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					</table>Public infrastructure finance company <a href="https://recindia.nic.in/" target="_blank" rel="noopener">REC</a>’s revenue from operations increased by 10% to ₹446.41 billion (~$4.87 billion) against ₹407.52 billion (~$4.45 billion) in the first nine months (9M) of the financial year (FY) 2025-26.
For the period ended December 31, 2025, REC’s net profit stood at ₹129.2 billion (~$1.41 billion), up 13% from ₹114.77 billion (~$1.25 billion) in the corresponding period of the previous year.
Net interest income rose by 10% to ₹156.77 billion (~$1.71 billion) from ₹141.91 billion (~$1.55 billion) in the same period last year.
Asset quality continued to improve, with net credit-impaired assets declining sharply to 0.20% from 0.74% a year earlier.
REC maintained its financial margins, reporting a spread of 2.73% and a net interest margin of 3.52%. As a result, the annualized earnings per share for the period ended December 31, 2025, increased by 13% to ₹65.42 (~$0.71), compared with ₹58.11 (~$0.63) as of December 31, 2024.
The company reported a third interim dividend of ₹4.60 (~$0.05)/equity share for FY26. With this payout, the total interim dividend declared for the FY26 stands at ₹13.80 (~$0.15)/share on equity shares of face value ₹10 (~$0.11) each, continuing the company’s dividend distribution track record.
Loan Book
REC’s overall loan book stood at ₹5.82 trillion (~$63.5 billion), sustaining its growth trajectory, up from ₹5.66 trillion (~$61.8 billion) in the previous period. As part of efforts to strengthen portfolio quality, term loans grew by 10% YoY.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/REC-Limited-Loan-Book.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-89824 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/REC-Limited-Loan-Book.png" alt="REC Limited Loan Book" width="752" height="331" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/REC-Limited-Loan-Book.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/REC-Limited-Loan-Book-300x132.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/REC-Limited-Loan-Book-650x286.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/REC-Limited-Loan-Book-624x275.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/REC-Limited-Loan-Book-600x264.png 600w" sizes="auto, (max-width: 752px) 100vw, 752px" /></a>
&nbsp;
During the same period, the Revolving Bill Payment Facility loan book and stage-3 loan assets declined by 55% and 54%, respectively. The company’s capital position remained robust, with a capital adequacy ratio of 24.26% as of December 31, 2025.
Net worth increased 13% year-on-year to ₹862.62 billion (~$9.42 billion) from ₹765.02 billion (~$8.35 billion), supported by higher profitability.
Alongside its financial performance, REC continued to scale its financing of clean and renewable energy projects. The renewable energy loan book stood at ₹704.29 billion (~$7.69 billion), reflecting a more than 3.7-fold increase from FY 2022 to FY 2026 and accounting for around 12% of total outstanding loan assets.
The loan portfolio includes solar projects amounting to ₹288.35 billion (~$3.15 billion), wind projects of ₹113.66 billion (~$1.24 billion), pumped storage projects of ₹101.81 billion (~$1.11 billion), large hydro projects of ₹105.95 billion (~$1.16 billion), hybrid renewable projects of ₹55.30 billion (~$604 million), small hydro projects of ₹4.69 billion (~$51 million), e-mobility projects of ₹14.98 billion (~$164 million), and other renewable segments totaling ₹19.55 billion (~$213 million).
Loan Approvals
Business growth remained strong during the period, with total loan disbursements rising 14% YoY to ₹1.65 trillion (~$18.06 billion) from ₹1.46 trillion (~$15.90 billion). Loan approvals increased 23% to ₹3.33 trillion (~$36.39 billion) compared to ₹2.72 trillion (~$29.66 billion) in the previous year, marking the highest-ever sanction level achieved by the company for a nine-month period.
REC has approved approximately 64 GW of renewable energy capacity to date, positioning it among the largest financiers of utility-scale renewable projects in India.
REC <a href="https://www.mercomindia.com/rec-profit-up-9-4-in-q2-fy-2026-renewable-energy-loans-grow-15" target="_blank" rel="noopener">posted</a> a net profit of ₹44.14 billion (~$530.4 million) for the Q2 of the FY26, up from ₹40.37 billion (~$484.9 million) in the corresponding period of the previous year, reflecting a 9.4% increase.
The company <a href="https://www.mercomindia.com/rec-reports-29-profit-growth-with-%E2%82%B944-51-billion-in-q1-fy-2026" target="_blank" rel="noopener">reported</a> its highest-ever quarterly net profit of ₹44.51 billion (~$514.09 million) for the first quarter of FY 2026, a 29% YoY increase from ₹34.42 billion (~$397.55 million).

Strong 9M Performance Drives REC’s Revenue Up 10%

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					</table>Solar module and cell manufacturer <a href="https://www.premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a> has reported a revenue of ₹19.36 billion (~$211.4 million) in the third quarter (Q3) of the financial year (FY) 2026, a 13% year-over-year (YoY) increase from ₹17.13 billion (~$187.1 million).
Profit after tax (PAT) rose 53.4% to ₹3.92 billion (~$42.8 million) from ₹2.55 billion (~$27.9 million) in the previous year.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter rose 13.3% to ₹6.23 billion (~$68.1 million) from ₹5.5 billion (~$60.1 million) in the same quarter last year.
Earnings per share (EPS) stood at ₹8.72 (~$0.095) compared to ₹5.66 (~$0.062) in the same quarter last year.
9M Results
For the first nine months (9M) of FY26, Premier Energies reported consolidated revenue from operations of ₹55.94 billion (~$610.6 million), a 14.2% jump from ₹48.98 billion (~$534.8 million) in 9M FY 2025.
PAT rose by 59.78% YoY to ₹10.53 billion (~$114.96 million) from ₹6.59 billion (~$72.0 million).
EPS came in at ₹23.49 (~$0.257), up from ₹16.86 (~$0.184) in 9M FY 2025.
Performance Highlights
As of Q3, Premier Energies’ order book stood at 9.4 GW, valued at ₹137 billion (~$1.5 billion.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/image-3.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-89541 size-medium" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/image-3-300x290.png" alt="" width="300" height="290" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/image-3-300x290.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/image-3-624x603.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/image-3-600x580.png 600w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/image-3.png 637w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a>
During the quarter, the company produced 956 MW of modules and 593 MW of cells.
The company also expanded its manufacturing capacities, adding 400 MW of cell capacity and 350 MW of module capacity at its existing facilities. These expansions were completed with a capital expenditure of ₹1.01 billion (~$11.03 million).
Looking ahead, the company’s 5.6 GW module manufacturing facility in Seetharampur, Telangana, is expected to be commissioned by March 2026.
Premier also plans to build a 7 GW cell manufacturing plant in Naidupeta, Andhra Pradesh. Of this, 4.8 GW is scheduled to become operational by June 2026, with the remaining 2.2 GW expected to be commissioned by September 2026.
Recently, Premier Energies <a href="https://www.mercomindia.com/premier-energies-commissions-400-mw-solar-cell-manufacturing-line-in-telangana#:~:text=Hyderabad%2Dbased%20solar%20module%20and,owned%20subsidiary%2C%20Premier%20Energies%20Photovoltaic." target="_blank" rel="noopener">announced</a> the commissioning of a 400 MW solar photovoltaic cell (Mono PERC) manufacturing facility at its E-City plant in Maheshwaram, Telangana.
In Q2 FY 2026, the company <a href="https://www.mercomindia.com/premier-energies-q2-revenue-rises-20-on-strong-demand" target="_blank" rel="noopener">reported</a> revenue of ₹18.37 billion (~$208.5 million), a 20.3% YoY increase from ₹15.27 billion (~$173.3 million).

Premier Energies’ Revenue Surges 13%, Profit Up 53.4% in Q3 FY 2026

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					</table>India added a solar capacity of 26.6 GW in the first nine months (9M) of the calendar year (CY) 2025, an <a href="https://www.mercomindia.com/india-16-gw-solar-capacity-9m-2024" target="_blank" rel="noopener">increase</a> of 53.7% year-over-year (YoY) from 17.3 GW, according to the newly released <a href="https://www.mercomindia.com/product/q3-2025-india-solar-market-update" target="_blank" rel="noopener">Q3 2025 India Solar Market Update</a> Report by Mercom India Research.
Large-scale solar accounted for 81.5% of the capacity commissioned in 9M 2025, while rooftop solar contributed 18.5%. Within large-scale additions, solar open access projects accounted for 28.3% of the total during the period.
“Solar installations in the first nine months of 2025 were the highest India has ever recorded, surpassing all of 2024. The industry made solid progress this quarter, but supply constraints, grid congestion, and curtailment continued to hinder execution. DCR supply remains tight and expensive, though long-term visibility is improving. The GST cut provided some relief, but higher cell and module duties offset much of the gain. Looking ahead to 2026, grid constraints remain the primary concern, and transmission capacity must scale rapidly to support growth at this pace,” commented Raj Prabhu, CEO at Mercom Capital Group.
The upcoming Approved List of Models and Manufacturers (ALMM) List-II compliance window in June 2026 was another contributory factor.
In the third quarter (Q3) of 2025, installations of large-scale solar projects rose by 141% YoY to 6.6 GW from 2.7 GW. However, installations dropped 32.3% quarter-over-quarter (QoQ) from 9.7 GW.
Priya Sanjay, Managing Director at Mercom India, attributed the sequential drop partially to the impact of the extended monsoon this year.
As of September 2025, India&#8217;s cumulative installed solar capacity stood at 125.5 GW.
Utility-Scale Projects
Large-scale projects accounted for 85.2%, and rooftop solar accounted for 14.8% of cumulative installations as of September 2025.
As of September 2025, solar projects accounted for 25.1% of India&#8217;s total installed power capacity and 51% of the total installed renewable energy capacity.
Rajasthan, Maharashtra, and Gujarat led large-scale solar capacity additions in Q3, contributing 38.2%, 20.2%, and 17.7% of the capacities commissioned, respectively.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Solarmu2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-86891 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Solarmu2.png" alt="" width="967" height="452" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Solarmu2.png 967w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Solarmu2-300x140.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Solarmu2-768x359.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Solarmu2-650x304.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Solarmu2-624x292.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Solarmu2-600x280.png 600w" sizes="auto, (max-width: 967px) 100vw, 967px" /></a>
The top ten states accounted for 99.3% of the large-scale solar capacity additions in Q3 2025.
Rajasthan, Gujarat, and Karnataka were the top three states in cumulative installations of large-scale solar projects, accounting for over 29.5%, 17.7%, and 13.1%, respectively.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Picture2-5.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-86985 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Picture2-5.png" alt="" width="653" height="537" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Picture2-5.png 653w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Picture2-5-300x247.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Picture2-5-650x535.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Picture2-5-624x513.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Picture2-5-600x493.png 600w" sizes="auto, (max-width: 653px) 100vw, 653px" /></a>
India&#8217;s large-scale solar project pipeline stood at 191.9 GW, with another 162.5 GW of projects tendered and pending auction as of September 2025.
Sanjay commented that tenders are seeing very low participation in a competitive environment. “Developers are wary about the uncertainty around the signing of power purchase agreements and how the rise in module costs is likely to impact the PPA tariffs.”
The average cost of large-scale solar projects also dropped by 1% QoQ.
Tenders and Auctions
In Q3 2025, tenders announced fell by 17.8% YoY to 16.5 GW. However, tender activity rose nearly 137.6% QoQ from 6.9 GW.
Sanjay added that an impending rise in project costs due to the upcoming mandate under ALMM List-II is creating ambiguity in auctions.
Auctions in Q3 dropped by 66.8% to 2.2 GW, from 6.5 GW in the same quarter last year. Within the quarter, auctions jumped by 21.4% QoQ from 1.8 GW.
In 9M 2025, 35.7 GW of tenders were called, representing a 48% YoY decrease compared to 72 GW.
Sanjay felt there would be considerable uncertainty in Q4 due to ALMM-List II. “Installations are expected to be higher in Q4, backed by the urgency to complete projects before the ALMM-List-II deadline.”
She added that the developers are of the view that the government should implement a phased roll-out of the ALMM List-II until India has sufficient cell capacity to meet the demand from the module manufacturing sector.
Mercom&#8217;s Q3 2025 India Solar Market Update report is 120 pages long and covers all facets of India&#8217;s solar market.
For the complete report, visit:  <a href="https://www.mercomindia.com/product/q3-2025-india-solar-market-update" target="_blank" rel="noopener">https://www.mercomindia.com/product/q3-2025-india-solar-market-update.</a>

Solar Installations in India Surge 53.7% YoY in 9M 2025 with 26.6 GW

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					</table>Gujarat-based power company <a href="https://torrentpower.com/index.php/site/indexs" target="_blank" rel="noopener">Torrent Power</a> recorded a profit after tax (PAT) of ₹4.89 billion (~$55.9 million) for the third quarter (Q3) of the financial year (FY) 2025, a year-over-year (YoY) increase of 31% from ₹3.74 billion (~$42.8 million).
The increase in PAT was primarily due to cold weather conditions, which led to an increased power demand. There was a one-time gain in cable sales of about ₹770 million (~$8.8 million), contributing to the increase in other income.
The company’s revenue from operations saw a slight increase of 2% YoY to ₹64.99 billion (~$743 million).
Torrent Power’s earnings before interest, tax, depreciation, and amortization (EBITDA) for the quarter rose by 17% YoY to ₹12.84 billion (~$146.8 million) due to higher merchant and LNG sales, and foreign exchange gains.
The company’s earnings per share (EPS) for the quarter was ₹9.76 (~$0.11).
During the quarter, the company executed an energy storage facility agreement to develop and supply 2,000 MW / 16,000 MWh pumped storage hydro power from Maharashtra State Electricity Distribution Company. It also commissioned a 300 MW solar project.
<img loading="lazy" decoding="async" class="aligncenter wp-image-76177 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Picture1-torrent-power.png" alt="" width="752" height="415" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Picture1-torrent-power.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Picture1-torrent-power-300x166.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Picture1-torrent-power-650x359.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Picture1-torrent-power-624x344.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Picture1-torrent-power-600x331.png 600w" sizes="auto, (max-width: 752px) 100vw, 752px" />
&nbsp;
9M 2024 
Torrent Power recorded a PAT of ₹19.74 billion (~$225 million) for the first nine months (9M) of FY 2024, a YoY increase of 37%. The company attributed these gains mainly to LNG and merchant sales, and foreign exchange gains.
The company’s total income increased by 10% YoY to ₹ 230.81 billion (~$2.6 billion) from ₹209.02 billion (~$2.4 billion).
Torrent Power’s revenue from operations for 9M 2024 also saw a rise of 9.9% to ₹227.09 billion (~$2.5 billion). The company’s EPS for 9M was ₹39.94 (~$0.46).
Torrent Power has an operational solar capacity of 741 MW, with an additional 1,546 MW currently under development. In the wind energy segment, the company has 921 MW already operational and 1,419 MW under development.
The company has an aggregate installed generation capacity of 4,754 MW comprising 2,730 MW of gas-based capacity, 1,662 MW of renewable capacity, and 362 MW of coal-based capacity.
Renewable projects of 2,965 MW are under development. The company’s total generation capacity, including projects under development, is 7,719 MW.
In December 2024, Torrent <a href="https://www.mercomindia.com/torrent-power-raises-%E2%82%B935-billion-in-qualified-institutional-placement" target="_blank" rel="noopener">raised</a> ₹35 billion (~$412.77 million) through qualified institutional placement of shares. The issue was oversubscribed four times.
Torrent Power also <a href="https://www.mercomindia.com/torrent-power-450-mw-hybrid-projects" target="_blank" rel="noopener">won</a> the auction for the purchase of 300 MW of power from wind-solar hybrid energy projects, with a greenshoe option of up to 150 MW from its distribution unit by quoting ₹3.65 (~$0.044)/kWh.

Torrent’s Q3 Profit Up 31% on Higher Merchant Sales and Power Demand

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					</table><a href="https://waareertl.com/" target="_blank" rel="noopener">Waaree Renewable Technologies</a>, the solar engineering, procurement, and construction arm of the <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Group</a>, has posted total revenue of ₹3.6 billion (~$41.57 million) in the third quarter (Q3) of the financial year (FY) 2025, an 11.5% year-over-year (YoY) growth from ₹3.24 billion (~$37.41 million).
The revenue from the EPC segment amounted to about ₹3.51 billion (~$40.6 million), a 12.14% YoY increase from ₹3.13 billion (~$36.20 million).
The net profit was at ₹534.8 million (~$6.2 million), a 16.74% fall year-over-year from ₹642.3 million (~$7.4 million) in Q3 FY24.
The earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased by 18.09% YoY to ₹719.2 million (~$8.3 million) from ₹878.1 million (~$1 million).
The profit margin in Q3 FY25 reduced to 14.84% from 19.81% in Q3 FY24.
Waaree’s unexecuted order book stood at over 3.4 GW as of December 31, 2024. It aims to complete its these orders within nine to 15 months.
<img loading="lazy" decoding="async" class="aligncenter wp-image-75611 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/waaree-picture.png" alt="" width="903" height="255" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/waaree-picture.png 903w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/waaree-picture-300x85.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/waaree-picture-768x217.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/waaree-picture-650x184.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/waaree-picture-624x176.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/waaree-picture-600x169.png 600w" sizes="auto, (max-width: 903px) 100vw, 903px" />
9M FY 2025
In the first nine months (9M) of FY 2025, the company’s total revenue stood at ₹11.21 billion (~$129.4 million), an 85.87% YoY growth from ₹ 6.03 billion (~$69.6 million).
The revenue from the EPC segment contributed ₹10.94 billion (~$126.3 million) for a volume of about 1,025 MW, a YoY increase of 88.37% compared to ₹5.81billion (~$67.20 million) for a volume of about 473 MW.
Waaree posted a profit after tax of ₹1.35 billion (~$15.5 million) during the period, a 43.9% YoY increase from ₹939 million (~$10.8 million).
The EBITDA grew by 40.15% YoY to ₹1.85 billion (~$21.3 million) from ₹1.32 billion (~$15.2 million).
The profit margin in 9M FY25 was 12.06% down from 15.57% in 9M FY24.
The company said approximately 60–70% of its business comes from utility-scale EPC services. India is targeting 40–50 GW of renewable energy capacity addition annually and around 30–35% of the business originates from government entities such as <a href="https://ntpc.co.in/" target="_blank" rel="noopener">NTPC</a> and <a href="https://www.seci.co.in/" target="_blank" rel="noopener">Solar Energy Corporation of India</a>.
The company <a href="https://waaree.com/blog/news/waaree-renewable-technologies-limited-secures-largest-2-gw-solar-epc-order-with-jindal-renewables/" target="_blank" rel="noopener">received</a> a 2 GW order in 2024 which the company plans to start working on.
The company’s key ongoing ground-mounted solar projects include – a 3.4 MW project in Karnataka; 412.5 MW project at Bikaner, Rajasthan; 295.68 MW project at Kurnool, Andhra Pradesh; 210 MW project at Khandwa; 154 MW project at Thoothukudi, Tamil Nadu; 150 MW project at Ratlam, Madhya Pradesh; and 100 MW project at Jamnagar, Gujarat.
Waaree is also planning a foray into EPC of data centers as a new business segment.
The company <a href="https://www.mercomindia.com/revenue-waaree-q2-fy-2025" target="_blank" rel="noopener">posted</a> a total revenue of ₹5.24 billion (~$62.24 million) in the second quarter of FY 2025, an increase of 249.5% YoY. The revenue from the EPC segment alone surged by 255% YoY, reaching ₹5.2 billion (~$61.76 million).
Last year, it <a href="https://www.mercomindia.com/waaree-renewable-profit-surges-q3-fy24" target="_blank" rel="noopener">recorded</a> a net profit of ₹644.6 million (~$7.7 million) in Q3 FY 2024, an increase of 158% YoY from ₹249.8 million (~$3 million).

Solar EPC Segment Pushes Waaree’s Q3 FY25 Revenue Up 11.5% YoY

<a href="https://enkingint.org/" target="_blank" rel="noopener">EKI Energy Sevices</a>, a supplier of carbon credits, announced its results for the nine months (9M) and the third quarter (Q3) ending December 31 for the financial year (FY) 2021-22.
The company registered total revenue of ₹13.25 billion (~$177.78 million) for the 9M period for FY 2021-22, compared to ₹1.91 billion (~$25.63 million) for the whole of FY 2021.
The company stated that the strong performance was supported by higher demand and pricing of carbon credits by growing regulations for carbon control and widening of the carbon credit demand-supply gap.
As per the financial statement released by the company, for 9M FY 2022, the earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹3.7 billion (~$49.65 million), compared to ₹250 million (~$3.35 million) for the full FY 2021.
For the third quarter (Q3) FY 2021-22, the revenue from operations stood at ₹6.88 billion (~$92.31 million). The company reported an EBITDA of ₹2.13 billion (~$28.58 million) with a margin of 31%, and the profit after tax stood at ₹1.61 billion (~$21.61 million) with a margin of 23.4% for Q3 FY 2022.
The company has nearly 1,000 carbon credit projects in its portfolio, consisting of solar, wind, hydropower, and other clean energy projects.
The company recently announced incorporating its new subsidiary-GHG Reduction Technologies, for the backward integration of carbon credit supply through its green cooking initiative. The company’s associate will oversee the implementation of this initiative to manufacture and distribute cooking stoves, while EKI Energy will manage the carbon credit consultancy.
The project aligns with multiple UN sustainable development goals including, climate action, reduction in firewood consumption, forest and biodiversity conservation, employment creation, and enhancement of indoor air quality inside homes, among other things.
The company has also joined hands with Shell Overseas Investments BV to launch a joint venture to reduce carbon emissions in India through nature-based solutions.
Last September, the Delhi Metro <a href="https://mercomindia.com/daily-news-wrap-up-delhi-metro-carbon-credits/" target="_blank" rel="noopener">earned</a>₹195 million (~$2.64 million) from selling 3.55 million carbon credits collected from 2012 to 2018. In 2007, Delhi Metro became the first Metro or Railway project registered by the United Nations under the Clean Development Mechanism, which enabled it to claim carbon credits for its regenerative braking project.
In its Q2 FY 2022 financial results, Azure Power, an independent solar power producer, <a href="https://mercomindia.com/azure-powers-revenue-increases/" target="_blank" rel="noopener">disclosed</a> an additional income from the sale of carbon credits of ₹408 million (~$5.5 million).

Carbon Credits Supplier EKI Energy Posts Revenue of ₹13.25 Billion in 9M FY 2022

Germany added about 1.22 GW of new solar photovoltaic (PV) installations in the third quarter of 2020 (Q3 2020), a 34% increase from the same quarter last year, according to the latest data from Federal Network Agency <a href="https://www.bundesnetzagentur.de/EN/Home/home_node.html" target="_blank" rel="noopener noreferrer">Bundesnetzagentur</a>.
<a href="https://mercomindia.com/wp-content/uploads/2020/11/Germany-Solar-Quarterly-Installations-MW.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22459" src="https://mercomindia.com/wp-content/uploads/2020/11/Germany-Solar-Quarterly-Installations-MW.png" alt="Germany Solar Quarterly Installations (MW)" width="491" height="323" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2020/11/Germany-Solar-Quarterly-Installations-MW.png 491w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2020/11/Germany-Solar-Quarterly-Installations-MW-300x197.png 300w" sizes="auto, (max-width: 491px) 100vw, 491px" /></a>
However, the data showed that installations during the quarter were about 2.6% lower than the preceding quarter. Germany had installed about 1.25 GW of solar projects in Q2 2020 despite the global Coronavirus pandemic.
Cumulative solar installations in the country stood at 52.76 GW as of September 2020. In the first nine months of 2020 (9M 2020), Germany added about 3.5 GW of solar capacity, up about 17% from about the 2.98 GW of installations in the same period last year. In September, Germany added about 387.6 MW of solar projects, down 13 MW of 3.2% from 401 MW of additions in August.
The German government recently announced its <a href="https://mercomindia.com/germany-new-climate-action-plan/" target="_blank" rel="noopener noreferrer">plans</a> to enhance the country’s cumulative capacity of solar from the current 52 GW to 83 GW in 2026 and 100 GW in 2030. The country also intends to expand its cumulative capacity for onshore wind projects from the current 54 GW to 65 GW in 2026 and 71 GW in 2030.
Germany seemed to remain unfazed by the COVID-19 pandemic as it continued to add solar capacity consistently. Germany
Recently, Bundesnetzagentur <a href="https://mercomindia.com/germany-solar-tender-oversubscribed/" target="_blank" rel="noopener noreferrer">announced</a> that its tender for 96.4 MW of solar projects was oversubscribed and received 87 bids for about 393.3 MW of projects. The agency would award a total of 30 bids for around 103.1 MW of projects. Bids for these projects ranged between €0.049 (~$0.058)/kWh and 0.054 (~$0.063)/kWh.
Image credit: Photo by <a href="https://unsplash.com/@samyagshah24?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText" target="_blank" rel="noopener noreferrer">Samyag Shah</a> on <a href="https://unsplash.com/?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText" target="_blank" rel="noopener noreferrer">Unsplash</a>

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