Hong Kong

India’s solar panel imports in the April-Sept. period of FY 2024 surpassed the value of panels imported in the twelve months of FY 2023. Cell imports have also increased considerably year-on-year, with H1 FY 2024 value touching $1,005.07 million.  

Philippines-based AC Energy and Hong Kong-headquartered UPC Renewables’ solar energy arm are jointly building a 300 MWac (420 MWp) solar farm in Madhya Pradesh. The plant, when completed, will be the joint venture’s third and largest solar project in India to date.

UPC-AC Energy Solar has closed a debt-to-equity financing deal with the US International Development Finance Corporation (DFC) to develop a 100 MW PV project in Rajasthan.

China, Hong Kong and Vietnam are the top three nations exporting batteries to India. Chinese imports were worth $773 million in the last fiscal year with Hong Kong shipping $267 million worth and Vietnam $114 million, according to the Ministry of Commerce.

Following a dip in the last fiscal year, the value of cell exports saw a massive surge to an estimated Rs133,000 lakh from April to November. Exports to the U.S. tripled during the eight-month period as shipments to Turkey and Belgium rebounded to become the next two biggest export markets.

The joint venture company targets the construction of over 1 GW portfolio in the next few years, with an initial focus on India, South Korea and Taiwan.

Solargiga highlighted the fact safeguarding duty has recently been reduced in India when considering solar opportunities around the world as part of its first-half update to the Hong Kong stock exchange.

A flying start to the year saw huge volumes of solar cells and modules imported to India but the scale and value of such products fell over the remainder of 2018 and export figures mirrored that trend.