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IREDA’s Profits Surge 46% YoY in Q4 FY 2024 as NPAs Drop

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Solar Module Manufacturer Premier Energies Files DRHP for ₹15 Billion IPO

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Swelect, Grew and ReNew Win SECI’s Auction to Supply 400 MW Solar Modules

Solar Sector Records 81% Drop in VC Funding in Q1, Corporate Funding Down by 4%


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					</table><p>The pace of global transition to low-carbon technologies could be adversely impacted with the &#8216;zero era&#8217; for interest rates ending, a <u><a href="https://www.woodmac.com/" target="_blank" rel="noopener">Wood Mackenzie</a></u> report has said.</p>
<p>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 by 2050.</p>
<p>The report recommends that policymakers should focus on efficient subsidies (targeted and non-discriminatory) that can minimize nationalistic subsidy battles that are counterproductive to global emissions targets.</p>
<p>Mobilization of climate finance is critical for green investments. The report outlines a need for greater use of financial mechanisms and instruments to maximize private-sector investment. Loans offered by central banks to commercial banks at preferential rates can help finance low-carbon investments.</p>
<p><strong>Higher cost of borrowing</strong></p>
<p>On average, major economies will likely experience nominal and real interest rates at two percentage points higher than in the &#8216;zero era.&#8217; This higher cost of borrowing has disproportionately impacted the energy and natural resources sectors.</p>
<p>High capital-intensive, low-carbon energy and nascent green technologies rely heavily on subsidies. Further, debt also accounts for a higher share of the capital structure for low-carbon energy sectors. Hence, the impact of higher interest rates has translated sharply to an increasing share of capital expenditure.</p>
<p>While the energy transition will stimulate demand, Wood Mackenzie estimates this might also inflict upward pressure on inflation by shifting to higher-cost, low-carbon technologies.</p>
<p><strong>Renewables bear the burden </strong></p>
<p>While companies in the oil, gas, metals, and mining sectors remain relatively unaffected by higher interest rates, their counterparts in the renewables sector bear the unequal burden of higher borrowing costs. The high capital intensity of renewables and nuclear power has exposed these sectors to interest rates.</p>
<p>Debt from bonds and project finance, secured against long-term power purchasing agreements, has been leveraged to fund rapid growth in renewables.</p>
<p>Due to power and renewables having high gearing, the recent rise in interest rates has a larger proportional impact on their cost of debt.</p>
<p>With this threatening future projects, the renewables and green technology sector is worried.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-65416 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture1-4.png" alt="High gearing impact" width="624" height="323" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture1-4.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture1-4-300x155.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture1-4-600x311.png 600w" sizes="(max-width: 624px) 100vw, 624px" /></p>
<p>According to Wood Mackenzie, while subsidized renewable investments can access cheaper finance, the low cost of debt and low required returns make projects sensitive to interest rates. These rates affect required returns and the cost of capital more than other power generation projects that need higher returns in the first place.</p>
<p>Nascent technologies, such as low-carbon hydrogen, carbon capture, utilization and storage, and direct air capture, need large-scale development and incentives to transform them into commercially viable, large-scale options for decarbonizing the economy.</p>
<p>As a result, they will be directly impacted by higher interest rates. This affects smaller development companies struggling to access debt and larger, credit-worthy emitters relying on low-interest leverage to render projects attractive for shareholders.</p>
<p>For instance, the capital intensity for hydrogen varies based on the project. At higher capital intensities, a 2% point increase in interest rates lifts the levelized cost of hydrogen by nearly 10%. The lack of economic incentives to capture carbon and the absence of a hydrogen market is thwarting investment in these sectors.</p>
<p>In contrast to renewables, the oil and gas sectors have a low gearing (smaller debt compared to equity). The net debt for 25 of the largest international and national oil companies assessed by Wood Mackenzie fell from $390 billion in 2020 to $150 billion in 2023.</p>
<p>As higher interest rates will impact investment sentiment, the cost of capital is worked into the 15%-plus return targets the industry&#8217;s biggest players expect from oil projects.</p>
<p><strong>Global market structures contract</strong></p>
<p>The policy rates in most developed economies touched their highest levels in decades after the most aggressive hiking cycle in 40 years.</p>
<p>With renewables competing against the market price in the U.S. and Australia, this will likely curb investments. In Europe, however, investments are still expected to advance, but they will result in higher prices due to the mandate to achieve decarbonization targets.</p>
<p>In the U.S., Wood Mackenzie&#8217;s analysis shows that a mere 2-percentage point increase in the risk-free interest rate will increase the levelized cost of electricity (LCOE) by as much as 20% for renewables. The LCOE increase for a combined-cycle gas turbine plant is 11%.</p>
<p>As these higher rates also risk the government&#8217;s efforts to subsidize energy transition, the transition efforts are restricted by reducing supportive subsidies and tax incentives or cutting direct public capital investment in a low-carbon economy.</p>
<p>Despite public debt in China having doubled in the past decade and the government stopping the subsidies for new renewable power capacity in 2022, the legacy subsidy payments to the renewables sector are climbing swiftly. As eligible projects outstripped the available funding, the report predicts that the country is likely to struggle to support subsidies in the future.</p>
<p>Despite the high interest rates, Mercom Capital group&#8217;s Annual and <a href="https://mercomcapital.com/product/annual-q4-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Q4 2023 Solar Funding and M&amp;A Report</a> showed that the solar industry received $34.3 billion in corporate funding in 2023, the largest amount raised over a decade.</p>
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High Interest Rates Affect Subsidies, Capital Costs of Renewables: Report


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					</table><p>India&#8217;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.</p>
<p>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 possibility that Indian exports could also be covered, according to investment banking firm <a href="https://www.roth.com/" target="_blank" rel="noopener">ROTH Capital Partners</a>.</p>
<p>&#8220;One new regulation may allow current anti-dumping tariffs to be increased, while another may open the door to go after third government subsidies, i.e., Chinese subsidies such as &#8220;Belt and Road&#8221; that may support one of these Southeast Asian countries,&#8221; ROTH said in a report earlier this month. The petitioners could also consider bracketing India with these countries.</p>
<p>The import tariff moratorium is due to end in June this year. After imposing import duties on Chinese solar modules, the U.S. Department of Commerce <a href="https://www.mercomindia.com/us-circumvention-inquiries-solar-products-china" target="_blank" rel="noopener">clarified</a> the scope of the anti-circumvention probe last August, allowing the import of solar modules made outside of Southeast Asia.</p>
<p>Indian solar exports have surged in the last couple of years, benefitting from restrictions on Chinese imports. According to recent Ministry of Commerce data, Indian solar exports <a href="https://www.mercomindia.com/indian-solar-exports-grow-227-2023-imports-up-89" target="_blank" rel="noopener">rose</a> 227% to $1.8 billion (~₹152.6 billion) in 2023 from $561 million (~₹46.4 billion) in 2022.</p>
<p>The U.S. was the top buyer of Indian solar cells and modules, accounting for 97.3% of the exports in 2023.</p>
<p>U.S. solar imports nearly <a href="https://www.mercomindia.com/us-solar-module-imports-surge-to-50gw" target="_blank" rel="noopener">doubled</a> in 2023, with about 50 GW of modules making their way to the solar market. Southeast Asia accounted for 78% of the U.S. photovoltaic module imports.</p>
<p>If AD/CVD tariffs are applied to Indian exports, local manufacturers could feel the heat and lose their cost arbitrage if they have to factor in these tariffs.</p>
<p>The question, however, is whether U.S. manufacturers consider the volume of exports from India significant enough for them to seek relief under the AD/CVD regime.</p>
<p>Raj Prabhu, CEO of Mercom Capital, commented, &#8220;Indian manufacturers cannot take the U.S. market for granted, and companies need to have alternative strategies if such a scenario plays out. In the end, the goal is similar for India and the U.S.; both countries want to protect and build their domestic clean energy manufacturing capabilities and supply chain instead of depending on imports.&#8221;</p>
<p>Last month, talking about Indian solar manufacturing, Prabhu had said a policy change in the U.S. post-elections could potentially affect export opportunities for Indian manufacturers.</p>
<p>According to Prabhu, the crash in solar module prices and the overcapacity situation in China have led to some U.S. manufacturing projects being canceled and many getting into a wait-and-see mode. &#8220;The Biden administration wants to see the Inflation Reduction Act, a signature accomplishment, succeed at any cost. To build a clean energy manufacturing base, the U.S. administration is willing to do what it takes in terms of tariffs or other means to protect domestic manufacturers and investments. In an election year, both candidates want to show they are tougher than the other when it comes to China, trade, and tariffs.&#8221;</p>
<p>According to a Reuters report, the U.S. government may allow a request by South Korea&#8217;s Hanwha QCells to reverse a two-year-old trade exemption that has allowed imports of bifacial solar panels from China and other countries to avoid tariffs.</p>
<p>QCells is heavily invested in solar manufacturing expansion in the U.S. Last October, it <a href="https://www.mercomindia.com/qcells-north-solar-module-facility-to-5-1-gw" target="_blank" rel="noopener">added</a> 2 GW of new capacity at its solar panel manufacturing facility in Dalton, Georgia, bringing the factory&#8217;s total output to over 5.1 GW.</p>
<p>The Solar Energy Manufacturers For America Coalition believes 90% of solar panel imports constitute bifacial modules.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nagaraj/" class="vcard author" rel="author"><span class="fn">B.S. Nagaraj</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nagaraj_edtd-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">B.S. Nagaraj,</strong> Senior Editor at Mercom India<br />
<a href="https://mercomindia.com/author/nagaraj/" target="_blank" rel="noopener">More articles from B.S. Nagaraj.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nagaraj_edtd-1.jpg" alt="Nagaraj Bharadwaj" /><a href="https://mercomindia.com/author/nagaraj/" target="_blank" rel="noopener"><strong style="color: #00b451">B.S. Nagaraj</strong></a> is a Senior Editor at Mercom India. Nagaraj is an experienced journalist and has held senior roles in publications like The Indian Express and Deccan Herald, and Qatar Tribune. He has also worked for business advisory and risk management consulting firms in New Delhi.<br />
<a href="https://mercomindia.com/author/nagaraj/">More articles from B.S. Nagaraj.</a></p>
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Threat of US Anti-Dumping Duties on Indian Solar Module Exports


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					</table><p><a href="https://www.bloomberg.com/news/articles/2024-04-19/iran-acknowledges-drone-attack-by-israel-and-says-it-failed?srnd=homepage-asia" target="_blank" rel="noopener"><strong>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</strong></a>. 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 bids is May 13, 2024. Bids will be opened on May 16. Bidders can set up the cumulative project capacity at a single location or sub-divided into several blocks of 5 MW or higher.</p>
<p><a href="https://www.mercomindia.com/sjvn-green-energy-invites-bids-solar-projects-in-assam" target="_blank" rel="noopener"><strong>SJVN Green Energy, a wholly owned subsidiary of </strong><strong>SJVN</strong><strong>, has invited bids for the outright purchase or lease of up to 800 acres of land for 28 years</strong></a> with all statutory clearances to set up solar power projects of 200 MW capacity in Assam. The last date for the submission of bids is May 10, 2024. Bids will be opened on the same day. Bidders have to pay ₹5,000 (~$59.86) + 18% GST as cost of the tender document. They can propose multiple land parcels, totaling a maximum of 1,200 acres, with each connected parcel being either 200 acres or multiples thereof, up to 800 acres.</p>
<p><a href="https://www.mercomindia.com/avaada-refinancing-deal-solar-rajasthan" target="_blank" rel="noopener"><strong>Avaada Energy</strong><strong> has closed a ₹44.71 billion (~$535.3 million) refinancing deal with the National Bank for Financing Infrastructure and Development (</strong><strong>NaBFID</strong><strong>)</strong></a> for four inter-state transmission system-connected solar projects with a combined capacity of 1.7 GW in Rajasthan. The financing from NaBFID, a specialized government-owned development finance institution, will enable the prepayment of existing loans and offer a successful exit to multiple lenders. The facility will be approved and disbursed as a 20-year rupee term loan facility.</p>
<p><a href="https://www.mercomindia.com/australia-adds-capacity-to-the-grid-in-2023" target="_blank" rel="noopener"><strong>According to the Clean Energy Council, Australia added 5.9 GW of renewable capacity to the grid in 2023, up from 5 GW in 2022. Rooftop solar contributed</strong></a> 3.1 GW, while utility-scale projects added 2.8 GW. This marked an increase from 2022, when rooftop solar provided 2.7 GW, and utility-scale projects contributed 2.3 GW. The share of renewable energy in Australia’s total electricity generation also grew, reaching 39.4% in 2023, up from 35.9% in 2022. As of December 2023, 56 renewable energy generation projects were under construction, down from 72 in 2022.</p>
<p><a href="https://www.mercomindia.com/ecozen-raises-30-million" target="_blank" rel="noopener"><strong>Ecozen</strong><strong>, a Pune-based startup focused on clean technology solutions for agriculture, has raised $30 million in a new funding round to accelerate its growth</strong></a> and global expansion. The investment includes equity from existing investors like Nuveen as well as new debt financing from the InCred Credit Fund and the U.S. International Development Finance Corporation (DFC). The capital will allow Ecozen to scale up production of its solar-powered systems for agricultural irrigation and cold chain solutions, the company said in a press release.</p>
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Daily News Wrap-Up: RECPDCL’s Tender for 223 MW Solar Projects


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					</table><p>REC Power Development and Consultancy (<a href="https://www.recpdcl.in/" target="_blank" rel="noopener">RECPDCL</a>) has floated a tender to set up 223 MW Inter-State Transmission System (ISTS)-connected solar power projects anywhere in India.</p>
<p>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.</p>
<p>The last date for the submission of bids is May 13, 2024. Bids will be opened on May 16.</p>
<p>The tender fee, including GST, amounts to ₹29,500 (~$353). Bidders should also submit a bid processing fee of ₹500,000 (~$5,993) for each project from 50 MW up to 99 MW and ₹1.5 million (~$17,983) from 100 MW and above.</p>
<p>Bidders must furnish an earnest money deposit of ₹900,000 (~$10,788)/MW per project.</p>
<p>Successful bidders must deposit a performance bank guarantee of ₹1.75 million (~$20,977)/MW within seven working days before signing the power purchase agreement.</p>
<p>A bidder, including its parent, affiliate, ultimate parent, or any group company, can submit a single bid for a minimum of 50 MW and a maximum of 223 MW.</p>
<p>Bidders can set up the cumulative project capacity at a single location or sub-divided into several blocks of 5 MW or higher.</p>
<p>The minimum voltage requirement for interconnection at the ISTS is 220 kV. The solar power developer will be responsible for setting up the land and connectivity.</p>
<p>The bidders’ net worth should be at least ₹10 million (~$119,855)/ MW of the quoted capacity as of the last date of the previous financial year or on the day at least seven days before the bid submission deadline.</p>
<p>Their minimum annual turnover must be ₹5 million (~$59,927) /MW of the quoted capacity during the last three financial years.</p>
<p>Bidders must have an internal resource generation capability in the form of profit before depreciation interest and taxes for a minimum amount of ₹830,000 (~$9,948)/ MW of the quoted capacity, as on the last date of the previous financial year or as on the day at least seven days before the bid submission deadline.</p>
<p>They must present an in-principle sanction letter from their lending institutions or banks, committing a line of credit for a minimum of ₹1.04 million (~$12,465)/ MW of the quoted capacity towards meeting the working capital requirement of the quoted project capacity.</p>
<p>The modules used in the project must be listed in the latest Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy.</p>
<p>In December 2023, RECPDCL <a href="https://www.mercomindia.com/recpdcl-invites-bids-projects-with-greenshoe-option" target="_blank" rel="noopener">floated</a> a tender to set up 250 MW ISTS-connected solar power projects anywhere in India with an additional greenshoe option of 250 MW.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders issued by various agencies in India.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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RECPDCL Invites Bids for 223 MW ISTS-Connected Solar Projects


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					</table><p><a href="https://www.ecozensolutions.com/" target="_blank" rel="noopener">Ecozen</a>, a Pune-based startup focused on clean technology solutions for agriculture, has raised $30 million in a new funding round to accelerate its growth and global expansion. The investment includes equity from existing investors like <a href="https://www.nuveen.com/en-us" target="_blank" rel="noopener">Nuveen</a> as well as new debt financing from the <a href="https://www.incredassetmanagement.com/incred-credit-opportunities-fund/" target="_blank" rel="noopener">InCred Credit Fund</a> and the U.S. International Development Finance Corporation (<a href="https://www.dfc.gov/" target="_blank" rel="noopener">DFC</a>).</p>
<p>The capital will allow Ecozen to scale up production of its solar-powered systems for agricultural irrigation and cold chain solutions, the company said in a press release. It also plans to expand on its current solar pump controller systems and cold storage solutions offerings.</p>
<p>&#8220;Ecozen is on an accelerated growth path driven by increased demand for our pioneering climate-smart solutions,&#8221; said CEO and co-founder Devendra Gupta. &#8220;The funding will enable us to expand operations and deepen our market presence in India as well as enter new international markets in Africa and Southeast Asia.&#8221;</p>
<p>The company plans to leverage its technology stack, spanning advanced motors, controls, thermal energy storage, AI, and IoT, to develop decarbonization solutions for other sectors, such as milling, mobility, retail, and industry. It claims that the company has grown five-fold over the last two years, with profits tripling, and anticipates doubling revenue again this fiscal year.</p>
<p>The company also claims that its products have boosted incomes for over 180,000 farmers in India while reducing greenhouse gas emissions by 2 million tonnes and preventing 50,000 metric tons of food loss.</p>
<p>“We like Ecozen’s proven product and execution track record and the way it has transformed the lives of farmers in India. With the government of India’s push on sustainable, climate-friendly initiatives, we feel the company is poised for profitable growth,” said Saurabh Jhalaria, CIO – Alternative Credit Strategies at Incred Alternative Investments.</p>
<p>Last year, Ecozen <a href="https://www.mercomindia.com/solar-cold-storage-ecozen-25-million-for-energy-transition" target="_blank" rel="noopener">raised</a> $25 million in equity and debt capital in its series C round as it looked beyond agriculture to expand into new climate deep-technology fields.</p>
<p>In 2022, it <a href="https://www.mercomindia.com/ecozen-secures-%e2%82%b9540-million-funding" target="_blank" rel="noopener">raised</a> $6.93 million as part of a planned $25 million Series C funding round. The funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors.</p>
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Clean Energy Tech Firm Ecozen Raises $30 Million for Global Expansion


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					</table><p>SJVN Green Energy (SGEL), a wholly-owned subsidiary of <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a>, has invited bids for the outright purchase or lease of up to 800 acres of land for 28 years with all statutory clearances to set up solar power projects of 200 MW capacity in Assam.</p>
<p>The last date for the submission of bids is May 10, 2024. Bids will be opened on the same day.</p>
<p>Bidders have to pay ₹5,000 (~$59.86) + 18% GST as cost of the tender document.</p>
<p>Bidders have to furnish an earnest money deposit of ₹2 million (~$23,946) for 200 acres, ₹4 million (~$47,892) for 400 acres, ₹6 million (~$71,839) for 600 acres, and ₹8 million (~$95,786) for 800 acres.</p>
<p>They can propose multiple land parcels, totaling a maximum of 1,200 acres, with each connected parcel being either 200 acres or multiples thereof, up to 800 acres.</p>
<p>Parcels smaller than 200 acres will not be accepted. If a parcel offered by the bidder exceeds 200 acres but is not in multiples of 200 acres, the area will be rounded up to the nearest multiple of 200 acres, and the price bid will be adjusted accordingly.</p>
<p>If any part of a single connected parcel, totaling 400 acres or more in multiples of 200 acres, is deemed unsuitable at any evaluation stage, the entire parcel will be rejected.</p>
<p>Proposals for land parcels that combine outright purchase and lease will be rejected.</p>
<p>The offered land can also be located within a solar park, provided it can be transferred to SGEL for outright purchase following solar park rules and regulations.</p>
<p>The aerial distance between the nearest point of the land parcel and the proposed state transmission utility (STU) substation must not exceed 15 km for parcels of 200 acres (50 MW) and 20 km for parcels of 400 acres or more.</p>
<p>The estimated spare capacity available at the proposed STU substation must meet the following minimum requirements: 50 MW for parcels of 200 acres, 100 MW for parcels of 400 acres, 150 MW for parcels of 600 acres, and 200 MW for parcels of 800 acres.</p>
<p>The land must have a minimum annual global horizontal irradiance of 1550 kWh/m².</p>
<p>It should be a single connected patch and accessible via a jeepable road.</p>
<p>The offered land must not be subject to government restrictions for solar power development, such as being located in wildlife-protected areas, near defense establishments, national parks, areas designated for protecting the Great Indian Bustard, or any other state-specific protected areas.</p>
<p>Recently, SGEL <a href="https://www.mercomindia.com/sjvn-green-jv-assam-discom-renewable-projects" target="_blank" rel="noopener">signed</a> a joint venture and shareholders agreement with Assam Power Distribution Company to execute renewable energy projects/parks.</p>
<p>In January 2024, SJVN <a href="https://www.mercomindia.com/sjvn-%e2%82%b9100-billion-fund-construction-renewable-projects" target="_blank" rel="noopener">announced</a> that it had secured a ₹100 billion (~$1.2 billion) construction financing facility to fund its renewable energy projects.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of tender activity in real time.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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SJVN Green Energy Invites Bids to Source Land for 200 MW Solar Projects in Assam


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					</table><p><a href="https://avaadaenergy.com/about-us/" target="_blank" rel="noopener">Avaada Energy</a> has closed a ₹44.71 billion (~$535.3 million) refinancing deal with the National Bank for Financing Infrastructure and Development (<a href="https://www.nabfid.org/" target="_blank" rel="noopener">NaBFID</a>) for four inter-state transmission system (ISTS)-connected solar projects with a combined capacity of 1.7 GW in Rajasthan.</p>
<p>The financing from NaBFID, a specialized government-owned development finance institution, will enable the prepayment of existing loans and offer a successful exit to multiple lenders. The facility will be approved and disbursed as a 20-year rupee term loan facility.</p>
<p>The structure has been rated as ‘AA (Stable)’ by CareEdge Ratings.</p>
<p>“We have achieved a major milestone by refinancing four of our largest operating assets in Rajasthan. These assets have been operational for approximately two years. This is one of the largest transactions ever conducted in India’s renewable energy market. It allows us to pay off existing lenders and welcome NaBFID as the new single lender. This accomplishment underscores the keen interest of financial institutions in supporting renewable energy projects that offer stable, long-term cash flows. Securing a better interest rate for operational assets further strengthens our bottom line while delivering value to all stakeholders,” said Vineet Mittal, Chairman of Avaada Group.</p>
<p>Avaada Energy was among the winners of NTPC’s auction to set up 1,500 MW of ISTS-connected solar power projects (Tranche II) across India. Avaada was <a href="https://www.mercomindia.com/ntpc-tranche-ii-solar-auction/" target="_blank" rel="noopener">awarded</a> 500 MW out of the 750 MW quoted capacity at a tariff of ₹2.6 (~$0.0313)/kWh.</p>
<p>Avaada Energy was also a <a href="https://www.mercomindia.com/ntpc-win-seci-solar-tranche-xvi-auction/" target="_blank" rel="noopener">winner</a> in the Solar Energy Corporation of India’s auction to set up 1,500 MW ISTS-connected solar power projects in India under Tranche XIV. Avaada quoted the lowest tariff of ₹2.57 (~$0.0310)/kWh to win 300 MW.</p>
<p>Last April, Avaada Group <a href="https://www.mercomindia.com/avaada-raises-1-billion-from-brookfield-for-green-hydrogen-foray/" target="_blank" rel="noopener">raised</a> $1.07 billion from Brookfield Renewable to support its green hydrogen and green ammonia projects in India. The funding is part of the company’s ongoing plan to raise $1.3 billion.</p>
<p>Avaada Energy was the top utility-scale solar project developer in 2022, according to Mercom’s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2023-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2023</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Avaada Inks ₹45 Billion Refinancing Deal for Four Solar Projects in Rajasthan


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					</table><p><a href="https://www.mercomindia.com/explainer-application-process-almm" target="_blank" rel="noopener"><strong>The recent reimposition of the Approved List of Models and Manufacturers (ALMM) regulation by the Ministry of New and Renewable Energy</strong></a> (MNRE) has once again raised questions for existing and aspiring solar manufacturers on the elaborate process for getting ALMM-enlisted. The ALMM mandate is back in force from April 1, 2024, clearing the confusion caused over the exemption of open access and private rooftop solar power projects in MNRE’s previous order.</p>
<p><a href="https://www.mercomindia.com/powergrid-wins-contracts-of-renewable-energy" target="_blank" rel="noopener"><strong>Government-owned power transmission utility Power Grid Corporation of India (POWERGRID) has won the contracts to establish three inter-state transmission</strong></a> systems projects on a build, own, operate, and transfer basis to evacuate 18 GW of power from various renewable energy zones in Rajasthan and Gujarat. POWERGRID received the letters of intent on April 16, 2024. The scheduled commercial operation date of the projects is 24 months from the date of the letters of intent.</p>
<p><a href="https://www.mercomindia.com/mnre-seeks-ghar-rooftop-solar-program" target="_blank" rel="noopener"><strong>The </strong><strong>MNRE</strong><strong> has invited comments and suggestions on the draft guidelines for implementing the PM-Surya Ghar: Muft Bijli Yojana in the residential rooftop</strong></a> solar segment. The last date for receiving the comments/suggestions is April 23, 2024. The Government of India launched the program on February 13, 2024. It aims to install rooftop solar projects in ten million households at a cost of ₹752.01 billion (~$ $8.9 billion).</p>
<p><a href="https://www.mercomindia.com/apple-partners-with-cleanmax" target="_blank" rel="noopener"><strong>Tech giant </strong><strong>Apple</strong><strong> has announced a joint venture with Mumbai-based renewable energy firm </strong><strong>CleanMax</strong><strong> to power its operations in India</strong></a> with renewable energy as part of its goal to be carbon neutral across its entire value chain by the end of this decade. As part of the collaboration, CleanMax has installed 14.4 MW of rooftop solar power projects across six industrial sites in India.</p>
<p><a href="https://www.mercomindia.com/eu-member-states-sign-solar-charter" target="_blank" rel="noopener"><strong>The </strong><strong>European Commission</strong><strong> and member states have signed the European Solar Charter, outlining a coordinated set of actions to support</strong></a> the continent’s struggling solar photovoltaic (PV) industry and tackle unfair competitive practices. The EU has targeted at least 42.5% renewable energy by 2030. A heavy reliance on imported solar modules, primarily from China, has threatened the viability of existing European solar manufacturers.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/mercom-staff/" class="vcard author" rel="author"><span class="fn">Mercom Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Daily News Wrap-Up: Application Process for ALMM Inclusion and Renewal


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					</table><p>According to the Clean Energy Council (<a href="https://www.cleanenergycouncil.org.au/" target="_blank" rel="noopener">CEC</a>), Australia added 5.9 GW of renewable capacity to the grid in 2023, up from 5 GW in 2022.</p>
<p>Rooftop solar contributed 3.1 GW, while utility-scale projects added 2.8 GW. This marked an increase from 2022 when rooftop solar <a href="https://www.mercomindia.com/australia-renewable-fell-2022">provided</a> 2.7 GW, and utility-scale projects contributed 2.3 GW.</p>
<p>The share of renewable energy in Australia&#8217;s total electricity generation also grew, reaching 39.4% in 2023, up from 35.9% in 2022.</p>
<p>As of December 2023, 56 renewable energy generation projects were under construction, down from 72 in 2022. These projects totaled approximately 7.5 GW in capacity, a decrease from the 9.5 GW at the end of 2022.</p>
<p>Among these projects, 38 were large-scale solar projects, and 13 were wind farms. This was a decline from 2022, with 48 solar projects and 21 wind projects in development.</p>
<p>Additionally, three combined wind/solar projects (130 MW) and two biomass projects (61 MW) are in progress.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-65387 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture1-3.png" alt="" width="752" height="576" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture1-3.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture1-3-300x230.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture1-3-650x498.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture1-3-624x478.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Picture1-3-600x460.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></p>
<p><strong>Rooftop Solar</strong></p>
<p>In 2023, rooftop solar emerged as the primary contributor to Australia&#8217;s renewable energy landscape, with a capacity of 3.1 GW. This accounted for 28.5% of all renewable energy and 11.2% of the country&#8217;s total energy generation, marking an increase from 25.8% and 9.3%, respectively, in 2022.</p>
<p>The number of Australian households with rooftop solar PV systems installed rose to approximately 3.7 million by the end of 2023, up from about 3.4 million in 2022.</p>
<p>There were 337,498 new rooftop solar installations in 2023, compared to 315,499 in 2022.</p>
<p>The average size of installed systems continued to rise, reaching 9.3 kW, compared to 8.7 kW in 2022.</p>
<p><strong>Large-scale solar</strong></p>
<p>In 2023, utility-scale solar emerged as the leading contributor to new capacity, providing 1.9 GW, a significant increase from 841 MW in 2022. This capacity was spread across 15 newly commissioned projects, up from 12 in the previous year.</p>
<p>Among the notable projects were Neoen&#8217;s Western Downs Green Power Hub in Queensland and ACEN Australia&#8217;s New England Solar Farm Stage 1 in NSW. Both are 400 MW developments and are now the largest solar farms in Australia.</p>
<p>However, new financial commitments to large-scale generation projects in 2023 totaled $1.5 billion, a considerable decrease from $6.5 billion in 2022. Despite the outstanding performance of the large-scale storage sector, overall investment figures remained lower compared to 2022. Additionally, seven new financial commitments to solar projects in 2023 totaled 921 MW, down from 10 projects and 1.5 GW in 2022.</p>
<p>This slowdown reflects the challenges in making new investment decisions, including a constrained grid, slow planning processes, higher costs, and tighter equipment and labor markets.</p>
<p><strong>Large-scale Wind</strong></p>
<p>The large-scale wind sector experienced a down year, adding 942 MW of new capacity, a decline from 1.4 GW in 2022. Among the seven wind farms commissioned in 2023, Squadron Energy&#8217;s 244 MW Bango Wind Farm in NSW was the largest.</p>
<p>Despite the decrease in capacity added, wind power still dominates Australia&#8217;s renewable energy generation, accounting for 33.9%. As a share of Australia&#8217;s total energy generation, wind power reached 13.4% in 2023, up from 12.8% in 2022.</p>
<p>As of December 2023, 56 renewable energy generation projects were under construction, down from 72 in 2022.</p>
<p>However, no new financial commitments were announced to utility-scale wind projects in 2023, compared to six in 2022.</p>
<p><strong>Storage</strong></p>
<p>At the end of 2023, the number of large-scale battery storage projects being constructed rose to 27, up from 19 in 2022. These projects have a combined capacity of 5 GW / 11 GWh, compared to 1.4 GW / 2 GWh in 2022.</p>
<p>The largest utility-scale storage project currently being developed is the Waratah Super Battery in New South Wales, with a capacity of 850 MW / 1,680 MWh. The NSW Government is undertaking this project through its EnergyCo authority, with construction slated for completion in August 2025.</p>
<p>Total investment in large-scale storage reached $4.9 billion by the close of 2023, up significantly from $1.9 billion in 2022, marking a 157.9% increase. The combined capacity of large-scale storage projects that received financial commitments in 2023 amounted to 3,949 MW / 9,905 MWh.</p>
<p>The year witnessed a record for new financial commitments to large-scale storage. In Q2, investment in big batteries exceeded the billion-dollar mark for the first time in a single quarter, and Q4 surpassed this record.</p>
<p><strong>Outlook</strong></p>
<p>In its Draft 2024 Integrated System Plan, the Australian Energy Market Operator recommended that Australia incorporate a minimum of 6 GW of utility-scale generation into the National Electricity Market annually to achieve the Federal Government&#8217;s goal of reaching 82% renewables by 2030.</p>
<p>Although the addition of 2.8 GW of new capacity across Australia in 2023 is commendable, CEC believes it is evident that Australia requires a significant boost in investment and deployment to meet its targets.</p>
<p>The Australian Renewable Energy Agency recently <a href="https://cms.mercomindia.com/apple-partners-with-cleanmax/" target="_blank" rel="noopener">unveiled</a> a significant initiative with AUD$1 billion (~$651.2 million) investment to enhance domestic solar photovoltaic manufacturing.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Australia Adds 5.9 GW of Renewable Capacity to the Grid in 2023


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					</table><p>Government-owned power transmission utility Power Grid Corporation of India (<a href="https://www.powergrid.in/" target="_blank" rel="noopener">POWERGRID</a>) has won the contracts to establish three inter-state transmission systems (ISTS) projects on a build, own, operate, and transfer (BOOT) basis to evacuate 18 GW of power from various renewable energy zones (REZ) in Rajasthan and Gujarat.</p>
<p>POWERGRID received the letters of intent on April 16, 2024.</p>
<p>REC Power Development and Consultancy (<a href="https://www.recpdcl.in/" target="_blank" rel="noopener">RECPDCL</a>) floated two tenders for these projects, one on <a href="https://www.mercomindia.com/rec-evacuate-11-gw-renewables-rajasthan" target="_blank" rel="noopener">November 6, 2023</a>, and the second on <a href="https://www.mercomindia.com/rec-subsidiary-invites-bids-renewable-power-in-rajasthan" target="_blank" rel="noopener">November 16, 2023</a>.</p>
<p>The three projects are:</p>
<ul>
<li>Transmission System for the evacuation of power from Rajasthan REZ Phase IV (Part 2: 5.5 GW) (Jaisalmer/ Barmer Complex): Part C</li>
</ul>
<p>One of the projects that POWERGRID will implement involves the establishment of a new 765/400/220 kV pooling substation at Mandsaur. This will be accompanied by the installation of a 765 kV D/C transmission line and associated bay extension works at other existing substations in Madhya Pradesh.</p>
<ul>
<li>Transmission System for the evacuation of power from potential renewable energy zones in the Khavda area of Gujarat under Phase-IV (7GW) Part E2</li>
</ul>
<p>The project involves augmentation works at existing substations to facilitate the evacuation of power from the potential renewable energy zone in the Khavda area under Phase-IV (7 GW) Part E2.</p>
<ul>
<li>Transmission System for the evacuation of power from Rajasthan REZ Phase IV (Part 2: 5.5 GW) (Jaisalmer/ Barmer Complex): Part E</li>
</ul>
<p>The project involves the establishment of a new 765 kV substation at Rishabhdeo in Rajasthan, along with the installation of 765 kV D/C Transmission Lines and associated bays extension works at other existing substations in Rajasthan and Madhya Pradesh.</p>
<p>The scheduled commercial operation date of the projects is 24 months from the date of the letters of intent.</p>
<p>The developer must guarantee that every aspect of the project, encompassing equipment, facilities, components, and systems, is planned, built, and tested in accordance with the specifications detailed in the transmission service agreement.</p>
<p>Recently, POWERGRID <a href="https://www.mercomindia.com/powergrid-to-invest-infrastructure-expansion" target="_blank" rel="noopener">announced</a> an investment of ₹3.67 billion (~$44.05 million) for infrastructure expansion involving two transmission projects scheduled to be commissioned in 2025.</p>
<p>Earlier, the company’s special-purpose vehicle, POWERGRID Bhadla Transmission, was <a href="https://www.mercomindia.com/powergrid-receives-transmission-lines-in-rajasthan#:~:text=The%20Ministry%20of%20Power%20has,under%20Phase-II%20Part%20B." target="_blank" rel="noopener">authorized</a> by the Ministry of Power to set up overhead transmission lines on a modified route to evacuate 8.1 GW of power from the solar energy zone in Rajasthan under Phase-II Part B.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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