CMPDI Invites Bids for 10 MW Solar Project at Mahanadi Coalfields

RERC Upholds Penalty for Failure to Comply with Renewable Energy Regulations

Hyundai to Source 118 MW Power from Fourth Partner’s Solar and Wind Projects

India Adds an Unprecedented 16 GW Solar Capacity in 9M 2024

Daily News Wrap-Up: UPNEDA Tenders 2 MW Rooftop Solar Projects

Maxeon Solar Modules Detained by US Customs Authority

Sungrow, TBEA, FIMER Dominate Solar Inverter Rankings in First Half of 2024

ReNew’s Revenue, Profit Up in Q2 FY25 as Commissioned Renewable Capacity Grows

MNRE Sets Terms for Real Estate Developers to Avail CFA Under PM Surya Ghar

ENGIE to Build 22 MW Solar Project for Saudi Cement Factory

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/04/amazon_polly_52342.mp3?version=1686808099">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>Sprng Akshaya Urja (<a href="https://sprngenergy.com/" target="_blank" rel="noopener">Sprng Energy</a>), <a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a>, Project Nine Renewable Power (<a href="https://www.ayanapower.com/" target="_blank" rel="noopener">Ayana Power</a>), and TEQ Green Power XIII (<a href="https://www.o2power.in/" target="_blank" rel="noopener">O2 Power</a>) have won <a href="https://www.remcltd.com/" target="_blank" rel="noopener">REMC’s</a> auction to supply 1 GW of round-the-clock (RTC) power for 25 years from grid-connected renewable power projects with or without storage.
Sprng won 100 MW by quoting ₹3.99 (~$0.048)/kWh. NTPC and Ayana won 500 MW and 300 MW, respectively, quoting ₹4.10 (~$0.050)/kWh. O2 won 60 MW quoting ₹4.27 (~$0.052) kWh.<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction.png"><img decoding="async" class="aligncenter wp-image-52345 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction.png" alt="REMC Auction" width="100%" height="100%" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction.png 797w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction-300x110.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction-768x282.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction-650x239.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction-624x229.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction-600x221.png 600w" sizes="(max-width: 797px) 100vw, 797px" /></a>
These projects are to be developed across India.
The tender was <a href="https://www.mercomindia.com/indian-railways-tender-1-gw-round-the-clock-power" target="_blank" rel="noopener">floated</a> in July last year. REMC is a joint venture of Indian Railways and Rail India Technical and Economic Service.
The projects’ annual availability for the first four years is 75%, and 85% for the rest of the contract years. The minimum project availability must be 50% for the entire contract tenure.
The developer will have to pay 200% of the applicable tariff for any shortfall in power supplied, calculated on an annual or time-block basis. The tariff will be mutually agreed upon and levelized based on an 8.09% discounting factor.
The tender had specified stated that only commercially established and operational technologies should be used to minimize technology risks.
The energy storage system (ESS) power must be from renewable sources. The renewable generation components and the ESS installed may be located anywhere, and different components of RTC power can be connected to the interstate transmission system network at various substations.
It had also mandated the use of solar modules from the Approved List of Models and Manufacturers (ALMM) issued by the Ministry of New and Renewable Energy. Similarly, the wind turbines must also be procured from suppliers listed in the Revised List of Models and Manufacturers.
India witnessed a 50% quarter-over-quarter dip in solar auctions, with only 820 MW announced in the first quarter of 2023, according to <a href="https://mercomindia.com/research-2/" target="_blank" rel="noopener">Mercom India Research</a>. The capacity auctioned dropped 69% over the same period last year, mainly due to the uncertainty around the suspension of the ALMM policy.
The Ministry of New &amp; Renewable Energy recently announced that renewable project tenders of 50 GW capacity will be <a href="https://www.mercomindia.com/mnre-renewable-energy-bidding-trajectory" target="_blank" rel="noopener">issued</a> annually for the financial years 2024-28.
Subscribe to Mercom&#8217;s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of the real-time tender activity.

Sprng, NTPC, Ayana, O2 Win Railway’s 1 GW Solar-Wind Hybrid Auction

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="http://mercomindia.com/wp-content/uploads/2022/12/amazon_polly_46187.mp3?version=1674625945">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><a href="https://www.ayanapower.com/" target="_blank" rel="noopener">Ayana Renewables</a> and <a href="https://www.ntpc.co.in/en/power-generation/renewable-energy" target="_blank" rel="noopener">NTPC Renewable Energy</a> won the Maharashtra State Electricity Distribution Company (<a href="https://www.mahadiscom.in/en/home/" target="_blank" rel="noopener">MSEDCL</a>) auction to procure 250 MW of flexible and schedulable power from grid-connected renewable energy projects with an energy storage facility on a long-term basis.
Ayana and NTPC won 150 MW and 100 MW, respectively, by quoting ₹9 (~$0.11)/kWh each.
<a href="https://mercomindia.com/wp-content/uploads/2022/12/MSEDCL-250-MW-of-Renewable-with-Energy-Storage-Project-Auction-Results.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-46193 size-full" src="https://mercomindia.com/wp-content/uploads/2022/12/MSEDCL-250-MW-of-Renewable-with-Energy-Storage-Project-Auction-Results.png" alt="MSEDCL 250 MW of Renewable with Energy Storage Project Auction Results" width="737" height="245" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/MSEDCL-250-MW-of-Renewable-with-Energy-Storage-Project-Auction-Results.png 737w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/MSEDCL-250-MW-of-Renewable-with-Energy-Storage-Project-Auction-Results-300x100.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/MSEDCL-250-MW-of-Renewable-with-Energy-Storage-Project-Auction-Results-650x216.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/MSEDCL-250-MW-of-Renewable-with-Energy-Storage-Project-Auction-Results-624x207.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/MSEDCL-250-MW-of-Renewable-with-Energy-Storage-Project-Auction-Results-600x199.png 600w" sizes="(max-width: 737px) 100vw, 737px" /></a>The tender was <a href="https://mercomindia.com/bids-250-mw-renewable-power-energy-storage/" target="_blank" rel="noopener">floated</a> in August this year.
The projects selected under this tender will be eligible for two-part tariffs. These will be referred to as ‘non-solar generation hours tariff’ and ‘solar generation hours tariff.’
The energy supplied during the solar generation hours will be eligible for a tariff of ₹2.42 (~$0.030)/kWh.
The applicable tariff under the power purchase agreement (PPA) will comprise both solar generation hours and non-solar generation hours tariffs. It will be fixed for the entire term of the PPA.
During any contract year, in case the generation is above 10% of the declared annual capacity utilization factor, the successful bidders will be free to sell it to any other entity but the first right of refusal will vest with MSEDCL.
If the energy supply during non-solar generation hours exceeds the required amount of 600 MWh for each 100 MW of contracted capacity, and MSEDCL procures this excess power, the successful bidder will be paid energy charges at 75% of the tariff.
The energy will be dispatched through the scheduling of power in both solar and non-solar generation hours.
It is mandated to deliver the 600 MWh of energy per 100 MW contracted capacity of the project in AC terms daily during non-solar generation hours.
The successful bidders can choose the type and power rating of the energy storage system to be installed in addition to the solar, wind, or hydropower capacity.
The energy storage facility may include a battery energy storage system, pumped storage system, mechanical and chemical systems, or their combinations.
The project can be installed in multiple blocks of at least 50 MW each and connected to the grid. The project can be located anywhere in India.
The project’s energy generation and energy storage components may be multi-located and inject power through multiple interconnection points.
The responsibility of getting the interstate transmission system connectivity and transmission of power up to the interconnection point and energy accounting infrastructure will lay with the renewable project developer.
According to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a>, MSEDCL has floated tenders for 20.3 GW of solar power projects.
Mandated energy supply during non-solar generation hours corrected to 600 MWh from 300 MWh.

Ayana and NTPC Win MSEDCL’s 250 MW Renewables with Storage Tender

Here are some noteworthy cleantech announcements of the day from around the world:
<a href="https://www.ayanapower.com/" target="_blank" rel="noopener">Ayana Renewable Power</a> signed an expression of interest with the Karnataka government to develop wind and solar power projects totaling 2 GW with an investment of ₹120 billion (~$1.54 billion). Backed by National Investment and Infrastructure Fund (NIIF), Ayana aims to expand Karnataka’s clean energy capacity with this investment. This capacity addition will be enough to provide clean energy for nearly 2 million households. Ayana has an operational portfolio of 340 MW in the state.
Saatvik Solar <a href="https://saatvikgroup.com/saatvik-secures-solar-modules-supply-order-for-solar-project-in-mauritius/" target="_blank" rel="noopener">secured</a> an order to manufacture and supply 9.3 MW Mono Perc half-cut MBB (multi busbar) modules in a reverse bidding auction through Bharat Heavy Electricals Limited (BHEL). Saatvik will supply these modules to an 8 MW solar project at Tamarind Falls, Henrietta (Phase-II), Mauritius. BHEL signed an agreement to set up a grid-connected 8 MW solar photovoltaic power project in Mauritius to help the island nation in its efforts to fight climate change.  The project is funded under the Government of India’s Line of Credit. BHEL will set up the solar farm awarded to them by CEB (Green Energy), Mauritius, a wholly-owned subsidiary of the Central Electricity Board (CEB).
GE <a href="https://www.ge.com/news/press-releases/ge-to-triple-its-solar-and-battery-energy-storage-power-electronics-capacity-in-2022" target="_blank" rel="noopener">announced</a> that it is tripling its solar and battery energy storage Power Electronics Systems manufacturing capacity by the end of 2022 to 9 GW per annum. The systems are manufactured at GE’s newly launched Renewable Hybrids factory, in Vallam, near Chennai, India, announced earlier this year. The site manufactures GE’s Power Conversion Solution called FLEXINVERTER, formerly known as LV5+, and the FLEXRESERVOIR. It helps integrate them with the FLEXIQ solution from GE Renewable Hybrids’s FLEX portfolio, designed to solve customers’ needs for dispatchable, green MWhs in Solar, Storage, and Hybrid applications.
Prime Infrastructure Holdings, the infrastructure company owned by Enrique K. Razon, Jr., <a href="https://primeinfra.ph/prime-infra-renewables-unit-to-build-the-worlds-largest-solar-power-plus-storage-project/" target="_blank" rel="noopener">announced</a> that it would develop a solar power facility with a capacity of 2.5 GW to 3.5 GW combined with a 4 GWh to 4.5 GWh battery energy storage system (BESS) to boost the supply of renewable energy in the country. The project will be undertaken by Terra Solar Philippines, a unit of Terra Renewables Holdings, which is a renewable power subsidiary under Prime Infra’s control and in partnership with Solar Philippines Power Project Holdings. Terra Solar will supply 850 MW to off-taker Manila Electric Company (MERALCO) from this power facility. This development will increase MERALCO’s renewable energy sourcing as mandated by the Department of Energy’s Renewable Portfolio Standards (RPS). Under the RPS, companies must source a minimum percentage of their energy portfolio from renewable energy sources.
Vestas, a Danish wind turbine manufacturer, <a href="https://www.vestas.com/en/media/company-news/2022/vestas-and-enbw-sign-conditional-order-agreement-for-th-c3581445" target="_blank" rel="noopener">secured</a> a conditional order agreement to supply 64 V235-15.0 MW wind turbines for Germany-based EnBW’s (Energie Baden-Württemberg AG’s) 900 MW He Dreiht offshore wind project in 2025. Vestas will also deliver a multi-year solution to service the wind project when operational. With a total area of 43,742 sq. meters and a capacity factor of over 60% from the 115.5m blades, the V236-15.0 MW turbine will deliver industry-leading park performance for EnBW at He Dreiht. Depending on site-specific conditions, a single V236-15.0 MW turbine can produce 80 GWh per year, enough to power around 20,000 European households. Vestas has also entered a conditional agreement with Cadeler, a leading supplier within offshore wind installation services, for the transportation and installation of the turbines for the He Dreiht project. Installation is planned to begin in the second quarter of 2025, with entire park commissioning anticipated for the fourth quarter of the same year. The project has a grid connection capacity of 900 MW and an excess capacity of 60 MW to use the connection capacity as efficiently as possible, even when production is lower.

Daily News Wrap-Up: Ayana Signs EOI for 2 GW of Wind and Solar Projects in Karnataka

Project Eight Renewable Power Private Limited (<a href="https://www.ayanapower.com/" target="_blank" rel="noopener">Ayana Renewable Power</a>) and SolarOne Energy Private Limited (<a href="https://www.fortum.com/" target="_blank" rel="noopener">Fortum</a>) were declared winners in the Solar Energy Corporation of India’s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) auction for 1,200 MW interstate transmission system (ISTS)-connected solar power projects (Tranche-X) in Karnataka.
Ayana won 300 MW solar capacity quoting a tariff of ₹2.35 (~$0.031)/kWh. Fortum secured 300 MW capacity at ₹2.36 (~$0.032)/kWh for the remaining capacity for the Gadag substation.
<img loading="lazy" decoding="async" class="wp-image-32227 size-full aligncenter" src="https://mercomindia.com/wp-content/uploads/2022/02/SECI-ISTS-X-Auction.png" alt="SECI ISTS-X Auction" width="675" height="231" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/SECI-ISTS-X-Auction.png 675w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/SECI-ISTS-X-Auction-300x103.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/SECI-ISTS-X-Auction-650x222.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/SECI-ISTS-X-Auction-624x214.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/SECI-ISTS-X-Auction-600x205.png 600w" sizes="(max-width: 675px) 100vw, 675px" />
SECI had <a href="https://mercomindia.com/seci-tender-1200-mw-ists-solar-projects-karnataka/" target="_blank" rel="noopener">floated</a> the tender in July last year to develop 1,200 MW of interstate transmission system (ISTS)-connected solar power projects (Tranche-X) in Karnataka.
A maximum capacity of 600 MW will be awarded for injection at ISTS substations in Gadag and Koppal districts.
SECI has stated that identifying land, installation, and ownership of the project, obtaining connectivity, long-term access, and necessary approvals and interconnection with the ISTS network for supply of power to SECI will be the responsibility of the solar power developer.
The project should be commissioned within 18 months from the effective date of the PPA.
If the developer wishes to set up more than one project, the projects will need to be physically identifiable with separate injection points and metering arrangements.
SECI has made it clear that after the issuance of letters of award (LoAs), SECI and the Karnataka Solar Power Development Corporation Limited will facilitate the successful bidders to acquire land on a sub-lease basis from KSPDCL. Once LoAs are issued, KSPDCL will start leasing land and sign agreements with farmers at ₹25,000 (~$335)/acre + 5% escalation once every two years. Land area will be provided to the developers at 4 acres/MW.
The solar developers will be required to apply for connectivity within 30 days of issuance of LoAs and furnish copies of the application to SECI at the earliest.
Recently, Project Eight Renewable Power (Ayana) and SolarOne Energy (Fortum) were <a href="https://mercomindia.com/ayana-fortum-winners-seci-solar-auction/" target="_blank" rel="noopener">declared</a> winners in SECI’s auction for 1,200 MW ISTS-connected solar power projects (Tranche-X) in Karnataka. The auction was conducted for 600 MW.
According to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a>, SECI has issued tenders for a total of 17.9 GW of ISTS-connected solar power projects under Tranche-I to X.

Ayana and Fortum Win 600 MW in SECI’s 1.2 GW Solar Auction for Gadag Substation

Project Eight Renewable Power (<a href="https://www.ayanapower.com/" target="_blank" rel="noopener">Ayana Renewable Power</a>) and SolarOne Energy (<a href="https://www.fortum.com/" target="_blank" rel="noopener">Fortum</a>) were declared winners in the Solar Energy Corporation of India’s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) auction for 1,200 MW interstate transmission system (ISTS)-connected solar power projects (Tranche-X) in Karnataka.
Ayana won 300 MW solar capacity quoting a tariff of ₹2.36 (~$0.0316)/kWh. Fortum secured 300 MW capacity at ₹2.37 (~$0.0317)/kWh out of the quoted 400 MW. The total 600 MW capacity was for the Koppal district substation.
<img loading="lazy" decoding="async" class="aligncenter wp-image-34036 size-full" src="https://mercomindia.com/wp-content/uploads/2022/02/SECIs-Karnataka-Tranche-X-1200-MW-Koppal-Substation-Solar-Tender-Auction-Results.png" alt="SECI's Karnataka (Tranche-X) 1,200 MW (Koppal Substation) Solar Tender Auction Results" width="888" height="278" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/SECIs-Karnataka-Tranche-X-1200-MW-Koppal-Substation-Solar-Tender-Auction-Results.png 888w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/SECIs-Karnataka-Tranche-X-1200-MW-Koppal-Substation-Solar-Tender-Auction-Results-300x94.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/SECIs-Karnataka-Tranche-X-1200-MW-Koppal-Substation-Solar-Tender-Auction-Results-768x240.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/SECIs-Karnataka-Tranche-X-1200-MW-Koppal-Substation-Solar-Tender-Auction-Results-650x203.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/SECIs-Karnataka-Tranche-X-1200-MW-Koppal-Substation-Solar-Tender-Auction-Results-624x195.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/SECIs-Karnataka-Tranche-X-1200-MW-Koppal-Substation-Solar-Tender-Auction-Results-600x188.png 600w" sizes="(max-width: 888px) 100vw, 888px" />The tariff has seen a rebound amid the imposition of basic customs duty (BCD) on imported solar modules and the hike in Goods and Services Tax (GST).
SECI stated that a maximum of 600 MW capacity is awarded for solar power injection at ISTS substations in Gadag and Koppal districts under this tender. This is a substation-based auction, and the remaining capacity will be auctioned on February 4, 2022.
In the auction <a href="https://mercomindia.com/seci-solar-auction-india-record-low/" target="_blank" rel="noopener">held</a> by SECI for 2GW of ISTS-connected solar projects in the previous tranche, the lowest bid was also ₹2.36 (~$0.0313)/kWh.
SECI had <a href="https://mercomindia.com/seci-tender-1200-mw-ists-solar-projects-karnataka/" target="_blank" rel="noopener">floated</a> the tender in July this year. According to the tender document, the projects must be commissioned within 18 months from the effective date of power purchase agreements (PPAs). The PPAs will be valid for 25 years from the scheduled commissioning date of the projects.
The solar power developer will be responsible for identifying land, installation, and ownership of the project, obtaining connectivity, long-term access, and necessary approvals and interconnection with the ISTS network to supply power to SECI.
The bidders must also declare these projects&#8217; annual capacity utilization factor (CUF). The declared annual CUF must not be less than 17%. They will be allowed to revise the declared CUF within the first year after the commercial operation date. After that, the CUF for the project must remain unchanged for the entire term of the PPA.
If the developer wishes to set up more than one project, the projects would need to be physically identifiable with separate injection points and metering arrangements.
SECI has modified the clause for land acquisition, after the e-reverse auction and issuing letters of award (LoAs). The successful bidders will now be responsible for land acquisitions.
According to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a>, SECI has issued tenders for a total of 17.9 GW of ISTS-connected solar power projects under Tranche-I to X.

Ayana and Fortum Winners in SECI’s 1.2 GW Solar Auction

Bengaluru-based renewable energy platform <a href="https://www.ayanapower.com/" target="_blank" rel="noopener">Ayana Renewable Power Private Limited</a> has announced a deal to acquire a 100% equity stake in a 250 MWac solar photovoltaic (PV) power project, developed and operated by ACME Solar Holdings Private Limited (ACME).
The project, located in Jodhpur, is connected to the inter-state transmission system and supplies power to Maharashtra State Electricity Distribution Company Ltd (MSEDCL) under a long-term Power Purchase Agreement (PPA).
“We are delighted to complete the transaction and addition of 250 MW solar capacity to our portfolio. In line with our aspiration to be India’s leading renewable energy player, we will continue to pursue acquisition opportunities at scale over the next few years,” said Shivanand Nimbargi, MD and CEO, Ayana.
Ernst and Young (EY) acted as the financial and tax advisor for the transaction, and Luthra &amp; Luthra acted as the legal advisor for Ayana.
National Investment and Infrastructure Fund (NIIF)-owned Ayana said that it is now developing and managing close to 3 GWac of renewable energy with this transaction.
Founded by the CDC Group in 2018, Ayana is developing solar and wind projects across India. CDC Group, a U.K. government-owned development financial institution, is also an investor in Ayana.
Ayana was one of the <a href="https://mercomindia.com/ntpc-nlc-india-ayana-and-azure-wnners-ecis-1-2-gw-hybrid-auction/" target="_blank" rel="noopener">winners</a> in the Solar Energy Corporation of India’s (SECI) auction for 1,200 MW interstate transmission system (ISTS)-connected wind-solar hybrid power projects (Tranche-IV) on a build, own, and operate basis across India. It won a capacity of 450 MW, quoting ₹2.34 (~$0.031)/kWh.
Last year, Ayana had <a href="https://mercomindia.com/ayana-renewable-acquires-two-solar-projects/" target="_blank" rel="noopener">acquired</a> First Solar’s two solar projects with a capacity of 40 MW. The two solar power projects in Karnataka are under a 25-year power purchase agreement (PPA) and supply power to the state distribution companies, Chamundeshwari Electricity Supply Company Limited and Gulbarga Energy Supply Company Limited.
In July this year, ACME <a href="https://mercomindia.com/acme-solar-raises-334-million-green-bonds/" target="_blank" rel="noopener">raised</a> around $334 million for 12 of its solar projects through the issuance of offshore green bonds. The debt investment will be funded by U.S. dollar-denominated green bonds. The bonds received green certification from Climate Bonds Initiative.
According to Mercom Capital Group’s <a href="https://mercomindia.com/product/q3-2021-india-solar-market-update/" target="_blank" rel="noopener">report</a>, in the first nine months (9M) of 2021, large-scale solar project acquisition activity was up 129% globally with 55.5 GW being acquired compared to 24.3 GW in 9M 2020. A total of 15.8 GW of solar projects were acquired in Q3 2021.

Ayana Renewables Acquires 250 MW Solar PV Project from ACME

<a href="http://www.ayanapower.com/" target="_blank" rel="noopener noreferrer">Ayana Renewable Power Private Limited</a>, backed by the U.K.-based <a href="https://www.cdcgroup.com/en/" target="_blank" rel="noopener noreferrer">CDC Group</a>, has announced the acquisition of <a href="http://www.firstsolar.com/">First Solar&#8217;s</a> two solar projects with a capacity of 40 MW. The company has not disclosed the terms of the transaction.
According to Mercom&#8217;s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener noreferrer">India Solar Project Tracker</a>, Ayana has 1.1 GW of large-scale solar projects under the development pipeline.
The company has acquired two solar power projects located in Karnataka as a part of its expansion plans. The two solar projects have been operational for more than two years. The projects offset nearly 700,000 metric tons of CO2 every year, according to the company.
The two projects are under a 25-year power purchase agreement (PPA), and supply power to the state distribution companies (DISCOMs), Chamundeshwari Electricity Supply Company Limited, and Gulbarga Energy Supply Company Limited.
Speaking on the acquisition, Shivanand Nimbargi, managing director and chief executive of Ayana, said, &#8220;This is the first step in Ayana&#8217;s long journey of acquiring high-quality operating renewable assets. With $330 million (~$24.45 billion) committed equity, Ayana will continue to pursue similar opportunities for acquisition and focus on inorganic growth.&#8221;
Last year, EverSource Capital and the National Investment and Infrastructure Fund of India (NIIF) <a href="https://mercomindia.com/ayana-eversource-niif-renewable/" target="_blank" rel="noopener noreferrer">announced</a> their partnership with Ayana, which was likely to see investment to the tune of $330 million (₹24.45 billion) cumulatively by all the three partners.
Previously, Mercom had <a href="https://mercomindia.com/first-solar-divest-operating-solar-projects-india-planned-190-mw-project-sale/" target="_blank" rel="noopener noreferrer">reported</a> that IDFC Alternatives&#8217; India Infrastructure Fund II (IIF II), through its wholly-owned subsidiary Vector Green Energy, had entered into definitive agreements with First Solar and its affiliates to acquire seven operating solar projects with a total capacity of 190 MW across Andhra Pradesh and Telangana. The deal was worth approximately $300 million (~₹19.3 billion).
As per Mercom&#8217;s <a href="https://mercomcapital.com/product/1h-q2-2020-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">1H and Q2 2020 Solar Funding and M&amp;A Report</a>, solar project acquisition activity was up in 1H 2020 with 14.7 GW compared to 11.6 GW acquired in the same period last year. Only about 3 GW of solar projects were acquired in Q2 2020 compared to 5.7 GW in Q2 2019.

Ayana Renewable Acquires Two Solar Projects in Karnataka from First Solar

EverSource Capital and the National Investment and Infrastructure Fund of India (NIIF) have announced their partnership with Ayana Renewable Power which could see investment to the tune of $330 million (₹24.45 billion) cumulatively by all the three partners.
“This investment demonstrates our commitment to invest a further $1.7 billion in India and neighboring countries over the next three years. Within infrastructure, we see further opportunities to provide investment to businesses operating within power generation, power transmission and distribution, transport, the gas midstream, and the water sector,” said Srini Nagarajan, Head of CDC Asia.
Dhanpal Jhaveri, CEO of EverSource Capital, said, “EverSource has a deep understanding of renewables business with an extensive track record of scaling up world-class businesses in India and will provide strategic and operational value add to Ayana in building a high quality rapidly scalable utility-grade renewable energy business.”
Ayana is the renewable energy platform founded by CDC group and is currently constructing 500 MW of solar projects across the country.
<a href="https://mercomindia.com/seci-750-mw-solar-auction-kadapa-results/" target="_blank" rel="noopener">In June 2018</a>, Ayana Renewables had quoted a tariff of ₹2.71 (~$0.0394)/kWh to win 250 MW in <a href="http://www.seci.co.in/index.php" target="_blank" rel="noopener">SECI</a>’s 750 MW solar auction for Kadapa Solar Park in the state of Andhra Pradesh.
It won another 250 MW out of NTPC’s 750 MW of solar projects in Ananthapuramu solar park by quoting ₹2.73 (~$0.0404)  in <a href="https://mercomindia.com/ntpc-750mw-solar-auction-results/" target="_blank" rel="noopener">May 2018.</a>
<a href="https://mercomindia.com/lightsourcebp-everstone-joint-venture-india/" target="_blank" rel="noopener">Earlier</a>, Mercom reported that <a href="https://www.lightsourcebp.com/uk/" target="_blank" rel="noopener">Lightsource BP</a>, a global renewable energy development firm and investment firm <a href="http://www.everstonecapital.com/" target="_blank" rel="noopener">Everstone Group</a> have teamed up to create a major fund management platform called EverSource Capital for the development of green energy infrastructure in India.
The launch fund would be called the Green Growth Equity Fund, which has a fundraising target of £500 million (~$71,05,90,500). The UK government and India’s National Investment and Infrastructure Fund (NIIF) have announced an agreement to become joint anchor investors in GGEF.
The UK government and NIIF will co-anchor GGEF with a commitment of £120 million (~$17,05,61,400) each.  UK and India&#8217;s contributions are investments that would generate returns for each country. GGEF is set up as an Alternative Investment Fund (AIF) under India’s Security and Exchange Board of India Regulations, 2012.

ayana

Get the most relevant India solar and clean energy news.

RECENT POSTS