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


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					</table><p>Government-owned Power Finance Corporation (<a href="https://www.pfcindia.com/" target="_blank" rel="noopener">PFC</a>) has announced the closure of its largest-ever foreign currency term loan, raising $1.265 billion. The deal was facilitated through an agreement with multiple banks located in IFSC at GIFT City, Gandhinagar in Gujarat.</p>
<p>The funds from this loan will finance projects other than thermal power generation, underscoring PFC’s commitment to decarbonization and supporting the shift to green energy.</p>
<p>This multi-currency loan will allow PFC to expand its business, strengthen its market standing, diversify its funding sources, and maintain a competitive advantage.</p>
<p>The loan, with an average floating interest rate of 4.21% per annum, is denominated in USD, EUR, and JPY (the G3 currencies) and has a five-year term.</p>
<p>It is linked to external benchmark rates such as the Secured Overnight Financing Rate (SOFR) for USD, the Euro Interbank Offered Rate (EURIBOR) for EUR, and the Tokyo Overnight Average Rate (TONA) for JPY.</p>
<p>The transaction involved multiple banks, including <a href="https://www.onlinesbi.sbi/" target="_blank" rel="noopener">SBI</a>, <a href="https://www.idbibank.in/" target="_blank" rel="noopener">IDBI</a>, <a href="https://www.axisbank.com/" target="_blank" rel="noopener">Axis</a>, <a href="https://www.mufg.jp/english/index.html" target="_blank" rel="noopener">MUFG</a>, <a href="https://www.deutschebank.co.in/" target="_blank" rel="noopener">Deutsche</a>, and <a href="https://www.smbcgroup.com/" target="_blank" rel="noopener">SMBC</a>. SBI was the largest lender and acted as the facility agent for the deal.</p>
<p>The company recently <a href="https://www.mercomindia.com/pfcs-profit-rises-billion-in-q1-fy-2025" target="_blank" rel="noopener">reported</a> a 20% increase in consolidated Profit After Tax, rising from ₹59.82 billion (~$712.6 million) in the first quarter (Q1) of the financial year  (FY) 2024 to ₹71.82 billion (~$855.4 million) in Q1 FY 2025.</p>
<p>The consolidated loan asset book crossed the ₹10 trillion (~$119 billion) mark, standing at ₹10.05 trillion (~$119.7 billion) as of June 30, 2024, compared to ₹8.87 trillion (~$105.6 billion) a year earlier.</p>
<p>Last November, PFC <a href="https://www.mercomindia.com/pfc-approves-projects-discoms-under-rdss-program" target="_blank" rel="noopener">approved</a> projects worth ₹1.17 trillion (~$14.04 billion) for various state distribution companies under the Revamped Distribution Sector Program as of September 2023. The public sector lender also approved loans worth ₹70 billion (~$8.4 billion) and disbursed ₹31 billion (~$3.7 billion) under the Late Payment surcharge program, fetching the DISCOMs more than a 50% reduction in legacy dues.</p>
<p>The company’s wholly-owned subsidiary, PFC Consulting, <a href="https://www.mercomindia.com/pfc-tenders-transmission-system-for-renewable-energy-evacuation/" target="_blank" rel="noopener">issued</a> a tender to select a transmission service provider to establish an ISTS at Kurnool-III PS, Andhra Pradesh, to integrate an additional 4.5 GW of renewable energy.</p>
<p>Earlier, PFC invited bids to <a href="https://www.mercomindia.com/pfc-invites-bids-for-energy-from-gujarat" target="_blank" rel="noopener">evacuate</a> 3 GW of renewable energy from Gujarat.</p>


PFC Secures Record Foreign Currency Loan of $1.265 Billion


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					</table><p>The National Forensic Sciences University (<a href="https://www.nfsu.ac.in/" target="_blank" rel="noopener">NFSU</a>), Gandhinagar, Gujarat, has issued expressions of interest (EoI) to set up 1 MW grid-connected rooftop solar projects on its campus buildings.</p>
<p>The scope of work includes supply, installation, testing, and commissioning using bifacial crystalline solar cells manufactured in India. Data monitoring and surge protection systems must also be installed. The rooftop solar projects will have to be installed on nine buildings, spanning a cumulative area of 10,910 square meters.</p>
<p>Bids must be submitted by March 7, 2024.</p>
<p>To participate, manufacturers or authorized distributors of solar modules must obtain approval from the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>).</p>
<p>Bidders must have a minimum of five years of experience in the design, supply, and commissioning of solar projects. They should have completed at least one 100 kW, two 75 kW, or three 50 kW solar projects in the past year. They should also be registered with MNRE or the state nodal agency.</p>
<p>Bidders must have an annual turnover of ₹5 million (~$60,300) in any one of the previous five financial years. A solvency certificate of a minimum ₹5 million (~$60,300) is also required from any scheduled bank.</p>
<p>They must provide a certificate of manufacture or authorized distribution letter from the original equipment manufacturers in addition to proof of registration.</p>
<p>Last year, the College of Engineering, Pune Technological University, <a href="https://www.mercomindia.com/maharashtra-university-rooftop-solar-project" target="_blank" rel="noopener">invited</a> expressions of interest to set up a 660 kW rooftop solar power project with net metering under the renewable energy service company model.</p>
<p>Earlier, Central Electronics Limited, a public sector enterprise, <a href="https://www.mercomindia.com/bids-invited-rooftop-solar-uttarakhand" target="_blank" rel="noopener">issued</a> a tender for 2.285 MW of grid-connected rooftop solar systems at the G.B. Pant University of Agriculture and Technology in Uttarakhand.</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> to stay on top of real-time tender activity.</p>


University in Gujarat Invites Bids for 1 MW Solar Rooftop Projects


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					</table><p>REC Power Development and Consultancy (<a href="https://www.recpdcl.in/" target="_blank" rel="noopener">RECPDCL</a>), a fully-owned subsidiary of <a href="https://recindia.nic.in/" target="_blank" rel="noopener">REC</a>, has issued a tender to select a transmission service provider (TSP) to establish an Inter-State Transmission System (ISTS) for evacuating 5.5 GW power from the Rajasthan Renewable Energy Zone (REZ) Phase IV.</p>
<p>The last date for the submission of bids is December 1, 2023.  Bids will be opened the same day.</p>
<p>The project must be completed within 24 months.</p>
<p>The selected bidder must furnish a performance bank guarantee of ₹890 million (~$10.6 million) within ten days from the issuance of the Letter of Intent.</p>
<p>The TSP is responsible for ensuring that the design, construction, and testing of project equipment, facilities, components, and systems comply with the Transmission Service Agreement and government regulations.</p>
<p>The TSP must acquire a transmission license. After 35 years from the project&#8217;s commissioning, the TSP must facilitate the transfer of all project assets, including substation land, right of way, and clearances, to the Central Transmission Utility (CTU) or its designated successors.</p>
<p>The government will determine the specific agency for this transfer.</p>
<p>The designated ISTS customers must pay the transmission charges through the CTU, following the regulations of the Central Electricity Regulatory Commission governing the sharing of Inter-State Transmission Charges and Losses.</p>
<p>Bidders are required to meet one of the following technical criteria:</p>
<p><em>Experience in Infrastructure Project Development:</em></p>
<ul>
<li>Bidders must have a track record of developing projects in the infrastructure sector over the last five years.</li>
<li>The aggregate capital expenditure for all projects should be at least ₹17.8 billion (~$213.8 million).</li>
<li>Each individual project&#8217;s capital expenditure should not be less than ₹3.56 billion (~$42.7 million)</li>
</ul>
<p>Or</p>
<p><em>Experience in Infrastructure Project Construction:</em></p>
<ul>
<li>Bidders should have received cumulative payments of not less than ₹17.8 billion (~$213.8 million) from its client(s) for fully completed construction works in the infrastructure sector during the last five financial years.</li>
<li>Payments received from each project should not be less than ₹3.56 billion (~$42.7 million)</li>
</ul>
<p>Their net worth should be a minimum of ₹7.12 billion (~$85.5 million) for any of the last three financial years, and the net worth should not be negative during this period.</p>
<p>The selected bidder must maintain a minimum equity shareholding of 51% in the issued and paid-up equity share capital of Rajasthan IV H1 Power Transmission Limited for one year after the Commercial Operation Date of the project.</p>
<p>Recently, RECPDCL <a href="https://www.mercomindia.com/rec-evacuate-11-gw-renewables-rajasthan" target="_blank" rel="noopener">floated</a> two tenders to establish an inter-state transmission system to evacuate a cumulative 11 GW of power from renewable energy zones in Rajasthan under Phase – IV.</p>
<p>In May, REC <a href="https://www.mercomindia.com/rec-lists-750-million-at-ifsc-stock-exchanges" target="_blank" rel="noopener">listed</a> its recently issued green bonds, which raised $750 million under its global medium-term $7 billion program at the GIFT International Financial Services Centre Stock Exchanges in Gandhinagar.</p>


REC Subsidiary Invites Bids to Evacuate 5.5 GW of Renewable Power in Rajasthan

<p>Gandhinagar-based Pandit Deendayal Petroleum University (<a href="https://www.pdpu.ac.in/" target="_blank" rel="noopener noreferrer">PDPU</a>) has invited bids to supply equipment for a 50 MW solar module manufacturing line.</p>
<p>The last date to submit the bids is December 23, 2020. Prospective bidders are expected to pay earnest deposit money (EMD) of ₹500,000 (~$6,797.5)</p>
<p>The project&#8217;s scope includes the supply, layout, design and installation, commissioning, inspection, training, and process optimization of the equipment, along with a five-year warranty. The scope of work also covers an annual maintenance contract (AMC) for two years (turnkey), including the International Electrotechnical Commission certification.</p>
<p>A prospective bidder must have supplied and installed at least one turnkey line solution to a government department, public sector undertaking, university, or any other recognized company in the last three years to be eligible.</p>
<p>The prospective bidder must be involved in the solar product line business for the last five years or more. The bidder must have an annual average turnover of more than ₹100 million (~$1.35 million) along with an average net worth of not less than ₹250 million (~$3.39 million) and no losses to account for in the last three financial years.</p>
<p>The prospective bidders must manufacture all the machinery in-house. All the solar module line equipment should be preferably procured from a single source. The bidder should have already supplied and installed a minimum of 1 GW of turnkey solutions or a 50 MW full turnkey line in India.</p>
<p>Prospective bidders would have to quote a firm delivery period not exceeding 120 days. If the materials are not delivered within the period stipulated in the order, a penalty would be levied at 0.5% per week on the total order value, subject to a maximum of 10%.</p>
<p>Last month, Prime Minister Narendra Modi <a href="https://mercomindia.com/gujarat-petroleum-university-inaugurates/" target="_blank" rel="noopener noreferrer">e-inaugurated</a> a 45 MW monocrystalline solar panel manufacturing unit at Pandit Deendayal Petroleum University in Gujarat.</p>
<p>According to <a href="https://mercomindia.com/research-2/" target="_blank" rel="noopener noreferrer">Mercom India Research</a>, there are over 75 units with a module manufacturing capacity of 50 MW and below in India as of September 2020.</p>
<p>The central government recently <a href="https://mercomindia.com/india-gets-incentive-plan/" target="_blank" rel="noopener noreferrer">approved</a> a production-linked incentive plan in ten critical sectors to enhance India&#8217;s manufacturing capabilities and exports under the Atmanirbhar Bharat initiative. The government said in a notification that it would allocate ₹1.45 trillion (~$19.61 billion) for the ten critical sectors over the next five years. Some of these critical sectors include- high-efficiency solar photovoltaic modules, advanced chemistry cell battery, automobiles, and auto components. The government will allocate ₹796.42 billion (~$10.75 billion) for these three sectors in the next five years.</p>
<p>Since the pandemic wreaked havoc on businesses, countries have <a href="https://mercomindia.com/government-shifts-focus-solar-manufacturing-rpo/" target="_blank" rel="noopener noreferrer">shifted</a> gears to stabilize their economies amid tumbling markets. India has begun to push the cause of domestic manufacturing with a renewed thrust.</p>


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