Center and States Must Align Better for Accelerated Solar Open Access Growth

Daily News Wrap-Up: Corporate Funding in the Solar Sector Dropped 24% YoY in 2024

Project Finance Brief: Emeren Sells 65 MW Solar Portfolio in Germany

Funding and M&A Roundup: Moment Energy Secures $15 Million

POWERGRID Invites Bids for 1.07 MW Rooftop Solar Project at NIT Durgapur

Adani Bags $2.89 Billion 6 GW Renewable Energy Transmission Project

NHPC Invites Bids for 125 MW/500 MWh Standalone BESS

Germany Adds 16.2 GW of Solar Capacity in 2024, Sets New Record

REIL Floats Rate Contract Tender for 17.55 MW Rooftop Solar Projects

NHPC Invites Bids for 39.73 MW Rooftop Solar Projects in Sikkim and J&K

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					</table>The Gujarat Electricity Regulatory Commission (<a href="https://gercin.org/" target="_blank" rel="noopener">GERC</a>) has approved the power purchase agreement (PPA) between Jubilant Infrastructure (JIL), a wholly owned subsidiary of <a href="https://www.jubilantingrevia.com/" target="_blank" rel="noopener">Jubilant Ingrevia</a>, and O2 Renewable Energy III (O2 Renewable), a subsidiary of <a href="https://www.o2power.in/" target="_blank" rel="noopener">O2 Power</a>, for procuring 9 MW of wind-solar hybrid power.
The power will be purchased at a tariff of ₹4.13 (~$0.04)/kWh.
Background
The petitioner, JIL, was designated as a special economic zone (SEZ) developer by the <a href="https://www.commerce.gov.in/" target="_blank" rel="noopener">Ministry of Commerce and Industry</a>, enabling the development, operations, and maintenance of utility services, including electricity distribution within the SEZ.
The petitioner was granted a distribution license by GERC in 2012 to distribute energy within the SEZ. JIL, however, did not actively operate as a distribution licensee at the time because of low energy load demand, variability in load, and being new to the distribution business.
JIL aimed to start operating after a sufficient increase in load demand and the full development of a distribution network in the SEZ.
The petitioner received GERC approval to commence operations as a distribution licensee in August 2023 and issued a request for proposal (RfP) to procure 9 MW of renewable energy.
Only O2 Renewable responded with a bid, which was evaluated and found to comply with the RfP requirements.
The discovered tariff was ₹4.13 (~$0.04)/kWh, and O2 Renewable proposed a 70% capacity utilization factor (CUF).
The petitioner sought approvals from GERC for the PPA and for some deviations from the original approval, including an increased CUF, handling excess energy beyond contracted capacity, delay in commissioning, change in law, and inclusion of green attributes benefits of renewable energy procurement.
Commission’s Analysis
The Commission observed that the petitioner discovered the tariff through a transparent bidding process by issuing an RfP, and O2 Renewable’s bid was compliant with its requirements.
The Commission acknowledged that the tariff of ₹4.13 (~$0.04)/kWh was higher than other discovered tariffs in the state, but the quantum of power procurement in the other tenders was higher.
It also noted that the 70% CUF proposed by O2 Renewable would reduce transmission costs and mitigate price volatility risks for SEZ-based customers.
The commission approved the petition, allowing the petitioner to execute the PPA with O2 Renewable to procure 9 MW of hybrid renewable energy at the discovered tariff.
In November 2024, GERC <a href="https://www.mercomindia.com/gerc-approves-tariffs-for-259-mw-solar-projects-under-kusum" target="_blank" rel="noopener">approved</a> tariffs for 101 solar power projects of Paschim Gujarat Vij Company with a total capacity of 259 MW under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan  program.
Subscribe to Mercom’s real-time <a href="https://www.mercomindia.com/product/mercoms-renewable-energy-regulatory-updates" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.

Gujarat Regulator Approves PPA for Procurement of 9 MW Hybrid Power

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					</table><a href="https://www.ultratechcement.com/" target="_blank" rel="noopener">UltraTech Cement</a>, an <a href="https://www.adityabirla.com/" target="_blank" rel="noopener">Aditya Birla Group</a> company, has said it will procure an additional 7 MW of wind-solar hybrid power from Continuum MP Windfarm, raising the total procurement from 14 MW to 21 MW.
To enable the additional power procurement, UltraTech Cement said it has increased its shareholding from 3.28% to 5.46% in Continuum MP Windfarm by investing  ₹243.5 million (~$2.91 million).
In a regulatory filing, Ultratech said acquiring additional shares in the wind company will help it meet its green energy needs, optimize energy costs, and comply with regulatory requirements for captive power consumption under electricity laws.
The acquisition is expected to be completed within 120 days of the amendments to the Power Purchase Agreement, Share Purchase Agreement, and Shareholders Agreement.
Continuum MP Windfarm supplies 21 MW hybrid power from its 100 MW wind-solar hybrid project set up in Ratlam District in Madhya Pradesh under the group captive mode. The company had a turnover of ₹246.41 million (~$2.91 million) in the financial year 2023-24.
In 2022, the Appellate Tribunal for Electricity <a href="https://www.mercomindia.com/aptel-cancels-additional-surcharge-captive-power-consumers" target="_blank" rel="noopener">dismissed</a> the Madhya Pradesh Electricity Regulatory Commission’s order upholding the state-owned distribution company’s move to levy an additional surcharge on wheeling charges even for consumers using captive generation and their dedicated transmission lines in response to petitions filed by subsidiaries of Ultratech Cement. The Tribunal said there was no evidence that UltraTech Cement subsidiaries were using the distribution licensee&#8217;s transmission system to evacuate power from the captive power projects.
Aditya Birla Renewables (<a href="https://www.adityabirlarenewables.com/" target="_blank" rel="noopener">ABReL</a>), the Aditya Birla Group’s renewable energy arm, recently <a href="https://www.mercomindia.com/aditya-birla-renewables-raises-%E2%82%B925-billion-via-debenture-sale" target="_blank" rel="noopener">raised</a> ₹25 billion (~$299.26 million) through a private placement of non-convertible debentures. The base issue size is up to ₹20 billion (~$239.4 million), with a greenshoe option to retain oversubscription of up to ₹5 billion (~$59.85 million).
In March, <a href="https://www.grasim.com/" target="_blank" rel="noopener">Grasim Industries</a>, another Aditya Birla Group company, <a href="https://www.mercomindia.com/grasim-secures-ifc-for-decarbonization-initiatives" target="_blank" rel="noopener">announced</a> an investment of ₹12.5 billion (~$150.3 million) from the International Finance Corporation (<a href="https://www.ifc.org/en/home" target="_blank" rel="noopener">IFC</a>), the private sector arm of the World Bank Group.

UltraTech Cement to Procure 7 MW More Power from Continuum MP Windfarm

Here are some noteworthy cleantech news and announcements of the day from around the world:
SunPower and Maxeon Solar Technologies <a href="https://www.prnewswire.com/news-releases/sunpower-and-maxeon-solar-technologies-close-spin-off-transaction-301119735.html" target="_blank" rel="noopener noreferrer">announced</a> that they have completed the strategic transaction, announced last November, separating into two independent public companies. Tom Werner continues as Chief Executive Officer (CEO) and Chairman of the Board of California-based SunPower with an economic footprint across the United States and Canada. Tom Werner said that this was the right time for this strategic spin-off, allowing both SunPower and Maxeon to invest in key programs to drive their future profitable growth. Jeff Waters is the CEO of Singapore-based global solar innovation firm Maxeon with the panel and cell manufacturing facility in several countries. Both companies have collaborated to develop and commercialize next-generation solar panel technology.
Sungrow <a href="https://en.prnasia.com/releases/apac/sungrow-powers-the-largest-pv-wind-storage-complex-in-south-korea-289595.shtml" target="_blank" rel="noopener noreferrer">confirmed</a> that it had supplied its outdoor central inverter solution to a 93 MW (AC) hybrid project in South Korea. The project is located in Yeongam, South Jeolla Province, South Korea. The project is expected to generate 120 GW of clean energy while reducing 56,000 tons of carbon dioxide annually. The project developer Daemyung Energy is expected to raise around 30 billion Korean Won (~$25.33 million) through the sale of renewable energy certificates to Korea South-East Power for solar power over 20 years. Located in a 2.96 million square meters mountainous location, the PV project is a part of South Korea’s largest hybrid energy system integrating PV, wind, and energy storage.
Inox Wind said that it had <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/37bee222-55a5-4fcc-96f6-f563d6e64693.pdf" target="_blank" rel="noopener noreferrer">extended</a> its existing product offering with the launch of the 3.3 MW wind turbines, which are ideally suited for low wind regions in India. The newly launched 3.3 MW turbine is a globally operating proven platform that will further improve energy yields and reduce the levelized cost of electricity, according to the company. Supplies of these turbines are likely to commence in FY 2021. Inox said that it would be among the most competitive turbines in the Indian market. This is expected to improve the company’s margins and also address any potential issue of lower tariffs.
Microsoft has selected Magenta Power for its start-up support program. Under this program, Microsoft supports B2B tech start-ups to scale and grow technology, cloud marketplace, enterprise sales team, and partner ecosystem for developing its digital technology platforms for EV and EV charging. Magenta has been developing India-specific EV charging hardware solutions since 2017.
Tata Motors has <a href="https://www.tatamotors.com/press/tata-motors-delivers-tata-tigor-evs-to-ministry-of-ayush/" target="_blank" rel="noopener noreferrer">partnered</a> with the Ministry of AYUSH to deploy Tigor electric vehicles in Delhi as a part of its tender with Energy Efficiency Services Limited (EESL). The company handed over the first batch of Tigor EVs to the ministry in the national capital. Tata said it was closely working with other companies of the Tata Group to create an e-mobility ecosystem. According to Tata Motors, it had a market share of 62% in EVs in Q1 FY20.
Here is our <a href="https://mercomindia.com/daily-news-wrap-up-visaka-industries-acquires-patents/" target="_blank" rel="noopener noreferrer">previous</a> daily news wrap-up.

Daily News Wrap-Up: SunPower Completes Maxeon Spinoff, Tata Sends EVs to AYUSH Ministry

<a href="https://www.cargill.co.in/">Cargill</a>, a U.S.-based global food corporation, announced a joint venture with <a href="https://www.cleanmax.com/">CleanMax</a>, an Indian rooftop solar developer, to set up wind and solar hybrid power park in Karnataka.
According to CleanMax, the grid-connected hybrid power park project will have approximately 15 MW capacity. The new project is expected to meet 70-80% of electricity need sat Cargill’s facility in Davangere, Karnataka, according to the company’s press release. The hybrid power park could help avoid around 29,865 metric tons of carbon dioxide emissions annually, the company added.
“This is a captive project, with Cargill holding 26% of the project equity and CleanMax the remainder. The power is being supplied to Cargill under a long-term contract. The project itself is already operational and is located near Chitradurga,” said, Andrew Hines, Co-founder and Chief Commerical Officer at CleanMax.
Cargill said it aims to reduce 10% of its overall greenhouse gas emissions from its operation before 2025 through these projects, against a baseline of 2017. The company said it is currently using 15 different sources of renewable energy across its various facilities around the world.
According to the press release, the project is part of Cargill’s ten new global projects to expand its global renewable energy portfolio. All the projects will be operational in the next year. The other global projects will be set-up in America, Europe, Africa, and the Middle East.
“To help us meet our climate commitments, we’re focused on operating more efficiently, pursuing emissions-reducing technology and investing in renewable energy to power our operations or offset our emissions,” said Jill Kolling, Vice President of Sustainability at Cargill.
According to Mercom, CleanMax has a total rooftop solar operating capacity of over 220 MW, according to the company’s website. It also operates over 380 MW of large-scale solar farms in Karnataka and Tamil Nadu for supply to its corporate customers.
Earlier, CleanMax said it <a href="https://mercomindia.com/cleanmax-solar-projects-haryana/" target="_blank" rel="noopener noreferrer">initiated</a> the process of setting up 150 MW of solar group captive projects to supply power to corporates in the state of Haryana.
Mercom previously <a href="https://mercomindia.com/cleanmax-credit-facility-rooftop-solar-business/" target="_blank" rel="noopener noreferrer">reported</a> that CleanMax secured a $10 million credit facility from the Global Climate Partnership Fund (GCPF) to expand operations for the rooftop solar business in South Asia.

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