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


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/09/amazon_polly_70366.mp3?version=1726635238">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Power generation, transmission, and distribution company <a href="https://www.torrentpower.com/" target="_blank" rel="noopener">Torrent Power</a> has received a letter of intent from the Maharashtra State Electricity Distribution Company (<a href="https://www.mahadiscom.in/en/home/" target="_blank" rel="noopener">MSEDCL</a>) to procure 1,500 MW/12,000 MWh energy storage capacity from a pumped hydro storage project.</p>
<p>MSEDCL will procure the energy storage capacity for 40 years.</p>
<p>Torrent Power plans to supply the storage capacity from its upcoming pumped hydro storage project in Raigad, Maharashtra. Under the Pumped Hydro Energy Storage Facility Agreement, Torrent will supply MSEDCL with a contracted capacity of 1,500 MW of scheduled discharge of 8 hours (with a maximum continuous 5 hours) per day. MSEDCL will provide the input energy to charge.</p>
<p>The company has identified pumped storage project (PSP) sites in various states and plans to install about 5 to 8 GW of PSP capacity, investing ₹250 billion (~$29.84 billion) to ₹350 billion (~$41.78 billion).</p>
<p>Torrent has an aggregate installed generation capacity of 4.4 GW, comprising 2.7 GW of gas-based capacity, 1.3 GW of renewable capacity, and 362 MW of coal-based capacity. Around 3.1 GW of renewable energy projects are under development.</p>
<p>Torrent Power distributes nearly 30 billion units to over 4.13 million customers in Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Dholera SIR in Gujarat; Union Territory of Dadra and Nagar Haveli and Daman and Diu; Bhiwandi, Shil, Mumbra, and Kalwa in Maharashtra; and Agra in Uttar Pradesh.</p>
<p>In March, Torrent Power <a href="https://www.mercomindia.com/torrent-power-450-mw-hybrid-projects" target="_blank" rel="noopener">won</a> the auction to purchase 300 MW of power from wind-solar hybrid energy projects, with a greenshoe option of up to 150 MW from its distribution unit, quoting ₹3.65 (~$0.044)/kWh.</p>
<p>In June 2023, the company <a href="https://www.mercomindia.com/torrent-6000-hectares-gujarat-renewable-projects" target="_blank" rel="noopener">disclosed</a> plans to achieve a 5 GW renewable energy portfolio over three to five years through inorganic acquisitions and greenfield projects.</p>


Torrent Bags 1.5 GW/12 GWh Pumped Hydro Storage Project from Maharashtra


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/03/amazon_polly_64583.mp3?version=1710942842">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The Maharashtra State Electricity Distribution Company (<a href="https://www.mahadiscom.in/en/home/" target="_blank" rel="noopener">MSEDCL</a>) has issued a request for selection to procure 1,000 MW of energy storage capacity for 40 years from inter or intra-state connected pumped hydro storage projects on a demand basis.</p>
<p>The energy storage projects must have eight hours of discharge capability with a maximum of five hours of continuous discharge.</p>
<p>MSEDCL will make use of the energy storage facility to meet its storage renewable purchase obligations, manage surplus electricity available on the grid, meet electricity demand, manage the intermittency of renewable power, and satisfy the ancillary requirements within the state.</p>
<p>The last day to submit the bids is April 15, 2024. Bids will be opened on the same day.</p>
<p>Bidders must submit a non-refundable document and bid processing fee of ₹10,000 (~$120.33) each. They must also submit an earnest money deposit of ₹500,000 (~$6,016)/ MW of the quoted capacity.</p>
<p>The selected bidders must submit a performance bank guarantee of ₹1.2 million (~$14,439)/MW of the allotted capacity per project within 30 days of receiving the letter of award or signing the energy storage facility agreement (ESFA).</p>
<p>MSEDCL will enter into an ESFA on an annual fixed charges basis with the selected bidders for 40 years.</p>
<p>The developer must commission the project&#8217;s total capacity within 48 months of the effective ESFA date.</p>
<p>The project size must be a minimum of 100 MW. If MSEDCL received a cumulative bid capacity of more than 1,000 MW from technically qualified bidders, it may decide to increase the award capacity to 2,000 MW under the greenshoe option.</p>
<p>MSEDCL will arrange the power required to charge the pumped hydro energy storage project at the delivery point up to the declared cycle loss. It will utilize the energy storage facility on an ‘on demand’ basis during the peak and off-peak hours to meet its power requirement.</p>
<p>The developer must bear the deviation charges for charging and discharging.</p>
<p>Projects that are already commissioned or under construction or not yet commissioned but have surplus capacity available will be considered, provided that the total capacity of these projects is not already accepted under any other central or state programs. Augmentation of already commissioned projects, irrespective of their capacities, will not be considered under this tender.</p>
<p>The projects that are already commissioned must maintain a minimum lifespan of 40 years.</p>
<p>The companies submitting the bids for the tender must be registered under the Companies Act 2013. Limited liability partnership companies are not eligible to participate in the tender.</p>
<p>MSEDCL has proposed to promote only commercially established and operational technologies to minimize the technology risk and achieve timely commissioning of the contracted capacity.</p>
<p>Bidders must have commissioned or operated thermal or hydro generation projects for capacity equivalent to that they quoted for the tender.</p>
<p>They should have commissioned renewable energy projects for a cumulative capacity of 2.5 times the quoted capacity.</p>
<p>Alternatively, they can also present experience in completing engineering, procurement, and construction work in infrastructure projects for power, hydroelectric, water bodies, dams, metro, roads, reservoirs, tunnels, etc., with the total project cost equivalent or more than the amount corresponding to the ₹20 million (~$240,652)/MW of the quoted capacity.</p>
<p>Bidders must have a net worth equal to or greater than ₹15 million (~$180,489)/MW of the cumulative quoted capacity as of the last date of the previous financial year.</p>
<p>Their minimum annual turnover must be ₹10 million (~$120,326) /MW of the quoted capacity during the last financial year or as on the day at least seven days before the bid submission deadline.</p>
<p>They must also demonstrate an internal resource generation capability in the form of profit before depreciation, interest, and taxes for a minimum of ₹2.5 million (~$30,082)/MW of the quoted capacity as of the last date of the previous financial year.</p>
<p>They must present an in-principle sanction letter from their lending institutions or banks, committing a line of credit for a minimum of ₹1.25 million (~$15,042)/MW of the quoted capacity towards meeting the working capital requirement of the quoted project capacity.</p>
<p>Bidders must identify and arrange the project&#8217;s connectivity to the nearest central /state transmission utility point.</p>
<p>They must bear all connectivity charges, General Network Access charges, long-term access charges, scheduling/regional load despatch charges, and losses up to the delivery point.</p>
<p>The conversion loss of the energy storage projects, calculated as the percentage of the energy input to the system that is lost during energy storage and retrieval, must not be more than 25%. The conversion loss must remain constant during the entire term of the contract. The energy storage project developer must demonstrate a minimum roundtrip efficiency of 75% for each charging-discharging cycle.</p>
<p>The minimum availability of the project must be 95%, and in case of a planned shutdown, MSEDCL must be notified at least one month in advance.</p>
<p>Bidders must quote the total storage cost, including component A – Annual Fixed Charges expressed as INR/MW/annum and component B – cycle loss expressed as a percentage.</p>
<p>The total storage cost will be calculated as – Component A + (Component A x Component B).</p>
<p>Recently, MSEDCL <a href="https://www.mercomindia.com/maharashtra-invites-bids-grid-connected-solar-projects" target="_blank" rel="noopener">invited</a> bids for the procurement of power on a long-term basis through a competitive bidding process from 5,000 MW grid-connected solar photovoltaic power projects.</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>


Maharashtra Floats Tender for 1 GW Pumped Hydro Storage Capacity


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/05/amazon_polly_54212.mp3?version=1684730778">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><strong><a href="https://www.mercomindia.com/madhya-pradesh-pumped-hydro-storage-projects" target="_blank" rel="noopener">Rewa Ultra Mega Solar has issued a request for proposal to select a developer for 13.8 GW of pumped hydro storage projects across different sites in the state.</a></strong> The last date to submit the bids is June 7, 2023, and they will be opened on the same day. The bidding document is priced at ₹295,000 (~$3563). The successful bidder must submit a bid security of ₹1 million (~$12,079). The project development fee payable for each site is ₹25,000 (~$302)/ MW of the estimated capacity.</p>
<p><a href="https://www.mercomindia.com/himachal-pradesh-tender-12-mw-solar" target="_blank" rel="noopener"><strong>Himachal Pradesh Power Corporation invited bids for the design, supply, construction, installation, and commissioning of a 12 MW solar power project</strong></a> at Bella Ludhiarchan in the Kangra district of the state. The developer must also oversee the project’s operation and maintenance for 12 years. The last day to submit the bids is June 1, 2023. The bids will be open on the same day. Bidders should submit an earnest money deposit of ₹13.2 million (~$159,434).</p>
<p><a href="https://www.mercomindia.com/maharashtra-allows-%e2%82%b92-90-kwh-solar-power-500-mw-projects" target="_blank" rel="noopener"><strong>The Maharashtra Electricity Regulatory Commission (MERC) approved the tariff of ₹2.90 (~$0.035)/kWh for procuring 500 MW of solar power</strong></a> on a long-term basis from projects developed within the state. The Commission allowed the Maharashtra State Electricity Distribution Company (MSEDCL) to enter into a power purchase agreement with the successful bidder for 25 years.</p>
<p><a href="https://www.mercomindia.com/maharashtra-tariff-150-mw-solar-power" target="_blank" rel="noopener"><strong>MERC also approved MSEDCL’s proposal to procure 150 MW of solar power at ₹3.3 (~$0.040)/kWh from projects under the Mukhyamantri Saur Krishi Vahini Yojana.</strong></a> The Commission has also allowed the solar power procured from these projects to count towards meeting MSEDCL’s solar renewable purchase obligations. MSEDCL had sought approval to adopt a tariff for the long-term procurement of 150 MW solar power from 2 MW to 10 MW capacity projects connected to the distribution network. Initially, MSEDCL had a ceiling tariff of ₹3.30 (~$0.040)/kWh for decentralized projects under MSKVY, which was later revised to ₹3.10 (~$0.038)/kWh.</p>
<p><a href="https://www.mercomindia.com/pfc-tender-evacuate-renewable-energy-karnataka"><strong>PFC Consulting invited bids to develop an interstate transmission system (ISTS) for integration of renewable energy zone</strong></a> (Phase-II) in Koppal-II (Phase A&amp;B) and Gadag-II (Phase A) in Karnataka. The transmission projects will be developed on a build, own, operate, and transfer basis. The last date to submit the bids online is July 17, 2023. Bids will be opened on the same day. Within ten days of the letter of intent, the selected bidder must submit ₹1.26 billion (~$15.25 million) to the nodal agency as a contract performance guarantee.</p>
<p><a href="https://www.mercomindia.com/canadian-solar-q1-net-income-grows" target="_blank" rel="noopener"><strong>Solar module maker Canadian Solar‘s net income surged 809% year-over-year (YoY) to $84 million for the first quarter (Q1) of the financial year 2023</strong></a>, fueled by increased module shipments and improved margins. The module manufacturer’s engineering, procurement, and construction subsidiary CSI Solar shipped 6.1 GW of solar modules to 70 ‘countries in Q1, a 66% rise YoY. The top five markets ranked by shipments were China, Brazil, the U.S., Spain, and Germany. Net revenues for the January-March quarter were up 36% YoY to $1.7 billion. The increase was mainly driven by a significant increase in solar module shipments, partially offset by lower module ASPs and lower revenues from utility-scale battery storage solutions and project sales due to the timing of projects.</p>
<p><a href="https://www.mercomindia.com/corporates-decarbonization-efforts-favorable-regulations-interview" target="_blank" rel="noopener"><strong>The recent policy tweaks enacted by the government, mainly the exemption on fees for wheeling electricity across state borders and General Network Access rules, have fueled the decarbonization efforts by corporates</strong></a>, making them commercially viable, Nishit Mehta, Chief Business Development Officer, Serentica Renewables, said on the sidelines of the <a href="https://www.mercomindia.com/funding-for-electrolyzer-rd-key-to-indias-green-hydrogen-efforts" target="_blank" rel="noopener">Mercom India Renewables Summit 2023</a>. Mehta listed delays in land acquisition and grid connectivity as the most pressing problems for renewable developers.</p>
<p><a href="https://www.mercomindia.com/floating-solar-appealing-interview" target="_blank" rel="noopener"><strong>To achieve India’s national targets for solar capacity additions, alternatives such as the floating solar need to be explored and established, considering their lower levelized cost of electricity</strong></a> (LCOE) and operation and maintenance costs, which is further complemented by easier deployment, Deepak Ushadevi – MD &amp; CEO – Ciel &amp; Terre India, said in an interview on the sidelines of the <a href="https://www.mercomindia.com/india-urgency-meet-clean-energy-transition-targets" target="_blank" rel="noopener">Mercom India Renewables Summit 2023</a>. He added that the extra 5-7% generation from floating solar due to panel cooling also reduces the LCOE.</p>
<p><strong><a href="https://www.mercomindia.com/iit-madras-finds-redox-flow-batteries-capabilities" target="_blank" rel="noopener">Researchers at the Indian Institute of Technology (IIT Madras) have said that all-organic redox flow batteries (NORFBs) could achieve enhanced energy density, stability, and solubility by introducing</a></strong> pyrylium salt into the mix. This development could pave the way for cleaner and more efficient grid energy storage systems. The team’s research focuses on non-aqueous all-organic redox flow batteries (NORFBs), which have gained significant interest due to their environmental friendliness and higher energy density than aqueous batteries.</p>


Daily News Wrap-Up: RUMSL’s Tender for 13.8 GW of Pumped Hydro Storage Projects


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/05/amazon_polly_54198.mp3?version=1684734812">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Rewa Ultra Mega Solar (<a href="https://rumsl.mp.gov.in/" target="_blank" rel="noopener">RUMSL</a>), a joint venture of the Madhya Pradesh Urja Vikas Nigam (<a href="http://mprenewable.nic.in/" target="_blank" rel="noopener">MPUVNL</a>)and Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>), has issued a request for proposal to select a developer for 13.8 GW of pumped hydro storage projects across different sites in the state.</p>
<p>The last date to submit the bids is June 7, 2023, and they will be opened on the same day.</p>
<p>The bidding document is priced at ₹295,000 (~$3563).</p>
<p>The successful bidder must submit a bid security of ₹1 million (~$12,079).</p>
<p>The project development fee payable for each site is ₹25,000 (~$302)/ MW of the estimated capacity.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-54199 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/Picture1-3.png" alt="" width="338" height="368" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/Picture1-3.png 338w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/Picture1-3-276x300.png 276w" sizes="(max-width: 338px) 100vw, 338px" /></p>
<p>The bidder must furnish a performance bank guarantee of ₹200,000 (~$2415.5)/MW.</p>
<p>Bidders are required to quote pumped hydro storage charges of more than ₹0.10 (~$0.0012) per unit.</p>
<p>The minimum net worth of the bidder must be ₹13 million (~$157,016) per MW of the indicated capacity during the last three financial years.</p>
<p>The bidder must have experience of executing or operating a power generation project of capacity equivalent to 25% of the total estimated potential of the site under the bid or 500 MW— whichever is lower, in the last 10 years.</p>
<p>In a condition where two or more bidders quote the highest charges for a site, the one quoting the highest capacity in MW for the particular site will be selected.</p>
<p>Technical experience in terms of prior execution of power generation projects will also be considered for selection.</p>
<p>The tender document said that Madhya Pradesh has a significant potential of 11.2 GW for pumped hydro storage projects, which can be further increased by developing off-river closed-loop pumped storage projects and retrofitting existing hydropower projects.</p>
<p>Earlier in this month, the state <a href="https://www.mercomindia.com/madhya-pradesh-guidelines-pumped-hydro" target="_blank" rel="noopener">released</a> guidelines to promote the development of pumped hydro storage projects in the region. These guidelines clarify the methods for allotment of project sites, tax waivers, and project completion timelines.</p>
<p>Also in January, Greenko Group said it will <a href="https://www.mercomindia.com/greenko-%e2%82%b9100-billion-pumped-hydro-storage-madhya-pradesh" target="_blank" rel="noopener">invest</a> ₹100 billion (~$1.2 billion) in setting up a pumped storage project in the Neemuch district of Madhya Pradesh. The company said the daily storage capacity of the pumped hydro storage would be 11 GWh.</p>


pumped-hydro-storage

Get the most relevant India solar and clean energy news.

RECENT POSTS