The Appellate Tribunal for Electricity has reprimanded the Maharashtra Electricity Regulatory Commission (MERC) for failing to conduct a thorough, case-specific examination of a petitioner’s grievances and provide clear reasoning when applying precedents. The case relates to a petition filed by engineering firm Ghatge Patil Industries, which had approached MERC seeking an extension of the banking period to carry forward the unused power for future adjustments. It had also sought the issuance of generation credit notes for billing adjustments, a waiver of fixed demand charges during the COVID-19 lockdown, and flexibility to adjust its contract demand with Maharashtra State Electricity Distribution Company.

NTPC has floated a tender to procure 1,200 MW of firm and dispatchable power from interstate transmission system (ISTS)-connected renewable energy projects. The last date for submission of bids is December 3, 2024. The tender aims to procure round-the-clock renewable power with assured peak supply to meet the requirements of distribution companies and other procurers. The tender has specified a minimum bid capacity of 50 MW, with a maximum allocation of 600 MW to a single bidder.

NHPC Renewable Energy, a subsidiary of NHPC, has invited bids to select channel partners to install grid-connected rooftop solar systems under PM Surya Ghar: Muft Bijli Yojna in Sikkim, Nagaland, and Manipur. The contract period will be until March 31, 2027. The last day to submit the bids is November 30, 2024. Bids will be opened on December 5.

NTPC Green Energy has received approval from the Securities and Exchange Board of India (SEBI) to float its initial public offering (IPO) of equity shares. The company filed the draft IPO papers with SEBI on September 20, 2024. The IPO will comprise a fresh issue of up to 10,000 equity shares of face value of ₹10 (~$0.12) each aggregating up to ₹100 billion (~$1.18 billion). There is no offer for sale in this IPO.

The Jaipur Vidyut Vitran Nigam has invited bids to develop 207.02 MW of grid-connected solar power projects under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan program for agricultural feeder solarization. The estimated project cost is ₹35 million (~$416,277)/MW. The last day to submit the bids is December 2, 2024. Bids will be opened on December 4. Projects must be commissioned within 24 months of signing the 25-year power purchase agreement. The selected renewable power generators will be required to supply contracted capacity with a minimum of 90% availability during peak hours.

Reliance New Energy (RNEL), a wholly owned subsidiary of Reliance Industries, has fully acquired Faradion, a UK-based sodium-ion battery technology company, by acquiring the remaining 7.99% equity shares. Previously, RNEL held a 92.01% equity stake in Faradion following the signing of a definitive agreement to acquire a 100% shareholding in the UK company for an enterprise value of £100 million (~$129.84 million) in 2021. The company also agreed to invest £25 million (~$32.46 million) as growth capital to accelerate the commercial rollout of its products

Solar energy solutions provider Gensol Engineering reported a consolidated revenue of ₹34.7 billion (~$416 million), a 14% year-over-year (YoY) increase from ₹30.5 billion (~$366 million) during the second quarter (Q2) of the financial year (FY) 2025. Strong solar EPC and electric mobility business performance boosted revenue for the quarter. The company’s earnings Before Interest, Taxes, Depreciation, and Amortization was ₹10.7 billion (~$128 million), a 128% YoY surge from ₹4.7 billion (~$56 million). The net profit or profit after tax rose to ₹2.3 billion (~$27 million), a 29% YoY increase.

Wind solutions provider Suzlon Energy’s net profit jumped year-over-year 97.05% to ₹2.01 billion (~$23.90 million) in the second quarter (Q2) of the financial year 2024-25 from ₹1.02 billion (~$12.13 million). The company’s revenue rose 48.42% to ₹21.21 billion (~$252.26 million) in Q2 from ₹14.29 billion (~$169.96 million) in the same period last year. Suzlon’s earnings before interest, taxes, depreciation, and amortization also rose 30.66% to ₹2.94 billion (~$34.96 million) from ₹2.25 billion (~$26.76 million).

Wind energy solutions provider Inox Wind reported a profit of ₹900 million (~$10.7 million) in the second quarter (Q2) of the financial year (FY) 2024-25, up from a loss of ₹270 million (~$3.21 million) in Q2 FY24. The company saw the most robust Q2 financial performance in eight years. The company’s revenue grew 93% year-over-year (YoY) to ₹7.42 billion (~$88.24 million) in Q2 FY25 from ₹3.84 billion (~$45.66 million). The company’s earnings before interest, taxes, depreciation, and amortization also rose 171% YoY to ₹1.89 billion (~$22.47 million) in Q2 FY25 from ₹700 million (~$8.32 million). The company’s wind installations increased by 82% YoY to 140 MW in Q2 FY25 from 77 MW.