ACME Solar Holdings’ ₹29 Billion IPO to Hit the Market on November 6, 2024

Jodhpur DISCOM Tenders 333 MW Solar Projects Under PM KUSUM

CIE Automotive to Procure Power from ReNew’s 7.8 MW Captive Solar Project

John Cockerill to Supply Electrolyzers to AM Green’s Ammonia Project

Varroc to Procure Power from AMPIN’s 27 MW Solar Project in Maharashtra

JinkoSolar’s Revenue Drops 23% YoY in Q3 Due to Lower Module Prices

First Solar Revenue Falls Short in Q3, Revises 2024 Guidance Amid Sector Pressures

Tata Power Records 20th Consecutive Quarter of Profit in Q2 FY 2025

SECI Floats Tender to Procure 1.2 GW Round-the-Clock Renewable Power

Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief


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					</table><p>Independent energy solutions company <a href="https://www.azurepower.com/" target="_blank" rel="noopener">Azure Power</a> has appointed M.S. Unnikrishnan, a Non-Executive Director, as the new Chairman of Azure Power Global and Azure Power India, effective immediately.</p>
<p>The announcement comes on the heels of the resignation of Alan Rosling as Chairman.</p>
<p>The company said Unnikrishnan, who became a board member in August 2020, has over three decades of experience in the energy and environmental sector. He had previously served as Managing Director and CEO of a prominent power systems and equipment company.</p>
<p>“We are honored to have Unnikrishnan lead the company as it embarks on its next growth stage. With his strong insights about the engineering and energy industry, impeccable corporate leadership track record, and active partnership with various government policy making and consultative bodies,  Unnikrishnan is an extraordinary resource for the company,” said Sunil Gupta, CEO of Azure Power.</p>
<p>Rosling’s resignation and his replacement by Unnikrishnan follows significant leadership changes in the company over the past year. In May, Azure Power <u><a href="https://www.mercomindia.com/azure-power-new-ceo-and-cfo-appointments" target="_blank" rel="noopener">appointed</a></u> Sunil Gupta as the new CEO and Managing Director of Azure Power India, effective from July 10, 2023. Sugata Sircar was appointed the new Group CFO and Executive Director, Finance.</p>
<p>Azure Power Global also announced that it had filed its annual report on form 20-F for the fiscal year ended March 31, 2022, with the Securities and Exchange Commission of the United States.</p>
<p>In July, the New York Stock Exchange <a href="https://www.mercomindia.com/azure-power-faces-delisting-from-new-york-stock-exchange/" target="_blank" rel="noopener">initiated</a> proceedings to delist Azure Power Global from the exchange, immediately suspending the trading of the company&#8217;s equity shares. This decision was attributed to Azure&#8217;s status as a late filer, having not submitted its annual report on Form 20-F for the  year ending March 31, 2022.</p>


Azure Power Appoints M.S. Unnikrishnan as the New Chairman of the Board


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					</table><p><a href="https://www.azurepower.com/" target="_blank" rel="noopener">Azure Power</a>, a renewable energy company, has announced the appointment of a new Chief Executive Officer (CEO) and Group Chief Financial Officer (CFO). The new appointments come on the heels of significant changes in the company&#8217;s top management in the past year.</p>
<p>Sunil Gupta will take over as the new CEO and Managing Director of Azure Power India, effective July 10, 2023.</p>
<p>Gupta will replace Rupesh Agrawal, who is leaving to pursue other opportunities. Gupta&#8217;s appointment comes less than a year after the company&#8217;s prior CEO, Harsh Shah, stepped down in August 2022, just two months after taking charge.</p>
<p>The company said Gupta brings with him extensive leadership experience in the renewables sector and a strong track record of building renewable energy businesses. Prior to joining Azure, Gupta held key positions at Vena Energy and Sembcorp Industries, where he successfully managed existing businesses and developed new projects.</p>
<p>Sugata Sircar has been appointed as the new Group CFO and Executive Director, Finance of Azure Power India, effective May 1, 2023. Sircar has resigned from his position as a non-executive independent director and member of the company&#8217;s audit &amp; risk committee and capital committee.</p>
<p>Sircar will work closely with Pawan Agrawal, who will continue as CFO of Azure Power India and its subsidiaries.</p>
<p>Alan Rosling, Chairman of the Board of Directors of Azure, expressed confidence in the abilities of the new appointees to lead the company&#8217;s growth in the renewable energy sector.</p>
<p>The company faced a major management crisis last year when its CEO Ranjit Gupta, and Chief Operating Officer, Murali Subramanian <a href="https://www.mercomindia.com/azure-power-announces-resignations-of-both-ceo-and-coo" target="_blank" rel="noopener">resigned</a> in April 2022.</p>
<p>The two top executives cited personal reasons for their departure.</p>
<p>The company is yet to publish its 2022 Annual Report pending internal reassessment; the New York Stock Exchange recently granted the company an extension to submit the report and an additional trading period through July 15, 2023.</p>
<p>In June last year, Azure Power <a href="https://mercomindia.com/azure-power-agreement-solar-module-supplies-four-years/" target="_blank" rel="noopener">inked</a> a Module Supply Agreement (MSA) with Premier Energies Group to procure modules up to 600 MW annually for the next four years. Premier Energies had stated in a release that the two companies jointly invested ₹7 billion (~$89.60 million) to deploy a solar cell and solar module manufacturing unit, each with 1.25 GW capacity, in Telangana.</p>


Azure Power Announces New CEO and CFO Appointments


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					</table><p>Minister of Power and New and Renewable Energy R.K.Singh  informed the Rajya Sabha that the management of waste generated from solar photovoltaic modules, panels, and cells has been added to the E-Waste Management Rules, 2022 announced last November.</p>
<p>Every manufacturer and producer of solar photovoltaic modules and cells must store the waste generated up to the year 2034-35 according to Central Pollution Control Board (<a href="https://www.cpcb.nic.in/" target="_blank" rel="noopener">CPCB</a>) guidelines.</p>
<p>All solar equipment and material producers must register themselves on the Ministry of Environment, Forest &amp; Climate Change’s (MoEF) <a href="https://eprewastecpcb.in/" target="_blank" rel="noopener">E-Waste Management System</a> portal. They must ensure that the processing of waste other than the solar PV modules or panels or cells is done as per the applicable rules.</p>
<p>They are required to comply with the standard operating procedure laid down by the CPCB while storing solar waste. The manufacturers must also ensure that the inventory of solar modules or cells is put up on the portal.</p>
<p>The Minister said recyclers of solar modules and cells will be responsible for the recovery of useful materials from them as per CPCB norms.</p>
<p>According to a global assessment <a href="https://mercomindia.com/nrel-assess-ways-recycle-silicon/" target="_blank" rel="noopener">conducted</a> by the U.S. National Renewable Energy Laboratory, the volume of solar modules not in use is likely to account for nearly 80 million metric tons at the end of 2050.</p>
<p>The study published in the journal Nature focused on the recycling of crystalline silicon, which is used in 90% of installed solar PV modules in pure form.</p>
<p>Silicon accounts for nearly half of the energy produced and half of the cost to produce solar PV modules.</p>
<p>Last year, the MoEF <a href="https://mercomindia.com/battery-waste-management-rules-mandates-recycling/" target="_blank" rel="noopener">announced</a> the Battery Waste Management Rules, 2022 ensuring eco-friendly management of waste batteries, including those embedded in electric vehicles, portable, and industrial batteries. Under the revised rules, the ministry mandated the recycling of materials such as lead, nickel, lithium, nickel, and cobalt which are used in batteries.</p>


Government Adds Solar Modules to Ambit of E-Waste Management Rules


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					</table><p>U.S.-based independent developer, owner, and operator of commercial-scale solar projects, <a href="https://www.altuspower.com/" target="_blank" rel="noopener">Altus Power</a>, entered a definitive agreement to acquire about 220 MW of solar assets for ~$293 million from the funds managed by <a href="https://truegreencapital.com/" target="_blank" rel="noopener">True Green Capital Management</a>.</p>
<p>The transaction to acquire the solar assets under construction is expected to close during the first quarter of 2023.</p>
<p>The solar assets will help Altus Power scale its renewables portfolio in its major existing markets, including California, Colorado, Illinois, Massachusetts, New Jersey, and New York.</p>
<p>Additionally, the solar power developer will enter the Delaware and South Carolina clean energy markets with the acquisition.</p>
<p>Altus said it aims to fund the transaction with its long-term funding facility led by the U.S.-based investment management firm <a href="https://www.blackstone.com/" target="_blank" rel="noopener">Blackstone Structured Finance</a> and with cash in hand.</p>
<p>Initially, the transaction will add approximately 207 MW of commercial scale-solar assets to Altus&#8217; operations, with the remaining 13 MW to be added in the final stages of the construction.</p>
<p>The company aims to use solar assets to offer additional electrification solutions, including battery storage and electric vehicle or fleet charging stations.</p>
<p>Co-CEO of Altus Power Gregg Felton said, &#8220;True Green Capital has a long history of successfully investing in commercial-scale solar with underwriting standards consistent with our own. Altus Power&#8217;s strengths in asset on-boarding and long-term customer servicing combined with our scalable funding architecture create a natural partnership.&#8221;</p>
<p>Managing Partner and Co-Founder of True Green Capital Panos Ninios commented, &#8220;Altus Power&#8217;s capacity to execute with efficiency and focus on building long-term relationships has made them an extremely valuable partner in both of our transactions. They share our founding belief that commercial-scale distributed solar generation is the most attractive segment of our industry. Our collaboration has facilitated TGC&#8217;s successful forays into new solar markets.&#8221;</p>
<p>Earlier this year, Altus Power announced the signing of definitive agreements to <a href="https://mercomindia.com/project-finance-brief-lightsource-bp-closes-financing-for-a-210-mw-solar-project/" target="_blank" rel="noopener">acquire</a> around 97 MW of operating solar assets from undisclosed sellers for $220 million through a combination of cash and assumed liabilities.</p>
<p>Last October, the company <a href="https://mercomindia.com/project-finance-brief-altus-power-sale-leaseback-solar-funding/" target="_blank" rel="noopener">completed</a> a sale-leaseback tax equity financing amounting to $42 million for several unspecified solar projects in Minnesota and Massachusetts.</p>


Altus Power to Acquire 220 MW of Solar Assets for $293 Million in US

<p>The Energy Efficiency Services Limited (<a href="https://www.eeslindia.org/" target="_blank" rel="noopener noreferrer">EESL</a>) has floated a tender seeking to hire a fleet management agency to deploy its electric cars to government organizations or public sector undertakings (PSUs) on a lease or rental model across India.</p>
<p>EESL, a joint venture of state-owned NTPC Limited, Power Finance Corporation (PFC), REC Limited, and POWERGRID, did not specify an earnest money deposit (EMD) amount in their invitation for bids (IFB) document. The deadline for submitting the bids is December 31, 2020.</p>
<p>The scope of work would include providing chauffeur services for driving the electric cars, maintenance, repairs, damage handling, claims management, pickup and drop duties, driver support, 24&#215;7 emergency roadside assistance, project organization and management, and customer service, among others. EESL expects these services for 600 of its electric cars.</p>
<p>To be eligible to place bids, applicants must have at least a year’s experience in end-to-end fleet management and provide the services mentioned in the scope of work to government organizations or PSUs. Bidders must be a car fleet management company, fleet operator, cab aggregator, car leasing company, or a platform-based professional service provider.</p>
<p>Prospective bidders are also expected to have an average annual financial turnover of ₹46.5 million (~$633,460) over the last three years. The net worth of the bidder in the preceding financial year must not be less than 100% of the paid-up share capital and must be positive. They are also expected to have been profitable in any two of the last three financial years.</p>
<p>In September, EESL <a href="https://mercomindia.com/eesl-buy-ev-tata-hyundai/" target="_blank" rel="noopener noreferrer">announced</a> its plans to acquire 250 electric vehicles from Tata Motors and Hyundai Motor India for use by the Indian Government. Tata Motors will supply 150 of its Nexon electric sports utility vehicles, and Hyundai will provide 100 of its Kona electric SUVs to replace the central and state governments’ existing fleet of petrol and diesel vehicles, according to the EESL.</p>
<p>Previously, the energy service company <a href="https://mercomindia.com/eesl-tender-electric-cars-pan-india/" target="_blank" rel="noopener noreferrer">invited</a> bids for the procurement of 250 electric cars. These electric cars will come with three years of warranty and a comprehensive annual maintenance contract of up to eight years.</p>
<p>Earlier, it <a href="https://mercomindia.com/eesl-ev-charging-stations-noida/" target="_blank" rel="noopener noreferrer">signed</a> an agreement with the New Okhla Industrial Development Authority (Noida) to set up 162 public charging stations and related infrastructure.</p>
<p>According to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener noreferrer">India Solar Tender Tracker</a>, EESL has floated tenders for 11,300 electric vehicles as of December 2020.</p>


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