Sembcorp Green Infra, Adani Renewable Energy, Green Prairie Energy III, Adyant Enersol, and ReNew Solar have won NTPC’s auction to develop 1,200 MW ISTS-connected wind-solar hybrid power projects. The tender was floated in June 2024. Green Prairie and Adyant Enersol quoted a tariff of ₹3.28 (~$0.0390)/kWh and won a capacity of 200 MW and 70 MW, respectively. Sembcorp Green, Adani Renewable Energy, and ReNew Solar quoted a tariff of ₹3.29 (~$0.0391)/kWh and won a capacity of 300 MW, 600 MW, and 30 MW, respectively.

Several agencies floated 16.2 GW of tenders in the third quarter of the calendar year 2024, an increase of 51.9% from 10.7 GW in the previous quarter and 19.2% from 13.6 GW in the same quarter last year. Bid invitations by renewable energy implementation agencies (REIAs), including NTPC, NHPC, SECI, and SJVN, to fulfill MNRE’s annual bidding trajectory target of 50 GW from FY24 to FY28 drove the tendered capacities in Q3. Even though the ministry hasn’t yet notified the quarterly targets by the agencies for FY25, REIAs accounted for 58% of the solar tenders issued in Q3 2024.

IndiGrid 2, Kintech Synergy, and H.G. Infra Engineering won NTPC Vidyut Vyapar Nigam’s (NVVN) auction to set up 500 MW/1000 MWh standalone battery energy storage systems with Viability Gap Funding support. IndiGrid 2 was awarded 250 MW at a tariff of ₹236,999 (~$2,819)/MW/month. Kintech quoted a tariff of ₹237,490 (~$2,825)/MW/month to win 65 MW. H.G. Infra won 185 MW out of the quoted capacity of 250 MW at a tariff of ₹238,000 (~$2,831)/MW/month under the bucket-filling method. The project capacity must be connected to either the 765 kV Bhadla-111 PS in Rajasthan or the 400 kV Banaskantha (Radhanesda) PS (GIS) in Gujarat.

Energy Efficiency Services has invited bids for a rate contract to supply ~1,000 MWp Domestic Content Requirement – compliant crystalline 540 Wp and above solar modules across India. The last date to submit bids is November 11, 2024. Bids will be opened on the same day. The scope of work involves the supply of solar modules in five packages: North Region (240 MW), West Region (250 MW), South Region (160 MW), East Region (210 MW), and Northeast Region and Special Category Region (140 MW). All regions must receive the modules within 10 days, except the Northeast and Special Category Region, where they must be delivered within 15 days.

SJVN Green Energy has invited bids for the design, engineering, supply, erection, testing, and commissioning of solar projects of a cumulative capacity of 700 MW (100 MW * 7plots) at the Khavda Renewable Energy Park in Gujarat. The last date for submitting bids is November 19, 2024. Bids will be opened the same day. The projects will be split into Project 1 and Project 2. Bidders can submit proposals for either Project 1 (500 MW) or Project 2 (200 MW) but must bid for capacities in multiples of 100 MW.

The Power Grid Corporation of India (PGCIL) has won REC Power Development and Consultancy’s (RECPDCL) two transmission tenders to evacuate a cumulative 12 GW of power from renewable energy zone Phase IV in Rajasthan. The company bagged the tenders for two transmission projects of 6 GW each in the Bikaner complex. PGCIL was declared as the successful bidder under tariff-based competitive bidding to establish an Inter-State transmission system for the projects, Transmission system for evacuation of power from Rajasthan REZ Ph -IV (Part-3: 6 GW) [Bikaner complex]: Part A, and Transmission system for evacuation of power from Rajasthan REZ Ph -IV (Part-3: 6 GW) [Bikaner complex]: Part B.

The North Eastern Railway has invited bids under two tenders for a cumulative capacity of 2.21 MW on-grid rooftop solar systems (without battery backup) at the railway station, service building, and residential quarters of the SSE/E/West Section of the Izzatnagar division in Uttar Pradesh. The last day to submit bids for both tenders is November 14, 2024. Bids will be opened the same day. The bidders must submit a 5% security deposit of the contract value. The advertised value of the tender is ₹57.8 million (~$687,470). Bidders must pay an earnest money deposit of ₹439,500 (~$5,227).

GFCL EV Products, a manufacturer of intermediate materials for lithium-ion batteries and a part of INOXGFL Group, raised ₹10 billion (~$118.9 million) at an equity valuation of ₹250 billion (~$2.9 billion). The promoters of the INOXGFL Group led the fundraising round along with several marquee investors, including the family offices of several business groups in India. The funds will be used to meet the company’s CAPEX requirements as it seeks to capitalize on global opportunities in the electric vehicles and energy storage systems sectors. With the newly raised funds and diversified battery materials offerings, the company aims to capitalize on the opportunities arising from the U.S. Inflation Reduction Act and the strategic diversification globally of supply chains away from a single origin country.

Renewable energy company Adani Green Energy generated a revenue of ₹23.09 billion (~$274.63 million) from power supply in the second quarter of the financial year 2024-25, a 16% year-over-year increase from ₹19.84 billion (~$235.97 million). The revenue growth was accompanied by a 17% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA), which reached ₹21.43 billion (~$254.88 million) at an EBITDA margin of 91.7%. The company also reported a 21% jump in cash profit, which climbed to ₹12.49 billion (~$148.55 million). The improvement in revenue, EBITDA, and cash profit was primarily driven by robust greenfield capacity addition of 2,868 MW and consistent project performance.

Solar ingot and wafer manufacturing facilities and equipment in the U.S. will qualify for a 25% investment tax credit under the final regulations for the Advanced Manufacturing Investment Credit, part of the CHIPS Act 2022 announced by the Department of Treasury and Internal Revenue Service. Section 48D of the Internal Revenue Code provides a 25% tax credit on qualified investments in advanced manufacturing facilities. This credit is designed to encourage the domestic production of semiconductors, including the slicing, etching, and bonding of the semiconductor-grade polysilicon used in photovoltaic modules.