Hexa Climate Solutions, ACME Solar Holdings, and Avaada Energy are winners in NTPC’s auction to supply 1,200 MW of firm and dispatchable power with assured peak power supply from interstate transmission system-connected renewable energy projects. Hexa Climate won 300 MW at a tariff of ₹4.69 (~$0.0556)/kWh. ACME Solar quoted ₹4.70 (~$0.0557)/kWh to win 400 MW. Avaada won 60 MW out of the quoted capacity of 250 MW at ₹4.70 (~$0.0557)/kWh under the bucket-filling method. The tender was issued in June this year.

In the third quarter (Q3) of the calendar year 2024, solar power generation in India was approximately 32 billion units, up 17.9% year-over-year. The country’s solar energy generation has steadily increased over the years, along with capacity additions. In the first half (1H) of the calendar year 2024, solar projects totaling 14.9 GW were added in India, an increase of over 282% compared to 1H 2023, according to Mercom’s Q2 2024 India Solar Market Update report. The installations topped all previous half-yearly and annual installations.

Haryana Renewable Energy Development Agency has awarded contracts to supply, install, and commission 17,458 solar water pumping systems under Component B of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan Program. Companies that received contracts for more than 1,000 pumps each were Shakti Pumps (3,174), AVI Appliances (2,811), Oswal Pumps (2,539), Ethos Power (1,808), Rotomag Motors and Controls  (1,573), Ecozen Solutions (1,169), and Alpex Solar (1,141).

The Central Electricity Authority (CEA) has responded to the Central Electricity Regulatory Commission’s draft (CERC) order, which addresses concerns related to price discovery mechanisms, market liquidity, and contract structuring in the power exchanges. The CEA provided feedback, especially on segments like Term Ahead Market, Day Ahead Contingency, and Intraday contracts. CERC’s draft order proposes withdrawing intraday contracts from all power exchanges due to their low liquidity and the presence of the real-time market as an alternative.

Convergence Energy Services an energy solutions provider and a wholly-owned subsidiary of Energy Efficiency Services, has invited bids for the procurement and supply of 1,800 cargo electric cycles  across four states over three years. The last date to submit bids is November 26, 2024. Bids will be opened on the same day. Bidders must pay an earnest money deposit of ₹225,000 (~$2,668.39) for Lot I, ₹315,000 (~$3,735.74) for Lot II, and ₹196,000 (~$2,324.46) for Lot III. Bidders must pay a bidding document fee ₹25,000 (~$296.488). The e-cycles to be supplied under Lot I and III are 500 each, while 800 e-cycles will have to be supplied under Lot II.

Rajasthan Renewable Energy Corporation has invited bids to empanel developers to commission 282 MW of grid-connected rooftop solar projects on government buildings in the state. The project must be commissioned within 12 months of receiving the letter of award. The installers must also oversee the projects’ operation and maintenance for 25 years. The last day to submit the bids is November 26, 2024. Bids will be opened on the next day. Bidders must furnish an earnest money deposit (EMD) of ₹870,000 (~$10,311)/MW of quoted capacity. Small-scale industries of Rajasthan can furnish an EMD of ₹217,500 (~$2,577)/MW.

Natural gas company Mahanagar Gas will invest ₹2.3 billion (~$27.2 million) in IBC India to establish a gigafactory in Bengaluru to manufacture prismatic NMC Li-ion cells, which have extensive applications across the mobility and battery storage sectors. This partnership aims to strengthen India’s battery production landscape and support the transition to sustainable energy solutions. MGL signed a share subscription agreement and a shareholding agreement with the International Battery Company to form a joint venture company. International Battery Company India will establish the joint venture.

The Karnataka Electricity Regulatory Commission (KERC) has proposed new renewable energy targets for the state, aiming to reach 43.33% of total energy consumption from renewable sources by 2029-30. In a draft notification, KERC outlined a progressive increase in renewable purchase obligation targets for distribution licensees, captive consumers, and open access consumers. The draft is open for stakeholder comments until November 27, 2024. The proposal sets a starting target of 29.91% for 2024-25, with specific sub-targets for wind, hydro, distributed, and other renewable energy sources.

Solar energy company ACME Solar Holdings’ ₹29 billion (~$344.85 million) initial public offering (IPO) received tepid interest from investors. At the end of the bidding window on November 8, 2024, the issue was oversubscribed 2.75 times. The price band was set at ₹275-289 (~$3.27-3.43) per equity share with a face value of ₹2 (~$0.023). The IPO saw bids for 160 million shares, exceeding the 58.20 million shares on offer. Qualified institutional buyers led the demand, with a subscription rate of 3.54, followed by retail investors at 3.10 times and employees at 1.59. The non-institutional investors’ portion was subscribed to just 0.97 times.

Battery manufacturer Amara Raja Energy & Mobility has recorded a revenue of ₹32.51 billion (~$385.32 million) in the second quarter (Q2) of the financial year (FY) 2025, up 9.8% year-over-year (YoY) from ₹29.6 billion (~$350.83 million). The earnings before interest, taxes, depreciation, and amortization grew by 1.7% YoY to ₹4.33 billion (~$51.32 million). The company posted a net profit of ₹2.36 billion (~$27.97 million) in Q2 FY25, a decrease of 1.2% over the same period last year. “The revenue and profit numbers showcase our consistent performance across verticals.