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					</table><p>The Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>) will extend Central Financial Assistance (CFA) to real estate developers/promoters only after the submission of an undertaking that the rooftop solar asset supported under the PM Surya Ghar: Muft Bijli Yojana will be handed over to the group housing society/residential welfare association.</p>
<p>The developers/ promoters must submit an undertaking stating that benefits from rooftop solar subsidy will be passed on to the residents through reduced charges/tariffs for the electricity used for common facilities in housing complexes.</p>
<p>The nodal agency, REC, may also notify additional documentary requirements to meet the program guidelines and authenticate the subsidy claimants.</p>
<p>In June 2024, MNRE <a href="https://www.mercomindia.com/operational-guidelines-pm-surya-ghar-program" target="_blank" rel="noopener">issued</a> the operational guidelines for the CFA under the program, which stated that the subsidy support under the PM Surya Ghar program would be extended only if the rooftop solar asset was dedicated to common facilities in group housing complexes and not for use by individual residents.</p>
<p>The national rooftop solar portal will make the necessary changes to incorporate the process flow.</p>
<p>In February 2024, the ministry <a href="https://www.mercomindia.com/mnre-issues-clarification-rooftop-solar-subsidy" target="_blank" rel="noopener">clarified</a> that residential rooftop solar applications submitted before February 13, 2024, will not be eligible for CFA under the PM Surya Ghar program.</p>
<p>The PM Surya Ghar program was announced in February this year with an allocation of ₹750.21 billion (~$8.88 billion). It aims to cover 10 million households with rooftop solar systems by 2026-27.</p>
<p>In September 2024, MNRE <a href="https://www.mercomindia.com/residential-rooftop-solar-projects-with-battery-storage-eligible-for-cfa" target="_blank" rel="noopener">clarified</a> that residential rooftop solar installations with battery storage are also eligible for CFA under the program. It said hybrid inverters could also be installed per provisions issued by the State Electricity Regulatory Commissions for rooftop solar projects.</p>
<p>India <a href="https://www.mercomindia.com/india-rooftop-solar-1h-2024" target="_blank" rel="noopener">added</a> 1.1 GW of rooftop solar capacity in the first half of the 2024 calendar year, which is the highest half-yearly installation to date, according to Mercom India’s newly released Q2 2024 India Rooftop Solar Market Report.</p>


MNRE Sets Terms for Real Estate Developers to Avail CFA Under PM Surya Ghar


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					</table><p>Renewable energy developer <a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a> will raise ₹93.5 billion ($1.1 billion) through preferential issuance of warrants to its promoters, which include <a href="https://www.ardourcapital.com/" target="_blank" rel="noopener">Ardour Investment Holding</a> and <a href="https://www.adanirealty.com/" target="_blank" rel="noopener">Adani Properties</a>, at a share price of ₹1,480.75 (~$17.80) per share.</p>
<p>The company’s board of directors approved the issuance on December 26, 2023, to raise funds to help reduce the company debt and accelerate capital expenditure to achieve the 45 GW renewable capacity target by 2030.</p>
<p>The transaction will see the issuance of 63,143,677 warrants constituting up to 3.833% of the company&#8217;s share capital.</p>
<p>Each warrant will be convertible into or exchangeable for one full paid-up equity share of the company of the face value of ₹10 (~$0.120), which can be exercised in one or more tranches during the first 18 months after the date of allotment.</p>
<p>The issuance is pending approval from regulatory and statutory authorities and company shareholders, who are expected to convene on January 18, 2024, to discuss the same.</p>
<p>The transaction <a href="https://www.mercomindia.com/adani-green-secures-follow-on-funding-1-3-billion" target="_blank" rel="noopener">follows</a> the company’s senior debt facility of $1.36 billion from eight leading international banks earlier this month, taking the total capital raised to $3 billion. The financing is expected to be a key enabler in developing a 2,167 MW renewable energy park in Khavda, Gujarat.</p>
<p>The company has a total of 20.6 GW of pipeline capacity and has secured land of over 200,000 acres, equivalent to over 40 GW of additional capacity in resource-rich areas of the country.</p>
<p>In September 2023, TotalEnergies, a French oil and gas major, <a href="https://www.mercomindia.com/total-300-million-new-5050-joint-venture-adani-green" target="_blank" rel="noopener">announced</a> that it would invest $300 million to form a new 50:50 joint venture with Adani Green Energy. The new joint venture will comprise 1,050 MW of renewable assets, including 300 MW of operational assets, 500 MW of assets under construction, and 250 MW of assets under development with a blend of solar and wind power.</p>
<p>In August, INQ Holdings, a wholly-owned subsidiary of the Qatar Investment Authority, <a href="https://www.mercomindia.com/qatar-investment-authority-shares-adani-green" target="_blank" rel="noopener">acquired</a> a significant stake in Adani Green Energy by purchasing 42.6 million shares for ₹39.2 billion (~$472 million).</p>
<p>Adani Green Energy was ranked second in Mercom Capital’s <a href="https://mercomcapital.com/product/2023-leading-global-large-scale-solar-pv-developers-report/" target="_blank" rel="noopener">Leading Global Large-Scale Solar PV Developers Report</a> released recently. The company also emerged as India&#8217;s leading utility-scale solar project developer during the first half of 2023 in Mercom’s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2023</a>.</p>


Adani Green Promoters to Infuse ₹93.5 Billion to Accelerate Renewable Deployment


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					</table><p>The promoters of India-based wind energy solutions provider <a href="https://www.inoxwind.com/" target="_blank" rel="noopener">Inox Wind</a> have infused ₹6.2 billion (~$75.34 million) into the company to clear its debts, the company said in a BSE filing.</p>
<p>The company&#8217;s Board had approved a proposal to raise up to ₹8 billion (~$97.2 million) funds in August this year by issuing 0.01% non-convertible non-cumulative participating redeemable preference shares on a private placement basis to the promoters&#8217; group.</p>
<p>The company said that it used the funds to clear the advances it received from its parent company Gujarat Fluorochemicals Limited (<a href="https://www.gfl.co.in/" target="_blank" rel="noopener">GFL</a>), to set up wind power capacity.</p>
<p>CEO of Inox Wind, Kailash Tarachandani, said, &#8220;The fund infusion of ₹6.2 billion by promoters along with ₹7.4 billion (~$89.9 million) recently raised through the initial public offering of Inox Wind&#8217;s subsidiary Inox Green Energy Services Limited, will help the company pare down its consolidated interest-bearing liabilities substantially and help improve the profitability of both the operating companies significantly.”</p>
<p>&#8220;The turnaround in the wind sector led by the government&#8217;s initiatives to provide impetus to the sector will augur well in accelerating the company&#8217;s growth,” Tarachandani added.</p>
<p>Further, he said that the fund infusion by the promoters signals a strong conviction and faith that the promoters have in the company, which is equally motivated to deliver on the trust and confidence.</p>
<p>Last month, Inox Wind and its subsidiary Inox Green Energy Services <a href="https://mercomindia.com/inox-wind-inox-green-energy-repay-4-billion-debts/" target="_blank" rel="noopener">repaid</a> loans worth ₹1.61 billion (~$19.56 million) and ₹2.5 billion (~$30.37 million), respectively, as part of a strategic initiative to deleverage the balance sheets. The company cleared the debts to reduce the corporate guarantees given by GFL.</p>
<p>In a bourse filing, the company had stated that both companies were in the process of reducing their debts, with Inox&#8217;s near-term goal being to deleverage all its operating entities.</p>
<p>In August this year, Gujarat-based power company Torrent Power <a href="https://mercomindia.com/torrent-power-acquires-50-mw-wind-inox-green/" target="_blank" rel="noopener">acquired</a> 100% of Wind Two Renergy from Inox&#8217;s subsidiary Inox Green Energy Services for ₹325.1 million (~$3.95 million), representing 100% of the paid-up capital of Wind Two Renergy.</p>


Promoters Infuse ₹6.2 Billion to Help Inox Wind Cut Debt

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