The Ministry of New and Renewable Energy has clarified that residential rooftop solar installations with battery storage are also eligible for Central Financial Assistance under the PM Surya Ghar: Muft Bijli Yojana. The ministry reiterated the operational guidelines notified in June 2024, which said rooftop solar installations include additional technology components such as small wind hybrids, battery storage, and solar tracker systems. It said hybrid inverters could also be installed per provisions issued by the State Electricity Regulatory Commissions for rooftop solar projects under the program. Further, the ministry also pointed out that consumers are not mandated to provide photographs of the projects in the presence of the consumer. Only geotagged photographs of the projects should be uploaded on the national portal.

The Central Electricity Authority has approved two new Pumped Hydro Storage Projects (PSPs) in Maharashtra with a total capacity of 2,500 MW. The two projects are the 1,500 MW Bhavali PSP developed by JSW Energy and the 1,000 MW Bhivpuri PSP by Tata Power. Both projects are expected to be operational by 2028 and provide over 15 GWh of energy storage capacity. The move aligns with the growing need for reliable storage solutions in an evolving energy landscape. These approvals were secured with the support of the Central Water Commission, the Geological Survey of India, and the Central Soil and Materials Research Station. The concurrence for both projects was completed within ten days of receiving the finalized Detailed Project Reports through the CEA’s new portal. This development will contribute significantly to grid stability by addressing peak demand during non-solar hours and facilitating faster integration of renewable energy sources.

NHPC has invited bids for setting up 1.2 GW Inter-State Transmission System connected solar power projects with a 600 MW/12,000 MWh energy storage system and an additional greenshoe option up to 1.2 GW. The last date to submit bids is October 18, 2024. Bids will be opened on October 21. The project should be completed within 24-30 months from signing the power purchase agreement. The solar projects will be implemented on a build-own-operate basis. Bidders must pay a processing fee ranging from ₹300,000 (~$3,593.73) to ₹3 million (~$35,937) for capacities between 50 MW and 500 MW. They must furnish a bid security of ₹942,000 (~$11,284.3) x rated cumulative installed capacity of solar component (MW) + ₹682,000 (~$8,169.75) x rated cumulative installed capacity of the ESS component (MW), subject to a maximum of ₹100 million (~$1.9 million).

Inox Wind Energy has signed an agreement with a consortium of banks led by ICICI Bank for a financing facility of ₹22 billion (~$263.54 million). The consortium comprises ten banks and several marquee private and foreign banks. The limit will likely be enhanced to ~₹24 billion (~$287.49 million) per the ICICI Bank’s working capital assessment. The limits extended are largely non-fund-based bank guarantees and letters of credit. The limits have been sanctioned based on the financial strength of Inox Wind’s balance sheet without the requirement of any corporate guarantees or any other support from the parent company, Gujarat Fluorochemicals. With this arrangement, any prior corporate guarantees or other such support extended to Inox Wind by GFL stands vacated/to be vacated soon. Recently, IGREL Renewables, a renewable power generation platform of the INOXGFL Group, raised ₹3 billion (~$35.8 million) in equity capital from prominent investors. The capital infusion was intended to support IGREL Renewables’ expansion of its renewable energy portfolio.

India and the U.S. are working to unlock $1 billion in multilateral finance through the International Bank for Reconstruction and Development to support supply-side manufacturing capacity focusing on solar, wind, battery, energy grid systems, high-efficiency air conditioners, and ceiling fan supply chains. In a joint statement issued by the two countries during Prime Minister Narendra Modi’s visit to the U.S., the countries unveiled a roadmap to build safe and secure global clean energy supply chains and expand bilateral technical, financial, and policy support to expand complementary capacities for clean energy technologies. The U.S. and Indian governments also pledged to work with industry leaders to identify near-term investment opportunities to expand manufacturing capacity for specific clean energy supply chain segments with a focus on the following.

Zelestra, a global multi-technology company, has closed a financing package of €132 million (~$146 million) for a 453 MW solar PV project in Gorbea, Rajasthan. The project will supply power to the Solar Energy Corporation of India for 25 years. The financing was signed with HSBC, Credit Agricole, MUFG, and Bank of America. It is expected to produce an annual energy output that will be enough to power more than 128,000 households in India.  It will also help avoid the emission of approximately 13.3 million tons of carbon over the project’s lifetime. Zelestra India has 1.5 GW projects in operation and construction, signed or awarded, and has a total portfolio of nearly 5 GW. The company has 25 GW of carbon-free projects across 13 countries. The facility is designated as green financing under Zelestra’s Green Financing Framework, aligning with the Green Loan Principles issued by the Loan Market Association.