The Ministry of New and Renewable Energy has expanded the Approved List of Models and Manufacturers (ALMM) by adding 2,084 MW of new solar module capacity. The cumulative module manufacturing capacity under ALMM now stands at 56,520 MW. Junna Solar System, Sun N Sand Exim, and Powertrac Solar Projects were the new entrants to the ALMM, accounting for 94 MW, 69 MW, and 47 MW, respectively. Waaree Energies, RenewSys India, and Goldi Solar increased their enlisted capacity by 1,144 MW, 495 MW, and 235 MW, respectively. Sunbond Energy, which has an enlisted capacity of 60 MW, was included in the provisional ALMM list with an applied capacity of 290 MW.

REC Limited, a state-owned infrastructure finance company, has raised $500 million through 5-year green bonds as part of its $10 billion Global Medium-Term Program. The funds will be used to finance eligible green projects per REC’s Green Finance Framework, the Green Bond principles of the Climate Bonds Initiative, London, and RBI’s ECB Guidelines, with a second-party opinion from Sustainable Fitch. The five-year note has a semi-annual coupon rate of 4.75% per annum and matures on September 27, 2029. It is the first US dollar bond issuance from an Indian public sector undertaking in 2024.

Telangana-based solar project developer ILIOS Power has won an engineering, procurement, and construction contract from HPCL Renewable & Green Energy for a 100 MW solar power project at Galiveedu, Annamayya district, Andhra Pradesh. The tender was floated by Hindustan Petroleum Corporation in May this year. Spanning approximately 500 acres within the Galiveedu Solar Park, the project will be executed on a lump-sum turnkey/EPC basis at a fixed price. The contract also includes operations and maintenance for five years, with the possibility of an extension for an additional five years.

NHPC has signed a joint venture agreement with Andhra Pradesh Power Generation Corporation (APGENCO) to implement pumped hydro storage (PSP) projects and renewable energy initiatives. In the first phase, two pumped storage projects – Yaganti PSP (1,000 MW) and Rajupalem PSP (800 MW) have been identified for implementation. The agreement follows a memorandum of understanding signed between NHPC and APGENCO last year. The joint venture company will execute the renewable energy projects in phases.  The joint venture company will be incorporated with an initial paid-up capital to be subscribed in a 50:50 ratio by NHPC and APGENCO.

REC Power Development and Consultancy, a wholly owned subsidiary of REC Limited, has issued a request for proposal to establish an inter-state transmission system (ISTS) for the evacuation of 4 GW of power from the Renewable Energy Zone Phase V (Sirohi-Nagaur Complex) in Rajasthan. The last date to submit the bids is November 29, 2024.

Solarworld Energy Solutions has filed draft papers with the Securities and Exchange Board of India to raise ₹6 billion (~$71.6 million) through an Initial Public Offering (IPO). The IPO includes a fresh equity issuance of ₹5.5 billion (~$65.6 million) worth of shares and an offer-for-sale of ₹500 million (~$5.9 million) by its promoter, Pioneer Facor IT Infradevelopers. The promoters currently hold 82.15% of the equity stake in the company, while public investors such as Value Quest Scale Fund own the remaining 17.85%. The Uttar Pradesh-based company, which specializes in engineering, procurement, and construction services for solar power projects, may raise an additional ₹1.1 billion (~$13.1 million) through a preferential allotment or other methods before submitting its Red Herring Prospectus to the Registrar of Companies.

HPCL Renewable and Green Energy, a subsidiary of Hindustan Petroleum Corporation, has invited bids for the engineering, procurement, and construction packages of three floating solar projects. The projects are: 9 MW floating solar project in Jaisalmer, Rajasthan. 14 MW floating solar project in Balotra, Rajasthan. 2 MW floating solar project in Visakhapatnam, Andhra Pradesh. Selected developers must undertake the projects’ operation and maintenance for ten years. The last day to submit the bids is October 15, 2024.

Mysore-based electronics manufacturer Kaynes Technology has acquired 100% of smart meter company Iskraemeco India, previously held by Iskraemeco Switzerland and Iskraemeco Merjenje, for ₹430 million (~$5.13 million). Iskraemeco India is engaged in supplying, installing, operating, and maintaining smart meters. The company’s total turnover in 2024 is ₹654.2 million (~$7.81 million). Kaynes Technology said in a regulatory filing that the acquisition will increase the company’s product line and service offerings.