Foreign Direct investment (FDI) in India’s renewable energy sector saw a rise of 50% year-over-year in the financial year (FY) 2023-24. FDI in renewables stood at $3.76 billion (₹315.84 billion) compared to $2.5 billion (₹206.5 billion) the last financial year, according to Ministry of Commerce and Industry data. The cumulative FDI in the renewable sector stood at $17.07 billion (₹1,336.08 billion) between FY 2010-11 and FY 2023-24. Currently, FDI of up to 100% is allowed in the renewable energy sector under the automatic route, with no prior government approval needed.

Power Grid Corporation of India (PGCIL), a state-owned power transmission company, has bagged two power transmission projects in Rajasthan through tariff-based competitive bidding. These projects are built to evacuate 5.5 GW of power from renewable energy zones in the state. The company won both projects on a build, own, operate, and transfer basis from the bid process coordinator – REC Power Development and Consultancy (RECPDCL). The transmission projects need to be implemented within a two-year timeframe. RECPDCL announced the handover of the two project-specific special purpose vehicles, namely Rajasthan IV-C Power Transmission and Rajasthan IV-E Power Transmission, established to evacuate power from Rajasthan Renewable Energy Zone Ph-IV (Jaisalmer/Barmer Complex).

NTPC Vidyut Vyapar Nigam has floated eight tenders to install 78.637 MW of grid-connected rooftop solar systems at various locations of the central armed forces and departments under the Ministry of Home Affairs. The systems must be installed 240 days from the date of award notification. Installers must provide ten years of operation and maintenance services. Bids are invited to install 5,692 kW of rooftop solar systems in Telangana, Andhra Pradesh, Kerala, Karnataka, and Tamil Nadu. The last day to submit the bids is September 11, 2024. Bidders must furnish a bid security of ₹2 million (~$23,847).

SJVN Green Energy, a wholly owned subsidiary of SJVN, has issued a tender for the engineering, procurement, and construction package of a 75 MW solar project at Banka, Bihar. The last date to submit the bids is September 10, 2024. The bidder must pay an earnest money deposit of ₹75 million (~$895,087). The scope of work covers the design, engineering, supply, erection, testing, and commissioning of the project. The selected bidder must operate and maintain the project for three years. In February, SJVN Green Energy invited bids for the construction of 132 kV transmission lines, including bays, for its 125 MW Jamui Phase-I solar project and 75 MW Banka solar project in Bihar.

India-focused renewable energy platform Continuum Green Energy has announced $150 million in new equity to develop wind, solar, hybrid power, and energy storage projects across India. Just Climate, an investment firm specializing in sustainable solutions, is the investor. Continuum Green Energy is majority-owned by a global infrastructure fund managed by Morgan Stanley Infrastructure Partners. Continuum is an India-focused renewable platform with most of its assets focused on commercial and industrial consumers. The new equity investment is expected to enhance Continuum’s renewable energy capacity and meet the growing demand for clean energy from commercial and industrial consumers.