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ReNew’s Revenue, Profit Up in Q2 FY25 as Commissioned Renewable Capacity Grows

MNRE Sets Terms for Real Estate Developers to Avail CFA Under PM Surya Ghar

ENGIE to Build 22 MW Solar Project for Saudi Cement Factory

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					</table>Gujarat-based solar company <a href="https://www.ahasolar.in/" target="_blank" rel="noopener">Ahasolar Technologies</a> has received a letter of intent from Coal India (CIL) for an owner’s engineer-cum-project management consultancy contract for a 300 MW solar power project in Khavda, Gujarat.
The consultancy contract is estimated at ₹11 million, the company said in a regulatory filing.
The project must be completed within 27 months.
In 2022, CIL had <a href="https://www.mercomindia.com/coal-india-tender-empanel-consultants" target="_blank" rel="noopener">invited</a> expressions of interest to empanel owner’s engineers-cum-project management consultants for solar projects by Coal India and its subsidiaries.
The scope of work included support in pre-bid and post-bid activities, engineering study and bid management support, review and approval of drawings and documents submitted by suppliers or engineering, procurement, and construction contractors, site supervision and operation and maintenance review.
Ahasolar provides solar installers project management services for the entire project cycle. Its range of services includes feasibility assessments, system design, installation, and maintenance.
Recently, CIL also <a href="https://www.mercomindia.com/cil-invites-bids-for-300-mw-solar-project-in-gujarat" target="_blank" rel="noopener">invited</a> bids to set up a 300 MW grid-connected ground-mounted solar project at the Khavda Solar Park. The project involved supply, packing, and forwarding, the transportation of solar modules up to Khavda Solar Park, and the transit insurance of crystalline solar modules. The successful bidder will also be responsible for the project’s five-year comprehensive operation and maintenance.
In June, CIL Navikarniya Urja, a wholly owned subsidiary of Coal India, <a href="https://www.mercomindia.com/coal-india-solar-projects-odisha" target="_blank" rel="noopener">invited</a> bids to commission 20 MW of solar projects along with the associated transmission system in Jagannath and Lakhanpur, Odisha.
Earlier, CIL had <a href="https://www.mercomindia.com/coal-india-empanelment-tender" target="_blank" rel="noopener">invited</a> expressions of interest to empanel engineering procurement and construction-cum-operation and maintenance contractors for ground-mounted and floating solar power projects.
Ahasolar was also <a href="https://www.mercomindia.com/ahasolar-consultancy-contract-52-mw-solar-bpcl" target="_blank" rel="noopener">awarded</a> the consultancy contract for setting up a 52 MW solar power project at Prayagraj, Uttar Pradesh, by Bharat Petroleum Corporation. The company quoted ₹5.1 million (~$61,168) to win the ten-month contract.
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 tender activity in real-time.
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Ahasolar Wins Consultancy Contract for Coal India’s 300 MW Solar Project

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					</table>Gujarat-based power company <a href="https://torrentpower.com/index.php/site/indexs" target="_blank" rel="noopener">Torrent Power</a> has received the letter of intent from <a href="https://www.pfcclindia.com/" target="_blank" rel="noopener">PFC Consulting</a> for the establishment of an inter-state transmission system (ISTS) for the evacuation of power from renewable energy projects in Solapur, Maharashtra.
The ISTS to be set up will evacuate 1,500 MW of renewable energy from the Solapur region.
The annual transmission charges amount to ₹500 million (~$6.03 million). The project has to be built under the build-own-operate-transfer mode, and the operation period will span 35 years.
The scheduled commercial operation date will be 24 months from the acquisition of the special purpose vehicle.
The proposed plan involves the installation of a transmission line spanning approximately 44 kilometers, connecting the existing Solapur substation of Powergrid Corporation of India (<a href="https://www.powergrid.in/" target="_blank" rel="noopener">PGCIL</a>) to the upcoming Solapur substation.
The successful bid for this project marks the company&#8217;s entry into the development of transmission projects.
Torrent Power, an integrated power utility of the Torrent Group, operates across the entire power value chain from generation and transmission to distribution.
The company has an aggregate installed generation capacity of 4,287 MW, which comprises 2,730 MW of gas-based capacity, 1,195 MW of renewable capacity, and 362 MW of coal-based capacity.
It has an additional 977 MW of renewable projects under development.
In terms of distribution, Torrent Power distributes nearly 28 billion units to over 4.03 million customers in multiple cities and has a presence in Gujarat, Maharashtra, Uttar Pradesh, and Union Territories.
Torrent Power was one of the <a href="https://www.mercomindia.com/torrent-renew-win-remcs-750-mw-renewable-auction/" target="_blank" rel="noopener">winners</a> in REMC Limited’s auction to supply 750 MW of round-the-clock power from grid-connected renewable projects with or without storage across India for 25 years. Torrent Power quoted the lowest tariff of ₹4.25 (~$0.051)/kWh to win 100 MW.
In June 2023, the company <a href="https://www.mercomindia.com/torrent-power-6-billion-non-convertible-debentures" target="_blank" rel="noopener">raised</a> ₹6 billion (~$72.5 million) through the issuance of non-convertible debentures on a private placement basis. The company issued and allotted 60,000 secured, rated, listed, taxable, non-cumulative, redeemable, and non-convertible debentures of ₹100,000 each (~$1,204).

Torrent Secures ISTS Project to Evacuate 1.5 GW Renewables in Maharashtra

Here are some noteworthy cleantech announcements of the day from around the world:
Renewable energy company ReNew Power plans to <a href="https://www.prnewswire.com/news-releases/renew-power-selects-gujarat-for-development-of-new-solar-component-manufacturing-facility-301292409.html" target="_blank" rel="noopener">develop</a> a solar cell and module manufacturing facility in Dholera Special Industrial Region, Gujarat. The greenfield facility will manufacture 2 GW of solar cells and modules annually with monocrystalline passivated emitter and rear contact and large wafer technology. The 100 acres of land allotted will ensure space availability for future capacity expansion. The project is expected to commence operations from the fiscal year 2023. The manufacturing capacity being set up will incorporate ReNew Power&#8217;s sustainability initiatives and ensure decarbonization of manufacturing processes and supply chain to create a &#8216;Green Factory&#8217; of the future.
British oil and gas company bp has <a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-and-cemex-team-up-on-net-zero-emissions.html" target="_blank" rel="noopener">partnered</a> with CEMEX to fast-track the latter&#8217;s 2050 ambition to deliver net-zero CO2 concrete globally. Under a memorandum of understanding, the two firms have agreed to develop ‎solutions to decarbonize the cement production process and transportation. Additionally, they intend to work to develop urbanization solutions ‎envisioned to decarbonize cities.‎
National Solar Energy Federation of India (NSEFI) has <a href="https://www.eqmagpro.com/wp-content/uploads/2021/05/NSEFI-letter-to-UP-Govt_compressed.pdf" target="_blank" rel="noopener">raised</a> concerns of alleged delay in issuing a letter of intent (LoI) by the Uttar Pradesh New and Renewable Energy Development Agency with the state government. Stating that several developers had participated in a bid in February 2020, NSEFI said that the LoI was expected to be issued within 94 days of the e-reverse result. However, unit members haven&#8217;t received the LoI. NSEFI, which is an umbrella organization for solar energy stakeholders, has claimed that while construction could not begin as a result of the delay, raw material prices have fluctuated in the meantime.
Borosil Renewables <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/916956d4-a95c-44d8-9d29-0685c7cab524.pdf" target="_blank" rel="noopener">filed</a> its financial statement with BSE. The company&#8217;s total income from operations in the fourth quarter (Q4) of the financial year (FY) 2021 was ~₹1.94 billion (~$26.43 million), while the firm&#8217;s income from operations in FY 2021 was ~₹5.02 billion (~$68,392 million). The company&#8217;s income in Q42020 was ~₹942.6 million (~$12.84 million). Borosil Renewable&#8217;s net profit for Q42021 after the tax deduction was ~₹668.75 million (~$9.11 million). The company saw a net profit of ~₹40.53 million (~$552,181) in the same period the year before.

Daily News Wrap-Up: ReNew Power Plans Solar Manufacturing Facility in Gujarat

The Southern Power Distribution Company of Andhra Pradesh (APSPDCL), a power distribution company (DISCOM) of Andhra Pradesh, has tendered 10 MW (2&#215;5 MW) of projects in the state. A 5 MW project will be located in APSPDCL region and another 5 MW project will be located in the Eastern Power Distribution Company of Andhra Pradesh (APEPDCL) region. The projects will be developed on a ‘Build Own Operate’ basis and power purchase agreements (PPAs) will be signed with the DISCOMs.
The bid submission deadline for the projects is June 16, 2017 and bids can be submitted for either or both of the projects in full capacity. The scope of work includes design, engineering, procurement and supply, packing and forwarding, transportation, unloading, storage at site, site development, construction, erection and installation of equipment, testing and commissioning along with associated transmission network.
According to the tender document, successful bidders will be signing letters of intent (LoI) by July 14, 2017 and power purchase agreements (PPAs) will be signed within 15 days from the date of signing LoI. It has also been mandated that the projects should be commissioned within 6 months from the date of signing PPAs.
The Southern Power Distribution Company of Andhra Pradesh (APSPDCL), a power distribution company (DISCOM) of Andhra Pradesh, has tendered 10 MW (2&#215;5 MW) of projects in the state. A 5 MW project will be located in APSPDCL region and another 5 MW project will be located in the Eastern Power Distribution Company of Andhra Pradesh (APEPDCL) region. The projects will be developed on a ‘Build Own Operate’ basis and power purchase agreements (PPAs) will be signed with the DISCOMs. The bid submission deadline for the projects is June 16, 2017 and bids can be submitted for either or both of the projects in full capacity. The scope of work includes design, engineering, procurement and supply, packing and forwarding, transportation, unloading, storage at site, site development, construction, erection and installation of equipment, testing and commissioning along with associated transmission network. According to the tender document, successful bidders will be signing letters of intent (LoI) by July 14, 2017 and power purchase agreements (PPAs) will be signed within 15 days from the date of signing LoI. It has also been mandated that the projects should be commissioned within 6 months from the date of signing PPAs.

Southern Power Distribution Company of Andhra Pradesh Tenders 10 MW of Solar Projects

In Jharkhand, power purchase agreements (PPAs) for 1.1 GW of solar projects that were auctioned in March of 2016 (LoIs signed May 2016) are yet to be signed due to differences between the state distribution company (DISCOM) and developers over the quoted tariff.
According to Mercom’s India Solar Project Tracker, tariffs quoted in the state ranged from a high of Rs.5.59 (~$0.0824)/kWh to a low of Rs.5.08 (~$0.0749)/kWh.
In November, Mercom <a href="https://mercomindia.com/nov-29-2016-jharkhand-maybe-close-signing-ppas-1-1-gw-solar-delay/" target="_blank" rel="noopener noreferrer">reported</a>, that PPAs for a total of 1.1 GW of solar projects are expected to be signed by the third week of December 2016 after speaking with Jharkhand officials.
<a href="https://mercomindia.com/wp-content/uploads/2017/07/Solar_Projects_in_Jharkhand_Waiting_to_Sign_PPAs.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-5427" src="https://mercomindia.com/wp-content/uploads/2017/07/Solar_Projects_in_Jharkhand_Waiting_to_Sign_PPAs.png" alt="" width="403" height="281" srcset="https://cms.mercomindia.com/wp-content/uploads/2017/07/Solar_Projects_in_Jharkhand_Waiting_to_Sign_PPAs.png 403w, https://cms.mercomindia.com/wp-content/uploads/2017/07/Solar_Projects_in_Jharkhand_Waiting_to_Sign_PPAs-300x209.png 300w" sizes="(max-width: 403px) 100vw, 403px" /></a>
Developers who won bids for these projects in Jharkhand are unhappy. The time that is being taken to push this 1.1 GW through is taking a toll on developers’ morale in the state.
Our Earnest Money Deposits (EMDs) are stuck and there is negligent response from the implementing agencies. They also want rates at par with Rewa &#8211; the situation is becoming absurd, stated a source at one of the firms that won a bid for more than 100 MW in this auction.
There is a reason we quoted what we did, stated another bidder. There is dearth of large tracts of land to construct projects. There is also no guarantee of security from Naxals, how can we quote less? It is tough to get people to work in these areas and all these add up to our project costs, added the developer.
If they do not want to sign PPAs, why not return our EMD and retender the entire capacity with amendments made to the tender document based on Rewa tariffs. Then they can get the tariff they want and we will be comfortable functioning in the state, stated a developer.
When contacted, a JREDA official said, “the dispute resolution mechanism has been initiated and soon the committee will take a final decision; we are in the final stages of discussion.”
A Jharkhand State Electricity Regulatory Commission (JSERC) official told Mercom, this situation should not have happened. The state utilities had demanded upfront subsidy from the state to purchase power generated from these projects as the tariffs quoted were more than average cost of power in the state. Basically, if the state government says yes, the PPAs will be pushed through.
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Jharkhand Yet to Sign PPAs for 1.1 GW of Solar

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In Jharkhand, power purchase agreements (PPAs) for a total of 1.1 GW solar projects are expected to be signed by the third week of December 2016. These solar PV projects, which were originally auctioned in early 2016, were stalled due to differences between the state distribution company (DISCOM) and developers over the quoted tariff.
A Jharkhand Renewable Energy Development Agency (JREDA) official stated, “Budgetary support to fund the difference of the cost of solar power and the weighted average pooled power cost has been approved and the PPAs are expected to be signed around the third week of December.”
The JREDA official also commented, “Jharkhand recently passed legislation allowing the acquisition of tribal land for public service purposes. As renewables come under public services, this legislation comes as a relief to developers and resolves problems relating to land acquisition.”
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<a href="https://mercomindia.com/wp-content/uploads/2017/06/Jharkhand_Solar_PPAs_Waiting.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-4423" src="https://mercomindia.com/wp-content/uploads/2017/06/Jharkhand_Solar_PPAs_Waiting.png" alt="" width="366" height="266" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2017/06/Jharkhand_Solar_PPAs_Waiting.png 366w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2017/06/Jharkhand_Solar_PPAs_Waiting-300x218.png 300w" sizes="(max-width: 366px) 100vw, 366px" /></a>
However, there is pessimism amongst developers regarding Jharkhand as the state nodal agency has not contacted them after receiving their <a href="http://www.jreda.com/tenders/pdf/2016/01_06_16_tndr_notc_17.pdf" target="_blank" rel="noopener noreferrer">Letter of Intent (LoI)</a>. Some developers have expressed concern over the handling of the situation.
Small project developers are the worst affected with earnest money deposits still frozen and not expected to be released until PPAs are signed. These developers are finding it challenging to bid for new projects as capital is tied up and JREDA has been passive in bringing the DISCOMs and developers together to find a solution, stated another source.
One of the top successful bidders commented, “in a state like Jharkhand where land availability and insurgency issues exist, projects are not viable below Rs.5 (~$0.0737)/kWh. These delays only add to our challenges and financial viability.”
According to Mercom’s India Solar Project Tracker, tariffs quoted in the state ranged from a high of Rs.5.59 (~$0.0824)/kWh to a low of Rs.5.08 (~$0.0749)/kWh.
“Jharkhand is a good example of the disconnect between high level policy making on paper and the challenges on the ground. Many state agency officials still do not understand that project economics vary from region to region in the country. Power demand, grid capacity, and budgetary constraints are not well thought out before tenders are announced in some states. With solar installations in India expected to double in 2017, all these challenges are going to come to a head unless policy makers are on their game and execute flawlessly,” said Raj Prabhu, CEO of Mercom Capital Group.
Image Credit: Rayspower Infra
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Jharkhand Maybe Close to Signing PPAs for 1.1 GW of Solar After Delay

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The Gujarat Industries Power Company (GIPCL) has issued letters of Intent (LoI) to Vikram Solar to set up two solar power projects of 40 MW each at Charanka solar park. Vikram Solar has secured the engineering, procurement and construction (EPC) agreement to develop these projects. The scope of work also includes operation and maintenance services by Vikram for a 10-year period. The projects are scheduled to be commissioned by June, 2017.
According to Mercom’s India Solar Project Tracker, GIPCL had won the bids for these projects and signed power purchase agreements (PPAs) in August with the Solar Energy Corporation of India (SECI) for 80 MW (2&#215;40 MW) of solar projects under the National Solar Mission (NSM) Phase-II, Batch IV phase.
The  PPAs were signed at a fixed tariff of Rs.4.43 ($0.0662)/KWh, quoting viability gap funding (VGF) of Rs.67,99,000 ($101,627)/MW and Rs.69,75,000 ($104,257)/MW.
Image credit: Vikram Solar
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