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					</table><p><strong><a href="https://www.mercomindia.com/solar-share-power-mix-q1-24" target="_blank" rel="noopener">Solar power accounted for 18.5% of India’s total installed power capacity and 42.9% of the installed renewable capacity in the first quarter (Q1) of the calendar year 2024, up from 15.2%</a></strong> and 37.4% year-on-year, respectively. India’s installed renewable energy capacity, including large hydro projects, stood at 190.6 GW, accounting for a 43.1% share of the overall power capacity mix at the end of Q1 2024, according to data from the Central Electricity Authority, Ministry of New and Renewable Energy, and Mercom’s India Solar Project Tracker.</p>
<p><a href="https://www.mercomindia.com/adani-green-upc-and-tata-solar-developers-in-2023" target="_blank" rel="noopener"><strong>Adani Green Energy, UPC Renewables, Tata Power Company, Gujarat State Electricity Corporation, and Rising Sun Energy (Yinson Holdings) were the top utility-scale solar</strong></a> project developers in the calendar year 2023, according to Mercom’s India Solar Market Leaderboard 2024. The report covers market share and ranking across India’s solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders. The 2023 report captured notable shifts in market share rankings compared to the previous year.</p>
<p><a href="https://www.mercomindia.com/delhi-regulator-greenlights-energy-storage-project" target="_blank" rel="noopener"><strong>The Delhi Electricity Regulatory Commission has approved the Battery Energy Storage System agreement between BSES Rajdhani Power and Kilokari BESS for the establishment of a</strong></a> 20MW/40MWh energy storage project. The Commission also adopted a single-part tariff structure, comprising capacity charges of ₹5.7million (~$68,981)/MW per year. These charges will be billed monthly per the agreement.</p>
<p><a href="https://www.mercomindia.com/waaree-q4-fy-2024-profit" target="_blank" rel="noopener"><strong>Waaree Renewable Technologies, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, posted a net profit of ₹541.8 million (~$6.48 million) in the fourth</strong></a> quarter of the financial year 2024, an increase of 341% year-over-year (YoY) from ₹122.8 million (~$1.47 million). The company’s total revenue stood at ₹2.73 billion (~$32.68 million), a growth of 344% YoY from ₹614.9 million (~$7.36 million). The revenue from the EPC segment surged 343% YoY to ₹2.67 billion (~$31.96 million).</p>
<p><strong><a href="https://www.mercomindia.com/relux-funding-expand-hyper-ev-charging-south-india" target="_blank" rel="noopener">HPCL Renewable and Green Energy, a subsidiary of Hindustan Petroleum Corporation, has invited bids for the engineering, procurement, and construction package with land for 300</a> </strong>MW of interstate transmission system-connected solar power projects in seven states. The projects to be implemented in Gujarat, Rajasthan, Maharashtra, Karnataka, Andhra Pradesh, Madhya Pradesh, and Tamil Nadu must be commissioned within 15 months of receiving the work order.</p>
<p><strong><a href="https://www.mercomindia.com/solaredges-q1-2024-net-loss-narrows-to-108-6-million" target="_blank" rel="noopener">SolarEdge, an Israel-based solar inverter manufacturer, recorded a net loss of $108.6 million in Q1 of 2024, an improvement of 37.7% on a YoY basis as compared to a net loss of $174.5</a></strong> million. Revenue for the quarter stood at $204.4 million, marking a decline of 78% YoY from $943.9 million. Within the solar segment, revenues amounted to $190.1 million, a 79% YoY decrease from $908.5 million.</p>
<p><a href="https://www.mercomindia.com/us-duties-indian-aluminum-extrusions" target="_blank" rel="noopener"><strong>The U.S. Department of Commerce has announced a preliminary determination that aluminum extrusions from India, used in racking, trackers, and mounting frames for solar panels, are being</strong></a> sold in the U.S. at unfairly low prices, allowing them to be subject to anti-dumping duties. Producers and exporters of aluminum extrusions from China, Colombia, Ecuador, Indonesia, Italy, Korea, Malaysia, Mexico, Taiwan, Thailand, Turkey, the United Arab Emirates, and Vietnam are also under the scanner.</p>
<p><strong><a href="https://www.mercomindia.com/relux-funding-expand-hyper-ev-charging-south-india" target="_blank" rel="noopener">Relux Electric, an India-based electric vehicle (EV) charging infrastructure firm, has secured ₹2.5 billion (~$29.93 million) in project financing from a group of real estate and infrastructure</a></strong> investors. The company plans to use the funds to expand its hyper charging station network across the highways in South India. Relux Electric plans to install 20 new hyper EV charging stations in the next eight months. The company is in the process of procuring identified land parcels on busy highways like NH 44, NH 45, and NH 556.</p>


Daily News Wrap-Up: Solar’s Share in India’s Power Capacity Rose to 18.5% YoY in Q1


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					</table><p><a href="https://reluxelectric.com/" target="_blank" rel="noopener">Relux Electric</a>, an India-based electric vehicle (EV) charging infrastructure firm, has secured ₹2.5 billion (~$29.93 million) in project financing from a group of real estate and infrastructure investors. The company plans to use the funds to expand its hyper charging station network across the highways in South India.</p>
<p>Relux Electric plans to install 20 new hyper EV charging stations in the next eight months. The company is in the process of procuring identified land parcels on busy highways like NH 44, NH 45, and NH 556. Each charging station is expected to occupy an area of 1 to 1.5 acres with a minimum capacity of 1 MW each.</p>
<p>The hyper charging stations can allow up to ten small to medium-sized cars, ten high-end cars, two buses, and one truck to charge simultaneously.</p>
<p>The stations would guarantee a ten-minute charging time for three-wheelers and 18 minutes for four-wheelers.</p>
<p>The company operates over 100 charging stations across Tamil Nadu, Karnataka, Kerala, and Andhra Pradesh, catering to private vehicles.</p>
<p>Karthikeyan Santharam, Managing Director and CEO, said, “We are also committed to developing our own team for R&amp;D and operations &amp; maintenance. As an Original Design Equipment company, we procure charging equipment based on our own designs. These factors make it possible for us to keep the downtime to a bare minimum of a few hours and ensure higher utilization of assets – up to 40%, which is double the industry average.”</p>
<p>The project funding route chosen by the company is based on revenue sharing. The company also plans to rapidly expand its charging station footprint by exploring various other funding options.</p>
<p>The company plans to float a new vertical for fleet operators and owners of commercial vehicles to set up AC charging stations at their respective locations.</p>
<p>According to Santharam, the new vertical will focus on signing up builders, residential and commercial complexes, fleet operators, and travel agencies to use the company’s dedicated charging hubs. The company will not club personal and commercial vehicles in the same location to avoid impacting the space owners&#8217; reputation and operational difficulties.</p>
<p>EV sales <a href="https://www.mercomindia.com/ev-sales-sustain-growth-momentum-q1-2024" target="_blank" rel="noopener">reached</a> a record 486,669 units in the first quarter of 2024, increasing by 40% year-over-year. The market consistently exceeded the 100,000-unit threshold each month during the quarter, and March witnessed the highest-ever monthly EV sales figure of 204,337 units.</p>
<p>According to Mercom Capital’s <a href="https://mercomcapital.com/product/q1-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Q1 2024 Funding and M&amp;A Report for Storage and Grid</a>, in the first quarter of 2024, corporate funding in the smart grid sector amounted to $686 million across 14 deals.</p>


Relux Secures ₹2.5 Billion to Expand Hyper EV Charging Stations in South India

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