Terra Clean Invites Bids for Land and Connectivity for 600 MW Solar Projects

BPCL, ReNew, Mahindra Among Winners of NTPC’s 1.2 GW Solar Auction

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SJVN Green Invites for 1.35 GW Solar Projects Under MSKVY 2.0

NHPC Tenders 1 MW Rooftop Solar Projects Under PM Surya Ghar

Rising PPA Tariffs Adding to Landed Costs of Solar Open Access Installations

Telangana Unveils New Procedure for Verifying Captive Generating Plants

Madras High Court Declares Resource Charges on Wind Projects Unconstitutional

Daily News Wrap-Up: Solar Open Access Potential in Odisha and Haryana

PFCL Floats Empanelment Tender for Metering Infrastructure Service Providers


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					</table><p>The Telangana Electricity Regulatory Commission (<a href="https://www.tgerc.telangana.gov.in/" target="_blank" rel="noopener">TGERC</a>) has issued a comprehensive procedure for verifying the status of captive power generating plants (CGPs) and their associated captive users within the state.</p>
<p>The Commission <a href="https://www.mercomindia.com/telangana-issues-power-plant-verification" target="_blank" rel="noopener">issued</a> a detailed draft procedure in September.</p>
<p><strong>Key Objectives and Applicability</strong></p>
<p>The primary objective of this procedure is to verify the status of CGPs and captive users located in Telangana.</p>
<p>This procedure applies to:</p>
<ul>
<li>All power plants and end users seeking verification of their CGP and captive user status.</li>
<li>Distribution licensees submitting consolidated annual reports to the Commission by June 30th each year.</li>
</ul>
<p>The procedure is grounded in several key legal provisions, including:</p>
<ul>
<li>Section 2 of the Electricity Act, 2003, which defines critical terms such as &#8220;captive generating plant,&#8221; &#8220;generating company,&#8221; and &#8220;generating station.&#8221;</li>
<li>Section 9 of the Act, which outlines the rights and regulations governing captive generation.</li>
<li>The Electricity Rules, 2005, which set the criteria for a plant to be recognized as a captive generating plant (CGP).</li>
</ul>
<p><strong>Verification Criteria</strong></p>
<p>Ownership Criteria</p>
<ul>
<li>For a single captive user: Not less than 26% of the ownership with voting rights must be held by the captive user throughout the year.</li>
<li>For cooperative societies: Members must collectively satisfy not less than 26% ownership throughout the year.</li>
<li>For Association of Persons (AoP): Captive users must hold in aggregate not less than 26% of the ownership or paid-up equity share capital with voting rights throughout the year.</li>
<li>For Special Purpose Vehicles (SPV) or companies: Captive users must hold in aggregate not less than 26% of the proportionate paid-up equity share capital with voting rights of the units identified for captive use.</li>
<li>For a partnership firm, the ownership must represent at least 26% proprietary interest and control over the generating station or power plant. Additionally, the consumption of energy generated must be at least 51% on an annual basis, according to this procedure.</li>
</ul>
<p><strong>Consumption Criteria</strong></p>
<ul>
<li>For single captive users: Consumption should not be less than 51% of the net electricity generated annually.</li>
<li>For cooperative societies: Members must collectively consume not less than 51% of the net electricity generated annually.</li>
<li>For AoPs: Captive users shall consume not less than 51% of the electricity generated, in proportion to their ownership contribution, within a variation not exceeding 10%</li>
<li>For SPVs, captive users must consume at least 51% of net electricity generated annually, in proportion to their shares in identified captive units, within a 10% variation. For LLP/partnership firms, captive users must consume at least 51% of net electricity generated annually.</li>
</ul>
<p><strong>Verification Process</strong></p>
<ul>
<li>CGPs must submit an application with requisite documents to the distribution licensee in their area by May 31st each year.</li>
<li>The distribution licensee may seek clarifications from the CGP or captive user regarding the submitted information.</li>
<li>A consolidated report is to be submitted by the distribution licensee to the Commission by June 30th.</li>
<li>TGERC may seek additional clarifications if needed.</li>
<li>The verification process should be completed within two months of receiving the consolidated report</li>
</ul>
<p><strong>Metering and Technical Considerations</strong></p>
<ul>
<li>Each CGP unit must have a separate interface meter with real-time communication capabilities.</li>
<li>Technical losses in the electrical network and energy storage systems are to be included in the energy consumption calculations of captive users.</li>
<li>The aggregate energy generated from a CGP unit is calculated as gross energy generated minus auxiliary consumption</li>
</ul>
<p>If a CGP fails to meet the required conditions in a given financial year, the generating plant will no longer qualify as a CGP, and the captive user will lose its status as a captive user.</p>
<p>However, this cessation is applicable only to the specific financial year in question.</p>
<p>Mercom earlier <a href="https://www.mercomindia.com/regulations-delays-telangana-open-access-solar" target="_blank" rel="noopener">reported</a> that at a time when solar open-access installations are gaining traction across the country, developers with small-capacity projects in Telangana say the inordinate delay in adhering to regulatory frameworks by distribution companies is creating bottlenecks.</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>



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					</table><p>The <a href="https://hcmadras.tn.gov.in/" target="_blank" rel="noopener">Madras High Court</a> has struck down a notification imposing a ₹5 million (~$58,812)/MW &#8220;resource charge&#8221; on new wind energy projects in Tamil Nadu connected to the central transmission network, deeming it arbitrary, illegal, and unconstitutional.</p>
<p>The court stated that the Tamil Nadu Green Energy Corporation (GECL), acting merely as a nodal agency, lacked the statutory authority to impose the resource charge. The court also noted that such a levy violated constitutional protections, including the prohibition against taxation without legislative authority.</p>
<p>The court emphasized that state entities could not impose levies on inter-state power sales, a domain regulated by the central government. Renewable energy generation, being a de-licensed activity, requires no licensing or additional permissions apart from location assessments. It further found the selective imposition of the levy on Central Transmission Unit (CTU)-connected projects discriminatory since it breaches the constitutional guarantee of equality under Article 14.</p>
<p>The court also dismissed the justification for the resource charge as baseless, highlighting that wind power projects do not deplete resources in a manner warranting such fees.</p>
<p><strong>Background</strong></p>
<p>In August this year, GECL <a href="https://www.mercomindia.com/tamil-nadu-imposes-ctu-connected-wind-projects" target="_blank" rel="noopener">issued</a> a notification mandating a ₹5 million (~$58,812)/MW resource charge for wind energy projects with CTU connectivity. GECL defended the charge as a necessary administrative fee to recover costs and encourage developers to use the STU network.</p>
<p>The petitioners, who were independent power producers and renewable energy companies, contested the notification, arguing that the charge lacked any legal foundation. They argued that GECL, as a nodal agency, had no authority to impose such a charge under the Electricity Act. The petitioners contended that this amounted to a tax disguised as a fee, which only the legislature could authorize.</p>
<p>The petitioners also argued that the levy created an arbitrary and discriminatory distinction between CTU and STU-connected projects, failing to meet the standards of reasonable classification required under Article 14 of the Constitution. They contended that the resource charge increased project costs and hindered their competitiveness in the national electricity market. By imposing a financial burden solely on CTU-connected projects, the levy restricted inter-state trade, violating Article 301, which ensures the free flow of trade and commerce across India.</p>
<p>The petitioners argued that GECL&#8217;s subsequent application to the <a href="https://www.tnerc.tn.gov.in/website/Regulation.aspx" target="_blank" rel="noopener">Tamil Nadu Electricity Regulatory Commission</a> (TNERC) for approval to impose the charges undermined its claim of authority, as it was an admission that the levy lacked statutory backing.</p>
<p>The respondents, including the State of Tamil Nadu and GECL, argued that the charge was an administrative fee rather than a tax and was necessary to fund infrastructure development for renewable energy. They maintained that the charge was essential for aligning state energy policies with the Renewable Purchase Obligation (RPO) compliance. The respondents also argued that the TNERC, as the regulatory body under the Electricity Act, was the appropriate forum to address the dispute, questioning the maintainability of the writ petition.</p>
<p><strong>Court&#8217;s Analysis</strong></p>
<p>The High Court reviewed the issues, beginning with the legal foundation of the resource charge. It ruled that the levy constituted a &#8220;tax&#8221; under constitutional definitions, which required legislative authorization. GECL lacked statutory power, so it had no jurisdiction to impose such a charge. The court also observed that GECL&#8217;s application to TNERC for approval to impose the charge confirmed its lack of independent authority.</p>
<p>The court found classifying projects into CTU and STU categories arbitrary and discriminatory, violating Article 14. It noted that the distinction lacked any rational connection to the stated objectives of promoting renewable energy or RPO compliance. The selective burden on CTU-connected projects undermined their financial viability and created an uneven playing field.</p>
<p>Additionally, the court observed that as the levy imposes additional costs on CTU-connected projects, it restricts their competitiveness in the national electricity market, infringing the constitutional guarantee of free trade under Article 301.</p>
<p>The court rejected the argument that the resource charge was an administrative fee, emphasizing that wind power projects do not utilize resources in a manner justifying such charges. It concluded that the levy was baseless and constituted an overreach by GECL as it is limited to assessing and clearing locations for wind energy projects.</p>
<p>Subscribe to Mercom&#8217;s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates </a>to stay informed about critical updates from the renewable industry.</p>



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					</table><p><a href="https://www.mercomindia.com/open-access-potential-odisha-haryana" target="_blank" rel="noopener">Haryana and Odisha accounted for just 0.4% of the solar open access installations in 9M 2024 and 1.1% in Q3 2024, according to Mercom’s Q3 2024</a> India Solar Open Access Market Report. However, certain regulatory and policy changes in the two states have made them attractive for solar open access. India added 4.8 GW of solar open access capacity in the first nine months (9M) of 2024, up almost 69% compared to 2.8 GW installed in 9M 2023. The capacity added in the first nine months of 2024 surpassed annual installations witnessed in any of the previous years.</p>
<p><a href="https://www.mercomindia.com/himachal-regulator-approves-tariff-for-900-mw-hybrid-power-projects" target="_blank" rel="noopener">The Himachal Pradesh Electricity Regulatory Commission has approved tariffs for Himachal Pradesh State Electricity Board (HPSEBL)</a> to procure 900 MW of hybrid power under Tranche VII. The approved tariffs range are ₹3.15 (~$0.037)/kWh and ₹3.21 (~$0.0377)/kWh for 300 MW and 600 MW projects, respectively. They also include a ₹0.07 (~$0.0008)/kWh trading margin for the projects. HPSEBL sought tariff approval to procure 900 MW wind-solar hybrid power from the Solar Energy Corporation of India.</p>
<p><a href="https://www.mercomindia.com/mes-invites-bids-for-maintenance-of-1-7-mw-solar-project" target="_blank" rel="noopener">The Military Engineer Services has invited bids for the comprehensive maintenance of a 1.7 MW solar power project at the Tughlakabad Air Force Station</a>. Bids must be submitted by January 1, 2025. Bids will be opened on January 3. Bidders must submit an earnest money deposit of ₹50,000 (~$600). The project’s estimated cost is ₹2.5 million (~$30,000). The contract will be for 330 days. The scope of work involves cleaning the solar photovoltaic modules, checking electrical parameters regularly to ensure the project’s functioning within the prescribed limits, and conducting project area maintenance.</p>
<p><a href="https://www.mercomindia.com/pfcl-floats-empanelment-tender-for-metering-infrastructure-service-providers" target="_blank" rel="noopener">PFC Consulting has invited bids to empanel advanced metering infrastructure service providers to implement smart prepaid metering under the</a> Revamped Distribution Sector Scheme. The last date to submit bids is February 3, 2025. Bids will be opened on the same day. Bidders must submit an application fee of ₹100,000 (~$1,174.92) plus GST. Bidders must submit a bid security deposit of ₹10 million (~$117,492) in the form of four unconditional and irrevocable bank guarantees of ₹ 2.5 million (~$29,373).</p>
<p><a href="https://www.mercomindia.com/solarium-green-energy-receives-bse-nod-for-initial-public-offering" target="_blank" rel="noopener">Ahmedabad-based solar turnkey solutions provider Solarium Green Energy has received in-principle approval from the BSE SME to float its Initial</a> Public Offering of shares. The IPO comprises a fresh issue of 5.5 million equity shares at a face value of ₹10 (~$0.117) each. The company had submitted its Draft Red Herring Prospectus in September this year. Solarium requires ₹1.69 billion (~$19.85 million) for its working capital needs, which it plans to fulfill in part by utilizing ₹650 million (~$7.63 million) from the IPO. The remaining requirement of ₹1.04 billion (~$12.21 million) will be met through internal financing sources.</p>
<p><a href="https://www.mercomindia.com/power-transmission-company-kalpataru-billion-in-qip" target="_blank" rel="noopener">Kalpataru Projects International (KPIL), a Mumbai-based power transmission, and engineering, procurement, and construction company, has raised ₹10 billion</a> (~$117.5 million) through a qualified institutions placement of shares. The QIP, which is the company’s first equity raise in over a decade, saw participation from domestic mutual funds, foreign investment funds, and insurance companies. KPIL aims to use these funds to strengthen its balance sheet, enhance financial flexibility, and accelerate its growth plans.</p>



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					</table><p>PFC Consulting (<a href="https://www.pfcclindia.com/" target="_blank" rel="noopener">PFCL</a>) has invited bids to empanel advanced metering infrastructure service providers (AMISP) to implement smart prepaid metering under the Revamped Distribution Sector Scheme (RDSS).</p>
<p>The last date to submit bids is February 3, 2025. Bids will be opened on the same day.</p>
<p>Bidders must submit an application fee of ₹100,000 (~$1,174.92) plus GST.</p>
<p>Bidders must submit a bid security deposit of ₹10 million (~$117,492) in the form of four unconditional and irrevocable bank guarantees of ₹ 2.5 million (~$29,373).</p>
<p>The scope of work involves the submission of technical proposals to empanel AMISPs for the smart prepaid metering program.</p>
<p>Bidders will be empanelled under the following groups:</p>
<ul>
<li>Group 1- Project size up to ₹200,000 ($2,349.84)</li>
<li>Group2- Project size between ₹200,000 and ₹1 million (~$2,349.84 and  ~$11,749.2)</li>
<li>Group 3- Project size between ₹1 million and ₹2 million (~$11,749.2 and ~$23,498.4)</li>
<li>Group 4- Project size greater than ₹2 million (~$23,498)</li>
</ul>
<p>Bidders must submit one technical proposal along with the group they are applying under.</p>
<p>The estimated project cost for different groups is as follows:</p>
<ul>
<li>Group 1- ₹1.8 billion (~$21.14 million) (considering 200,000 nodes)</li>
<li>Group 2- ₹9 billion (~$105.74 million) (considering 1 million nodes)</li>
<li>Group 3- ₹18 billion (~$211.48 million) (considering 2 million nodes)</li>
<li>Group 4- ₹45 billion (~$528.71 million) (considering 5 million nodes)</li>
</ul>
<p>The Ministry of Power has designated PFCL as one of the project implementing agencies for the program.</p>
<p>The empanelment of AMISPs will be for two years, coinciding with the expiry of the RDSS program. However, the empanelment of AMISPs would be valid even if the RDSS program is extended or gets subsumed into any new program.</p>
<p>The financial proposal of the bidders must include the project cost estimated by them including site survey, planning, designing, financing, engineering, manufacturing, supply, transportation, insurance, delivery at site, unloading, handling, storage, installation, integration, testing, commissioning, demonstration for acceptance, training, maintenance, operation and documentation of various AMISP components.</p>
<p>Bidders must factor in gross budgetary support while submitting financial proposals.</p>
<p>If the bidders fail to submit a financial proposal for the second time, the security deposit of ₹2.5 million (~$29,373) will be invoked for each instance.</p>
<p>Additionally, PFCCL may consider providing an additional payout to the AMISP on ₹/ meter basis.</p>
<p>PFCCL may, at its discretion, conduct an e-reverse auction.</p>
<p>In August 2024, Telecommunications Consultants India <a href="https://www.mercomindia.com/tcil-issues-tender-for-communication-network-in-kerala" target="_blank" rel="noopener">invited</a> bids to select a consortium partner for the supply, installation, system integration, operation, and maintenance of smart meters, head-end system software, and a radio frequency/cellular communication network as part of the advanced metering infrastructure project in Kerala State Electricity Board-Phase-1.</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 the real-time tender activity.</p>



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					</table><p>Ahmedabad-based turnkey solar solutions provider <a href="https://solariumenergy.in/" target="_blank" rel="noopener">Solarium Green Energy</a> has received in-principle approval from the <a href="https://www.bsesme.com/" target="_blank" rel="noopener">BSE SME</a> to float its Initial Public Offering (IPO) of shares.</p>
<p>The IPO comprises a fresh issue of 5.5 million equity shares at a face value of ₹10 (~$0.117) each.</p>
<p>The company had <a href="https://mercomindia.com/solarium-green-files-drhp" target="_blank" rel="noopener">submitted</a> its Draft Red Herring Prospectus (DRHP) in September this year.</p>
<p>Solarium requires ₹1.69 billion (~$19.85 million) for its working capital needs, which it plans to fulfill in part by utilizing ₹650 million (~$7.63 million) from the IPO. The remaining requirement of ₹1.04 billion (~$12.21 million) will be met through internal financing sources.</p>
<p>The Book Running Lead Manager to the issue is <a href="https://beelinemb.com/" target="_blank" rel="noopener">Beeline Capital Advisors</a>.</p>
<p>The company disclosed in its DRHP that it has completed 8,506 residential rooftop solar projects, 152 commercial and industrial projects, and eight government projects in the last three financial years. It manages 41 projects worth ₹ 1.65 billion (~$19.38 million).</p>
<p>Solarium also offers solar products, including solar modules, inverters, and availability-based tariff meters.</p>
<p>The company reported revenues of ₹1.78 billion (~$21.21 million), earnings before interest, taxes, depreciation and amortization of ₹237.75 million (~$2.83 million), and a profit after tax of ₹155.89 million (~$1.85 million) for the period ending March 31, 2024.</p>
<p>Recently, Maharashtra-based agri-solar solutions provider GK Energy <a href="https://www.mercomindia.com/agri-solar-solutions-provider-gk-energy-files-papers-for-%E2%82%B95-01-billion-ipo" target="_blank" rel="noopener">filed</a> a DRHP to raise over ₹5.01 billion (~$60.02 million) through an IPO. The IPO consists of a fresh issue of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹5 billion (~$58.84 million), and an offer for sale (OFS) of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹16.8 million (~$197,714).</p>
<p>In November 2024, Haryana-based solar module manufacturer Saatvik Green Energy <a href="https://www.mercomindia.com/saatvik-green-files-ipo" target="_blank" rel="noopener">filed</a> its DRHP with the Securities and Exchange Board of India to raise up to ₹11.5 billion (~$136.26 million) through an IPO.</p>


Solarium Green Energy Receives BSE Nod for Initial Public Offering


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					</table><p>Kalpataru Projects International (<a href="https://kalpataruprojects.com/" target="_blank" rel="noopener">KPIL</a>), a Mumbai-based power transmission, and engineering, procurement, and construction company, has raised ₹10 billion (~$117.5 million) through qualified institutions placement (QIP) of shares.</p>
<p>The QIP, which is the company’s first equity raise in over a decade, saw participation from domestic mutual funds, foreign investment funds, and insurance companies.</p>
<p>KPIL aims to use these funds to strengthen its balance sheet, enhance financial flexibility, and accelerate its growth plans.</p>
<p>Recently, Gujarat-based energy generation and transmission company Torrent Power <a href="https://www.mercomindia.com/torrent-power-raises-%E2%82%B935-billion-in-qualified-institutional-placement" target="_blank" rel="noopener">raised</a> ₹35 billion (~$412.77 million) through a QIP, which was oversubscribed four times against the issue size.</p>
<p>Adani Energy Solutions <a href="https://www.mercomindia.com/adani-energy-solutions-via-qip-route" target="_blank" rel="noopener">raised</a> equity capital twice this year through QIPs for $1.5 billion. Its second QIP in October <a href="https://www.mercomindia.com/adani-42-billion-qip" target="_blank" rel="noopener">received</a> bids 4.2 times the deal size. JSW Energy raised $600 million earlier in the year.</p>
<p>Several clean energy companies have raised funds from the market this year. Many companies have also filed draft papers with the regulators to raise funds through the initial public offering (IPO) route.</p>
<p>In early December, Rajesh Power Services <a href="https://www.mercomindia.com/rajesh-powers-ipo-gets-shares-list-at-90-premium" target="_blank" rel="noopener">raised</a> ₹1.6 billion (~$18.8 million) through an IPO, which was subscribed 59 times. The IPO comprised up to 47.9 million equity shares with a face value of ₹10 (~$0.11).</p>
<p>In November, NTPC Green Energy’s ₹100 billion (~$1.19 billion) IPO was <a href="https://www.mercomindia.com/ntpc-green-energy-ipo-oversubscribed" target="_blank" rel="noopener">oversubscribed</a> 2.42 times. The price band was set at ₹102-108 (~$1.21- 1.28) per equity share with a face value of ₹10 (~$0.119).</p>
<p>Continuum Green Energy <a href="https://www.mercomindia.com/continuum-green-energy-files-draft-papers-for-%E2%82%B936-5-billion-ipo" target="_blank" rel="noopener">filed</a> the draft red herring prospectus to raise over ₹36.5 billion (~$430.10 million) through an IPO which will consist of a fresh issue of equity shares with a face value of ₹10 (~$0.12) each, aggregating up to ₹12.5 billion (~$147.30 million).</p>
<p>Mercom earlier <a href="https://www.mercomindia.com/indias-clean-energy-sector-sees-ipo-boom-more-set-for-2025" target="_blank" rel="noopener">reported</a> the surge in IPO activity within India&#8217;s clean energy sector this year. Premier Energies and Waaree Energies, two major renewable energy companies, secured approximately $850 million through their initial public offerings. Additionally, electric vehicle makers Ather Energy and Ola Electric raised $337 million and $734 million earlier in the year.</p>
<p>A few clean energy companies took the QIP route to raise money.</p>


Power Transmission Company Kalpataru Projects Raises ₹10 Billion in QIP


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					</table><p><a href="https://www.mercomindia.com/himachal-regulator-allows-solar-power-from-seci" target="_blank" rel="noopener">The Himachal Pradesh Electricity Regulatory Commission has allowed Himachal Pradesh State Electricity Board to procure 550 MW of inter-state</a> transmission system-connected solar power from the Solar Energy Corporation of India for a period of 25 years. The agreed tariff for the power is ₹2.56 (~$0.030)/kWh, with an additional trading margin of ₹0.07 (~$0.00082)/kWh payable to SECI.</p>
<p><a href="https://www.mercomindia.com/karnataka-floats-epc-tender-for-1-2-mw-solar-project" target="_blank" rel="noopener">The Karnataka Renewable Energy Development has floated a tender for the engineering, procurement, and construction of a 1.2 MW ground-mounted, grid-</a>connected solar power project with a 300 kW green hydrogen project in Bellary, Karnataka. Selected bidders must design, fabricate, supply, install, test, commission, and provide operation and maintenance services for ten years. They must also provide a power evacuation setup within the Karnataka Power Corporation’s Bellary premises.</p>
<p><a href="https://www.mercomindia.com/hpcl-solar-power-project-in-gujarat" target="_blank" rel="noopener">Hindustan Petroleum Corporation has issued a tender for designing, supplying, installing, and commissioning a 1.2 MW ground-mounted solar power project at its</a> Palanpur Vadodara pipeline in Gujarat. Selected bidders must design, engineer, procure and supply materials, and construct the project. They must also test, commission, and demonstrate the project’s performance, alongside laying an 11 kV transmission line for power evacuation.</p>
<p><a href="https://www.mercomindia.com/rmc-switchgears1-gw-solar-module-plant-jaipur" target="_blank" rel="noopener">RMC Switchgears has announced plans to develop a solar module manufacturing project with an annual production capacity of 1 GW in Jaipur, Rajasthan. The project</a> includes an estimated capital expenditure of ₹1 billion (~$12.5 million). The new facility will be adjacent to the company’s current operational project to ensure efficient integration with existing operations. Both projects are expected to become operational by July 2025, with commercial revenues anticipated to begin by August 2025.</p>
<p><a href="https://www.mercomindia.com/rmc-switchgears1-gw-solar-module-plant-jaipur" target="_blank" rel="noopener">Government-owned transmission utility Power Grid Corporation of India (POWERGRID) has approved the issuance of bonds worth up to ₹42.5 billion (~$499.62 million) on a</a> private placement basis. The 80th issue of POWERGRID bonds (2024–25) comes with a base size of ₹10 billion (~$117.56 million) and a greenshoe option of ₹32.5 billion (~$382.07 million). These bonds are unsecured, non-convertible, non-cumulative, redeemable, and taxable. They are structured for 10 years and redeemable at par at the end of the term. Interest on the bonds will be paid annually.</p>
<p><a href="https://www.mercomindia.com/swelect-raise-debenture-sale" target="_blank" rel="noopener">Solar module manufacturer SWELECT Energy Systems has proposed raising ₹1.38 billion (~$16.22 million) by issuing 1,385 non-convertible debentures (NCDs) with a face</a> value of ₹1 million (~$11,757) each through private placement. These secured, unlisted, rated, redeemable, non-cumulative, taxable NCDs will have a tenure of 12.5 years and a 9.5% average interest rate. The funds will strengthen the company’s finances. The company board has also approved the conversion of ₹400 million (~$4.7 million) in loans into 4 million preference shares at ₹100 (~$1.18) each for its wholly owned subsidiary, SWELECT HHV Solar Photovoltaics.</p>
<p><a href="https://www.mercomindia.com/agri-solar-solutions-provider-gk-energy-files-papers-for-%E2%82%B95-01-billion-ipo" target="_blank" rel="noopener">Maharashtra-based agri-solar solutions provider GK Energy has filed the draft red herring prospectus to raise over ₹5.01 billion (~$60.02 million) through an initial</a> public offering (IPO). The IPO consists of a fresh issue of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹5 billion (~$58.84 million), and an offer for sale of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹16.8 million (~$197,714). The company will utilize the funds raised for its long-term working capital requirements of ₹4.22 billion (~$49.66 million) and the remaining towards its general corporate purposes.</p>


Daily News Wrap-Up: HPERC Allows DISCOM To Procure 550 MW Solar Power


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					</table><p>Government-owned transmission utility Power Grid Corporation of India (<a href="https://www.powergrid.in/" target="_blank" rel="noopener">POWERGRID</a>) has approved the issuance of bonds worth up to ₹42.5 billion (~$499.62 million) on a private placement basis.</p>
<p>The 80th issue of POWERGRID bonds (2024–25) comes with a base size of ₹10 billion (~$117.56 million) and a greenshoe option of ₹32.5 billion (~$382.07 million).</p>
<p>These bonds are unsecured, non-convertible, non-cumulative, redeemable, and taxable. They are structured for 10 years and redeemable at par at the end of the term. Interest on the bonds will be paid annually.</p>
<p>The bonds will be listed on the <a href="https://www.bseindia.com/" target="_blank" rel="noopener">Bombay Stock Exchange</a> and the <a href="https://www.nseindia.com/" target="_blank" rel="noopener">National Stock Exchange</a>. The bond coupon rate will be determined through a bidding process on the Electronic Book Provider platform.</p>
<p>The bond issuance aims to aid POWERGRID’s infrastructure projects and operations, and support its financial growth.</p>
<p>In October, POWERGRID <a href="https://www.mercomindia.com/power-grid-bond-issue-of-up-to-%E2%82%B950-billion/" target="_blank" rel="noopener">approved</a> the issuance of bonds worth up to ₹50 billion (~$594.7 million) on a private placement basis. The base issue size of this bond issue for the financial year 2025 was ₹10 billion (~$118.9 million), with an option to raise an additional ₹40 billion (~$475.7 million) through a greenshoe option, bringing the total potential issue size to ₹50 billion (~$594.7 million).</p>
<p>Recently, POWERGRID <a href="https://www.mercomindia.com/powergrid-to-invest-infrastructure-expansion" target="_blank" rel="noopener">announced</a> an investment of ₹3.67 billion (~$44.05 million) for infrastructure expansion involving two transmission projects scheduled to be commissioned in 2025.</p>
<p>Earlier, the company&#8217;s special-purpose vehicle, POWERGRID Bhadla Transmission, was <a href="https://www.mercomindia.com/powergrid-receives-transmission-lines-in-rajasthan#:~:text=The%20Ministry%20of%20Power%20has,under%20Phase-II%20Part%20B." target="_blank" rel="noopener">authorized</a> by the Ministry of Power to set up overhead transmission lines on a modified route to evacuate 8.1 GW of power from the solar energy zone in Rajasthan under Phase-II Part B.</p>
<p>In September, POWERGRID <a href="https://www.mercomindia.com/powergrid-secures-ists-transmission-project-in-gujarat" target="_blank" rel="noopener">won</a> a project to provide reactive compensation for an ISTS project in Gujarat from PFC Consulting. The project involves the provision of dynamic reactive compensation at Khavda Pooling Station 1 and Khavda Pooling Station 3 in Gujarat.</p>


POWERGRID to Raise ₹42.5 Billion via Bonds Issue


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					</table><p><a href="https://www.mercomindia.com/prozeal-kintech-sael-guvnl-500-mw-solar-auction" target="_blank" rel="noopener">S.B.B. Mouldings, Kintech Synergy, Enertech Fuel Solutions, Prozeal Green Energy, Ausom Enterprise, Drashta Green Power, and SAEL Industries won Gujarat Urja Vikas</a> <a href="https://www.mercomindia.com/prozeal-kintech-sael-guvnl-500-mw-solar-auction">Nigam’s Phase XXV auction</a> to supply power from 500 MW of grid-connected solar power projects with an additional 500 MW greenshoe option. Prozeal, Kintech, Ausom, Enertech, S.B.B., and Drashta won 100 MW, 50 MW, 50 MW, 40 MW, 10 MW, and 10 MW, respectively at a tariff of ₹2.55 (~$0.0300)/kWh. SAEL won 240 MW out of the quoted capacity of 300 MW at ₹2.56 (~$0.0301)/kWh under the bucket-filling method.</p>
<p><a href="https://www.mercomindia.com/anti-dumping-solar-glass-module-price-increases" target="_blank" rel="noopener">The Indian solar industry faces potential disruption due to the imposition of anti-dumping duties on solar glass imports from China.</a> While designed to protect domestic manufacturers, the duties have raised concerns about further module price increases in an industry already grappling with higher costs since April following the reimposition of ALMM. Now with the imposition of anti-dumping, the difference between the current floor price ₹57,000 (~$677) and the earlier adjusted import price is ₹24,000 (~$282)/metric ton, equivalent to ₹24 (~$0.28)/kg.</p>
<p><a href="https://www.mercomindia.com/meghalaya-power-policy-pumped-storage-projects" target="_blank" rel="noopener">The Government of Meghalaya has issued the Meghalaya Power Policy 2024, which seeks to foster a sustainable, inclusive, and efficient energy environment in the state.</a> The policy addresses power generation, transmission, and distribution challenges while promoting renewable energy and ensuring sustainable development. Targeting a minimum 100 MW solar capacity by 2030, the policy addresses power generation, transmission, and distribution challenges while promoting renewable energy and ensuring sustainable development. Developers will benefit from land lease incentives, two-year transmission charge waivers, and exemptions from cross-subsidy surcharges.</p>
<p><a href="https://www.mercomindia.com/nhpc-1-2-gw-ists-hybrid-power-projects" target="_blank" rel="noopener">NHPC has invited bids to select developers to set up 1.2 GW interstate transmission system-connected wind-solar hybrid power projects with or without energy storage (Tranche-X).</a> The tender also has the provision for an additional 1.2 GW greenshoe option. The last day to submit the bids is January 16, 2025. Bids will be opened on January 21.</p>
<p><a href="https://www.mercomindia.com/coal-india-floats-eoi-for-1-gw-solar-project-in-rajasthan" target="_blank" rel="noopener">Coal India has invited expression of interest (EoI) for developing a 1,000 MW grid-connected solar power project in Rajasthan Rajya Vidyut Utpadan Nigam’s solar park in Pugal, Rajasthan.</a> The last date to submit bids is January 2, 2025. Bids will be opened on January 3, 2025. The project will be developed in Ramsar Chhota and Barala villages in Bikaner district, Rajasthan. Bidders must develop the project on 1,100 and 400 hectares of land and maintain a minimum capacity utilization factor of 28%. The delivery point must be on the low voltage side of the 400 kV Grid substation.</p>
<p><a href="https://www.mercomindia.com/rajasthan-invites-bids-for-238-4-mw-solar-projects-under-kusum" target="_blank" rel="noopener">Jaipur Vidyut Vitran Nigam has invited bids from solar power generators for the design, survey, supply, installation, testing, and commissioning of 238.4 MW grid-connected solar power projects</a> under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan program. The projects will be executed under the renewable energy service company model.</p>
<p><a href="https://www.mercomindia.com/ajmer-discom-94-mw-solar-kusum" target="_blank" rel="noopener">Ajmer Vidyut Vitran Nigam has invited bids from solar power generators for the design, survey, supply, installation, testing, commissioning, and operation and maintenance</a> of 94.1 MW of ground-mounted solar projects under Component C of the PM-KUSUM program. They must complete the project within 18 months of issuing of the Letter of Award and provide O&amp;M services for 25 years.</p>
<p><a href="https://www.mercomindia.com/jaipur-discom-floats-eois-for-62-mw-solar-projects-under-kusum" target="_blank" rel="noopener">Jaipur Vidyut Vitran Nigam has invited two expressions of interest  for grid-connected solar power projects with a cumulative capacity of 62.16 MW</a> under Component A of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan. The projects will not receive subsidies or financial assistance from the central or state government. Successful bidders must arrange 100% of the capital required to set up the project within five months of signing the power purchase agreement.</p>
<p><a href="https://www.mercomindia.com/east-central-railway-tenders-4-mw-rooftop-solar-projects" target="_blank" rel="noopener">The Dhanbad division of East Central Railway has issued tenders for a cumulative 4 MW rooftop solar systems at various service buildings.</a> Bidders must also provide single/polycrystalline silicon solar cells connected in series. Additionally, they must provide a solar grid-connected string inverter and a data logger.</p>
<p><a href="https://www.mercomindia.com/godrej-procure-power-cleanmax-wind-solar-project" target="_blank" rel="noopener">Godrej Industries will procure renewable energy from Clean Max Kaze, a special purpose vehicle of CleanMax, which is setting up a wind-solar hybrid power project in Gujarat.</a> The hybrid project will supply power to Godrej’s factory in Valia. Godrej has acquired a 26% equity stake in Clean Max Kaze by purchasing 2,600 equity shares at ₹10 (~$0.12) per share, aggregating to ₹26,000 (~$311). The company plans a further investment of up to ₹7.59 million (~$91,080) in Clean Max Kaze by January 31, 2025.</p>


Daily News Wrap-Up: SAEL, Kintech, Prozeal Win GUVNL’s 500 MW Solar Auction


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					</table><p>The <a href="https://meghalaya.gov.in/" target="_blank" rel="noopener">Government of Meghalaya</a> has issued the Meghalaya Power Policy 2024, which seeks to foster a sustainable, inclusive, and efficient energy environment in the state.</p>
<p>The policy addresses power generation, transmission, and distribution challenges while promoting renewable energy and ensuring sustainable development.</p>
<p>The Meghalaya Power Policy 2024 aims to:</p>
<ul>
<li>Establish a state power trading company to oversee power purchase agreements, short-term transactions, and renewable energy procurement.</li>
<li>Advance renewable energy adoption across hydro, solar, wind, and pumped storage systems.</li>
<li>Minimize Aggregate Technical and Commercial losses in the power distribution network.</li>
</ul>
<p><strong>Solar Energy Expansion</strong><br />
Targeting a minimum 100 MW solar capacity by 2030, projects are classified into:</p>
<p><strong>Category I:</strong> Supplying power within Meghalaya under Power Purchase Agreements.</p>
<p><strong>Category II:</strong> Exporting power outside the state.</p>
<p><strong>Category III:</strong> State-led projects by Meghalaya Power Generation Corporation or joint ventures.</p>
<p>Developers will benefit from land lease incentives, two-year transmission charge waivers, and exemptions from cross-subsidy surcharges</p>
<p><strong>Exemptions for Solar Projects</strong></p>
<ul>
<li>Land allocated for solar power projects will be considered converted to non-agricultural land by default.</li>
<li>A 100% waiver of transmission and wheeling charges will be granted for the first two years of commercial operation, with a 25% annual increase in charges thereafter. Full transmission and wheeling charges will apply from the 7th year of commercial operation.</li>
<li>Cross-subsidy surcharge and additional surcharge will be fully exempted.</li>
</ul>
<p><strong>Wind Energy Development</strong><br />
To utilize up to 82 MW of wind energy potential at 80 meters height by 2030, wind projects will follow a similar structure as solar projects, with incentives like land lease concessions and waived transmission charges</p>
<p><strong>Exemptions for Wind Projects </strong></p>
<ul>
<li>A 100%) waiver of transmission and wheeling charges will be provided for the first two years of commercial operation. These charges will increase by 25% annually thereafter, with full charges applicable from the 7th year of commercial operation.</li>
<li>Cross-subsidy surcharge and additional surcharge will be fully exempted.</li>
</ul>
<p>Electricity duty will be waived for captive consumption, sales to distribution licensees, and third-party sales for all wind power projects established within the state.</p>
<p>Additionally, electricity duty exemptions will apply to new manufacturing facilities and ancillaries associated with wind power projects.</p>
<p><strong>Pumped Storage Hydro Projects</strong><br />
The policy supports closed-loop and generation-based pumped storage projects to address peak demand. These may be developed by CPSUs, State PSUs, or private entities via joint ventures or competitive bidding.</p>
<p><strong>Hydro Power Development</strong><br />
With a hydro potential of nearly 3,000 MW—of which only 13% (378 MW) has been utilized—the policy categorizes projects as follows:</p>
<p><strong>Large &amp; Mega Projects (above 100 MW):</strong> Allocated through international competitive bidding (ICB).</p>
<p><strong>Medium Projects (25–100 MW):</strong> Awarded via ICB or assigned to state/central utilities.</p>
<p><strong>Small Projects (up to 25 MW):</strong> Allocated through Memorandum of Agreement, with priority given to local participation for projects under 10 MW.</p>
<p>Developers must pay an upfront premium, provide at least 12% free power to the state, and allocate an additional 1% to a Local Area Development Fund. Projects will operate on a Build-Own-Operate-Transfer (BOOT) model for 40 years before reverting to the state.</p>
<p><strong>Transmission Infrastructure</strong></p>
<p>The policy prioritizes a robust and reliable transmission network:</p>
<ul>
<li>Creation of a State Transmission Utility distinct from Meghalaya Power Transmission Corporation.</li>
<li>Development of a comprehensive transmission master plan with redundancy for enhanced system security.</li>
<li>Private investment in projects over ₹50 crore through Tariff-Based Competitive Bidding</li>
</ul>
<p><strong>Distribution Sector Reforms</strong></p>
<p>To lower the current AT&amp;C losses of 27.76%, the policy focuses on:</p>
<ul>
<li>Replacing conventional meters with smart meters under government schemes.</li>
<li>Enhancing High Tension to Low Tension ratios in urban areas.</li>
<li>Adopting demand-side management measures like Time-of-Day metering.</li>
<li>Expanding EV charging infrastructure in alignment with the Electric Vehicle Policy 2021.</li>
</ul>
<p><strong>RPO Commitments</strong></p>
<p>Meghalaya pledges to meet Renewable Purchase Obligations (RPOs) set by the Ministry of Power, with progressively increasing targets for wind, hydro, distributed renewable energy, and other green sources through 2030.</p>
<p>The DISCOM will explore options for decentralized energy generation in rural areas to provide reliable, high-quality, round-the-clock power supply.</p>
<p>To encourage energy production from non-conventional sources, the Meghalaya government will establish a dedicated fund to support research and development in emerging technologies such as green hydrogen, battery energy storage systems, and biomass power plants.</p>
<p>The government will promote public-private partnerships to develop solar-based EV charging stations and battery energy storage systems in Meghalaya.</p>
<p>Expert consultants will be appointed to assess the feasibility of harnessing green hydrogen potential and to create a roadmap for its development in the state.</p>
<p><strong>Financial Incentives</strong></p>
<p>A State-Level Committee, chaired by the Minister for Power, will oversee approvals, land acquisition, and project progress. Financial incentives include:</p>
<ul>
<li>Up to 7.5% of capital costs for small hydro project</li>
<li>Waivers on electricity duty for renewable energy projects.</li>
</ul>
<p>Meghalaya State Electricity Regulatory Commission&#8217;s (Terms and Conditions of Green Energy Open Access) Regulations, 2023, <a href="https://www.mercomindia.com/meghalaya-green-open-access-100-kw" target="_blank" rel="noopener">allowed</a> consumers with a minimum contracted demand or sanctioned load of 100 kW to access Green Energy Open Access.</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>


Meghalaya Power Policy to Promote Wind, Solar and Pumped Storage Projects


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					</table><p><a href="https://www.mercomindia.com/cbic-revokes-warehousing-imported-solar-goods" target="_blank" rel="noopener">The Central Board of Indirect Taxes and Customs (CBIC) has revoked the permission granted to solar developers to warehouse imported solar modules effective from December 17, 2024.</a> CBIC ruled that goods imported for solar power generation will not be allowed to undergo any manufacturing processes or operations in a warehouse. Any value addition, assembly, or process within bonded warehouses under Section 65 of the Customs Act that ultimately produces electricity is now prohibited.</p>
<p><a href="https://www.mercomindia.com/green-steel-taxonomy-and-ratings-decarbonize-faster" target="_blank" rel="noopener">The Indian government has developed a framework for defining green steel to help decarbonize the hard-to-abate steel industry and make it globally competitive.</a> The Taxonomy of Green Steel, unveiled by the Ministry of Steel and touted as a global first, has set the emissions intensity at 2.2 tons of CO2 equivalent per ton of finished steel. Only steel conforming to this standard will be given a green rating. The threshold limit for defining the star rating of green steel will be reviewed every three years, and the scope of emissions will include Scope 1, Scope 2, and a limited Scope 3 up to finished steel production.</p>
<p><a href="https://www.mercomindia.com/sjvn-invites-bids-to-enlist-channel-partners-for-1-46-mw-rooftop-solar-systems" target="_blank" rel="noopener">SJVN has issued two tenders to select channel partners for installing a cumulative 1.46 MW capacity of grid-connected rooftop solar systems on residential buildings under the PM Surya Ghar: Muft Bijli Yojana in Himachal Pradesh, Punjab, and Arunachal Pradesh</a>. The last date to submit bids is January 7, 2025. Bids will be opened on the same day. The bid document costs ₹5,900 (~$69.50). Besides supply, installation, and maintenance of the project for five years, the scope of work for both tenders includes identifying potential beneficiaries under the PM Surya Ghar program and making them aware of the program’s benefits. The channel partners will also act as aggregators of the requests received on the program’s national portal.</p>
<p><a href="https://www.mercomindia.com/sterlite-power-raises-gef-capital-enam" target="_blank" rel="noopener">Sterlite Power, a Mumbai-based power transmission company, has raised ₹7.25 billion (~$87 million) from GEF Capital Partners and ENAM Holdings for its Global Products and Solutions (GPS) business in a primary fundraising round</a>. This round marks the first significant fundraising for Sterlite’s GPS business since its demerger as an independent entity in October 2024. The company aims to use the funds raised to drive its ongoing capital expenditure, grow production capabilities, and accelerate new product development aligned with its renewable energy integration and decarbonization goals. Additionally, the company aims to expand its GPS business beyond the 70 countries it already serves.</p>
<p><a href="https://www.mercomindia.com/insolation-energy-7-gw-solar-manufacturing-madhya-pradesh" target="_blank" rel="noopener">Jaipur-based solar module manufacturer Insolation Energy has been allotted 45 acres of land by the Madhya Pradesh government to establish a solar manufacturing facility</a>. The proposed facility will have 3 GW solar cell manufacturing, 4 GW solar module manufacturing, and 24,000 metric tons aluminum frame manufacturing capacity. This project will be executed by INA’s subsidiary, Insolation Green Energy, in the Power and Renewable Energy Equipment Zone in Narmadapuram, Madhya Pradesh. The project will be implemented in two phases and require a total investment of ₹18 billion (~$211.98 million). The new manufacturing unit marks INA’s first facility outside Rajasthan and its fourth overall.</p>
<p><a href="https://www.mercomindia.com/imfa-announces-joint-venture-with-jsw-to-source-70-mw-renewable-energy" target="_blank" rel="noopener">Ferroalloy producer Indian Metals &amp; Ferro Alloys (IMFA) has announced a joint venture with JSW Green Energy to source 70 MW of renewable energy for its smelting operations.</a> IMFA has signed a binding term sheet with JSW Green Energy One and JSW Green Energy Seven, investing ₹832.6 million (~$9.8 million) in a wind-solar hybrid project that combines 50 MW solar and 100 MW wind. The company will also sign a power purchase agreement as a captive consumer valid for 25 years.</p>
<p><a href="https://www.mercomindia.com/dcm-shriram-to-procure-68-mw-of-renewable-energy-from-jsws-hybrid-project" target="_blank" rel="noopener">Diversified business group DCM Shriram will procure 68 MW of renewable energy from JSW Renew Energy Thirty-Two’s (a special-purpose vehicle of JSW Energy) wind-solar hybrid power project in Kota, Rajasthan</a>. The project will supply power to DCM Shriram’s factories in Kota and is expected to be completed by March 2026. Power procured from the hybrid project will replace 40 MW of coal-based thermal power. DCM Shriram will invest ₹600 million (~$7.06 million) in one or more special purpose vehicles of JSW to set up the wind-solar project for a 26% equity stake. DCM is already sourcing up to 43.8 MW of power from ReNew Power’s wind-solar hybrid project.</p>


Daily News Wrap-Up: CBIC Says No to Warehousing of Imported Solar Modules


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-scale-microgrids-secures-150-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Scale Microgrids, a commercial-scale distributed energy developer, </strong><a href="https://mercomcapital.com/scale-microgrids-secures-150-million-in-tax-equity-financing/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a tax equity transaction with Truist Bank of up to $150 million.</strong> The company designs, builds, owns, and operates distributed energy assets. Scale Microgrids also finances project developers and helps large energy consumers manage their energy supply with microgrids integrating solar, batteries, and other on-site energy sources.</p>
<p><strong>Nanoramic, an energy storage and advanced materials company, </strong><a href="https://mercomcapital.com/battery-materials-company-nanoramic-raises-44-million-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $44 million in funding. </strong>General Motors Ventures (GM Ventures) and Catalus Capital co-led the round, with participation from Samsung Venture Investment Corporation (Samsung Ventures), Top Material, and existing investors, including Fortistar Capital and WindSail Capital Group.</p>
<p><strong>Rooftop solar company SolarSquare has </strong><a href="https://www.mercomindia.com/residential-solar-company-solarsquare-raises-40-million-in-series-b-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $40 million in a Series B funding round.</strong> Lightspeed led the round with participation from Lightrock. SolarSquare’s current investors, Elevation Capital, Lowercarbon, Rainmatter, and Gruhas Proptech, also participated in this funding round. SolarSquare aims to use the newly raised funds to expand operations to over 50 cities from its current footprint of 20.</p>
<p><strong>Raptor Maps, a solar lifecycle management software provider, </strong><a href="https://mercomcapital.com/raptor-maps-closes-35-million-in-series-c-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $35 Million in an oversubscribed Series C funding round</strong> led by Maverix Private Equity, with participation from existing investors MKB, Blue Bear Capital, Congruent Ventures, Buoyant Ventures, and Y Combinator. The financing will facilitate Raptor Maps’ product development, including enhancements in solar automation, work management, and machine-learning insights.</p>
<p><strong>WeaveGrid, a developer of electrification software to deploy EVs at scale on the grid, has </strong><a href="https://mercomcapital.com/weavegrid-raises-28-million-in-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $28 million in funding led by Woven Capital. </strong>Existing investors, including Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures, participated in this funding. HSBC Innovation Banking provided the debt funding. The company says this funding will help position itself as a platform for EV-managed charging, building on previous direct integration collaborations with automakers like Toyota.</p>
<p><strong>Electrified Thermal Solutions, an electric heating and thermal energy storage solutions provider, </strong><a href="https://mercomcapital.com/electrified-thermal-solutions-secures-19-million-in-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $19 million</strong> to accelerate the commercialization of its Joule Hive Thermal Battery system. The round was backed by Holcim MAQER Ventures, Vale Ventures, TechEnergy Ventures, EDP Ventures, and Tupras Ventures alongside financial investor GVP Climate and follow-on investors Clean Energy Ventures and Starlight Ventures, with participation from Mass Ventures and Clean Energy Venture Group.</p>
<p><strong>WATT Renewable Corporation (WATT), a hybrid solar project developer, </strong><a href="https://mercomcapital.com/watt-renewable-corporation-receives-15-million-debt-facility/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $15 million debt facility</strong> through several of its project companies from the AFRIGREEN Debt Impact Fund (AFRIGREEN), an infrastructure senior debt fund. The funds will be used to finance hybrid solar power projects to be built and operated by WATT to cater to commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors, by integrating solar hybrid solutions.</p>
<p><strong>SpotmyEnergy, a provider of energy management solutions, </strong><a href="https://mercomcapital.com/energy-management-spotmyenergy-raises-11-million-seed-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €10.5 million (~$11 million) in a seed funding round</strong> led by Norrsken VC, with participation from new investor Vorwerk Ventures and existing investor Picus Capital, which led the company’s €1.55 million (~$1.6 million) pre-seed funding round in 2023. The company plans to use this investment to help scale its technology, grow its team, and expedite the rollout of smart meters across Germany.</p>
<p><strong>Enzinc, an advanced zinc battery developer, </strong><a href="https://mercomcapital.com/zinc-battery-developer-enzinc-secures-8-million/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $8 million in a Series A funding round </strong>led by TO VC, with participation from American Century Investments (ACI), which led Enzinc’s seed round. The funding will enable Enzinc to scale production, expand partnerships, and bring its zinc-based battery technology to market.</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-connectder-secures-35-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Scale Microgrids Secures $150 Million


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					</table><p>Ferroalloy producer Indian Metals &amp; Ferro Alloys (<a href="https://www.imfa.in/company/manufacturing-cycle.htm" target="_blank" rel="noopener">IMFA</a>) has announced a joint venture with <a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Green Energy</a> to source 70 MW of renewable energy for its smelting operations.</p>
<p>IMFA has signed a binding term sheet with JSW Green Energy One and JSW Green Energy Seven, investing ₹832.6 million (~$9.8 million) in a wind-solar hybrid project that combines 50 MW solar and 100 MW wind.</p>
<p>The company will also sign a power purchase agreement as a captive consumer valid for 25 years.</p>
<p>IMFA consumed 18,881 joules of renewable energy in the financial year 2023-24, as per its annual report. The company has also taken various measures to reduce its carbon emissions and switch to green energy.</p>
<p>The company has two 4.5 MW solar projects at Therubali with capacities of 3 MW and 1.5 MW, and a 50 kW rooftop solar system</p>
<p>It also said that a 50 MW green energy expansion for the Kalinganagar facility is in the . Additionally, it also installed 43 kW and 8 kW rooftop systems at SMC substation.</p>
<p>The company said in the annual report that future power requirements will largely be met through hybrid renewable energy, which will enable the company to meet its energy transition targets.</p>
<p>Recently, JSW Energy’s special purpose vehicle JSW Green Energy Eight also <a href="https://www.mercomindia.com/indus-towers-to-procure-solar-power-from-jsw-energys-130-mw-solar-project" target="_blank" rel="noopener">signed</a> a power purchase agreement to supply power to Indus Towers in captive mode. Indus has also proposed to invest approximately ₹380.3 million (~$4.4 million) to acquire 26% equity shares in the SPV.</p>
<p>In 2023, corporations <a href="https://www.mercomindia.com/corporate-buying-clean-energy-2023" target="_blank" rel="noopener">announced</a> a record 46 GW of solar and wind contracts, with a 12% year-over-year increase from 41 GW in 2022, per Bloomberg New Energy Finance’s Corporate Energy Market outlook report.</p>


IMFA Announces Joint Venture with JSW to Source 70 MW Renewable Energy


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					</table><p><a href="https://www.sterlitepower.com/" target="_blank" rel="noopener">Sterlite Power</a>, a Mumbai-based power transmission company, has raised ₹7.25 billion (~$87 million) from <a href="https://gefcapital.com/" target="_blank" rel="noopener">GEF Capital Partners</a> and <a href="https://www.enam.com/" target="_blank" rel="noopener">ENAM Holdings</a> for its Global Products and Solutions (GPS) business in a primary fundraising round.</p>
<p>This round marks the first significant fundraising for Sterlite’s GPS business since its demerger as an independent entity in October 2024.</p>
<p>The company aims to use the funds raised to drive its ongoing capital expenditure, grow production capabilities, and accelerate new product development aligned with its renewable energy integration and decarbonization goals. Additionally, the company aims to expand its GPS business beyond the 70 countries it already serves.</p>
<p>Sterlite’s GPS business manufactures high-performance conductors, optical ground wires (OPGW), and high/extra-high voltage (HV/EHV) cables to meet evolving grid resilience needs and to support renewable energy systems integration. It also provides specialized engineering, procurement, and construction services to upgrade and expand existing transmission networks.</p>
<p>The GPS business secured orders worth ₹27.15 billion (~$326 million) in the first half of the current financial year and maintained an open order book valued at ₹67 billion (~$805 million) by the end of November.</p>
<p>Recently, Sterlite’s subsidiary, Sterlite Grid 38, was <a href="https://www.mercomindia.com/sterlite-bags-khavda-project-to-evacuate-7-gw-renewable-energy" target="_blank" rel="noopener">awarded</a> the Khavda IV C Power Transmission project to evacuate 7 GW of renewable energy from the Khavda Renewable Energy Park in Gujarat. Sterlite Grid 38 plans to commission the project in the next 24 months after the award date on a build, own, operate, and transfer basis and maintain it for 35 years.</p>
<p>In April this year, Sterlite <a href="https://www.mercomindia.com/gic-sterlite-jv" target="_blank" rel="noopener">formed</a> a joint venture with Singapore-based GIC, an investment firm, to develop and operate power transmission projects in India to meet the rapidly growing demand for energy evacuation.</p>
<p>In November 2023, Sterlite Power <a href="https://www.mercomindia.com/sterlite-power-energy-transmission-project-in-rajasthan" target="_blank" rel="noopener">won</a> the order for Phase-IV (Part-1-Bikaner Complex): Part-B Transmission project to evacuate 8 GW of renewable energy in Rajasthan.</p>


Sterlite Power Raises ₹7.25 Billion from GEF Capital and ENAM Holdings


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					</table><p><a href="https://www.mercomindia.com/government-approves-projects-to-evacuate-2-5-gw-solar-energy-in-madhya-pradesh" target="_blank" rel="noopener">The Ministry of Power has approved transmission works to evacuate a cumulative 2,500 MW of renewable energy in Madhya Pradesh. On the recommendations of the 24th</a> meeting of the National Committee on Transmission, the Ministry announced a 1,000 MW and 1,500 MW transmission system to evacuate power from renewable energy projects in the Neemuch Solar Energy Zone (SEZ) (Phase II) and Rajgarh SEZ in Madhya Pradesh (Phase III) respectively. REC Power Development and Consultancy has been selected as the bid process coordinator (BPC) for Rajgarh SEZ in Madhya Pradesh (Phase III) and PFC Consulting has been chosen as the BPC for the Neemuch SEZ.</p>
<p><a href="https://www.mercomindia.com/additional-surcharge-nadu-increased-to-%E2%82%B90-54-kwh" target="_blank" rel="noopener">The Tamil Nadu Electricity Regulatory Commission has issued an order setting the additional surcharge for open access consumers at ₹0.54 (~$0.0063)/kWh, effective</a> from December 12, 2024, until March 31, 2025. The additional surcharge is applicable to open access power consumers purchasing power through third party sale and power exchanges. The additional surcharge applicable to such consumers from April 1, 2024, to August 7, 2024, was ₹0.34 (~$0.0039)/kWh and ₹0.29 (~$0.0033)/kWh between August 8, 2024, and September 30, 2024. The additional surcharge was exempted for all open access consumers from April 1, 2023, to September 30, 2023.</p>
<p><a href="https://www.mercomindia.com/gujarat-regulator-approves-tariffs-for-41-mw-solar-projects-under-pm-kusum" target="_blank" rel="noopener">The Gujarat Electricity Regulatory Commission has approved tariffs for ten solar power projects of Uttar Gujarat Vij Company (UGVCL) with a total capacity of 41.10 MW under</a> the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM KUSUM) program’s Component C. The adopted tariffs range between ₹2.74 (~$0.032)/kWh and ₹3.04 (~$0.036)/kWh. The petitioner, UGVCL, had invited a request for selection in October 2023 for 6,000 solar irrigation pump sets. Letters of intent were issued to ten bidders. The petitioner contended that it had followed a transparent bidding process, adhering to all Ministry of New and Renewable Energy’s guidelines.</p>
<p><a href="https://www.mercomindia.com/recpdcl-issues-epc-tender-for-1-mw-solar-project-in-haryana" target="_blank" rel="noopener">REC Power Development and Consultancy has invited bids for the engineering, procurement, and construction of a 1 MW grid-connected ground-</a>mounted solar photovoltaic project in Haryana. Bids must be submitted by January 3, 2025. Eligible bidders must submit a non-refundable tender processing fee of ₹5,000 (~$60.15). They must also submit an earnest money deposit of ₹ 510,000 (~$6,135.30) with a validity of 180 days from the bid opening date. A performance security deposit of 10% of the total contract value must also be furnished. The project involves acquiring approximately five acres of land on a leasehold basis for a minimum of 29 years and 11 months near the State Transmission Utility substation in Haryana.</p>
<p><a href="https://www.mercomindia.com/maharashtra-invites-bids-power-for-2025-28" target="_blank" rel="noopener">Maharashtra State Electricity Distribution has invited bids to procure 1,000 MW of round-the-clock power from April 1, 2025, to March 31, 2028. The delivery point will be</a> at the Central Transmission Utility for power projects outside Maharashtra and at the State Transmission Utility for projects within the state. The last date for the submission of bids is January 16, 2025. Bids will be opened on the same day. The tender is invited on a fixed-on-order basis under a medium-term arrangement with a lumpsum tariff structure. Bids must be placed for a minimum capacity of 100 MW.</p>
<p><a href="https://www.mercomindia.com/bccl-tenders-1-8-mw-solar-rooftop-project-in-belgaria-township" target="_blank" rel="noopener">Bharat Coking Coal, a wholly-owned subsidiary of Coal India, has invited bids for the design, engineering, supply, erection, testing, and commissioning of a cumulative 1.882</a> MW of rooftop solar systems under the net metering arrangement at Belgaria Township in Jharkhand. The successful bidder must also oversee the project’s operation and maintenance for five years. Bids must be submitted by December 31, 2024. Bids will be opened on January 2, 2025. Bidders must submit an earnest money deposit of ₹1.27 million (~$14,970.68). The estimated cost of work, including GST, is 101.53 million (~$1.20 million).</p>
<p><a href="https://www.mercomindia.com/g-r-infraprojects-transmission-system-karnataka" target="_blank" rel="noopener">Construction and engineering company G R Infraprojects has been awarded a contract from PFC Consulting to establish an inter-state transmission system to integrate the</a> Bijapur Renewable Energy Zone in Karnataka. The quoted transmission cost is ₹1.08 billion (~$12.73 million)/annum. G R Infraprojects must set up the transmission project on a build, own, operate, and transfer basis within 24 months. The work involves establishing a 400/220 kV, five 500 MVA pooling station near Bijapur, the Bijapur PS – Raichur New 400 kV (Quad ACSR moose) D/c line, and two125MVAr 420 kV bus reactors at Bijapur PS. G R Infraprojects must also obtain the transmission license.</p>
<p><a href="https://www.mercomindia.com/indus-towers-to-procure-solar-power-from-jsw-energys-130-mw-solar-project" target="_blank" rel="noopener">Indus Towers, a Haryana-based mobile tower installation company, will procure 130 MW of solar energy from JSW Green Energy Eight, a special purpose vehicle (SPV) of</a> JSW Energy. The two companies have signed a power purchase agreement for the power procurement in captive mode. Indus has also proposed to invest approximately ₹380.3 million (~$4.4 million) to acquire 26% equity shares in the SPV. The acquisition aligns with the company’s sustainability and net zero goals by 2050. Indus Towers provides coverage in all 22 telecom circles in India with 229,659 towers and 379, 236 co-locations as of September 2024.</p>
<p><a href="https://www.mercomindia.com/lithium-ion-battery-historic-low-price" target="_blank" rel="noopener">Lithium-ion battery pack prices dropped 20% from 2023 to a record low of $115/kWh, the most significant annual decline since 2017, according to BloombergNEF</a>. The price reflects a global average that varies across geographies and application areas. The price decline is driven by factors such as overcapacity in cell manufacturing, economies of scale, lower metal and component costs, adoption of lithium-iron-phosphate batteries, and slower growth in electric vehicle sales.</p>


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