PFCL Floats Empanelment Tender for Metering Infrastructure Service Providers

Solarium Green Energy Receives BSE Nod for Initial Public Offering

Power Transmission Company Kalpataru Projects Raises ₹10 Billion in QIP

Himachal Regulator Approves Tariff for 900 MW Hybrid Power Projects

Daily News Wrap-Up: HPERC Allows DISCOM To Procure 550 MW Solar Power

MES Invites Bids for Maintenance of 1.7 MW Solar Project

Exploring Solar Open Access Potential in Odisha and Haryana

Karnataka Floats EPC Tender for 1.2 MW Solar Project

Himachal Regulator Allows DISCOM to Procure 550 MW Solar Power from SECI

Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO


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					</table><p>Natural gas company Mahanagar Gas (<a href="https://www.mahanagargas.com/" target="_blank" rel="noopener">MGL</a>) will invest ₹2.3 billion (~$27.2 million) in IBC India to establish a gigafactory in Bengaluru to manufacture prismatic NMC Li-ion cells, which have extensive applications across the mobility and battery storage sectors.</p>
<p>This partnership aims to strengthen India’s battery production landscape and support the transition to sustainable energy solutions.</p>
<p>MGL signed a share subscription agreement and a shareholding agreement with the International Battery Company (<a href="https://ibcbatt.com/" target="_blank" rel="noopener">IBC US</a>) to form a joint venture company.</p>
<p>International Battery Company India will establish the joint venture.</p>
<p>MGL and IBC US will subscribe to shares in a predetermined ownership ratio of 44% to 56%, subject to the completion of conditions precedent and obtaining relevant regulatory approvals.</p>
<p>IBC US, based in California, is expected to bring expertise to the partnership. The company has established a pilot facility in Seoul, South Korea, to develop and produce Li-ion cells.</p>
<p>The partnership also aims to address the growing demand for locally sourced battery cells in India, which are currently being imported.</p>
<p>Ashu Shinghal, Managing Director of MGL, said the company’s foray into battery cell manufacturing will strengthen its position in the evolving energy space.</p>
<p>Priyadarshi Panda, CEO of IBC,  emphasized the specific design of the company’s products to address the needs of Indian OEMs and consumers. He underscored the importance of energy independence for India and the role of Li-ion cells in achieving this objective.</p>
<p>In February, MGL <a href="https://www.mercomindia.com/mahanagar-gas-forays-into-ev-sector" target="_blank" rel="noopener">announced</a> the acquisition of a 30.97% shareholding in 3ev Industries, a manufacturer of three-wheel electric vehicles, for ₹ $960 million (~$11.56 million).</p>
<p>This came three years after MGL <a href="https://www.mercomindia.com/tata-mgl-collaborate-solar-ev-charging" target="_blank" rel="noopener">collaborated</a> with Tata Power to explore the e-mobility segment and other value-added services of mutual interest, such as solar rooftop installations.</p>


Mahanagar Gas, IBC to Build ₹2.3 Billion Li-ion Cell Gigafactory in Bengaluru


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					</table><p><a href="https://www.mercomindia.com/government-retenders-10-gwh-battery-cell-pli" target="_blank" rel="noopener"><strong>The Ministry of Heavy Industries has issued a request for proposals to select manufacturers to set up 10 GWh manufacturing capacities for</strong></a> Advance Chemistry Cell (ACC) under the Production Linked Incentive (PLI) program. The tender follows MHI’s announcement that it would re-issue the tender for the unallocated 20 GWh capacity under the ‘National Program on ACC Battery Storage.’\</p>
<p><a href="https://www.mercomindia.com/karnataka-peer-to-peer-solar-energy-trading" target="_blank" rel="noopener"><strong>The Karnataka Electricity Regulatory Commission has released a draft proposal to allow peer-to-peer solar</strong></a> energy trading in the state using blockchain technology whereby electricity consumers can become ‘prosumers’ by installing rooftop solar modules and selling excess power generated to consumers directly.</p>
<p><a href="https://www.mercomindia.com/30-40-gw-open-access-green-energy-4-5-years-interview" target="_blank" rel="noopener"><strong>In an exclusive interview with Mercom India, Rahul Mishra, Senior VP and Head of Commercial &amp; Industrial</strong></a> (C&amp;I) at BluPine Energy, shared his views on the recent trends in the green energy open access market and the C&amp;I energy transition in India. BluPine Energy is a renewable energy solutions provider to the C&amp;I segment, with a development portfolio of over 4 GW in solar, wind, and storage assets.</p>
<p><a href="https://www.mercomindia.com/sael-secures-renewable-energy-expansion" target="_blank" rel="noopener"><strong>SAEL</strong><strong>, an India-based waste-to-energy producer, has raised $1 billion in a funding round involving </strong><strong>Norfund</strong></a>, the U.S. Development Finance Corporation, the Asian Development Bank, Tata Cleantech, and other financial institutions. The company said the investment will be used to expand its solar and biomass projects, taking advantage of the favorable market conditions and government programs in the renewable energy sector.</p>
<p><a href="https://www.mercomindia.com/gensol-profit-surges-eight-fold-q3-fy24" target="_blank" rel="noopener"><strong>Engineering and consulting firm </strong><strong>Gensol Engineering</strong><strong> posted a net profit of ₹123.1 million (~$1.5 million) in the third quarter</strong></a> (Q3) of the financial year (FY) 2024, an increase of 748% year-over-year (YoY) from a net loss of ₹19 million (~$228,578). The increase in net profit could be attributed to the increase in solar engineering, procurement, and commissioning (EPC) orders the company received during the period.</p>
<p><a href="https://www.mercomindia.com/acme-ihi-corporation-partner-from-india-to-japan" target="_blank" rel="noopener"><strong>ACME Group</strong><strong>, a renewable energy company, and </strong><strong>IHI Corporation</strong><strong>, a Japan-based integrated heavy industry</strong></a> group, have inked an offtake term sheet for the supply of green ammonia from India to Japan. The agreement is aimed at contributing to India’s National Green Hydrogen Mission and Japan’s net-zero commitment.</p>
<p><a href="https://www.mercomindia.com/robotic-solar-module-million-in-series-a-funding" target="_blank" rel="noopener"><strong>China-based robotic solar module cleaning solutions firm </strong><strong>Sunpure</strong><strong> announced that it has completed</strong></a> its Series A funding round of ¥100 million (~$676,221) led by Hengxu Capital. Yuantai Investment Partners Fund, Guoyuan Fund, and the company’s existing shareholder, GL Venture, also participated in this round.</p>
<p><a href="https://www.mercomindia.com/germanys-2023-solar-capacity-gw-91-increase-yoy" target="_blank" rel="noopener"><strong>Germany installed 3.5 GW of solar power capacity in the fourth quarter of 2023, a 105.8% YoY growth from 1.7 GW.</strong></a> On a quarter-over-quarter basis, installations witnessed a drop of 7.8% from 3.8 GW. The data was published in a recent report by the German Federal Network Agency Bundesnetzagentur.</p>
<p><a href="https://www.mercomindia.com/solar-dominate-us-power-generation-2050" target="_blank" rel="noopener"><strong>Wind energy deployment in the U.S. is expected to reach 770 GW and solar 1,090 GW by 2050, representing 5x and 10x</strong></a> increases over current levels, respectively, according to the National Renewable Energy Laboratory. Wind and solar are forecasted to contribute between 55% and 85% of total generation in 2050 across various scenarios.</p>
<p><a href="https://www.mercomindia.com/jsw-energys-profit-rises-on-renewables-q3-fy24" target="_blank" rel="noopener"><strong>JSW Energy</strong><strong>, an independent power producer, reported a net profit of ₹2.32 billion (~$27.9 million), a jump of 29% YoY in Q3 of FY 2023-24</strong></a>, helped by a strong performance in the renewables segment and lower fuel costs. Higher generation in both thermal and renewables segments drove the company’s total revenue up by 13% YoY to ₹26.61 billion (~$320 million).</p>


Daily News Wrap-Up: Tender for 10 GWh Battery Cell Capacity Under PLI Program


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					</table><p>The Ministry of Heavy Industries (<a href="https://heavyindustries.gov.in/" target="_blank" rel="noopener">MHI</a>) has issued a request for proposals to select manufacturers to set up 10 GWh manufacturing capacities for Advance Chemistry Cell (ACC) under the Production Linked Incentive (PLI) program.</p>
<p>The tender follows MHI’s <a href="https://www.mercomindia.com/ministry-retender-20-gwh-battery-pli" target="_blank" rel="noopener">announcement</a> that it would re-issue the tender for the unallocated 20 GWh capacity under the ‘National Program on ACC Battery Storage.’</p>
<p>In 2021, the government had <a href="https://www.mercomindia.com/dhi-issues-details-pli-program" target="_blank" rel="noopener">approved</a> the technology-agnostic PLI program to implement 50 GWh of ACC manufacturing with an outlay of ₹181 billion (~$2.18 billion).</p>
<p>The initial bidding for the ACC Energy Storage PLI Program <a href="https://www.mercomindia.com/reliance-ola-hyundai-rajesh-exports-win-bid-50-gwh-acc" target="_blank" rel="noopener">concluded</a> in March 2022, with Ola Electric Mobility, Hyundai Global Motors, Reliance New Energy, and Rajesh Exports securing bids to set up 50 GWh capacity. However, Hyundai Global Motors opted to withdraw from bidding, leaving behind an unallocated capacity of 20 GWh.</p>
<p>The last date to submit bids is April 22, 2024. Bids will be opened on April 23.</p>
<p>The tender has a maximum budgetary outlay of ₹36.2 billion (~$435.63 million).</p>
<p>Selected bidders must commit to setting up an ACC manufacturing facility with value addition of a minimum of 25% within two years from the appointed date and a minimum of 60% value addition within five years from the appointed date. They must also establish a manufacturing capacity of 5 to 10 GWh within five years from the appointed date, and only then will they be ranked from the highest to the lowest based on their technical score.</p>
<p>The subsidy disbursement will commence only once the proposed committed capacity and value addition levels are achieved, and the sale of the ACC begins. The disbursement will be phased over a five-year window, payable quarterly, as per the program agreement signed between the government and the selected bidder.</p>
<p>Bidders must pay a non-refundable sum of ₹450,000 (~$5,415) as the bidding cost. They must also submit a bid security amount of ₹100 million (~$1.2 million) in the form of a bank guarantee issued by a nationalized bank or a scheduled bank in India with a net worth of at least ₹10 billion (~$120.35 million).</p>
<p>The bidding process will be held online through a transparent two-stage process under the quality and cost-based selection mechanism.</p>
<p>If the bidder is not an Alternative Investment Fund or Foreign Investment Fund, they should have a minimum net worth of ₹2.25 billion (~$27.08 million) per GWh.</p>
<p>If the bidder is an Alternative Investment Fund or Foreign Investment Fund, it should have a minimum annual capital for investment of ₹2.25 billion (~$27.08 million) per GWh at the close of the preceding financial year.</p>
<p>Bidders can bid for any capacity if their net worth is at least ₹15 billion (~$180.54 million).</p>
<p>Bidders who have participated in the previous tender issued in 2021 will also be eligible to participate in this tender, provided that the maximum capacity that may be allocated to such bidders, inclusive of the capacity allocated previously, does not exceed 20 GWh.</p>
<p>Qualification is open to persons from any country. If the bidders belong to any other country other than India, 25% or more of the aggregate issued subscribed and paid-up equity share capital in the bidder or its member is held by persons resident outside India. Alternatively, at any subsequent stage after the bid date, there is an acquisition of 25% or more of the aggregate issued, subscribed, and paid-up equity share capital or control by persons resident outside India.</p>


Government Retenders 10 GWh of Battery Cell Capacity Under PLI Program


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					</table><p>LG Energy Solution (<a href="https://www.lgensol.com/en/index" target="_blank" rel="noopener">LGES</a>) and <a href="https://www.hyundaimotorgroup.com/main/mainRecommend" target="_blank" rel="noopener">Hyundai Motor Group</a> have announced a joint venture to manufacture electric vehicle (EV) battery cells in the United States. The partnership aims to accelerate the group&#8217;s electrification efforts in North America and establish a strong foundation for the global EV transition.</p>
<p>The JV will be in Bryan County, Savannah, Georgia, adjacent to Hyundai Motor Group Metaplant America, which is under construction.</p>
<p>With an investment of over KRW 5.7 trillion (~$4.3 billion), LGES and Hyundai Motor Group will each hold a 50% stake in the venture.</p>
<p>The new battery cell manufacturing facility is expected to have an annual production capacity of 30 GWh, enabling the production of approximately 300,000 EVs per year.</p>
<p>Construction of the facility is scheduled to commence in the second half of 2023, with battery production anticipated to begin by the end of 2025.</p>
<p>Hyundai Mobis, a subsidiary of Hyundai Motor Group, will assemble battery packs using cells from the plant and supply them to the group&#8217;s U.S. manufacturing facilities to produce Hyundai, Kia, and Genesis EV models.</p>
<p>This strategic move aims to create a stable supply of batteries in the region and meet the increasing demand for EVs in the U.S. market.</p>
<p>LGES already operates or is constructing seven battery plants in the U.S.</p>
<p>LGES and Hyundai Motor Group have a longstanding partnership in the field of electrification, collaborating on the supply of EV batteries for various vehicle models.</p>
<p>Recently, LGES announced its <a href="https://www.mercomindia.com/lg-energy-solution-new-battery-plants-us" target="_blank" rel="noopener">plan</a> to invest roughly KRW 7.2 trillion (~$5.5 billion) to build a battery manufacturing complex in Arizona.</p>
<p>In August last year, LGES and Honda <a href="https://www.mercomindia.com/daily-news-wrap-up-lg-honda-produce-ev-batteries" target="_blank" rel="noopener">announced</a> they would establish a joint venture to produce lithium-ion batteries in the U.S. to power Honda and Acura EV models for the North American market. LGES and Honda had announced an investment of $4.4 billion in the plant. The plant aims to have an annual production capacity of approximately 40 GWh. The pouch-type batteries produced at the plant will be supplied exclusively to Honda facilities in North America.</p>


LG and Hyundai to Build $4.3 Billion Battery Cell Manufacturing Unit in US


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					</table><p>Here are some noteworthy cleantech announcements of the day from India and around the world</p>
<p><strong>A 320 MW solar project in Rajasthan awarded by </strong><u><a href="http://www.nhpcindia.com/home.aspx" target="_blank" rel="noopener"><strong>NHPC</strong></a></u><strong> to Avaada Energy </strong><strong>is fully operational, with the commissioning of its last part of 54.40 MW. </strong>The project is a part of a total of 2 GW ISTS-connected solar power projects <a href="https://mercomindia.com/softbank-o2-power-eden-renewables/" target="_blank" rel="noopener">awarded</a> by NHPC to different developers. The power generated from the project is being evacuated through Bhadla-II ISTS Substation for sale in Punjab and Jammu, and Kashmir. NHPC will trade the generated power from this 320 MW project through a long-term power purchase agreement for 25 years signed between NHPC and Avaada Energy. A power sale agreement has also been signed between NHPC and DISCOMs, and other buying entities.</p>
<p><strong>Automotive components supplier </strong><a href="https://www.mahindracie.com/" target="_blank" rel="noopener"><strong>Mahindra CIE</strong></a><strong> has invested ₹24.26 million ($292,586) in Strongsun Solar. </strong>The company has subscribed to 303,250 equity shares of ₹10/ (~$0.12) each. After the allotment of shares subscribed, Mahindra CIE Automotive will hold 27.35% of the post-issue paid-up capital. Strongsun is setting up two captive generating plants of 7 MW and 3 MW  capacity to supply captive solar power from these plants to the Mahindra CIE foundry division at Urse, in Maharashtra (7 MW) and the magnetics products division at Bhosari (3 MW).</p>
<p><strong>NTPC has <a href="https://www.bseindia.com/corporates/anndet_new.aspx?newsid=c89ae884-62a7-4408-aa95-aab780b487f4" target="_blank" rel="noopener">declared</a></strong><strong> commercial operation of 150 MW and 90 MW Devikot solar PV projects at Jaisalmer, Rajasthan. </strong>With this, the standalone installed and commercial capacity of NTPC has become 58041.27 MW, while the group installed and commercial capacity of NTPC stands at 70656.27 MW.</p>
<p><strong>National Investment and Infrastructure Fund Limited (</strong><a href="https://www.niifindia.in/" target="_blank" rel="noopener"><strong>NIIFL</strong></a><strong>) signed a memorandum of understanding with the Tamil Nadu Infrastructure Development Board (</strong><a href="https://tnidb.tn.gov.in/en/" target="_blank" rel="noopener"><strong>TNIDB</strong></a><strong>)</strong> to help attract commercial capital into infrastructure opportunities in Tamil Nadu. NIIFL will support TNIDB in identifying potential private sector investment opportunities, including for asset recycling and developing greenfield and brownfield infrastructure. Seven projects have been identified across departments which have the potential to attract private investments of approximately ₹50 billion ($603.7million) to ₹60 billion ($724.58 million)</p>
<p><strong>A memorandum of understanding was signed between the European Investment Bank (</strong><a href="https://www.eib.org/en/index.htm" target="_blank" rel="noopener"><strong>EIB</strong></a><strong>) and the national electricity company of Vietnam, Vietnam Electricity (</strong><a href="https://en.evn.com.vn/" target="_blank" rel="noopener"><strong>EVN</strong></a><strong>), to decarbonize the electricity sector.</strong> The cooperation enables the direct financing of power investment projects in Vietnam, strengthens partnerships in electricity generation, storage, transmission, distribution, and sales, and covers the energy transition toward decarbonization. EIB has worked closely with Vietnam since 1996, supporting the development of metropolitan commercial areas, smaller hydroelectricity projects, and urban mobility.</p>
<p><strong>The U.S. Department of Energy (DOE) </strong><a href="https://www.energy.gov/articles/us-secretary-energy-hosts-battery-workforce-initiative-roundtable" target="_blank" rel="noopener"><strong>hosted</strong></a><strong> a roundtable</strong> <strong>to launch its Battery Workforce Initiative</strong>. The initiative is designed to lay the foundation for developing a modern American labor force necessary to sustain the growth of a domestic battery supply chain. U.S. Secretary Jennifer M. Granholm highlighted DOE’s Loan Programs Office announcement of a $2.5 billion loan closing to Ultium Cells to help finance the construction of new lithium-ion battery cell manufacturing facilities in Ohio, Tennessee, and Michigan.</p>


Daily News Wrap-Up: NHPC-Awarded 320 MW Solar Project in Rajasthan Commissioned


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					</table><p><a href="https://www.solidpowerbattery.com/" target="_blank" rel="noopener">Solid Power</a>, Inc., a U.S.-based developer of all-solid-state battery cells for electric vehicles (EVs), reported a net loss of $12.4 million for the third quarter (Q3) 2022, a 46% increase from the $8.45 million loss during the same period last year.</p>
<p>The revenue during the quarter increased to $2.81 million, a 348% YoY increase from $628,000.</p>
<p>The operating expenses during the quarter were higher than in the same period last year due to the planned investments in product development and scaling of operations. The company has started the larger-scale production of the new additional 20 Ah cell orders.</p>
<p>The operating loss was $15.6 million for Q3 2022.</p>
<p>For the first nine months (9M) of the year, the company posted a net loss of $9.08 million, a 63% year-over-year (YoY) improvement from the loss of $24.86 million.</p>
<p>The company, which <a href="https://mercomindia.com/battery-company-solid-power-to-go-public/" target="_blank" rel="noopener">went</a> public last year in a $1.2 billion special purpose acquisition company (SPAC) deal, reported a revenue increase of 354% to $7.59 million from the $1.67 million reported during 9M 2021.</p>
<p>The company, however, saw an increase in operating loss, given the increased investments in research and development and administrative changes. The operating loss during 9M 2022 was reported at $41.61 million, a 121% YoY increase over $18.82 million.</p>
<p>The battery developer noted an increase in its non-operating income, attributed mainly to the change in the fair value of warrant liabilities, recorded at $28.18 million. This, in turn, helped bring down the overall net loss for the company.</p>
<p>Capital expenditure during the third quarter and first nine months of 2022 were $17 million and $47.9 million, respectively, representing ongoing investments in the company’s technical development and operational capabilities.</p>
<p>The company reported the progress on its new 20 Ah cell development and initial deliveries, with the EV cell pilot optimization and acceptance testing ongoing, which impacted the yields during the period. Its electrolyte production facility is expected to come online in the first quarter of 2023.</p>
<p>Doug Campbell, Chief Executive Officer of Solid Power, said, “We are pleased with the progress we made scaling up to our 20 Ah cells. The performance of these cells drove customers to confirm additional 20 Ah cell orders, which led to a significant increase in production during the third quarter. However, as we began the larger-scale production of these additional 20 Ah cell orders, we experienced lower yields. The lower yields, combined with limited labor resources, required us to devote substantial resources to our 20 Ah cell builds. As a result, initial builds of the EV cells on our EV cell pilot line began later than initially anticipated.”</p>
<p>The company <a href="https://mercomindia.com/solid-power-reports-360-yoy-increase-in-revenue-in-q2-2022/" target="_blank" rel="noopener">reported</a> revenue of $2.58 million in the Q2 of 2022, a 360% YoY growth compared to $561,000.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">9M and Q3 2022 Funding and M&amp;A Report for Storage, Grid, and Efficiency</a>, corporate funding for energy storage companies in 9M 2022 increased by 69%, with $22 billion raised in 92 deals compared to $13 billion raised in 74 deals in 9M 2021.</p>


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