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					</table><a href="https://www.mercomindia.com/companies-indian-solar-market-1h-2023" target="_blank" rel="noopener">Mercom’s India Solar Market Leaderboard 1H 2023 has unveiled solar market leaders in the first half (1H) of the calendar year 2023, with several Indian companies securing spots in the top ten</a> rankings for the first time. The report highlights significant market share changes across ten categories in the past year, offering insights into companies gaining momentum and those who fell behind.
<a href="https://www.mercomindia.com/venture-capital-funding-for-energy-storage-rises-115-in-9m-of-2023" target="_blank" rel="noopener">Global corporate funding in the energy storage sector witnessed a 31% year-over-year decrease during the first nine months (9M) of 2023, with a total of $15.2 billion raised across 94 deals.</a> This contrasts with the $22 billion secured by the sector through 93 deals in the same period last year. The findings were revealed in Mercom Capital Group‘s recently released report titled 9M and Q3 2023 Funding and M&amp;A Report for Storage and Grid.
<a href="https://www.mercomindia.com/cerc-amends-power-transmission-rules" target="_blank" rel="noopener">The Central Electricity Regulatory Commission (CERC) has amended the CERC (Sharing of Inter-State Transmission Charges and Losses) Regulations, 2020, to provide a structured framework to address</a> delays, promote accountability, and streamline the billing process. Effective from November 1, 2023, these amendments will be known as CERC (Sharing of Inter-State Transmission Charges and Losses) (Second Amendment) Regulations, 2023.
<a href="https://www.mercomindia.com/railways-750-mw-rtc-renewable" target="_blank" rel="noopener">REMC Limited, a joint venture of Indian Railways and RITES, on behalf of Indian Railways, has invited bids to procure 750 MW of round-the-clock power from grid-connected renewable projects</a> with or without storage across India for 25 years. The last day to submit the bids is October 30, 2023. Bids will be opened on November 2. Bidders must submit an earnest money deposit of ₹980,000 (~$11,773)/MW of the quoted capacity.
<a href="https://www.mercomindia.com/electric-bus-manufacturer-investment-from-piramal" target="_blank" rel="noopener">PMI Electro Mobility Solutions, an electric bus manufacturer based in Delhi National Capital Region, has secured a ₹2.5 billion (~$150.29 million) investment from Piramal Alternatives through the</a> Performing Credit Fund (PCF) in the form of convertible securities to advance green mobility efforts, facilitating innovation, technological integration and business expansion. PMI’s 2,500 electric bus order book is expected to grow further with the help of the investment from Piramal Alternatives, a mid-market sector-agnostic capital support fund supported by the Piramal Group.
<a href="https://www.mercomindia.com/maharashtra-transport-ev-charging-stations" target="_blank" rel="noopener">Maharashtra State Road Transport Corporation has floated separate tenders for installing 11 electric vehicle charging stations around different bus and railway depots in the state.</a> The last date for the submission of bids is October 30, 2023. Bids will be opened on November 1. The validity period for this deposit is 120 days starting from the date of opening. The specified timeframe is three months beginning from the date of the written work order.
<a href="https://www.mercomindia.com/grid-india-procedure-uniform-renewable-energy-tariff" target="_blank" rel="noopener">The Grid Controller of India has issued the procedure to implement the uniform renewable energy tariff for the central pool of projects connected to interstate transmission systems (ISTS).</a> The procedure was issued as a follow-up to the announcement in August last year when the Ministry of Power proposed establishing central pools of ISTS-connected renewable energy sources such as solar, wind, hybrid, and storage. Intermediary companies could use these pools to purchase power for distribution and retail supply to multiple states at a uniform tariff for each pool.
<a href="https://www.mercomindia.com/indigrid-bags-contract-bess-project-in-delhi" target="_blank" rel="noopener">IndiGrid 2, a wholly owned subsidiary of India Grid Trust along with Amperehour Solar Technology, has received a letter of award from BSES Rajdhani Power for the design, supply, testing,</a> installation, commissioning, operation, and maintenance of 20 MW/40 MWh Battery Energy Storage Systems in Delhi. The consortium will envisage the project on a Build-Own-Operate-Transfer basis for a period of 12 years. It expects to generate an annual revenue of ₹20 million (~$240,392).
<a href="https://www.mercomindia.com/narrow-sterling-and-wilsons-q2-net-loss" target="_blank" rel="noopener">The engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy’s consolidated net loss was reduced by 82% year-over-year (YoY)</a> to ₹540 million (~$6.5 million) for the second quarter of the financial year 2023-24 from a loss of ₹2.99 billion (~$36 million) due to higher contribution from the domestic EPC business segment. The company reported a total revenue of ₹7.6 billion ($91 million), marking an 88% YoY increase. The revenue generated from the domestic EPC segment was ₹5.67 billion ($68 million), a 244% YoY growth. In contrast, the international EPC segment experienced a 29.5% YoY decline in revenue.
<a href="https://www.mercomindia.com/uttar-pradesh-invites-stations-on-expressways" target="_blank" rel="noopener">The Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) has invited bids to set up public charging stations through a public-private partnership on the expressways</a> in the state. UPEIDA has planned to establish public charging infrastructure on the Yamuna Expressway, Agra-Lucknow Expressway, Bundelkhand Expressway, Purvanchal Expressway, and Gorakhpur Link Expressway.
<a href="https://www.mercomindia.com/australia-financing-boost-critical-minerals-sector" target="_blank" rel="noopener">The Australian Government has announced an AU$2 billion (~$1.26 billion) expansion in financing critical minerals, including rare earths.</a> This expansion of the funding facility, announced by Prime Minister Albanese after the meeting of the Australia-United States Taskforce on Critical Minerals, takes the government’s value-adding investments in Australian resources to AU$6 billion (~$3.79 billion).

Daily News Wrap-Up: India’s Solar Market Leaders in 1H 2023

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					</table>Electric bus manufacturer <a href="https://olectra.com/" target="_blank" rel="noopener">Olectra Greentech</a> has awarded the contract for the construction of its new greenfield electric vehicle (EV) manufacturing facility at Seetharampur in Hyderabad to <a href="https://meil.in/" target="_blank" rel="noopener">Megha Engineering and Infrastructures</a>.
The proposed value of the contract is ₹3.95 billion (~$48.12 million).
As per the contract, the facility will be developed on 150 acres of land at Seetharampur and completed within 12 months from the shareholders&#8217; final approval date, i.e., July 19, 2023.
The greenfield EV manufacturing facility will have a projected annual production capacity of 5,000 buses/trucks and other EVs with scalability of up to 10,000 units.
The company had previously floated a public tender to identify a suitable vendor for the construction of the manufacturing facility.
Pursuant to the tender, Suroj Buildcon and Megha Engineering and Infrastructures participated in the bidding process. The price quoted by Megha Engineering and Infrastructures was lower than that quoted by the other bidder and was also less than the company&#8217;s estimated cost for the project.
Based on the above evaluation, the company&#8217;s board of directors, in their meeting held on June 19, 2023, evaluated all possible options available and approved the engagement of Megha Engineering and Infrastructures to establish the greenfield EV manufacturing facility.
As of March 2023, Olectra Greentech has an order book of 3,394 buses on hand and has delivered 1,100 plus electric buses.
The company is targeting a growth of about 2.5 to 3x to the current number, which amounts to approximately about 1,200 to 2,500 electric buses and tippers in the financial year (FY) 2024.
Currently, the company has the capacity to manufacture 125 e-buses each month.
The company recently recorded an increase of 86% in profit after tax to ₹656 million (~$7.99 million) in FY 2023.
Recently, Olectra Greentech received a letter of intent from the Maharashtra State Road Transport Corporation relating to the supply, operation, and maintenance of 5,150 electric buses and allied electrical and civil Infrastructure on a gross cost contract basis.
During the fourth quarter of FY 2023, the company added three more new customers to its portfolio. The new customers are the Karnataka State Road Transport Corporation, the Maharashtra State Road Transportation Corporation, and Thane Municipal Corporation, by delivering intercity and city electric buses.
Earlier this year, Olectra Greentech <a href="https://www.mercomindia.com/olectra-550-e-buses-in-south-india-from-tsrtc" target="_blank" rel="noopener">received</a> an order for 550 electric buses from the Telangana State Road Transport Corporation (TSRTC). Olectra said its e-buses would significantly reduce the noise and emission levels in Hyderabad.

Olectra Awards ₹3.95 Billion Construction Contract for EV Manufacturing Unit

The Maharashtra State Road Transport Corporation (<a href="https://msrtc.maharashtra.gov.in/" target="_blank" rel="noopener">MSRTC</a>) has invited bids to select agencies for procurement, operation, and maintenance of 100 electric buses along with allied electrical and civil infrastructure under the gross-cost contract model.
The last date to submit the bids is April 17, 2021. Bids will be opened on April 19.
Bidders will have to submit an amount of ₹14 million (~$190,827) as the earnest money deposit.
The tender has been issued under the Faster Adoption and Manufacturing of (Hybrid) and Electrical Vehicles-II (FAME II) program. FAME India is part of the National Electricity Mobility Mission Plan, which aims at early adoption and market creation for both hybrids and EVs. It covers all vehicles – two-wheelers, three-wheelers, four-wheelers, and buses.
Under the gross-cost contract, the operator is paid a specified amount to provide a specified service for a specified time.
The buses should be 10 meters to 12 meters long. The tender specifies that the demand incentive available under the FAME II program will be ₹5.5 million (~$74,967).
To participate in the bidding process, the original equipment manufacturer (OEM) should be an Indian manufacturer of electric buses with a manufacturing facility in India. Foreign companies are also allowed to participate in the bidding as single bidders or consortium members on the condition that they will get the company registered in India within 45 days from the commercial bid opening.
The bidder should have experience in manufacturing and delivering at least 25 electric buses or 150 diesel or CNG buses over the last three financial years. The lead bidder or any member of the consortium should have executed or undertaken at least an operation of a minimum of 25 electric buses or 150 diesel, CNG, or hybrid buses in any part of India or abroad for at least one year during the last five years.
The operational experience must include planning, managing, and monitoring of buses and operation and maintenance of passenger vehicles. The lead bidder or any member of the consortium or OEM should have homologation certification of at least one mini, midi, or standard Type III model electric bus from India&#8217;s designated testing center. The bidder should set up an office and after-sales service facility in the depot space provided by Maharashtra&#8217;s authority.
The bidder&#8217;s average annual turnover should be more than ₹1.5 billion (~$20.45 million) in the last three financial years. The bidder or all the consortium members should have a positive net worth for the financial year as of the bid due date.
Electric mobility is fast gaining ground in India and the initiative of electrification of public transport in India has just started. As millions of commuters rely on diesel-powered buses, vehicular pollution is a big reason for the push towards electric buses especially in major cities like Delhi and Mumbai.
In September last year, Pune Mahanagar Parivahan Mahamandal <a href="https://mercomindia.com/pune-tender-electric-buses/" target="_blank" rel="noopener">issued</a> a tender, inviting bids for 150 electric buses. The scope of work included the supply, operation &amp; maintenance, and development of allied infrastructure on a gross cost contract basis.
Earlier, the Brihan-Mumbai Electric Supply and Transport (BEST) had <a href="https://mercomindia.com/mumbai-best-issues-tender-electric-buses/" target="_blank" rel="noopener">issued</a> a request for a proposal for the supply and operation of 140 standard AC electric buses and 200 midi AC electric buses under the gross-cost contract model.
According to Mercom&#8217;s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a>, Maharashtra has so far floated tenders for 532 electric buses in the state.
Image Credit: <a href="https://upload.wikimedia.org/wikipedia/commons/e/e0/Electric_Buses_in_Bangalore_by_BmTc_%2813938721505%29.jpg" target="_blank" rel="noopener">CC </a>

Bids Invited for 100 Electric Buses Under Gross-Cost Contract in Maharashtra

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