ALTÉRRA Invests $100 Million in Evren

Uttar Pradesh Tenders 110 MW Projects in Two Solar Parks

REC Raises ₹50 Billion Through Five and Ten-Year Bonds

Military Engineer Services Invites Bids for 1.1 MW Rooftop Solar Systems

Robust Capacity Additions Push Adani Green’s Q4 Revenue Up 37% YoY

Daily New Wrap-Up: Rays Power, Hetvi Win Assam’s 250 MW Solar Projects Auction

Enphase Lowers Q2 Revenue Guidance, Fears Adverse Impact from China Tariffs

NTPC Green Floats Land and Transmission Tender for 900 MW Solar Projects

Savings in Power Bills Key Motivator for C&I Clean Energy Transition

Reliance Bags Project to Evacuate 3 GW of Power for Green Hydrogen Projects


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					</table><p><a href="https://www.ngel.in/ngel-home" target="_blank" rel="noopener">NTPC Green Energy</a> has invited bids for land and an extra-high-voltage transmission system package to develop up to 900 MW interstate transmission system (ISTS)-connected solar projects in Bhuj, Gujarat.</p>
<p>Bids must be submitted by June 9, 2025. Bids will be opened on the same day.</p>
<p>Bidders must submit a bidding document cost of ₹22,500 (~$265).</p>
<p>Bidders applying for a capacity of 300 MW must submit a bid security of ₹20 million (~$235,277), those quoting 600 MW must submit ₹50 million (~$588,192), and those quoting 900 MW must submit ₹100 million (~$1.17 million).</p>
<p>Selected bidders must arrange government or private land at 5 acres/MW on a freehold or leasehold basis for a minimum of 29 years and 11 months. They must also complete fencing of the offered land with at least two gates and security cabins per tender drawings, excluding areas related to the transmission line.</p>
<p>Successful bidders must provide necessary land documents and inputs for arranging ISTS connectivity. They must also design and construct an extra-high-voltage transmission line to the ISTS substation. This responsibility includes obtaining the right of way, constructing the terminal bay at the ISTS end, supplying mandatory spares for the transmission line, and undertaking the operation and maintenance of the transmission line and terminal bay for three years post-project commissioning.</p>
<p>Bidders must have secured land for solar or wind projects with a minimum combined capacity of 100 MW, including at least one project or park with a minimum capacity of 50 MW. These projects may be either operational or under development.</p>
<p>Alternatively, bidders must have executed an industrial project in the power, steel, oil and gas, petrochemical, fertilizer, cement, or coal mining sectors valued at a minimum of ₹179 million (~$2.1 million) for bids up to 300 MW, and ₹597,000 (~$7,022)/MW for bids of higher capacity, within the past ten years. They must have delivered these projects either as a developer or an engineering, procurement, and construction contractor.</p>
<p>Before the techno-commercial bid opening date, the referenced projects must have been operational for at least one year for non-renewable sectors or six months for renewable energy sectors.</p>
<p>Bidders must also have completed at least one electrical substation project with a minimum voltage of 33 kV, equipped with circuit breakers and a power transformer. These substations must also have been operational for at least one year for non-renewable or six months for renewable sectors before the bid opening.</p>
<p>Bidders must have had a minimum annual average turnover of ₹179 million (~$2.1 million) for bids up to 300 MW and ₹597,000 (~$7,022)/MW for larger bids during the last three financial years. They must also have maintained a positive net worth as of the last day of the previous financial year.</p>
<p>Recently, NTPC Renewable Energy <a href="https://www.mercomindia.com/ntpc-rel-land-power-evacuation-230-mw-solar-project/" target="_blank" rel="noopener">invited</a> bids for a land and power evacuation package to develop 230 MW ISTS-connected solar projects with a battery energy storage system near the 230 MW Ettayapuram solar project in Tamil Nadu.</p>
<p>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.</p>



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					</table><p>NTPC Green Energy (<a href="https://www.ngel.in/ngel-home" target="_blank" rel="noopener">NGEL</a>) has invited bids for procuring 2,500 kW central inverters for a 140 MW solar power project in Bilhaur, Uttar Pradesh.</p>
<p>Bids must be submitted by April 8, 2025. Bids will be opened on the same day.</p>
<p>Selected bidders must furnish a contract performance guarantee of 10% of the total order value.</p>
<p>They must procure TBEA’s model-TC2500KF central inverters which are fully compatible with the existing TBEA inverters installed at the Bilhaur solar project. They must be designed as direct replacements, requiring no modifications.</p>
<p>Successful bidders must submit an interchangeability certificate indicating the inverters’ compatibility with the project’s existing TBEA inverters and provide factory test reports upon material delivery.</p>
<p>The inverters must have a warranty of 12 months from the date of commissioning or 18 months from the date of receipt, whichever occurs earlier.</p>
<p>Delay in meeting project requirements will attract liquidated damages of 0.5% of the unexecuted order value per week of delay. However, the bidder’s liability will not exceed 5% of the awarded order value.</p>
<p>Bidders must be Class I local suppliers per the Public Procurement (Preference to Make in India), Order 2017, and subsequent amendments issued by the Department for Promotion of Industry and Internal Trade.</p>
<p>Bidders must submit their experience through authenticated documents such as work and purchase orders, letters of award, contract agreements, and client and completion certificates.</p>
<p>Bidders withdrawing their offers within the validity period will be barred from future NTPC tenders for six months from the withdrawal date.</p>
<p>Recently, NTPC Renewable Energy <a href="https://www.mercomindia.com/ntpc-renewable-energy-813-mw-wind-project-karnataka" target="_blank" rel="noopener">invited</a> bids for supplying and installing 271 wind turbine generators for an 813 MW interstate transmission system-connected power project in Bellary, Karnataka.</p>
<p>In the same month, NGEL <a href="https://www.mercomindia.com/ntpc-green-issues-eoi-5-mw-solar-12-mwh-battery" target="_blank" rel="noopener">invited</a> expressions of interest to develop a 5 MW solar project and a 4 MW/12 MWh battery energy storage system in Great Nicobar Island.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders issued by various agencies in India.</p>


NTPC Floats Tender to Procure 2.5 MW Central Inverters for Solar Project


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					</table><p><a href="https://www.ngel.in/ngel-home" target="_blank" rel="noopener">NTPC Green Energy</a> has invited expressions of interest (EoI) to develop a 5 MW solar project and a 4 MW/12 MWh battery energy storage system in Great Nicobar Island.</p>
<p>This EoI is open to any Indian company, its consortium, affiliates, or representatives.</p>
<p>Bids must be submitted by April 18, 2025. Bids will be opened on April 24.</p>
<p>The EoI aims to engage well-qualified companies with relevant expertise to develop and execute the project efficiently. A detailed study must be conducted to assess the island’s energy requirements, evaluate the existing transmission system, and determine the optimal capacity for the renewable energy project and the necessary energy storage.</p>
<p>Bidders must outline their technical and commercial approach in alignment with NTPC Green Energy’s requirements for project installation. Submissions should include a comprehensive implementation plan, along with details of past experience in renewable energy and battery storage projects.</p>
<p>Additionally, bidders should provide information on different technologies, energy storage options, cost optimization strategies, and transit solutions.</p>
<p>The responses received in the EoI will be used by NTPC Green Energy to identify prospective companies that are technically and commercially capable of installing renewable energy projects at Great Nicobar Island. The information gathered will also help formulate specifications, qualifying criteria, and techno-commercial terms and conditions for the tender process.</p>
<p>Bidders should have commissioned combined or standalone solar and battery storage projects that are under execution or have been completed. Work orders of past or under-execution projects should be submitted along with the EoI. The work orders must be preferably from central government, state government, or public sector undertakings.</p>
<p>In January, NTPC Renewable Energy <a href="https://www.mercomindia.com/ntpc-invites-bids-for-1200-mw-solar-projects-with-600-mw-energy-storage/" target="_blank" rel="noopener">invited</a> bids to set up 1,200 MW interstate transmission system-connected solar power projects integrated with 600 MW/2,400 MWh (600 MW x 4 hours) energy storage systems.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders issued by various agencies in India.</p>


NTPC Green Issues EoI for 5 MW Solar Project with 12 MWh Battery Storage


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					</table><p>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-silfab-solar-million/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Silfab Solar, a solar module manufacturer, has </strong><a href="https://mercomcapital.com/silfab-solar-raises-100-million/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> $100 million in new financing to scale its state-of-the-art solar cell manufacturing plant</strong>. The funding comprises a $50 million equity investment led by funds advised by ARC Financial. The funding also includes investment from undisclosed existing co-investors and a $50 million senior secured financing led by Breakwall Capital, an energy-focused asset manager, and SR Alternative Credit.</p>
<p><strong>Iontra, a Colorado-based battery charging solutions provider for electric vehicles and residential energy storage systems, </strong><a href="https://mercomcapital.com/iontra-raises-45-million-in-series-c-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $45 million in a Series C funding round</strong>. The company has raised $120.3 million through funding so far. Energy sector investor Volta Energy Technologies led the funding round with additional support from other unnamed investors. This funding will help increase its production and make it available for customers in 2025.</p>
<p><strong>MET Group, a Switzerland-based integrated energy company, <a href="https://mercomcapital.com/met-group-acquires-comax-france/" target="_blank" rel="noopener">announced</a> the acquisition of 100% shareholding in Comax France</strong>, a combined heat and power and battery storage project developer. The financial terms of the transaction remained undisclosed. With this acquisition, the company has expanded its assets portfolio in Western Europe. MET Group will support the construction of Comax’s ready-to-build projects that are expected to be operational by mid-2026.</p>
<p><strong>NTPC Green Energy’s ₹100 billion (~$1.19 billion) initial public offering (IPO) was </strong><a href="https://www.mercomindia.com/ntpc-green-energy-ipo-oversubscribed" target="_blank" rel="noopener"><strong>oversubscribed</strong></a><strong> 2.42 times at the end of the bidding window on November 22, 2024</strong>. The price band was set at ₹102-108 (~$1.21- 1.28) per equity share with a face value of ₹10 (~$0.119). The IPO saw bids for 1.43 billion shares, exceeding the 593.17 million shares on offer. The company’s shares were trading at a nil grey market premium. The shares will likely be listed on the BSE and NSE on November 25, 2024.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week’s funding <a href="https://mercomcapital.com/funding-ma-roundup-lyten-acquires-battery-manufacturing-assets-from-cuberg/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Silfab Solar Raises $100 Million


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					</table><p><a href="https://www.mercomindia.com/telangana-discom-floats-tenders-for-3-mw-solar-power-projects" target="_blank" rel="noopener">Northern Power Distribution Company of Telangana has issued two tenders for 3 MW ground-mounted solar power projects</a> in Karimnagar and Sircilla districts. The last date to submit bids for both tenders is December 12, 2024. Bids will be opened on December 13, 2024. The project must be completed within six months. Bidders must pay a bid security of 2% of the bid amount. Bidders must pay a transaction fee of 0.03% on estimated contract value (ECV) up to ₹500 million (~$5.91 million) plus GST. In addition, the successful bidder must pay 0.04% of ECV with a cap of ₹10,000 (~$118.371) as a corpus fund.</p>
<p><a href="https://www.mercomindia.com/ntpc-green-energy-ipo-oversubscribed" target="_blank" rel="noopener">NTPC Green Energy’s ₹100 billion (~$1.19 billion) initial public offering (IPO) was oversubscribed 2.42 times at the end of the bidding</a> window on November 22, 2024. The price band was set at ₹102-108 (~$1.21- 1.28) per equity share with a face value of ₹10 (~$0.119). The IPO saw bids for 1.43 billion shares, exceeding the 593.17 million shares on offer. Retail investors led the demand, with a subscription rate of 3.44, followed by qualified institutional buyers at 3.32 and shareholders at 1.60. The non-institutional investors’ portion was subscribed 0.81 times, and the employees’ portion was 0.80. The company’s shares were trading at a nil grey market premium. The shares will likely be listed on the BSE and NSE on November 25, 2024.</p>


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