Reliance Electrolyzer Manufacturing (Reliance), John Cockerill Green Hydrogen Solutions, Jindal India, and Adani New Industries were among the winners of Solar Energy Corporation of India’s (SECI) tender to set up 1.5 GW of electrolyzer manufacturing capacities across India. Under Bucket I, Reliance, John Cockerill, and Jindal India won 300 MW per year capacity with a maximum incentive allocation of ₹4.44 billion (~$53.6 million) each. The total bids received for Bucket I were 2,842 MW per annum.

The Ministry of Power has amended Electricity Rules to allow entities commissioning captive power projects or energy storage systems or a consumer, with a load of at least 25 MW for interstate transmission systems or 10 MW for intra-state transmission systems to be exempted from obtaining a license to establish, operate, or maintain a dedicated transmission line to connect to the grid. However, this exemption is contingent upon the company, individual, or consumer adhering to the regulations, technical standards, guidelines, and procedures specified under the provisions of the Act.

U.S.-based photovoltaic modules manufacturer First Solar has inaugurated its fully vertically integrated solar manufacturing facility in Tamil Nadu. The India facility joins the ranks of First Solar’s operational factories in the U.S., Malaysia, and Vietnam. The facility will have an annual nameplate capacity of 3.3 GW and employ approximately 1,000 people directly. Involving an investment of approximately $700 million, including $500 million in U.S. International Development Finance Corporation (DFC) financing, the facility is First Solar’s sixth operational factory.

Military Engineer Services has floated a tender for a 1 MW solar power project at the Air Force School in Gwalior. The last date for the submission of bids is February 16, 2024. Bids will be opened on February 23. The estimated cost of the project is ₹89.53 million (~$1.07 million). Bidders have to pay ₹3,000 (~$36.15) as the cost of the tender document. Bidders who are either not registered with MES or are registered but have not fulfilled the standing security bond requirement must provide an earnest money deposit of ₹772,650 (~$9,312.84).

Independent renewable power producer ReNew has refinanced Non-Convertible Debentures (NCDs) worth ₹23.91 billion (~$288.3 million), issued by its subsidiaries in October 2020. The refinancing was achieved through the redemption of USD bonds. The NCDs, initially issued to India Green Energy Holdings, a Mauritius-based special purpose vehicle, were backed by $325 million raised through senior secured bonds. These bonds, carrying a coupon rate of 5.375%, were slated to mature in April 2024. ReNew used the proceeds of a long-term amortizing project loan obtained from a leading non-banking financial company to refinance the NCDs.