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					</table><p>Hero Solar Energy (<a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">Hero Future Energies</a>), JSW Neo Energy (<a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a>), <a href="https://www.serenticaglobal.com/" target="_blank" rel="noopener">Serentica Renewables India</a>, and ReNew Solar Power (<a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a>) were declared winners in the Solar Energy Corporation of India’s (SECI) auction to supply 1.5 GW firm and dispatchable renewable energy (FDRE) from Inter-State Transmission System (ISTS)-connected projects under Tranche II.</p>
<p>Hero Solar quoted the lowest tariff of ₹5.59 (~$0.0675)/kWh to win 120 MW. JSW and Serentica quoted ₹5.60 (~$0.0677)/kWh to win 180 MW and 100 MW respectively.</p>
<p>ReNew won 80 MW out of the 200 MW quoted capacity at ₹5.60 (~$0.0677)/kWh.</p>
<p>Only 480 MW out of the total 1.5 GW was auctioned.</p>
<p>The FDRE model of projects aims to achieve 100% round-the-clock renewable energy at an individual project level.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-64269" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1.png" alt="SECI's ISTS Connected 1,500 MW Firm and Dispatchable Renewable Energy-II Projects - Auction Result (Load Following - Punjab and Madhya Pradesh)" width="1920" height="699" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1.png 1920w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1-300x109.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1-768x280.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1-1536x559.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1-650x237.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1-624x227.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1-600x218.png 600w" sizes="(max-width: 1920px) 100vw, 1920px" />SECI <a href="https://www.mercomindia.com/seci-invites-bids-power-ists-connected-renewable-projects" target="_blank" rel="noopener">floated</a> the tender in July 2023 under FDRE-II to supply power to distribution companies in Punjab and Madhya Pradesh.</p>
<p>Both land and ISTS connectivity will be under the scope of the selected renewable energy developers. Energy Storage Systems must constitute part of the project.</p>
<p>The project must be designed to connect with the ISTS following the prevailing regulations set by the Central Electricity Regulatory Commission.</p>
<p>The connection to the grid and metering should adhere to the relevant grid code, grid connectivity standards, and regulations on communication systems for electricity transmission.</p>
<p>The minimum voltage level required for interconnection with the ISTS is 220 kV.</p>
<p>The power procured from these projects is provisioned to be sold to Punjab State Power Corporation and Madhya Pradesh Power Management Company.</p>
<p>SECI will act as the intermediary nodal agency for the procurement and sale of this power to the buying entities entirely on a back-to-back basis, based on due performance by the renewable energy developer as well as the buying entities.</p>
<p>Recently, NHPC <a href="https://www.mercomindia.com/brightnight-renew-acme-win-nhpcs-renewables-auction" target="_blank" rel="noopener">announced</a> the winners of its auction to supply 1.5 GW of firm and dispatchable renewable power (Peak Power Supply) from ISTS-connected projects coupled with energy storage systems anywhere in India. The lowest tariff discovered in the auction was ₹4.55 (~$0.0549)/kWh</p>
<p>Subscribe to Mercom’s <a href="https://www.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>


Hero Future, JSW, Serentica and ReNew Win SECI’s 1.5 GW FDRE-II Auction


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					</table><p>Hero Future Energies (<a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">HFE</a>), the renewable energy arm of Hero Group, announced the signing of a tolling agreement with <a href="https://www.pixonenergy.com/" target="_blank" rel="noopener">PIXON Green Energy</a>, a domestic module manufacturer, for the supply of 500 MW high-efficiency solar photovoltaic modules annually.</p>
<p>Pixon will provide HFE with these modules on a prioritized basis for two years from their fully automated Ecoprogetti line based in Rajkot, Gujarat. The parties will also also be involved in the procurement of strategic components for module manufacturing.</p>
<p>“Global supply chains have been subject to disruption recently. Entering into a strategic partnership will allow us to control our costs better and have more visibility into our supply chain. This will help avoid any shocks that could impact our projects negatively, both in terms of costs and scheduling. We believe that this agreement will provide us with a steady supply of modules at less volatile prices, thereby enabling us to move forward towards realizing our pipeline of projects,” said Srivatsan Iyer, Global CEO of Hero Future Energies.</p>
<p>In an exclusive interview with Mercom, Iyer <a href="https://www.mercomindia.com/hero-future-supplier-ci-clients-2" target="_blank" rel="noopener">stated</a> that HFE aims to expand its portfolio to over 5 GW of operational capacity within five years while establishing itself as a go-to partner for green hydrogen energy and mobility solutions.</p>
<p>Under the agreement, the company will provide Pixon with an assured offtake of modules based on their portfolio of 1.2 GW, which is under construction, and a strong pipeline of upcoming projects. This is expected to enable Pixon to allow for better capacity planning and resource allocation, resulting in more efficient operations.</p>
<p>“By engaging in co-procurement of strategic components, PIXON aims to enhance the reliability of our operations while simultaneously providing Hero Future Energies with a clearer view of the procurement process. This partnership reflects the industry&#8217;s commitment to driving down costs, increasing competitiveness, and ultimately accelerating the transition to a cleaner and more sustainable energy future,” said Sumit Mehta, co-founder and director at Pixon.</p>
<p>In 2022, HFE <a href="https://www.mercomindia.com/kkr-invest-450-million-hero-future-energies" target="_blank" rel="noopener">received</a> an investment of $450 million when global investment firm Kohlberg Kravis Roberts signed a definite agreement with Hero Group to expand its renewable energy capacity.</p>
<p>(Image Credit &#8211; Ecoprogetti)</p>


Hero Future Energies to Procure 500 MW Solar Modules from Pixon Green


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					</table><p>Global investment firm Kohlberg Kravis Roberts (<a href="https://www.kkr.com/" target="_blank" rel="noopener">KKR</a>) and the <a href="https://www.heromotocorp.com/en-in.html" target="_blank" rel="noopener">Hero Group</a> signed definitive agreements to invest $450 million in Hero Future Energies (<a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">HFE</a>), the renewable energy arm of the Hero Group.</p>
<p>The investment in HFE is made from KKR&#8217;s Asia Pacific Infrastructure Fund and builds on KKR&#8217;s experience in India and the renewables sector.</p>
<p>KKR has deployed over $15 billion in equity globally to invest in renewable assets, such as solar and wind, which have an operational power generation capacity of 23 GW, as of December 31, 2021.</p>
<p>This investment is aimed at supporting HFE’s continued growth and expanding its renewable energy capacity and capabilities across technologies such as solar, wind, battery storage, and green hydrogen and into new markets over time.</p>
<p>Through its range of solutions, HFE will also look to support companies to decarbonize and transition towards sustainable energy sources to achieve their net zero emission goals.</p>
<p>&#8220;HFE&#8217;s clean energy solutions play an important role in helping companies decarbonize as energy demands continue to grow. We look forward to working closely with HFE&#8217;s management team and existing investors, including the Hero Group and IFC, to help HFE achieve its next phase of growth and contribute to the energy transition efforts in India and globally,&#8221; said Hardik Shah, Partner at KKR.</p>
<p>KKR has also launched Virescent Infrastructure, a platform to acquire renewable energy assets in India. The platform aims to expand its diversified portfolio of renewable energy assets, facilitated by investments made through KKR’s infrastructure fund. Virescent recently <a href="https://mercomindia.com/virescents-invit-6-5-billion-domestic-bond/" target="_blank" rel="noopener">raised</a> ₹6.5 billion (~$87 million) through domestic bond issuance.</p>
<p>According to Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a>, HFE’s portfolio consists of 1.36 GW of operational solar projects.</p>
<p>&#8220;KKR&#8217;s investment will drive Hero Future Energies&#8217; growth domestically and globally, as well as in new technologies such as battery storage, solar-wind hybrid projects, round-the-clock power, and green hydrogen, among others. This partnership is also a validation of our core strengths and capabilities in design and engineering, development, and project execution while achieving excellence in health, safety, and environment standards,&#8221; said Srivatsan Iyer, Global CEO of Hero Future Energies.</p>
<p>Hero Future recently <a href="https://mercomindia.com/hero-future-10-mw-20-mwh-battery-storage-kerala/" target="_blank" rel="noopener">won</a> the bid to develop a 10 MW/20 MWh grid-connected battery energy storage system (BESS). The auction was conducted by the Kerala State Electricity Board. The 10 MW project is HFE&#8217;s maiden utility-scale BESS project.</p>
<p>According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/1h-q2-2022-solar-funding-ma-report/" target="_blank" rel="noopener">1H and Q2 2022 Solar Funding and M&amp;A Report</a>, total corporate funding, including venture capital funding, public market, and debt financing in 1H 2022, stood at $12 billion, and according to <a href="https://mercomcapital.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">1H and Q2 2022 Funding and M&amp;A report for storage, grid and efficiency</a>, VC funding in Energy Storage in 1H 2022 was down significantly with $2.9 billion in 45 deals.</p>


KKR and Hero Group to Invest $450 Million in Hero Future Energies

<p>The Asian Infrastructure Investment Bank (<a href="https://aiib.org/" target="_blank" rel="noopener noreferrer">AIIB</a>), a multilateral development bank, has announced that its board of directors has approved a $65 million (~₹912,896) loan for a 250 MW solar power project in Jodhpur.</p>
<p>The Beijing-based bank said that <a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener noreferrer">Hero Futures Energies</a> (HFE), an independent power producer, will develop the project through its special purpose vehicle (SPV) Clean Solar Power (Jodhpur) Private Limited, which is expected to generate 616 MWh by 2022.</p>
<p>According to <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener noreferrer">Mercom’s India Solar Project Tracker</a>, Hero Future Energies had <a href="https://mercomindia.com/seci-2-gw-ists-solar-auction-winners/" target="_blank" rel="noopener noreferrer">won</a> the 250 MW solar project by quoting a tariff of ₹2.53 (~$0.03)/kWh in July 2018 under SECI&#8217;s 2 GW ISTS Program. The company had signed a 25-year Power Purchase Agreement (PPA) with SECI in November 2018, and the project is expected to be commissioned by October 2020.</p>
<p>Previously, United Arab Emirates-based <a href="https://masdar.ae/" target="_blank" rel="noopener noreferrer">Masdar</a> <a href="https://mercomindia.com/uae-masdar-india-hero-future-energies-150-million-investment/" target="_blank" rel="noopener noreferrer">invested</a> around $150 million (~₹10.7 billion) in Hero Future Energies. Hero Future expected that around 25% of its growth would come from Europe and the U.K., and Asia &#8211; including Bangladesh, Singapore, Vietnam, Philippines and Indonesia, and this investment was to facilitate its expansion in these regions.</p>
<p>Clean Solar Power (CSP), a step-down subsidiary of HFE, also <a href="https://mercomindia.com/clean-solar-million-ifc-debt-financing/" target="_blank" rel="noopener noreferrer">received</a> a debt financing of up to $43.3 million from International Financial Corporation (IFC), the financial arm of the World Bank. The company proposed the development, construction, operation, and maintenance of a 250 MW greenfield solar project located in Rajasthan’s Bhadla. The estimated cost of the project was $200 million. In 2017, IFC had <a href="https://mercomindia.com/ifc-to-invest-125-million-in-hero-future-energies/" target="_blank" rel="noopener noreferrer">invested</a> $125 million (~₹8.5 billion) in HFE. IFC, together with IFC Global Infrastructure Fund, a private equity fund managed by IFC Asset Management Company, invested in equity for HFE to set up 1 GW of solar and wind projects across India.</p>
<p>According to Mercom India Research, Hero Future Energies has about 600 MW of large-scale solar projects in operation, and around 840 MW of projects are under development.</p>
<p>AIIB also approved a $145 million (~$2.03 million) loan for the country to help improve irrigation services and flood risk management systems in West Bengal. The funds would be used to modernize irrigation infrastructure at main, branch, distributary and minor canal levels and invest in structural measures to reduce flooding in the project area, according to AIIB.</p>
<p>Earlier, Mercom <a href="https://mercomindia.com/aiib-loan-lt-solar-wind-financing-india/" target="_blank" rel="noopener noreferrer">reported</a> that the Asian Infrastructure Investment Bank announced it would provide a $100 million loan to L&amp;T Infrastructure Finance Company Limited (LTIF). The loan proceeds would be used to finance mid and large-scale wind and solar projects throughout India.</p>


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