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					</table><p><a href="https://www.mercomindia.com/india-added-wind-capacity-yoy-increase" target="_blank" rel="noopener"><strong>India added 1.2 GW of new wind energy capacity in the first quarter (Q1) of 2024, a 56% YoY surge from 737.9 MW, according to </strong><strong>Mercom India Research</strong></a>. The cumulative wind capacity as of March 2024 stood at 45.9 GW, compared to 44.7 GW at the end of Q4 2023. The growing need to increase renewable energy generation and capacity utilization factor (CUF) has spurred an increase in wind-solar hybrid projects nationwide, driving capacity additions.</p>
<p><a href="https://www.mercomindia.com/recpdcl-acquire-solar-wind-hybrid" target="_blank" rel="noopener"><strong>REC Power Development and Consultancy has invited bids to acquire 200 MW of operational solar, wind, or wind-solar hybrid projects without storage</strong></a>. The last date to submit the bids is May 27, 2024. Bids will be opened the next day. The project should have a remaining useful life of at least 15 years from the bid submission deadline. Each bidder can submit bids for a maximum of two projects.</p>
<p><strong><a href="https://www.mercomindia.com/hpcl-seeks-bids-for-and-floating-solar-project" target="_blank" rel="noopener">HPCL Renewable and Green Energy , a subsidiary of Hindustan Petroleum Corporation, has invited bids for a detailed feasibility report </a></strong>and project management consultancy services for grid-tied rooftop and floating solar projects with a cumulative capacity of 81.5 MW. The last date for submitting the bid is May 9, 2024. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/hpcl-epc-tender-78-mw-wind-solar-hybrid-project" target="_blank" rel="noopener"><strong>HPCL</strong><strong> has issued a request for proposal on behalf of its subsidiary HPCL Renewables and Green Energy for the engineering, procurement, and construction</strong></a> of a 78 MW wind-solar hybrid power project anywhere in India. The selected contractor will also be responsible for the comprehensive operation and maintenance of the project for ten years. HPCL Renewables and Green Energy plans to achieve net zero carbon emissions by 2040 and intends to replace the grid power used at its refineries with green energy.</p>
<p><a href="https://www.mercomindia.com/greencell-mobility-secures-%e2%82%b93-billion" target="_blank" rel="noopener"><strong>Electric mobility company </strong><strong>GreenCell Mobility</strong><strong> has secured ₹3.07 billion (~$37 million) in green financing from Japan-based bank Sumitomo Mitsui Banking Corporation</strong></a> to deploy a fleet of 350 electric buses across eight cities in Uttar Pradesh. The deal represents the first time a Japan-based bank has provided project financing for an electric mobility project in India, the company claimed. It is also SMBC’s inaugural foray into financing e-mobility initiatives in the Asia-Pacific region.</p>
<p><a href="https://www.mercomindia.com/tata-power-profits-fy-2024" target="_blank" rel="noopener"><strong>Tata Power</strong><strong>, an integrated power company, recorded a profit after tax of ₹10.46 billion (~$125.28 million) in the fourth quarter of the financial</strong></a> year 2024, a growth of 11% YoY. The company reported a YoY net profit growth for the 18th consecutive quarter. Tata Power’s consolidated revenue stood at ₹162.56 billion (~$1.94 billion), an increase of 27% YoY. The company’s earnings before interest, taxes, depreciation, and amortization grew by 8% YoY to ₹ 33.58 billion (~$402.2 million).</p>
<p><strong><a href="https://www.mercomindia.com/shoals-q1-2024-net-income" target="_blank" rel="noopener">Shoals Technologies Group, a manufacturer of Electrical Balance of Systems  for solar, energy storage, and eMobility, reported a net income</a></strong> of $4.8 million during the first quarter (Q1) of 2024, a year-over-year (YoY) decline of 72% from $17 million. Revenue decreased 14% to $90.8 million YoY due to lower sales volumes resulting from fewer production days and project delays.</p>
<p><a href="https://www.mercomindia.com/re100-companies-renewables-2022" target="_blank" rel="noopener"><strong>RE100</strong><strong>, a consortium of over 400 companies committed to using 100% renewable electricity, met 50% of their electricity needs from renewables in 2022</strong></a>, up from 49% in 2021, according to a recent report. The RE100 annual disclosure report 2023 analyzes responses from 382 out of 403 member companies. Most companies reported data for the January-December 2022 period.</p>


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


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					</table><p>Electric mobility company <a href="https://greencellmobility.com/" target="_blank" rel="noopener">GreenCell Mobility</a> has secured ₹3.07 billion (~$37 million) in green financing from Japan-based bank Sumitomo Mitsui Banking Corporation (<a href="https://www.smbcgroup.com/" target="_blank" rel="noopener">SMBC</a>) to deploy a fleet of 350 electric buses across eight cities in the state of Uttar Pradesh.</p>
<p>The deal represents the first time a Japan-based bank has provided project financing for an electric mobility project in India, the company claimed. It is also SMBC&#8217;s inaugural foray into financing e-mobility initiatives in the Asia-Pacific region.</p>
<p>The loan from SMBC will facilitate the procurement, operation, and maintenance of GreenCell&#8217;s 9-meter pure electric air-conditioned buses over a 10-year concession period with the Uttar Pradesh government. The fleet comes under the government’s Faster Adoption and Manufacturing of (Hybrid &amp;) Electric Vehicles (FAME II) program.</p>
<p>The project guarantees a fixed per-kilometer fee, mitigating traffic risk and ensuring a consistent revenue stream like an annuity, the company said. It estimates the e-bus fleet will reduce CO2 emissions by approximately 235,000 tons over the contract&#8217;s lifetime.</p>
<p>&#8220;Our historic partnership with SMBC demonstrates our unwavering commitment to sustainable mass mobility,&#8221; said Devndra Chawla, CEO of GreenCell Mobility. &#8220;This is a significant milestone strengthening our efforts to transform India&#8217;s electric transportation landscape.&#8221;</p>
<p>The company earlier secured ₹1.25 billion (~$14.97 million) in green financing from <a href="https://www.sc.com/" target="_blank" rel="noopener">Standard Chartered</a> for electric bus deployment in Surat.</p>
<p>In 2022, the Asian Development Bank had <a href="https://www.mercomindia.com/greencell-40-million-funding-adb-electric-buses" target="_blank" rel="noopener">inked</a> a $40 million financing package with GreenCell Express to develop 255 battery-powered electric buses. The company at the time had said that the e-buses would serve 5 million people annually and run across 56 intercity routes.</p>
<p>Previously, GreenCell had <a href="https://www.mercomindia.com/greencell-pmi-electro-350-electric-buses" target="_blank" rel="noopener">announced</a> that it was investing ₹4 billion (~$55.09 million) in a consortium run by PMI Electro Mobility Solutions to deploy 350 electric buses across Uttar Pradesh. The investment also covered the acquisition of a 49% stake in the consortium. Lucknow and Kanpur were to get 100 buses each, Varanasi and Prayagraj 50 buses each, and Gorakhpur and Jhansi 25 buses each.</p>


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

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