Uttar Pradesh Electricity Regulatory Commission (UPERC) has approved the power sale agreement for Noida Power Company (NPCL) to procure from intermediary procurer SJVN 100 MW firm and dispatchable power from ISTS-connected renewable energy projects with energy storage systems developed by Tata Power Renewable Energy. The Commission approved the power procurement at a tariff of ₹4.38(~$0.052)/kWh with a trading margin of ₹0.07(~$0.0008)/kWh. SJVN must provide the renewable energy generator with an escrow agreement or irrevocable unconditional revolving letter of credit.

Kolkata-based solar module manufacturer Vikram Solar has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise funds of up to ₹15 billion (~$178.9 million) through an initial public offering (IPO). The IPO also has an offer for sale of up to 17.45 million equity shares by the promoter group. With a face value of ₹10 (~$0.12) per share, the IPO will offer a reservation for eligible employees and a discount for those participating in the employee subscription segment. The company also considers issuing securities worth up to ₹3 billion ($35.7 million) as part of a “pre-IPO placement” in consultation with the book-running lead manager.

The REC Power Development and Consultancy has invited bids to select a transmission service provider to set up an inter-state transmission system to augment transformation capacity at Khavda Power Station 1 (KPS1) and KPS2 in Gujarat (Phase-V Part B1 and Part B2 Program). The work must be completed within 24 months from the date of allocation. The last day to submit the bids is December 3, 2024. Bids will be opened on the same day. KPS1 and KPS2 are crucial to supporting the increasing renewable energy generation in the Khavda region. The 30,000 MW Khavda Renewable Energy Park is under construction in the Kutch District of Gujarat.

REC Power Development and Consultancy has invited bids to establish an inter-state transmission system to augment transformation capacity at Banaskantha (Raghanesda), Gujarat. The last date to submit bids is December 3, 2024. Bids will be opened on the same day. The project involves augmenting the existing power substation at Banaskantha (Raghanesda) with 2×500 MVA, 400/220 kV ICTs for the planned evacuation of 700 MW of renewable energy from the Gujarat Power Corporation’s Raghanesda Ultra Mega Solar Power Park. Subsequently, an additional 250 MW has been included to evacuate solar power from Spring Power Earth Solar Park.

Indian Oil Corporation (IOCL) Refineries Division has invited bids for the annual operation and maintenance (O&M) contract of the 4,360 kW rooftop solar systems installed at IOCL, Paradip Refinery & Township, in Odisha. The O&M contract is valid for one year from the site handover date. At IOCL’s sole discretion, the contract can be extended for another year based on the vendor’s performance. The last date to submit the bids is October 14, 2024. Bids will be opened on October 15.

UltraTech Cement, an Aditya Birla Group company, has said it will procure an additional 7 MW of wind-solar hybrid power from Continuum MP Windfarm, raising the total procurement from 14 MW to 21 MW. To enable the additional power procurement, UltraTech Cement said it has increased its shareholding from 3.28% to 5.46% in Continuum MP Windfarm by investing ₹243.5 million (~$2.91 million). In a regulatory filing, Ultratech said acquiring additional shares in the wind company will help it meet its green energy needs, optimize energy costs, and comply with regulatory requirements for captive power consumption under electricity laws.

The Hubli Division-Electrical of the South Western Railway has invited bids for grid-connected rooftop solar systems with a cumulative capacity of 2,150 kW at railway stations, residences, and level crossing gates. The last date to submit the bids is October 18, 2024. The tender has an advertised value of ₹15.85 million (~$189,096). Bidders must pay an earnest money deposit of ₹942,700 (~$11,246). The projects must be completed within nine months. The scope of work covers the supply, installation, testing, and commissioning of the on-grid rooftop solar systems. Bidders will be responsible for the comprehensive annual maintenance contract of the solar systems with net metering and having varying capacities.

Hindalco Industries, the metals flagship company of the Aditya Birla Group, is increasingly using renewable energy to power its operations. Its installed renewable energy capacity saw a 60% jump in the financial year FY (2023‑24) from the previous year’s 108 MW to 173 MW. Its renewable energy projects encompass solar, wind, hydroelectric, and biomass. The company aims to meet net zero by 2050. Last September, Hindalco signed a power purchase agreement with Ayana Renewable Power to invest in Ayana Renewable Power Four, a special-purpose vehicle to set up a 153 MW solar project and a 53 MW wind project, which will cater to the power requirement of one of its smelters in Odisha.