CERC Approves Tariffs for NTPC’s 1 GW Wind-Solar Hybrid Projects

CERC Sets Interim Tariff for DVC’s 8 MW Solar Project at ₹3.62/kWh

RBI Increases Priority Sector Lending Cap for Renewables to ₹350 Million

Rooftop Solar Financing Firm Ecofy Secures $12.5 Million Loan from IFU

RECPDCL Invites Bids for 2.5 GW Renewable Energy Transmission Projects

Bondada, Oriana and Pace Win Telangana’s 250 MW/500 MWh BESS Auction

Rajasthan Sets Tariff of ₹3.04/kWh for 5 GW Solar Capacity Under KUSUM

Daily News Wrap-Up: MERC Approves Tariff for 1,500 MWh BESS Procurement

NTPC Invites Bids for Hydrogen Refueling Station in Bhubaneswar

ISTS Developers to Pay 60% of the Urban Land Value as RoW Compensation


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					</table><p>In the fourth quarter (Q4) of calendar year 2024, the average cost of large-scale solar power projects in India <a href="https://www.mercomindia.com/average-cost-of-large-scale-solar-projects-down-8-3-yoy-in-q4-2024" target="_blank" rel="noopener">fell</a> over 8% year-over-year (YoY), according to Mercom’s recently released Q4 and Annual 2024 India Solar Market Update. However, the average project cost rose 1.6% quarter-over-quarter. The average selling price of India-made modules registered under the Approved List of Models and Manufacturers order rose in Q4 due to high demand and increasing component prices. Solar modules accounted for almost 47% of the project cost in Q4 2024, up from nearly 46% in the previous quarter.</p>
<p>Wind-solar hybrid open access power projects can <a href="https://www.mercomindia.com/open-access-hybrid-projects-can-meet-up-to-90-of-energy-cost-of-ci-units" target="_blank" rel="noopener">meet</a> 85-90% of the power requirements of big commercial and industrial (C&amp;I) consumers in Tamil Nadu, according to industry experts. At the recent C&amp;I Clean Energy Meet hosted by Mercom in Chennai, experts from leading solar companies discussed the benefits of rooftop solar systems, open access projects, and battery energy storage systems (BESS) for the C&amp;I sector.</p>
<p>The Uttar Pradesh New and Renewable Energy Development Agency <a href="https://www.mercomindia.com/uttar-pradesh-invites-bids-for-2-mw-rooftop-solar-projects" target="_blank" rel="noopener">invited</a> bids to implement 11 kW to 50 kW on-grid hybrid rooftop solar power projects with a battery backup on multiple government buildings across Uttar Pradesh. The project’s tentative capacity is 2 MW. The project’s expected cost is ₹440 million (~$5 million). The scope of work entails the design, supply, installation, testing, and commissioning of the project. It also includes providing operations and maintenance services for five years, which can be further extended by five years.</p>
<p>Continuing the trend of municipal corporations tapping the market to raise funds for infrastructure and green energy initiatives, the Agra Nagar Nigam <a href="https://www.mercomindia.com/agra-civic-body-plans-raising-%E2%82%B9500-million-for-7-5-mw-solar-project-via-bonds" target="_blank" rel="noopener">proposed</a> a ₹500 million (~$5.8 million) municipal bond issue to part-finance a 7.5 MW solar project. It filed preliminary papers with the market regulator Securities Exchange Board of India, for private placement of up to 1,250 redeemable, non-convertible municipal bonds with a face value of ₹400,000 (~$4,634), with four separately redeemable principal parts of ₹100,000 (~$1,158) each.</p>
<p>Government-owned lender Indian Renewable Energy Development Agency <a href="https://www.mercomindia.com/ireda-issues-perpetual-bonds-to-raise-%E2%82%B912-47-billion" target="_blank" rel="noopener">issued</a> its first-ever perpetual bonds worth ₹12.47 billion (~$144.5 million) at an annual coupon rate of 8.4%. By issuing the bonds, IREDA targets enhancing its Tier-I capital for a stronger financial foundation. IREDA also received a fund of ₹244.8 million (~$2.6 million) from the Income Tax Department towards partial relief for the assessment year 2011-12 related to certain disallowances. A refund of ₹1.95 billion (~$22.6 billion) is also under process for similar relief for 2010-11, 2012-13, 2013-14, and 2015-16 to 2018-19.</p>
<p>The Philippines’ Department of Energy <a href="https://www.mercomindia.com/philippines-issues-terms-for-9-3-gw-renewables-auction-with-energy-storage" target="_blank" rel="noopener">released</a> the Terms of Reference for the fourth round of the green energy auction. This auction round aims to add 9,378 MW of renewable energy capacity from ground-mounted, rooftop, and floating solar and onshore wind projects. It is the first auction to incorporate renewable energy and energy storage systems, with an additional 1,100 MW of solar capacity integrated with BESS.</p>
<p>The Dhaka Electricity Supply Company (DESCO) <a href="https://www.mercomindia.com/bangladesh-issues-eoi-for-120-mw-solar-projects-in-dhaka" target="_blank" rel="noopener">floated</a> an expression of interest to set up 120 MW on-grid solar power projects under the design-build-finance-operate and maintain model in Dhaka. The project involves setting up 120 MW solar projects in eight lots in eight operational circles of DESCO. The project will utilize rooftops and urban spaces within DESCO’s jurisdiction for solar power generation.</p>
<p>Fuel cell manufacturer Ballard Power Systems <a href="https://www.mercomindia.com/ballard-q4-revenue-falls-misses-expectations" target="_blank" rel="noopener">reported</a> a revenue of $24.5 million, a 48% YoY decline in Q4 of 2024, reaching $24.5 million. The revenue missed analyst’s expectations by $4.05 million. All business segments reported declining revenues, reflecting broader industry challenges, including prolonged policy uncertainty and funding constraints. Heavy-duty mobility segment revenue fell 42% YoY to $16.8 million despite a 9% growth in bus revenue.</p>
<p>Sweden-headquartered battery developer and manufacturer Northvolt <a href="https://www.mercomindia.com/battery-manufacturer-northvolt-files-for-bankruptcy-in-sweden" target="_blank" rel="noopener">filed</a> for bankruptcy in Sweden. The company’s board of directors approved the move to secure a viable financial and operational future. Following the filing, a Swedish court-appointed trustee will oversee the process, including the sale of the business and its assets and the settlement of outstanding obligations. Last year, Northvolt filed for bankruptcy protection in the U.S., seeking restructuring under Chapter 11 of the bankruptcy code.</p>


Daily News Wrap-Up: Large-Scale Solar Project Costs Down 8% YoY in Q4 2024


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					</table><p>Sweden-headquartered battery developer and manufacturer <a href="https://northvolt.com/" target="_blank" rel="noopener">Northvolt</a> has filed for bankruptcy in Sweden.</p>
<p>The company&#8217;s board of directors approved the move in an effort to secure a viable financial and operational future.</p>
<p>Following the filing, a Swedish court-appointed trustee will now oversee the process, including the sale of the business and its assets and the settlement of outstanding obligations.</p>
<p>Last year, Northvolt <a href="https://www.mercomindia.com/battery-manufacturer-northvolt-files-for-bankruptcy-protection-in-the-us" target="_blank" rel="noopener">filed</a> for bankruptcy protection in the U.S., seeking restructuring under Chapter 11 of the bankruptcy code. The move was to help the company access new funding sources, including approximately $145 million in cash collateral.</p>
<p>Despite these efforts, the company could not secure the necessary conditions to continue in its current form. The company faced a series of compounding challenges in recent months that eroded its financial position, including rising capital costs, geopolitical instability, subsequent supply chain disruptions, and shifts in market demand.</p>
<p>The entities Northvolt AB, Northvolt Ett AB, Northvolt Labs AB, Northvolt Revolt AB and Northvolt Systems AB have filed with the Swedish court. However, Northvolt Germany and Northvolt North America are not filing for bankruptcy in their respective jurisdictions.</p>
<p>Any decision regarding Northvolt AB&#8217;s subsidiaries will be made by the court-appointed trustee of Northvolt AB in consultation with the group&#8217;s lenders.</p>
<p>Tom Johnstone, Interim Chairman of Northvolt&#8217;s Board of Directors, said, &#8220;We are hopeful that the outreach we have undertaken with potential investors during the Chapter 11 process will accelerate identifying the necessary financing to allow continued trading under the Swedish bankruptcy process.&#8221;</p>
<p>In January 2024, the company <a href="https://www.mercomindia.com/funding-and-ma-roundup-northvolt-secures-5-billion-loan" target="_blank" rel="noopener">announced</a> the signing of a $5 billion non-recourse project financing to expand its battery gigafactory, Northvolt Ett, in northern Sweden. The new debt financing package was one of the largest green loans raised in Europe to date. It included refinancing the $1.6 billion debt package Northvolt raised in July 2020.</p>
<p>As the bankruptcy process unfolds, the court-appointed trustee will determine the future of Northvolt&#8217;s businesses and their assets, including technology and production facilities.</p>


Battery Manufacturer Northvolt Files for Bankruptcy in Sweden


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					</table><p>Sweden-headquartered battery developer and manufacturer <a href="https://northvolt.com/" target="_blank" rel="noopener">Northvolt AB</a> has filed for bankruptcy protection in the U.S. The company will seek to restructure under Chapter 11 of the bankruptcy code.</p>
<p>The company also announced that Peter Carlsson will step down as CEO and transition into a role as Senior Advisor. He will also continue to serve as a Member of the Board.</p>
<p>The Chapter 11 filings have been listed in the US Bankruptcy Court for the Southern District of Texas. The process will allow Northvolt access to new funding sources, including approximately $145 million in cash collateral.</p>
<p>Additionally, one of the company&#8217;s customers has committed to providing $100 million in new financing to support its business operations through debtor-in-possession (DIP) financing.</p>
<p>The company will continue to make deliveries to customers while fulfilling obligations to critical vendors and paying wages to employees.</p>
<p>The Chapter 11 restructuring process in the U.S. differs from a bankruptcy or administration proceeding in Sweden or many other countries.</p>
<p>Northvolt Ett, the company&#8217;s battery gigafactory in Skellefteå, Sweden, and Northvolt Labs in Västerås, Sweden, will remain operational to meet customer commitments.</p>
<p>Northvolt Germany and Northvolt North America, subsidiaries of Northvolt AB with projects in Germany and Canada, are financed separately and will continue to operate as usual outside of the Chapter 11 process as key parts of Northvolt&#8217;s strategic positioning.</p>
<p>In line with standard practice for Chapter 11 proceedings, the company has submitted several &#8220;first day&#8221; motions. These motions will enable the company to fulfill its obligations to employees, essential vendors, and customers and continue making payments for taxes, insurance, and utilities.</p>
<p>Northvolt is advised by Teneo as its restructuring and communications advisor. Kirkland &amp; Ellis LLP, A&amp;O Shearman and Mannheimer Swartling Advokatbyrå AB are legal counsels.</p>
<p>In January, Northvolt <a href="https://www.mercomindia.com/funding-and-ma-roundup-northvolt-secures-5-billion-loanhttps:/www.mercomindia.com/funding-and-ma-roundup-northvolt-secures-5-billion-loan" target="_blank" rel="noopener">announced</a> the signing of a $5 billion non-recourse project financing to expand its battery gigafactory in northern Sweden. The debt financing package included refinancing the $1.6 billion debt package that Northvolt raised in July 2020.</p>
<p>In 2023, Northvolt <a href="https://www.mercomindia.com/battery-manufacturer-northvolt-fund-expansion-plans" target="_blank" rel="noopener">raised</a> $1.2 billion in convertible notes to support its expansion plans across Europe and North America.</p>


Battery Manufacturer Northvolt Files for Bankruptcy Protection in the US


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					</table><p><a href="https://us.sunpower.com/" target="_blank" rel="noopener">SunPower</a>, a U.S.-based residential solar technology and energy services provider, announced that it has entered into an asset purchase agreement (APA) with <a href="https://www.completesolaria.com/" target="_blank" rel="noopener">Complete Solaria</a>. Under this agreement, Complete Solaria will act as the Stalking Horse Buyer for the assets related to SunPower&#8217;s Blue Raven Solar business, New Homes business, and non-installing Dealer network.</p>
<p>Alongside this agreement, SunPower and several subsidiaries have filed for voluntary relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. This process will allow other interested parties to submit competing bids for the company&#8217;s assets.</p>
<p>According to the APA, Complete Solaria will acquire the specified assets and assume certain liabilities for $45 million in cash, pending court approval. SunPower has requested that the court approve the transaction by mid to late September. The company also plans to continue the sale process for its remaining assets under Section 363 of the U.S. Bankruptcy Code.</p>
<p>&#8220;For nearly 40 years, SunPower has worked to make solar energy more accessible to Americans, driven by our mission to change the way our world is powered. We are confident that Complete Solaria&#8217;s CEO, T.J. Rodgers, will carry forward our vision to shape the future of residential solar as a pioneer in this space,&#8221; said Tom Werner, Executive Chairman at SunPower.</p>
<p>T.J. Rodgers, CEO of Complete Solaria, highlighted the growing cost-efficiency of solar energy, noting that utility generation costs for solar are now $0.024 /kWh, compared to $0.036/ kWh for coal, the cheapest fossil fuel source.</p>
<p>&#8220;The move to zero-emission solar energy is accelerating, along with distributed solar power generation, as homeowners can now generate their own power for 8-10 cents per kWh, below the price of utility power in most states,&#8221; said Rodgers.</p>
<p>SunPower has requested court approval to access prepetition cash collateral to fund its business operations and administrative expenses. The company has filed various customary motions seeking authorization to meet its obligations to its employees and expects to receive approval for these requests.</p>
<p>Following the expedited sale process, SunPower plans to liquidate any remaining assets and undergo an orderly and efficient wind-down of its operations.</p>
<p>SunPower <a href="https://www.mercomindia.com/sunpowers-q4-revenue-falls-higher-interest-rates/" target="_blank" rel="noopener">posted</a> a fourth-quarter revenue of $356.9 million, down 28% from $498 million last year, hurt by lower customer additions.</p>
<p>In February 2022, TotalEnergies <a href="https://www.mercomindia.com/totalenergies-acquires-sunpowers-ci-solar-250-million/" target="_blank" rel="noopener">signed</a> a definitive agreement to acquire SunPower&#8217;s commercial and industrial solutions business for $250 million, including $60 million of earn-out.</p>


SunPower Enters Bankruptcy, Sells $45 Million Assets to Complete Solaria

<p>Many solar power projects in Ningxia, in the northwestern region of China, are finding it difficult to stay afloat, according to a report published by Reuters.</p>
<p>These projects may face bankruptcy due to the delay in subsidy payment, an investigation by the Chinese regulators has revealed.</p>
<p>In recent years, the Chinese solar industry has grown at a rapid pace, which has resulted in the subsidy backlog of 120 billion yuan ($17.4 billion). There is also a price variation in solar power from region to region.</p>
<p>According to a Reuters report, “Local authorities in Ningxia should further control the capacity of renewable projects and strengthen supervision of subsidy distribution in order to prevent widespread bankruptcy in the industry.&#8221;</p>
<p>The payment backlog forced many solar projects to take high interest loans to maintain operations, according to the National Energy Administration&#8217;s (<a href="http://www.nea.gov.cn/" target="_blank" rel="noopener">NEA&#8217;s</a>), a body formed in 2010 to formulate and implement energy policies.</p>
<p>Government-approved solar projects are authorised to subsidize each kilowatt-hour they sell to the grid, but the increase in new capacity has made the finance ministry struggle to make payments on time.</p>
<p>Some Chinese regions have already achieved &#8220;grid-price parity&#8221; and the government will work to provide more support for subsidy-free projects, according to draft rules published earlier this year.</p>
<p>But wind and solar projects in western regions like Ningxia and Xinjiang still find it difficult to compete with cheaper coal. The regulator accepts that solar and wind power generation and transmission projects in Ningxia were very expensive.</p>
<p><a href="https://mercomindia.com/major-policy-change-china-affect-global-solar/" target="_blank" rel="noopener">Earlier this</a> year, China had specified that a cap of 10 GW would be imposed on distributed generated (DG) projects for the year 2018. This was done to reduce the subsidy burden and propel the sector towards being more efficient. China also intends to bring down renewable energy costs to a level where it can compete with coal power in a subsidy-free regime.</p>
<p>Subsidy-related issues are not exclusive to China. Mercom has <a href="https://mercomindia.com/rooftop-subsidy-delays-india/" target="_blank" rel="noopener">reported</a> previously that subsidy disbursement delays are hampering the growth of residential rooftop solar in India and many of the rooftop solar developers in the Indian market do not want to take on subsidy projects.</p>
<p><a href="https://mercomindia.com/china-added-24-3-gw-2018-1h/" target="_blank" rel="noopener">Recently</a>, Mercom reported that China added 24.3 GW of solar PV capacity in the first half (1H) of 2018. There was a remarkable 72 percent year-over-year (YoY) increase in the DG installations, which accounted for 12.24 GW, approximately half of the total installations in 1H of 2018.</p>
<p>According to <a href="https://mercomindia.com/trina-module-nextracker-tracker-supplier/" target="_blank" rel="noopener">Mercom India</a> Research’s <em><a href="https://mercomindia.com/product/mercoms-india-solar-market-share-report/" target="_blank" rel="noopener">India Solar Market Leaderboard 2018</a></em>, the top three solar module suppliers to India were Chinese manufacturers in 2017.</p>


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