Daily News Wrap-Up: Leading Solar Module Manufacturers in 2023

ReNew, Waaree Energies, First Solar, Adani Solar, and Emmvee Photovoltaic Power led the annual solar module manufacturing capacity additions in the calendar year (CY) 2023, according to Mercom’s India Solar Market Leaderboard Report 2024 India added 20.8 GW of solar modules and 3.2 GW of solar cell production capacity in  CY 2023, according to Mercom’s State of Solar PV Manufacturing in India 2024 report. The country’s cumulative solar module and cell manufacturing capacity reached 64.5 GW and  5.8 GW, respectively, as of December 2023.

Engineering, procurement, and construction firm Soleos Solar Energy has raised ₹485 million (~$6.5 million) in equity funding to drive expansion in India and abroad. The investment round was led by Swastika Investmart, along with Beeline Capital Advisors serving as co-advisors. Soleos said the funding round included India Ahead Venture Fund and several high-net-worth individuals. The company said that the fresh capital will bolster Soleos’ working capital and support its global expansion plans.

U.S.-based Appalachian Power (APCo) has issued three requests for proposals (RfP) to procure power and renewable energy certificates from wind and solar power projects, along with co-located and standalone battery energy storage systems (BESS). The last day to submit the bids for all the RfP is July 16, 2024. APCo seeks to acquire wind and solar projects and or co-located standalone BESS up to 800 MW through one or more purchase and sale agreements.

India’s power grids will come under immense pressure as peak electricity demand in cities quadruples by 2050 from 2022 levels, driven by a surging need for air conditioners amid rising temperatures, according to a report by the International Energy Agency. While air conditioner ownership in India remains low, each 1°C rise in the average daily temperature above 24°C will result in a 2% increase in electricity demand, leading to higher strained grids and emissions.

Nel Hydrogen Electrolyser, a wholly-owned subsidiary of Nel ASA, has announced a technology licensing agreement with Reliance Industries (RIL). The agreement grants RIL an exclusive license to manufacture and utilize Nel’s alkaline electrolyzers in India and for global captive use. The agreement is expected to create a strong synergy between RIL’s experience in building global-scale businesses and Nel’s technological expertise. This collaboration will also focus on continuous performance improvements and cost optimization.

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