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><a href="https://www.mercomindia.com/rooftop-solar-vendors-complain-of-subsidy-delays/" target="_blank" rel="noopener"><strong>The PM Surya Ghar Program, which aims to install 10 million rooftop solar projects across India, continues to grapple with challenges ranging from subsidy disbursements to incomplete information on the Jan Samarth Portal used for processing loans.</strong></a> Glitches have plagued the PM Surya Ghar National Portal for the past two months. With an outlay of ₹750 billion (~$9.04 billion), the program aims to increase residential rooftop solar capacity and empower households to generate electricity until 2026-27, but the sputtering rollout has cast a shadow on the target.</p>
<p><a href="https://www.mercomindia.com/ntpc-960-mw-wind-karnataka/" target="_blank" rel="noopener"><strong>NTPC Renewable Energy has invited bids to supply and install wind turbine generators (WTG) for a 960 MW interstate transmission system-connected wind energy project in Karnataka (Tranche III).</strong></a> The invitation for bids encompasses two separate blocks. Block I will have 164 WTGs for a capacity of 492 MW, and Block II will have 156 WTGs for 468 MW. The last day to submit the bids is August 6, 2024. Bids will be opened on the same day. The cost of the bidding documents is ₹22,500 (~$269).</p>
<p><a href="https://www.mercomindia.com/green-energy-trade-iex-june/" target="_blank" rel="noopener"><strong>The Indian Energy Exchange (IEX) traded 744 million units (MU) of green energy in June 2024, a 173.4% year-over-year (YoY) increase from 272 MU. The segment recorded a volume of 1,768 MU during the first quarter of the financial year (FY) 2025, a growth of 94.3 % YoY.</strong></a> The Exchange achieved an electricity volume of 10,185 MU in June, marking a 24.7% YoY increase. The total monthly volume including certificates, was 10,677 MU, an increase of 19.4% YoY. In Q1 FY 2025, IEX recorded an electricity trading volume of 28,178 MU, a 19% YoY. Including certificates, the total volume for the quarter reached 30,354 MU, showing a 20.8% YoY.</p>
<p><a href="https://www.mercomindia.com/mahasamruddhi-renewable-9-mw-solar/" target="_blank" rel="noopener"><strong>Mahasamruddhi Renewable Energy, a special-purpose vehicle of Maharashtra State Road Development Corporation, has invited bids to select a consultant for 9 MW solar power projects</strong></a> along the Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg. The scope of work includes peer review of the existing detailed project report (DPR), preparation of revised DPR, bid process management, carbon credit trading, and project management for the solar projects. The last day to submit the bids is July 16, 2024. Bids will be opened on July 18.</p>
<p><a href="https://www.mercomindia.com/acme-solar-files-%E2%82%B930-billion-ipo/" target="_blank" rel="noopener"><strong>ACME Solar, an India-based renewable energy developer, has filed its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering</strong></a> (IPO) worth ₹30 billion (~$360 million) at ₹2 (~$0.024) per share. The proposed IPO consists of a fresh issue of shares up to ₹20 billion (~$240 million) and an offer for sale of up to ₹10 billion (~$ 12 million). The company may also consider a pre-IPO placement of up to ₹4 billion (~$48 million), which would reduce the size of the fresh issue.</p>
<p><a href="https://www.mercomindia.com/odisha-rules-rooftop-solar/" target="_blank" rel="noopener"><strong>To accelerate the adoption of rooftop solar, the Odisha Electricity Regulatory Commission (OERC) has announced that as of July 2, 2024, installations of rooftop solar photovoltaic systems up to 10 kW</strong></a> in capacity will no longer require a technical feasibility study for approval. This decision, communicated by the OERC to distribution companies in Odisha, aligns with the recent amendments to the Electricity (Rights of Consumers) Rules, 2024, issued by the central government. Under the new guidelines, applications for smaller systems that are complete in all respects will be accepted automatically.</p>
<p><a href="https://www.mercomindia.com/gujarat-tariffs-200-mw-wind-solar-hybrid/" target="_blank" rel="noopener"><strong>The Gujarat Electricity Regulatory Commission has adopted the tariffs discovered under the competitive bidding process conducted by Gujarat Urja Vikas Nigam to procure 200 MW of wind-solar hybrid power</strong></a> from projects to be set up anywhere in India. The Commission approved a tariff of ₹2.99(~$0.036)/kWh for 50 MW for KPI Green Energy and ₹3.04(~$0.037)/kWh for 150 MW for  Juniper Green Energy. The Commission also authorized GUVNL to sign the power purchase agreements with the developers.</p>
<p><a href="https://www.mercomindia.com/us-auction-offshore-wind-energy/" target="_blank" rel="noopener"><strong>The U.S. has announced plans for an offshore wind energy lease sale in the Central Atlantic region in a push for clean energy development along America’s coasts.</strong></a> The auction, scheduled for August 14, 2024, could generate up to 6.3 GW of renewable energy, according to the Department of the Interior. This is enough to power approximately 2.2 million homes. The lease sale will offer two areas: one offshore Delaware and Maryland and another offshore Virginia. The Delaware/Maryland area covers 101,443 acres and is located about 26 nautical miles from Delaware Bay. The Virginia area encompasses 176,505 acres and sits roughly 35 nautical miles from the mouth of the Chesapeake Bay.</p>


Daily News Wrap-Up: Subsidy Delays Plague PM Surya Ghar Program


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					</table><p><a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a> has invited bids to unload and store solar modules of a total capacity of 631.28 MW for the Bhadla II solar park at the 320 MW Bhainsara project site in Rajasthan.</p>
<p>The storage period will be six months with a two-month extension provision.</p>
<p>The last day to submit the bids is February 20, 2024. Bids will be opened on the same day.</p>
<p>Bidders must submit an earnest money deposit of ₹500,000 (~$6,023).</p>
<p>The scope of work includes clearing the grass and removing rubbish up to 50 meters outside the site store area, leveling and grading the area to prevent pallets from falling or sliding, and supplying and spreading hard murrum 100 mm thick for module storage.</p>
<p>The work also includes providing mobile lighting towers and a diesel generator set covering a 30-acre area, offering 24&#215;7 security and CCTV surveillance for the module storage area, and supplying at least 450 tarpaulin covering sheets on a monthly rental basis with a minimum size of 30ft x 40ft each.</p>
<p>Selected bidders must submit 10% of the contract value as a performance bank guarantee (PBG) within 45 days after the letter of award is issued. Alternatively, the bidder can opt for a two-stage approach. They can initially provide half of the PBG within 45 days and the rest before completing 50% of the total work.</p>
<p>Bidders must qualify as Class-I local suppliers, defined as suppliers or service providers whose goods, services, or works proposed for procurement have a local content of 50% or higher.</p>
<p>Only bids from Class-I local suppliers will be considered.</p>
<p>Recently, NTPC Renewable Energy <a href="https://www.mercomindia.com/ntpc-renewable-energy-500-mw-rajasthan/" target="_blank" rel="noopener">invited</a> bids for the engineering, procurement, and construction (EPC) of 500 MW (2x 250 MW) grid-connected solar power projects in Bikaner, Rajasthan.</p>
<p>Earlier, NTPC Renewable Energy <a href="https://www.mercomindia.com/ntpc-630-mw-solar-madhya-pradesh/" target="_blank" rel="noopener">invited</a> bids for an EPC package to develop 630 MW (2x 315 MW) grid-connected solar power projects in Barethi, Madhya Pradesh.</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> to stay on top of the real-time tender activity.<strong> </strong></p>


NTPC Renewable Energy Invites Bids to Store 631 MW Solar Modules


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					</table><p><a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a>, <a href="https://www.junipergreenenergy.com/" target="_blank" rel="noopener">Juniper Green Energy</a>, and Green Infra Wind Energy (<a href="https://www.sembcorp.com/" target="_blank" rel="noopener">Sembcorp</a>) were declared winners in Solar Energy Corporation of India’s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) auction to develop 2,000 MW of interstate transmission system (ISTS)-connected wind-solar hybrid power projects (Tranche VII) anywhere in India.</p>
<p>NTPC Renewable Energy quoted the lowest tariff of ₹3.15 (~$0.037)/kWh to win 300 MW. Juniper Green and Green Infra Wind Energy quoted ₹3.21 (~$0.038) to win 150 MW and 450 MW, respectively.</p>
<p>Other participants who submitted their offers but did not qualify include Avaada Energy, who quoted  ₹3.37 (~$0.041)/kWh for 115 MW, and Sprng Energy, who quoted ₹3.55 (~$0.043) for 250 MW.</p>
<p>Out of the total 2,000 MW bid capacity, only 900 MW was allotted.</p>
<p>Aggregate bids received were for only 1,265 MW. The auction capacity was reduced accordingly to 1,012 MW. It was calculated as aggregate bid capacity x 0.8.</p>
<p>&nbsp;</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-62088 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/TABLE-TABLE-.png" alt="" width="723" height="233" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/TABLE-TABLE-.png 723w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/TABLE-TABLE--300x97.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/TABLE-TABLE--650x209.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/TABLE-TABLE--624x201.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/TABLE-TABLE--600x193.png 600w" sizes="(max-width: 723px) 100vw, 723px" /></p>
<p>SECI <a href="https://mercomindia.com/seci-2-gw-ists-wind-solar-hybrid/" target="_blank" rel="noopener">floated</a> the tender in October last year.</p>
<p>The projects must be operational within 24 months from the date of the power purchase agreement (PPA).</p>
<p>The rated installed capacity of either component – solar or wind, should be at least 33% of the contracted capacity.</p>
<p>The declared annual capacity utilization factor (CUF) must not fall below 30%.</p>
<p>Developers are obligated to maintain energy supply, ensuring an annual supply equivalent to a CUF not less than 90% and not exceeding 120% of the declared value throughout the 25-year duration of the PPA.</p>
<p>Only wind turbine models listed in the Revised List of Models and Manufacturers and modules registered in the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy are permitted for deployment.</p>
<p>Recently, SECI <a href="https://www.mercomindia.com/seci-invites-bids-for-connected-solar-project" target="_blank" rel="noopener">invited</a> bids to set up 1,500 MW ISTS-connected solar power projects in India under Tranche XIII.</p>
<p>In December, SECI <a href="https://www.mercomindia.com/seci-%E2%82%B910-billion-term-loan-300-mw-solar/" target="_blank" rel="noopener">invited</a> bids from scheduled commercial banks or financial institutions for a term loan of ₹10 billion (~$120.24 million) to develop a 300 MW solar power project in the Ramagiri village of Sri Satya Sai District in Andhra Pradesh.</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>


NTPC, Juniper Green and Sembcorp Win SECI’s 2 GW Wind-Solar Auction


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					</table><p><a href="https://www.adanigreenenergy.com" target="_blank" rel="noopener">Adani Green Energy</a>, <a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a>, <a href="https://www.upcrenewables.com/" target="_blank" rel="noopener">UPC Renewables</a>, <a href="https://sprngenergy.com/" target="_blank" rel="noopener">Sprng Energy</a>, and <a href="https://www.adityabirlarenewables.com/" target="_blank" rel="noopener">Aditya Birla Renewables</a> emerged as the top utility-scale solar project developers in the first half (1H) of the calendar year (CY) 2023, according to Mercom’s newly released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener"><em>India Solar Market Leaderboard 1H 2023</em></a>.</p>
<p>The report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders.</p>
<p>Adani Green Energy topped with a market share of 21.4%, followed by NTPC Renewable Energy and UPC Renewables with 6.3% and 5.5%, respectively. Sprng Energy and Aditya Birla Renewables had a market share of 4.4% each.</p>
<p>The top five utility-scale solar developers accounted for almost 42% of the market share.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Utility-scale-2023.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-59989 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Utility-scale-2023.png" alt="Utility scale 2023" width="650" height="436" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Utility-scale-2023.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Utility-scale-2023-300x201.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Utility-scale-2023-624x419.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Utility-scale-2023-600x402.png 600w" sizes="(max-width: 650px) 100vw, 650px" /></a></p>
<p>Adani Green signed a UN Energy Compact, committing to develop and operate a renewable energy generation capacity of 25 GW by 2025 and 45 GW by 2030.</p>
<p>In 1H 2023, Adani Green Energy commissioned a 525 MW solar project in Rajasthan as part of a new hybrid power plant comprising 600 MW solar and 510 MW wind capacity.</p>
<p>During the same period, the company commissioned 62.5 MW of SECI’s 1.2 GW ISTS tranche III project in Rajasthan. Adani had commissioned 900 MW of the same project in the last year.</p>
<p>NTPC Renewable Energy aims to commission 60 GW of renewable energy capacity by 2032.</p>
<p>During the first half of 2023, NTPC Renewable Energy signed contracts to supply 1.8 GW of round-the-clock renewable power.</p>
<p>During the same period, NTPC also commissioned 150 MW of solar project in Rajasthan.</p>
<p>UPC Renewables has a 593 MW portfolio of jointly-owned operating and under-construction assets in Indonesia, India, and Vietnam.</p>
<p>The company commissioned 150 MW of SECI’s 960 MW ISTS-VI projects in Madhya Pradesh during 1H 2023.</p>
<p>Mercom’s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener"><em>click here</em></a>.</p>
<p>Also, the <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener"><em>Market Share Tracker</em></a>, which gives data insights into your competitors and their growth rates on a quarterly basis, is now available.</p>


Adani Green, NTPC and UPC Top Utility-Scale Solar Developers in 1H 2023


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					</table><p><a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a> has invited bids for the engineering, procurement, and construction (EPC) of 200 MW solar power projects at the Khavda Renewable Energy Park in Gujarat.</p>
<p>The scope of the work includes design, engineering, manufacturing, supply, packing and forwarding, transportation, uploading storage, installation, testing, and commissioning of the solar project, including the supply of solar modules.</p>
<p>The last date for the submission of bids is August 9, 2023. Bids will open on the same day.</p>
<p>Bidders must deposit ₹22,500 (~$274) for the bidding document. All bids must be accompanied by a bid security of ₹100 million (~$1.2 million).</p>
<p>Bidders must have developed or designed, erected, commissioned, or supervised these activities for grid-connected solar power projects with a cumulative capacity of 40 MW or higher. At least one project must have been of 10 MW or higher capacity. The reference project must have been in operation for at least six months before the bid opening date.</p>
<p>Alternatively, bidders must have experience executing an industrial project in power, steel, oil and gas, petrochemical, fertilizer, cement, coal mining, or any other process industry, with a minimum value of ₹2 billion (~$24.3 million) for a single project that has been successfully operating for at least one year before the bid opening.</p>
<p>Bidders must have experience executing at least one electrical substation of 33 kV or above voltage level that includes equipment such as 33 kV or above voltage level circuit breakers and power transformer and has been successfully operating for at least one year before the bid opening.</p>
<p>Bidders should have an average annual turnover of at least ₹2 billion (~$24.3 million) for any three of the preceding five financial years as of the date of the techno-commercial bid opening.</p>
<p>Their net worth as of the last day of the preceding financial year should not be less than 100% of their paid-up share capital.</p>
<p>Earlier this year, NTPC Renewable Energy <a href="https://www.mercomindia.com/ntpc-balance-of-system-1-gw-wind-projects-gujarat" target="_blank" rel="noopener">invited</a> bids for the balance of system package of interstate transmission system-connected wind power projects of 1,000 MW capacity anywhere in Gujarat.</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 Invites Bids for 200 MW of Solar Projects in Gujarat


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					</table><p><a href="https://avaadaenergy.com/about-us/" target="_blank" rel="noopener">Avaada Energy</a>, <a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a>, <a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a>, <a href="https://www.tatapower.com/businesses/renewables.aspx" target="_blank" rel="noopener">Tata Power Renewables</a>, and <a href="https://www.azurepower.com/" target="_blank" rel="noopener">Azure Power</a> emerged as the top utility-scale solar project developers in the calendar year (CY) 2022, according to Mercom’s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2023-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2023</a>.</p>
<p>The report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders. Compared to the previous year, the report captured notable shifts in market share rankings, with new players making their presence felt.</p>
<p>Avaada and NTPC Renewable topped the list of developers, each with a market share of 14% of the total installed capacity.</p>
<p>Adani Green had a market share of 11%, while Tata Power and Azure had a market of 8% and 4%, respectively.</p>
<p>The top five utility-scale solar developers accounted for almost 52% of the market share.<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/Leading-Utility-Scale-Developers-in-India-CY-2022-Jan-Dec-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-54102 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/Leading-Utility-Scale-Developers-in-India-CY-2022-Jan-Dec-1.png" alt="Leading Utility-Scale Developers in India CY 2022 (Jan-Dec)" width="663" height="486" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/Leading-Utility-Scale-Developers-in-India-CY-2022-Jan-Dec-1.png 663w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/Leading-Utility-Scale-Developers-in-India-CY-2022-Jan-Dec-1-300x220.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/Leading-Utility-Scale-Developers-in-India-CY-2022-Jan-Dec-1-650x476.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/Leading-Utility-Scale-Developers-in-India-CY-2022-Jan-Dec-1-624x457.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/Leading-Utility-Scale-Developers-in-India-CY-2022-Jan-Dec-1-600x440.png 600w" sizes="(max-width: 663px) 100vw, 663px" /></a>Avaada <a href="https://mercomindia.com/avaada-raise-%e2%82%b914-4-billion-through-green-bonds/" target="_blank" rel="noopener">raised</a> green bonds worth ₹14.4 billion (~$192 million) at 6.75% in the Indian capital market. It commissioned around 954 MW of utility-scale solar power projects in 1H.</p>
<p>Avaada Energy was also one of the <a href="https://www.mercomindia.com/sjvn-juniper-tata-sukhbir-avaada-win-msedcls-500-mw-solar-auction" target="_blank" rel="noopener">winners</a> in Maharashtra State Electricity Distribution Company’s (MSEDCL) auction to procure power from 500 MW of grid-connected intrastate solar projects (Phase-VII) on a long-term basis. Avaada quoted ₹2.91 (~$0.037)/kWh for 300 MW but was only awarded 25 MW under the bucket filling method.</p>
<p>Avaada Energy was one of the <a href="https://www.mercomindia.com/ntpc-avaada-winners-msedcls-500-mw-solar-auction" target="_blank" rel="noopener">winners</a> in MSEDCL’s auction to procure power from 500 MW of grid-connected inter or intrastate solar projects (Phase-VIII) on a long-term basis. Avaada Energy quoted ₹2.83 (~$0.035)/kWh for 500 MW but was awarded 300 MW under the bucket filling method.</p>
<p>Avaada’s cumulative installed capacity as of Dec 2022 stood at around 2.7 GW.</p>
<p>NTPC Renewable Energy won MSEDCL’s <a href="https://www.mercomindia.com/ntpc-avaada-winners-msedcls-500-mw-solar-auction" target="_blank" rel="noopener">auction</a> to procure power from 500 MW of grid-connected inter or intrastate solar projects (Phase-VIII) on a long-term basis. NTPC Renewable Energy won 200 MW by quoting ₹2.82 (~$0.035)/kWh.</p>
<p>In July 2022, NTPC Renewable commissioned the country’s largest floating solar project of 100 MW in Ramagundam, Telangana.</p>
<p>NTPC Renewable Energy was one of the <a href="https://www.mercomindia.com/ntpc-sjvn-hinduja-rumsls-phase-ii-300-mw-floating-solar-auction" target="_blank" rel="noopener">winners</a> in Rewa Ultra Mega Solar’s (RUMSL) auction for the 300 MW floating solar park (Phase II) at the Omkareshwar reservoir in Madhya Pradesh, according to Mercom sources. NTPC Renewable won 90 MW at ₹3.69 (~$0.045)/kWh.</p>
<p>NTPC Renewable Energy’s cumulative installed solar capacity as of December 2022 was 2.9 GW.</p>
<p>Adani Green Energy <a href="https://www.mercomindia.com/adani-green-commissions-600-mw-solar-wind-hybrid-power-project-in-rajasthan" target="_blank" rel="noopener">commissioned</a> a 600 MW interstate transmission system (ISTS) connected wind-solar hybrid power project in Jaisalmer, Rajasthan. In May 2022, AGEL <a href="https://mercomindia.com/adani-390-mw-hybrid-project-tariff-%e2%82%b92-69-kwh-commissioned/" target="_blank" rel="noopener">operationalized</a> another hybrid power project with a capacity of 390 MW at Jaisalmer, Rajasthan.</p>
<p>In March, Adani Green Energy <a href="https://mercomindia.com/adani-green-288-million-solar-wind-hybrid-rajasthan/" target="_blank" rel="noopener">raised</a> a $288 million financing facility by extending its construction financing framework to $1.64 billion for its under-construction renewable asset portfolio through agreements signed with lenders.</p>
<p>Adani Green’s cumulative installed capacity of utility-scale solar projects reached 6.5 GW at the end of December 2022.</p>
<p>The report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2023-market-shares-and-profiles" target="_blank" rel="noopener">here</a>.</p>
<p>Also, the  <a href="https://mercomindia.com/product/mercoms-india-solar-market-share-tracker/" target="_blank" rel="noopener">Market Share Tracker</a>, which gives data insights into your competitors and their growth rates on a quarterly basis, is now available.</p>


Avaada, NTPC, Adani Green Top Utility-Scale Solar Developers in 2022

<p><a href="https://www.ntpc.co.in/" target="_blank" rel="noopener noreferrer">NTPC</a>, in its corporate disclosure to the BSE, <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/d78d7de8-fd82-475d-8a3a-899fe6db4372.pdf" target="_blank" rel="noopener noreferrer">declared</a> that it received the approval of NITI Aayog and the Department of Investment and Public Asset Management (DIPAM) to set up a wholly-owned company for its renewable energy business.</p>
<p>The wholly-owned subsidiary- NTPC Renewable Energy Business- will be incorporated under the provisions of the Companies Act, 2013.</p>
<p>The disclosure to start a renewable subsidiary is crucial, even though the state-owned power company is generating 1.1 GW of renewable energy, NTPC has plans to push installations to 32 GW by 2032, which will constitute 24% of its power projects portfolio. According to NTPC’s latest <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/3b75ef9d-14c5-4c2b-9587-0e810c86303a.pdf" target="_blank" rel="noopener noreferrer">investor presentation</a>, 13 renewable stations owned by the company are generating 928 MW, while four renewable stations run by joint ventures and subsidiaries are generating 142 MW.</p>
<p>The government undertaking has also <a href="https://mercomindia.com/ntpc-vendors-ev-charging-stations/">ventured</a> into electric mobility besides its renewable pursuits. Last year, NTPC invited vendors to enlist for the infrastructure development of electric vehicle charging stations.</p>
<p>The new subsidiary would be a shot in the arm for NTPC, which aims to generate 10 GW of renewable power by 2022, and is essential for India’s goal of generating 175 GW of clean energy by the same year.</p>
<p>Notably, the Oil and Natural Gas Corporation (<a href="https://www.ongcindia.com/" target="_blank" rel="noopener noreferrer">ONGC</a>) recently <a href="https://mercomindia.com/ongc-ntpc-set-up-joint-venture/" target="_blank" rel="noopener noreferrer">announced</a> its plans to set up a renewable joint venture company with <a href="https://www.ntpc.co.in/" target="_blank" rel="noopener noreferrer">NTPC Limited</a>. According to the pact, ONGC and NTPC Limited intend to explore and set up offshore wind projects, among other renewable power assets in India and abroad.</p>
<p><a href="https://mercomindia.com/ntpc-floats-epc-tender-solar-rajasthan/" target="_blank" rel="noopener noreferrer">Recently</a>, NTPC invited bids from engineering, procurement, and construction contractors with land for the development of up to 1,070 MW of solar projects in Rajasthan. Besides these, NTPC has also floated a request for proposal (RfS) to <a href="https://mercomindia.com/ntpc-floats-tender-to-acquire-1-gw/" target="_blank" rel="noopener noreferrer">acquire</a> 1 GW of operational solar projects across India.</p>
<p>According to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener noreferrer">India Solar Tracker</a>, NTPC has 875 MW of large-scale solar projects in operation, with about 2.3 GW of capacity currently under development.</p>
<p>Image credit: NTPC</p>


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