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<p>June was an eventful month as the global economy slowly tried to get back on its feet amidst the ongoing coronavirus pandemic. The Indian renewable industry saw quite a few announcements in these unprecedented times.</p>
<p>Here is a recap of the month’s most important headlines:</p>
<p>Mercom interviewed Col. Pushkar Prasad, President at <a href="https://renewpower.in/" target="_blank" rel="noopener noreferrer">ReNew Power</a>, a leading independent power producer, to find out how the company has been coping with the crisis and about its planned course of action going forward. Find the edited excerpts from the interview <a href="https://mercomindia.com/moratorium-renewable-generators-renew-interview/" target="_blank" rel="noopener noreferrer">here</a>.</p>
<p>The <a href="https://www.powerexindia.com/" target="_blank" rel="noopener noreferrer">Power Exchange India Limited</a> (PXIL) and <a href="https://www.iexindia.com/" target="_blank" rel="noopener noreferrer">Indian Energy Exchange</a> (IEX) <a href="https://mercomindia.com/pxil-iex-real-time-market-electricity-transactions/" target="_blank" rel="noopener noreferrer">started</a> their real-time market (RTM) trading platforms for electricity transactions on June 1, 2020. The real-time market is a platform widely used across the world. The RTM is designed as a half-hourly market, comprising 48 auction sessions of 15-minute duration each.</p>
<p>The Union Minister of Power, R.K. Singh, <a href="https://mercomindia.com/r-k-singh-revamp-power-sector-discoms/">sought</a> for the <a href="https://fincomindia.nic.in/">Finance Commission’s</a> support to revamp the Indian power sector at the state level and has asked for ₹3 trillion (~$40.05 billion) over the next five years to help achieve this goal.</p>
<p><a href="http://www.nhpcindia.com/home.aspx" target="_blank" rel="noopener noreferrer">NHPC Limited</a> (Formerly National Hydroelectric Power Corporation) <a href="https://mercomindia.com/nhpc-diversifies-solar-power-business/" target="_blank" rel="noopener noreferrer">announced</a> that its board of directors had approved a proposal to diversify the company’s business to include solar power projects.</p>
<p>According to a report published by the Lawrence Berkeley National Laboratory (LBNL), a large number of energy storage projects are being built worldwide, and there is a significant interest among policymakers in India as well. The report states that the sharp decline in the prices of lithium-ion (Li-ion) batteries is going to transform how electricity from renewable sources is integrated into the grid.</p>
<p>The average large-scale solar system cost <a href="https://mercomindia.com/average-large-scale-solar-system-cost-declined/" target="_blank" rel="noopener noreferrer">was</a> approximately ₹35 million (~$0.46 million) in Q1 2020, 12% lower compared to ₹40 million (~$0.53 million) during Q1 of 2019, according to Mercom’s recently released <a href="https://mercomindia.com/product/q1-2020-india-solar-market-update/" target="_blank" rel="noopener noreferrer">Q1 2020 India Solar Market Update</a>. Costs were down by 3% compared to Q4 2019.</p>
<p>There was a considerable <a href="https://mercomindia.com/solar-rec-trading-gathers-speed/" target="_blank" rel="noopener noreferrer">increase</a> in the trading of both solar and non-solar renewable energy certificates in May 2020 compared to the last month. This increase came as a respite even as the ongoing COVID-19 crisis and the subsequent lockdown across the country have thwarted business activities.</p>
<p>Over 16 GW of solar projects were <a href="https://mercomindia.com/lowest-solar-bids-2019-infographics/" target="_blank" rel="noopener noreferrer">auctioned</a> in 2019, and the lowest discovered tariff in these auctions was ₹2.48 (~$0.0329)/kWh a 1.6% increase compared to the lowest tariff in 2018 of ₹2.44 (~$0.0324)/kWh. Since the imposition of safeguard duty in July 2018, the lowest tariffs have trended upward.</p>
<p>Mercom also interacted with Mayank Mishra, Huawei India’s Regional Sales Director, smart PV, to talk about the company’s approach in these unprecedented times. Read the edited excerpts from the interview <a href="https://mercomindia.com/covid-digital-solar-huawei-interview/" target="_blank" rel="noopener noreferrer">here.</a></p>
<p>The Ministry of New and Renewable Energy <a href="https://mercomindia.com/mnre-fake-websites-kusum-solarization-agriculture/" target="_blank" rel="noopener noreferrer">issued</a> a notification stating that some new fake websites have come up posing as the registration portal for the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program.</p>
<p>The MNRE also <a href="https://mercomindia.com/fdi-cell-formed-under-mnre/" target="_blank" rel="noopener noreferrer">announced</a> the formation of a Foreign Direct Investment (FDI) cell to process the FDI proposals. According to the FDI policy, a non-resident entity can invest in India, subject to the FDI policy except in those sectors or activities which are prohibited like defense, space, atomic energy.</p>
<p>ReNew Power <a href="https://mercomindia.com/renew-power-acquires-climate-connect/" target="_blank" rel="noopener noreferrer">announced</a> that it had signed an agreement to acquire <a href="https://www.climate-connect.com/" target="_blank" rel="noopener noreferrer">Climate Connect</a> (also known as Regent Climate Connect Knowledge Solutions Private Limited).</p>
<p>Mercom India <a href="https://mercomindia.com/ireda-%e2%82%b9100-billion-renewable-energy-2020/" target="_blank" rel="noopener noreferrer">hosted</a> a webinar on key trends shaping the Indian solar market based on its recently released <a href="https://mercomindia.com/product/q1-2020-india-solar-market-update" target="_blank" rel="noopener noreferrer">India Solar Market Update</a> report for the first quarter of 2020. The session focused on the current situation of the industry, especially in the light of the ongoing pandemic and the unprecedented challenges faced by the stakeholders.</p>
<p>The U.S. International Development Finance Corporation (<a href="https://www.dfc.gov/" target="_blank" rel="noopener noreferrer">DFC</a>) <a href="https://mercomindia.com/us-dfc-solar-projects-india/" target="_blank" rel="noopener noreferrer">approved</a> $1 billion (₹75 billion) to help enhance sustainable development processes in Africa, Latin America, the Indo-Pacific, and other emerging markets, including India.</p>
<p>Researchers at the Washington State University (<a href="https://wsu.edu/" target="_blank" rel="noopener noreferrer">WSU</a>) and Pacific Northwest National Laboratory (PNNL) <a href="https://mercomindia.com/rresearchers-announce-cheapersodium-ion-battery/" target="_blank" rel="noopener noreferrer">announced</a> that they had created a sodium-ion battery that can be made with widely and cheaply available materials.</p>
<p>The <a href="https://www.emamigroup.com/" target="_blank" rel="noopener noreferrer">Emami Group</a>, a Kolkata-based conglomerate, <a href="https://mercomindia.com/emami-group-sells-solar-segment-brookfield/" target="_blank" rel="noopener noreferrer">sold</a> its solar power business to Canadian Investment Company, <a href="https://www.brookfield.com/" target="_blank" rel="noopener noreferrer">Brookfield Asset Management</a>, through a 100% stake sale.</p>
<p>The Power Grid Corporation of India Limited (<a href="https://www.powergridindia.com/" target="_blank" rel="noopener noreferrer">PGCIL</a>) <a href="https://mercomindia.com/pgcil-approves-rebate-discoms-sts-charges/" target="_blank" rel="noopener noreferrer">announced</a> that it had approved ₹10.75 billion (~$142.5 million) as a one-time consolidated rebate to distribution companies (DISCOMs) and power departments of states and union territories.</p>
<p>Adani Green <a href="https://mercomindia.com/adani-green-worlds-largest-solar-bid/" target="_blank" rel="noopener noreferrer">secured</a> a bid to develop solar projects of 8 GW along with setting up a solar cell and module manufacturing capacity of 2 GW. This win, the largest in the world in a single bid, will entail a total investment of approximately $6 billion (₹452 billion).</p>
<p>The Global Wind Energy Council (GWEC) <a href="https://mercomindia.com/government-agencies-driving-growth/" target="_blank" rel="noopener noreferrer">said</a> that installations of wind power projects in India have decelerated, with only 2.3 GW installed in 2019.</p>
<p>NTPC Limited <a href="https://mercomindia.com/ntpc-rebate-%e2%82%b913-billion-discoms/" target="_blank" rel="noopener noreferrer">agreed</a> to defer the capacity charges and provide rebates to distribution companies (DISCOMs) to the tune of ₹34.27 billion (~$455 million) during the nationwide lockdown.</p>
<p>The Solar Energy Corporation of India Limited (<a href="https://www.seci.co.in/" target="_blank" rel="noopener noreferrer">SECI</a>) announced it <a href="https://mercomindia.com/seci-solar-wind-may-2020/" target="_blank" rel="noopener noreferrer">disbursed</a> a total of $17.3 million (~₹1.3 billion) to solar and wind developers in May 2020.</p>
<p>U.K.-based <a href="https://www.faradion.co.uk/about-us/background/" target="_blank" rel="noopener noreferrer">Faradion Ltd</a>, a manufacturer of sodium-ion batteries, <a href="https://mercomindia.com/faradion-inks-deal-indian-startup/" target="_blank" rel="noopener noreferrer">announced</a> a partnership with <a href="https://infraprimelogistics.com/" target="_blank" rel="noopener noreferrer">Infraprime Logistics Technologies</a> to provide batteries for commercial vehicles in the Indian electric vehicle market.</p>
<p>Tata AutoComp Systems <a href="https://mercomindia.com/tata-autocomp-tellus-power/" target="_blank" rel="noopener noreferrer">announced</a> that it had signed a Memorandum of Understanding (MoU) with U.S.-based electric vehicle charging infrastructure company <a href="http://telluspowergreen.com/" target="_blank" rel="noopener noreferrer">Tellus Power Green</a> to set up charging stations in India.</p>
<p>R.K. Singh <a href="https://mercomindia.com/rk-singh-extension-waiver-solar-wind-projects/" target="_blank" rel="noopener noreferrer">said</a> that the government is likely to consider extending the interstate transmission system (ISTS) charges for renewable projects by at least six months.</p>
<p>The International Electrotechnical Commission (<a href="https://www.iec.ch/" target="_blank" rel="noopener noreferrer">IEC</a>) <a href="https://mercomindia.com/iec-issues-new-standard/" target="_blank" rel="noopener noreferrer">issued</a> a new standard – the IEC 62938:2020 – to test the resistance of solar photovoltaic modules to large amounts of snow piling up on their surfaces.</p>
<p>Azure Power <a href="https://mercomindia.com/with-solar-commissioned-azure-revenue-rises/" target="_blank" rel="noopener noreferrer">announced</a> its consolidated results for the fourth quarter (Q4) of the financial year (FY) 2020. The company stated that its revenues stood at ₹3.67 billion (~$48.75 million), an increase of 29% compared to the same period last year.</p>
<p>The PowerGrid Corporation of India Limited (<a href="https://www.powergridindia.com/" target="_blank" rel="noopener noreferrer">PGCIL</a>) <a href="https://mercomindia.com/powergrid-separate-transmission-business/" target="_blank" rel="noopener noreferrer">announced</a> its plans to separate its power transmission business to form a 100% subsidiary that will carry out transmission-related functions, as per the Ministry of Power’s directions.</p>
<p>The MNRE <a href="https://mercomindia.com/mnre-set-up-project-development-cell/" target="_blank" rel="noopener noreferrer">issued</a> an order for setting up a Project Development Cell (PDC) within the Ministry as per the central government’s specifications. It also <a href="https://mercomindia.com/mnre-announces-extension/" target="_blank" rel="noopener noreferrer">announced</a> that its waste-to-energy program would be extended beyond March 31, 2020. It said that the program would continue without any changes to its scope, nature, or coverage. No new posts will be created until March 31, 2021. Separately, the Ministry <a href="https://mercomindia.com/mnre-installation-solar-pump-technologies/" target="_blank" rel="noopener noreferrer">issued</a> guidelines for installing innovative standalone solar pumps to promote technological innovation in the sector.</p>
<p>Sri Lanka <a href="https://mercomindia.com/sri-lanka-receives-loan-installing-rooftop-solar/" target="_blank" rel="noopener noreferrer">announced</a> that it had received a $100 million (~₹7.56 billion) loan from the Government of India for installing solar rooftop systems on government buildings.</p>
<p>Mercom also <a href="https://mercomindia.com/india-technology-magenta-power-interview/" target="_blank" rel="noopener noreferrer">interacted</a> with Maxson Lewis, the managing director of <a href="https://chargegrid.in/" target="_blank" rel="noopener noreferrer">Magenta Power</a>, to talk about what’s going on in the EV industry during these testing times and where does the Indian market currently stand.</p>
<p><a href="https://sunedisoninfra.com/" target="_blank" rel="noopener noreferrer">SunEdison Infrastructure Limited</a>, a Chennai-based renewable energy company, <a href="https://mercomindia.com/sunedison-restructures-rooftop-solar-business/" target="_blank" rel="noopener noreferrer">entered</a> into a framework agreement to restructure and transfer under-construction commercial and industrial (C&amp;I) and other businesses of the company to SunEdison Energy Solutions Private Limited, a newly formed joint venture.</p>
<p><a href="https://www.sterlingandwilsonsolar.com/" target="_blank" rel="noopener noreferrer">Sterling and Wilson Solar Limited</a>, a solar engineering, procurement, and construction (EPC) company, <a href="https://mercomindia.com/sterling-and-wilson-solar-reports/" target="_blank" rel="noopener noreferrer">reported</a> lower revenue, profit, and earnings before income, tax, depreciation, and amortization (EBITDA) for the year and quarter ended March 31, 2020.</p>
<p><a href="https://www.yulu.bike/" target="_blank" rel="noopener noreferrer">Yulu</a>, a Bangalore-based micro-mobility service provider, <a href="https://mercomindia.com/yulu-raises-from-rocketshipvc/" target="_blank" rel="noopener noreferrer">announced</a> that <a href="https://www.rocketship.vc/" target="_blank" rel="noopener noreferrer">Rocketship.VC</a> has invested ₹300 million (~$3.95 million) in the company. The company provides a smart rental platform for bicycles and electric bikes facilitated through a mobile app.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nithin-thomas-prasad/" class="vcard author" rel="author"><span class="fn">Nithin Thomas</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nithin-2-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Nithin Thomas,</strong> Staff reporter at Mercom India<br />
<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" target="_blank" rel="noopener">More articles from Nithin Thomas.</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nithin-2-1.jpg" width="102" height="102" /><a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">Nithin Thomas</a> is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor&#8217;s Degree in Commerce from Loyola College, Chennai.<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">More articles from Nithin Thomas Prasad</a></div>
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