregating up to ₹15 […]
Read MoreAmara Raja Wins BoS Contract for 500 MW Solar Project from Greenko
Amara Raja Infra (ARIPL), a subsidiary of battery maker Amara Raja Group, has secured the balance of system (BoS) supply contract for a 500 MW solar power project in Andhra Pradesh’s Kurnool district from renewable energy company Greenko. The project, spanning over 2,200 acres near Uyyalavada town, would be ARIPL’s largest contracted solar capacity project to […]
Read MoreSterling and Wilson Posts Profit After 3 Years, Benefits from Falling Module Prices
The engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy, reported a net profit of ₹10 million (~$120,000) in the fourth quarter (Q4) of the financial year (FY) 2024. The company turned positive after nearly 12 quarters, boosted by strong performance in domestic EPC operations. It had reported a net […]
Read MoreSwelect, Grew and ReNew Win SECI’s Auction to Supply 400 MW Solar Modules
Swelect Energy Systems, Grew Energy, and ReNew Photovoltaics (ReNew) were declared winners in Solar Energy Corporation of India’s (SECI) auction to manufacture, test, package, forward, supply, and transport 400 MW domestically manufactured solar modules. Swelect was awarded 100 MW capacity, Grew Energy won 200 MW, and ReNew won 100 MW at an evaluated bid value […]
Read MoreSolar Sector Records 81% Drop in VC Funding in Q1, Corporate Funding Down by 4%
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 […]
Read MoreHigh Interest Rates Affect Subsidies, Capital Costs of Renewables: Report
The pace of global transition to low-carbon technologies could be adversely impacted with the ‘zero era’ for interest rates ending, a Wood Mackenzie report has said. Higher interest-rate scenarios have increased the cost of capital and raised the cost and pace of the transition to net zero, which will likely require $75 trillion in investments […]
Read MoreThreat of US Anti-Dumping Duties on Indian Solar Module Exports
India’s solar exports success story could run into trouble if the U.S. entertains petitions from domestic manufacturers to impose anti-dumping (AD) and countervailing duties (CVD) on module imports. While the four Southeast Asian countries of Malaysia, Vietnam, Thailand, and Cambodia are more likely the focus for the AD/CVD petitions from U.S. manufacturers, there is a […]
Read MoreDaily News Wrap-Up: RECPDCL’s Tender for 223 MW Solar Projects
REC Power Development and Consultancy has floated a tender to set up 223 MW Inter-State Transmission System-connected solar power projects anywhere in India. The projects will be developed under the program for flexibility in generating and scheduling thermal or hydropower stations through bundling with renewable energy and storage. The last date for the submission of […]
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