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					</table><p>The Central Electricity Authority (CEA) <a href="https://www.mercomindia.com/cea-approves-detailed-project-reports-for-7-5-gw-pumped-storage-projects" target="_blank" rel="noopener">greenlighted</a> Detailed Project Reports (DPRs) of six pumped hydro storage projects (PSPs) with a total capacity of 7.5 GW. The DPRs were approved for the Upper Indravati (600 MW) in Odisha, Sharavathy (2,000 MW) in Karnataka, Bhivpuri (1,000 MW) in Maharashtra, Bhavali (1,500 MW) in Maharashtra, MP-30 (1,920 MW) in Madhya Pradesh, and Chitravathi (500 MW) project in Andhra Pradesh were approved. The CEA has set a target to approve a minimum of 13 PSPs of about 22 GW during 2025-26. Most of these PSPs are targeted to be commissioned in four years and, at the latest, by 2030.</p>
<p>To understand how the savings in electricity bills from installing solar can <a href="https://www.mercomindia.com/solar-a-force-multiplier-agro-foundry-reaps-benefits-of-reinvesting-savings" target="_blank" rel="noopener">have</a> a multiplier effect if reinvested intelligently, there is a classic example in the experience of an agro foundry in Karnal, Haryana. Back in 2020, Universal Steel Discs, which manufactures agricultural implements like harrow discs, cultivators, and ploughs, opted to go solar by installing a 280 kW rooftop solar system. Currently, the company has a cumulative 1,530 kW solar installation, over five times the capacity of the first system, and is on the cusp of achieving energy neutrality.</p>
<p>Kolkata-based solar cell manufacturer and solar solutions provider Jupiter International <a href="https://www.mercomindia.com/jupiter-secures-%E2%82%B95-billion-for-solar-cell-and-module-manufacturing-expansion" target="_blank" rel="noopener">secured</a> a ₹5 billion (~$58.07 million) investment from ValueQuest SCALE Fund. The investment will be utilized to expand its manufacturing capacity. The company has a 1 GW facility in Baddi, Himachal Pradesh. It plans to expand its total manufacturing capacity to 5.6 GW of solar cells and 2.4 GW of solar modules. The present funding round and internal accruals will support its ongoing capital expenditure program.</p>
<p>Waaree Energies <a href="https://www.mercomindia.com/waaree-to-double-texas-solar-module-manufacturing-plant-capacity-to-3-2-gw" target="_blank" rel="noopener">announced</a> an expansion of its solar module manufacturing operations in the U.S. The company will set up an additional 1.6 GW capacity solar module manufacturing unit at its existing facility in Brookshire, Texas. With this move, Waaree’s total manufacturing capacity in the U.S. will increase to 3.2 GW. The company’s Board of Directors has approved the expansion as a part of its broader strategic plan to strengthen its position in the American market.</p>
<p>Electrical equipment manufacturer Havells <a href="https://www.mercomindia.com/havells-invests-%E2%82%B96-billion-in-module-manufacturer-goldi-solar" target="_blank" rel="noopener">announced</a> it will invest ₹6 billion (~$69.9 million) for an equity stake of between 8.9% and 9.24% in solar component manufacturer Goldi Solar. The investment will help Havells source solar modules and cells from Goldi Solar, Havells said in a BSE filing. The transaction is expected to be completed by June 30, 2025. The transaction will have to be approved by the Competition Commission of India.</p>


Daily News Wrap-Up: CEA Approves DPRs of 7.5 GW Pumped Storage Projects


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					</table><p>The Central Electricity Authority (<a href="https://cea.nic.in/?lang=en" target="_blank" rel="noopener">CEA</a>) has greenlighted Detailed Project Reports (DPRs) of six pumped hydro storage projects (PSPs) with a total capacity of 7.5 GW.</p>
<p>The DPRs for the following projects were approved:</p>
<ul>
<li>Upper Indravati (600 MW) in Odisha</li>
<li>Sharavathy (2,000 MW) in Karnataka</li>
<li>Bhivpuri (1,000 MW) in Maharashtra</li>
<li>Bhavali (1,500 MW) in Maharashtra</li>
<li>MP-30 (1,920 MW) in Madhya Pradesh</li>
<li>Chitravathi (500 MW) in Andhra Pradesh</li>
</ul>
<p>The DPRs were approved in fast-track mode by the appraising organizations, the Central Water Commission, the Geological Survey of India, and the Central Soil and Materials Research Station.</p>
<p>The CEA has set a target to approve a minimum of 13 PSPs of about 22 GW during 2025-26. Most of these PSPs are targeted to be commissioned in four years and, at the latest, by 2030.</p>
<p>Considering the self-identified PSPs from the private sector, the PSP potential in the country has crossed 200 GW, increasing almost every month.</p>
<p>Currently, the country has an operational PSP capacity of 3.5 GW. Two PSPs of around 3 GW will be commissioned this year, and around 50 GW PSPs will be commissioned by 2032.</p>
<p>Eight projects of 10 GW are under construction, and DPRs have been approved for three projects of around 3 GW.</p>
<p>In addition to this, 49 projects of 66 GW are under survey and investigation. All these DPRs are expected to be finalized by the developers in two years.</p>
<p>The CEA approval was facilitated by the appraisal process through the Jalvi Store portal.</p>
<p>In February 2025, the Ministry of Power <a href="https://www.mercomindia.com/guidelines-pumped-storage-projects" target="_blank" rel="noopener">issued</a> new tariff-based competitive bidding guidelines to procure stored energy from existing, under-construction, or new PSPs.</p>
<p>In October 2024, the Ministry <a href="https://www.mercomindia.com/guidelines-pumped-storage-projects" target="_blank" rel="noopener">modified</a> the provision of budgetary support for hydroelectric and PSPs with a total outlay of ₹124.6 billion (~$1.48 billion). The ministry will support projects with a cumulative hydroelectric capacity of 31 GW, including 15 GW of PSP capacity from the financial year 2024-25 to 2031-32.</p>


CEA Approves Detailed Project Reports for 7.5 GW Pumped Storage Projects


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					</table><p>Until recently, large-scale energy storage was barely a consideration in the Middle East, where fossil fuels have long dominated power generation. With renewable energy projects expanding across the region, energy storage has started gaining traction.</p>
<p>Unlike Europe, North America, and Asia, where renewable energy and storage technologies are well-established, the Middle East remains in the early stages of development. Currently, only a few companies have invested in battery energy storage systems (BESS). However, this is expected to change significantly as the renewables sector in the region continues to grow.</p>
<p>The region’s installed renewable energy capacity reached 32 GW in 2023 and is expected to approach 40 GW by year-end. By 2030, it is projected to grow to 180 GW, reflecting a compounded annual growth rate of 30%, according to the <a href="https://www.worldfutureenergysummit.com/content/dam/sitebuilder/rxae/worldfutureenergysummit/docs/MESIA-Solar-Outlook-Report-2024.pdf.coredownload.133677983.pdf" target="_blank" rel="noopener">Middle East Solar Industry Association.</a></p>
<p>Five out of the region’s twelve countries have announced net-zero targets, with the UAE and Oman aiming for 2050 and Saudi Arabia, Bahrain, and Kuwait targeting 2060. The UAE has also pledged to reduce emissions by 19% from 2019 levels by 2030 and committed $30 billion to climate-focused investments unveiled at COP28.</p>
<p>However, the growing scale of renewables in MENA’s energy mix has exposed grid operators to the challenges of the “duck curve,” a pattern where solar generation peaks during the day but demand surges in the evening. Without sufficient storage, this imbalance leads to wasted energy and puts pressure on traditional power projects to meet peak demand.</p>
<p>To flatten the duck curve and reduce curtailment, utilities have found it necessary to introduce flexibility into the grid by deploying BESS to store surplus electricity for later use. Besides providing storage, BESS enables capacity firming, energy arbitrage, frequency regulation, and other ancillary services that improve grid resilience and efficiency.</p>
<p>Saudi Arabia already has an operational capacity of 2.1 GW solar PV, and 5.3 GW is under development, with commissioning expected this year, according to Blackridge Research and Consulting. Last month, the country prequalified 33 companies for the first group of BESS projects with a total energy storage capacity of 8 gigawatt-hours (GWh).</p>
<p>Flagship projects like NEOM’s Green Hydrogen project are also driving these ambitions. NEOM is implementing a 536 MW/600 MWh BESS facility to achieve 100% renewable energy dependency. Other high-profile projects include ACWA Power’s 1,300 GWh BESS for the Red Sea Project and EDF’s 160 MW/760 MWh BESS for Amaala.</p>
<p>As the main off-takers, government-owned entities are also driving the adoption of BESS across the region. In Saudi Arabia, the Saudi Electricity Company (SEC) recently awarded a 7.8 GWh BESS contract to Al Gihaz using Sungrow technology, with commissioning slated for 2025. SEC is also planning a 12.5 GWh tender across five sites by the end of 2024.</p>
<p>The Saudi Power Procurement Company aims to deploy 10 GW/40 GWh of standalone BESS capacity by 2030 through annual tenders of 2 GW/8 GWh starting in 2024. In the UAE, the Emirates Water and Electricity Company (EWEC) issued a request for proposals for a 400 MW/400 MWh standalone BESS project in mid-2024.</p>
<p>Oman is also boosting energy storage with plans to add BESS to the 500 MW Ibri III Solar IPP, which is now in the early procurement stage. In 2025, Petroleum Development Oman is expected to launch the 100 MW North Solar Storage PV plant, featuring the country’s first lithium-ion battery system to ensure energy transmission beyond daylight hours with a 100 MW peak capacity.</p>
<p>In Egypt, AMEA Power recently signed power purchase agreements to develop the nation’s first utility-scale BESS project, a 300 MWh system. The BESS project is an addition to the 500 MW Abydos solar PV project under construction.</p>
<p>Meanwhile, UAE’s EWEC has recommended deploying 300 MW/300 MWh of BESS capacity within the next three years.</p>
<p>While the demand for energy storage is growing, the technology has existed in other forms for years. Known for its scalability and reliability, pumped hydro storage (PHS) remains the dominant technology, representing 55% of the region’s capacity. Morocco leads the region with two flagship projects: a 350 MW/2,800 MWh facility in Agadir and a 465 MW/3,720 MWh plant in Afourer.</p>
<p>In the UAE, DEWA is <a href="https://www.mercomindia.com/dubais-250-mw-project-to-begin-trials-in-q1-2025" target="_blank" rel="noopener">building</a> a 250 MW pumped hydro storage project in Hatta, set to be the first in the GCC by 2024.</p>
<p>France-based energy company EDF has <a href="https://www.mercomindia.com/edf-5-gw-pumped-hydro-storage-project-uae" target="_blank" rel="noopener">announced</a> plans to explore the development of a 5 GW pumped hydro storage facility in Ras Al Khaimah, UAE. The proposed facility is designed to store energy for up to 12 hours.</p>
<p>The MENA region is also home to a number of Concentrated Solar Power (CSP) plants that offer cost-effective, utility-scale thermal storage. Dubai’s Noor Energy 1, a 950 MW hybrid CSP and PV plant, is the world’s largest single-site hybrid solar project. Morocco’s 200 MW Noor II Ouarzazate CSP includes seven hours of thermal energy storage.</p>
<p>While PHS and CSP will continue to play a major role in MENA’s energy transition, their limitations are driving the region toward more modular and scalable battery technologies. Batteries offer greater flexibility and are better aligned with the region’s goal to rapidly scale renewable energy.</p>
<p>The choice of energy storage technology in MENA often depends on various factors, such as site location, grid requirements, regulatory frameworks, and cost considerations. Currently, most operational projects in the region focus on 10-hour storage, reflecting a global trend where this segment accounts for 90% of installed capacity.</p>
<p>Technologies like NaS, Li-Ion, and flow batteries show that they are ideal for short- to medium-term applications, balancing cost and performance. Projects like Jordan’s 23 MW Al Badiya Solar-Plus-Storage plant showcase how Li-Ion technology is reshaping energy storage across MENA.</p>
<p>However, Li-Ion batteries face challenges in MENA’s extreme climate conditions, where high temperatures can reduce efficiency. This has sparked interest in alternative battery technologies, such as vanadium flow batteries. Though still in pilot stages, like the 0.13 MW/0.50 MWh project at Morocco’s Nour plant, flow batteries promise longer storage durations and lower degradation, making them a viable option for specific applications.</p>
<p>The rise of data centers driven by AI and cloud computing is also accelerating the demand for long-duration energy storage (LDES) in MENA, according to a <a href="https://www.bcg.com/publications/2024/unlocking-potential-of-long-duration-energy-storage-in-gcc" target="_blank" rel="noopener">BCG</a> report. LDES technologies are cost-competitive for longer durations and can decouple energy and capacity. This makes them ideal for intraday, multi-day, and seasonal grid-scale storage. As the region’s power mix becomes more reliant on intermittent renewable energy, LDES is expected to play a crucial role in meeting the growing demand for energy storage lasting 6-8+ hours.</p>
<p>Despite the clear need for energy storage, there are concerns over whether investors are willing to back BESS in this emerging market. High costs and reduced efficiency in hot climates challenge Li-Ion batteries, driving the search for better alternatives.</p>
<p>To promote energy storage growth in MENA, industry analysts advocate for policy changes to remove financial, regulatory, and market barriers. The current single-buyer model, which focuses on generation investment, fails to incentivize energy storage.</p>
<p>Additionally, renewable energy auctions often overlook the revenue potential of BESS. Experts suggest defining energy storage as a distinct asset class, implementing regulatory frameworks with clear targets, and adjusting net-metering schemes.</p>
<p>A report by <a href="https://www.apicorp.org/wp-content/uploads/2021/12/Leveraging_Energy_Storage_in_MENA_EN_FINAL.pdf" target="_blank" rel="noopener">Arab Petroleum Investments Corporation </a>recommends establishing a MENA Energy Storage Alliance, supported by public-private partnerships, and offering financial incentives like tax benefits and green financing to attract private sector investments. Time-of-use tariffs and renewable-plus-storage auctions can optimize energy storage’s economic and operational benefits while prioritizing utility-scale applications for seamless renewable energy integration.</p>


Scaling Energy Storage in the MENA Region Amidst Renewables Boom


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					</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


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					</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


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					</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


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					</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>


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