Himachal Pradesh Invites Bids for 8 MW Solar Projects

Center and States Must Align Better for Accelerated Solar Open Access Growth

Daily News Wrap-Up: Corporate Funding in the Solar Sector Dropped 24% YoY in 2024

Project Finance Brief: Emeren Sells 65 MW Solar Portfolio in Germany

Funding and M&A Roundup: Moment Energy Secures $15 Million

POWERGRID Invites Bids for 1.07 MW Rooftop Solar Project at NIT Durgapur

Adani Bags $2.89 Billion 6 GW Renewable Energy Transmission Project

NHPC Invites Bids for 125 MW/500 MWh Standalone BESS

Germany Adds 16.2 GW of Solar Capacity in 2024, Sets New Record

REIL Floats Rate Contract Tender for 17.55 MW Rooftop Solar Projects


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					</table><p>Global corporate funding in the solar sector in 2024 <a href="https://www.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 (YoY) decline from $34.4 billion, according to Mercom’s Annual and Q4 2024 Solar Funding and M&amp;A Report. There were 157 deals in 2024 compared to 161 deals in 2023. Global venture capital (VC) and private equity funding in the solar sector in 2024 reached $4.5 billion in 60 deals, a 36% decline from $7 billion raised in 70 deals in 2023. There were 14 VC funding deals of $100 million or more in 2024.</p>
<p>As India’s renewable energy sector <a href="https://www.mercomindia.com/solar-industry-2025-budget-wishlist" target="_blank" rel="noopener">continues</a> to grow, the spotlight is on Finance Minister Nirmala Sitharaman as she prepares to present the Union Budget 2025. As India strives to achieve its ambitious target of 500 GW renewable energy capacity by 2030 and net-zero emissions by 2070, the upcoming budget is expected to play a pivotal role in shaping the country’s clean energy future.</p>
<p>Maharashtra Electricity Regulatory Commission <a href="https://www.mercomindia.com/merc-tariff-13-mw-wind-solar-hybrid-power" target="_blank" rel="noopener">approved</a> Maharashtra State Electricity Distribution Company’s (MSEDCL) proposed tariff of ₹3.60 (~$0.042)/kWh to procure 13 MW of wind-solar hybrid power for 25 years. MSEDCL floated a tender for procuring 2,000 MW of power from wind-solar hybrid projects with an additional 2,000 MW through the greenshoe option. The Commission had approved tariffs ranging from ₹3.60 (~$0.0428) to ₹3.62 (~$0.0431)/kWh for MSEDCL to procure 1,601 MW of wind-solar hybrid power.</p>
<p>Adani Energy Solutions (AESL) <a href="https://www.mercomindia.com/adani-bags-2-89-billion-6-gw-renewable-energy-transmission-project" target="_blank" rel="noopener">won</a> REC Power Development and Consultancy’s (RECPDCL) ₹250 billion (~$2.89 billion) Bhadla-Fatehpur High Voltage Direct Current transmission project to evacuate 6 GW of renewable energy. The transmission project is part of a larger program to evacuate an additional 20 GW of renewable power from the renewable energy zones in Rajasthan under Phase III Part I. AESL won the project under the Tariff-Based Competitive Bidding mechanism, the first project to be awarded to the private sector. RECPDCL was the bid process coordinator.</p>
<p>Power Grid Corporation of India (POWERGRID), a public sector enterprise under the Ministry of Power, <a href="https://www.mercomindia.com/powergrid-invites-bids-for-1-07-mw-rooftop-solar-project" target="_blank" rel="noopener">invited</a> bids for a 1.07 MW rooftop solar project at the National Institute of Technology Durgapur in West Bengal. This project is a part of POWERGRID’s corporate social responsibility initiatives. Bids must be submitted by February 13, 2025. Bids will be opened on the same day. Selected bidders must design, supply, install, commission, and maintain the solar project.</p>
<p>NHPC <a href="https://www.mercomindia.com/nhpc-125-mw-500-mwh-standalone-bess" target="_blank" rel="noopener">issued</a> a tender to develop 125 MW/500 MWh standalone battery energy storage systems connected to the intrastate transmission system in Kerala (Tranche I). Developers will be eligible for Viability Gap Funding of ₹2.7 million (~$32,114)/MWh or 30% of the project’s capital cost, whichever is lower. Bids must be submitted by February 14, 2025. Bids will be opened on February 19. Successful bidders must commission the projects within 18 months of signing the battery energy storage purchase agreement.</p>
<p>Rajasthan Electronics and Instruments <a href="https://www.mercomindia.com/reil-floats-rate-contract-tender-for-17-55-mw-rooftop-solar-projects" target="_blank" rel="noopener">invited</a> bids for rate contracts for rooftop solar power projects of a total capacity of 17.55 MW on government buildings in 22 states/union territories. The last date to submit bids is February 10, 2025. Bids will be opened on February 11. The estimated project cost is ₹706.05 million (~$8.15 million). The rate contract covers the survey, design, supply, erection, testing, and commissioning of rooftop solar power projects on various government buildings and comprehensive operations and maintenance for 10 years.</p>
<p>NHPC <a href="https://www.mercomindia.com/nhpc-invites-bids-for-rooftop-solar-in-jk-and-sikkim" target="_blank" rel="noopener">issued</a> tenders for a cumulative capacity of 39.73 MW grid-connected rooftop solar projects under the renewable energy service company mode in Sikkim and Jammu and Kashmir. Selected bidders for the Sikkim tender must install 5.06 MW rooftop solar projects on government buildings across the state. Selected bidders for the Jammu and Kashmir tender must install rooftop solar projects for multiple government departments in the union territory, under the management of the Jammu and Kashmir Energy Development Agency.</p>
<p>Uttar Pradesh New and Renewable Energy Development Agency <a href="https://www.mercomindia.com/uttar-pradesh-floats-eoi-for-2-gw-solar-power-projects" target="_blank" rel="noopener">invited</a> expressions of interest to set up 2 GW of solar power projects in the Chitrakoot, Jalaun, Jhansi, and Lalitpur districts in Uttar Pradesh. The last date to submit bids is February 10, 2025. Bids will be opened on February 11. The scope of work entails survey, design, supply, installation, testing, and commissioning with operations and maintenance.</p>
<p>Germany <a href="https://www.mercomindia.com/germany-adds-16-2-gw-of-solar-capacity-in-2024" target="_blank" rel="noopener">added</a> an impressive 16,179 MW of new solar capacity in 2024, a 7% growth YoY, according to data published by the Federal Network Agency Bundesnetzagentur. The installations in 2024 were the highest in a year recorded to date in Germany. The country added 14.2 GW of solar capacity in 2023, nearly doubling from 7.45 GW in 2022. With this addition, the country’s total operational capacity reached 99.2 GW. According to the German government’s Renewable Energy Sources Act program, the cumulative solar installation target by the end of 2024 was 88 GW.</p>
<p>The U.S. International Trade Commission (ITC) <a href="https://www.mercomindia.com/us-itc-rules-voltage-not-guilty-in-patent-infringement-case" target="_blank" rel="noopener">terminated</a> an investigation into the global provider of utility-scale wire (solar, electrical balance of systems) solutions company Voltage’s patent infringement through its LYNX trunk bus solution. The investigation cleared Voltage of violating ITC’s Section 337 for importing and selling its trunk bus solution. Shoals Technologies Group initiated the investigation in May 2023, accusing Voltage of infringing on its patents, including its big lead assembly technology for trunk bus solutions.</p>



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					</table><p><strong>From: <a href="https://mercomcapital.com/project-finance-brief-emeren-sells-65-mw-solar-portfolio-in-germany/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Emeren Group, a solar project developer, </strong><a href="https://mercomcapital.com/emeren-group-sells-65-mw-solar-project-portfolio-in-germany/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of a 65 MWp solar project portfolio to Trina Solar International System Business Unit,</strong> Trina Solar’s downstream project development arm. The company did not disclose the financial details of the acquisition. These projects are expected to close in mid-to-late 2025 and have the potential to integrate battery energy storage systems in the future to enhance the operational efficiency of the projects.</p>
<p><strong>CCE Holding, an independent power producer, announced the </strong><a href="https://mercomcapital.com/cce-holding-secures-25-million-for-solar-project-in-italy/" target="_blank" rel="noopener"><strong>closing</strong></a><strong> of €24 million (~$24.64 million) in project financing with Commerzbank</strong>, a Frankfurt-based bank. The loan will be used to construct a 42 MW solar project located in the municipality of Montalto di Castro in the Italian region of Lazio. The project is expected to be connected to the Italian electricity grid in the summer of 2025.</p>
<p><strong>HA Sustainable Infrastructure Capital, an investor in climate solutions, </strong><a href="https://mercomcapital.com/hasi-and-igs-solar-close-structured-equity-financing-for-residential-systems/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closing of a structured equity financing with IGS Solar</strong>, a solar finance company and an affiliate of IGS Energy, to finance residential solar and energy storage systems in the U.S. HASI’s first equity investment in the partnership is expected to finance the installation of a 71 MW rooftop solar portfolio in 2025. The systems in the portfolio are mainly contracted to homeowners via 25-year leases and are expected to be located across 11 states, primarily focusing on Florida, New Jersey, New York, and Pennsylvania.</p>
<p><strong>The Japan Bank for International Cooperation has </strong><a href="https://www.mercomindia.com/japan-bank-signs-agreement-to-lend-770-million-to-pfc" target="_blank" rel="noopener"><strong>signed</strong></a><strong> an agreement to set up a credit line of JPY120 billion (~$770.64 million) with the government-owned Power Finance Corporation</strong>. JBIC’s share of the total credit line will be JPY72 billion (~$462.38 million). PFC secured the credit line under JBIC’s Global Action for Reconciling Economic Growth and Environmental Preservation program for India-based energy projects, including renewable and next-generation energy supply, energy-saving power generation, and heat supply.</p>
<p><strong>Alternergy Holdings, a renewable energy project developer based in the Philippines, </strong><a href="https://mercomcapital.com/alternergy-secures-17-million-financing-for-28-mw-solar-project-in-the-philippines/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closing of a PhP1 billion (~$17 million) senior term loan</strong> from the Rizal Commercial Banking Corporation (RCBC) for the development and construction of the 28 MW Balsik solar power project in Hermosa in the province of Bataan, Philippines. The loan will be used to construct the project, which is expected to be completed in the second half of 2025.</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&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-origis-secures-swift-air-solar-project" target="_blank" rel="noopener">brief</a>.</p>



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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-moment-energy-secures-15-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Moment Energy, an electric vehicle (EV) battery repurposing company, </strong><a href="https://mercomcapital.com/moment-energy-secures-15-million-in-series-a-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $15 million in a Series A funding round</strong>, bringing the company’s total funding raised to date to $52 million. The Amazon Climate Pledge Fund and Voyager Ventures co-led the funding round. The company provides second-life battery energy storage systems from repurposed EV batteries.</p>
<p><strong>responsAbility, a Switzerland-based impact asset manager, has </strong><a href="https://www.mercomindia.com/responsability-injects-20-million-in-ev-manufacturer-euler-motors" target="_blank" rel="noopener"><strong>announced</strong></a><strong> an investment of up to $20 million (₹1.7 billion)</strong> in New Delhi-based electric commercial vehicles manufacturer Euler Motors. The funding is part of responsAbility’s $500 million (₹42.5 billion) climate investment strategy to reduce CO2 emissions in Asia by supporting e-mobility solutions.</p>
<p><strong>Li-Cycle, a lithium-ion battery recycling company, </strong><a href="https://mercomcapital.com/li-cycle-closes-15-million-underwritten-public-offering/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closing of its previously announced underwritten public offering, raising approximately $15 million</strong> in gross proceeds. The company plans to use the net proceeds from this offering for working capital and general corporate purposes. The offering consisted of 5,000,000 units and 10,000,000 pre-funded units.</p>
<p><strong>Ecozen, a Pune-based company focused on clean energy solutions, has </strong><a href="https://www.mercomindia.com/clean-energy-tech-firm-ecozen-raises-23-million-in-debt-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> over $23 million in debt funding.</strong> Investors for this round included responsAbility Investments, Northern Arc Capital, and Maanaveeya Development &amp; Finance. The company plans to use the funds to scale its current businesses and expand its operations within India and abroad.</p>
<p><strong>Electric vehicle charging solutions provider Bolt.Earth </strong><a href="https://www.mercomindia.com/bolt-earth-raises-5-million-in-series-a-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $5 million in a series A+ funding round</strong>. The funding round was led by Version One Ventures, a new investor and returning investors USV and Prime Venture Partners. Bolt.Earth plans to utilize the funds to scale operational capacity across India. The company also aims to develop fast charging stations for two-, three–, and four-wheelers.</p>
<p><strong>Hydro, a renewable energy company, has signed an agreement with Northvolt, a battery manufacturer, to </strong><a href="https://mercomcapital.com/hydro-acquires-remaining-shares-battery-recycling-company-hydrovolt/" target="_blank" rel="noopener"><strong>acquire</strong></a><strong> Hydrovolt’s remaining shares for NOK 78 million (~$7 million)</strong>. Hydro is increasing its ownership in Hydrovolt from 72 to 100% through this transaction. Hydrovolt is a battery recycling and raw materials company formed in 2020 as a joint venture between Hydro and Northvolt. The company is mainly focused on the recycling of industrial and EV batteries.</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-eqt-to-acquire-scale-microgrids" target="_blank" rel="noopener">roundup</a>.</p>



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					</table><p>The Maharashtra Electricity Regulatory Commission (MERC) <a href="https://www.mercomindia.com/merc-allows-deviations-in-adani-electricitys-1-gw-rtc-power-procurement" target="_blank" rel="noopener">approved</a> Adani Electricity Mumbai Limited’s (AEML-D) deviations to procure 1,500 MW of power from renewable and non-renewable sources. The Commission directed AEML to modify the bid document. AEML-D filed a petition before MERC to approve deviations in the long-term procurement of 1,500 MW of power from grid-connected renewable energy and round-the-clock projects.</p>
<p>The Karnataka Electricity Regulatory Commission (KERC) <a href="https://www.mercomindia.com/karnataka-draft-open-access-regulations-2025" target="_blank" rel="noopener">released</a> the draft Karnataka Electricity Regulatory Commission (Terms and Conditions for Open Access) Regulations, 2025. Stakeholders can submit their comments and suggestions by February 15, 2025. This draft follows the Karnataka High Court’s decision to strike down the previous Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules 2022 and the KERC (Terms and Conditions for Green Energy Open Access) Regulations, 2022.</p>
<p>Gujarat Urja Vikas Nigam <a href="https://www.mercomindia.com/guvnl-invites-bids-to-procure-250-mw-solar-power-with-greenshoe-option" target="_blank" rel="noopener">invited</a> bids to procure power from 250 MW grid-connected solar power projects anywhere in India with a greenshoe option of 250 MW. The last date to submit bids is February 10, 2025. Bids will be opened on February 13 Selected bidders must choose a Central Transmission Utility or Gujarat Energy Transmission Corporation substation for the interconnection. The projects can be located anywhere in India.</p>
<p>The Gujarat Urja Vikas Nigam <a href="https://www.mercomindia.com/guvnl-floats-tender-to-procure-500-mw-wind-power" target="_blank" rel="noopener">invited</a> bids to procure power from 250 MW grid-connected wind power projects with a greenshoe option of 250 MW in Gujarat. The last date to submit bids is February 11, 2025. Bids will be opened on February 14. The project must be designed for interconnection with the state transmission utility/central transmission utility through a dedicated transmission line to deliver energy at the Gujarat energy transmission corporation periphery.</p>
<p>The Gujarat Urja Vikas Nigam <a href="https://www.mercomindia.com/gujarat-standalone-bess-phase-vi" target="_blank" rel="noopener">invited</a> bids to set up 500 MW/1000 MWh standalone battery energy storage systems under tariff-based competitive bidding (Phase VI). The last day to submit the bids is February 24, 2025. Bids will be opened on February 28. The scope of work covers setting up battery energy storage systems (BESS) to make the energy storage facility available to GUVNL for charging/discharging the BESS on an on-demand basis. Developers must set up BESS and its interconnection with the state transmission network.</p>
<p>ITI, a public sector undertaking under the Department of Telecommunications, <a href="https://www.mercomindia.com/iti-invites-bids-for-10-mw-solar-power-project-in-uttar-pradesh" target="_blank" rel="noopener">issued</a> a request for proposal to set up 10 MW ground-mounted, grid-connected solar projects at Naini, Uttar Pradesh. Bids must be submitted by February 7, 2025. Bids will be opened on February 8. Selected bidders must also identify and select a purchaser for the project’s electricity for 25 years. Successful bidders must level the project land and provide the civil works, fencing, lighting and security arrangements, and building infrastructure.</p>
<p>Bengaluru-based electric vehicle (EV) charging solutions provider Bolt.Earth <a href="https://www.mercomindia.com/bolt-earth-raises-5-million-in-series-a-funding" target="_blank" rel="noopener">raised</a> $5 million in a series A+ funding round. The funding round was led by Version One Ventures, a new investor and returning investors USV and Prime Venture Partners. Bolt.Earth plans to utilize the funds to scale operational capacity across India. The company also aims to develop fast charging stations for two-, three–, and four-wheelers and deploy end-to-end EV charging stations, including hardware, software, and maintenance, for apartment complexes, builders, enterprises, and fleets.</p>
<p>The U.S. Department of the Treasury and Internal Revenue Service <a href="https://www.mercomindia.com/us-releases-additional-guidance-under-iras-domestic-content-bonus" target="_blank" rel="noopener">released</a> additional guidance on the Inflation Reduction Act’s (IRA) domestic content bonus for clean electricity production and investment tax credits. The updated safe harbor applies to solar projects, domestic solar wafers, land-based wind projects, and battery energy storage systems. The IRA amended tax code Sections 45 and 48 to provide a domestic content bonus credit amount for certain qualified facilities or energy projects beginning service after December 31, 2022.</p>


Daily News Wrap-Up: MERC Allows Deviations in Adani’s 1 GW Power Procurement


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					</table><p>UAE state-owned renewable energy firm <strong>Masdar</strong> <a href="https://www.zawya.com/en/business/energy/uaes-masdar-launches-facility-to-produce-1gw-of-uninterrupted-renewable-energy-mno9k6w6" target="_blank" rel="noopener">launched</a> a $ 6 billion 1 GW solar energy facility with battery storage. The project is expected to start operations by 2027. Sultan Al Jaber, Chief Executive of <strong>Abu Dhabi National Oil Company</strong> and the UAE Minister of Industry and Advanced Technology, noted that the growth of energy-intensive applications such as ChatGPT could drive a 250% surge in power demand by 2050, reaching 35,000 GW. He emphasized the importance of diversifying energy sources to address the rising demand.</p>
<p>The <strong>OPEC Fund for International Development</strong> is <a href="https://opecfund.org/media-center/press-releases/2025/opec-fund-commits-us-30-million-to-egypt-s-landmark-1.1-gw-wind-farms" target="_blank" rel="noopener">contributing</a> $30 million to co-finance Africa’s largest onshore wind project in Egypt’s Gulf of Suez. The project includes two 550 MW wind farms with a combined capacity of 1.1 GW. Developed by Suez Wind, a joint venture between <strong>ACWA Power</strong> and <strong>HAU Energy</strong>, the facility aims to power over 1 million homes and reduce carbon emissions by approximately 2.5 million tons annually.</p>
<p><strong>Masdar</strong> <a href="https://masdar.ae/en/news/newsroom/masdars-capacity-up-by-150-to-over-50gw" target="_blank" rel="noopener">announced</a> the expansion of its renewable energy capacity from 20 GW in 2022 to 51 GW at the end of 2024—a 150% increase in two years. Its operational, under-construction, and committed capacity grew from 16.5 GW to 32.6 GW in 2024. This growth aligns with the company’s goal to reach 100 GW capacity by 2030.</p>
<p>France-based utilities company <strong>ENGIE</strong> <a href="https://en.newsroom.engie.com/news/engie-announces-the-expansion-of-the-red-sea-wind-energy-wind-farm-in-egypt-the-largest-wind-farm-in-africa-88d26-314df.html" target="_blank" rel="noopener">announced</a> the expansion of its flagship wind farm in Ras Ghareb, on the Gulf of Suez, Egypt. The project is being developed with <strong>Orascom Construction</strong>, <strong>Toyota Tsusho Corporation</strong>, and <strong>Eurus Energy Holdings</strong> under the Red Sea Wind Energy Consortium. The expansion aims to boost the wind farm’s capacity from 500 MW to 650 MW.</p>
<p><strong>Masda</strong>r <a href="https://masdar.ae/en/news/newsroom/masdar-enters-philippines-renewables-market" target="_blank" rel="noopener">signed</a> agreements with the <strong>Philippine government</strong> to develop 1 GW of renewable energy projects, marking its entry into the country. The agreements include an implementation agreement with the Department of Energy and a memorandum of understanding with the country’s Board of Investments. These projects will focus on solar, wind, and battery energy storage systems and are expected to be completed by 2030.</p>


MENA Roundup:  UAE’s Masdar Launches 1 GW Clean Energy Project


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					</table><p>The U.S. Department of the Treasury (<a href="https://home.treasury.gov/" target="_blank" rel="noopener">Treasury</a>) and the Internal Revenue Service (<a href="https://www.irs.gov/" target="_blank" rel="noopener">IRS</a>) have allocated $6 billion in tax credits for the second round of the Inflation Reduction Act’s (IRA) 48C Qualifying Advanced Energy Project Tax Credit program. These allocations will support over 140 projects across more than 30 states, focusing on clean energy manufacturing, critical materials processing, and industrial decarbonization.</p>
<p>The second round allocated $6 billion in tax credits to clean energy manufacturing, materials recycling, and industrial decarbonization projects. Highlights of this round include:</p>
<ul>
<li><strong>Clean Energy Manufacturing and Recycling:</strong> $3.8 billion (63% of Round 2 allocations) will fund projects manufacturing energy-intensive materials at reduced carbon intensities. This includes facilities for hydrogen technologies, grid components, electric vehicle parts, batteries, solar, wind energy, and more.</li>
<li><strong>Critical Materials Recycling and Processing:</strong> $1.5 billion (25%) will be invested in facilities to process and recycle essential materials such as lithium, copper, rare earth elements, and lithium-ion batteries.</li>
<li><strong>Industrial Decarbonization:</strong> $700 million (12%) will support technologies like heat pumps, electric boilers, and thermal storage in sectors such as chemicals, food and beverage, aluminum, ceramics, and building materials. These projects are projected to eliminate 2.8 million tons of CO₂ emissions annually.</li>
</ul>
<p>The 48C program, initially established in 2009 under the American Recovery and Reinvestment Act, was expanded under the IRA with a $10 billion investment. The program aims to expand U.S. clean energy manufacturing and recycling capabilities, boost domestic critical materials processing and refining, enhance industrial efficiency, and reduce greenhouse gas emissions.</p>
<p>Of the $10 billion allocated under the IRA, 40% is earmarked for projects located in designated  48C energy communities—regions economically impacted by the closure of coal mines or plants. The competitive program awards investment tax credits to infrastructure projects demonstrating exceptional potential to advance these goals.</p>
<p><strong>Demand and Impact</strong></p>
<p>The demand for 48C tax credits in Round 2 significantly exceeded availability, with over 800 concept papers submitted, representing $40 billion in tax credit requests. The Department of Energy (DOE) received over 350 applications by October 2024 for a cumulative $16 billion.</p>
<p>Rounds 1 and 2 have allocated $10 billion in tax credits to approximately 250 projects across more than 40 states, leveraging over $44 billion in infrastructure investments. The second round alone is expected to generate 30,000 construction jobs over four years, with 10,000 of these in energy communities.</p>
<p>To claim the 48C tax credit, selected projects must meet certification and operational milestones. Projects must notify DOE within two years of receiving their Allocation Letter that certification requirements have been met. DOE will then notify the IRS, which will issue a Certification Letter. Projects must be operational within two years of certification.</p>
<p>The 48C program will publicly share details about certified projects once they meet statutory requirements. Recipients can voluntarily announce their allocations earlier in collaboration with DOE.</p>
<p>The Treasury department and IRS recently <a href="https://www.mercomindia.com/final-rules-for-tax-credits-to-spur-clean-energy-investments-in-us/" target="_blank" rel="noopener">released </a>final rules for the clean electricity investment and production tax credits (technology-neutral credits). These rules are detailed in the tax code’s sections 45Y, which establishes a ‘clean electricity production tax credit,’ and 48E, which incentivize investments in facilities that generate clean electricity.</p>
<p>Treasury and IRS also released final rules and procedural guidance for the Section 48E(h) Clean Electricity Low-Income Communities Bonus Credit Amount Program. This program expands the first-of-its-kind 48(e) bonus credit, designed to lower home energy costs, spur clean energy investments in low-income communities, and benefit low-income households.</p>


US Announces $6 Billion Tax Credits for Advanced Energy Projects


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					</table><p>The Maharashtra Electricity Regulatory Commission (<a href="https://merc.gov.in/" target="_blank" rel="noopener">MERC</a>) has approved Adani Electricity Mumbai Limited’s (AEML-D) deviations to procure 1,500 MW of power from renewable and non-renewable sources.</p>
<p>The Commission directed AEML to modify the bid documents.</p>
<p><strong>Background</strong></p>
<p>AEML-D filed a petition before MERC to approve deviations in the long-term procurement of 1,500 MW of power from grid-connected renewable energy and round-the-clock projects.</p>
<p>MERC had approved the tender for procurement of 1,000 MW of power from grid-connected renewable energy projects complemented by non-renewable energy sources.</p>
<p>The Commission had also extended the power purchase agreement (PPA) between AEML-D and Adani Dhanu Thermal Power Station (ADTPS) to procure 500 MW power until October 15, 2024, or until the commissioning date of the project.</p>
<p>The Commission allowed the following deviations:</p>
<ul>
<li>Determining the delivery point at the Maharashtra state transmission utility (STU) periphery instead of the central transmission utility (CTU) interconnection point.</li>
<li>Removing the provision for payment of security funds and state government guarantees.</li>
<li>Quoting the variable components of non-renewable energy project power on bid submission instead of the commissioning date.</li>
<li>Reducing the PPA term to 10 years instead of 25 years.</li>
</ul>
<p>However, the tender did not receive any bids because of lower PPA tenure, higher availability requirements, and a mandatory 51% renewable energy power supply as the reasons.</p>
<p>AEML-D proposed the following deviations to make the tender terms more attractive:</p>
<ul>
<li>The PPA term will be extended by additional 10 years at the sole discretion of AEML-D.</li>
<li>Power will be supplied annually and at peak hours at 80% instead of 90% (except for March, April, May, June, September, and October, where power should be at least 50%).</li>
<li>AEML-D will consider a gradual increase in mandatory renewable energy supply. Instead of over 50% mandatory supply, it will be over 30% in the first contract year, over 40% in the second contract year, and over 51% in the third contract year.</li>
<li>Provision of change in location and RTC configuration/rated capacity will be considered up to the third contract year instead of 30 days from the letter of award.</li>
<li>Sale of excess energy (more than 80% mandate) to a third party or power exchange will be permitted.</li>
<li>Projects already commissioned without a long-term PPA and selling power on a short-term or merchant plant basis will be considered for participation.</li>
<li>If either solar or wind projects are commissioned individually, the projects will be commissioned at 100% of the applicable tariff instead of at 50%.</li>
<li>Trading licensees will also be allowed to participate in the bidding process.</li>
</ul>
<p>The PPA between AEML-D and ADTPS would be valid until March 31, 2025. AEML-D proposed to extend the agreement period up to May 25, 2027, to avoid any power deficit.</p>
<p>Subsequently, AEML-D decided to disinvest in ADTPS. If the Commission extended the PPA period, AEML-D would sign the new PPA with the latest constituted company.</p>
<p><strong>First Interlocutory Application</strong></p>
<p>On November 11, 2024, AEML-D filed an interlocutory application for urgent listing of the petition, arguing that an approval postponement could delay the bidding process and the project’s commissioning, hurting the customers.</p>
<p>AEML-D would need to procure power from alternative sources since its PPA with ADPTS would expire on March 31, 2025,</p>
<p><strong>Second Interlocutory Application</strong></p>
<p>AEML-D filed a second interlocutory application seeking permission to procure power from alternative sources after the expiry of the PPA term.</p>
<p>AEML-D requested the Commission to reject its earlier plea to extend the PPA term until 2027 and instead allow it to procure power from alternative sources until the actual commissioning of the project.</p>
<p>However, Adani Power (APL) refused to extend the existing PPA.</p>
<p>Noting the implications of alternative power sourcing on reliable and unconstrained power supply in Mumbai’s suburban areas, the Commission asked AEML-D to provide a detailed submission on the issue.</p>
<p><strong>AEML-D&#8217;s Submissions</strong></p>
<p>AEML-D argued that it had already initiated a competitive bidding process for procuring 500 MW power on a medium-term basis and could choose long-term procurement based on additional requirements.</p>
<p>It added that the STU and CTU have been strengthening their transmission systems to meet Mumbai’s power demand even if the injected power from distributed sources is reduced or unavailable.</p>
<p>In a recent petition, the Brihanmumbai Electric Supply and Transport had also stated that the commissioning of 400 kV Vikhroli and 400 kV Navi Mumbai increased Mumbai’s transmission capacity.</p>
<p>AEML-D also submitted that there is sufficient power availability in the short-term market and RTC prices were decreasing.</p>
<p>It added that power from an intra-state developer would be cheaper due to non-applicability on inter-state transmission charges and losses.</p>
<p>AEML-D said Mumbai’s power supply would not be affected and would be supplied at competitive prices.</p>
<p><strong>Commission&#8217;s Analysis</strong></p>
<p>The Commission approved the deviations sought by AEML-D. However, it directed AEML-D to incorporate the several changes in the bid documents.</p>
<p>AEML-D must sign a PPA with Adani Power to procure 500 MW from ADTPS on the same conditions as the previous PPA between April 1, 2025, and March 31, 2030.</p>
<p>Adani Power must file the revised petition, including an annual revenue requirement (ARR) and tariff projections for the next control period, i.e., financial years (FY) 2026 to 2030.</p>
<p>AEML-D must revise its ARR projections and tariff for the FY 2026 to 2030 control period, considering the extended PPA with ADTPS.</p>
<p>AEML-D must seek prior approval from the Commission before exercising the greenshoe option under procurement.</p>
<p>In September 2024, MERC <a href="https://www.mercomindia.com/maharashtra-adopts-thermal-solar-procurement" target="_blank" rel="noopener">adopted</a> a weighted average tariff of ₹4.08 (~$0.049)/kWh for Maharashtra State Electricity Distribution Company’s composite tender to procure 1,600 MW of thermal and 5,000 MW of solar power.</p>
<p>Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.</p>


MERC Allows Deviations in Adani Electricity’s 1 GW RTC Power Procurement


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					</table><p>The U.S. Department of the Treasury (<a href="https://home.treasury.gov/" target="_blank" rel="noopener">Treasury</a>) and Internal Revenue Service (<a href="https://www.irs.gov/" target="_blank" rel="noopener">IRS</a>) have released additional guidance on the Inflation Reduction Act’s (IRA) domestic content bonus for clean electricity production and investment tax credits.</p>
<p>The updated safe harbor applies to solar projects, domestic solar wafers, land-based wind projects, and battery energy storage systems.</p>
<p>The IRA amended tax code Sections 45 and 48 to provide a domestic content bonus credit amount for certain qualified facilities or energy projects beginning service after December 31, 2022.</p>
<p>It included Sections 45Y and 48E, which provided a domestic content bonus credit amount for specific investments in qualified facilities or energy storage technologies beginning service after December 31, 2024.</p>
<p>The Treasury Department’s guidance updated the domestic content safe harbor, which allows clean energy developers to rely on default cost percentages provided by the Department of Energy (DoE) to determine eligibility for the domestic content bonus.</p>
<p>The updated guidance provides new tables for solar and domestic solar wafers.<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-75437 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-1.png" alt="" width="890" height="674" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-1.png 890w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-1-300x227.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-1-768x582.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-1-650x492.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-1-624x473.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-1-600x454.png 600w" sizes="(max-width: 890px) 100vw, 890px" /></a></p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-4.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-75441 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-4.png" alt="" width="1100" height="875" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-4.png 1100w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-4-300x239.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-4-768x611.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-4-650x517.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-4-624x496.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-4-600x477.png 600w" sizes="(max-width: 1100px) 100vw, 1100px" /></a></p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-3.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-75435 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-3.png" alt="" width="620" height="555" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-3.png 620w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-3-300x269.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/US-clean-credits-3-600x537.png 600w" sizes="(max-width: 620px) 100vw, 620px" /></a></p>
<p>Applicants can utilize the safe harbor tables in the guidance for projects beginning construction for up to 90 days after publication in the Federal Register of proposed regulations on the domestic content bonus credit requirements.</p>
<p>The guidance provides optional alternative cost percentages for solar project developers that use solar cells with domestically produced wafers to help enhance incentives for onshoring wafer manufacturing.</p>
<p>On May 24, 2024, the Treasury Department and the IRS modified the existing domestic content safe harbor by expanding the nonexclusive list of applicable projects to include hydropower and pumped hydropower storage facilities. The update replaced utility-scale photovoltaic (PV) systems with ground-mounted and rooftop systems and included specific manufactured product components for previously listed applicable projects.</p>
<p>The domestic content bonus aims to support American manufacturing of iron, steel, and manufactured products used in clean energy projects like solar and wind farms.</p>
<p>The DoE derived cost data from multiple sources to calculate the updated assigned cost percentages for solar projects using its new ground-mounted and rooftop solar component costs.</p>
<p>The data was sourced from system characteristics, price indices, U.S. survey data from the government and private sector, public filings from corporations, and comprehensive interviews of manufacturers, installers, developers, and owners of the representative technologies. The DoE also used data from three national laboratories.</p>
<p>Companies have announced investments of over $196 billion in clean energy and $92 billion in clean energy manufacturing.</p>
<p>According to an analysis by ROTH Capital Partners, the inverter and tracker contributions decreased from 5.5% to 4.1% and 28.7% to 22.5%.</p>
<p>There are now two distinct tables for ground-mount PV systems (tracking and fixed) and rooftop PV systems (Module Level Power Electronics (MLPE)and string). Two new columns were added to each type of ground-mount and rooftop, providing a path for cells and wafers.</p>
<p>The module contribution to the domestic content threshold remains the same for a utility-scale project using trackers at 66%. The new category incentivizes domestic wafer production through an approximately 52% cell credit for crystalline silicon modules; however, there is still minimal crystalline silicon wafer capacity that could realistically materialize in the near term.</p>
<p>The different Manufactured Product Components (MPCs) credits have shifted around. The tracker overall has increased by approximately four percentage points for projects without domestic crystalline silicon wafers.</p>
<p>The contribution for the module-level power electronics inverters category as a whole decreased from 35.6% to 24.8%. The production credit declined from 16.4% previously to 0.9% in the new guidance update.</p>
<p>The investment tax credit remains at 40%.</p>
<p>The financing companies could have some flexibility in sourcing domestic components to meet the minimum threshold. With a smaller inverter contribution, the new tables will be incrementally negative, as they are slightly more restrictive and may require US-assembled modules.</p>
<p>With the previous guidance, the threshold could be met without a domestic cell/module. However, the update renders blending domestic module MPCs with the minimum threshold impossible. MLPE combined with racking can still qualify at 44.4%. Under the old table, inverter plus racking combined added up to 61% for MLPE and 44.6% for string inverters; it now represents 44.4% for MLPE and 30.8% for string inverters.</p>
<p>The maximum battery energy storage system domestic content level achievable without a U.S. cell under the safe harbor method is reduced to 40.0% from 40.9%. A project can reach a maximum of 40.0% domestic content by sourcing all MPCs in the U.S.</p>
<p>At a level of 45% or above, a domestically produced U.S. cell is required to qualify under predefined domestic content values.</p>
<p>The Treasury and the IRS recently <a href="https://www.mercomindia.com/final-rules-for-tax-credits-to-spur-clean-energy-investments-in-us" target="_blank" rel="noopener">released</a> final rules for the clean electricity investment and production tax credits (technology-neutral credits).</p>
<p>In October 2024, the Treasury and the IRS <a href="https://www.mercomindia.com/us-manufacturing-credits-clean-energy-components" target="_blank" rel="noopener">released</a> the final Advanced Manufacturing Production Credit regulations to boost the growth of domestic clean energy manufacturing under the IRA.</p>


US Releases Additional Guidance Under IRA’s Domestic Content Bonus


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					</table><p>The Gujarat Urja Vikas Nigam (<a href="https://www.guvnl.com/" target="_blank" rel="noopener">GUVNL</a>) has invited bids to procure power from 250 MW grid-connected wind power projects with a greenshoe option of 250 MW in Gujarat.</p>
<p>The last date to submit bids is February 11, 2025. Bids will be opened on February 14.</p>
<p>Bidders must submit ₹25,000 (~$288.71) plus GST as the bid document fee. They must submit ₹300,000 (~$3,464.61) plus 18% GST as the tender processing fee. They must also furnish an earnest money deposit of ₹1.3 million (~$15,013.3)/MW, and a performance bank guarantee of ₹3.2 million (~$36,955.8)/MW.</p>
<p>The project must be designed for interconnection with the state transmission utility / central transmission utility through a dedicated transmission line to deliver energy at the Gujarat energy transmission corporation periphery.</p>
<p>Bidders must promote only commercially established and operational technologies.</p>
<p>They must use models listed in the revised list of wind turbine models and manufacturers prepared by the Ministry of New and Renewable Energy.</p>
<p>Bidders must set up the transmission of power up to the point of interconnection and energy accounting infrastructure at their own cost. They must also maintain the transmission system up to the interface point for grid connectivity.</p>
<p>The renewable energy generating station must be capable of supplying dynamically varying reactive power support to maintain power factor within the limits of 0.95 lagging to 0.95 leading.</p>
<p>Bidders will be responsible for acquiring land required for the project.</p>
<p>They must maintain a minimum capacity utilization factor of 22% and pay compensation of up to 50% of the power purchase tariff for shortfalls.</p>
<p>In August 2024, GUVNL <a href="https://www.mercomindia.com/guvnl-issues-tender-to-procure-500-mw-of-solar-power-with-greenshoe-option" target="_blank" rel="noopener">invited</a> bids to purchase power from 500 MW of grid-connected solar power projects (Phase XXV) to be set up anywhere in India, with a greenshoe option of an additional 500 MW.</p>
<p>In July 2024, it <a href="https://www.mercomindia.com/guvnl-invites-bids-to-procure-power-from-500-mw-wind-projects" target="_blank" rel="noopener">issued</a> a request for selection from developers to purchase power from 500 MW grid-connected wind power projects in India (Phase VIII) with an additional greenshoe option of 500 MW.</p>


GUVNL Floats Tender to Procure 500 MW Wind Power


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					</table><p>The Tripura Renewable Energy Department Agency <a href="https://www.mercomindia.com/tripura-issues-tender-for-pre-feasibility-report-for-pumped-storage-project" target="_blank" rel="noopener">invited</a> bids for a pre-feasibility report for a pumped hydro storage project in the state. Bids must be submitted by January 30, 2025. Bids will be opened on the same day. Selected bidders must survey and prepare feasibility studies, alternative study reports, and detailed pre-feasibility reports for the project. They must complete these tasks within 90 days of the agreement’s execution.</p>
<p>Reliance Industries will <a href="https://www.mercomindia.com/reliance-industries-bags-%E2%82%B980-million-transmission-project-from-recpdcl" target="_blank" rel="noopener">acquire</a> a 100% equity stake in Lakadia B Power Transmission from REC Power Development and Consultancy for ₹80 million (~$923,782) to establish an interstate transmission system to evacuate up to 3.5 GW of renewable energy from Lakadia in Gujarat. Lakadia B Power Transmission was incorporated on October 29, 2024, to establish the project and has yet to commence commercial operations. The tender was floated in September 2024. Reliance will design, engineer, construct, test, and commission the project.</p>
<p>Ahmedabad-based pharmaceutical company Concord Biotech <a href="https://www.mercomindia.com/clean-max-wind-solar-project-concord-biotech" target="_blank" rel="noopener">entered</a> into a strategic agreement to acquire a 26% equity stake in Clean Max Everglades, a Clean Max Enviro Energy Solutions special-purpose vehicle that is setting up a renewable energy project with a total capacity of 9.9 MW. Concord Biotech will procure power in captive mode from the 6.6 MW wind and 3.3 MW solar project for its facility at Dholka, Gujarat. The acquisition involves acquiring 26,000 equity shares at ₹10 (~$0.11) each, resulting in a 26% ownership stake for Concord Biotech.</p>
<p>A recent National Renewable Energy Laboratory study <a href="https://www.mercomindia.com/floating-solar-us-reservoirs-nrel" target="_blank" rel="noopener">estimates</a> that floating solar installations on federally controlled reservoirs could generate between 861 and 1,042 GWdc of power. This contribution represents nearly half of the U.S.’s solar capacity requirements to achieve a decarbonized energy grid by 2050. The potential energy output varies based on factors such as reservoir floor slope and minimum water volume thresholds, emphasizing the importance of site-specific evaluations.</p>
<p>The Japan Bank for International Cooperation (JBIC) <a href="https://www.mercomindia.com/japan-bank-signs-agreement-to-lend-770-million-to-pfc" target="_blank" rel="noopener">signed</a> an agreement to set up a credit line of JPY120 billion (~$770.64 million) with the government-owned Power Finance Corporation (PFC). JBIC’s share of the total credit line will be JPY72 billion (~$462.38 million). PFC secured the credit line under JBIC’s Global Action for Reconciling Economic Growth and Environmental Preservation program for India-based energy projects, including renewable and next-generation energy supply, energy-saving power generation, and heat supply.</p>


Daily News Wrap-Up: Tripura Floats Consultancy Tender for Pumped Storage Project


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					</table><p>Bengaluru-based electric vehicle (EV) charging solutions provider <a href="https://bolt.earth/" target="_blank" rel="noopener">Bolt.Earth</a> raised $5 million in a series A+ funding round. The funding round was led by <a href="https://www.versionone.vc/" target="_blank" rel="noopener">Version One Ventures</a>, a new investor and returning investors <a href="https://www.usv.com/" target="_blank" rel="noopener">USV</a> and <a href="https://www.primevp.in/" target="_blank" rel="noopener">Prime Venture Partners</a>.</p>
<p>Bolt.Earth plans to utilize the funds to scale operational capacity across India. The company also aims to develop fast charging stations for two-, three&#8211;, and four-wheelers and deploy end-to-end EV charging stations, including hardware, software, and maintenance, for apartment complexes, builders, enterprises, and fleets.</p>
<p>It plans to expand its channels by developing next-generation light electric vehicle direct current controller fast chargers for two and three-wheelers and DC ultra-fast chargers of up to 240kW for four-wheelers under production.</p>
<p>Bolt.Earth claims a 63% market share in the fast-charging segment. It partnered with <a href="https://www.chargezone.co.in/" target="_blank" rel="noopener">ChargeZone</a> to add over 350 fast chargers to increase the platform’s interoperability.</p>
<p>The company has a network of 36,000 charging stations across 1,600 cities, serving 210,000 active EV users.</p>
<p>It offers an operating system and a connected platform technology that helps manufacturers develop, operate, and monitor their charging networks and vehicles.</p>
<p>“With the EV market growing by 40-50% in 2024 and strong government support, we&#8217;re positioned to serve the most reliable charging experience. We connect every chain link from DISCOMs and utility companies to EV users. This year, we focus on future-proofing our network with fast-charging solutions for two, three, and four-wheelers,&#8221; said S Raghav Bharadwaj, co-founder, Bolt.Earth.</p>
<p>In 2023, Bolt.Earth <a href="https://www.mercomindia.com/bolt-earth-20-million-product-portfolio-expansion" target="_blank" rel="noopener">secured</a> $20 million in a funding round led by a consortium of existing and new investors, including Union Square Ventures, Prime Venture Partners, and ITIGO Funds.</p>
<p>According to the latest guidelines <a href="https://www.mercomindia.com/ministry-of-power-releases-ev-charging-infrastructure-guidelines" target="_blank" rel="noopener">issued</a> by the Ministry of Power for EV infrastructure, any entity can establish a charging infrastructure, and setting up and operating EV charging stations is a de-licensed activity.</p>


EV Charging Company Bolt.Earth Raises $5 Million In Series A Funding


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					</table><p><a href="https://www.ril.com/home" target="_blank" rel="noopener">Reliance Industries</a> will acquire a 100% equity stake in Lakadia B Power Transmission from REC Power Development and Consultancy (<a href="https://www.recpdcl.in/" target="_blank" rel="noopener">RECPDCL</a>) for ₹80 million (~$923,782) to set up an interstate transmission system (ISTS) to evacuate up to 3.5 GW of renewable energy from Lakadia in Gujarat.</p>
<p>Lakadia B Power Transmission was incorporated on October 29, 2024, to set up the project and is yet to commence commercial operations.</p>
<p>The tender was <a href="https://www.mercomindia.com/recpdcl-invites-bids-to-evacuate-3-5-gw-of-renewable-energy-from-gujarat/" target="_blank" rel="noopener">floated</a> in September 2024.</p>
<p>Reliance will design, engineer, construct, test, and commission the project.</p>
<p>It will conduct the project&#8217;s establishment, operation, and maintenance on a build, own, operate, and transfer basis. It will also prepare a detailed project report, arrange finance, oversee project management and surveys, obtain clearances and permits, and provide land compensation for the project.</p>
<p>Reliance will develop the transmission system to augment the transformation capacity at 765/400 kV Lakadia S/s (WRSS XXI (A) TRANSCO LTD) in Gujarat – Part B.</p>
<p>The transmission system will facilitate the 2.5 GW power integration beyond 1 GW from multiple renewable energy projects in the Lakadia renewable energy zone.</p>
<p>Reliance will also implement a 22 kV line bay for Juniper Green Energy, TEQ Green Power, Ganeko Solar, TEQ Green Power XVII, Renew Solar (Shakti Eight), Arcelor Mittal Nippon Steel India, Serentica Renewables India, RDS Solar Park, and Percentum Renewables.</p>
<p>It will install a 1×330 MVAr 765 kV bus reactor (2nd) along with an associated bay and augment the transformation capacity at Lakadia PS by 1×1500 MVA, 765/400 kV ICTs (3rd).</p>
<p>In October 2024, RECPDCL <a href="https://www.mercomindia.com/recpdcl-tenders-4-5-gw-ists-transmission-project-in-andhra-pradesh/" target="_blank" rel="noopener">issued</a> a request for proposal to establish an ISTS to evacuate 4.5 GW of power from Kurnool-IV Renewable Energy Zone Phase 1 in Andhra Pradesh.</p>
<p>RECPDCL  <a href="https://www.mercomindia.com/recpdcl-invites-bids-to-add-transformation-capacity-at-raghanesda-solar-park/" target="_blank" rel="noopener">also</a> invited bids to establish an ISTS to augment transformation capacity at Banaskantha (Raghanesda), Gujarat.</p>


Reliance Industries Bags ₹80 Million Transmission Project from RECPDCL


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					</table><p>The Japan Bank for International Cooperation (<a href="https://www.jbic.go.jp/en/" target="_blank" rel="noopener">JBIC</a>) has signed an agreement to set up a credit line of JPY120 billion (~$770.64 million) with the government-owned Power Finance Corporation (<a href="https://www.pfcindia.com/" target="_blank" rel="noopener">PFC</a>).</p>
<p>JBIC&#8217;s share of the total credit line will be JPY72 billion (~$462.38 million).</p>
<p>PFC secured the credit line under JBIC’s Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN) program for India-based energy projects, including renewable and next-generation energy supply, energy-saving power generation, and heat supply.</p>
<p>Under the GREEN initiative, the bank finances projects to reduce greenhouse emissions and promote Japanese environmental technologies globally.</p>
<p>The bank financially supports developing solar power generation facilities and efficient power projects incorporating advanced environmental technologies, and energy-saving equipment.</p>
<p>PFC offers financial support to the power and infrastructure segment to meet the government’s energy sector goals.</p>
<p>In 2022, JBIC signed a general agreement with PFC for a credit line of JPY30 billion (~$192.66 million), of which JBIC’s portion was JPY18 billion (~$115.59 million).</p>
<p>In October 2024, PFC <a href="https://www.mercomindia.com/pfc-secures-record-loan-of-1-265-billion" target="_blank" rel="noopener">announced</a> the closure of its largest-ever foreign currency term loan, raising $1.265 billion. The deal was facilitated through an agreement with multiple banks located in IFSC at GIFT City, Gandhinagar in Gujarat. The funds from this loan will finance projects other than thermal power generation, underscoring PFC’s commitment to decarbonization and supporting the shift to green energy.</p>
<p>Last March, JBIC <a href="https://www.mercomindia.com/ntpc-nhpc-loan-jbic-renewable-projects" target="_blank" rel="noopener">signed</a> strategic loan agreements with NTPC Renewable Energy and NHPC to help develop renewable energy projects across India.</p>
<p>PFC <a href="https://www.mercomindia.com/pfcs-q2-fy-2025-proft-rises-asset-quality-improves" target="_blank" rel="noopener">recorded</a> a net profit of ₹43.70 billion (~$524.5 million) during the second quarter of the financial year 2025, a year-over-year increase of 13.6%. The government-owned lender’s loan disbursements surged 155%, growing from ₹217.90 billion (~$2.61 billion) in the first six months of FY24 to ₹555.62 billion (~$6.67 billion) in FY25.</p>


Japan Bank Signs Agreement to Lend $770 Million to PFC


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					</table><p>The Karnataka Electricity Regulatory Commission <a href="https://www.mercomindia.com/karnataka-regulator-stays-grid-support-charges-on-captive-solar-projects" target="_blank" rel="noopener">stayed</a> the imposition of grid support charges on captive power projects, including rooftop solar projects, that comply with Section 9 of the Electricity Act, 2003, and the Electricity Rules, 2005. The order comes after stakeholders submitted multiple representations, arguing that grid support charges imposed by electricity supply companies are inconsistent with the Electricity Act 2003 and may discourage captive power generation investments.</p>
<p>Hartek Group’s commercial and industrial rooftop solar business <a href="https://www.mercomindia.com/hartek-wins-epc-contract-for-8-mw-rooftop-solar-project-in-jk" target="_blank" rel="noopener">won</a> a solar engineering, procurement, and construction (EPC) contract from Kandhari Beverages for an 8 MW rooftop solar installation project in Jammu and Kashmir. Hartek Group’s EPC services will include designing and procuring solar modules, inverters, and associated equipment, as well as testing and project commissioning. The company will also provide operations and maintenance services for one year.</p>
<p>All India Institute of Medical Sciences Guwahati <a href="https://www.mercomindia.com/aiims-guwahati-issues-eoi-for-2-mw-solar-power-project" target="_blank" rel="noopener">issued</a> an expression of interest for the installation and maintenance of a 2 MW solar power project at its premises under the renewable energy service company model. Selected bidders must design, engineer, supply, install, test, and commission the project and associated infrastructure.</p>
<p>The Cochin Port Trust, under the Ministry of Ports, Shipping, and Waterways, <a href="https://www.mercomindia.com/cochin-port-trust-floats-tender-for-1-5-mw-floating-solar-project" target="_blank" rel="noopener">invited</a> bids to set up a 1.5 MW grid-connected floating solar power project at Willingdon Island Cochin Port Authority under the renewable energy service company model. The project’s estimated cost is ₹62.55 million (~$723,472). Selected bidders must survey, design, engineer, manufacture, supply, erect, and commission the project. They must also provide storage and conduct civil works for the project, and provide operation and maintenance services for 25 years.</p>
<p>Sterling and Wilson Renewable Energy, the EPC arm of the Shapoorji Pallonji Group, <a href="https://www.mercomindia.com/epc-growth-propels-sterling-wilson-to-fourth-straight-profitable-quarter" target="_blank" rel="noopener">posted</a> a net profit of ₹171.4 million (~$1.97 million) in the third quarter of the financial year 2025, swinging from a net loss of ₹623.9 million (~$7.21 million) in the same quarter last year. The third quarter profit marks the fourth consecutive quarter of profit for the company.</p>
<p>NHPC <a href="https://www.mercomindia.com/nhpc-invites-bids-for-hydrogen-fuel-cell-buses-in-leh-and-himachal-pradesh" target="_blank" rel="noopener">invited</a> bids to procure three midi-intracity, 30-seater, hydrogen fuel cell electric buses for Ladakh and Himachal Pradesh. Selected bidders must design, engineer, manufacture, and supply three hydrogen fuel cell buses to Leh in Ladakh and Chamba in Himachal Pradesh. They must also provide freight and transit insurance and three-year comprehensive maintenance. The buses must be procured from Ashok Leyland, i.e., original equipment manufacturer of hydrogen fuel cell electric buses.</p>
<p>responsAbility, a Switzerland-based impact asset manager, <a href="https://www.mercomindia.com/responsability-injects-20-million-in-ev-manufacturer-euler-motors" target="_blank" rel="noopener">announced</a> an investment of up to $20 million (₹1.7 billion) in New Delhi-based electric commercial vehicles manufacturer Euler Motors. The funding is part of responsAbility’s $500 million (₹42.5 billion) climate investment strategy to reduce CO2 emissions in Asia by supporting e-mobility solutions. Euler Motors aims to utilize the funding to scale production and expand its market presence in Tier 1 and 2 cities.</p>
<p>Ecozen, a Pune-based company focused on clean energy solutions, <a href="https://www.mercomindia.com/clean-energy-tech-firm-ecozen-raises-23-million-in-debt-funding" target="_blank" rel="noopener">raised</a> over $23 million in debt funding. Investors for this round included responsAbility Investments, Northern Arc Capital, and Maanaveeya Development &amp; Finance. The company plans to use the funds to scale its current businesses and expand its operations within India and abroad. This round of investment will be directed toward scaling Ecozen’s flagship solutions, including Ecotron, Ecofrost, and advanced motor control systems. Ecozen recorded a compound annual growth rate of over 83% in revenue over the past three years.</p>
<p>Refex Green Mobility will <a href="https://www.mercomindia.com/refex-green-mobility-to-take-over-2997-evs-from-gensol-engineering" target="_blank" rel="noopener">acquire</a> Gensol’s 2,997 electric vehicles and assume the associated debt of ₹3.15 billion (~$36.43 million). This strategic tie-up will involve Refex Group’s electric four-wheeler (e4W) fleet company, Refex eVeelz, assuming Gensol’s existing loan facility, streamlining operations, and enhancing the deployment of e4Ws across key markets, including Chennai, Bengaluru, Hyderabad, Mumbai, and Pune. Refex eVeelz plans to lease these vehicles to Blu-Smart Mobility, an electric mobility platform operating in Delhi NCR and Bengaluru.</p>


Daily News Wrap-Up: KERC Stays Grid Support Charges on Captive Power Projects


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					</table><p>The Tripura Renewable Energy Department Agency (<a href="https://treda.nic.in/" target="_blank" rel="noopener">TREDA</a>) has invited bids for a pre-feasibility report for a pumped hydro storage project in the state.</p>
<p>Bids must be submitted by January 30, 2025. Bids will be opened on the same day.</p>
<p>Bidders must furnish an earnest money deposit of ₹165,200 (~$1,911) and a non-refundable tender fee of ₹1,500 (~$17.36).</p>
<p>Selected bidders must survey and prepare feasibility studies, alternative study reports, and detailed pre-feasibility reports for the project. They must complete these tasks within 90 days of the agreement’s execution.</p>
<p>Key submission deadlines include a site visit and inception report within 30 days, an alternative study report within 60 days, a draft pre-feasibility report within 70 days, and the final report within 90 days.</p>
<p>Successful bidders must provide a performance bank guarantee of 5% of the total contract value, valid for four months, and a 60-day claim period.</p>
<p>The project’s estimated cost is ₹6.608 million (~$76,478).</p>
<p>The project is expected to be in Santipur or Thalikapur in Sakhan, North Tripura district. The final location will be confirmed upon receiving the letter of award.</p>
<p>Bidders must have completed or been engaged in at least three project management units/agencies/consultancy services in pumped storage or renewable energy projects with a cumulative value of ₹15 million (~$174,840) over the last five financial years.</p>
<p>Bidders must have a positive net worth and a minimum average annual turnover of ₹3.3 million (~$38,517) for any four of the last five financial years.</p>
<p>The Tripura government aims to generate 500 MW of renewable energy by 2030 to meet future energy requirements. TREDA has targeted the installation of ground-mounted grid-connected solar, rooftop, and floating solar projects, mini-grid and micro-grid solar and pumped hydro storage projects to achieve 500 MW goal by 2030.</p>
<p>In January 2024, the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/government-solar-program-tribal-areas" target="_blank" rel="noopener">received</a> the President of India’s approval to implement a new solar power program with an outlay of ₹5.15 billion (~$61.9 million) for Particularly Vulnerable Tribal Groups habitations and villages under the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan. The program will be implemented in Tripura, and 18 other states.</p>
<p>In February 2022, TREDA <a href="https://www.mercomindia.com/bids-invited-rooftop-solar-tripura" target="_blank" rel="noopener">issued</a> an engineering, procurement, and construction tender to develop 1 MW of grid-connected rooftop solar projects under the renewable energy service company model at various government buildings in the state.</p>


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