Favorable geography and climate combined with a proactive government catapulted Gujarat to the top position among states for open access solar in the second quarter of 2023. Consumers, especially those in the C&I segment, are happy with the savings on their power bills, thanks to open access solar. Gujarat has just notified the Renewable Energy Policy 2023 to develop 100 GW of renewable energy capacity by 2030. This is expected to enhance further Gujarat’s reputation as one of the leading states for renewable energy generation. Gujarat has also formulated one of the best hybrid energy policies in India.

Government-owned power transmission utility Power Grid Corporation of India has received approval from its Board of Directors to raise unsecured, non-convertible, non-cumulative, redeemable, and taxable bonds for ₹22.5 billion (~$270.3 million) through private placement. The bonds will come with a base issue size of ₹5 billion (~$60 million) and a green shoe option of ₹17.5 billion (~$210.3 million). They are redeemable at par in 10 equal installments, with interest payments yearly. The proceeds will be used to part finance the company’s CAPEX requirements, to provide inter-corporate loans to its wholly owned subsidiaries and joint ventures, and for general corporate purposes.

The Central Electricity Regulatory Commission has given the green light for a tariff of ₹3.26 (~$0.03)/kWh for a 15 MW grid-connected floating solar project linked to the Bhakra Beas Management Board (BBMB) interstate transmission system. BBMB and SJVN Green Energy, a subsidiary of SJVN, have inked a power purchase agreement to allocate power to BBMB’s partner states and nominated entities. BBMB had submitted a petition under Section 63 of the Electricity Act, 2003, seeking tariff approval for their floating solar project connected to its ISTS network.

Chennai Metro Rail has invited bids to commission 3 MW of rooftop solar projects on elevated structures in parking and open spaces at Chennai Metro’s Phase 1 and its extension stations under the Renewable Energy Service Company model. The project should be completed within 18 months of receiving the work order. Selected bidders must also oversee the projects’ operation and maintenance for 25 years. The project’s estimated cost is ₹200 million (~$2.4 million). The last day to submit bids is November 6, 2023. Bids will be opened the next day.

Raptee, an electric motorcycle startup, secured $3 million in its Pre-Series A funding round led by Bluehill Capital, a deep-tech venture capital firm. Notable industry figures, including Eugene Mayne, Founder and CEO of Tristar Global; Lakshmi Narayanan, Former CEO of Cognizant; Ramesh Kannan, Managing Director at Kaynes Technology; and Chandu Nair, Director at Shankara Building Products, along with other high-net-worth individuals from India and the UAE, also participated in this all-equity funding round. The funds raised will be invested in expanding the company’s manufacturing facility, acquiring machinery and tooling for the upcoming motorcycle launch, and growing the workforce.

Solaria, a U.S.-headquartered solar equipment manufacturer and installer, has secured €1.7 billion (~$1.8 billion) in financing from the European Investment Bank through the InvestEU program. The financing will support the development of approximately 120 solar photovoltaic power projects, primarily in Spain, Italy, and Portugal, with a combined installed capacity of 5.6 GW. Solaria’s project is underpinned by the InvestEU program, a financial initiative to catalyze additional investments totaling more than €372 billion (~$394.3 billion) from 2021 to 2027.

The Fraunhofer Institute for Solar Energy Research ISE and NOW-Institute AMOLF have developed a multijunction solar cell with an efficiency of 36.1%, beating previous records for silicon-based solar cells. Silicon-based solar cells have long been a mainstay of the renewable energy landscape, but they usually face a fundamental efficiency limit of 29.4%. To surmount this limitation, the researchers turned to the concept of multijunction solar cells. In these cells, multiple layers of light-absorbing materials are stacked on top of each other, allowing each layer to efficiently capture specific segments of the sunlight’s color spectrum.

Blended finance is set to play a crucial role in bolstering India’s transition to clean energy by its capacity to attract greater private investment into impactful climate initiatives, according to a report by the International Finance Corporation (IFC). Blended finance involves the integration of concessional funds from sources like governments or philanthropic organizations with funds from development finance institutions such as the IFC. This strategy has the potential to mobilize private sector investments for projects with substantial development impact.