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Apple Partners with CleanMax to Power India Operations with Renewable Energy

Explainer: Application Process for ALMM Inclusion and Renewal


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					</table><p>The <a href="https://commission.europa.eu/index_en" target="_blank" rel="noopener">European Commission</a> and member states have signed the European Solar Charter, outlining a coordinated set of actions to support the continent’s struggling solar photovoltaic (PV) industry and tackle unfair competitive practices.</p>
<p>The EU has <a href="https://www.mercomindia.com/eu-targets-domestic-green-technology-2030" target="_blank" rel="noopener">targeted</a> at least 42.5% renewable energy by 2030.</p>
<p>A heavy reliance on imported solar modules, primarily from China, has threatened the viability of existing European solar manufacturers. The plummeting prices of imported panels have led some European companies to scale back operations or shift production to other markets, such as the U.S.</p>
<p>Europe’s solar industry, represented by SolarPower Europe, <a href="https://www.mercomindia.com/europes-solar-industry-warns-bankruptcies" target="_blank" rel="noopener">warned</a> in September last year of bankruptcies over cheap Chinese imports. It had said that despite efforts by the European Commission and member states to support the resurgence of European solar manufacturing, Chinese manufacturers were intentionally undercutting prices, undermining these initiatives.</p>
<p>To address these issues, the Charter has committed to promoting a resilient supply of high-quality, sustainable solar products within Europe.</p>
<p>A core element of the Charter is using non-price criteria in renewable energy auctions and public procurement. This will include resilience, sustainability, responsible business conduct, and innovation considerations.</p>
<p>The Charter also calls for providing EU funding and state aid support to spur new investments in the solar supply chain, leveraging earlier programs.</p>
<p>The Innovation Fund, for instance, has allocated €400 million (~$425 million) to solar manufacturing projects and made €1.4 billion (~$1.5 billion) available for its 2023 clean tech manufacturing call.</p>
<p>Additionally, the Charter promotes innovative forms of solar energy deployment, such as agri-PV, floating solar, and building-integrated PV. It calls for removing regulatory barriers, adapting or creating public support schemes, and encouraging new business models, like turnkey projects for PV integration in buildings.</p>
<p>The European Commission has also called for facilitating access to EU funding for solar manufacturing through mediums like the State Aid Temporary Crisis and Transition Framework (TCTF) and Important Project of Common European Interest (IPCEI) to drive innovation in the solar value chain.</p>
<p>Earlier this month, the European Commission <a href="https://www.mercomindia.com/eu-launches-anti-chinese-solar-firms" target="_blank" rel="noopener">launched</a> investigations into Chinese solar component manufacturers who may have benefited from state subsidies to win a bid to design, construct, and operate a 110 MW solar photovoltaic park in Romania.</p>
<p>In January this year, Meyer Burger Technology, a Europe-based solar cell and module manufacturer, <a href="https://www.mercomindia.com/meyer-burger-shut-german-module-facility" target="_blank" rel="noopener">announced</a> that it has started the process of shutting down its manufacturing facility in Freiberg, Germany. The closure is a part of the company’s plan to cut its losses in Europe and move the manufacturing base to the U.S.</p>
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EU Member States Sign Solar Charter to Boost Domestic Manufacturing


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					</table><p><a href="https://www.mercomindia.com/sprng-energy-ntpcs-1-gw-hybrid-auction" target="_blank" rel="noopener"><strong>Sprng Energy</strong><strong>, </strong><strong>AMPIN Energy Transition</strong><strong>, </strong><strong>Juniper Green Energy</strong><strong>, </strong><strong>ReNew Solar Power</strong><strong>, and </strong><strong>Avaada Energy</strong><strong> have won </strong><strong>NTPC’s</strong><strong> auction for the supply of 1,000 MW</strong></a> power from inter-state transmission system-connected wind-solar hybrid power projects anywhere in India under Tranche V. Sprng Energy secured 150 MW with a tariff of ₹3.41 ($0.0407)/kWh, while AMPIN Energy secured an equal capacity at ₹3.42 ($0.0408)/kWh. Juniper clinched the same capacity at a slightly higher tariff of ₹3.43 ($0.0410)/kWh.</p>
<p><a href="https://www.mercomindia.com/solar-auctions-surge-q1-2024" target="_blank" rel="noopener"><strong>Auctioned solar capacity in India surged to over 25 GW in the first quarter (Q1) of 2024 from 820 MW in Q1 2023, primarily due to the new bidding guidelines</strong></a> mandating that auctions be conducted within 110 days of bid submission dates. According to Mercom India Research data, solar auctions increased by 229% quarter-over-quarter (QoQ) from 7.62 GW and 2,957% year-over-year. Solar tenders floated by various agencies during Q1 2024 rose 122% YoY to over 30.7 GW and 92.2% QoQ.</p>
<p><a href="https://www.mercomindia.com/global-wind-installations-2023" target="_blank" rel="noopener"><strong>Global cumulative wind power capacity surpassed the 1 TW mark in 2023, achieving a YoY growth of 13%, according to the Global Wind Energy</strong></a> Council’s Global Wind Report 2024. Onshore wind witnessed 106 GW of capacity added to the grid in 2023, achieving a 54% YoY growth. For the first time, more than 100 GW of new onshore wind capacity was installed globally in a single year. China and the U.S. remained the world’s two largest markets for onshore wind additions, followed by Brazil, Germany, and India.</p>
<p><a href="https://www.mercomindia.com/gps-renewables-raises-50-million" target="_blank" rel="noopener"><strong>Bengaluru-based biofuels firm </strong><strong>GPS Renewables</strong><strong> has secured $50 million in debt financing from a consortium of banks and non-banking financial companies</strong></a> to accelerate the nationwide rollout of its Compressed Biogas and Renewable Natural Gas projects. The company provides end-to-end solutions for developing, producing, and distributing biofuels, focusing on technologies such as CBG/RNG, 2G ethanol, and green hydrogen. It had previously raised $20 Million in equity funding.</p>
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Daily News Wrap-Up: NTPC’s 1 GW Wind-Solar Hybrid Auction


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					</table><p><a href="https://sprngenergy.com/" target="_blank" rel="noopener">Sprng Energy</a>, <a href="https://ampin.energy/" target="_blank" rel="noopener">AMPIN Energy Transition</a>, <a href="https://cms.mercomindia.com/event/c-and-i-clean-energy-virtual-meet-2024/register/" target="_blank" rel="noopener">Juniper Green Energy</a>, <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew Solar Power</a>, and <a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Energy</a> have won <a href="https://ntpc.co.in/" target="_blank" rel="noopener">NTPC’s</a> auction for the supply of 1,000 MW power from inter-state transmission system (ISTS)-connected wind-solar hybrid power projects anywhere in India under Tranche V.</p>
<p>Sprng Energy secured 150 MW with a tariff of ₹3.41 ($0.0407)/kWh, while AMPIN Energy secured an equal capacity at ₹3.42 ($0.0408)/kWh. Juniper clinched the same capacity at a slightly higher tariff of ₹3.43 ($0.0410)/kWh.</p>
<p>ReNew Solar Power secured 300 MW at a tariff of ₹3.44 ($0.0411)/kWh, leaving Avaada Energy with the remaining 250 MW, secured at ₹3.47 (~$ $0.0414)/kWh.</p>
<p>Avaada had initially quoted 500 MW.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-65358 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/NTPC-1-GW-Hybrid-Auction-Tranche-V.png" alt="NTPC 1 GW Hybrid Auction Tranche V" width="861" height="327" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/NTPC-1-GW-Hybrid-Auction-Tranche-V.png 861w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/NTPC-1-GW-Hybrid-Auction-Tranche-V-300x114.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/NTPC-1-GW-Hybrid-Auction-Tranche-V-768x292.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/NTPC-1-GW-Hybrid-Auction-Tranche-V-650x247.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/NTPC-1-GW-Hybrid-Auction-Tranche-V-624x237.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/NTPC-1-GW-Hybrid-Auction-Tranche-V-600x228.png 600w" sizes="(max-width: 861px) 100vw, 861px" /></p>
<p>The tender was <a href="https://www.mercomindia.com/ntpcs-renewable-arm-wind-solar-hybrid-power" target="_blank" rel="noopener">floated</a> in February 2024.</p>
<p>The projects, with or without an energy storage system (ESS), must be set up on a build-own-operate basis.</p>
<p>Additionally, the ESS must be charged using a source other than wind-solar hybrid power to be considered a hybrid power project.</p>
<p>Hybrid energy initiatives underway, pending activation, or already activated but without a sustained power procurement deal with any entity and vending energy on a temporary or commercial basis qualify for assessment within this tender.</p>
<p>The tender had mandated that either wind or solar resources must constitute at least 33% of the total contracted capacity.</p>
<p>The wind turbines utilized in the projects must be certified models listed in the Revised List of Models and Manufacturers issued by the Ministry of New and Renewable Energy.</p>
<p>Similarly, the solar photovoltaic modules must be listed in the Approved List of Models and Manufacturers.</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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Sprng Energy, AMPIN, Juniper, ReNew, Avaada Win NTPC’s 1 GW Hybrid Auction


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					</table><p>Bengaluru-based biofuels firm <a href="https://gpsrenewables.com/" target="_blank" rel="noopener">GPS Renewables</a> has secured $50 million in debt financing from a consortium of banks and non-banking financial companies to accelerate the nationwide rollout of its Compressed Biogas (CBG) and Renewable Natural Gas (RNG) projects.</p>
<p>Participating institutions in the current financing round include <a href="https://www.pnbindia.in/" target="_blank" rel="noopener">Punjab National Bank</a>, <a href="https://www.hdfcbank.com/personal" target="_blank" rel="noopener">HDFC</a>, <a href="https://www.yesbank.in/" target="_blank" rel="noopener">Yes Bank</a>, <a href="https://www.hsbc.co.in/" target="_blank" rel="noopener">HSBC Bank</a>, <a href="https://www.kotak.com/en/home.html" target="_blank" rel="noopener">Kotak Mahindra Bank</a>, <a href="https://www.icicibank.com/" target="_blank" rel="noopener">ICICI Bank</a>, <a href="https://www.online.citibank.co.in/" target="_blank" rel="noopener">Citibank</a>, <a href="https://www.vivriticapital.com/" target="_blank" rel="noopener">Vivriti Capital</a>, <a href="https://www.northernarc.com/" target="_blank" rel="noopener">Northern Arc</a>, <a href="https://sparkcapital.in/" target="_blank" rel="noopener">Spark Capital</a>, <a href="https://www.tatacapital.com/" target="_blank" rel="noopener">Tata Capital</a> and <a href="https://www.sidbi.in/" target="_blank" rel="noopener">SIDBI</a>.</p>
<p>The company provides end-to-end solutions for developing, producing, and distributing biofuels, focusing on technologies such as CBG/RNG, 2G ethanol, and green hydrogen.</p>
<p>GPS Renewables has set up over 100 biogas plants nationwide, including Asia&#8217;s largest RNG plant based on municipal solid waste in Indore. The company has an order book of $240 million and memorandums of understanding worth $540 million for executing multiple CBG plants.</p>
<p>&#8220;At GPS, our aim is to lead the way in India&#8217;s clean energy shift. To achieve this goal, we must enhance biofuel production capacity and streamline adoption processes,&#8221; said Tilak Minocha, Chief Finance Controller at GPS Renewables. &#8220;The current round of funding will allow us to accelerate our expansion efforts and promote India&#8217;s transition to sustainable green energy.&#8221;</p>
<p>The company has also recently acquired Proweps Envirotech GmbH, a German design and engineering firm specializing in technologies for utilizing municipal and industrial organic waste and agricultural residue for biogas production. Additionally, GPS Renewables plans to develop its own CBG projects through a joint venture with Indian Oil Corporation under its climate infrastructure platform, GPSR Arya.</p>
<p>It had previously raised $20 Million in equity funding from Neev Fund II by SBICap Ventures, Netherlands-based Hivos-Triodos Fund, and Hyderabad-based Caspian Impact Investments.</p>
<p>Earlier this year, natural gas company GAIL and ethanol producer TruAlt Bioenergy <a href="https://www.mercomindia.com/gail-trualt-announce-72-million-cbg-jv" target="_blank" rel="noopener">announced</a> an investment of $72 million to set up CBG plants through a joint venture.</p>
<p>Additionally, in March, the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-small-biogas-projects" target="_blank" rel="noopener">invited</a> proposals for innovative and new designs or material-based small biogas projects with a daily generation capacity of 1 to 25 cubic meters. The ministry sought significant changes to existing designs for simple, efficient, cost-effective village-level biogas usage.</p>
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Biofuels Firm GPS Renewables Raises $50 Million in Debt Financing


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					</table><p>Auctioned solar capacity in India surged to over 25 GW in the first quarter (Q1) of 2024 from 820 MW in Q1 2023, primarily due to the new bidding guidelines mandating that auctions be conducted within 110 days of bid submission dates.</p>
<p>According to Mercom India Research data, solar auctions increased by 229% quarter-over-quarter (QoQ) from 7.62 GW and 2,957% year-over-year (YoY).</p>
<p>Solar tenders floated by various agencies during Q1 2024 rose 122% YoY to over 30.7 GW and 92.2% QoQ.</p>
<p>The rise in tender and auction activity is primarily due to renewable energy agencies accelerating their efforts to meet their bidding targets for the financial year.</p>
<p>Tenders and auction activity comprised standalone solar, floating solar, and wind-solar hybrid projects. For wind-solar hybrid tenders, the solar capacity is calculated at a ratio of 67% of the total tendered hybrid capacity where specific solar capacities are not mentioned.</p>
<p><strong><img decoding="async" loading="lazy" class="aligncenter wp-image-65336" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Quarterly-Tenders-and-Auctions-Q1-2024-Chart.png" alt="Quarterly Tenders and Auctions Q1 2024 Chart" width="600" height="459" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Quarterly-Tenders-and-Auctions-Q1-2024-Chart.png 762w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Quarterly-Tenders-and-Auctions-Q1-2024-Chart-300x230.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Quarterly-Tenders-and-Auctions-Q1-2024-Chart-650x497.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Quarterly-Tenders-and-Auctions-Q1-2024-Chart-624x477.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Quarterly-Tenders-and-Auctions-Q1-2024-Chart-600x459.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></strong></p>
<p><strong>Top Tender Issuing Agencies in Q1 2024</strong></p>
<p>Maharashtra State Electricity Distribution Company (<a href="https://www.mahadiscom.in/en/home/" target="_blank" rel="noopener">MSEDCL</a>) issued the highest capacity or tenders at 7.4 GW, accounting for 24.1% of the total tendered capacity in Q1. MSEB Solar Agro Power and <a href="https://ntpc.co.in/" target="_blank" rel="noopener">NTPC</a>  were the second-highest tendering agencies, with 4.3 GW each, accounting for ~14% of the total tendered capacity.</p>
<p>The Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>), with 2.6 GW, and Uttar Pradesh Power Corporation (<a href="https://uppcl.org/uppcl/hi/" target="_blank" rel="noopener">UPPCL</a>), with 2 GW, rounded off the top five, accounting for 8.5% and 6.5% of the total tendered capacity.</p>
<p><strong>Large Tenders in Q1 2024 </strong></p>
<p>MSEDCL <a href="https://www.mercomindia.com/maharashtra-invites-bids-grid-connected-solar-projects" target="_blank" rel="noopener">invited</a> bids for the procurement of power on a long-term basis from 5,000 MW grid-connected solar photovoltaic power projects.</p>
<p>UPPCL <a href="https://www.mercomindia.com/uttar-pradesh-discom-invites-solar-projects" target="_blank" rel="noopener">issued</a> a tender to set up 2 GW of grid-connected solar projects under the build-own-operate and maintain (BOOM) model for 25 years.</p>
<p>SECI <a href="https://www.mercomindia.com/seci-tender-1-5-gw-ists-solar" target="_blank" rel="noopener">invited</a> bids to set up 1,500 MW ISTS-connected solar projects under Tranche XIV.</p>
<p><strong>Major Auctions in Q1 2024</strong></p>
<p>MSEB Solar Agro Power’s auction for 7.78 GW of solar projects was the highest capacity auctioned during the quarter. In second place was NTPC’s auction for 1.584 GW for firm and dispatchable renewable energy (FDRE), followed by <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a>’s 1.5 GW solar auction.</p>
<p>SJVN Green Energy, Megha Engineering &amp; Infrastructures, and Avaada Energy were amongst the winners of MSEB Solar Agro Power’s <a href="https://www.mercomindia.com/sjvn-meil-avaada-winners-maharashtras-solar-tender" target="_blank" rel="noopener">auction</a> to procure over 7 GW solar power under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program.</p>
<p>ABC Cleantech (Axis Energy), Juniper Green Energy, Serentica Renewables India 11 (Serentica Renewables), Tata Power Renewable Energy, and ReNew Solar Power (ReNew) <a href="https://www.mercomindia.com/axis-renew-juniper-serentica-tprel-win-ntpcs-fdre-ii-auction" target="_blank" rel="noopener">won</a> NTPC’s auction to supply 3 GW of FDRE from ISTS-connected projects under FDRE Tranche II.</p>
<p>Anboto Solar (Solarpack), Apraava Energy, Avaada Energy, and ReNew Solar Power (ReNew) were <a href="https://www.mercomindia.com/solarpack-apraava-avaada-renew-ntpcs-solar-auction" target="_blank" rel="noopener">declared</a> winners in NTPC’s auction to set up 1,500 MW of ISTS-connected solar power projects (Tranche-I).</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.</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/urvashi-gupta/" class="vcard author" rel="author"><span class="fn">Urvashi Gupta</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="authorboxn" style="padding-bottom: 20px"><a href="#" target="_blank" rel="noopener"><strong style="color: #00b451">Urvashi Gupta</strong> </a>is a research associate at Mercom India Research.</div>
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Solar Auctions Surge by 229% in Q1 2024, Tender Activity Up 122%


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					</table><p>Global cumulative wind power capacity surpassed the 1 TW mark in 2023, achieving a year-over-year (YoY) growth of 13%, according to the Global Wind Energy Council&#8217;s (<a href="https://gwec.net/" target="_blank" rel="noopener">GWEC</a>) Global Wind Report 2024.</p>
<p>Onshore wind witnessed 106 GW of capacity added to the grid in 2023, achieving a 54% YoY growth. For the first time, more than 100 GW of new onshore wind capacity was installed globally in a single year.</p>
<p>China and the U.S. remained the world&#8217;s two largest markets for onshore wind additions, followed by Brazil, Germany, and India. The top five markets comprised 82% of global new installations in 2023, collectively 9% higher than the previous year.</p>
<p>After two years of modest growth, China&#8217;s onshore wind installations surged to a record 69 GW in 2023. Despite a rise in installations in the U.S. in the last quarter, only 6.4 GW of onshore wind capacity was added throughout the year, marking the lowest total since 2014.</p>
<p>India <a href="https://www.mercomindia.com/india-growth-wind-installations-2023/" target="_blank" rel="noopener">installed</a> 2.8 GW of new wind energy capacity in 2023, a 56% increase from 1.8 GW in 2022, according to Mercom India Research. India&#8217;s cumulative wind capacity as of December 2023 stood at 44.7 GW, compared to 41.9 GW at the end of 2022.</p>
<p><strong>Offshore wind</strong></p>
<p>A total of 10.8 GW of new offshore wind capacity was added in 2023, raising the global total to 75.2 GW. This was a 24% increase over 2022, making it the second-highest year for offshore wind expansion.</p>
<p>China remained the offshore wind leader for the sixth consecutive year, commissioning 6.3 GW. This accounted for 58% of the year&#8217;s global additions, increasing China&#8217;s total offshore wind capacity to 38 GW— 3.7 GW (11%) more than Europe.</p>
<p>Europe had a record year in 2023, with 3.8 GW of new offshore wind capacity commissioned across six markets. This brought Europe&#8217;s total offshore wind capacity to 34 GW by the end of 2023, 43% of which was in the UK and 24% in Germany.</p>
<p><strong>Outlook</strong></p>
<p>GWEC Market Intelligence predicts a robust global growth in wind energy, forecasting 791 GW of new capacity over the next five years under existing policies, averaging 158 GW annually through 2028.</p>
<p>The compound annual growth rate (CAGR) for onshore wind during this period is projected at 6.6%, with expected yearly additions of 130 GW, totaling 653 GW from 2024 to 2028. China, Europe, and the U.S. will drive much of this growth, accounting for over 80% of new onshore installations.</p>
<p>For offshore wind, the CAGR is anticipated to be 28%, with 138 GW expected to be added globally between 2024 and 2028. Offshore installations are set to triple by the end of the forecast period, increasing their share of new installations from 9% to 20% by 2028. Initially, China and Europe will lead this expansion, but from 2026, the U.S. and emerging Asia-Pacific markets will begin to capture a more significant portion. By 2028, annual offshore installations from regions outside China and Europe are projected to exceed 20% of the global total.</p>
<p>Despite these optimistic projections, the pace of renewable energy expansion remains insufficient to limit global warming to 1.5°C or to achieve the global goal set at COP28 of tripling renewable capacity to 11,000 GW by 2030. By 2030, GWEC anticipates reaching 2 TW of installed capacity, significantly below the level needed to meet these ambitious targets.</p>
<p>Energy transition reports, including IRENA&#8217;s World Energy Transitions Outlook and the IEA&#8217;s Net Zero by 2050 Scenario, emphasize the critical role of wind energy in achieving these goals. IRENA projects a cumulative onshore wind capacity of 3,040 GW and offshore capacity of 494 GW by 2030 — totaling approximately 3.5 TW. The IEA&#8217;s scenario suggests a need for 320 GW of new installations in 2030 alone, aiming for a total of 2.75 TW by then.</p>
<p>GWEC also revised its forecast from last year, expecting an additional 107 GW (a 10% YoY increase) by 2030, primarily due to more optimistic projections for China and Europe.</p>
<p>This revised outlook suggests the second TW of wind capacity could be achieved by the end of 2029, a year earlier than previously <a href="https://www.mercomindia.com/wind-installations-2030-gwec" target="_blank" rel="noopener">anticipated</a>, contingent on overcoming challenges in permitting, supply chains, finance, and grid infrastructure to sustain and accelerate growth toward net zero objectives.</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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Global Wind Installations Reached 1 TW Milestone in 2023


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-nexamp-secures-520-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Nexamp, a developer of solar and storage projects, </strong><a href="https://mercomcapital.com/solar-and-storage-developer-nexamp-secures-520-million/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $520 million in a funding round</strong> led by Manulife Investment Management, alongside existing investors Diamond Generating Corporation and Generate Capital. The company said this investment would enable them to expand and expedite their existing renewable project pipeline across the country. Additionally, it will help develop partnerships in both new and existing markets, as well as consumer-driven offerings.</p>
<p><strong>esVolta, a large-scale energy storage project developer, has </strong><a href="https://mercomcapital.com/esvolta-secures-185-million-senior-secured-credit-facility/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a $185 million senior secured credit facility.</strong> The credit facility will provide additional development capital to secure obligations principally relating to interconnection, power purchase agreements (PPA), equipment deposits, and early pre-NTP construction funding for its 20+ GWh pipeline energy storage projects across the U.S.</p>
<p><strong>GridBeyond, an intelligent energy and smart grid platform for distributed energy resource management, has <a href="https://mercomcapital.com/gridbeyond-raises-series-c-funding/" target="_blank" rel="noopener">closed</a> €52 million (~$55 million)</strong> in Series C funding led by Alantra’s Energy Transition Fund, Klima. The round also included new investors, including Energy Impact Partners, Mirova, ABB, Constellation, Yokogawa Electric Corporation, and existing investor Act Venture Capital. The funding will be used to further improve GridBeyond’s technology and boost its expansion efforts.</p>
<p><strong>Arcadia, a utility data and community solar company, </strong><a href="https://mercomcapital.com/arcadia-secures-50-million-financing/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $50 million</strong> in financing to support the growth of its community solar program. The funding will also support the company’s product innovation, leveraging AI to unlock new applications based on its energy data. The round includes a fund managed by Macquarie Asset Management as a new equity investor alongside existing investors.</p>
<p><strong>Husk Power Systems, a decentralized solar-hybrid mini-grids provider, has </strong><a href="https://www.mercomindia.com/husk-electrifi-mini-grids-india" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $4 million investment</strong> in debt financing from Electrifi. This impact investment facility will enable the company to accelerate its efforts to provide clean energy access in rural India. The latest funding adds to ElectriFi’s $6 million investment in September 2022, which allowed Husk to implement solar microgrids that electrified 80 communities.</p>
<p><strong>AutoNxt Automation, a Maharashtra-based e-mobility tech startup, has </strong><a href="https://www.mercomindia.com/autonxt-pre-series-a-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> funds in a Pre-Series A funding round</strong> to finance the launch of its first electric tractor with self-driving options. The funding round was led by Saama, an India-based early-stage venture capital firm. Amit Singhal, former Head of Google’s search division, Suveer Sinha, India Head for KKR Capstone, Bluehill Capital, Keiretsu Forum, Soonicorn Ventures, and other marquee investors also participated in the funding round. The companies did not disclose the amount raised.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-torus-raises-67-million" target="_blank" rel="noopener">roundup</a>.</p>
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Funding and M&A Roundup: Nexamp Secures $520 Million


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-arevon-secures-posey-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Arevon Energy, a solar and storage project developer, has </strong><a href="https://mercomcapital.com/arevon-energy-secures-352-million-financing-for-posey-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $352 million in financing for the construction and development of 228 MW of the Posey Solar Project</strong> in Posey County, Indiana. The project is expected to be operational in Q1 2025 and will generate enough clean electricity to power the equivalent of more than 25,000 homes annually.</p>
<p><strong>Citicore Renewable Energy Corporation, a renewable energy developer, </strong><a href="https://mercomcapital.com/citicore-renewables-secures-financing-for-solar-projects-in-the-philippines/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> PhP9 (~$0.159) billion in financing for multiple solar projects with a total installed generating </strong>capacity of at least 600 MWdc and expandable up to nearly 1 GW. The financing deal, arranged by RCBC Capital Corporation, is expected to raise up to PhP20 billion ($354 million), starting with the signing of an initial tranche of PhP9 billion (~$159 million). The structure covers various project portfolios instead of the typical per-project financing structure.</p>
<p><strong>PNE, a Germany-based renewable energy project developer, </strong><a href="https://mercomcapital.com/pne-sells-240-mw-solar-project-in-south-africa/" target="_blank" rel="noopener"><strong>sold</strong></a><strong> a 240 MW under-construction solar power project to the South African energy company NOA Group</strong>. The Khauta Project will be constructed in the Free State province in central South Africa. The project is expected to reach the fully developed phase by mid-2024. The project is in a region with strong mining and agricultural sectors. PNE will continue to support the project through WKN Windcurrent, which belongs to the PNE Group.</p>
<p><strong>Luxcara, a clean energy infrastructure asset manager, along with Munich-based bank Bayerische Landesbank, has </strong><a href="https://mercomcapital.com/luxcara-secures-financial-close-for-315-7-mw-solar-portfolio/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> financial close for solar PV portfolio</strong> projects with a total installed capacity of 315.7 MW located in Denmark. The Danish portfolio comprises three large-scale projects, one in the region of Jutland and two in Zealand. The three solar projects – Barmosen (137.3 MW), Faxe (111.6 MW), and Vildbjerg (66.7 MW) – were operationalized in late 2022 and were fully connected to the grid in 2023.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-ox2-sells-energy-storage-project/" target="_blank" rel="noopener">brief</a>.</p>
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Project Finance Brief: Arevon Secures $352 Million for Posey Solar Project


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					</table><p>Indian Oil Corporation (<a href="https://iocl.com/" target="_blank" rel="noopener">IOCL</a>) has invited expressions of interest to empanel vendors/contractors for solar power projects at its locations and retail outlets.</p>
<p>The last date for submission of applications is May 8, 2024.</p>
<p>The scope of the work includes design, engineering, testing, supply, packing, forwarding, transportation, unloading, storage, installation, and commissioning of a solar project/system in lump sum turnkey (LSTK) mode. This offers a complete solution for the solar project and comprehensive operation and maintenance (O&amp;M) services.</p>
<p>The O&amp;M of the project will be for an initial two-year period, with the possibility of extending it for an additional three years contingent upon satisfactory performance.</p>
<p>IOCL&#8217;s objective is to harness rooftops and available land across diverse locations in India to install solar photovoltaic projects, maximizing the generation and utilization of renewable energy.</p>
<p>Selecting vendors will occur in two categories: one encompassing both &#8220;critical and non-critical jobs&#8221; and the other exclusively for &#8220;non-critical jobs.&#8221;</p>
<p>Applicants must submit ₹10,000 (~$119.69) for Category I and ₹20,000 (~$239.39) for Category II as processing fee.</p>
<p>Vendors who do not meet the standard eligibility criteria for annual turnover and prior experience will be placed in the &#8220;critical and non-critical jobs&#8221; category, which will further be divided into two sub-categories: Category-I, organized by geographical regions (North/South/East/West), for capacities ranging from 1-50 kWp, and Category-II, spanning capacities above 50-500 kWp nationwide.</p>
<p>The applicant should have installed and commissioned a specific cumulative capacity of solar projects in India over the past three years, ending on the last day of the month immediately preceding the month in which the bid submission deadline falls.</p>
<p>The minimum cumulative capacity requirements for the respective categories, &#8220;Critical &amp; Non-Critical Jobs Both I&#8221; and &#8220;II,&#8221; are 150 kW and 1,500 kW, respectively.</p>
<p>Vendors and LSTK contractors enlisted under Category I will also be able to engage in the solarization of retail outlets, including petrol pumps and Kisan Seva Kendras, within their respective regions.</p>
<p>Start-ups and micro and small enterprises benefiting from relaxation in annual turnover and prior experience criteria, provided they meet the stipulated quality and technical standards, will be empanelled solely under the non-critical jobs only category.</p>
<p>This category will also have two sub-categories, mirroring the capacity ranges and regional divisions mentioned earlier.</p>
<p>Various locations will then initiate the bidding process, inviting participation from the empanelled vendors/LSTK contractors to install solar projects.</p>
<p>Vendors/LSTK contractors will be empanelled for 24 months from the empanelment date.</p>
<p>Existing empanelled parties who do not participate in the new empanelment process will maintain their current validity until expiration, after which they will be removed from the list of empanelled parties.</p>
<p>Vendors/LSTK contractors currently empanelled with IOCL for solar projects at Indian Oil locations and retail outlets, seeking extension beyond their existing validity, must follow the procedures outlined in the EoI document.</p>
<p>Empanelled vendors who do not participate in limited tenders issued by Indian Oil may be removed from the empanelled list.</p>
<p>Recently, IOCL <a href="https://www.mercomindia.com/indian-oil-epc-tender-solar-andhra" target="_blank" rel="noopener">invited</a> bids for an EPC contract for a 1 MW solar power project at Southern Region Pipelines in Chittoor, Andhra Pradesh.</p>
<p>It <a href="https://www.mercomindia.com/indian-oil-tenders-solar-project-in-karnataka" target="_blank" rel="noopener">invited</a> bids for O&amp;M of an existing 1.1 MW solar power project at Indane Bottling Plant, Devanagonthi village in Bengaluru Rural district in Karnataka.</p>
<p>Subscribe to Mercom&#8217;s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of the real-time tender activity.</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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Indian Oil Issues Empanelment Tender for Solar Power Projects


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					</table><p>The <a href="https://sr.indianrailways.gov.in/" target="_blank" rel="noopener">Southern Railway</a> has invited bids for the installation of 1.2 MW rooftop solar projects at various locations in Perambur, Chennai, under the renewable energy service company (RESCO) model.</p>
<p>The bids open on May 7, 2024, and the last date to submit bids is May 21, 2024.</p>
<p>The project, with an estimated value of ₹169.8 million (~$2 million), is part of the Indian Railways&#8217; efforts to leverage renewable energy sources to power its operations. The successful bidder will be responsible for the design, engineering, procurement, construction, installation, testing, and commissioning of the rooftop solar PV system and its operation.</p>
<p>The cost of the tender document is ₹34,810 (~$416), and the required earnest money deposit is ₹1.28 million (~$15,300).</p>
<p>Bidders must have an average annual turnover of at least ₹15 million (~$179,000) during the last three financial years and a positive net worth in all those years. Additionally, they must have installed either a minimum of 200 kWp of grid-connected rooftop solar systems or 1,000 kWp of any grid-connected systems.</p>
<p>Joint venture firms are allowed to bid for the project, and the ranking of the bids will be from lowest to highest based on the tariff rate quoted by the bidders. Tariff rates should be exclusive of taxes and levies such as self-generation tax, network charges, and any taxes in the future. These taxes and levies will be borne by the Railways.</p>
<p>The successful bidder will be required to complete the project within 240 days from the contract&#8217;s award date.</p>
<p>Recently, South Eastern Railway <a href="https://www.mercomindia.com/railway-rooftop-solar-three-states" target="_blank" rel="noopener">invited</a> bids to empanel agencies for setting up 8.383 MW of grid-connected rooftop solar power projects in Odisha, Jharkhand, and West Bengal through public-private partnerships on a design, build, finance, operate, and transfer basis.</p>
<p>Earlier, the Asansol Division of Eastern Railway in West Bengal <a href="https://www.mercomindia.com/eastern-railway-1-mw-rooftop-solar-asansol" target="_blank" rel="noopener">invited</a> bids from solar developers to install 1 MW grid-connected rooftop solar projects on a design, build, finance, operate, and transfer basis.</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>
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