ACME Solar Holdings’ ₹29 Billion IPO to Hit the Market on November 6, 2024

Jodhpur DISCOM Tenders 333 MW Solar Projects Under PM KUSUM

CIE Automotive to Procure Power from ReNew’s 7.8 MW Captive Solar Project

John Cockerill to Supply Electrolyzers to AM Green’s Ammonia Project

Varroc to Procure Power from AMPIN’s 27 MW Solar Project in Maharashtra

JinkoSolar’s Revenue Drops 23% YoY in Q3 Due to Lower Module Prices

First Solar Revenue Falls Short in Q3, Revises 2024 Guidance Amid Sector Pressures

Tata Power Records 20th Consecutive Quarter of Profit in Q2 FY 2025

SECI Floats Tender to Procure 1.2 GW Round-the-Clock Renewable Power

Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief


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					</table><p>The net-zero industry will need exponential growth from carbon capture, hydrogen, and clean power technologies, a recent report by BloombergNEF (<a href="https://about.bnef.com/" target="_blank" rel="noopener">BNEF</a>) said.</p>
<p>The report singled out carbon capture technologies to play a crucial role in the decarbonizing industry. However, it noted that transitioning to the net-zero industry would require significant investments in new technologies and infrastructure.</p>
<p>Industrial production is responsible for a significant portion of global greenhouse gas emissions, making decarbonization of industry a crucial component of any effective climate change mitigation strategy.</p>
<p>The report added that carbon capture will play a major role in decarbonizing the cement industry, which is responsible for significant emissions due to the chemical process of converting limestone to lime.</p>
<p>Hydrogen technologies will likely play a central role in decarbonizing steel and petrochemical industries as feedstock and heat sources.</p>
<p>The report said that while electrification and hydrogen pathways are the most likely technologies to compete with existing production routes on cost, hydrogen will only become widely available around 2035.</p>
<p>The report also said that fuel switching, bioenergy, recycling, and carbon capture can deliver emissions reductions today and are deployed earlier in BNEF’s least-cost modeling, helping to keep global warming below two degrees.</p>
<p>As the producer of half of the world’s steel, aluminum, and cement, China is currently the most important factor in the push toward the net-zero industry.</p>
<p>While the country still needs to publish a definitive technology roadmap, its scaling power could change the economics of hydrogen or carbon capture for the rest of the world.</p>
<p>After exponential growth in materials production, output cuts and a focus on quality rather than quantity will give the country a start on its net-zero pathway, reducing emissions through declining production.</p>
<p>The United States is also well-positioned for decarbonization. Its steel sector is mostly electrified, and its petrochemical sector already has hydrogen and carbon capture expertise. The recently passed Inflation Reduction Act will make these technologies viable for industry through generous tax credits.</p>
<p>The global role of the US and Europe will be as a laboratory for net-zero production routes. Most early pilot projects for low-carbon production are in these regions and will be used as a model globally.</p>
<p>In the future, India will be the focus of the net-zero industry, as its industrial emissions are due to more than double by 2050.</p>
<p>The World Economic Forum (WEF) recently <a href="https://www.mercomindia.com/philanthropic-financing-to-per-year-to-reach-net-zero" target="_blank" rel="noopener">launched</a> a fundraising vehicle to unlock $3 trillion of financing needed each year to reach net zero, reverse nature loss, and restore biodiversity by 2050. The vehicle would focus on attracting philanthropic resources toward the net-zero targets.</p>
<p>The United Nations Climate Change Conference COP27 <a href="https://www.mercomindia.com/cop27-4-trillion-renewable-funding-annually-net-zero-2050" target="_blank" rel="noopener">highlighted</a> the need for global investments of $4 trillion per year in renewable energy until 2030 to achieve net zero emissions by 2050.</p>


Net-Zero Emission Goal Requires Exponential Growth in Key Technologies


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					</table><p>The Assam Power Distribution Company Limited (<a href="https://www.apdcl.org/website/" target="_blank" rel="noopener">APDCL</a>) has invited bids from solar power developers to set up 10 MW grid-connected solar photovoltaic (PV) power projects under Phase II of the Central Public Sector Undertaking (CPSU) program.</p>
<p>The last date for submission of bids is  February 20, 2023. Bids will be opened the following day.</p>
<p>The scope of the work includes the design, construction, and supply of solar power-generating systems and the operation and maintenance of the project for 25 years.</p>
<p>The selected solar developer will also have to procure land and construct the transmission facilities to evacuate power.</p>
<p>APDCL would own the power project.</p>
<p>Under the CPSU program, viability gap funding &#8212; a fund by APDCL will be disbursed to the successful solar developer if found eligible. The maximum permissible limit for the fund is ₹6.8 million (~$82,463)/MW.</p>
<p>Bidders will have to submit a tender processing fee of ₹10,620 (~$129) and an earnest money deposit of ₹895,000 (~$10,855) per MW.</p>
<p>The successful bidder must furnish ₹3.4 million (~$41,191) per MW as performance security.</p>
<p>A bidder can participate either individually or as part of a two-member consortium.</p>
<p>In case the bidder is a consortium or a foreign bidder, it is mandatory for them to incorporate a new special purpose vehicle (SPV) to execute the EPC contract. In the case of a single bidder, they can form a new SPV to execute the EPC contract at their own discretion.</p>
<p>The bidder or its affiliate should have experience in the design, supply, erection, and commissioning of solar photovoltaic-based grid-connected power projects of cumulative installed capacity of 50% of quoted capacity anywhere in the world during the last five years prior to the bid submission date.</p>
<p>Out of this, at least one project should be grid-connected with 1 MW capacity or above.</p>
<p>Bidders should have a minimum net worth of ₹8.95 million (~$108,535) per MW.</p>
<p>The solar cells and modules used in the project must be manufactured in India.</p>
<p>In November 2022, APDCL <a href="https://mercomindia.com/assam-consultancy-tender-1-gw-solar-project/" target="_blank" rel="noopener">invited</a> bids from consultants to prepare a detailed project report for a 1 GW grid-connected solar project in the Karbi Anglong district of Assam.</p>
<p>Earlier in the month, APDCL <a href="https://mercomindia.com/tender-issued-to-develop-100-mw-of-floating-solar-projects-in-assam/" target="_blank" rel="noopener">issued</a> a tender to procure power from 100 MW of grid-connected floating solar projects to be developed on different water bodies across the state on a build-own-operate basis for 25 years.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders issued by various agencies in India.</p>


Assam DISCOM Invites Bids for 10 MW Solar Project


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					</table><p>Convergence Energy Services Limited (<a href="https://eeslindia.org/en/cesl/" target="_blank" rel="noopener">CESL</a>), a wholly owned subsidiary of Energy Efficiency Services Limited (<a href="https://eeslindia.org/en/home/" target="_blank" rel="noopener">EESL</a>), said that the prices discovered for the largest e-bus tender (6,465 electric buses) under Phase I of the National Electric Bus Program were 29% lower than the diesel vehicles.</p>
<p>The lowest price discovered for operating a 12-meter bus (intra-city) stood at ₹54.3($0.66)/km and was ₹ 39.8 ($0.48)/km for a 12-meter bus (intercity). Prices for a 9-meter bus came in at ₹54.46 ($0.66)/km and was ₹61.92 ($0.75)/km for a 7-meter bus.</p>
<p>The prices do not include subsidies.</p>
<p>CESL was mandated by NITI Aayog to implement a national program of 50,000 e-buses.</p>
<p>The first tender under the National Electric Bus Program constitutes the demand from six states and union territories UTs &#8212; Delhi, Telangana, Haryana, Surat (Gujarat), Kerala, and Arunachal Pradesh. The value of the tender was over ₹308 billion ($3.7 billion).</p>
<p>E-buses will be deployed both within city limits and on intercity routes, with the latter being able to travel about 325 kilometers on a single charge.</p>
<p>The buses are expected to operate around 5,718 million kilometers over twelve years, saving 1,842 million liters of fossil fuel and approximately cut 4.62 million tons of CO2 emissions.</p>
<p>CESL said that the prices set a benchmark for public transport and may encourage even the smaller cities to adopt electric vehicles. It added that the price discovery represents electric mobility as a “service” that makes it affordable for state transport undertakings to adopt electric buses.</p>
<p>Mahua Acharya, MD &amp; CEO, CESL, said the tender is a part of the central government’s target to deploy 50,000 e-buses on the roads in the next few years, whilst strengthening, modernizing, and greening public transport in India.</p>
<p>Private operators under the Gross Cost Contract model can bring their buses and operate them for 10 to 12 years against pre-determined conditions in the tender. The state transport undertakings on their part will pay a fee for the bus service.</p>
<p>The contract will benefit under the “<a href="https://mercomindia.com/daily-news-wrap-up-approved-list-models-solar-manufacturers/" target="_blank" rel="noopener">Grand Challenge</a>” process and will be eligible to gain from a payment security fund which is under consideration by the Centre.</p>
<p>In a recent development, electric vehicle sales in India <a href="https://mercomindia.com/ev-sales-clocked-record-one-million-units-2022/" target="_blank" rel="noopener">reached</a> a record one million units in 2022, a jump of over 300% against the 322,877 units sold in 2021.</p>


Prices Discovered in Electric Bus Tender 29% lower than Diesel Buses: CESL

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><a href="https://in.pg.com/" target="_blank" rel="noopener"><strong>Procter &amp; Gamble</strong></a><strong> has commissioned its first in-house solar power unit at the company&#8217;s Hyderabad manufacturing facility.</strong> This is the fast-moving consumer goods giant&#8217;s first manufacturing site in India and only the fifth site globally to house a solar unit. Spread over 16,000 square meters and comprising nearly 3,000 panels, the solar unit has a 1 MW capacity and is expected to reduce the firm&#8217;s carbon footprint by an estimated 1,030 metric tonnes annually.</p>
<p><strong>Borosil Renewables has </strong><a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/5c510ce7-07c6-4fce-80fc-1e93eb9e88af.pdf" target="_blank" rel="noopener"><strong>approved</strong></a><strong> the company&#8217;s expansion plan to raise the production capacity of solar glass by an additional 1,000 tonnes per day.</strong> The scale-up will include all processing capabilities in one or two phases. The estimated outlay will be ₹10 billion (~$133.43 million), the company said in a BSE filing.</p>
<p><strong>Amazon has </strong><a href="https://press.aboutamazon.com/news-releases/news-release-details/amazon-invests-nine-new-renewable-energy-projects-canada-us" target="_blank" rel="noopener"><strong>become</strong></a><strong> the largest corporate buyer of renewable energy globally, with 206 projects worldwide, including 71 utility-scale wind and solar projects and 135 solar rooftops </strong>on facilities and stores. The e-commerce giant has invested in nine new renewable energy projects in Canada, the U.S., Spain, Sweden, and the U.K. With more than 2.5 GW capacity in Europe and 8.5 GW of renewable energy capacity globally, Amazon is set to achieve 100% renewable energy by 2025 – five years ahead of the original target of 2030.</p>
<p><strong>Dutch energy and commodity trading company Vitol </strong><strong>has </strong><a href="https://www.vitol.com/vitol-acquires-240mw-big-sky-wind-farm/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a 240 MW wind farm from a fund managed by BlackRock for an undisclosed sum.</strong> The deal for Big Sky Wind marks the company&#8217;s first large U.S. wind asset purchase. Vitol plans to pump in an additional $250 million to ensure Big Sky Wind benefits from leading technology. The upgrade of Big Sky Wind will increase the site&#8217;s annual energy output by 60% by the end of 2022 and include the installation of new wind turbines. The acquisition takes Vitol&#8217;s renewable generation capacity in the U.S. to more than 700 MW of wind and solar projects in operation or development.</p>
<p><strong>Green electricity retailer iSwitch Energy is</strong> <strong>set to </strong><a href="https://iswitch.com.sg/iswitch-energy-enter-ev-charging-market/" target="_blank" rel="noopener"><strong>acquire</strong></a><strong> 12 electric vehicle (EV) charging stations in Singapore from Finnish technology company PlugIT. </strong>Under the terms of the deal, iSwitch will offer <strong>EV</strong> charger installation services to its existing portfolio of over 50 management corporation strata titles, 10 shopping centers, 600 car parks, and 8,000 landed residential properties. The EV charging initiative will broaden iSwitch&#8217;s existing suite of sustainable solutions such as carbon-neutral green electricity, home batteries, and solar panel installation. As part of the company&#8217;s green ambition, iSwitch aims to offset 100% of all electricity used for charging by purchasing United Nations verified carbon units.</p>


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