92.5% of New Power Capacity Additions Globally in 2024 was Renewables: Report

ONGC Approves ₹33 Billion Investment for Ayana Acquisition

Shriram Finance Secures $150 Million from ADB for EV Financing

NHPC Tenders 1.2 GW Solar Projects with Energy Storage Systems

Daily News Wrap-Up: JVVNL Tenders 112 MW Solar Projects Under  KUSUM

JinkoSolar’s Q4 Revenue Drops 37% YoY Due to Lower Module Prices

Canadian Solar Misses Expectations as Revenue Falls 11% YoY in Q4

India’s Solar Exports Decline 16% YoY in 2024, Imports Down 10%

Germany Awards 317 MW of Rooftop Solar Capacity in Latest Auction

Solar-Powered Clinics on Boats a Boon for People in Remote Assam Villages


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					</table><p>Global renewable energy capacity additions totaled 585 GW in 2024, a record 15.1% growth year-over-year, the highest annual increase since 2000. Renewable energy represented 92.5% of the new power capacity additions globally, according to the latest report from the International Renewable Energy Agency (<a href="https://www.irena.org/" target="_blank" rel="noopener">IRENA</a>).</p>
<p>Solar and wind energy continued to dominate, jointly contributing 96.6% of the net renewable energy capacity additions in 2024.</p>
<p>Global renewable power capacity reached 4,448 GW at the end of 2024. Solar comprised the largest share of renewable energy capacity, with 1,865 GW, followed by hydropower at 1,283 GW and wind energy at 1,133 GW.</p>
<p>A majority (72%) of the new renewable capacity added in 2024 was in Asia, with 421.5 GW to reach a total of 2,382 GW (53.6% of the global total). China contributed the most, with 373.6 GW. In 2024, Europe’s capacity expanded by 70.1 GW, with Germany adding more than 18.8 GW.</p>
<p>North America expanded by 45.9 GW, driven by installations in the United States. Africa added 4.2 GW and Oceania 8.7 GW. The Middle East recorded a 3.3 GW increase in new capacity in 2024, with Saudi Arabia accounting for more than half of the total expansion.</p>
<p>The share of renewables in new power capacity expansion in 2024 was 92.5%, compared to 85.8% in 2023. The renewable share in the total installed power capacity globally rose from 43.1% in 2023 to 46.4% in 2024.</p>
<p><strong>Solar</strong></p>
<p>Over three-quarters of the renewable energy capacity added in 2024 was solar, with 452 GW, a 32.2% growth year-over-year (YoY).</p>
<p>Asia contributed to most of the solar capacity additions, with 327.1 GW added in 2024, a 32% YoY increase. The largest capacity installed was in China (278 GW). Outside Asia, the United States added 38.3 GW of solar capacity in 2024, a 54% YoY growth. Brazil added 15.2 GW and Germany 15.1 GW.</p>
<p><strong>Wind</strong></p>
<p>In 2024, wind energy installations totaled 113 GW, an 11.1% increase YoY. China led the expansion by adding more than two-thirds of the total capacity, with 79.9 GW. United States installed 5.1 GW. Other countries with significant capacity growth included Brazil, India, Canada, Türkiye, and several other European countries.</p>
<p>Francesco La Camera, Director-General of IRENA, said, “The continuous growth of renewables we witness each year is evidence that renewables are economically viable and readily deployable. Each year, they keep breaking their own expansion records, but we also face the same challenges of great regional disparities and the ticking clock as the 2030 deadline is imminent.”</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-77928 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/irena-1-.png" alt="" width="633" height="369" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/irena-1-.png 633w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/irena-1--300x175.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/irena-1--624x364.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/irena-1--600x350.png 600w" sizes="(max-width: 633px) 100vw, 633px" /></p>
<p><strong>2030 Target</strong></p>
<p>According to the report, despite a sharp increase in global capacity, the growth still falls short of the required rate to achieve the global installed renewable power capacity target of over 11 TW by 2030.</p>
<p>Maintaining the growth rate (15.1%) observed in 2024 would yield only 10.4 TW of renewables by 2030, falling 0.8 TW (7.2%) short of the target.</p>
<p>Between 2018 and 2023, the global renewable energy capacity expanded at a compound annual growth rate of 10.4%. If this trend continues, 8 TW of installed renewable capacity is expected by 2030, but it will still fall short of the target by 3.1 TW (27.9%).</p>
<p>Achieving the 2030 target would require maintaining a minimum annual growth rate of 16.1% from 2024 onwards.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-77929 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/IRENA-image-2.png" alt="" width="903" height="465" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/IRENA-image-2.png 903w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/IRENA-image-2-300x154.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/IRENA-image-2-768x395.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/IRENA-image-2-650x335.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/IRENA-image-2-624x321.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/IRENA-image-2-600x309.png 600w" sizes="(max-width: 903px) 100vw, 903px" /></p>
<p>In 2024, IRENA <a href="https://www.mercomindia.com/renewable-energy-growth-rate-irena" target="_blank" rel="noopener">released</a> a report stating that the world must achieve a minimum annual growth rate of 16.4% in renewable energy installations to triple capacity by 2030, a target set at COP28 in the United Arab Emirates.</p>
<p>In another report, the agency <a href="https://www.mercomindia.com/86-of-new-clean-power-fossil-fuels-in-2023-irena" target="_blank" rel="noopener">stated</a> that renewable energy costs have decreased in 2023, making clean energy sources more economically viable than fossil fuels.</p>



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					</table><p>Non-banking financial services company <a href="https://www.shriramfinance.in/" target="_blank" rel="noopener">Shriram Finance</a> has secured a $150 million loan from the Asian Development Bank (<a href="https://www.adb.org/" target="_blank" rel="noopener">ADB</a>) to enhance access to finance for electric vehicles (EVs) and low-emission commercial vehicles in India.</p>
<p>The funding is part of a larger $306 million financing package, which includes an additional $150 million from the Japan International Cooperation Agency (JICA) and ₹500 million (~$5.83 million) from the Export-Import Bank in India.</p>
<p>The initiative aims to support India’s transition to sustainable transportation by increasing the adoption of EVs and Bharat Stage VI-compliant vehicles for business purposes.</p>
<p>The financing agreement aligns with the Indian government’s EV30@30 initiative, which aims to achieve 30% of all new vehicle sales to be electric by 2030.</p>
<p>The funding will enable Shriram Finance to expand its EV financing operations, particularly benefiting businesses in rural and semi-urban areas.</p>
<p>Shriram Finance has assets under management of ₹2.54 trillion (~$29.60 billion).</p>
<p>ADB Country Director for India Mio Oka said partnering with Shriram Finance will accelerate the transition to electric mobility, which is crucial for reducing air pollution and achieving India’s climate goals.</p>
<p>EV sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-2024" target="_blank" rel="noopener">reached</a> a record 1.95 million units in 2024, representing a 27% increase from the 1.53 million units sold in 2023. EVs accounted for 3.6% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard.</p>
<p>In October 2024, ADB <a href="https://www.mercomindia.com/adb-approves-434-25-million-loan-for-renewable-energy-projects-in-assam" target="_blank" rel="noopener">approved</a> a $434.25 million loan to increase renewable energy capacity and improve energy security in Assam. The loan will fund a 500 MW solar project integrated with a battery energy storage system.</p>
<p>In the same month, ADB <a href="https://www.mercomindia.com/adb-to-invest-certified-climate-bond-issue" target="_blank" rel="noopener">invested</a> $25 million in a certified climate bond issue by Vivriti Capital. The proceeds will be used to finance companies operating in sectors such as electric vehicles, solar and wind energy, and waste management.</p>



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					</table><p>Jaipur Vidyut Vitran Nigam <a href="https://www.mercomindia.com/jaipur-discom-tenders-112-mw-solar-projects-under-pm-kusum" target="_blank" rel="noopener">issued</a> an expression of interest for implementing 112.6 MW of decentralized solar projects in Rajasthan under Component A of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan (PM-KUSUM). Bids must be submitted by April 24, 2025. Bids will be opened on April 28.</p>
<p>Singareni Collieries Company, a government-owned coal mining company, <a href="https://www.mercomindia.com/singareni-collieries-floats-tenders-for-137-mw-solar-projects-in-telangana" target="_blank" rel="noopener">floated</a> two tenders to develop solar projects with a cumulative capacity of 137 MW, in Telangana.</p>
<p>The Assam Power Distribution Company <a href="https://www.mercomindia.com/assam-invites-bids-for-pooling-substation-for-1-gw-solar-project" target="_blank" rel="noopener">invited</a> bids to develop a 400 kV/33 kV pooling substation for a 1 GW solar power project in Assam. The last date to submit bids is May 5, 2025. Bids will be opened on the same day.  The project entails the design, engineering, manufacture, erection, and commissioning of the pooling substation for the 1 GW solar project in Karbi, Anglong district. The project must be completed within 18 months.</p>
<p>Solar power generation <a href="https://www.mercomindia.com/solar-generation-sees-sudden-dips-in-north-india-due-to-cloud-cover" target="_blank" rel="noopener">experienced</a> sudden dips between December 2024 and February 2025 due to cloud cover over large swathes of northern India, resulting in demand-supply gaps that led to low frequency and localized high voltages in the grid. Solar generation experienced significant drops from the previous day on seven occasions during the three-month period. The highest drop was seen on February 25, when the difference in generation from the previous day was 33.33%.</p>
<p>Adani New Industries, a subsidiary of Adani Enterprises, <a href="https://www.mercomindia.com/adani-new-industries-incorporates-subsidiary-for-solar-manufacturing" target="_blank" rel="noopener">incorporated</a> a wholly owned subsidiary for solar manufacturing, Adani New Industries One, investing ₹100,000 (~$1,167) for 10,000 equity shares. In a BSE filing, the company stated that the subsidiary will trade and supply all types of components, equipment, and materials for solar and wind energy manufacturing, including solar panels, inverters, wind turbines, blades, and related equipment.</p>
<p>Government-owned lender Indian Renewable Energy Development Agency (IREDA) <a href="https://www.mercomindia.com/ireda-raises-%E2%82%B99-1-billion-through-privately-placed-tier-ii-bonds" target="_blank" rel="noopener">raised</a> ₹9.1 billion (~$106.16 million) by issuing privately placed subordinated Tier II bonds. This financing is for a 10-year tenure at an annual coupon rate of 7.74%. The issuance of Tier-II Bonds aims to tap into the current financial market’s liquidity and support the company’s borrowing plan. IREDA aims to use the funds to enhance its Tier-II capital to increase its net worth and capital risk-weighted assets ratio.</p>
<p>Gurugram-based renewable energy services company BluPine Energy <a href="https://www.mercomindia.com/blupine-energy-secures-%E2%82%B917-87-billion-from-nabfid-for-renewables-expansion" target="_blank" rel="noopener">secured</a> ₹17.87 billion (~$210 million) in structured financing from the National Bank for Financing Infrastructure and Development (NaBFID). The transaction is structured around creating a restricted group of 14 special purpose vehicles spanning Punjab, Uttarakhand, and Karnataka, with a mix of central and state off-takers. BluPine Energy aims to use the funds to optimize its financial structuring, enhance operational efficiency, and drive long-term portfolio expansion.</p>
<p>Independent power producer AMPIN Energy Transition <a href="https://www.mercomindia.com/ampin-energy-secures-50-million-investment-from-siemens-financial-services" target="_blank" rel="noopener">secured</a> an investment of $50 million (~₹4.28 billion) from Siemens Financial Services, the financing arm of Siemens AG. The investment will strengthen AMPIN’s position in India’s renewable energy transition. It will also fuel the company’s growth in commercial and industrial, and utility-scale renewable energy projects. The transaction is AMPIN’s third major investment this financial year, bringing the total equity capital raised to $270 million (~₹23.12 billion) this year.</p>
<p>Global alternative asset management firm TPG <a href="https://www.mercomindia.com/tpg-acquires-siemens-gamesas-india-and-sri-lanka-wind-businesses" target="_blank" rel="noopener">acquired</a> a majority stake in Siemens Gamesa’s onshore wind turbine manufacturing business in India and Sri Lanka. Following the transaction, a new independent company will be established to build a business to manufacture, install, and service onshore wind turbines to capitalize on India’s wind market potential. Siemens Gamesa will divest 90% of its wind business in India and Sri Lanka, retaining a 10% stake in the transferred business.</p>



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					</table><p>China-based solar cell and module manufacturer <a href="https://www.jinkosolar.com/en/" target="_blank" rel="noopener">JinkoSolar</a>’s revenue dipped 37.1% year-over-year (YoY) to RMB20.65 billion (~$2.83 billion) in the fourth quarter (Q4) of 2024, primarily due to a decline in the average selling price of solar modules caused by an industry-wide supply-demand imbalance.</p>
<p>Adjusted net loss for the quarter was RMB381.3 million (~$52.2 million), compared with net income of RMB462.7 million (~$63.4 million) in Q4 2023. Falling module prices, increased cost pressures, and overall unfavorable market conditions drove the decline in profitability.</p>
<p>The losses per ordinary share were RMB2.31 ($0.32), compared to a profit of RMB0.14 ($0.02) in Q4 2023. Gross margin declined to 3.6% from 12.5% in Q4 2023, reflecting the ongoing market-wide price reductions and rising cost pressures.</p>
<p>Quarterly shipments were 26,462 MW (25,221 MW for solar modules and 1,241 MW for cells and wafers), down 5.0% YoY, primarily due to weak market demand and intense price competition.</p>
<p>Xiande Li, Chairman and CEO of JinkoSolar, noted that the ongoing imbalance between supply and demand led to a decline in module prices during the year. Combined with the impact of short-term factors such as eliminating obsolete production capacity, the company’s profitability dropped significantly YoY.</p>
<p>He also said that as over 50% of modules were shipped to the domestic market where prices were lower, and the proportion of higher-price overseas orders declined sequentially, module delivery prices and profits decreased sequentially.</p>
<p>Li added that intensified supply and demand imbalances led to a downward trend in end product prices, pressuring profits in all segments of the industrial chain. In an effort to steer the industry back to healthy development, national authorities took steps to resolve the structural imbalances between supply and demand with the participation of industry associations and manufacturers.</p>
<p>In November, state departments announced policies to raise entry barriers for new manufacturing capacities, reduce export tax rebates, and implement other measures. In December, leading solar enterprises signed a self-discipline pledge to limit low-price competition and reduce production.</p>
<p><strong>Full Year 2024 </strong></p>
<p>For the full year 2024, JinkoSolar’s revenue <a href="https://www.mercomindia.com/module-shipments-drive-jinkosolars-revenue-q4" target="_blank" rel="noopener">dropped</a> 22.3% YoY to RMB92.26 billion (~$12.64 billion), largely driven by the decrease in module prices due to oversupply and competitive pricing pressures.</p>
<p>Adjusted net income for the year was RMB571.4 million ($78.3 million), an 86% YoY decline from RMB4.07 billion ($557.7 million). The substantial drop in profitability was mainly due to lower revenue and increased cost burdens, including production inefficiencies and the <a href="https://www.mercomindia.com/fire-jinkosolar-cell-facility-china" target="_blank" rel="noopener">impact</a> of a fire accident in Shanxi Province, which resulted in asset impairments.</p>
<p>The losses per ordinary share were RMB1.25 ($0.17), compared to a profit of RMB15.23 ($2.09) per share in 2023. Gross margin was 10.9%, compared with 16.0% in 2023, reflecting the broader industry trend of price reductions and the structural imbalance between supply and demand.</p>
<p>Despite these challenges, annual shipments increased to 99,596 MW (92,873 MW for solar modules and 6,723 MW for cells and wafers), up 19.2% YoY, driven by growing global demand for solar energy solutions.</p>
<p><strong>Outlook for 2025</strong></p>
<p>The company expects its module shipments to range from 16 GW to 18 GW in Q1 of the current year. Jinko estimates its module shipments to range from 85 GW to 100 GW for the full year 2025.</p>
<p>It also expects its annual production capacity for mono wafers, solar cells, and solar modules to reach 120 GW, 95 GW, and 130 GW, respectively, by the end of this year.</p>



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					</table><p>Solar module manufacturer <a href="https://www.canadiansolar.com/" target="_blank" rel="noopener">Canadian Solar</a> generated $1.52 billion in revenue in the fourth quarter (Q4) of 2024, reflecting an 11% year-over-year decline due to lower solar module average selling prices. Revenue fell short of analysts&#8217; expectations by $45.8 million.</p>
<p>The adjusted net loss for the quarter stood at $98.5 million, a sharp increase compared to the $1.3 million net loss recorded in the same period of 2023. Adjusted loss per share was $1.47, missing analysts&#8217; estimates by $1.23.</p>
<p>Operating expenses increased to $344 million, an over 61% YoY increase, largely driven by impairment charges and higher shipping and handling costs.</p>
<p>Total module shipments for Q4 2024 reached 8.2 GW, a 1% increase compared to the previous year and a 2% <a href="https://www.mercomindia.com/canadian-solar-misses-revenue-expectations/" target="_blank" rel="noopener">decline</a> from the prior quarter. Of this total, 401 MW were directed to Canadian Solar&#8217;s utility-scale projects. The U.S., China, Pakistan, Germany, and Brazil remained the company&#8217;s top markets for module shipments.</p>
<p>Shawn Qu, CEO of Canadian Solar, said, &#8220;2024 was a challenging year for the solar industry, with intense competition and ongoing policy and trade-related uncertainties creating operational and financial headwinds.&#8221;</p>
<p>Despite these market challenges, 2024 was a record-breaking year for energy storage in terms of shipments, revenue, and profitability. The company delivered 2.2 GWh capacity in the fourth quarter, increasing the annual total to 6.6 GWh, representing an over 500% YoY increase. This momentum is expected to continue in 2025, although Q1 is anticipated to be seasonally softer. In the U.S., trade policy changes have created market turbulence. However, the company is managing tariff exposure while ramping up onshore capacity. The backlog, valued at $3.2 billion, targets providing strong visibility, while the pipeline has reached a record 79 GWh, reflecting increasingly diversified global demand.</p>
<p>For Recurrent Energy, a Canadian Solar subsidiary, 2024 was its most significant execution year, bringing 1.3 GW of solar projects to commercial operation across the U.S., Italy, Brazil, Japan, and Taiwan. In the U.S. and European independent power producer markets, the company&#8217;s operating portfolio reached 490 MW of photovoltaics and 310 MWh of energy storage by the end of the year. However, its financial performance was impacted by project delays that were pushed into the fourth quarter and 2025.</p>
<p>Regarding U.S. manufacturing, Qu noted that the company remains on track with its expansion plans. The module factory in Mesquite, Texas, is set to ramp up in 2025 fully and is expected to deliver around 3 GW of volume this year, increasing the share of domestically produced products in total U.S. shipments. The solar cell facility is progressing well and is fully contracted to supply the module factory. The energy storage facility, which will produce battery cells, modules, and complete systems, is expected to deliver U.S.-made SolBanks at the start of 2026.</p>
<p><strong>Full Year 2024</strong></p>
<p>For 2024, Canadian Solar reported a total revenue of $5.9 billion, a 21% <a href="https://www.mercomindia.com/canadian-solar-posts-record-year" target="_blank" rel="noopener">decline</a> from 2023.</p>
<p>The company recorded a net loss of $96.4 million, starkly contrasting its $274.1 million net profit in 2023. The adjusted loss per share was $1.45, compared to a profit of $3.87 in the prior year.</p>
<p>Operating expenses rose to $1.03 billion, up from $826.6 million in 2023. Total module shipments for the year reached 31.1 GW.</p>
<p>Qu noted that solar module pricing has begun to rebound in the U.S. market, driven primarily by the installation surge in China. Following two key policy changes on April 30 and May 31, all new solar projects in China will now participate in the electricity market rather than relying on fixed prices. This shift has caused a temporary increase in demand, but prices are expected to stabilize in the second half of 2025. U.S. tariffs continue to impact imports, particularly with AD/CVD and Section 201 duties affecting modules from Southeast Asia.</p>
<p>However, higher U.S. prices have partially offset these tariff costs, which remain approximately three times higher than the global average. This development has ensured stable revenue contribution from the U.S. market, which accounts for about half of total revenue.</p>
<p><strong>Outlook</strong></p>
<p>In Q1 2025, Canadian Solar expects revenue to be $1 billion to $1.2 billion, with a gross margin projected between 9% and 11%. Module shipments are forecasted to be between 6.4 GW and 6.7 GW, with approximately 400 MW allocated to the company&#8217;s projects. Battery storage shipments are expected to reach around 800 MWh, with 150 MWh directed toward company-owned projects.</p>
<p>For 2025, the company anticipates total revenue from $7.3 billion to $8.3 billion. Module shipments are projected to fall between 30 GW and 35 GW, with approximately 1 GW set aside for company projects. Battery energy storage shipments are expected to range between 11 GWh and 13 GWh, including around 1 GWh for the company&#8217;s own projects.</p>



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					</table><p>Gurugram-based renewable energy services company <a href="https://blupineenergy.com/" target="_blank" rel="noopener">BluPine Energy</a> has secured ₹17.87 billion (~$210 million) in structured financing from the National Bank for Financing Infrastructure and Development (<a href="https://nabfid.org/" target="_blank" rel="noopener">NaBFID</a>).</p>
<p>The transaction is structured around creating a restricted group of 14 special purpose vehicles spanning Punjab, Uttarakhand, and Karnataka, with a mix of central and state off-takers.</p>
<p>BluPine Energy aims to use the funds to optimize its financial structuring, enhance operational efficiency, and drive long-term portfolio expansion. The company also seeks to utilize the funding to reduce debt servicing costs, enhance cash flow, and achieve greater financial flexibility.</p>
<p>The company will deploy the funds toward repowering existing solar assets to improve their efficiency and operational effectiveness. This initiative targets helping the company optimize its renewable energy output while ensuring long-term sustainability.</p>
<p>The financing is also expected to help improve BluPine Energy’s internal rate of return and support its sustainability objectives.</p>
<p>The company aims to leverage the structured financing to enhance its operations’ financial health while scaling its renewable energy footprint across India.</p>
<p>Neerav Nanavaty, CEO, BluPine Energy, stated that the partnership with NaBFID will strengthen the company’s financial foundation, enabling it to scale its operations while contributing to India’s renewable energy targets. BluPine Energy was established in India with an investment of $800 million from Actis’ Energy Fund 5 and is developing a renewable energy portfolio of over 4 GW exclusively in India.</p>
<p>In August 2024, BluPine was among the <a href="https://www.mercomindia.com/sael-ntpc-blupine-win-seci-solar-auction" target="_blank" rel="noopener">winners</a> in Solar Energy Corporation of India’s auction to set up 1.2 GW of interstate transmission system-connected solar power projects across India under Tranche XVI on a build, own, and operate basis.</p>
<p>In July 2024, BluPine Energy <a href="https://www.mercomindia.com/blupine-energy-secures-%E2%82%B92-39-billion-from-tata-capital" target="_blank" rel="noopener">secured</a> funding of ₹2.39 billion (~$ 28.54 million) from Tata Capital. The funding will be utilized for a 75 MW solar power project in Chhattisgarh.</p>


BluPine Energy Secures ₹17.87 Billion from NaBFID for Renewables Expansion


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					</table><p>Independent power producer <a href="https://ampin.energy/" target="_blank" rel="noopener">AMPIN Energy Transition</a> has secured an investment of $50 million (~₹4.28 billion) from <a href="https://www.siemens.com/in/en/company/about/businesses/financial-services.html" target="_blank" rel="noopener">Siemens Financial Services</a>, the financing arm of Siemens AG.</p>
<p>The investment will strengthen AMPIN’s position in India’s renewable energy transition. It will also fuel the company’s growth in commercial and industrial, and utility-scale renewable energy projects.</p>
<p>The transaction is AMPIN’s third major investment this financial year, bringing the total equity capital raised to $270 million (~₹23.12 billion) this year. The company’s total equity capital raised has reached nearly $700 million (~₹59.95 billion), resulting in a capital deployment of over $4 billion (~₹342.59 billion).</p>
<p>In 2024, the company <a href="https://www.mercomindia.com/ampin-energy-secures-to-fund-expansion-plans" target="_blank" rel="noopener">secured</a> funding of up to $35 million (~₹2.99 billion) from responsAbility, an investor focusing on private markets, to help AMPIN expand its clean energy projects across India. The investment was part of responsAbility’s $500 million (~₹42.82 billion) plan to combat climate change in Asia and is the company’s largest climate investment to date.</p>
<p>In the same year, AMPIN <a href="https://www.mercomindia.com/ampin-energy-secures-manufacturing-facility-in-odisha" target="_blank" rel="noopener">secured</a> an investment from Oesterreichische Entwicklungsbank, the Development Bank of Austria, totaling €25 million (~$26.9 million) in long-term financing. The capital infusion was intended for establishing a 1 GW domestic solar cell and module production facility in Odisha.</p>
<p>The company also <a href="https://www.mercomindia.com/ampin-energy-transition-partners-cip-re-projects" target="_blank" rel="noopener">partnered</a> with Copenhagen Infrastructure Partners (CIP) to develop 2 GW renewable energy projects across India with a joint investment of $300 million (~₹25.69 billion). Through its Growth Markets Fund II, CIP planned to create a renewable energy asset base of approximately $1.5 billion (~₹128.74 billion) by partnering with AMPIN.</p>
<p>AMPIN has a renewable energy portfolio of 5 GW across 22 states in the country. The company’s portfolio comprises solar, wind, and storage power projects that power commercial and industrial, as well as utility customers.</p>
<p>According to Mercom’s Annual and Q4 2024 Solar Funding and M&amp;A Report, global corporate funding in the solar sector in 2024 <a href="https://mercomindia.com/corporate-funding-in-the-solar-sector-dropped-24-yoy-in-2024" target="_blank" rel="noopener">reached</a> $26.3 billion, a 24% year-over-year decline from $34.4 billion.</p>


AMPIN Energy Secures $50 Million Investment from Siemens Financial Services


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					</table><p><strong>From: <a href="https://mercomcapital.com/project-finance-brief-acciona-energia-secures-288-million-for-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>ACCIONA Energía, a renewable energy company, </strong><a href="https://mercomcapital.com/acciona-energia-secures-288-million-financing-for-aldoga-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> an AUD$453 million (~$287.85 million) syndicated loan facility</strong> to construct its 480 MWp Aldoga solar project on the central Queensland coast in Australia. The company secured the facility through Cesce, the Spanish export credit agency, under its green investment policy. Four banks provided the loan facility, including Banco Santander, BNP Paribas, ING, and J.P. Morgan.</p>
<p><strong>Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, </strong><a href="https://mercomcapital.com/recurrent-energy-secures-183-million-financing-for-200-mwh-storage-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closing of $183 million</strong> in project and tax equity financing for its 200 MWh Fort Duncan storage project in Maverick County, Texas. The project is currently under construction and is expected to reach commercial operations by the summer of 2025. Nord/LB led the project financing.</p>
<p><strong>Equis Australia, a battery storage project developer, </strong><a href="https://mercomcapital.com/equis-secures-financing-for-250-mw-500-mwh-battery-storage-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closing of an AUD 260 million (~$163 million)</strong> non-recourse senior debt funding package for the 250 MW/500 MWh Calala Battery Energy Storage System  located in Tamworth, New South Wales, Australia. Westpac, Societe Generale, and Sumitomo Mitsui Banking Corp. provided the financing. The company also announced that construction of the project has begun, with commercial operation expected by 2027.</p>
<p><strong>British Solar Renewables, an integrated solar project developer in the U.K., </strong><a href="https://mercomcapital.com/british-solar-renewables-acquires-150-mw-solar-and-storage-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of the Little Crow</strong> solar project from INRG Solar, a solar project developer. The project includes a 150 MWp solar installation co-located with a 60 MW battery energy storage system. The project is located 2.5 kilometers northwest of the village of Broughton in Lincolnshire, U.K.</p>
<p><strong>Fotowatio Renewable Ventures Australia, a renewable energy project developer and part of Jameel Energy and the Canadian infrastructure fund OMERS, </strong><a href="https://mercomcapital.com/frv-australia-acquires-190-mw-hybrid-solar-and-storage-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of the Axedale project from ACEN Australia</strong>, a renewable energy project developer. The project, comprising 140 MWac solar and 50 MW/100 MWh battery energy storage system, is located 20 km east of Bendigo, Victoria, Australia. The battery storage system is capable of operating for two hours.</p>
<p><strong>Renewable energy solutions provider KPI Green Energy has </strong><a href="https://www.mercomindia.com/kpi-green-secures-%E2%82%B92-72-billion-loan-for-50-mw-hybrid-power-project" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a credit facility of ₹2.72 billion (~$31.4 million)</strong> to part finance a 50 MW hybrid power project at Bharuch, Gujarat, comprising 75.2 MW of solar and 16.9 MW of wind capacity. The company received the final sanction letter from the National Bank for Financing Infrastructure and Development for the credit facilities.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-cypress-creek-secures-energy-storage" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: ACCIONA Energía Secures $288 Million for Solar Project


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					</table><p>Bondada Engineering, Oriana Power, and Pace Digitek <a href="https://www.mercomindia.com/bondada-oriana-and-pace-win-telanganas-250-mw-500-mwh-bess-auction" target="_blank" rel="noopener">won</a> Telangana Power Generation Corporation’s auction to set up 250 MW/500 MWh standalone battery energy storage systems in Telangana. Bondada Engineering and Oriana Power won 50 MW/100 MWh each at a tariff of ₹240,347 (~$ 2,804.84)/MW/month and ₹245,152 (~$2,860.92)/MW/month, respectively. Pace Digitek won 125 MW/250 MWh at a tariff of ₹245,153 (~$ 2,860.93)/MW/month.</p>
<p>The Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-approves-tariffs-for-ntpcs-1-gw-wind-solar-hybrid-projects" target="_blank" rel="noopener">approved</a> tariffs ranging from ₹3.43 (~$0.04)/kWh to ₹3.46 (~$0.04)/kWh for NTPC’s 1 GW interstate transmission system (ISTS)-connected wind-solar hybrid power projects. The Commission rejected NTPC’s request to approve a trading margin of ₹0.07 (~$0.0008)/kWh. Since the awarded capacity is yet to be tied up with the distribution licensees, the trading margin will be as per the provisions of power sale agreements entered into between NTPC and the distribution licensees.</p>
<p>The Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-sets-interim-tariff-for-dvcs-8-mw-solar-project-at-%E2%82%B93-62-kwh" target="_blank" rel="noopener">determined</a> an interim tariff of ₹3.62 (~$0.042)/kWh for Damodar Valley Corporation’s (DVC) 8 MW solar project at Panchet, West Bengal. DVC had requested approval for a tariff of ₹3.92 (~$0.046)/kWh. However, the Commission determined a lower amount considering the capital cost, regulatory norms, working capital interest, and other financial parameters.</p>
<p>Rajasthan Electricity Regulatory Commission <a href="https://www.mercomindia.com/rajasthan-sets-tariff-solar-kusum" target="_blank" rel="noopener">approved</a> a pre-determined levelized tariff of ₹3.04 (~$0.036)/kWh for 5,000 MW solar capacity under Component-A of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM). This tariff will also be the ceiling price in future competitive bidding processes. The Commission also directed power distribution companies to conduct system studies for proper grid integration, consider energy storage solutions, and ensure compliance with the PM-KUSUM guidelines.</p>
<p>The Reserve Bank of India <a href="https://www.mercomindia.com/rbi-increases-priority-sector-lending-renewables" target="_blank" rel="noopener">increased</a> the lending limit for the renewable energy sector in its new guidelines for priority sector lending, set to take effect from April 1, 2025. As per the revised guidelines, the limit of bank loans has been increased to ₹350 million (~$4.08 million) for renewable energy-based generators. Public utilities based on renewable power sources, like street lighting systems and remote village electrification, will also be eligible for priority sector classification.</p>
<p>REC Power Development and Consultancy <a href="https://www.mercomindia.com/recpdcl-invites-bids-for-2-5-gw-renewable-energy-transmission-projects" target="_blank" rel="noopener">invited</a> bids for developing an ISTS system to evacuate 2,500 MW of renewable energy in Madhya Pradesh. The project aims to facilitate power evacuation from renewable energy projects located in the Rajgarh SEZ (Phase III) with a capacity of 1,500 MW and the Neemuch SEZ (Phase II) with a capacity of 1,000 MW. Bids must be submitted by May 28, 2025. Bids will be opened on the same day. The scope of work includes setting up 220 kV and 400 kV substations at various locations, installing 400/220 kV and 3x 500 MVA transformers at Pachora and Neemuch, and developing switchable line reactors at both ends of the major transmission lines.</p>
<p>Green transition-focused non-banking finance company Ecofy Finance <a href="https://www.mercomindia.com/rooftop-solar-financing-firm-ecofy-secures-12-5-million-loan-from-ifu" target="_blank" rel="noopener">secured</a> a $12.5 million (~₹1.07 billion) long-term loan from Denmark government’s Investment Fund for Developing Countries. Ecofy will utilize the funds to expand its loan portfolio for electric vehicles and rooftop solar systems. A portion of the financing will be directed towards aiding individuals and small and medium-sized enterprises who lack funding to become green consumers. Axis Bank was the exclusive financial advisor to Ecofy for this transaction.</p>


Daily News Wrap-Up: TGGENCO Announces 250 MW/500 MWh BESS Auction Results


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-trende-secures-7-2-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>TRENDE, a provider of renewable energy solutions in Japan, </strong><a href="https://mercomcapital.com/renewable-energy-solutions-provider-trende-secures-7-2-million/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the completion of a JPY1.07 billion (~$7.2 million) funding</strong> round through third-party allocation. The investment round was led by four new shareholders: Tokyo Century Corporation, National Federation of Agricultural Cooperative Associations, Zen-Noh Energy Corporation, and Toshiba Infrastructure Systems &amp; Solutions Corporation.</p>
<p><strong>Green transition-focused non-banking finance company Ecofy Finance has</strong><a href="https://www.mercomindia.com/rooftop-solar-financing-firm-ecofy-secures-12-5-million-loan-from-ifu" target="_blank" rel="noopener"><strong> secured</strong></a><strong> a $12.5 million (~₹1.07 billion) long-term loan</strong> from Denmark government’s Investment Fund for Developing Countries (IFU). Ecofy will utilize the funds to expand its loan portfolio for electric vehicles and rooftop solar systems. A portion of the financing will be directed towards aiding individuals and small and medium-sized enterprises who lack funding to become green consumers.</p>
<p><strong>Capalo AI, a provider of battery energy storage-based virtual power plant solutions, has </strong><a href="https://mercomcapital.com/software-company-capalo-ai-raises-4-million-in-seed-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €3.8 million (~$4 million) in a seed funding</strong> round led by VentureFriends and PROfounders, with participation from existing investors Inventure and Innovestor. With this funding, the company plans to accelerate its European expansion and grow its client portfolio. With this funding, the company plans to accelerate its European expansion and grow its client portfolio.</p>
<p><strong>Hero MotoCorp has </strong><a href="https://www.mercomindia.com/hero-motocorp-acquires-32-5-stake-in-euler-motors-for-%E2%82%B95-25-billion" target="_blank" rel="noopener"><strong>announced</strong></a><strong> an investment of ₹5.25 billion (~$61.06 million) in Euler Motors </strong>to expand into the electric three-wheeler market. The investment will be made in one or more tranches for Hero MotoCorp to acquire a 32.5% stake on a fully diluted basis. The investment will be made through a mix of primary and secondary acquisitions and is expected to be completed by April 30, 2025.</p>
<p><strong>Indian Government-owned lender Indian Renewable Energy Development Agency (IREDA) has </strong><a href="https://www.mercomindia.com/ireda-issues-perpetual-bonds-to-raise-%E2%82%B912-47-billion" target="_blank" rel="noopener"><strong>issued</strong></a><strong> its first-ever perpetual bonds worth ₹12.47 billion</strong> (~$144.5 million) at an annual coupon rate of 8.4%. By issuing the bonds, IREDA targets enhancing its Tier-I capital for a stronger financial foundation. IREDA also received a fund of ₹244.8 million (~$2.6 million) from the Income Tax Department.</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-terabase-energy-secures-130-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: TRENDE Secures $7.2 Million


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					</table><p>Government-owned lender Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) has raised ₹9.1 billion (~$106.16 million) by issuing privately placed subordinated Tier II bonds.</p>
<p>This financing is for a 10-year tenure at an annual coupon rate of 7.74%.</p>
<p>The issuance of Tier-II Bonds aims to tap into the current financial market&#8217;s liquidity and support the company&#8217;s borrowing plan.</p>
<p>IREDA aims to use the funds to enhance its Tier-II capital to increase its net worth and capital risk-weighted assets ratio.</p>
<p>Recently, IREDA <a href="https://www.mercomindia.com/ireda-issues-perpetual-bonds-to-raise-%E2%82%B912-47-billion" target="_blank" rel="noopener">issued</a> its first-ever perpetual bonds worth ₹12.47 billion (~$144.5 million) at an annual coupon rate of 8.4%. By issuing the bonds, IREDA targeted enhancing its Tier-I capital for a stronger financial foundation.</p>
<p>In 2024, IREDA <a href="https://www.mercomindia.com/ireda-reports-robust-growth-and-disbursements-for-2024" target="_blank" rel="noopener">reported</a> an increase in loan approvals and disbursements. Loan approvals surged to ₹310.87 billion (~$3.6 billion) as of December 31, 2024, compared to ₹135.58 billion (~$1.58 billion) in the corresponding period of 2023, marking a 129% increase.</p>
<p>Loan disbursements grew by 41%, reaching ₹172.36 billion (~$2 billion) in 2024, up from ₹122.20 billion (~$1.42 billion) in 2023. The agency&#8217;s loan book outstanding stood at ₹690 billion (~$8.04 billion), a 36% growth over the previous year&#8217;s ₹505.8 billion (~$5.89 billion).</p>
<p>In January 2025, the company <a href="https://www.mercomindia.com/ireda-to-raise-%E2%82%B950-billion-through-qip-for-green-energy-growth" target="_blank" rel="noopener">announced</a> plans to raise ₹50 billion (~$588.24 million) through a qualified institutions placement (QIP) of equity shares. The QIP would be conducted in one or more tranches per applicable laws and aims to limit the government of India&#8217;s maximum shareholding dilution in IREDA to 7% in the post-issue paid-up equity capital.</p>
<p>In the third quarter of the financial year (FY) 2024-25. IREDA <a href="https://www.mercomindia.com/iredas-q3-profits-record-a-27-yoy-increase" target="_blank" rel="noopener">reported</a> a profit after tax of ₹4.25 billion (~$49.52 million), representing a 27% year-over-year growth.</p>
<p>In 2024, IREDA <a href="https://mercomindia.com/ireda-raises-%E2%82%B915-billion-via-bonds-issue-times" target="_blank" rel="noopener">raised</a> ₹15 billion (~$179.5 million) through bonds, reflecting strong investor confidence in India&#8217;s renewable energy sector.</p>


IREDA Raises ₹9.1 Billion Through Privately Placed Tier-II Bonds


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					</table><p>The Reserve Bank of India (<a href="https://www.rbi.org.in/" target="_blank" rel="noopener">RBI</a>) has increased the lending limit for the renewable energy sector in its new guidelines for priority sector lending, set to take effect from April 1, 2025.</p>
<p>As per the revised guidelines, the limit of bank loans has been increased to ₹350 million (~$4.08 million) for renewable energy-based generators.</p>
<p>Public utilities based on renewable power sources, like street lighting systems and remote village electrification, will also be eligible for priority sector classification. The limit remains unchanged for individual households at ₹1 million (~$11,653) per borrower.</p>
<p>The central bank last <a href="https://www.mercomindia.com/rbi-priority-sector-lending-cap/" target="_blank" rel="noopener">updated</a> its priority sector lending guidelines concerning the renewable energy sector in September 2020. It had then doubled the loan limits for renewable energy projects eligible under priority sector lending. Specifically, bank loans up to ₹300 million (~$3.49 million) for purposes such as solar power generators, biomass power generators, windmills, micro-hydel plants, and non-conventional energy-based public utilities became eligible for priority sector classification.</p>
<p>With the priority sector lending limit raised, there will be more liquidity infusion into the sector, which could also reduce interest rates.</p>
<p>The priority sector lending for agriculture includes loans to farmers for installing standalone solar agriculture pumps and solarizing grid-connected agriculture pumps. Additionally, farmers can avail of loans for installing solar power projects on barren or fallow land or on stilts on their agricultural land.</p>
<p>In 2023, Parliament’s Standing Committee on Energy <a href="https://www.mercomindia.com/parliament-panel-renewable-finance-obligation" target="_blank" rel="noopener">asked</a> the government to explore the possibility of prescribing Renewable Finance Obligations similar to Renewable Purchase Obligations for banks and financial institutions to make them invest a specific percentage of their overall investments in the Indian renewable energy sector.</p>
<p>Experts at the C&amp;I Clean Energy Meet hosted by Mercom in Chennai recently <a href="https://www.mercomindia.com/attractive-financing-options-rooftop-solar/" target="_blank" rel="noopener">encouraged</a> businesses to invest in solar energy to reduce operating costs. The discussions underscored how financial institutions increasingly prioritize clean energy investments, making funding more accessible for businesses. Experts noted that companies can avail collateral-free loans of up to ₹1 billion (~$11.46 million) for as little as 10% interest.</p>


RBI Increases Priority Sector Lending Cap for Renewables to ₹350 Million


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					</table><p>The Maharashtra Electricity Regulatory Commission <a href="https://www.mercomindia.com/maharashtra-regulator-approves-tariff-battery-storage-capacity" target="_blank" rel="noopener">approved</a> the Maharashtra State Electricity Distribution Company’s (MSEDCL) petition to procure 250 MW/500 MWh battery storage capacity with an additional 500 MW/1,000 MWh greenshoe capacity at a tariff of ₹219,001 (~$2,560)/MW/month for 12 years. The energy procured from these projects will contribute to MSEDCL’s energy storage obligation. MSEDCL has been directed to execute the battery energy storage purchase agreement with the successful bidder within 30 days.</p>
<p>The Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-approves-tariffs-for-sjvns-600-mw-wind-projects" target="_blank" rel="noopener">approved</a> tariffs of ₹3.98 (~$0.046)/kWh and ₹3.99 (~$0.0464)/kWh for SJVN’s 600 MW interstate transmission system (ISTS)-connected wind power projects. SJVN had also approached CERC to approve a trading margin of ₹0.07/kWh (~$0.0008). However, the Commission held that the trading margin would be per the power sale agreements.</p>
<p>The Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-approves-tariffs-sjvn-1200-mw-solar-projects" target="_blank" rel="noopener">approved</a> tariffs of ₹2.52 (~$0.0293)/kWh and ₹2.53 (~$0.0294)/kWh for SJVN’s 1,200 MW ISTS-connected solar projects. SJVN had also requested adopting a trading margin of ₹0.07 (~$0.0008)/kWh. However, the Commission held that the trading margin would be per the power sale agreements between SJVN and the distribution licensees since the complete capacity was not tied up.</p>
<p>The Maharashtra Electricity Regulatory Commission (MERC) <a href="https://www.mercomindia.com/maharashtra-regulator-orders-refund-of-wheeling-charges-to-solar-generators" target="_blank" rel="noopener">ruled</a> against the Maharashtra State Electricity Distribution (MSEDCL) for wrongly imposing wheeling charges and losses on solar power generators. MERC directed MSEDCL to refund ₹15.4 million (~$179,285.63) to petitioners TP Solapur Saurya, TP Arya Saurya, and TP Ekadash. The Commission also ordered the reversal of 2.10 million units (MU) of wheeling losses deducted between May 2023 and March 2024.</p>
<p>The Appellate Tribunal for Electricity <a href="https://www.mercomindia.com/aptel-dismisses-wind-developers-plea-for-banking-regulations-relaxation" target="_blank" rel="noopener">dismissed</a> a petition filed by the Siddhayu Ayurvedic Research Foundation (SARFPL) seeking to relax the banking regulations under the Distribution Open Access Regulations due to the impact of the COVID-19 pandemic. It ruled that any relaxation of regulations would go against the legal framework and set an undesirable precedent. SARFPL operates multiple wind farms in Maharashtra with a total capacity of 12.85 MW.</p>
<p>ISTS developers must <a href="https://www.mercomindia.com/ists-developers-to-pay-60-of-the-urban-land-value-as-row-compensation" target="_blank" rel="noopener">pay</a> 60% of the land value for municipal corporations and metropolitan area land parcels as compensation for the right-of-way (RoW). The Ministry of Power has issued supplementary guidelines for determining the market rate and RoW compensation for ISTS lines to resolve challenges hindering transmission projects. Recently, Shripad Naik, Minister of State for Power, informed the Rajya Sabha that 14 ISTS projects are facing prolonged RoW issues, primarily because of the demand for higher compensation compared to rates determined by state governments.</p>
<p>NTPC <a href="https://www.mercomindia.com/ntpc-invites-bids-for-hydrogen-refueling-station-in-bhubaneswar" target="_blank" rel="noopener">floated</a> a tender for setting up a hydrogen refueling station for the Green Hydrogen Mobility Project in Bhubaneswar, Odisha, under the engineering, procurement, and construction mode. Bids must be submitted by March 27, 2025. Bids will be opened on March 28. The scope of work entails the design, engineering, supply, construction, erection, testing, and commissioning of a hydrogen fueling station, along with associated civil and architectural works.</p>
<p>Sustainable infrastructure investor Actis <a href="https://www.mercomindia.com/actis-acquires-macquarie-managed-371-mw-india-solar-portfolio" target="_blank" rel="noopener">acquired</a> a 100% stake in Stride Climate Investments, a solar generation asset portfolio in India, from a Macquarie Asset Management-managed fund. Through this deal, Actis will gain control of Stride’s 371 MW (414 MWp) portfolio of operational solar assets, spanning 21 projects across seven states, with a significant concentration in Gujarat.</p>
<p>T1 Energy, formerly FREYR, <a href="https://www.mercomindia.com/t1-energy-to-set-up-5-gw-solar-cell-manufacturing-facility-in-texas" target="_blank" rel="noopener">finalized</a> its site selection for a new solar cell manufacturing facility in Milam County, Texas, U.S. The company secured a lease and purchase option for 100 acres in the Advanced Manufacturing and Logistix Campus at Sandow Lakes. The new facility, G2 Austin, is expected to have a solar cell manufacturing capacity of 5 GW. The total capital investment in the project is projected to reach up to $850 million.</p>
<p>Solar photovoltaics will no longer <a href="https://www.mercomindia.com/trump-ends-support-for-solar-manufacturing" target="_blank" rel="noopener">qualify</a> under Section 303 of the Defense Production Act (DPA), with President Donald Trump rescinding an order of the previous administration that had designated these technologies as elements of national security. In an executive order published in the Federal Register, Trump canceled his predecessor, Joe Biden’s presidential determination of June 2022, including solar modules and their components from the DPA’s purview.</p>
<p>Western Australia <a href="https://www.mercomindia.com/western-australia-awards-654-mw-2595-mwh-battery-storage-projects" target="_blank" rel="noopener">awarded</a> four battery energy storage projects with a total capacity of 654 MW/2,595 MWh under the Capacity Investment Scheme. The projects are scheduled to be operational by October 2027. The projects will exceed the 500 MW/2,000 MWh capacity tendered. This will be enough to meet the peak electricity load for over 600,000 homes in Western Australia for four hours.</p>
<p>South Korea-headquartered green energy and chemical company OCI Holdings <a href="https://www.mercomindia.com/oci-holdings-to-set-up-1-gw-solar-cell-manufacturing-facility-in-us" target="_blank" rel="noopener">announced</a> its plans to expand its U.S. solar value chain by building a solar cell manufacturing plant through its U.S. solar subsidiary, Mission Solar Energy. The company will invest $265 million in the facility and targets commencing commercial production of 1 GW of solar cells in the first half of 2026. It plans to increase the facility’s production capacity to 2 GW in the second half of 2026.</p>


Daily News Wrap-Up: MERC Approves Tariff for 1,500 MWh BESS Procurement


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					</table><p><a href="https://ntpc.co.in/" target="_blank" rel="noopener">NTPC</a> has floated a tender for setting up a hydrogen refueling station for the Green Hydrogen Mobility Project in Bhubaneswar, Odisha, under the engineering, procurement, and construction (EPC) mode.</p>
<p>Bids must be submitted by March 27, 2025. Bids will be opened on March 28.</p>
<p>Bidders must submit an earnest money deposit of ₹2 million (~$23,290) and a bid document fee of ₹7,875 (~$91.74).</p>
<p>The scope of work entails the design, engineering, supply, construction, erection, testing, and commissioning of a hydrogen fueling station, along with associated civil and architectural works.</p>
<p>Selected bidders must also provide operation and maintenance services for 10 years.</p>
<p>The facility will be integrated with an NTPC-provided 18 kg/hr electrolyzer system. It will include a hydrogen compression system capable of compressing hydrogen to 500 bars with a rated 20 kg/hr capacity.</p>
<p>The hydrogen storage facility will be designed to store 540 kg of hydrogen at 500 bars in cylinder cascades. The station will also feature a hydrogen dispenser system for refueling fuel cell electric vehicles at 350 bars.</p>
<p>Other critical infrastructure includes a nitrogen generation system, a battery energy storage system of 80 kW/600 kWh capacity, a 40 kW solar rooftop installation, and a 20 kW vertical wind turbine.</p>
<p>Bidders must have designed, supplied, erected, and commissioned a hydrogen refueling station, or they must have EPC experience in hydrogen generation, refining, petrochemical, oil and gas, chemical, fertilizer, power, or metallurgy sectors, handling at least one total petroleum hydrocarbon of hydrogen capacity.</p>
<p>Bidders must have a minimum average annual turnover of ₹188 million (~$2.19 million) over the last three financial years.</p>
<p>As of the last financial year, they must have a minimum net worth of 100% of their paid-up share capital.</p>
<p>Bidders who are collaborators or associates must have a minimum turnover of ₹19 million (~$221,255) over the last three financial years. They must have a net worth of at least 100% of their paid-up share capital.</p>
<p>Bidders must be Class-I local suppliers, defined under the Public Procurement (Preference to Make in India) Order, 2017.</p>
<p>Earlier this year, NTPC Renewable Energy, a subsidiary of NTPC Green Energy, <a href="https://www.mercomindia.com/ntpc-issues-tender-for-1-mw-green-hydrogen-electrolyzer" target="_blank" rel="noopener">issued</a> a tender to develop green hydrogen generation unit/electrolyzer for a 1 MW green hydrogen mobility project in Kandla, Gujarat.</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>


NTPC Invites Bids for Hydrogen Refueling Station in Bhubaneswar


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					</table><p>At a time when the government is <a href="https://www.mercomindia.com/free-electricity-programs-disincentive-for-rooftop-solar-adoption" target="_blank" rel="noopener">pushing</a> for greater adoption of solar through the PM Surya Ghar: Muft Bijli Yojana, which aims to make households energy-independent, free electricity programs have proved to be an impediment to rooftop solar in some states. When consumers receive up to 300 free units per month in some states, they see little reason to invest in rooftop solar systems. These programs also put severe financial strain on power distribution companies, many of which are already struggling with debt.</p>
<p>Transmission and distribution company Adani Energy Solutions <a href="https://www.mercomindia.com/adani-energy-wins-transmission-project-3-gw" target="_blank" rel="noopener">won</a> a power transmission project from PFC Consulting to supply 3 GW of renewable energy to produce green hydrogen and green ammonia in Mundra, Gujarat. This project involves upgrading the Navinal (Mundra) electrical substation by adding two large 765/400kV transformers. A 75 km long 765 kV double-circuit line will also be constructed to connect this substation to the Bhuj substation.</p>
<p>The Central Electricity Regulatory Commission (CERC) <a href="https://www.mercomindia.com/central-regulator-sets-tariff-for-50-mw-solar-project" target="_blank" rel="noopener">determined</a> a generic tariff of ₹7.87 (~$0.091)/kWh for NTPC Green Energy’s 50 MW Rajgarh solar project. Although the petitioner, NTPC Green, argued for higher tariffs based on different commissioning phases, the Commission held that the project was commissioned in the financial year 2014-15. However, in the interest of fairness, it decided to apply the tariff for the financial year 2013-14 rather than the lower tariff for 2014-15.</p>
<p>The CERC <a href="https://www.mercomindia.com/cerc-approves-tariff-for-nhpcs-3-gw-solar-projects" target="_blank" rel="noopener">approved</a> the adoption of tariffs ranging from ₹2.52 (~$0.0292)/kWh to ₹2.53 (~$0.0294)/kWh for NHPC’s 3 GW grid-connected solar projects. The Commission also approved a trading margin of ₹0.07 (~$0.0008)/kWh. The petitioner, NHPC, floated a tender for setting up 3 GW interstate transmission system-connected solar projects. Sixteen bids were received, and letters of award were issued to eight successful bidders on December 7, 2023.</p>
<p>The Karnataka Electricity Regulatory Commission <a href="https://www.mercomindia.com/kerc-proposes-tariff-of-%E2%82%B92-93-kwh-for-pm-surya-ghar-projects-above-3-kw" target="_blank" rel="noopener">proposed</a> a tariff of ₹2.3 (~$0.026)/kWh for rooftop solar projects under PM Surya Ghar: Muft Bijli Yojana with a maximum capacity of 2 kW, ₹2.48 (~$0.028)/KWh for projects between 2 kW and 3 kW, and ₹2.93 (~$0.033)/kWh for projects above 3 kW. The Commission has also invited stakeholders’ comments on the proposed tariff by April 15, 2025.</p>
<p>NTPC Renewable Energy <a href="https://www.mercomindia.com/ntpc-invites-bids-for-land-and-power-evacuation-for-240-mw-solar-projects" target="_blank" rel="noopener">invited</a> bids for land and power evacuation packages for NTPC Green Energy’s 240 MW solar projects with battery energy storage systems in Devikot, Rajasthan. The last date to submit bids is April 29, 2025. Bids will be opened on the same day. The scope of work involves land arrangement, securing the approach road until the pooling substation, topography survey for land parcels, geotech investigation for pooling substation and transmission system, land-fencing, and lease management for private land.</p>
<p>Hero MotoCorp <a href="https://www.mercomindia.com/hero-motocorp-acquires-32-5-stake-in-euler-motors-for-%E2%82%B95-25-billion" target="_blank" rel="noopener">announced</a> an investment of ₹5.25 billion (~$61.06 million) in Euler Motors to expand into the electric three-wheeler market. The investment will be made in one or more tranches for Hero MotoCorp to acquire a 32.5% stake on a fully diluted basis. It will be made through a mix of primary and secondary acquisitions and is expected to be completed by April 30, 2025. Euler Motors specializes in designing, manufacturing, selling, and servicing electric three- and four-wheeler electric vehicles.</p>
<p>The U.S. energy storage market <a href="https://www.mercomindia.com/us-energy-storage-market-hit-new-record-with-12-3-gw-installations" target="_blank" rel="noopener">achieved</a> a new record with 12.3 GW installations across all segments in 2024, according to the latest U.S. Energy Storage Monitor report from the American Clean Power Association and Wood Mackenzie. The country’s annual energy storage installations increased 33% year-over-year. In the year’s fourth quarter (Q4), grid-scale energy storage deployments reduced by 20% compared to Q4 2023.</p>


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