Juniper Green Energy, ACME Solar Holdings, and Sembcorp Green Infra have won Solar Energy Corporation of India’s (SECI) auction to develop 600 MW interstate transmission system (ISTS)-connected wind-solar hybrid power projects (Tranche IX). ACME and Juniper were awarded 300 MW and 150 MW at a tariff of ₹3.25 (~$0.0387)/kWh. Sembcorp won 150 MW out of the quoted capacity of 300 MW at a tariff of ₹3.26 (~$0.0388)/kWh under the bucket-filling method. The tender was floated in June this year for an initial capacity of 400 MW and was later increased to 600 MW. Hybrid power projects must comprise one solar and one wind power component. The rated installed project capacity of either of the two components should be at least 33% of the contracted capacity.

Prashant Kumar Singh, an IAS officer of the 1993 batch belonging to the Manipur cadre, has taken over as the new Secretary in the Ministry of New and Renewable Energy (MNRE). Singh was previously the Director and CEO of Government e-Marketplace, a special purpose vehicle under the Ministry of Commerce and Industry. Over the last few weeks, he served as the Officer on Special Duty in MNRE before taking up charge as Secretary. He replaces Bhupinder Singh Bhalla, who ended his tenure on September 30, 2024, having served for about two years in the position.

The Karnataka Electricity Regulatory Commission (KERC) has issued draft regulations to balance power generation and consumption and minimize deviations from scheduled generation and consumption patterns. As per the draft Karnataka Electricity Regulatory Commission (Intra-state Deviation Settlement Mechanism and Related Matters) Regulations for 2024, the tariff under the Availability-Based Tariff (ABT) and deviation settlement mechanism will have three components: the fixed/capacity charge, the energy/variable charge, and the deviation charges. The intra-state ABT will apply to all grid-connected entities engaged in purchasing and selling electricity, such as generating companies and captive generating projects, including conventional and renewable energy projects.

Electric vehicle (EV) logistics mobility platform Zevo has raised $2 million in a pre-series A funding round. Pegasus India Fund, BizDateUp, JIIF, and a family office led the funding. Zevo plans to use the funds to deploy 5,000 EVs and develop fulfillment centers across critical locations. It also aims to upgrade its technological infrastructure to optimize logistics and supply chain management. The company also plans to expand to new cities and strengthen its presence in tier 2 and tier 3 cities. It is also in talks to raise $20 million by January 2025. With the future investment, the company aims to have 200,000 EVs on the roads by 2030. Zevo is an EV supply chain-as-a-service platform that enables end-to-end supply chain solutions, including first-mile procurement, last-mile delivery, temperature-controlled refrigerated delivery, forward and reverse logistics, and agricultural supply chain electrification.

Public finance company REC’s renewable energy loan disbursements rose 92.68% in the first half (1H) of the financial year (FY) 2024-25 and 37.35% in the second quarter (Q2). The company approved ₹112.97 billion (~$1.34 billion) in loans in 1H, a 92.68% rise in loans disbursed for renewable energy projects from ₹58.63 billion (~$698.37 million) loans in the corresponding period last year. The company saw a 37.35% year-over-year (YoY) increase in renewable energy loans, with ₹59.46 billion (~$708.25 million) approved in Q2, up from ₹43.29 billion (~$515.64 million). Total loans disbursed went up 20.10% YoY to ₹909.55 billion (~$10.83 billion) in 1H FY 2025, from ₹757.31 billion (~$9.02 billion).