Month in a Minute Top Headlines from Indian Renewable Sector in August 2021

Here is a recap of some of the most important headlines from August 2021:

The Ministry of New and Renewable Energy (MNRE) announced that the country’s installed renewable energy capacity crossed the 100 GW milestone. This excludes large hydropower projects. The installed renewable capacity increased to 146 GW, including large hydro.

Renewable energy-focused infrastructure fund manager Copenhagen Infrastructure Partners signed an investment agreement with Amp Energy India to enable joint equity investments of over $200 million in renewable energy projects in India.

OMERS Infrastructure announced that it had signed a stock purchase agreement to acquire a 19.4% stake in Indian independent power (solar) producer Azure Power Global for $219 million from International Finance Corporation (IFC) and IFC GIF Investment Company.


Gujarat-based power generation company Torrent Power signed an agreement to acquire 100% of the share capital and all securities of the special purpose vehicle (SPV) Lightsource Renewable Energy Holdings Limited Renewables India SPV1, which operates a 50 MW solar project.

The Government of Odisha approved four industrial projects, including three grain-based ethanol plants and one solar project estimating ₹15.84 billion (~$213 million) in investments.

Distribution companies (DISCOM) owed ₹121.91 billion (~$1.63 billion) to renewable energy generators (excluding dispute amounts) in overdue payment across 256 pending invoices at the end of June 2021, according to data released by the Ministry of Power (MoP).

NTPC announced its plans to install 60 GW of renewable energy capacity by 2032. Of the target, NTPC Renewables is expected to develop 44 GW of renewable capacity, while 12 GW of renewable capacity will be included through acquisitions.

Electric scooter manufacturer Lords Automotive acquired a 100% stake in Ahmedabad-based Devam Electric Vehicles, manufacturers of e-rickshaws and e-autos.

Renewable energy company Adani Green Energy Limited reported a total income of ₹10.79 billion (~$145.40 million) in the first quarter (Q1) of the financial year (FY) 2022, a 23% increase compared to ₹8.78 billion (~$118.31 million) in the same period last year.

Global trading and investment company Mitsui & Co announced that it would invest ₹300 million (~$4.04 million) in Punjab Renewable Energy Systems Private Limited, an Indian biomass-based energy company.

MNRE issued a notification extending the self-certification of solar photovoltaic (PV) inverters from June 30, 2021, to December 31, 2021, subject to the condition that the manufacturers have valid International Electrotechnical Commission certificates and test reports from international test labs.

Tata Power declared its financial results for Q1 of FY 2022 and recorded a 47% growth in consolidated revenues to ₹98.31 billion (~$1.32 billion) compared to ₹66.71 billion (~$900.3 million) in Q1 FY 2021. The company also registered a robust solar EPC order book of ₹72.57 billion (~$979.37 million).

REC Limited announced the financial results for Q1 of FY 2022. The company’s total income stood at ₹95.92 billion (~$1.29 billion) for Q1 FY 2021, increasing by 18% compared to ₹81.09 billion (~$1.09 billion) during the same period last year.

Torrent Power declared its financial results for Q1 of FY 2022 and recorded a 3.05% year-over-year (YoY) growth in its revenue from operations to ₹30.99 billion (~$417.57 million) from ₹30.07 billion (~$405.17 million) in the same period last year.

Grasim Industries Limited, a textile company of the Aditya Birla Group, signed an agreement to invest ₹153.1 million (~$2.06 million) for a 26% stake in ReNew Green Energy Solutions to procure power from its solar-wind hybrid open access project.

Bengaluru-headquartered advanced battery and fuel cell technology company, Log 9 Materials raised $8.5 million in Series A+ funding led by Amara Raja Batteries, an industrial and automotive batteries manufacturer.

ReNew Power announced that it had signed a definitive agreement to acquire 260 MWac of operational solar projects in Telangana. In addition, the company also signed an agreement to acquire a 99 MW hydropower project located in Uttarakhand. The company acquired solar and hydropower projects with a total capacity of 359 MW for ₹28.5 billion (~$384 million).

CleanMax, an Indian renewable energy company, announced that Augment Infrastructure, a U.S.-based investment company, had acquired a majority stake in the company investing ₹16.5 billion (~$222.23 million) in equity.

Union Minister R.K. Singh informed that the Aggregate Technical & Commercial (AT&C) losses at the all-India level had reduced from 23.70% in FY 2015-16 to 21.83% in FY 2019-20, an 2% reduction in the five years.

Artificial intelligence-based electric mobility platform MetroRide received seed funding from angel investors in Silicon Valley, New Jersey, and India.

The Indian Energy Exchange traded an all-time high volume of 726 MU of renewable energy in July 2021, a 76% month-over-month (MoM) increase compared to 412 MU in the previous month.

Independent power producer Azure Power Global, through its 100% subsidiary Azure Power Energy, announced the issuance of a dollar green bond of $414 million. The bonds will have a tenor of five years at a coupon of 3.575%.

ADS-TEC Energy, a Germany-based EV charging company, signed a definitive business combination agreement with European Sustainable Growth Acquisition Corporation, a special purpose acquisition company, resulting in ADS-TEC Energy becoming a publicly listed company.

Tamil Nadu proposed installing 5,000 solar pumps for which 70% subsidy will be provided, according to the state’s first-ever ‘agriculture budget’ recently presented to the legislative assembly.

Imports of solar cells and modules surged by a staggering 1,000% in Q2 of the calendar year (CY) 2021, totaling $762 million (~₹56.6 billion) as compared to $69 million (~₹5.25 billion) during the same period last year which was severely affected by Covid-19.

Wind installations in India in Q2 2021 were down by 62% quarter-over-quarter (QoQ), with 239 MW added in Q2 2021, compared to 623 MW added in Q1 2021.

Pune-based startup providing EV charging solutions goEgoNetwork raised $2 million in seed funding to expand its electric charging network.

MNRE  issued benchmark costs for grid-connected rooftop solar systems for the FY 2021-22. Benchmark costs for rooftop solar projects in states other than special category states for system capacities of 10 kW-100 kW have been set at ₹41.64 (~$0.56)/W.

MNRE  notified new benchmark costs for off-grid solar systems and decentralized solar systems for FY 2021-22. The new benchmark cost for solar study lamps is ₹395 (~$5.3)/system in general category states, northeastern and hilly states, islands, and union territories.

The Ministry of Power notified the timelines to replace existing meters with smart meters with a prepayment feature. The notification came into effect on August 17, 2021. Union territories, electrical divisions with more than 50% consumers in urban areas with AT&C losses of more than 15% in FY 2019-20, must be metered with smart meters by December 2023.

NTPC invited offers from banks and financial institutions to raise ₹50 billion (~$672 million) as rupee term loans.

Gas Authority of India Limited (GAIL) intends to take the acquisition route to scale its renewable energy portfolio as it plans to venture beyond natural gas.

The Solar Energy Corporation of India paid ₹6.6 billion (~$89.3 million) to solar and wind developers for the power it purchased in July 2021.

Indian independent renewable power producer ReNew Power was listed on the Nasdaq after completing a business combination with RMG Acquisition Corporation II, a special purpose acquisition company (SPAC).

Sterling and Wilson International Solar FZCO (SWFZCO)  announced that it had fully acquired the equity share capital of Sterling and Wilson Middle East Solar Energy (SWME Solar).

Independent solar power producer Azure Power posted a 13% year-over-year (YoY) rise in its revenue in Q1 of FY 2022, driven by projects commissioned after Q2 2020.