With India’s aggressive clean energy push likely to sustain the momentum it has seen in recent years, all eyes are on the Union Budget 2024 to be presented by Finance Minister Nirmala Sitharaman on July 23. Stakeholders in the solar and other clean energy sectors have a long wish list from the Budget for the industry to help India achieve the ambitious target of 500 GW of renewable energy capacity by 2030 and net-zero emissions by 2070. The expectations range from tax rationalization and policy reforms to financial incentives to boost growth and foster innovation. Kishor Nair, Chief Executive Officer of Avaada Energy, said, “The upcoming Budget is pivotal in propelling the nation’s green agenda, unlocking investments, streamlining policies, and accelerating the transition towards sustainable practices.”

The Ministry of New and Renewable Energy has issued the operational guidelines to implement the PM Surya Ghar: Muft Bijli Yojana for the component Incentive to Power Distribution Companies (DISCOMs). The incentives worth ₹49.5 billion (~$591.69 million) provide resources to DISCOMs for participating in information, education and communication,  and branding activities, creating conducive regulatory and administrative mechanisms to ensure timely approvals (feasibility, commissioning, inspection, grievance redressal, etc.), achieving implementation targets, ensuring timely availability of net meters, saturating rooftop solar on government buildings, utilizing incentives for rooftop solar-specific activities, and incentivizing field-level staff through recognition and rewards.

Gujarat Urja Vikas Nigam has issued a request for selection from developers to purchase power from 500 MW grid-connected wind power projects in India (Phase VII) with an additional greenshoe option of 500 MW. Bids can be placed for a minimum of 10 MW for intra-state projects and 50 MW for inter-state projects. The last date to submit bids is August 12, 2024. Bids will be opened on August 16. The cost of the document, which is non-refundable, is ₹25,000 (~$299) plus 18% GST. Bidders must pay an earnest money deposit of ₹1.3 million (~$15,540)/MW. They must pay ₹0.3 million (~$3,586) plus 18% GST as a non-refundable processing fee.

SJVN has invited expressions of interest to empanel vendors to commission grid-connected rooftop solar power projects on government buildings under PM Surya Ghar: Muft Bijli Yojana. The projects will use capital expenditure and renewable energy service company models. The empanelment will be for 18 months from issuing letters of empanelment. The empanelment period may be extended at SJVN’s discretion. The last date to submit the bids is August 8, 2024. Bids will be opened on the same day. Bidders must furnish ₹5,900 (~$70) towards document cost.

The engineering, procurement, and construction arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy, posted a net profit of ₹50 million (~$600,000) in the first quarter of the financial year 2025, swinging from a net loss of ₹950 million (~$11.4 million) in the same quarter last year. This marks the second consecutive quarter of profit for the company. The bottom line was helped by revenue growth of 78% year-over-year, reaching ₹9.15 billion (~$109.8 million) in the quarter, up from ₹5.15 billion (~$61.8 million). The revenue growth was primarily driven by higher execution in domestic EPC projects, contributing ₹8.32 billion (~$99.8 million) to the total revenue. International EPC operations generated ₹260 million (~$3.1 million), while the Operations and Maintenance segment added ₹570 million (~$6.8 million) to the top line.

Energy storage is crucial for maintaining a steady renewable energy supply, ensuring grid stability. Some long-duration storage technologies even provide synchronous inertia, which is vital for grid stability and consistent 24/7 clean energy. Efficient storage systems help overcome the challenges posed by the intermittent nature of renewable energy, ensuring a reliable supply even when primary sources are inactive. Despite government support, the Indian energy storage market has been slow to develop but has plenty of potential to grow. As of March 2024, India had only 219.1 MWh of battery energy storage system capacity, according to Mercom India Research’s India’s Energy Storage Landscape report. The ‘Mercom India Renewables Summit 2024,’ scheduled for July 25-26 in New Delhi, will address these critical issues. One of the key sessions, titled ‘Energy Storage – Enabling Stable Renewables and Resilient Grids,’ will be held on July 26, 2024.

Hybrid projects will play a big role in India meeting its burgeoning power demand by overcoming the intermittent nature of renewable energy. By adding energy storage solutions to the equation, they could emerge as a viable option not only to meet the requirements of distribution companies but also to help maintain grid stability. Many government agencies at the federal and state levels are coming out with hybrid power tenders to meet the demands of round-the-clock power from DISCOMs and end-users. As energy storage tariffs drop, hybrid plus storage projects are expected to become more economical in the future. In a dedicated session at the Fourth Mercom India Renewables Summit 2024 in New Delhi scheduled for July 25-26, key industry insiders will exclusively discuss all the issues around the hybrid power projects. At the session ‘Made-to-Order: The Future of Hybrid Power Projects,’ developers and other stakeholders will explore strategies to meet DISCOMs’ requirements and discuss the current and emerging trends in hybrid power demand.