Solar energy solutions provider Prozeal Green Energy has won Solar Energy Corporation of India’s (SECI) tender for the design, engineering, supply, construction, erection, testing, commissioning, and operation and maintenance of a 25 MW solar PV project with an integrated Battery Energy Storage System in Taru, Leh. The awarded project encompasses a 25 MW (AC) solar project with 50 MWp peak capacity and a 20 MW/50 MWh BESS. Prozeal Green Energy’s winning bid totals ₹3.13 billion (~$37.2 million). The tender for the project was issued in April this year.

The Maharashtra Electricity Regulatory Commission (MERC) has given the green light for Maharashtra State Electricity Distribution Company (MSEDCL) to procure 1,468 MW of Firm and Dispatchable Renewable Energy from SJVN at a tariff of ₹4.45 (~$0.0529) and ₹4.46 (~$0.0530)/kWh. The procurement will help MSEDCL meet its Renewable Purchase Obligation requirements. The contracts will be for 25 years. MSEDCL sought approval for its renewable energy procurement strategy from SJVN’s grid-connected renewable energy power projects with energy storage systems.

Jaipur-based solar module manufacturer Insolation Energy has announced plans to raise ₹4.02 billion (~$47.8 million) through a preferential allotment of 1.22 million equity shares to non-promoter entities. The shares will be issued at a price of ₹3,287 (~$39.12) per share, including a premium of ₹3,277 (~$39). The preferential allotment will be made to 117 non-promoter entities, diversifying the company’s investor base. The move is subject to shareholder approval, which will be sought at an Extraordinary General Meeting scheduled for November 13, 2024. Among the largest allottees are Brightview Management Consultancy (1,36,900 shares), NAV Capital VCC-Nav Capital Emerging Star Fund (1,35,000 shares), and Bengal Finance & Investment (1,21,600 shares).

Independent power producer AMPIN Energy Transition has announced the financial closure for its 200 MW wind-solar hybrid project in Rajasthan, with the final step achieved through a green loan of ₹7.42 billion (~$88.27 million) from Standard Chartered. The total investment for this project is ₹9.44 billion (~$112.3 million). The hybrid project is expected to generate approximately 435 million units of renewable electricity annually. This clean energy output will power an estimated 74,486 households. The project was awarded under Solar Energy Corporation of India’s (SECI) Tranche-V wind-solar hybrid auction. The power generated will be sold to the SECI under a 25-year power purchase agreement.

Roofsol Energy, a Maharashtra-based rooftop solar EPC services provider, has raised ₹255 million (~$3.03 million) in its inaugural round of equity funding. The funds were raised through private placements from high net-worth individuals led by fund manager Equity4life IH Analytics. Roofsol Energy plans to utilize the funds to accelerate the development of OPEX business for developing solar assets in subsidiary companies.

Multi-business conglomerate Adani Enterprises has completed a Qualified Institutional Placement (QIP) of equity shares, each with a face value of ₹1 (~$0.012), raising around ₹42 billion (~$500 million). A total of 14,179,608 equity shares were issued at a price of ₹2,962 (~$35) per share through the QIP. The offering generated strong interest, receiving bids of around 4.2 times the deal size from diverse investors, including global long-only investors, Indian mutual funds, and insurance companies. Proceeds from the QIP will be used to fund capital expenditures, repay debt, and support general corporate purposes. SBI Capital Markets, Jefferies India, and ICICI Securities were the book-running lead managers for the issue.

Germany’s latest innovation tender for 583 MW of renewable energy projects was oversubscribed by 218%, with bids totaling 1,856 MW, according to data released by the federal network agency Bundesnetzagentur. Of the 154 bids submitted, 50 were awarded contracts for a combined 587 MW of solar plus storage projects. The bids quoted in the auction ranged from €0.0674 (~$0.072)/kWh to €0.0745 (~$0.080)/kWh, which were below the ceiling tariff of €0.0918 (~$0.098)/kWh. The volume-weighted average tariff awarded was €0.0709 (~$0.076)/kWh, which is €0.0124 (~$0.013)/kWh lower than the average of €0.0833 (~$0.089)/kWh in the previous auction.