NHPC, SJVN Green Energy, and NTPC Renewable Energy won Gujarat Urja Vikas Nigam’s auction to supply power from 600 MW of grid-connected solar power projects (Phase XVII) at the Khavda Solar Park in Gujarat. The developers can avail of a greenshoe option of an additional 600 MW. NHPC won 200 MW by quoting ₹2.73 (~0.033)/kWh. SJVN Green Energy won 200 MW at ₹2.88 (~$0.035))/kWh. NTPC Renewable Energy won 200 MW out of the quoted capacity of 400 MW under the bucket-filling method by quoting ₹2.89 (~$0.035)/kWh.

India generated approximately 29 billion units (BU) of solar power in Q1 of the calendar year 2023, a 31% YoY increase. The country’s solar energy generation has steadily increased over the years, reflecting the rise in installations. India produced about 95.2 BU of solar power in 2022, up 38% YoY from the 68.8 BU generated in 2021. Solar accounted for 59% of the total renewable generation and 7% of the total power generation during the quarter.

The Ministry of New and Renewable Energy has warned solar developers that time extensions granted to solar and wind-solar hybrid projects in the wake of COVID-19 and basic customs duty imposition are not blanket extensions but are subject to case-by-case approval after examination of specific circumstances and supporting documents. The move comes weeks after the government, in an unprecedented decision, directed public sector units to blacklist renewable energy developers that fail to complete projects on time.

Power Grid Corporation of India has invited bids to set up a transmission line package for the pooling station associated with the transmission program for the solar energy zone (2,500 MW) in Bidar, Karnataka. The project will be developed on a build, own, operate, and transfer basis. The last date to submit the bids is May 15, 2023. Bids will be opened on May 17. This tender is open to all firms, including private companies, government-owned enterprises registered and incorporated in India.

The Kerala government’s Agency for New and Renewable Energy Research and Technology has invited bids for 1.25 MW of rooftop solar projects at 18 locations in Thiruvananthapuram. The scope of the work includes the design, supply, engineering, erection, testing, and commissioning of grid-connected rooftop solar power projects, along with ten years of operation and maintenance. The projects will be installed under the Solar City project funded by Smart City Thiruvananthapuram. The last day to submit the bids is May 10, 2023. The bids will be opened the next day.

The Asian Development Bank (ADB) has announced a new financing program for the Asia Pacific, which will significantly help the region accelerate actions required to combat climate change. The program – Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP) will initially include Denmark, Japan, South Korea, Sweden, the United Kingdom, and the United States as partner nations. IF-CAP financing will contribute to ADB’s ambition for $100 billion from its resources for combating climate change for 2019–2030.

There is a positive momentum towards sustainability in supply chain finance as more banks are utilizing Environmental, Sustainable, and Governance (ESG) rating services in trade finance transactions, finds UK-based finance platform Demica. However, the survey said banks based in India were less likely to prioritize ESG in the near future, with only 20% stating that it was expected to be a significant area of focus. There was near-unanimous agreement among respondents based in Australia, Singapore, Thailand, and Taiwan that ESG prioritization would be a key focus over the next 12 months.