Sprng Energy, AMPIN, Juniper, ReNew, Avaada Win NTPC’s 1 GW Hybrid Auction

Biofuels Firm GPS Renewables Raises $50 Million in Debt Financing

Solar Auctions Surge by 229% in Q1 2024, Tender Activity Up 122%

Global Wind Installations Reached 1 TW Milestone in 2023

Funding and M&A Roundup: Nexamp Secures $520 Million

Project Finance Brief: Arevon Secures $352 Million for Posey Solar Project

Indian Oil Issues Empanelment Tender for Solar Power Projects

Southern Railway Seeks Bids for 1.2 MW Rooftop Solar Projects in Chennai

Husk Secures $4 Million from Electrifi to Scale up Mini Grids in Rural India

Doubling Transmission Capacity of Existing Grid Through Reconductoring: Report


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					</table><p><a href="https://www.mercomindia.com/tamil-nadu-hikes-retail-tariffs-fy24" target="_blank" rel="noopener"><strong>The Tamil Nadu Electricity Regulatory Commission, in its new tariff order, has increased the retail tariffs for the financial year 2023-24. The Commission has increased the retail electricity tariff for high-tension</strong></a> industrial consumers by 2.2% to ₹6.90 (~$0.084)/kWh from the earlier ₹6.75 (~$0.082)/kWh. Similarly, the retail tariff for commercial consumers has been increased by 2.4% to ₹8.70 (~$0.11)/kWh from ₹8.50 (~$0.10)/kWh.</p>
<p><a href="https://www.mercomindia.com/haryana-subsidies-solar-pumps-kusum" target="_blank" rel="noopener"><strong>Haryana’s Department of New and Renewable Energy has announced subsidies of up to 75% for solar pumps ranging from 3 HP to 10 HP capacities under the Pradhan Mantri Kisan Urja Suraksha</strong> <strong>Evam</strong></a> Utthan Mahabhiyaan for the year 2023-24. Under the program, for solar pumps with a capacity between 3 HP and 7.5 HP, the farmer’s share of the cost will be 25%, while the MNRE will provide a subsidy of 30% of the total cost, and the state government will provide a subsidy of 45% of the cost.</p>
<p><a href="https://www.mercomindia.com/electric-vehicle-sales-q2-2023" target="_blank" rel="noopener"><strong>Electric vehicle (EV) sales in India reached 371,340 units in the second quarter of 2023, a year-over-year increase of 66% compared to 223,293 units sold in the same period last year.</strong></a> Sales increased by 6% compared to 349,676 units sold in the previous quarter. EVs accounted for 7.2% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard. India has over 2.4 million registered EVs as of June 2023.</p>
<p><a href="https://www.mercomindia.com/rajasthan-bids-109-mw-solar-projects-kusum" target="_blank" rel="noopener"><strong>The Jodhpur Vidyut Vitran Nigam has floated two tenders for installing and commissioning 40 grid-connected solar power projects with a total capacity of 108.68 MW in various subdivisions of Jodhpur</strong></a> Circle under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program for feeder level solarization. The projects will be developed under the renewable energy service company model.</p>
<p><a href="https://www.mercomindia.com/us-114000-new-clean-energy-jobs-2022" target="_blank" rel="noopener"><strong>Clean Energy jobs increased by 3.9% in the United States, adding 114,000 jobs in 2022, accounting for 40% of the total energy jobs, according to the 2023 Energy and Employment Report published</strong></a> by the Department of Energy. In 2022, the energy sector as a whole saw an increase of 3.8%, adding approximately 300,000 jobs compared to the previous year.</p>
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Daily News Wrap-Up: Tamil Nadu Hikes Retail Electricity Tariffs for C&l Consumers


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					</table><p><a href="https://www.mercomindia.com/ntpc-bids-supply-modules-1-46-gw-solar-projects" target="_blank" rel="noopener"><strong>NTPC Renewable Energy, a wholly-owned subsidiary of NTPC, has invited bids for the supply of solar modules for the Shajapur solar project (458.25 MW), Bhuj solar project (375 MW),</strong></a> and Bhadla solar project (625 MW). The scope of work includes manufacturing, supply, packing, forwarding, and transportation of open-category crystalline solar modules as per the wattage and dimensions mentioned in the tender. The last date to submit the bids is July 6, 2023. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/mnre-five-new-module-manufacturers-almm" target="_blank" rel="noopener"><strong>The Ministry of New and Renewable Energy has updated the Approved List of Models and Manufacturers (ALMM) with the addition of five new entrants with a cumulative module</strong></a> manufacturing capacity of 343 MW. The five new entrants are SAEL (141 MW), Rhine Solar (43 MW), Spark Solar (42 MW), Genus Innovation (22 MW), and Fujiyama Power Systems (95 MW). With the latest additions, the ALMM now has 82 module manufacturers with 19.19 GW of listed module capacity.</p>
<p><a href="https://www.mercomindia.com/india-renewables-meet-peak-demand" target="_blank" rel="noopener"><strong>The Central Electricity Authority’s National Electricity Plan proposes the development of over 8.68 GW of battery energy storage systems in place of previously proposed coal capacity,</strong></a> eliminating any new coal plant installations until 2027. The draft plan released in September estimated a need for approximately ~8 GW of new coal capacity by 2027. The plan provides a roadmap to the required installed capacity to meet the projected peak demand in the country.</p>
<p><a href="https://www.mercomindia.com/iea-forecasts-utility-scale-solar-india-drop" target="_blank" rel="noopener"><strong>The International Energy Agency has forecast a slowdown in India’s utility-scale solar projects in 2023 and 2024 due to a module shortage, lower auction volumes, and supply chain challenges</strong></a><strong>. </strong>India’s focus on expanding domestic manufacturing of solar modules is causing a supply-demand mismatch and higher prices in the short term, impacting the sector’s growth in 2023 and 2024. Historically, India has heavily relied on importing nearly 90% of its solar modules from China.</p>
<p><a href="https://www.mercomindia.com/waste-to-wealth-initiative-digital-with-launch-of-portal" target="_blank" rel="noopener"><strong>The Union government has launched the unified registration portal for GOBARdhan, with the aim of streamlining the process of setting up compressed biogas (CBG)/Biogas plants in India.</strong></a> The portal will act as a one-stop repository for assessing investment and participation in the sector nationwide. The initiative aims to convert waste into wealth and realize the goals of a circular economy. The portal will offer feasibility for government bodies, cooperatives, and private enterprises to register and obtain a unique registration number for entities interested in establishing biogas/ (CBG)/bio-CNG projects.</p>
<p><a href="https://www.mercomindia.com/states-must-define-standards-agrivoltaic-projects-iisd" target="_blank" rel="noopener"><strong>A recent report published by the International Institute for Sustainable Development (IISD) has listed specific business models that would help India cope with the challenges of implementing</strong></a> agrivoltaics. Firstly, IISD recommends agrivoltaics jointly owned by the farmer and developer, while the second way is agrivoltaics solely owned by either party, and the third model is where the developer is the primary promoter and the farmer is the partner. India has a total of 14,636.6 kW of installed agrivoltaics capacity that is in the pilot stages.</p>
<p><a href="https://www.mercomindia.com/ohmium-to-green-hydrogen-electrolyzers-for-ntpc" target="_blank" rel="noopener"><strong>Ohmium International, a green hydrogen solutions provider, announced that its subsidiary in India has been chosen as the preferred partner by NTPC Renewable Energy Limited to deploy</strong></a> Ohmium’s proprietary proton exchange membrane (PEM) electrolyzers in projects totaling 400 MW. By leveraging the company’s advanced technology, NTPC aims to facilitate the deployment of 5 GW of renewable energy specifically for green hydrogen and ammonia production. The deal, perceived as India’s largest PEM electrolyzers partnership, will span over two years and last until May 2025.</p>
<p><a href="https://www.mercomindia.com/france-solar-capacity-q1-2023" target="_blank" rel="noopener"><strong>France installed 601 MW of solar capacity in the first quarter (Q1) of 2023, compared to 596 MW installed in the same period of the previous year. Solar generated 3.6 TWh of power in Q1 2023</strong></a> from the 3.2 TWh during the same period in 2022. Solar generation accounted for 2.7% of France’s electricity consumption, representing 0.5% year-over-year growth. France has a total installed solar capacity of 17.15 GW as of March 31, 2023, with 16.4 GW in mainland France.</p>
<p><a href="https://www.mercomindia.com/chargepoints-q1-net-loss-narrows-higher-income" target="_blank" rel="noopener"><strong>Electric vehicle charging solution provider ChargePoint’s net loss narrowed by 11% year-over-year (YoY) to $79.4 million for the first quarter (Q1) of the financial year (FY) 2023-24,</strong></a> primarily driven by the higher revenue from the company’s networked charging systems. The company’s income from the networked charging system for Q1 totaled $98.3 million, up 64% YoY, as it expanded the portfolio of charging solutions across North America and Europe.</p>
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Daily News Wrap-Up: NTPC’s Module Supply Tender for 1.46 GW of Solar Projects


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					</table><p><a href="https://mercomindia.com/seci-pays-%e2%82%b97-3-billion-in-december-2022/" target="_blank" rel="noopener"><strong>The Solar Energy Corporation of India has released ₹7.3 billion (~$88.6 million) in payments to solar and wind developers for the power purchased in December 2022.</strong></a> The disbursal accounted for nearly 95.8% of the total amount paid by the nodal agency during the month. The agency had released ₹7.9 billion (~$96.6 million) against power purchases in November, which is 8% higher than the payment made for December.</p>
<p><a href="https://mercomindia.com/maharashtra-discom-bids-500-mw-solar-projects/" target="_blank" rel="noopener"><strong>Maharashtra State Electricity Distribution Company has invited bids to procure 500 MW of power from intrastate grid-connected solar projects with a greenshoe option of an additional 500 MW.</strong></a> The last date to submit the bids online is March 17, 2023. Bids will be opened on the same day. Bidders will have to submit ₹300,000 (~$3,623) as the bid processing fee. They must also submit ₹400,000 (~$4,831)/MW as an earnest money deposit.</p>
<p><strong><a href="https://mercomindia.com/tamil-nadu-concessions-attract-%e2%82%b9500-billion-ev-manufacturing/" target="_blank" rel="noopener">Tamil Nadu plans to attract ₹500 billion ($6.04 billion) in investments in the electric vehicle (EV) manufacturing segment and create 150,000 new jobs in the next five years,</a></strong> the state government’s EV Policy 2023 said. Further, the policy would facilitate the manufacturing of EVs, EV components, and charging infrastructure in the state with an EV special manufacturing package. The policy will be valid for five years.</p>
<p><a href="https://mercomindia.com/assam-discom-issues-rfs-to-procure-50-mw-solar-power/" target="_blank" rel="noopener"><strong>Assam Power Distribution Company has issued a request for selection to procure 50 MW of power from a ground-mounted solar photovoltaic project for a period of 25 years.</strong></a> The solar power developer will have to install the project in Sitalmari Village under Borsola Revenue Circle, Dhekiajuli, Assam, under the “Build-Own-Operate” model. The developer will also be responsible for power evacuation from the project to the nearest substation/delivery point.</p>
<p><strong><a href="https://mercomindia.com/e-buses-cost-effective-cesl-bidding-results-show/" target="_blank" rel="noopener">Electric buses (e-buses) as a service are now the most cost-effective approach to urban public transport with or without subsidy, the bidding process conducted by the Convergence Energy Service Limited</a></strong> has shown. The bidding for what is said to be the largest global tender to procure 5,450 e-buses through the Grand Challenge process has opened up a critical pathway for the future of public transport in India.</p>
<p><a href="https://mercomindia.com/lower-td-losses-torrent-profit-up-88-yoy/" target="_blank" rel="noopener"><strong>Gujarat-based power company Torrent Power posted a profit of ₹6.94 billion (~$83.7 billion) for the third quarter (Q3) of the financial year 2023, a year-over-year (YoY) growth of 88%.</strong></a> The rise in profit was fuelled by the reduction in transmission and distribution losses and an increase in the cost of power. The company recorded a YoY growth of 71% in revenue at ₹64.43 billion (~$777.2 million) for Q3. Torrent said the revenue increase was driven by its licensed distribution businesses in the Union Territory of Dadra and Nagar Haveli and Daman and Diu.</p>
<p><a href="https://mercomindia.com/borosil-profit-dips-on-higher-input-cost/" target="_blank" rel="noopener"><strong>The profit of solar glass manufacturer Borosil Renewables slumped by 52% year-over-year (YoY) to ₹223.8 million (~$2.7 million) for the third quarter of the financial year 2023.</strong></a> The financial performance was impacted due to increased input costs. The cost of materials for Borosil in the quarter increased 30% YoY to ₹406 million (~$4.8 million). For the October-December quarter, the total expenses jumped by 31% YoY to ₹1.4 billion (~$17 million).</p>
<p><a href="https://mercomindia.com/eu-mandate-use-renewable-produce-hydrogen/" target="_blank" rel="noopener"><strong>The European Commission has proposed a detailed new framework for green hydrogen producers within the EU and from other countries exporting to the region to ensure it is produced using renewable</strong></a> electricity. The Commission has defined what constitutes renewable hydrogen in the EU region with the adoption of two delegated acts required under the Renewable Energy Directive. The Acts will ensure that all renewable fuels of non-biological origin (RFNBOs), such as hydrogen used for industry and transport, are produced using renewable electricity.</p>
<p><a href="https://mercomindia.com/european-union-ban-fossil-fuel-cars-by-2035/" target="_blank" rel="noopener"><strong>The European Parliament has approved a law that effectively bans the sales of new petrol and diesel cars in Europe from 2035 to accelerate measures to cut 100% of carbon emissions produced by new</strong></a> passenger vehicles and light commercial vehicles or vans. The EU Parliament approved the new law under the Fit for 55 package and ruled that the intermediate emission reduction targets for 2030 would be 55% for cars and 50% for vans compared with the level recorded in 2021. The European Parliament members hailed the legislation that aligns with Europe’s climate-centric measures.</p>
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Daily News Wrap-Up: SECI Pays ₹7.3 Billion to Solar and Wind Developers


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					</table><p><a href="https://mercomindia.com/bhakra-beas-bids-11-5-mw-solar-power-projects/" target="_blank" rel="noopener"><strong>Bhakra Beas Management Board has invited bids to install and commission 11.5 MW of grid-connected solar power projects along with the associated transmission system in the Bhiwani</strong></a> and Hisar districts of Haryana. The successful bidder will also have to take care of the project’s operation and maintenance for five years, extendable for another five years. The projects will be developed at the 400 kV substation in Bhiwani (10 MW) and the 220 kV substation in Hisar (1.5 MW).</p>
<p><a href="https://mercomindia.com/eastern-railway-bids-for-2-2-rooftop-systems/" target="_blank" rel="noopener"><strong>The Howrah Division of Eastern Railway has invited bids for the design and supply of a 2.2 MW on-grid rooftop solar project without battery backup. The last date for the submission of bids is March 6, 2023.</strong></a> Bids will be opened on the same day. Bidders will have to furnish an earnest money deposit of ₹653,000 (~$7,895). The project must be completed within six months of receiving the work order.</p>
<p><a href="https://mercomindia.com/research-says-halide-perovskite-solar-cells-unstable/" target="_blank" rel="noopener"><strong>Researchers at the Georgia Institute of Technology said they have discovered that halide perovskite solar cells are far less stable than previously thought and revealed the thermal instability</strong></a> that occurs within the cells’ interface layers. However, they have also offered a path toward reliable and efficient halide perovskite solar technology. Lead halide perovskite solar cells promise superior conversion of sunlight into electrical power.</p>
<p><a href="https://mercomindia.com/rajasthan-electronics-bids-6000-polycrystalline-modules/" target="_blank" rel="noopener"><strong>Rajasthan Electronics and Instruments, a joint venture between the Central and the Rajasthan government, has invited bids to procure 6,000 solar modules with a wattage output of at least 335W</strong></a> made from 72 polycrystalline silicon solar cells. Only solar modules made by Sova Solar, Navitas, Gautam Solar, Goldi Green, Credence, RenewSys, Waaree, and Topsun will be procured under this tender.</p>
<p><a href="https://mercomindia.com/power-finance-q3-profit-rises-to-%e2%82%b952-41-billion/" target="_blank" rel="noopener"><strong>State-owned lender Power Finance Corporation (PFC) posted its highest-ever consolidated quarterly profit of ₹52.41 billion (~$633.5 million) for the third quarter of the financial year (FY) 2022-23,</strong></a> an increase of 7% year-over-year (YoY). The company saw its lowest-ever net non-performing assets (NPAs) ratio due to a decline in stressed assets through the April-December period, contributing to its profit. PFC’s consolidated net NPA decreased by 71 basis points to 1.15% in 9M of FY 2022-23 from 1.86% YoY.</p>
<p><strong><a href="https://mercomindia.com/suzlons-doubles-to-%e2%82%b9780-million-lower-cost/" target="_blank" rel="noopener">Indian wind turbine manufacturer Suzlon Energy posted a net profit of ₹780 million (~$9.4 million) during the third quarter (Q3) of the financial year (FY) 2023, an increase of 110% year-on-year (YoY).</a></strong> The quarterly profit, which is the highest in more than five years, was buoyed by a 56% reduction in finance cost to ₹800 million (~$9.6 million) in the third quarter.</p>
<p><a href="https://mercomindia.com/flux-powers-q2-loss-1-7-million-increased-sales/" target="_blank" rel="noopener"><strong>Flux-Power, a U.S.-based lithium-ion energy storage solutions provider, posted a net loss of $1.7 million during the second quarter of the financial year 2023 compared to $5.1 million year-over-year,</strong></a> driven by increased sales volumes and higher selling prices to existing and new customers. For the October-December period, the company’s revenue rose by 123% YoY to $17.2 million. The earnings before interest, taxes, depreciation and amortization (EBITDA) loss stood at $0.9 million during the quarter, compared with a $1.5 million EBITDA loss YoY.</p>
<p><strong><a href="https://mercomindia.com/solaredges-q4-revenue-jumps-higher-inverter-shipments/" target="_blank" rel="noopener">SolarEdge, an Israel-based solar inverters manufacturer, posted revenue of $890.7 million for the fourth quarter of the financial year 2023, a jump of 61.4% year-over-year (YoY).</a> </strong>The performance was primarily driven by higher shipments. The company’s solar segment recorded a 70.4% YoY growth to $857 million for the quarter. However, SolarEdge’s consolidated net income for the October-December quarter nearly halved YoY to $20.8 million on account of intangible asset impairment amounting to $114.5 million, which included $107.4 million for e-mobility and $7.1 million for automation machines.</p>
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Daily News Wrap-Up: Bhakra Beas Board’s Tender for 11.5 MW Solar Projects


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					</table><p><a href="https://mercomindia.com/power-minister-confirms-almm-exemption-two-years/" target="_blank" rel="noopener"><strong>Confirming the Mercom exclusive from last week, the Union Minister of Power and New and Renewable Energy, R.K. Singh, has said that the government has decided to relax the Approved List of Models and</strong></a> Manufacturers for two years. Mentioning his reasons behind the decision, the minister said the fledgling domestic manufacturing capacity is insufficient to cater to the large solar capacity addition pipeline, which could have jeopardized the goal of reaching 280 GW by 2030 from just over 60 GW currently.</p>
<p><a href="https://mercomindia.com/tamil-nadu-bids-420-mw-solar-power-kusum-program/" target="_blank" rel="noopener"><strong>Tamil Nadu Generation and Distribution Corporation has invited bids to procure 420 MW of solar power under Component A of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan</strong></a> program. The last date to submit the bids is March 8, 2023. Bids will be opened the following day. Bidders will have to furnish ₹5,000 (~$60.63)/MW of the quoted capacity as a bid processing fee. They must deposit ₹100,000 (~$1,213)/MW as an earnest money deposit.</p>
<p><a href="https://mercomindia.com/green-hydrogen-governments-renewable-plans/" target="_blank" rel="noopener"><strong>Green Hydrogen will play a central role in India’s ambition to reach 500 GW of non-fossil capacity by 2030 and in developing energy storage solutions that could potentially replace lithium-ion-based</strong></a> batteries, Minister of Power and New and Renewable Energy R.K. Singh has said. Singh said that the country is aiming to add about 8 million tons of green hydrogen capacity by 2030. This would require nearly 200 GW of renewable capacity considering one million tons of green hydrogen need 25 GW of power. It will contribute towards the overall renewable capacity addition target, Singh said in an interview with Business Today.</p>
<p><a href="https://mercomindia.com/bhel-om-tender-12-5-mw-solar-projects-tamil-nadu/" target="_blank" rel="noopener"><strong>Bharat Heavy Electricals has invited bids for the operation and maintenance of 12.5 MW of solar projects installed at its facility in Trichy, Tamil Nadu, for one year.</strong></a> The vendor should engage maintenance personnel for the 5 MW and 7.5 MW solar projects to carry out solar panel cleaning, vegetation removal, outer yard HT maintenance, and transformer oil filtration works for one year. The last date to submit the bids is February 21, 2023. Bids will be opened on the same day.</p>
<p><a href="https://mercomindia.com/researchers-split-untreated-seawater-into-green-hydrogen/" target="_blank" rel="noopener"><strong>An international team of researchers led by the University of Adelaide, Australia, said they have successfully split seawater through direct electrolysis without pre-treatment and produced green</strong></a> hydrogen, which achieved long-term stability and similar performance to a typical PEM electrolyzer operating in high-purity water. The researchers said they were able to do this with nearly 100% efficiency by using a non-precious and cheap catalyst in a commercial electrolyzer. The team used seawater as a feedstock without the need for any pre-treatment processes like reverse osmosis desolation, purification, or alkanization.</p>
<p><a href="https://mercomindia.com/rajasthans-proposes-11-gw-renewable-projects-2023-24/" target="_blank" rel="noopener"><strong>Rajasthan has set a target to install 11 GW of renewable-based generation projects in the next financial year (FY 2023-34), Chief Minister Ashok Gehlot announced while presenting the Budget for 2023.</strong></a> Rajasthan would provide concession in stamp duty and land tax duty to renewable energy developers planning to set up projects in the state. Gehlot said that this would result in a reduction in electricity duty on solar energy from ₹0.60 (~$0.007)/kWh to ₹0.40 (~$0.005)/kWh, which is expected to benefit residential net metering consumers.</p>
<p><a href="https://mercomindia.com/eu-to-fund-e2-billion-offshore-wind-projects/" target="_blank" rel="noopener"><strong>To support offshore wind projects in France, the European Commission has approved €2.08 billion (~$2.2 million) funding which will help the EU meet the objectives under its Offshore Renewable Energy</strong></a> Storage and the European Green Deal. To date, only small pilot floating offshore wind projects have been developed in France. The funding will support the construction and operation of 230-270 MW floating offshore wind projects off the coast of the South of Brittany, for which France had earlier notified the Commission.</p>
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Daily News Wrap-Up: Two-Year ALMM Exemption for Solar Projects


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					</table><p><a href="https://mercomindia.com/indias-module-manufacturing-underpinned-imported-technology/" target="_blank" rel="noopener"><strong>As India embarks on the journey towards self-sufficiency in manufacturing components needed for solar projects, the enormity of the challenge has become increasingly apparent as most manufacturers</strong></a> place orders for imported manufacturing equipment. Industry experts acknowledge the gaps in expertise but insist that the manufacturing industry first needs to develop heft in terms of capacity and ability to compete as exporters, followed by investing in research and development required to produce manufacturing equipment indigenously.</p>
<p><a href="https://mercomindia.com/mercom-launches-cleantech-startup-competition/" target="_blank" rel="noopener"><strong>Mercom India, a clean energy research and communications firm, will host its first-ever Startup Pitch competition to provide a big stage for Indian entrepreneurs and companies to present their innovative</strong></a> cleantech ideas or technologies in early-stage development. The competition will be held at the Mercom India Renewables Summit on April 27, 2023, at 10:30 am at the Hyatt Regency in New Delhi. The competition aims to bring together the most innovative startups across India’s clean energy sector.</p>
<p><a href="https://mercomindia.com/india-lithium-reserves-in-jammu-kashmir/" target="_blank" rel="noopener"><strong>The government has announced the discovery of 5.9 million tons of lithium reserves for the first time in the country in the Reasi district of Jammu &amp; Kashmir.</strong></a> The Geological Survey of India (GSI) has made the discovery. Lithium is a non-ferrous metal and a key component in electric vehicle (EV) batteries. The details were revealed in a GSI report along with 15 other resource-bearing geological reports and 35 geological memorandums handed over to state governments during the 62nd Central Geological Programming Board meeting this week.</p>
<p><a href="https://mercomindia.com/government-sale-maiden-%e2%82%b9160-billion-green-bonds/" target="_blank" rel="noopener"><strong>The government completed the sale of ₹160 billion (~$1.9 billion) worth of sovereign green bonds, with the second tranche raising ₹80 billion ($970 million) on Thursday.</strong></a> Like in the first tranche, the second tranche comprised ₹40 billion ($485.56 million) worth of bonds with a five-year tenor and a like amount of bonds with a ten-year tenor. The yield on the five-year bond closed at 7.25%, and the 10-year bond closed at 7.34%. The Reserve Bank of India had set the cut-off yields at 7.23% and 7.29 % for the two bonds, respectively.</p>
<p><a href="https://mercomindia.com/indore-municipal-corporation-%e2%82%b93-billion-green-bonds/" target="_blank" rel="noopener"><strong>The Indore Municipal Corporation has raised ₹3.03 billion (~$36.69 million) in green bonds, with its ₹2.44 billion (~$29.67 million) issue being oversubscribed by 1.24 times.</strong></a> The proceeds from the green bonds issue will be used to fund a 60 MW ground-mounted captive solar photovoltaic project in the Khargone district in Madhya Pradesh. The green bonds received an enthusiastic response, with the issue being oversubscribed three hours after it opened.</p>
<p><a href="https://mercomindia.com/karnataka-regulator-%e2%82%b93-64-kwh-utility-scale-projects/" target="_blank" rel="noopener"><strong>The Karnataka Electricity Regulatory Commission has proposed a benchmark cost-plus tariff of ₹3.64 (~$0.044)/kWh for utility-scale solar power projects for the financial year (FY) 2024.</strong></a> The Commission has also proposed a tariff of ₹4.26 (~$0.052)/kWh for rooftop solar systems of capacity 1 kW to 10 kW (domestic consumers) and ₹3.79 (~$0.046)/kWh for rooftop solar systems of capacity 1 kW to 2,000 kW. In a discussion paper, the Commission considered various parameters to arrive at the tariffs for the rooftop segment and utility-scale projects.</p>
<p><a href="https://mercomindia.com/energy-storage-firm-q1-net-37-million-on-orders/" target="_blank" rel="noopener"><strong>U.S.-based energy storage technology and services provider Fluence‘s net loss for the first quarter (Q1) of the financial year 2023 narrowed to $37 million compared to $111.5 million year-over-year</strong></a> (YoY), primarily driven by the highest-ever quarterly order intake of $856 million. The order intake comprised 624 MW of energy storage solutions, 139 MW of services delivered, and 783 MW of digital solutions.</p>
<p><a href="https://mercomindia.com/us-loans-2-billion-redwood-materials-battery-production/" target="_blank" rel="noopener"><strong>U.S.-based battery materials producer Redwood Materials received a conditional commitment for a $2 billion loan from the U.S. Department of Energy (DOE) to commence the production of anode foil</strong></a>, one of the most crucial components in a battery. DOE released the commitment to Redwood as part of the Advanced Technology Vehicles Manufacturing Loan Program.</p>
<p><a href="https://mercomindia.com/enphase-q4-profit-climbs-193-yoy-higher-shipments/" target="_blank" rel="noopener"><strong>Enphase Energy, a supplier of microinverter-based solar-plus-storage systems, reported a 193% YoY surge in profit at $153.8 million in the fourth quarter of 2022.</strong></a> The profit was fueled by higher shipments of microinverters and batteries in the United States. During the October-December quarter, the company’s revenue jumped 76% YoY to $724.7 million. The company shipped 4,874 microinverters, amounting to 1,937 MW capacity, up 61% YoY. Enphase shipped 122.1 MWh batteries in the same period, up 22% YoY.</p>
<p><a href="https://mercomindia.com/solar-tracker-nextracker-raises-638-million-in-ipo/" target="_blank" rel="noopener"><strong>Integrated solar tracker and software solutions firm NEXtracker, a subsidiary of diversified manufacturing company Flex, has raised $638 million in an initial public offering (IPO) by selling 26.6 million shares</strong></a> at $24 per share. The shares started trading on the National Global Select Market on February 9, 2023. The offering is expected to close on February 13, 2023. NEXtracker has also granted the underwriters a 30-day window to buy up to an additional 3.99 million shares at the IPO prices.</p>
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Daily News Wrap-Up: Solar Manufacturing Ambitions and Need for Technology Development


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					</table><p><a href="https://mercomindia.com/shirdi-sai-electricals-pli-ii-manufacturing-10-gw/" target="_blank" rel="noopener"><strong>In an exclusive interview with Mercom India, Dr. Balachander Krishnan, Chief Operating Officer, Indosol Solar, special purpose vehicle (SPV) of Shirdi Sai Electricals, talks about the company’s progress after</strong></a> its successful PLI bid. In November 2021, Shirdi Sai Electricals, through its SPV – Indosol Solar, was awarded a PLI of ₹18.75 billion (~$229.03 million) for a capacity of 4 GW. The company is in the process of constructing an integrated photovoltaic manufacturing plant from polysilicon-to-module near Nellore, Andhra Pradesh.</p>
<p><a href="https://mercomindia.com/bids-1-kw-rooftop-solar-system-cost-%e2%82%b960000-jharkhand/" target="_blank" rel="noopener"><strong>Jharkhand Renewable Energy Development Agency has announced the lowest (L1) bids to install and commission 3 MW of grid-connected rooftop solar systems of various capacities with and without battery packs on government buildings</strong></a>. For rooftop solar systems without battery, under Group A (1 kW to 10 kW), the L1 tariff discovered was ₹60,000 (~$726)/kW; for Part B (11 kW to 50 kW), the L1 price was ₹62,810 (~$760)/kW and for Part C (51 kW to 100 kW), the L1 bid quoted was ₹63,000 (~$762)/kW. For rooftop solar systems with battery, under Group A-1 (1 kW to 10 kW), the L1 bid quoted was ₹119,000 (~$1,439)/kW; for Group B-1 (11 kW to 50 kW), the L1 bid quoted was ₹126,000 (~$1,524)/kW, and for Group C-1 (51 kW to 100 kW), the L1 bid quoted was ₹126,000 (~$1,524)/kW.</p>
<p><a href="https://mercomindia.com/naviya-technologies-epc-2-mw-canal-top-solar/" target="_blank" rel="noopener"><strong>Naviya Technologies Renewables, a Mumbai-based solar developer, won the Jharkhand Renewable Energy Development Agency’s auction for the engineering, procurement, and construction</strong></a> (EPC) of a 2 MW grid-connected canal-top solar project at Sikidiri Canal in Ranchi. The company quoted a total cost of ₹153.27 million (~$1.85 million) for EPC works, a total of ₹17.53 million (~$211,956) for the operation and maintenance contract, and ₹27.12 million (~$327,892) for the net electrical energy generation guarantee for ten years. The amounts are exclusive of GST.</p>
<p><a href="https://mercomindia.com/gridco-procure-400-mw-wind-seci/" target="_blank" rel="noopener"><strong>The Solar Corporation of India (SECI) has signed a power sale agreement (PSA) with Grid Corporation of Odisha (GRIDCO), a public sector undertaking of the government of Odisha, for 400 MW of wind power</strong></a> from projects connected to the inter-state transmission system (ISTS) in Karnataka and Gujarat. The 400 MW comprises 390 MW of wind power under the ISTS Tranche XII program and 10 MW of wind power from ISTS Tranche XI. GRIDCO will purchase the power at a tariff ranging from ₹2.96 (~$0.0357)/kWh to ₹3.01 (~$0.0363)/kWh.</p>
<p><a href="https://mercomindia.com/maharashtra-invites-bids-1-mw-solar-project/" target="_blank" rel="noopener"><strong>Maharashtra’s Public Works Department of the Yavatmal Division has invited bids for installing and commissioning a 1 MW grid-connected solar project at Giroli in the Washim district of the state.</strong></a> The last date to submit the bids is March 2, 2023. Bids will be opened on March 6. The estimated project cost is ₹54.27 million (~$656,558). The project must be completed within 300 days from the date of the written order to start the work.</p>
<p><a href="https://mercomindia.com/us-act-creates-over-100000-green-jobs-six-months/" target="_blank" rel="noopener"><strong>Six months after the U.S. passed the Inflation Reduction Act in August 2022, clean energy companies have announced more than 101,036  new green jobs in 31 states between August 16</strong></a>, 2022 – January 31, 2023, a report by independent strategic communication firm Climate Power said. The report analyzed public announcements from the private sector since the passing of the Act. It said this national plan has been a driving force in the “Made in America” clean energy boom and will reshape the country’s economy for many decades to come.</p>
<p><a href="https://mercomindia.com/tata-powers-rooftop-solar-revenue-grows-41-q3/" target="_blank" rel="noopener"><strong>Tata Power reported a 91% year-over-year (YoY) jump in net profit to ₹10.52 billion (~$127.6 million) for the third quarter (Q3) of the financial year (FY) 2022-2023, primarily due to higher availability</strong></a> at its thermal power station at Mundra, higher sales across distribution companies and increased renewables capacity addition. The company’s consolidated revenue was up 30% YoY to ₹143.39 billion ($1.7 billion) in Q3 from ₹110.15 billion ($1.3 billion). The diversified power company said that its revenue from rooftop solar installations rose by about 41% YoY to ₹5.35 billion (~$64.8 million) in Q3.</p>
<p><strong><a href="https://mercomindia.com/scatec-42-million-loss-in-q4-as-laos-underperform/" target="_blank" rel="noopener">Norwegian independent power producer Scatec swung into a net loss of NOK 433 million (~$42 million) in the fourth quarter (Q4) of 2022, compared with a profit of NOK 136 million (~$13.14)</a> </strong>year-over-year (YoY). The company said its consolidated quarterly losses were due to reduced income from joint ventures (JVs) impacted by lower power generation from hydropower projects in Laos, Asia. For the October-December quarter, the company posted revenue of NOK 993 million (~$96.2 million), a decrease of 4.5% YoY basis.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
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Daily News Wrap-Up: Exclusive Interview with Shirdi Sai Electricals COO


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					</table><p><a href="https://mercomindia.com/ntpc-balance-of-system-1-gw-wind-projects-gujarat/" target="_blank" rel="noopener"><strong>NTPC Renewable Energy, a wholly-owned subsidiary of NTPC, has invited bids for the balance of system (BoS) package of interstate transmission system (ISTS)-connected wind power projects of 1,000 MW</strong></a> capacity anywhere in Gujarat. The successful bidder will also have to take care of the comprehensive operation and maintenance of the system for three years.</p>
<p><a href="https://mercomindia.com/india-wind-installations-increased-8-yoy-q4-2022/" target="_blank" rel="noopener"><strong>Total wind capacity installations in India increased year-over-year (YoY) by 8%, with 229 MW added in the fourth quarter (Q4) of 2022 against 212 MW installed during Q4 2021.</strong></a> However, installations fell by 74% quarter-over-quarter (QoQ) from 878 MW in Q3 2022. The QoQ decline is largely attributable to the commissioning of unusually high capacity in Q3 when several pending projects from Q2 rolled over to the subsequent quarter. QoQ fluctuations, both up and down, are relatively common depending on project deadlines and delays. The country’s cumulative wind installations by the end of Q4 stood at 42 GW compared to 40 GW during the same period last year.</p>
<p><a href="https://mercomindia.com/regulator-discoms-pay-change-in-law-solar-developers/" target="_blank" rel="noopener"><strong>The Central Electricity Regulatory Commission (CERC) has directed distribution companies (DISCOMs) to compensate solar developers for incremental impact due to the imposition of safeguard duty and associated ‘carrying costs.’</strong></a> It also directed two solar developers and the Solar Energy Corporation of India (SECI) to reconcile the extent of incremental impact by exhibiting a one-to-one correlation with the projects and the invoices raised in support of it. SECI will receive the due amount from DISCOM, which will then be transferred to the developers.</p>
<p><a href="https://mercomindia.com/uaes-masdar-to-develop-5-gw-renewable-projects-africa/" target="_blank" rel="noopener"><strong>UAE government-owned renewable energy company Masdar has signed agreements with Angola, Uganda, and Zambia to develop renewable energy projects with a combined capacity of up to 5 GW</strong></a> to help African nations make the energy transition. Three agreements were signed with these countries at the Abu Dhabi Sustainability Week 2023 under the umbrella of the Etihad 7 initiative.</p>
<p><a href="https://mercomindia.com/iex-reports-4-yoy-dip-profit-q3-fy23/" target="_blank" rel="noopener"><strong>The Indian Energy Exchange (IEX) has reported a 4.4% year-on-year (YoY) decrease in profit after tax (PAT) from ₹807 million (~$9.94 million) to ₹772 million (~$9.51 million) in the third quarter (Q3)</strong></a> of the financial year (FY) 2022-23. However, on a quarter-over-quarter (QoQ) basis, the PAT rose 8.4% from ₹712 million (~$8.77 million).</p>
<p><a href="https://mercomindia.com/jsw-energys-q3-profit-dips-45-yoy-%e2%82%b91-8-billion/" target="_blank" rel="noopener"><strong>JSW Energy, an independent power producer, posted a 45% year-over-year (YoY) drop in its profit at ₹1.8 billion (~$22.2 million) for the third quarter (Q3) of the financial year 2023</strong>,</a> primarily due to increased expenses driven by higher fuel cost of its thermal power projects. The company operates 3,858 MW thermal power projects. Its operational renewable energy project profile of 1,653 MW includes hydropower (1,391 MW), wind (27 MW), and solar (235 MW).</p>
<p><a href="https://mercomindia.com/battery-firm-log-9-raises-40-million-in-funding/" target="_blank" rel="noopener"><strong>Bengaluru-headquartered advanced battery and fuel cell technology company Log9 Materials has raised $40 million as part of its Series B funding led by Amara Raja Batteries and Petronas Ventures</strong>.</a> The round saw participation from Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services, and Western Capital Advisors. Log9 is also backed by CBC Japan, Grip Invest Advisors, Cornerstone Venture Partners, LO Funds, Oxy Capital, and other leading angel investors.</p>
<p><a href="https://mercomindia.com/jinko-commences-300-mw-solar-project-saudi/" target="_blank" rel="noopener"><strong>Al Ghazala Energy Company, the Saudi Arabia-based subsidiary of Jinko Power Technology, a global independent solar power producer, has achieved financial close and commenced construction of its 300 MW Saad Solar Project</strong></a> in the Kingdom. The project, situated near Saad in Saudi Arabia, is part of the third round of competitive tenders in Category B under the Kingdom’s National Renewable Energy Program. It is expected to be commissioned by the end of 2024.</p>
<p><a href="https://mercomindia.com/opec-fund-mobilizes-1-billion-sustainable-development-bond/" target="_blank" rel="noopener"><strong>The OPEC Fund for International Development, a multilateral development finance institution headquartered in Austria, has raised $1 billion in its first-ever benchmark bond issue</strong></a> in global capital markets. The OPEC Fund is a multilateral development finance institution established by the Organization of Petroleum Exporting Nations. It is a globally mandated development institution that exclusively provides financing from member countries to non-member countries.</p>
<p><a href="https://mercomindia.com/hexicon-inches-to-developing-7-1-gw-wind-projects-italy/" target="_blank" rel="noopener"><strong>Italy’s transmission system operator (TSO), Terna SpA, has approved six of Sweden-based Hexicon’s seven proposed floating wind power projects for connection to the national grid.</strong></a> Terna’s interconnection permit is a preliminary agreement that provides a commitment from the transmission system operator to make the necessary capacity available to be connected to the grid. The interconnection permit is an important step to avail the main authorization for building and operating an offshore wind farm.</p>
<p><a href="https://mercomindia.com/eu-green-deal-industrial-plan-silent/" target="_blank" rel="noopener"><strong>The European Commission unveiled a major cleantech plan  – the ‘Green Deal Industrial Plan’ — to help make Europe a center for innovations and investments as it tries to tackle ‘protectionist’</strong></a><strong> programs by China and the United States</strong> and achieve its climate-neutral goal by 2050. The plan, seen as a response to the Inflation Reduction Act launched by the U.S., was unveiled by European Commission President Ursula von der Leyen at the World Economic Forum (WEF).</p>
<p><a href="https://mercomindia.com/researchers-reduce-losses-topcon-shj-solar-cells/" target="_blank" rel="noopener"><strong>Researchers at Hebei University, China, have developed an organic solution that can compensate for performance losses caused during the cutting and separation process while assembling the shingle solar panels.</strong></a> The team’s study provides a new passivation technology that can recombine the loss on the edge surface and can easily be integrated into the current production line. They found that the technique could increase the fill factor of a 24.4%-efficient HJT device from 77.9% to 82.5%, with the efficiency itself growing by 1% to 2%.</p>
<p><a href="https://mercomindia.com/researchers-improve-perovskite-solar-cells-degradation/" target="_blank" rel="noopener"><strong>Researchers at the École Polytechnique fédérale de Lausanne (EPFL)and Sungkyunkwan University in South Korea have identified the cause behind the degradation of perovskite solar cells</strong></a> and developed a technique to improve its stability. Perovskite solar cells (PSCs) utilize low-cost materials and are efficient. Further, they can surpass traditional silicon solar cells and potentially revolutionize clean energy. But PSCs’ response to external stimuli such as heat or moisture negatively impacts stability. The researchers said their new method brings us closer to the widespread adoption of these cost-effective and efficient solar cells.</p>
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