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Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO


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					</table><p>Power Grid Corporation of India (<a href="https://www.powergrid.in/en/powergrid-energy-services-limited" target="_blank" rel="noopener">POWERGRID</a>) has invited bids for the supply, installation, testing, and commissioning of a 1 MW and a 600 kW grid-connected ground-mounted solar power projects at Agra and Ballia substations of Northern Region-III, respectively.</p>
<p>The last date to submit the bids is August 23, 2024. Bids will be opened on the same day.</p>
<p>The project must be completed within six months. The developer will be responsible for the operations and maintenance of the projects for five years.</p>
<p>Bidders must submit an earnest money deposit of ₹1.4 million (~$16,688.14).</p>
<p>Bidders seeking EMD exemption must submit a valid supporting document for the relevant category with the bid. Under the MSE category, only manufacturers of goods and service providers are eligible for exemption from EMD.</p>
<p>The bidders&#8217; scope of work would include design, engineering, manufacture, testing, supply, transportation and insurance, unloading, storage, erection, testing, and commissioning of the equipment and items. The equipment will be procured and supplied from domestic manufacturers only, with a minimum local content of 50% for individual items, as indicated for solar modules and inverters.</p>
<p>Bidders must coordinate and obtain the electrical inspector&#8217;s clearance before commissioning.</p>
<p>They should have:</p>
<ul>
<li>supplied, installed, and commissioned a grid-connected ground-mounted solar project with a capacity of at least 3.2 MW in a PSU/government organization, state, or private organization in the last five years. The project should have been operated for at least two years prior to the originally scheduled bid submission date.</li>
<li>supplied, installed, and commissioned at least one grid-connected ground-mounted solar project with a capacity of not less than 500 kW in a PSU, government organization, state, or private organization. The project should have been commissioned at least six months before the originally scheduled bid submission date.</li>
</ul>
<p>The Power Grid Energy Services (<a href="https://www.powergrid.in/en/powergrid-energy-services-limited" target="_blank" rel="noopener">PESL</a>), a subsidiary of POWERGRID, recently <a href="https://www.mercomindia.com/pesl-issues-tender-for-residential-rooftop-solar" target="_blank" rel="noopener">issued</a> a tender to empanel channel partners to install residential rooftop solar systems in Ladakh, Lakshadweep, Puducherry, and Odisha under the PM Surya Ghar: Muft Bijli Yojana.</p>
<p>In April 2023, PESL <a href="https://www.mercomindia.com/powergrid-tender-85-mw-solar-project-madhya-pradesh" target="_blank" rel="noopener">invited</a> bids to install and commission an 85 MW solar power project at Nagda in Madhya 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 real-time tender activity.</p>


POWERGRID Invites Bids for 1.6 MW Solar Power Projects


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					</table><p><a href="https://www.mercomindia.com/north-western-railway-floats-tender-for-2-74-mw-rooftop-solar-systems" target="_blank" rel="noopener">North Western Railway has issued a tender for a cumulative capacity of 2.748 MW of grid-connected rooftop solar systems</a> at platform shelters and station buildings in Jaipur. The last date to submit the bids is August 23, 2024. Bids will be opened on the same day. The project must be completed in six months. The tender has been floated in two packages —1,515 kW and 1,233 kW for an estimated value of ₹113.53 million (~$1.35 million). Bidders must pay an earnest money deposit of ₹717,700 (~$8,560.52).</p>
<p><a href="https://www.mercomindia.com/pesl-issues-tender-for-residential-rooftop-solar" target="_blank" rel="noopener">The PowerGrid Energy Services (PESL), a subsidiary of Power Grid Corporation of India, has invited bids to empanel channel partners</a> for rate contracts to install residential rooftop solar systems in Ladakh, Lakshadweep, Puducherry, and Odisha under the PM Surya Ghar: Muft Bijli Yojana. The last date to submit bids is August 31, 2024. Bids will be opened on September 2. Bidders must furnish an earnest money deposit of ₹320000 ($3,816). The scope of the work covers PESL working with channel partners to connect with EPC vendors and distribution companies to complete the installation of the rooftop solar systems. The channel partners will also act as aggregators in states/Union Territories and tie up with EPC vendors to complete the project.</p>
<p><a href="https://www.mercomindia.com/adani-energy-solutions-via-qip-route" target="_blank" rel="noopener">Adani Energy Solutions (AESL) has raised ₹83.73 billion (~$1 billion) through a qualified institutional placement (QIP).</a> The proceeds from the QIP will be utilized for investment in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes. The QIP represents AESL’s first equity raise in the capital market since its demerger and listing from Adani Enterprises in July 2015. The transaction was launched on July 30, 2024, with a base deal size of ₹58.61 billion ($700 million) and included a greenshoe option to size up to ₹83.73 billion ($1 billion).</p>
<p><a href="https://www.mercomindia.com/amara-raja-energy-mobilitys-2025" target="_blank" rel="noopener">Battery manufacturer Amara Raja Energy &amp; Mobility has announced a profit before tax of ₹3.29 billion (~$39.1 million)</a> for the first quarter of the financial year FY 2025, up 23% year-over-year (YoY) from ₹2.66 billion (~$31.6 million). For the quarter ending June 30, the company reported revenue from operations amounting to ₹31.31 billion (~$372.9 million), an increase of 12.9% YoY from ₹27.71 billion (~$330 million). Strong volumes in the automotive aftermarket, OEMs, and export markets drove the revenue growth.</p>
<p><a href="https://www.mercomindia.com/nextrackers-net-income-as-global-demand-grows" target="_blank" rel="noopener">Solar tracker firm Nextracker has recorded a net income of $139 million, a 95% year-over-year (YoY) increase compared</a> to $71 million for the first quarter (Q1) of the financial year 2025, reflecting significant growth across various metrics. The company reported a 50% YoY increase in revenue, reaching $720 million for Q1 FY25. This marks the sixth consecutive quarter of double-digit revenue growth, driven by healthy demand in both U.S. and international markets. The company achieved a record-adjusted EBITDA of $175 million, an increase of 108% YoY from $84 million, underscoring its operational efficiency and profitability.</p>
<p><a href="https://www.mercomindia.com/iex-july-2024" target="_blank" rel="noopener">The Indian Energy Exchange traded its highest monthly green energy volume of 989.6 MU million units (MU) in July 2024</a>, a 259% year-over-year (YoY) increase from 275.4 MU. The weighted average Green Day-Ahead Market (G-DAM) price was ₹4.34 (~$0.052)/kWh. G-DAM cleared volume recorded an all-time high of 50 MU on July 28. The Exchange achieved the highest monthly total volume (including certificates) of 13,250 MU in July 2024, marking a 56% YoY increase. According to government data published in July 2024, the country’s energy consumption reached 145.4 BUs, representing a 4% increase YoY.</p>
<p><a href="https://www.mercomindia.com/uk-increases-renewable-energy-auction-budget-to-1-5-billion" target="_blank" rel="noopener">The budget for the UK’s sixth renewable energy Contracts for Difference (CfD) Allocation Round (AR6) has been increased</a> by 51.71% to £1.555 billion (~$1.91 billion) from £1.025 billion (~$1.30 billion) allocated in March 2024. The AR6 will be valid for five years, from financial years 2026 to 2031. The funding aims to accelerate the delivery of clean, affordable, low-carbon electricity to families and businesses from renewable energy technologies such as wind turbines and solar panels. The industry will now bid for a share of the funding through the government’s sixth renewable auction—the CfD program.</p>


Daily News Wrap-Up: North Western Railway Issues 2.7 MW Rooftop Solar Tender


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					</table><p>The Power Grid Energy Services <a href="https://www.powergrid.in/en/powergrid-energy-services-limited" target="_blank" rel="noopener">(PGESL</a>), a subsidiary of Power Grid Corporation of India <a href="https://www.powergrid.in/en/powergrid-energy-services-limited" target="_blank" rel="noopener">(POWERGRID),</a> has invited bids to empanel channel partners for rate contracts to install residential rooftop solar systems in Ladakh, Lakshadweep, Puducherry, and Odisha under the PM Surya Ghar: Muft Bijli Yojana.</p>
<p>The last date to submit bids is August 31, 2024. Bids will be opened on September 2.</p>
<p>Bidders must furnish an earnest money deposit of ₹320000 ($3,816).</p>
<p>The scope of the work covers PESL working with channel partners to connect with EPC vendors and distribution companies to complete the installation of the rooftop solar systems. The channel partners will also act as aggregators in states/Union Territories and tie up with EPC vendors to complete the project. The channel partners will be responsible for the maintenance of the rooftop solar systems for five years from their commissioning or start of net metering.</p>
<p>The quoted price per kW in the bid price schedule will be considered for the rooftop solar system with a capacity range of 1-2 kW. For systems of capacity above 2 kW, the price will be considered 0.9 times the quoted price.</p>
<p>The vendors should have installed at least five rooftop solar systems after March 31, 2023.</p>
<p>By 2025, under PM Surya Ghar: Muft Bijli Yojana, the MNRE plans to <a href="https://www.mercomindia.com/pm-surya-ghar-government-buildings" target="_blank" rel="noopener">install</a> rooftop solar systems on all central and state government buildings. With an outlay of ₹750 million (~$8.97 million), the initiative aims to empower and increase solar residential capacity.</p>
<p>According to  Mercom India Research’s <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q4-2023" target="_blank" rel="noopener">2023 Q4 &amp; Annual Mercom India Rooftop Solar Market Report</a>, India installed 1.7 GW of rooftop solar capacity in 2023, the second-highest annual installation numbers on record.</p>
<p>In April 2023, PESL <a href="https://www.mercomindia.com/powergrid-tender-85-mw-solar-project-madhya-pradesh" target="_blank" rel="noopener">invited</a> bids to install and commission an 85 MW solar power project at Nagda in the Ujjain district of Madhya Pradesh.</p>
<p>Subscribe to Mercom&#8217;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 real-time tender activity.</p>


PESL Issues Empanelment Tender for Residential Rooftop Solar Systems

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