NTPC Green Energy’s IPO Oversubscribed 2.5 Times

Telangana DISCOM Floats Tenders for 3 MW Solar Power Projects

Daily News Wrap-Up: India Adds 16 GW Solar Capacity in 9M 2024

CMPDI Invites Bids for 10 MW Solar Project at Mahanadi Coalfields

RERC Upholds Penalty for Failure to Comply with Renewable Energy Regulations

Hyundai to Source 118 MW Power from Fourth Partner’s Solar and Wind Projects

India Adds an Unprecedented 16 GW Solar Capacity in 9M 2024

Daily News Wrap-Up: UPNEDA Tenders 2 MW Rooftop Solar Projects

Maxeon Solar Modules Detained by US Customs Authority

Sungrow, TBEA, FIMER Dominate Solar Inverter Rankings in First Half of 2024


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					</table><p><a href="https://www.ngel.in/ngel-home" target="_blank" rel="noopener">NTPC Green Energy&#8217;s </a>₹100 billion (~$1.19 billion) initial public offering (IPO) was oversubscribed 2.42 times at the end of the bidding window on November 22, 2024.</p>
<p>The price band was set at ₹102-108 (~$1.21- 1.28) per equity share with a face value of ₹10 (~$0.119). The IPO saw bids for 1.43 billion shares, exceeding the 593.17 million shares on offer.</p>
<p>Retail investors led the demand, with a subscription rate of 3.44, followed by qualified institutional buyers at 3.32 and shareholders at 1.60. The non-institutional investors&#8217; portion was subscribed 0.81 times, and the employees&#8217; portion was 0.80.</p>
<p>The company&#8217;s shares were trading at a nil grey market premium.</p>
<p>The shares will likely be listed on the BSE and NSE on November 25, 2024.</p>
<p>The net proceeds will be invested in NTPC Renewable Energy to repay, in whole or part, the company&#8217;s outstanding borrowings availed by NREL, amounting to ₹75 billion (~895.78 million). The remaining ₹25 million (~$298.59 million) will be used for general corporate purposes, including funding of strategic initiatives, partnerships, joint ventures and acquisitions, capital expenditure, interest payment, and business development initiatives.</p>
<p>Several clean energy companies have issued IPOs this year. Two leading renewable energy companies—<a href="https://www.premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a> and <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>—raised about $850 million in their initial public offerings this year.</p>
<p>ACME Solar Holdings&#8217; ₹29 billion (~$344.85 million) IPO was oversubscribed 2.75 times. Solar module manufacturer Alpex Solar&#8217;s $8.9 million IPO was oversubscribed 303 times. Other companies that filed DRHPs include Vikram Solar, Solar91 Cleantech, Solarium Green, and Solarworld Energy.</p>
<p>A few clean energy companies took the QIP (qualified institutional placement) route to raise money. <a href="https://www.adanienergysolutions.com/" target="_blank" rel="noopener">Adani Energy Solutions</a> <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 in a QIP earlier in the year.</p>
<p>Reports say two other public sector companies, SJVN Green and NLC India&#8217;s green energy arm, are also considering raising money from the market in 2025.</p>



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					</table><p><a href="https://www.mercomindia.com/india-16-gw-solar-capacity-9m-2024" target="_blank" rel="noopener">India added 16.4 GW of solar capacity in the first nine months (9M) of 2024, a 167% year-over-year increase from 6.2 GW in 9M 2023</a>, according to Mercom India Research’s Q3 2024 India Solar Market Update. These installations surpassed all previous nine-month and annual records, driven by the commissioning of several delayed projects. “Many developers expedited project completions in Q1 and Q2 to utilize imported modules amid regulatory uncertainties surrounding the ALMM. However, delayed clarity on exemptions, especially for open access and rooftop solar, posed significant challenges​,” said Priya Sanjay, Managing Director at Mercom India.</p>
<p><a href="https://www.mercomindia.com/solar-inverter-rankings-first-half-2024">Sungrow India, TBEA Energy India, FIMER India, Sineng Electric, and Ginlong (Solis) Technologies were the leading solar inverter suppliers</a> in India in the first half (1H) of 2024, according to Mercom’s recently released India Solar Market Leaderboard 1H 2024 report. The report provides insights into the industry leaders’ market share and shipment rankings across the Indian solar supply chain. It captures notable shifts in market share rankings, with two new players making it to the top five list. Sungrow topped the market share list, followed by TBEA Energy India and FIMER India, which ranked second and third, respectively. Sineng Electric and Ginlong (Solis) Technologies rounded off the top five.</p>
<p><a href="https://www.mercomindia.com/rerc-upholds-penalty-failure-comply" target="_blank" rel="noopener">The Rajasthan Electricity Regulatory Commission has dismissed a petition filed by Star Cotspin against the imposition of fixed charges</a> amounting to ₹3,281,040 (~$38,838) by Ajmer Vidyut Vitran Nigam on its 2.185 MW behind-the-meter solar project. The Commission ruled that the fixed charges were rightly levied under the Rajasthan Electricity Regulatory Commission (Grid Interactive Distributed Renewable Energy Generating Systems) Regulations, 2021. The Commission emphasized the mandatory obligation of consumers to inform the distribution licensee about solar installations through a prescribed model form within three months of the notification of the 2021 Regulations in respect of existing behind-the-meter installations.</p>
<p><a href="https://www.mercomindia.com/cmpdi-invites-bids-project-at-mahanadi-coalfields" target="_blank" rel="noopener">Central Mine Planning and Design Institute, a subsidiary of Coal India, has floated a tender for the design, engineering, procurement</a>, and commissioning of a 10 MW grid-connected solar power project at Lakhanpur, Mahanadi Coalfields. The successful bidder must also operate and maintain the project for ten years. The last date for the submission of bids is December 14, 2024. Bids will open on December 16. The project’s estimated cost is ₹585.2 million (~$6.9 million). Bidders must submit an earnest money deposit (EMD) of ₹5 million (~$59,157).</p>
<p><a href="https://www.mercomindia.com/hyundai-to-source-118-mw-power-from-fourth-partners-solar-and-wind-projects" target="_blank" rel="noopener">Hyundai Motor India will source 118 MW of renewable energy from Fourth Partner Energy’s solar and wind projects under</a> a group captive open access arrangement. Hyundai and Fourth Partner have signed two 25-year Power purchase agreements with FPEL TN Wind Farm, a special purpose vehicle of Fourth Partner Energy. Under the agreement, the SPV will establish and operate a 75 MW solar project and a 42.9 MW wind project in Tamil Nadu under the group captive model. Hyundai Motors will subscribe to 26% shares in the SPV, investing ₹380 million (~$4.4 million) in one or more tranches.</p>
<p><a href="https://www.mercomindia.com/maxeon-solar-by-us-customs-authority" target="_blank" rel="noopener">U.S. Customs and Border Protection continues to detain solar panels manufactured by Maxeon Solar Technologies in Mexico. This</a> detention, which began in early July 2024, has affected multiple product lines, including “Maxeon 3” and “Maxeon 6” residential solar modules and “Performance 6” commercial modules. At the heart of this issue is the Uyghur Forced Labor Prevention Act (UFLPA), enacted in December 2020 to address concerns about alleged forced labor in China’s Xinjiang region.</p>



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					</table><p><a href="https://www.hyundai.com/in/en" target="_blank" rel="noopener">Hyundai Motor India</a> will source 118 MW of renewable energy from Fourth Partner Energy’s (<a href="https://www.fourthpartner.co/" target="_blank" rel="noopener">FPEL</a>) solar and wind projects under a group captive open access arrangement.</p>
<p>Hyundai and Fourth Partner have signed two 25-year Power purchase agreements (PPA) with FPEL TN Wind Farm, a special purpose vehicle (SPV) of Fourth Partner Energy.</p>
<p>Under the agreement, the SPV will establish and operate a 75 MW solar project and a 42.9 MW wind project in Tamil Nadu under the group captive model.</p>
<p>Hyundai Motors will subscribe to 26% shares in the SPV, investing ₹380 million (~$4.4 million) in one or more tranches.</p>
<p>Hyundai Motor India is working to increase its renewable energy consumption and reduce carbon emissions. The company, in its annual report for 2023, said that it met 64% of its energy needs from renewable sources.</p>
<p>The company aims to meet 100% of its energy needs from renewable sources by 2025.</p>
<p>“Our ‘Integrated Solutions to Climate Change’ initiative aims for carbon neutrality by 2045, with a sustainable operating system for future generations. We are expanding our electrification capabilities, transforming to renewable energy and reducing emissions,” the report said.</p>
<p>The company has installed a 10 MW solar project at its Chennai factory, contributing 5% of its renewable energy production. The company is also targeting 10 million annual sales of electric vehicles in India by 2030.</p>
<p>In 2022, Hyundai said four of its subsidiaries had become part of the RE100, a global initiative committed to large corporates moving toward 100% renewable electricity.</p>
<p>Fourth Partner is <a href="https://www.mercomindia.com/fourth-partner-energy-secures-275-million-from-global-consortium" target="_blank" rel="noopener">developing</a> 1.2 GW of open access renewable energy projects across Maharashtra, Uttar Pradesh, Tamil Nadu, and Gujarat.</p>
<p>In 2023, Hyundai Motor Group <a href="https://www.mercomindia.com/hyundai-motor-for-ev-battery-plant-in-us" target="_blank" rel="noopener">said</a> it would form a 50:50 joint venture with EV battery maker SK On to invest $5 billion in an EV battery cell production facility in the U.S.</p>



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					</table><p><a href="https://www.mercomindia.com/upneda-2-mw-rooftop-solar" target="_blank" rel="noopener">Uttar Pradesh New &amp; Renewable Energy Development Agency has invited bids for 2 MW grid-connected rooftop solar systems</a> with battery backup for captive use in government buildings. The individual system sizes can vary from 11 kW to 50 kW. The project’s estimated cost is ₹440 million (~$5.21 million). The rooftop solar systems should be installed within four months of receiving the work order. Installers must provide operation and maintenance services for 10 years. The last day to submit the bids is November 29, 2024. Bids will be opened on the next day.</p>
<p><a href="https://www.mercomindia.com/anert-tenders-1-mw-solar-project-at-kerala-university-of-health-sciences" target="_blank" rel="noopener">The Agency for New and Renewable Energy Research and Technology has invited bids for a grid-connected 1 MW solar project</a> at the Kerala University of Health Sciences, Thrissur, Kerala. The last date to submit the bids is December 6, 2024. Bids will be opened on the same day. Bidders must pay a tender document fee of ₹17,850 (~$211.5). They must also furnish an Earnest Money Deposit of ₹100,000 (~$1,185). The successful bidder must pay 2.5% of the total project cost as a license fee to ANERT.</p>
<p><a href="https://www.mercomindia.com/adani-acquires-project-to-energy-from-khavda" target="_blank" rel="noopener">Government-owned Power Finance Corporation has transferred its special purpose vehicle Pune-III Transmission to Adani Energy</a> Solutions, which emerged as the successful bidder for the evacuation of 7 GW of power from the potential renewable energy zone in Khavda, Gujarat, under Phase IV, Part D. The inter-state transmission system (ISTS) project will be executed under a Build, Own, Operate, and Transfer model. Adani Energy Solutions will be responsible for the end-to-end execution, financing, and long-term operation of the system.</p>
<p><a href="https://www.mercomindia.com/saatvik-green-files-ipo" target="_blank" rel="noopener">Haryana-based solar module manufacturer Saatvik Green Energy has filed its draft red herring prospectus with the Securities and Exchange</a> Board of India to raise up to ₹11.5 billion (~$136.26 million) through an initial public offering. The company’s proposed IPO is a combination of a fresh issue of shares worth ₹8.5 billion (~$100.71 million) and an offer for sale of ₹3 billion (~$35.54 million) by promoters. The shares will have a face value of ₹2 (~$0.024). The net proceeds from the offer will be utilized primarily for debt repayment and investments in the company’s wholly-owned subsidiary, Saatvik Solar Industries.</p>
<p><a href="https://www.mercomindia.com/engie-to-build-22-mw-solar-project-for-saudi-cement-factory" target="_blank" rel="noopener">France-based energy solutions provider ENGIE will develop a 22 MW solar photovoltaic project for Saudi Arabia’s Al Jouf Cement Company</a> near Turaif in the country’s Northern Borders Province. The two companies signed a power purchase agreement for the project covering an area of 420,000 square meters. The solar project is expected to cut carbon emissions by approximately 1.48 million tons over its 25-year operational lifespan. By generating on-site renewable power, the project will help Al Jouf Cement reduce dependence on conventional energy sources while ensuring stable energy costs under the fixed-rate PPA agreement.</p>



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					</table><p>Independent renewable energy producer <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew Power</a> reported revenue of ₹29.9 billion ($357 million) during the second quarter (Q2) of the financial year (FY) 2025, a 4.4% year-over-year (YoY) increase from ₹28.6 billion (~$342 million).</p>
<p>The higher revenue was due to the increase in operational capacity but was offset by lower resource availability, lower merchant tariffs, and revenue loss from 400 MW of projects sold in FY24 as part of the company’s capital recycling strategy.</p>
<p>The net profit for the quarter rose 31% YoY to ₹4.94 billion (~$59 million) from ₹3.77 billion (~$45 million).</p>
<p>Finance costs and fair value change in derivative instruments for Q2 FY25 was ₹12.6 billion ($150 million), a 2.7% decrease YoY. This was primarily due to lower mark-to-market impact, driven by an effective hedging strategy on foreign currency borrowings and refinancing-driven savings, partially offset by an increase in finance cost in line with the increase in operational assets from the previous year.</p>
<p>The adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q2  was ₹24.21 billion (~$289 million), up 13.7% YoY from ₹21.3 billion (~$254 million).</p>
<p>In Q2 FY25, the company commissioned 557 MW of projects, of which 24 MW was wind and 533 MW solar capacity, for which the capital expenditure was ₹25.7 billion ($307 million).</p>
<p>During the quarter, the company sold 6,622 million units (MU) of electricity, a 9.4% growth YoY. Of the total sales, 4,039 MU was wind energy, 2,370 MU was solar energy, and 213 MU was hydroelectric.</p>
<p>While the YoY increase in wind energy sales was 6.3%, growth in solar energy sales was 14.5% and 16.2% for hydropower.</p>
<p>The weighted average plant load factor (PLF) for wind projects was 38.3%, compared to 41.3% in Q2 FY24. The PLF for solar projects was 21.8% compared to 23.1% in the same quarter the previous year.</p>
<p>The company’s net debt as of September 30, 2024, was ₹621.62 billion ($7.42 billion), which includes investment from JV partners for renewable energy projects in the form of convertible debentures amounting to ₹22.02 billion ($263 million). The net debt for solar module manufacturing totaled ₹12.5 billion ($149 million).</p>
<p><strong>1H FY25</strong></p>
<p>For 1H FY25, total income was ₹54.71 billion (~$653 million), reflecting a 2.7% YoY increase from ₹53.29 billion (~$636 million).</p>
<p>The net profit for 1H declined by 20.8% YoY to ₹53.33 billion (~$64 million) from ₹67.5 billion (~$81 million).</p>
<p>Adjusted EBITDA stood at ₹43.18 billion (~$516 million), an increase of 8.2% YoY from ₹39.8 billion (~$476 million).</p>
<p>The company’s portfolio expanded to ~15.6 GW as of September 30, 2024, up from ~13.8 GW a year ago, with post-quarter additions bringing it to ~16.3 GW.</p>
<p>ReNew’s commissioned capacity grew 21.8% YoY to ~10.1 GW (about 4.8 GW of wind, 5.3 GW of solar and 100 MW of hydropower). A 250 MW of solar capacity was commissioned after the quarter.</p>
<p>In 1H FY25, ReNew commissioned 609 MW of projects (41 MW wind and 568 MW solar) for which the capital expenditure was ₹28.9 billion ($345 million).</p>
<p>Total electricity sold in 1H FY25 was 12,437 MU, an 11.4% increase YoY. Electricity sold from wind assets was 6,994 MU, an 8.7% YoY growth. Solar energy sales was 5,134 MU, a 15.5% YoY rise and 309 MU was sold from hydropower assets, a 7.9% YoY increase.</p>
<p>The weighted average PLF for wind in Q2 FY25 was 33.4%, down from 35.7% in 1H FY24. The PLF for solar projects was 24.4% compared to 25.3% in 1H FY24.</p>
<p>ReNew reaffirmed its FY 2025 targets, expecting to commission 1,900 MW–2,400 MW by year-end, with adjusted EBITDA projected at ₹76 billion ($907 million) – ₹82 billion ($978 million) and cash flow to equity between ₹12 billion ($143 million) and ₹14 billion ($167 million).</p>
<p>The company projected a net gain of ₹1 billion ($12 million) – ₹2 billion ($24 million) from asset sales.</p>
<p>ReNew <a href="https://www.mercomindia.com/renews-climbs-7-on-higher-energy-sales" target="_blank" rel="noopener">reported</a> revenue of ₹22.81 billion (~$274 million), an increase from ₹21.25 billion (~$255 million) in the first quarter of FY 2025.</p>
<p>The company was <a href="https://www.mercomindia.com/utility-scale-solar-developers-1h-2024" target="_blank" rel="noopener">rated</a> among the top utility-scale solar project developers in 1H 2024, according to Mercom’s India Solar Market Leaderboard</p>


ReNew’s Revenue, Profit Up in Q2 FY25 as Commissioned Renewable Capacity Grows


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					</table><p>Government-owned Power Finance Corporation (<a href="https://pfcindia.com/" target="_blank" rel="noopener">PFC</a>) has transferred its special purpose vehicle Pune-III Transmission to <a href="https://www.adanienergysolutions.com/" target="_blank" rel="noopener">Adani Energy Solutions</a>, which emerged as the successful bidder for the evacuation of 7 GW of power from the potential renewable energy zone in Khavda, Gujarat, under Phase IV, Part D.</p>
<p>The inter-state transmission system (ISTS) project will be executed under a Build, Own, Operate, and Transfer (BOOT) model. Adani Energy Solutions will be responsible for the end-to-end execution, financing, and long-term operation of the system.</p>
<p>The transaction was executed for a total consideration of ₹187.8 million (~$2.2 million).</p>
<p>Adani Energy Solutions will finance, develop, construct, operate, and maintain the project.</p>
<p>Adani Energy must obtain the transmission license from the Central Electricity Regulatory Commission (<a href="https://www.cercind.gov.in/" target="_blank" rel="noopener">CERC</a>) and assume responsibility for designing, financing, constructing, owning, operating, and maintaining the project.</p>
<p>This includes establishing a new 765/400/220 kV substation at Pune-III, constructing 765 kV and 400 kV transmission lines, and installing reactors and other associated equipment. The project must be completed within 24 months from the effective date.</p>
<p>The transmission system must be operated and maintained for 35 years from the commercial operation date, after which all project assets must be transferred to the central transmission utility or its successors at zero cost and free from encumbrances.</p>
<p>Recently, PFC Consulting <a href="https://www.mercomindia.com/pfc-tenders-transmission-system-for-renewable-energy-evacuation/" target="_blank" rel="noopener">issued</a> a tender to select a transmission service provider to establish an ISTS at Kurnool-III PS, Andhra Pradesh, to integrate an additional 4.5 GW of renewable energy.</p>
<p>Earlier, PFC invited bids to <a href="https://www.mercomindia.com/pfc-invites-bids-for-energy-from-gujarat" target="_blank" rel="noopener">evacuate</a> 3 GW of renewable energy from Gujarat.</p>
<p>In August, Adani Energy Solutions <a href="https://www.mercomindia.com/adani-energy-solutions-via-qip-route" target="_blank" rel="noopener">raised</a> ₹83.73 billion (~$1 billion) through a qualified institutional placement. The proceeds will be invested in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes.</p>


Adani Acquires Project to Evacuate 7 GW of Renewable Energy from Khavda


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					</table><p><a href="https://www.mercomindia.com/hindustan-petroleum-epc-105-mw-solar" target="_blank" rel="noopener">HPCL Renewable and Green Energy, a subsidiary of Hindustan Petroleum Corporation, has invited bids for the engineering</a>, procurement, and construction package with land for 105 MW of state transmission utility-connected solar power projects in Maharashtra. The last day to submit the bids is November 27, 2024. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/north-east-frontier-railway-floats-tenders-for-5-mw-rooftop-solar-systems" target="_blank" rel="noopener">The North East Frontier Railway has issued three tenders for a cumulative capacity of 5 MW rooftop solar systems in Guwahati,</a> New Guwahati, and Goshala and Nambari area. The last date to submit bids is December 6, 2024. Bids will be opened the same day. All three projects must be completed within 180 days. The scope of work includes operations and maintenance of the rooftop solar systems for five years.</p>
<p><a href="https://www.mercomindia.com/ampin-energy-transition-partners-cip-re-projects" target="_blank" rel="noopener">New Delhi-based AMPIN Energy Transition has expanded its partnership with Copenhagen Infrastructure Partners (CIP)</a> to develop 2 GW renewable energy projects across India with a joint investment of $300 million. Through its Growth Markets Fund II, CIP plans to create a renewable energy asset base of about $1.5 billion joining hands with AMPIN. The new investment announcement is in addition to the $200 million joint agreement that AMPIN and CIP entered in 2021, targeting an initial 1.7 GW portfolio of renewable energy projects to deliver clean energy to commercial and industrial (C&amp;I) and utility customers.</p>
<p><a href="https://www.mercomindia.com/masdar-consortium-2-gw-solar-project-saudi-arabia" target="_blank" rel="noopener">The Saudi Power Procurement Company has selected a consortium of developers comprising Abu Dhabi Future Energy Company</a> (Masdar), KEPCO, and GD Power Development Company to commission the 2 GW Al Sadawi Solar Project in Saudi Arabia. Scheduled for commercial operation in the second quarter of 2027, the project will deliver clean energy at a levelized cost of electricity of $1.2926/kWh. Part of Round 5 of the National Renewable Energy Program, the Al Sadawi Solar Project is a key milestone in Saudi Arabia’s renewable energy ambitions.</p>


Daily News Wrap-Up: Hindustan Petroleum Tenders 105 MW of Solar Projects


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					</table><p>New Delhi-based <a href="https://ampin.energy/" target="_blank" rel="noopener">AMPIN Energy Transition</a> has expanded its partnership with Copenhagen Infrastructure Partners (<a href="https://www.cip.com/">CIP</a>) to develop 2 GW renewable energy projects across India with a joint investment of $300 million.</p>
<p>Through its Growth Markets Fund II, CIP plans to create a renewable energy asset base of about $1.5 billion joining hands with AMPIN.</p>
<p>The new investment announcement is in addition to the $200 million joint agreement that AMPIN and CIP <a href="https://www.mercomindia.com/amp-energy-secures-100-million-renewable-energy">entered</a> in 2021, targeting an initial 1.7 GW portfolio of renewable energy projects to deliver clean energy to commercial and industrial (C&amp;I) and utility customers. CIP made this investment through its Copenhagen Infrastructure New Markets Fund (CI NMF).</p>
<p>The 2021 partnership was later expanded with added investment of ~$100 million to expand the portfolio from the initial target of 1.7 GW to ~ 2.4 GW of renewable projects, creating an asset base of $1.2 billion-$1.5 billion.</p>
<p>The new joint investment of over $300 million would help create an additional renewable energy asset base of $1.5 billion.</p>
<p>The two companies are initially targeting a portfolio of 2 GW, which is expected to comprise solar, wind, hybrid power, and energy storage technologies. The partnership will focus on India&#8217;s large-scale and central grid-connected renewable energy projects.</p>
<p>AMPIN recently <a href="https://www.mercomindia.com/seci-wind-solar-auction-tranche-viii" target="_blank" rel="noopener">won</a> Solar Energy Corporation of India’s auction to develop 150 MW of wind-solar hybrid power projects for a tariff of ₹3.45 (~$0.0413)/kWh.</p>
<p>Pinaki Bhattacharyya, CEO of AMPIN Energy Transition, said, “This deepened partnership not only strengthens our ability to expand our impact and accelerate India’s renewable energy transition, but it also reinforces our shared commitment to driving innovation and sustainable value creation.”</p>
<p>AMPIN Energy Transition has a total portfolio of 4 GW spread across 21 states in the country. The company currently has 2 GW of late-stage pipeline projects.</p>
<p>Through its Growth Market Funds, CIP entered the Indian market in 2021 through partnerships with AMPIN Energy Transition and Viviid Renewables.</p>
<p>CIP manages 12 funds and has raised about €31 billion (~$32.8 billion) from over 180 international institutional investors for energy and associated infrastructure investments.</p>
<p>In October, AMPIN <a href="https://www.mercomindia.com/ampin-financial-closure-200-mw-hybrid-project" target="_blank" rel="noopener">announced</a> the financial closure for its 200 MW wind-solar hybrid project in Rajasthan, with the final step achieved through a green loan of ₹7.42 billion (~$88.27 million) from <a href="https://www.sc.com/en/" target="_blank" rel="noopener">Standard Chartered</a>. The total investment for this project is ₹9.44 billion (~$112.3 million).</p>
<p>In September, AMPIN <a href="https://www.mercomindia.com/sumitomo-partners-energy-projects-in-india">entered</a> into a joint venture with Japan-headquartered <a href="https://www.sumitomocorp.com/en/global" target="_blank" rel="noopener">Sumitomo Corporation.</a> The partnership has led to the establishment of AMPIN C&amp;I Power, a new entity aimed at developing renewable projects to supply power to corporate clients in India.</p>


AMPIN, CIP to Invest $300 Million for 2 GW Renewable Energy Projects


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					</table><p><a href="https://www.mercomindia.com/top-solar-epc-companies-1h-2024" target="_blank" rel="noopener">Tata Power Solar, Jakson Green, Ashoka Buildcon, Gensol Engineering, and InSolare Energy emerged as the top</a> utility-scale solar engineering, procurement, and construction (EPC) service providers in the first half (1H) of the calendar year 2024, according to Mercom’s recently released India Solar Market Leaderboard 1H 2024.</p>
<p><a href="https://www.mercomindia.com/cea-approves-uniform-protection-protocol-for-power-grid-stability" target="_blank" rel="noopener">The Central Electricity Authority (CEA) has approved the Uniform Protection Protocol to ensure grid stability, reliability</a>, and security and safely integrate 450 GW of renewable energy by 2030 and 2,100 GW by 2047. The National Power Committee, in consultation with the Regional Power Committee, prepared the Uniform Protection Protocol.</p>
<p><a href="https://www.mercomindia.com/environmental-clearance-procedure-solar-wind-projects" target="_blank" rel="noopener">The Ministry of Environment, Forests, and Climate Change has exempted solar module manufacturing units, solar power projects</a>, wind power projects, and mini hydel power projects less than 25 MW from obtaining both Environmental Clearance (EC) and Consent to Establish (CTE). Under the notification, projects with an EC will no longer need to obtain a CTE or Consent to Operate, reducing the compliance burden and eliminating duplication of approvals.</p>
<p><a href="https://www.mercomindia.com/railways-invite-bids-for-systems-in-katihar-division" target="_blank" rel="noopener">The Katihar Division of the North East Frontier Railway has issued two tenders to install a cumulative capacity of 3.4 MW rooftop</a> solar systems across railway stations, level crossing gates, service buildings, and residential buildings. The tenders are divided into two capacities: one for 1.75 MW and another for 1.718 MW. The last date for the submission of bids is December 9, 2024. The estimated value of each tender is ₹90.7 million (~$1.07 million).</p>
<p><a href="https://www.mercomindia.com/north-east-frontier-railway-tenders-2-5-mw-rooftop-solar-systems" target="_blank" rel="noopener">The Lumding Division (Electrical) of the North East Frontier Railway has invited bids for the provision of 2.5 MW rooftop solar systems</a> at various buildings, service stations, and parking areas in Guwahati. The last date to submit the bids is December 6. The bids will be opened on the same day. Bidders must furnish an earnest money deposit (EMD) of ₹859,300 (~$10,182). The advertised value of the tender is ₹142 million (~$1.68 million). The project must be completed in 180.</p>
<p><a href="https://www.mercomindia.com/north-east-frontier-railway-tenders-3-2-mw-rooftop-solar-systems-in-guwahati" target="_blank" rel="noopener">The Lumding Division (Electrical) of the North East Frontier Railway has issued two tenders for the provision of cumulative 3.2 MW</a> rooftop solar systems at various buildings, service stations, staff quarters, and parking areas in Guwahati. The last date to submit the bids is December 6, 2024. The project must be completed in 180 days. The scope of work for both tenders includes designing and supplying on-grid solar systems without battery backup. The successful bidder must supply 545 Wp or above solar modules using IEC-certified monocrystalline cells.</p>
<p><a href="https://www.mercomindia.com/acme-secures-37-billion-loan-from-rec" target="_blank" rel="noopener">ACME Sun Power, a wholly owned subsidiary of ACME Solar Holdings, has secured a ₹37.53 billion (~$444.68 million) loan from REC</a> Limited to develop 320 MW Firm and Dispatchable Renewable Energy projects in collaboration with SJVN. The project is located in high-resource potential regions, with the solar capacity situated in Jaisalmer, Rajasthan, and wind power generation at Bhuj and Jam Khambhaliya in Gujarat. A Power Purchase Agreement  has been signed with SJVN, and the project&#8217;s grid connectivity is already in place. The land acquisition process is at an advanced stage.</p>
<p><a href="https://www.mercomindia.com/global-clean-energy-sector-added-1-5-million-jobs-in-2023-iea-report" target="_blank" rel="noopener">Energy job growth was fuelled by record levels of investment across a wide range of energy sources in the wake of the global energy crisis.</a> Job growth in clean energy sectors increased by 1.5 million in 2023, bringing total energy employment to 34.8 million jobs, according to the International Energy Agency’s World Energy Employment 2024 report. Clean power jobs accounted for 40% of all energy job growth in 2023. Clean energy job growth represents over 10% of economy-wide job growth in China and 4-6% in advanced economies.</p>
<p><a href="https://www.mercomindia.com/china-slash-export-tax-rebates-solar" target="_blank" rel="noopener">China has announced it will lower the export tax rebate rate for solar photovoltaic products and batteries from 13% to 9% starting</a> December 1, 2024. It also eliminates export tax rebates for aluminum and copper. The announcement was jointly made by China’s Ministry of Finance and the State Taxation Administration. This taxation intervention addresses global concerns over overcapacity in its renewable energy sector, a factor contributing to escalating trade tensions.</p>
<p><a href="https://www.mercomindia.com/dubai-utility-issues-consultancy-tender-for-1-6-gw-solar-project-with-1-gw-bess" target="_blank" rel="noopener">Dubai Electricity and Water Authority (DEWA) has invited bids for advisory services to develop a 1,600 MW solar photovoltaic project integrated</a> with a 1,000 MW Battery Energy Storage System (BESS). The BESS will deliver six hours of energy storage capacity. Bids must be submitted by December 17, 2024. The project is in line with DEWA’s broader initiatives, including a 250 MW pumped-storage plant in Hatta and energy storage within its flagship Mohammed bin Rashid Al Maktoum Solar Park, which combines PV and concentrated solar power technologies.</p>
<p><a href="https://www.mercomindia.com/from-fossil-fuels-to-renewables-the-middle-easts-role-in-global-energy-transition" target="_blank" rel="noopener">The global energy sector is undergoing transformative technological, social, and economic shifts, a reality emphasized during the Abu</a> Dhabi International Petroleum Exhibition and Conference. This month, the world’s largest energy gathering brought together over 200,000 participants in Abu Dhabi, highlighting the critical changes reshaping the industry. While there is much to celebrate with the energy sector’s ongoing progress, from breakthrough innovations to increased investment, the event spotlighted emerging trends that position nearly everyone as a stakeholder in the future of energy and demand immediate attention.</p>


Daily News Wrap-Up: Top Solar EPC Companies in 1H 2024


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					</table><p><a href="https://www.mercomindia.com/rbi-200-billion-sovereign-green-bonds" target="_blank" rel="noopener">The Reserve Bank of India (RBI) has issued a calendar to mop up ₹200 billion (~$2.36 billion) in four equal tranches of sovereign green bonds in the second half of fiscal year</a> 2024-25. The first tranche of ₹50 billion (~$592 million) will be open for subscription between November 25 to 29, 2024. It will have a 10-year tenor. The second tranche will be open for subscription between December 9 and 13 and will have a 30-year tenor. The third tranche will have a 10-year tenor and will be open for subscription between January 27 and 31, 2025, and the fourth tranche will have a tenor of 30 years from February 17 to 21, 2025. The RBI may exercise the greenshoe option of up to ₹20 billion ($~236.67 million) against each of the four green bond auctions.</p>
<p><a href="https://www.mercomindia.com/northeast-frontier-rooftop-solar-projects" target="_blank" rel="noopener">The Lumding Division of the Northeast Frontier Railway has issued three tenders to install grid-connected rooftop solar systems on service, residential, and station</a> buildings, with a combined capacity of 5.765 MW. The last day for the submission of bids is December 5, 2024. The scope of work includes the supply, assembly, alignment, fitting, installation, and commissioning of solar power plants across various capacities: 10 kW to 30 kW for service buildings, 3 kW for residential buildings, and 10 kW to 60 kW for station buildings. The installations must be done in 180 days. The tender for service buildings has an advertised value of ₹20.9 million (~$254,600), with an earnest money deposit of ₹254,600 (~$3,016) for a total capacity of 355 kW.</p>
<p><a href="https://www.mercomindia.com/hle-glascoat-to-procure-power-from-cleanmaxs-wind-and-solar-projects" target="_blank" rel="noopener">Chemical and pharmaceutical industries equipment manufacturer HLE Glascoat will procure power in a captive mode from 2.31 MW solar and 3.3 MW wind projects to be</a> developed by Clean Max Enviro Energy Solutions. HLE Glascoat has acquired 26% equity shares of Clean Max Anchorage, amounting to 26,000 shares for ₹26,000 (~$308) at ₹10 (~$0.12) each. The captive wind and solar projects will be set up in Gujarat, the company said in a BSE filing. HLE Glascoat has been deploying renewable energy to reduce its carbon footprint.</p>


Daily News Wrap-Up: RBI to Raise ₹200 Billion via Sovereign Green Bonds


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					</table><p>The global energy sector is undergoing transformative technological, social, and economic shifts, a reality emphasized during the Abu Dhabi International Petroleum Exhibition and Conference (<a href="https://www.adipec.com/" target="_blank" rel="noopener">ADIPEC</a>). This month, the world&#8217;s largest energy gathering brought together over 200,000 participants in Abu Dhabi, highlighting the critical changes reshaping the industry.</p>
<p>While there is much to celebrate with the energy sector&#8217;s ongoing progress, from breakthrough innovations to increased investment, the event spotlighted emerging trends that position nearly everyone as a stakeholder in the future of energy and demand immediate attention.</p>
<p>ADIPEC highlighted the convergence of three powerful megatrends: the rise of emerging markets, the transformative potential of artificial intelligence (AI), and the urgent need for sustainable energy systems.</p>
<p>These forces demand collaborative, cross-sectoral action to forge a resilient, low-carbon energy future.</p>
<p>A foundational insight shared at ADIPEC 2024 was the rising influence of emerging markets on global energy dynamics. According to Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC&#8217;s Managing Director and Group CEO, regions within the Global South are expected to drive a major portion of economic growth over the next few decades.</p>
<p>By 2050, the global population will rise by 1.7 billion, with much of this growth concentrated in rapidly urbanizing and industrializing emerging economies. This demographic shift creates an increase in energy demand, requiring an adaptive and scalable energy supply strategy.</p>
<p>&#8220;Wind and solar will expand sevenfold, LNG will grow by 65%, and demand for electricity will double,&#8221; Al Jaber noted in his keynote address.</p>
<p>Most of the speakers at the event agreed that this accelerated demand for energy necessitates not only an expansion in renewable energy capacities but also a balanced approach that includes transitional fuels like natural gas. By integrating these resources, emerging markets can achieve energy stability while scaling up renewable infrastructure.</p>
<p>During the various panel discussions, leaders noted that developing new energy solutions for emerging markets could hold the key to global economic stability and environmental stewardship. They also highlighted a pathway for companies to collaborate with governments in these regions to establish renewable projects catering to immediate and future needs as the traditional distinctions between energy supplier and consumer regions dissolve.</p>
<p><strong>AI and energy</strong></p>
<p>AI is both a major consumer of energy and a powerful tool for optimizing production and distribution. Its impact on energy systems is deep, especially as AI-driven tools like large language models require exponentially more computational power.</p>
<p>The energy-intensive nature of AI places a unique burden on data centers, which are projected to require 150 GW of installed capacity by 2030, doubling by 2040.</p>
<p>The International Energy Agency (IEA) <a href="https://www.mercomindia.com/data-centers-drive-demand-for-renewable-energy" target="_blank" rel="noopener">estimates</a> that by 2030, data centers alone will consume about 8% of total energy globally. Data centers currently consume about 1-1.5% of global energy and contribute to 0.3% of global emissions.</p>
<p>However, the UAE minister warned that AI&#8217;s energy consumption should not obscure its potential to transform energy production and management through efficiency and predictive analytics.</p>
<p>AI&#8217;s transformative potential in energy goes beyond efficiency. At ADIPEC, industry leaders explored its role in predictive maintenance, risk assessment, and demand management, where AI can analyze historical and real-time data to anticipate infrastructure requirements and improve grid stability.</p>
<p>However, AI&#8217;s rapid growth also presents the challenge of balancing its operational benefits with its energy footprint. Addressing this paradox will ensure AI&#8217;s role as a sustainable ally in the energy transition.</p>
<p><strong>Transforming energy systems </strong></p>
<p>With the global spotlight on climate change, the third megatrend, energy system transformation, was central to discussions at ADIPEC. The UAE, which hosts ADIPEC, has made strategic investments in renewable energy, low-carbon fuels, carbon capture, and storage technologies as essential steps in decarbonizing energy systems.</p>
<p>Abu Dhabi National Oil Company (ADNOC) &#8216;s diversification into international gas markets and its expansion in the chemicals sector reflect a commitment to developing an energy portfolio that meets both environmental and economic goals.</p>
<p>However, for this transition to succeed, the infrastructure itself must be modernized. It was revealed that the sector requires an estimated $1.5 trillion in annual investments in the power sector alone to build infrastructure &#8220;fit for purpose and fit for the future.&#8221;</p>
<p>These investments are essential for integrating renewable energy sources and enhancing grid resilience, storage capacity, and transmission efficiency to handle fluctuating supply and demand.</p>
<p>A recurring theme at ADIPEC was the critical role of collaboration in advancing energy system transformation. Leaders noted that strategic partnerships across public and private sectors are indispensable to drive innovations that can decarbonize energy production.</p>
<p>An IEA report last year said global investments in clean energy could reach an unprecedented $1.8 trillion in 2023, but this must <a href="https://www.mercomindia.com/global-investments-clean-energy-1-8-trillion-2023-iea" target="_blank" rel="noopener">increase</a> significantly to about $4.5 trillion annually by early 2030 to align with the Net Zero Emissions scenario.</p>
<p><strong>Call for cross-sectoral collaboration</strong></p>
<p>The importance of collaboration resonated throughout ADIPEC 2024. Speakers agreed that the combination of rising energy demand, AI, and renewable transformation requires technological innovation and a concerted effort across industries and governments to establish a cohesive vision.</p>
<p>The Organization of Petroleum Exporting Countries (OPEC) echoed this call to action, which advocated for a balanced approach that integrates fossil fuels and renewables to ensure equitable access to energy worldwide.</p>
<p>Industry leaders explored ways to foster cooperation between the Global North and South. OPEC&#8217;s Secretary General Haitham Al Ghais noted that the energy transition should prioritize emission reductions over an outright fossil fuel phase-out.</p>
<p>He pointed to OPEC&#8217;s initiatives like the OPEC Fund for International Development, which supports energy projects in Africa, and stressed the importance of technology exchanges among oil-producing nations to help emerging economies transition responsibly.</p>
<p>&#8220;The train is leaving the station,&#8221; Al Ghais warned, urging decision-makers to seize the opportunity to lead the industry toward sustainable practices or risk being left behind.</p>
<p>This sense of urgency was palpable across ADIPEC&#8217;s sessions, which highlighted that the energy sector&#8217;s ability to meet global demands hinges on collaborative leadership. This shared vision was demonstrated in partnerships focused on developing hydrogen infrastructure, establishing regional energy grids, and incentivizing private investments in clean energy technologies.</p>
<p><strong>The role of green hydrogen </strong></p>
<p>Green hydrogen was a prominent topic at ADIPEC, as it presents a promising solution for decarbonizing industries that are hard to electrify, such as steel, cement, and shipping. Alexey Ustinov, Siemens Energy&#8217;s Senior Vice President for Sustainable Energy Systems, highlighted green hydrogen&#8217;s potential as a clean fuel for sectors unable to transition to electrification fully.</p>
<p>Siemens Energy&#8217;s investment in a gigawatt-scale electrolyzer factory in Berlin aims to mass-produce electrolyzers, reducing production costs and making green hydrogen more accessible.</p>
<p>Otmane Benamar, CTO EMEA, Gas Power, GE Vernova, noted that supportive policies and financial incentives were urgently needed to stimulate demand for low-carbon hydrogen. However, he added that these must be paired with public-private partnerships to develop robust hydrogen infrastructure and improve logistics.</p>
<p>Speakers highlighted the need for collaboration among industry stakeholders to establish standardized off-take agreements and efficient supply chains, which would ensure a reliable, affordable hydrogen supply and enable widespread market activation.</p>
<p>Eugene McKenna, Senior Vice President for Hydrogen and Sustainable Technologies at Johnson Matthey, said that major advancements in Proton Exchange Membrane (PEM) electrolysis have been made, which could soon lower the cost of electrolyzers.</p>
<p>McKenna explained that PEM electrolysis is particularly compatible with renewable energy sources due to its adaptability to the intermittent nature of wind and solar power. This adaptability makes it ideal for regions like the Arabian Peninsula, where sun and wind power are available at different times of the day, creating a more stable energy output.</p>
<p>He also stressed the importance of efficiently using and recycling scarce platinum group metals, especially iridium, in PEM electrolysis.</p>
<p><strong>Balancing reliability and decarbonization</strong></p>
<p>As global energy demands grow, companies continue to play a key role in balancing the need for reliable power with decarbonization goals. Mavi Zingoni, CEO of Gas Power at GE Vernova, described the current energy transition as a &#8220;super cycle&#8221; shaped by rising power demands from data centers, AI, and electrified industries.</p>
<p>She noted that gas continues to play a major role as a flexible and dependable energy source that complements renewables and ensures stability in high-demand periods.</p>
<p>Innovations, such as hydrogen-burning gas turbines and investments in carbon capture technology, reflect traditional utilities&#8217; commitment to low-carbon energy while providing reliable power solutions.</p>
<p>Zingoni noted that GE&#8217;s investments in Direct Air Capture and small modular reactors are part of a broader strategy to meet the dual objectives of energy security and sustainability.</p>
<p><strong>The path forward: innovation, investment, and inclusion</strong></p>
<p>ADIPEC 2024 made it clear that the future of energy is not just about small steps forward but bold transformations.</p>
<p>By harnessing AI for efficiency and modernizing energy systems, these advancements will bridge developed and emerging markets alike.</p>
<p>The event further confirmed the need for sustainability-led investments in the energy sector to empower global progress with lasting impact.</p>


From Fossil Fuels to Renewables: The Middle East’s Role in Global Energy Transition


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					</table><p>The Reserve Bank of India (<a href="https://www.rbi.org.in/" target="_blank" rel="noopener">RBI</a>) has issued a calendar to mop up ₹200 billion (~$2.36 billion) in four equal tranches of sovereign green bonds in the second half of fiscal year 2024-25.</p>
<p>The first tranche of ₹50 billion (~$592 million) will be open for subscription between November 25 to 29, 2024. It will have a 10-year tenor. The second tranche will be open for subscription between December 9 and 13 and will have a 30-year tenor.</p>
<p>The third tranche will have a 10-year tenor and will be open for subscription between January 27 and 31, 2025, and the fourth tranche will have a tenor of 30 years from February 17 to 21, 2025.</p>
<p>The RBI may exercise the greenshoe option of up to ₹20 billion ($~236.67 million) against each of the four green bond auctions.</p>
<p>Non-resident Indians (NRI) can now invest in sovereign green bonds of 10-year tenor through the International Financial Services Centre (IFSC) in GIFT City, Gandhinagar, in Gujarat, the RBI said in a notification.</p>
<p>Last February, the government <a href="https://www.mercomindia.com/government-sale-maiden-%E2%82%B9160-billion-green-bonds" target="_blank" rel="noopener">completed</a> the sale of ₹160 billion (~$1.95 billion) in its inaugural sovereign green bonds issue.</p>
<p>In March 2023, NSE Indices, a subsidiary of the National Stock Exchange, <a href="https://www.mercomindia.com/nse-launches-sovereign-green-bond-indices" target="_blank" rel="noopener">launched</a> India’s first sovereign green bond indices to track the performance of government-issued securities. The Nifty India Sovereign Green Bond Jan 2028 Index and Nifty India Sovereign Green Bond Jan 2033 Index will have a maturity date of January 31, 2028, and January 31, 2033, respectively.</p>
<p>The government proposes to deploy the proceeds from the green bonds in public sector projects, which will help reduce the economy’s carbon intensity. It listed nine sectors, including climate change, sustainable water and waste management, clean transportation, renewable energy, and pollution control, that would benefit from the funds raised through green bonds.</p>
<p>Market regulator Securities Exchange Board of India <a href="https://www.mercomindia.com/regulator-issues-disclosure-norms-green-debt-securities" target="_blank" rel="noopener">issued</a> a protocol for listing green debt securities after reviewing the regulatory framework in response to corporate interest in floating green bonds. The regulations also apply to ‘yellow bonds,’  which comprise funds raised for solar energy generation and the upstream and downstream industries associated with it.</p>


RBI to Raise ₹200 Billion in Sovereign Green Bonds in Second Half of 2024-25


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					</table><p>Chemical and pharmaceutical industries equipment manufacturer <a href="https://www.hleglascoat.com/" target="_blank" rel="noopener">HLE Glascoat</a> will procure power in a captive mode from 2.31 MW solar and 3.3 MW wind projects to be developed by Clean Max Enviro Energy Solutions (<a href="https://www.cleanmax.com/" target="_blank" rel="noopener">CleanMax</a>).</p>
<p>HLE Glascoat has acquired 26% equity shares of Clean Max Anchorage, amounting to 26,000 shares for ₹26,000 (~$308) at ₹10 (~$0.12) each.</p>
<p>The captive wind and solar projects will be set up in Gujarat, the company said in a BSE filing.</p>
<p>HLE Glascoat has been deploying renewable energy to reduce its carbon footprint.</p>
<p>The company has installed three wind projects with a cumulative installed capacity of 2.25 MW at Baradiya Gujarat and Madhya Pradesh. The company also has a solar power project in Maroli, Gujarat.</p>
<p>In its Annual Report 2024, HLE Glascoat said it had enhanced the utilization of renewable energy resources with dedicated cells monitoring the generation and utilization and reducing reliance on grid electricity. This initiative helped the company to achieve a 9.5% reduction in grid electricity consumption in the financial year 2023.</p>
<p>The company met 6.29% of its energy needs from renewable sources in 2023-24. The company used 7013.29 GJ of energy from renewable sources.</p>
<p>Technology company Google recently <a href="https://www.mercomindia.com/google-partners-with-cleanmax-adani-for-renewable-energy-supply" target="_blank" rel="noopener">partnered</a> with clean energy companies <a href="https://www.adani.com/" target="_blank" rel="noopener">Adani Group </a>and CleanMax to power its offices in India with renewable energy. Under the agreement, CleanMax will develop a 125.4 MW wind-solar hybrid project. The project comprises 66 MW of solar power in Rajasthan and 59.4 MW of wind power in Karnataka.</p>
<p>Digital infrastructure company Equinix recently <a href="https://www.mercomindia.com/cleanmax-to-supply-33-mw-of-renewable-energy-to-equinixs-data-centers-in-mumbai" target="_blank" rel="noopener">announced</a> it will procure power under a captive arrangement from 33 MW renewable energy projects to be set up by CleanMax to power its data centers in India. The two companies have signed a power purchase agreement for the projects.</p>


HLE Glascoat to Procure Power from CleanMax’s Wind and Solar Projects  


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					</table><p><a href="https://www.mercomindia.com/kirloskar-and-oriana-win-contracts-nvvn" target="_blank" rel="noopener">NTPC Vidyut Vyapar Nigam (NVVN) has awarded seven contracts to Kirloskar Solar Technologies to develop 32.29 MW ground-mounted and 14.74 MW rooftop solar</a> projects, with a total contract price of ₹2.08 billion (~$24.62 million). The projects will be set up in Chhattisgarh, Madhya Pradesh, Uttar Pradesh, Kerala, Gujarat, and Assam. NVVN also contracted Oriana Power to commission 10.61 MW of ground-mounted and 8.65 MW rooftop solar projects valued at ₹835.69 million (~$9.89 million) in Bihar, Jharkhand, and West Bengal.</p>
<p><a href="https://www.mercomindia.com/leading-rooftop-solar-installers-1h-2024" target="_blank" rel="noopener">Tata Power Solar, Roofsol Energy, Havells India, Kalpa Power, and Mahindra Solarize were the top rooftop solar installers in India during the first half of the calendar year </a>2024, according to Mercom’s recently released India Solar Market Leaderboard 1H 2024. The report provides details on the market share and competitive landscape of leading players in India’s solar supply chain. According to the Q2 2024 Mercom India Rooftop Solar Market Report, India added 1.1 GW of rooftop solar capacity in 1H 2024. The top 5 companies contributed to 46.9% of those installations.</p>
<p><a href="https://www.mercomindia.com/cerc-proposes-new-carbon-credit-certificates" target="_blank" rel="noopener">The Central Electricity Regulatory Commission (CERC) has released a draft notification outlining new regulations for purchasing and selling Carbon Credit Certificates (CCCs).</a> These proposed regulations, titled “Central Electricity Regulatory Commission (Terms and Conditions for Purchase and Sale of Carbon Credit Certificates) Regulations, 2024,” aim to establish a framework for trading CCCs on power exchanges accessible to both obligated and non-obligated entities. The draft regulations are expected to play a crucial role in India’s efforts to reduce greenhouse gas emissions and meet its climate commitments Stakeholders can provide feedback on the regulations. These regulations will apply to CCCs available for trading on power exchanges, including CCC contracts approved by the CERC that are in line with power market regulations.</p>
<p><a href="https://www.mercomindia.com/seci-supply-400-mw-india-made-solar-modules" target="_blank" rel="noopener">The Solar Energy Corporation of India has invited bids to manufacture, test, pack, forward, supply, and transport 400 MW of Domestic Content Requirement compliant</a> solar modules to a project site in Ramagiri, Andhra Pradesh. The delivery must start from October 2025. The last day to submit the bids is December 5, 2024. Bids will be opened on the same day. The total capacity is divided into four packages of 100 MW each. Bidders can submit for one or the entire capacity.</p>
<p><a href="https://www.mercomindia.com/cleanmax-to-supply-33-mw-of-renewable-energy-to-equinixs-data-centers-in-mumbai" target="_blank" rel="noopener">Digital infrastructure company Equinix will procure power under a captive arrangement from 33 MW renewable energy projects to be set up by CleanMax to power its data</a> centers in India. The captive power projects to be developed in Maharashtra comprise 26.4 MW of solar and 6.6 MW of wind power. After commissioning, the projects will supply renewable energy for Equinix’s International Business Exchange data centers in Mumbai. The two companies have signed a power purchase agreement (PPA) for the projects, which will be operational in phases in 2025. This is Equinix’s first PPA in India.</p>
<p><a href="https://www.mercomindia.com/torrent-power-revenue-q2-fy25" target="_blank" rel="noopener">Gujarat-based Torrent Power’s revenue from operations increased 3% year-over-year to ₹71.76 billion (~$850.1 million) in the second quarter of the financial year</a> 2024-25. The company’s Earnings Before Interest, Tax, Depreciation, and Amortization for the quarter remained stable at ₹13.32 billion (~$157.79 million). Quarterly Profit After Tax declined by 9% to ₹4.96 billion (~$58.75 million) due to reduced contributions from thermal generation, lower renewable energy contributions, and higher finance and depreciation costs. The company has an aggregate installed generation capacity of 4,580 MW comprising 2,730 MW of gas-based capacity, 1,488 MW of renewable capacity (921 MW wind + 567 MW solar), and 362 MW of coal-based capacity.</p>
<p><a href="https://www.mercomindia.com/ftc-solar-drop-q3-revenue" target="_blank" rel="noopener">U.S.-based solar tracker systems provider FTC Solar posted revenue of $10.14 million in the third quarter (Q3) of 2024, exceeding analyst expectations by $240,680. However, it</a> represented a 66.8% year-over-year (YoY) decrease compared to the same quarter in 2023. This decline was primarily due to lower product volumes. The drop in product (solar trackers) revenue YoY in Q3 was primarily due to a decrease of 82% in the amount of MW produced, adversely impacted by customer project delays. This was partially offset by an increase in the average selling price during the quarter, which resulted in better pricing and project mix changes compared to Q3 2023.</p>
<p><a href="https://www.mercomindia.com/shoals-revenue-project-delays-and-supply-chain-issues" target="_blank" rel="noopener">U.S.-headquartered Shoals Technologies Group, a manufacturer of electrical balance of systems (EBOS) for solar, energy storage and emobility, reported a 23.9% year-over-year</a> (YoY) dip in revenue to $102.2 million during the third quarter (Q3) of 2024, primarily due to project delays and supply chain issues. Shoals reported a net loss of $300,000, an improvement from the $9.8 million net loss in Q3 2023, while adjusted net income was $13.9 million, down 58.2% YoY. Adjusted EBITDA was $24.5 million, down 48.9% from the previous year, with a margin of 24%, down from 35.8% in Q3 2023. As of September 30, 2024, the company’s backlog and awarded orders totalled $596.6 million, a decrease of 5.8% YoY. About $455.2 million worth of orders is expected to be fulfilled over the next four quarters.</p>
<p><a href="https://www.mercomindia.com/dubais-250-mw-project-to-begin-trials-in-q1-2025" target="_blank" rel="noopener">Dubai Electricity and Water Authority (DEWA) has announced that its 250 MW pumped hydropower storage project in Hatta will begin trial operations in the first quarter of</a> 2025. The AED1.421 billion (~$387 million) project is claimed to be the first project of its kind in the Arabian Gulf region. Construction of the project is now over 94% complete. The project will have a storage capacity of 1,500 MWh. It employs a 72-meter-high main wall and a 37-meter-high side dam. The upper reservoir is now fully filled in preparation for testing. By harnessing the potential energy of water stored at an elevated location, the hydroelectric project converts water flow into kinetic energy as it moves through a 1.2-kilometer subterranean tunnel. This energy then powers turbines to generate electricity, which can be delivered to DEWA’s grid within 90 seconds to satisfy peak demand.</p>
<p><a href="https://www.mercomindia.com/uaes-masdar-signs-wind-project-in-kazakhstan" target="_blank" rel="noopener">UAE-based renewable energy company Masdar has signed an investment agreement with its partners to develop a 1 GW wind energy project in Kazakhstan’s Jambyl region.</a> The project will include a 600 MWh Battery Energy Storage System. Construction is scheduled to begin by early 2026. The investment agreement was signed between W Solar, Qazaq Green Power—a subsidiary of Kazakhstan’s sovereign wealth fund Samruk-Kazyna—and the Kazakhstan Investment Development Fund on the sidelines of the ongoing COP29 in Baku, Azerbaijan. The project, for which the first agreement was signed in January 2023, is expected to power around 300,000 homes and offset about 2 million tons of carbon emissions annually.</p>


Daily News Wrap-Up: NVVN Awards 66 MW Solar Projects to Two Companies


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					</table><p>Gujarat-based <a href="https://www.torrentpower.com/" target="_blank" rel="noopener">Torrent Power</a>’s revenue from operations increased 3% year-over-year (YoY) to ₹71.76 billion (~$850.1 million) in the second quarter (Q2) of the financial year (FY) 2024-25.</p>
<p>The company’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for the quarter remained stable at ₹13.32 billion (~$157.79 million).</p>
<p>Quarterly Profit After Tax (PAT) declined by 9% to ₹4.96 billion (~$58.75 million) due to reduced contributions from thermal generation, lower renewable energy contributions, and higher finance and depreciation costs.</p>
<p>The company has an aggregate installed generation capacity of 4,580 MW comprising 2,730 MW of gas-based capacity, 1,488 MW of renewable capacity (921 MW wind + 567 MW solar), and 362 MW of coal-based capacity.</p>
<p>Further, renewable projects of 2,979 MW are in the pipeline. Total generation capacity, including projects under development, is 7,559 MW (2,172 MW solar + 2,295 MW wind).</p>
<p>During the quarter, the company’s solar plant load factor (PLF) declined to 13.4% from 14.8%, and wind PLF also decreased to 32.3% from 36.7%.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/torrent-Q2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72704 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/torrent-Q2.png" alt="torrent Q2" width="752" height="383" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/torrent-Q2.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/torrent-Q2-300x153.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/torrent-Q2-650x331.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/torrent-Q2-624x318.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/torrent-Q2-600x306.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></a></p>
<p><strong>First half (1H) FY25</strong></p>
<p>Revenue from operations for the period grew 13% YoY, reaching ₹162.1 billion (~$1.92 billion).</p>
<p>EBITDA increased by 26% to ₹32.66 billion (~$386.93 million), due to operational efficiencies and expansion in the renewables segment.</p>
<p>PAT for the period was ₹14.92 billion (~$176.76 million), a 39% YoY increase.</p>
<p>The company’s solar PLF declined to 15.9% from 17.8%, and wind PLF also decreased to 30.4% from 33.9%.</p>
<p>The company distributes nearly 30 billion units to over 4.13 million customers in Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera Special Investment  Region in Gujarat, Union Territory of Dadra and Nagar Haveli and Daman and Diu; Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.</p>
<p>Torrent Power‘s net profit for the first quarter of FY25 <a href="https://www.mercomindia.com/torrent-powers-profit-grows-fy-2025/" target="_blank" rel="noopener">stood</a> at ₹9.96 billion ($118.9 million), an 87% YoY rise from ₹5.32 billion ($63.5 million).</p>
<p>In September, Torrent Power <a href="https://www.mercomindia.com/torrent-bags-pumped-hydro-storage-project-from-maharashtra/" target="_blank" rel="noopener">received</a> a letter of intent from the Maharashtra State Electricity Distribution Company (MSEDCL) to procure 1,500 MW/12,000 MWh energy storage capacity from a pumped hydro storage project.</p>


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