Central Railway Invites Bids to Empanel Agencies for Rooftop Solar Projects

Fluence Energy Q2 Net Loss Narrows by 66% on Lower Costs

Sunrun Narrows Loss in Q1 2024 as Storage Installations Grow 15% YoY

Daily News Wrap-Up: India Added 1.2 GW Wind Capacity in Q1 2024

Oriano, Waaree, Prozeal: Leading Solar EPC Companies in 2023

RECPDCL Invites Bids to Acquire 200 MW of Solar, Wind, or Hybrid Power Projects

GreenCell Mobility Secures ₹3 Billion for Electric Bus Fleet in Uttar Pradesh

HPCL Seeks Bids for 81.5 MW Rooftop and Floating Solar Project

Shoals’ Q1 2024 Net Income Drops 72% YoY on Lower Sales

HPCL Floats EPC Tender for 78 MW Wind-Solar Hybrid Project


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					</table><p><strong><a href="https://www.mercomindia.com/ntpc-bids-1-5-gw-wind-solar-hybrid-projects-india" target="_blank" rel="noopener">NTPC has invited bids to set up 1,500 MW of interstate transmission system-connected wind-solar hybrid power projects anywhere in India.</a></strong> The last date to submit the bids online is October 17, 2023. Bids will be opened on the same day. The minimum capacity of each project at one site must be 50 MW. Bidders must submit ₹1.16 million (~$13,939)/MW as an earnest money deposit. A power purchase agreement will be signed between NTPC and successful bidders subject to the signing of a power sale agreement with the state distribution companies for the identified capacity.</p>
<p><a href="https://www.mercomindia.com/india-japan-launch-low-carbon-emission-strategies/" target="_blank" rel="noopener"><strong>The Japan Bank for International Cooperation (JBIC) and the Government of India signed an agreement to establish a $600 million India-Japan Fund to address climate and environmental challenges.</strong></a> The fund will focus on environmental preservation in India, encompassing sectors such as renewable energy, electric vehicles, waste management, and water management projects. The government of India will contribute 49% of the target corpus and JBIC the remaining 51%.</p>
<p><a href="https://www.mercomindia.com/epsilon-acquire-cathode-material-research-center-germany/" target="_blank" rel="noopener"><strong>India-based Epsilon Group entered into an agreement to acquire John Matthey’s Technology Center focused on lithium-ion phosphate (LFP) cathode active materials in Moosburg, Germany.</strong></a> The financial terms of the acquisition were not disclosed. The facility features top-tier technical capabilities and a skilled workforce specializing in LFP chemistry. It also offers extensive product and process development capabilities and a versatile customer qualification plant tailored for testing new materials intended for large-scale production.</p>
<p><a href="https://www.mercomindia.com/cerc-allows-power-generators-two-capacity-revisions/" target="_blank" rel="noopener"><strong>The Central Electricity Regulatory Commission (CERC) addressed certain issues related to the implementation of the CERC (Indian Electricity Grid Code) Regulations, 2023.</strong></a> The Grid Code was published on July 11, 2023, and its provisions were to become effective from October 1, 2023. Several entities, including NHPC, SJVN, NTPC, THDC India, Grid-India, and Northeast Regional Power Committees, raised concerns about specific aspects of the Grid Code and sought clarification on these issues.</p>
<p><strong><a href="https://www.mercomindia.com/iredas-status-upgraded-the-way-for-navratna-status" target="_blank" rel="noopener">The Indian Renewable Energy Development Agency has been elevated from ‘Schedule B’ to ‘Schedule A’ Central Public Sector Enterprise, providing the agency greater financial autonomy</a></strong> and enabling strategic decisions to enhance its mission of expediting renewable energy adoption nationwide. The upgrade, as announced by the Department of Public Enterprises in the Ministry of Finance, has received formal endorsement from the Ministry of New and Renewable Energy. It empowers the agency with increased financial autonomy to advance renewable energy adoption in India and facilitate green projects in various states.</p>
<p><a href="https://www.mercomindia.com/eu-renewable-financing-mechanism-tender/" target="_blank" rel="noopener"><strong>The European Union’s inaugural renewable energy financing mechanism tender attracted bids well above its target capacity.</strong></a> The tender was realized through Luxembourg and Finland’s collaborative efforts within the renewable energy financing framework. Luxembourg has committed €40 million (~$44 million) as a voluntary contribution, while Finland provided the platform for projects ranging from 5 MW to 100 MW to compete for financial support. The tender, floated in April 2023, was the first-ever cross-border tender between EU member states.</p>
<p><a href="https://www.mercomindia.com/mercom-renewables-edition-in-july-2024/" target="_blank" rel="noopener"><strong>Mercom India announced the fourth edition of its flagship event, the Mercom India Renewables Summit, slated to take place on July 25 and 26, 2024.</strong></a> The Summit, a must-attend event in India’s annual renewable energy calendar, brings together industry leaders, policymakers, investors, and innovators in a collaborative effort to chart the course towards a sustainable energy future.</p>


Daily News Wrap-Up: NTPC’s Tender for 1.5 GW of Wind-Solar Hybrid Projects


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					</table><p>India-based <a href="http://www.epsilonam.com/" target="_blank" rel="noopener">Epsilon Group</a>, a battery materials manufacturer, has entered into an agreement to acquire John Matthey&#8217;s Technology Center focused on lithium-ion phosphate (LFP) cathode active materials in Moosburg, Germany.</p>
<p>The financial terms of the acquisition were not disclosed.</p>
<p>The facility features top-tier technical capabilities and a skilled workforce specializing in LFP chemistry. It also offers extensive product and process development capabilities, along with a versatile customer qualification plant tailored for testing new materials intended for large-scale production.</p>
<p>With this acquisition, Epsilon gains the ability to introduce a well-established, high-performance cathode active material to the market.</p>
<p>Vikram Handa, Managing Director of Epsilon Group, said, “At Epsilon, we envision a world galvanized by sustainable energy alternatives. Our advancement in anode research and manufacturing was a first step, and this acquisition underscores our commitment to serving our global clientele with sustainable and reliable material.&#8221;</p>
<p>The strategic location of the Moosburg Research and Development center provides Epsilon with a distinct advantage, enabling access to Europe&#8217;s rich talent pool in battery materials and allowing the company to better serve its global customer base.</p>
<p>Epsilon aims to significantly shorten the timeline for technology development and scaling up. This acquisition acts as a catalyst for Epsilon&#8217;s ambitious goal of meeting a demand of 100 GWh.</p>
<p>Epsilon is also <a href="https://www.mercomindia.com/epsilon-to-establish-components-factory-in-the-us" target="_blank" rel="noopener">planning</a> a $650 million synthetic graphite anode manufacturing facility in the U.S. with a 50,000 tons per annum production capacity. Epsilon plans to utilize green technologies to produce high-capacity anode materials at this facility, which would be crucial in powering over 1 million electric vehicles (EVs).</p>
<p>In alignment with its vision, Epsilon had previously <a href="https://www.mercomindia.com/daily-news-wrap-up-vestas-supplies-to-vibrant-energys-wind-project" target="_blank" rel="noopener">announced</a> a $1.1 billion investment to establish a 100,000-ton cathode battery materials manufacturing facility in Ballari, Karnataka, India. The project will focus on manufacturing graphite anode material for the Li-ion batteries in line with the ‘Make in Karnataka’ vision, enabling the company to cater to 10 million EVs.</p>


Epsilon to Acquire Cathode Active Material Research Center in Germany


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					</table><p><strong><a href="https://www.mercomindia.com/center-incentive-power-sector-reforms-fy24" target="_blank" rel="noopener">The Department of Expenditure, Ministry of Finance, has earmarked ₹1.43 trillion (~$17.4 billion) as financial incentives in the form of additional borrowing permissions for states undertaking various reforms</a></strong> in the power sector during the financial year (FY) 2023-24. Based on the recommendations of the Ministry of Power, the Ministry of Finance has granted permission for reforms undertaken in FY 2021-22 and FY 2022-23 by 12 state governments. Over the past two financial years, these states have been allowed to raise financial resources amounting to ₹664.13 billion (~$8.1 billion) through additional borrowing permissions.</p>
<p><a href="https://www.mercomindia.com/ministry-benchmark-price-biomass-pellets-thermal-plants" target="_blank" rel="noopener"><strong>The Ministry of Power has revised the Biomass Co-Firing Policy to benchmark the prices for biomass pellets utilized in co-firing at thermal power plants.</strong></a> The decision was prompted by the changing market conditions for biomass pellets and numerous requests from stakeholders such as thermal power plants, pellet manufacturers, farmers, bankers, and others. The benchmark price will consider factors like economic viability, impact on electricity rates, and the efficient procurement of pellets by power utilities.</p>
<p><strong><a href="https://www.mercomindia.com/mnre-targets-over-15000-phase-ii-of-biogas-program-for-fy24" target="_blank" rel="noopener">The Ministry of New and Renewable Energy, in a recent office memorandum, has allotted physical targets to the biogas program implementing agencies for establishing small biogas</a></strong> projects under the Biogas Program Phase II for the fiscal year 2023-24. The year’s target is 15,205 biogas plants, with an additional 1,165 sanitary toilets linked to biogas plants. The Ministry has also set targets for 14 new implementing agencies to conduct four training courses during the fiscal year.</p>
<p><a href="https://www.mercomindia.com/government-launches-efficiency-technology-demonstration" target="_blank" rel="noopener"><strong>The Ministry of Power has established a new platform called Advanced Industrial Technology Demonstration Center for industry stakeholders to demonstrate and exchange knowledge on new energy-efficient technologies in the country.</strong></a> The new center, also called Unnat Takniki Pradarshan Kendra, is expected to promote clean technologies and enhance energy efficiency in the country through knowledge sharing and demonstrations of new technologies.</p>
<p><a href="https://www.mercomindia.com/epsilon-to-establish-components-factory-in-the-us" target="_blank" rel="noopener"><strong>Epsilon Advanced Materials, an India-based battery materials company, has announced plans to invest $650 million to establish a synthetic graphite anode manufacturing facility in the U.S. with a 50,000 tons per-annum production capacity.</strong></a> Epsilon plans to utilize green technologies to produce high-capacity anode materials at this facility, which would be crucial in powering over 1 million electric vehicles. The company said the proposed synthetic graphite anode processing facility represents the largest Indian investment in the U.S. EV battery industry to date.</p>
<p><a href="https://www.mercomindia.com/intersect-800-million-revolving-credit-line" target="_blank" rel="noopener"><strong>Intersect Power, a U.S.-based renewable energy company, has closed an $800 million revolving corporate credit facility to support the development, construction, and operation of its upcoming portfolio of renewable energy, energy storage, and green hydrogen projects.</strong></a> The company’s business plan includes growth in grid-tied renewables and large-scale clean energy assets, including green hydrogen. The company has a base portfolio of 2.2 GW of solar and 1.4 GWh of co-located energy storage under construction or operation.</p>
<p><a href="https://www.mercomindia.com/china-extends-evs-until-2027-to-boost-demand" target="_blank" rel="noopener"><strong>China’s Ministry of Finance, the State Administration of Taxation, and the Ministry of Industry and Information Technology have jointly announced the continuation of the vehicle purchase tax reduction and exemption policy for new energy vehicles,</strong></a> which include electric vehicles, plug-in hybrids, and fuel cell vehicles, until the end of 2027. The extension is expected to result in a ¥520 billion (~$72 billion) total purchase tax reduction and exemption.</p>
<p><a href="https://www.mercomindia.com/renantis-ventient-renewables-firm" target="_blank" rel="noopener"><strong>Renantis, an Italy-based energy company, and Ventient Energy, a renewable power company based in the UK, have agreed to merge into a new independent power producer (IPP) with a combined total installed renewables capacity of over 4.2 GW and an extensive 18 GW pipeline.</strong></a> The integration process has commenced, and the companies anticipate operating as a unified entity by 2024. The two renewable energy companies, owned by institutional investors advised by JP Morgan Asset Management, are poised to become one of Europe’s top five onshore wind IPPs with the new company.</p>
<p><a href="https://www.mercomindia.com/mercom-to-host-clean-energy-meet-2023-in-pune" target="_blank" rel="noopener"><strong>After the phenomenal responses in Bengaluru and Mumbai, Mercom India is bringing its C&amp;I Clean Energy Meet 2023 series for its third event to Pune.</strong></a> The event in Pune will be held on June 30, 2023, at Four Points by Sheraton, in collaboration with the Deccan Chamber of Commerce Industries &amp; Agriculture. Chief Guest Sadashiv Survase, Joint Director Industries – Pune, and HP Srivastava, Vice Chairman of DCCIA, will address the inaugural session. Interested entities can <a href="https://www.mercomindia.com/event/ci-clean-energy-meet-2023-pune/register/2023-form" target="_blank" rel="noopener">register</a> for the event or write to <a href="mailto:events@mercomindia.com" target="_blank" rel="noopener">events@mercomindia.com</a>. After Pune, Mercom will host the next C&amp;I Clean Energy Meet in <a href="https://www.mercomindia.com/event/ci-clean-energy-meet-2023-chennai" target="_blank" rel="noopener">Chennai</a>.</p>


Daily News Wrap-Up: ₹1.43 Trillion Earmarked for Power Sector Reforms


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					</table><p>Epsilon Advanced Materials (<a href="https://www.epsilonam.com/" target="_blank" rel="noopener">EAM</a>), an India-based battery materials company, has announced plans to invest $650 million to establish a synthetic graphite anode manufacturing facility in the U.S. with a 50,000 tons per annum production capacity.</p>
<p>Epsilon plans to utilize green technologies to produce high-capacity anode materials at this facility, which would be crucial in powering over 1 million electric vehicles (EVs).</p>
<p>The company said the proposed synthetic graphite anode processing facility represents the largest Indian investment in the U.S. EV battery industry to date.</p>
<p>Additionally, the investment seeks to strengthen the trade relationship between the two countries.</p>
<p>In their recent joint statement from the White House, President Joe Biden, and Prime Minister Narendra Modi have also acknowledged Epsilon Advanced Materials&#8217; investment in the U.S., the company mentioned.</p>
<p>Epsilon is evaluating multiple locations across the U.S. for the proposed facility, subject to regulatory approvals, environmental permits, and state and local incentive agreements.</p>
<p>The company has already signed strategic supply agreements with local raw material suppliers and transport partners to establish an efficient supply chain network with a focus on minimizing carbon emissions and reducing transportation costs.</p>
<p>The company aims to commission the facility by 2026 and is expected to generate revenue exceeding $500 million at full capacity by 2031.</p>
<p>Vikram Handa, the Founder and Managing Director of Epsilon Advanced Materials, said, &#8220;Our investment in the USA is driven by the intent of Energizing the World with clean energy solutions. The battery value chain is a critical enabler to electric mobility adoption, and we are channelizing our efforts to localize the battery manufacturing ecosystem.&#8221;</p>
<p>The U.S. government has set an ambitious goal to achieve 50% EV sales by 2030 and generate 1,000 GWh of battery capacity.</p>
<p>Epsilon&#8217;s facility is expected to contribute to the U.S.’s EV roadmap by establishing a local supply chain for EV batteries and supporting the government&#8217;s mandate for critical mineral security.</p>
<p>In its statement, the company hailed the U.S. Inflation Reduction Act (IRA) as a significant opportunity for India&#8217;s chemical industry to transform minerals into battery materials and reduce dependence on China.</p>
<p>The act stipulates that sourcing critical battery materials from China will not qualify for the $7,500 credit per EV. Consequently, U.S. automakers have sought alternative countries to acquire these essential battery materials.</p>
<p>Epsilon aims to capitalize on this opportunity by supporting energy transitions in the U.S. and India.</p>
<p>Last November, Epsilon Advanced Materials <a href="https://www.mercomindia.com/daily-news-wrap-up-vestas-supplies-to-vibrant-energys-wind-project" target="_blank" rel="noopener">signed</a> a memorandum of understanding with the government of Karnataka to invest around ₹90 billion (~$1.1 billion) to establish battery manufacturing plants in the state over ten years.</p>
<p>In March this year, the U.S. and the EU <a href="https://www.mercomindia.com/us-eu-agreement-sourcing-minerals-ev-batteries" target="_blank" rel="noopener">reached</a> an agreement on sourcing critical minerals used in EV batteries.</p>


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