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					</table><p>Investments in the Indian solar sector in the first quarter (Q1) of the calendar year 2023 totaled $1.03 billion (~₹85 billion), a 171% year-over-year (YoY) decrease from $2.8 billion (~₹211 billion).</p>
<p>Investments were down 37% quarter-over-quarter from $1.63 billion (~₹134 billion).</p>
<p>The figures were revealed in Mercom India Research&#8217;s latest report, <a href="https://www.mercomindia.com/product/q1-2023-india-solar-market-update" target="_blank" rel="noopener">Q1 2023 India Solar Market Quarterly Update</a>.</p>
<p>During the last quarter, there was a 30% decline in solar installations compared to the previous quarter. The fall was primarily due to the postponement of several large projects, which resulted in reduced investments.</p>
<p>The overall investments were affected by decreased capital inflows into manufacturing during the same period, given the suspension of the Approved List of Models and Manufacturers regulations, the consequent demand uncertainty, and deferred capacity expansion plans.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Investments-In-Indian-Solar-Sector.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-54886 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Investments-In-Indian-Solar-Sector.png" alt="Investments In Indian Solar Sector" width="752" height="396" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Investments-In-Indian-Solar-Sector.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Investments-In-Indian-Solar-Sector-300x158.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Investments-In-Indian-Solar-Sector-650x342.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Investments-In-Indian-Solar-Sector-624x329.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Investments-In-Indian-Solar-Sector-600x316.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></a></p>
<p>Here are a few important investment deals during the quarter:</p>
<p>The Competition Commission of India <a href="https://www.mercomindia.com/competition-watchdog-450-million-hero-futures-energies" target="_blank" rel="noopener">approved</a> a $450 million investment through the subscription of compulsorily convertible preference shares of Hero Group&#8217;s renewable arm, Hero Future Energies, by Ardor Holding II Pte, a special purpose vehicle indirectly owned by global investment firm Kohlberg Kravis Roberts.</p>
<p>Tata Power Renewable Energy (TPREL) <a href="https://www.mercomindia.com/tata-power-renewable-sale-shares-greenforest" target="_blank" rel="noopener">received</a> a capital infusion of ₹20 billion (~$260 million) in the second and final round from UK-based GreenForest New Energies. TPREL has now raised $40 billion (~₹525 million) of equity from GreenForest New Energies. In the latest round, TPREL issued 200 million compulsorily convertible preference shares to GreenForest New Energies for ₹20 billion (~₹260 million).</p>
<p>Government-owned SJVN <a href="https://www.mercomindia.com/sjvn-%e2%82%b99-2-billion-loan-japan-cooperation" target="_blank" rel="noopener">secured</a> a green financing loan of ₹9.15 billion (~$111 million) from the Japan Bank for International Cooperation to construct two solar power projects in India. The first project is the 90 MW Omkareshwar Floating Solar Power Project in Madhya Pradesh, and the second project is the 100 MW Raghanesda Solar Power Project in Gujarat. The combined estimated cost of these projects is ₹12.9 billion (~$156.5 million).</p>
<p>The Indore Municipal Corporation <a href="https://www.mercomindia.com/indore-municipal-corporation-%e2%82%b93-billion-green-bonds" target="_blank" rel="noopener">raised</a> ₹3.03 billion (~$37 million) in green bonds, with its ₹2.44 billion (~$30 million ) issue being oversubscribed by 1.24 times. The proceeds from the green bonds issue will fund a 60 MW ground-mounted captive solar project in the Khargone district in Madhya Pradesh.</p>
<p>Pune-based solar cold storage solutions provider Ecozen <a href="https://www.mercomindia.com/solar-cold-storage-ecozen-25-million-for-energy-transition" target="_blank" rel="noopener">raised</a> $25 million in equity and debt capital in its series C round as it looks beyond agriculture to expand into new climate deep-technology fields. Nuveen and Dare Ventures led the Series C equity portion, with participation from the Export-Import Bank of India and existing investors Caspian and Hivos-Triodos Funds.</p>
<p><strong>Mercom&#8217;s India Solar Q1 2023 report is 78 pages and covers all facets of India&#8217;s solar market. For the complete report, visit:</strong> <a href="https://www.mercomindia.com/product/q1-2023-india-solar-market-update" target="_blank" rel="noopener">https://mercomindia.com/product/q1-2023-india-solar-market-update</a></p>


Investments in the Indian Solar Sector Declined 171% YoY to $1.03 billion in Q1


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					</table><p>In probably a first for an urban local body, the <a href="Indore%20Municipal%20Corporation" target="_blank" rel="noopener">Indore Municipal Corporation</a> is floating a green bond on February 10, 2023, to raise ₹2.45 billion (~$29.5 million ) for a 60 MW ground-mounted captive solar photovoltaic project in Khargone district in Madhya Pradesh.</p>
<p>The issue will close on February 14. The tenor of the green municipal bonds will be for 3, 5, 7, and 9 years with a coupon rate of 8.25%.</p>
<p>The bonds will have a base issue size of ₹1.22 billion (~$14.77 million) with a green shoe option of a similar amount.</p>
<p>In the offer document filed with SEBI, the corporation said it had been selected by the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>) under the Central Public Sector Undertaking Program Phase II to set up a solar power project of up to 100 MW capacity with viability gap funding support.</p>
<p>The Indore municipality has identified 210.84 acres of land to set up the solar project.</p>
<p>Last September, the municipality <a href="https://mercomindia.com/epc-tender-60-mw-solar-project-madhya-pradesh/" target="_blank" rel="noopener">invited</a> bids to appoint an engineering, procurement, and construction contractor for the ₹2.87 billion (~$34.68 million) project.</p>
<p>The municipal body said the project would enable it to reduce dependency on grid energy and reduce its carbon footprint. The project is also registered under Verified Carbon Standard Association, which manages the voluntary carbon markets program, to avail benefits of carbon credits.</p>
<p>Several urban local bodies have taken initiatives to adopt renewable energy in recent years. In 2021, the Municipal Corporation of Greater Mumbai <a href="https://mercomindia.com/mumbai-100-mw-hybrid-project/" target="_blank" rel="noopener">approved</a> the setting up of a hybrid 20 MW hydroelectric and an 80 MW floating solar project on the Middle Vaitarna Dam, which supplies water to the metropolis. Last year, the Bhopal Municipal Corporation <a href="https://mercomindia.com/bhopal-municipal-corporation-tender-21-mw-solar-projects/" target="_blank" rel="noopener">invited</a> bids to set up a 21 MW solar project for captive use.</p>
<p>Recently, the government of India <a href="https://mercomindia.com/rbi-auction-first-tranche-green-bonds-worth-80-billion/" target="_blank" rel="noopener">auctioned</a> sovereign green bonds worth ₹80 billion ($966.90 million) as part of a two-tranche ₹160 billion (~$1.93 billion)) bond sale. The second tranche will go for up auction on February 9.</p>
<p>The government has said the bond proceeds would fund ‘green’ projects in the public sector, reducing the economy’s carbon intensity.</p>
<p>A ‘green’ project is defined as one which encourages energy efficiency in resource utilization, reduces carbon emissions and greenhouse gases, promotes climate resilience and adaptation, and improves natural ecosystems and biodiversity in accordance with Sustainable Development Goals principles.</p>


Indore Municipal Corporation to Raise ₹2.45 Billion Through Green Bonds

<p>The Indore Smart City Development Limited (<a href="https://www.smartcityindore.org/" target="_blank" rel="noopener">ISCDL</a>) has issued a revised tender for consultants to set up 100 MW to 120 MW ground-mounted or floating solar power projects in the city.</p>
<p>ISCDL had originally <a href="https://mercomindia.com/indore-smart-city-tenders-consulting-om-solar-projects/" target="_blank" rel="noopener">floated</a> a tender for 100 MW of solar projects in January. The agency told Mercom that it reissued the tender after it discovered that the available land could accommodate more than 100 MW of projects.</p>
<p>Now, bidders must submit an earnest money deposit of ₹250,000 (~$3,449). The last date for submitting bids has been extended to April 15, 2021.</p>
<p>The ISDCL plans to appoint consultants for the combined duration of the project maintenance contract, the two-year execution period, and the five-year operation and maintenance period. They will have to provide services for the entire execution period, including any delays.</p>
<p>The agency said it would not pay any extra charges or costs to the consultant in the event of any delay. Consultants will also be responsible for arranging the power purchase agreement for the project.</p>
<p>The projects must be set up at the Jalud Water Pumping Station, Yashwant Sagar Dam Reservoir, and other locations. Consultants will be responsible for selecting additional sites as required.</p>
<p>The scope of work includes end-to-end support from the project’s conception, commissioning, operations, and maintenance monitoring, and all other support required to set up 100 MW – 120 MW of projects. They must also assist with land acquisition, technical, financial, and regulatory matters.</p>
<p>Applicants will be evaluated and scored based on their average annual turnover for the last three years. They will receive 15 marks for turnover between ₹10 million (~$137,975) and ₹50 million (~$689,877), 25 marks if it is between ₹50 million (~$689,877) and ₹100 million (~$1.38 million), and 35 marks if they have a turnover of over ₹100 million (~$1.38 million).</p>
<p>They must have experience working as a consultant for ground-mounted or floating solar projects in the country in the last five years. They will be scored based on the cumulative capacity of solar projects they have implemented. They must have implemented a minimum of 20 MW of such projects.</p>
<p>According to <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">Mercom’s India Solar Tender Tracker</a>, 18 consultancy tenders have been floated by various organizations, including SJVN Limited, the Tamil Nadu Generation and Distribution Corporation, the Solar Energy Corporation of India, Rewa Ultra Mega Solar Limited, Maharashtra Energy Development Agency, and NTPC Limited as of February 2021.</p>
<p>Previously, Karnataka’s Tumakuru Smart City Limited had <a href="https://mercomindia.com/tumakuru-smart-city-tender-floating-solar/" target="_blank" rel="noopener">issued</a> a tender for setting up and maintaining a 20 MW floating solar power project at the Bugudanahalli Reservoir, Tumakuru.</p>


Indore Smart City Reissues Tender for Consulting and O&M for 120 MW of Solar Projects

<p>Indore Smart City Development Limited (<a href="https://www.smartcityindore.org/" target="_blank" rel="noopener noreferrer">ISCDL</a>) has floated a tender for a consultant for 100 MW of solar projects.</p>
<p>The estimated cost of work is ₹20 million (~$281,587). Interested bidders are expected to make an earnest money deposit of ₹200,000 (~$28,158). The last date for the submission of bids is January 28, 2020. The stipulated time for project execution is two years.</p>
<p>The scope of the work includes providing consultation for 100 MW of floating, ground-mounted, and rooftop solar PV power projects for the Indore Smart City Development Limited and the Indore Municipal Corporation at Yashwant Sagar Dam Reservoir, Jalud water pumping station, among other locations.</p>
<p>Selected bidders are also expected to operate and maintain the project for five years. The tender document states that the technical bidding will be opened on January 29, 2020, and a pre-bid meeting would be held at the smart city office on January 21, 2020.</p>
<p>There is a spur of tender activity seeking consultants lately to assess the potential and impact of solar projects.</p>
<p>A few days ago, Rajasthan also <a href="https://mercomindia.com/rajasthan-seeks-consultants-help-frame-tariff-regulations/" target="_blank" rel="noopener noreferrer">issued a tender</a> to engage consultants to assist in framing the terms and conditions for the determination of tariff for renewable sources from April 1, 2020.</p>
<p>Previously, Maharashtra State Road Development Corporation (MSRDC) also issued a consulting <a href="https://mercomindia.com/maharashtra-consultants-solar-nagpur-mumbai-highway/" target="_blank" rel="noopener noreferrer">services tender</a> to assess the potential for the development of 150-200 MW of solar projects along the Nagpur Mumbai Superhighway (Samruddhi Mahamarg).</p>
<p><a href="https://mercomindia.com/madhya-pradesh-environmental-assessment-solar-parks/" target="_blank" rel="noopener noreferrer">Meanwhile</a>, Rewa Ultra Mega Solar Limited (<a href="https://rumsl.com/" target="_blank" rel="noopener noreferrer">RUMSL</a>) had also issued an RfP for consultancy services for the environmental and social impact assessment (ESIA) of three solar parks in the state. The assessment included the internal evacuation infrastructure and associated transmission lines of a cumulative capacity of 1,500 MW.</p>
<p>According to <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener noreferrer">Mercom’s India Solar Tender Tracker</a>, the state of Madhya Pradesh currently has approximately 2.1 GW of installed large-scale solar projects, and 190 MW are currently in the development pipeline.</p>


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