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

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					</table><a href="https://www.mercomindia.com/indias-solar-open-access-in-1h-2024" target="_blank" rel="noopener">India added 3.6 GW of solar open access capacity in the first half (1H) of 2024, a 153% increase</a> from the 1.4 GW installed during the same period in 2023, according to the <a href="https://www.mercomindia.com/product/q2-2024-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">Q2 2024 Mercom India Solar Open Access Market Report</a>. The capacity added in the first half of this year exceeded the total annual installations of any previous year. This growth was driven by the availability of low-cost solar modules imported in earlier quarters. In the second quarter of 2024, India added nearly 1.8 GW of solar open access capacity, a slight decrease of 2.5% compared to the more than 1.8 GW installed in Q1 2024.
<a href="https://www.mercomindia.com/average-cost-of-large-scale-solar-projects-dropped" target="_blank" rel="noopener">The average cost of large-scale solar projects in India fell 2% quarter-over-quarter (QoQ)</a> and 25.7% year-over-year in the second quarter (Q2) of 2024. Since Q1 2023, large-scale solar project costs have dropped for six straight quarters, with an average fall of 6% per quarter. In Q2 2024, the fall in project costs was primarily driven by the fall in module prices. Module costs accounted for 46.8% of the solar project cost in the quarter and witnessed a 3.6% per MW drop QoQ. The findings were published in Mercom India Research’s recently released <a href="https://www.mercomindia.com/product/q2-2024-india-solar-market-update" target="_blank" rel="noopener">Q2 2024 India Solar Market Quarterly Update.</a>
<a href="https://www.mercomindia.com/the-growing-market-for-solar-open-access-in-uttar-pradesh" target="_blank" rel="noopener">Uttar Pradesh recorded the highest quarter-over-quarter (QoQ) growth rate of 4,042% in solar open</a> access installations in the second quarter (Q2) of 2024, according to Mercom’s <a href="https://www.mercomindia.com/product/q2-2024-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">Q2 2024 India Solar Open Access Market Report</a>. In Q2 of 2024, about 1.8 GW of solar open access capacity was added in the country, a marginal 2.5% drop QoQ and up nearly 152% year over year. Uttar Pradesh ranked third for capacity additions in the quarter, and the installations were up 263.7% compared to the same quarter of the previous year.
<a href="https://www.mercomindia.com/demand-for-silver-rising-as-india-ramps-up-solar-cell-production" target="_blank" rel="noopener">India imported more silver in the first four months of 2024 than it did in the whole of last year</a>, and according to data from Silver Academy, it is set to double again. The country imported 4,172 metric tons of silver between January and April 2024, surpassing 3,625 metric tons for all of 2023. This increase is driven by rising solar cell and module manufacturing, tightening global supply, and investor interest.
<a href="https://www.mercomindia.com/economic-upsides-and-hybrid-power-projects" target="_blank" rel="noopener">The scarcity of suitable sites, geographic and environmental constraints, regulatory complexities</a>, and high land acquisition costs pose significant barriers to the growth of wind-solar hybrid power projects. However, the economic benefits of co-located wind and solar hybrid power projects far transcend the challenges with their ability to optimally use the transmission infrastructure. The Indian government has recognized the potential of hybrid power projects and has implemented the National Wind-Solar Hybrid Policy.
<a href="https://www.mercomindia.com/renewable-energy-developers-in-limbo" target="_blank" rel="noopener">Amid surging demand for renewable energy in India, delays in finalizing Power Sale Agreements</a> and Power Purchase Agreements are creating significant obstacles for developers and policymakers alike. In April 2023, the Ministry of New &amp; Renewable Energy introduced an agency-wise bidding calendar for Renewable Energy Implementing Agencies — Solar Energy Corporation of India, NTPC, NHPC, and SJVN — aiming to roll out 50 GW of renewable energy projects annually through FY 2027-28.
<a href="https://www.mercomindia.com/solar-power-developers-show-concern-over-low-quality-domestic-modules" target="_blank" rel="noopener">The pace of energy transition is contingent on the steady supply of components necessary</a> for project development. Solar is a major component in India’s goal to install 500 GW of non-fossil fuel-based energy capacity by 2030. However, the government’s push to deploy locally manufactured modules for solar projects has created bottlenecks and could jeopardize the growth rate in capacity additions. In the first half of the calendar year 2024, solar projects totaling 14.9 GW were added in India, topping all previous half-yearly and annual installations.
<a href="https://www.mercomindia.com/indias-solar-cell-and-module-imports-drop-sharply-in-q2-2024" target="_blank" rel="noopener">India imported solar cells and modules worth over $774.9 million (~₹64.6 billion) in the</a> second quarter (Q2) of the calendar year 2024, down 16.4% year-over-year (YoY), according to data from the Department of Commerce. Solar modules accounted for 55% of the quarter’s imports, and solar cells 45%. In a quarter-over-quarter (QoQ) comparison, solar module and cell imports dropped by 61.4% from over $2 billion (~₹166.9 billion).
<a href="https://www.mercomindia.com/navratna-status-to-seci-sjvn-and-nhpc" target="_blank" rel="noopener">Three government-owned renewable energy agencies, Solar Energy Corporation of India</a> (SECI), SJVN, and NHPC, have been conferred ‘Navratna’ status by the government, which gives them more financial and operational autonomy. Navratna companies can invest up to ₹10 billion (~$117 million) without seeking approval from the Union government. They can also invest up to 15% of their net worth on a single project or 30% in a year, capped at ₹10 billion (~$117 million).
<a href="https://www.mercomindia.com/gujarat-tariff-wind-projects-2027" target="_blank" rel="noopener">The Gujarat Electricity Regulatory Commission has set a levelized tariff of ₹2.84 (~$0.034)/kWh</a> for wind power projects with capacities below 10 MW commissioned between June 6, 2022, and March 31, 2027. This decision follows the revised competitive bidding guidelines issued by the Ministry of Power, which set the threshold for wind power projects to participate in the competitive bidding process at 10 MW.
<a href="https://www.mercomindia.com/gerc-sets-levelized-tariff-of-%E2%82%B92-76-kwh-for-solar-projects-below-5-mw" target="_blank" rel="noopener">The Gujarat Electricity Regulatory Commission has set a levelized tariff of ₹2.76 (~$0.03)/kWh</a> for solar power projects below 5 MW commissioned between April 1, 2023, and March 31, 2027. The tariff pertains to the procurement of power by distribution licensees and others from solar projects in Gujarat. The tariff has been set for a project life of 25 years. The Commission has set an accelerated depreciation benefit of ₹0.28 (~$0.003)/kWh and a net tariff of ₹2.48 (~$0.03)/kWh.
<a href="https://www.mercomindia.com/merc-proposes-virtual-net-metering-in-rooftop-renewable-energy-system-rules" target="_blank" rel="noopener">The Maharashtra Electricity Regulatory Commission has included virtual net metering</a> provisions in the Grid Interactive Rooftop Renewable Energy Generating System (Second Amendment) Regulations, 2024. The virtual net metering provisions will help consumers of multistorey residential buildings who find installing rooftop solar in common spaces difficult.
<a href="https://www.mercomindia.com/tamil-nadu-pumped-storage-completion" target="_blank" rel="noopener">Tamil Nadu has issued the Pumped Storage Projects (PSP) Policy 2024 to harness the potential</a> of PSPs to optimize renewable energy utilization, promote sustainable energy growth, and attract public and private investments. The policy has set timelines for various stages of execution, with seven years allowed for PSP completion and commissioning.
<a href="https://www.mercomindia.com/mnre-allows-rooftop-solar-vendors-in-states-to-work-in-neighboring-uts" target="_blank" rel="noopener">The Ministry of New and Renewable Energy has allowed rooftop solar vendors under</a> PM Surya Ghar: Muft Bijli Yojana from adjacent states to work in Union Territories. Under the program, vendors registered with one distribution company (DISCOM) are allowed to work with multiple DISCOMs in the same state. The government of India launched the program on February 13, 2024, to install rooftop solar projects in ten million households.
<a href="https://www.mercomindia.com/msedcl-issues-new-guidelines-for-green-energy-open-access-in-maharashtra" target="_blank" rel="noopener">Maharashtra State Electricity Distribution has introduced new guidelines for the state to implement</a> Green Energy Open Access. These rules apply to both existing and new consumers. The Green Open Access Rules, 2022 allows consumers to generate, purchase, and consume green energy, including energy from waste-to-energy plants, through open access. Under the new guidelines, consumers with a contract demand or sanctioned load of 100 kW or more can access green energy through open access, provided they meet specific metering requirements.
<a href="https://www.mercomindia.com/tamil-nadu-issues-wind-repowering-and-refurbishment-policy" target="_blank" rel="noopener">The Tamil Nadu government has announced wind power projects repowering regulations</a> aimed to replace old wind turbines and optimize wind energy potential. The Tamil Nadu Repowering, Refurbishment &amp; Life Extension Policy for Wind Power Projects, 2024, seeks to increase the state’s overall installed wind power capacity and generation and provide a supportive framework for Wind Energy Generators.
<a href="https://www.mercomindia.com/karnataka-regulator-clarifies-rooftop-solar-net-metering-arrangements" target="_blank" rel="noopener">The Karnataka Electricity Regulatory Commission has clarified that if a rooftop solar consumer</a> switches from a net metering arrangement to a gross metering arrangement and carries out wiring modifications, the distribution companies must execute a Supplemental Power Purchase Agreement to formalize the change. In a July 2022 order, the Commission said that the net metering facility for rooftop solar consumers would not be available if they use power from other sources or captive sources through an open access mechanism.
<a href="https://www.mercomindia.com/government-issues-vgf-guidelines-for-1-gw-offshore-wind-projects" target="_blank" rel="noopener">The Ministry of New and Renewable Energy has issued guidelines to implement viability gap</a> funding (VGF) for 1 GW offshore wind energy projects. The VGF program for 1 GW offshore wind projects to be commissioned until the financial year 2031-2032 has an outlay of ₹68.53 billion (~$816.88 million). The nodal agency, National Institute of Wind Energy has identified a 500 MW project site off the Gujarat coast.
<a href="https://www.mercomindia.com/ministry-of-power-releases-ev-charging-infrastructure-guidelines" target="_blank" rel="noopener">The Ministry of Power has released the guidelines for installing and operating electric</a> vehicle chargers. According to the guidelines, any entity can establish a charging infrastructure, and setting up and operating EV charging stations is a de-licensed activity. The “Guidelines for Installation and Operation of Electric Vehicle Charging Infrastructure, 2024,” will supersede all the previous versions issued by the ministry.

Month in a Minute: Top Headlines from the Indian Renewable Sector in September 2024

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					</table><a href="https://www.tn.gov.in/" target="_blank" rel="noopener">Tamil Nadu</a> has issued the Pumped Storage Projects (PSP) Policy 2024 to harness the potential of PSPs to optimize renewable energy utilization, promote sustainable energy growth, and attract public and private investments.
The policy has set timelines for various stages of execution, with seven years allowed for PSP  completion and commissioning.
While environmentally friendly, renewable energy sources present challenges due to their intermittent nature. PSPs address this variability by storing excess energy generated during low-demand periods and releasing it when the demand is high. This stabilizes the grid and enhances the overall efficiency of renewable energy use.
Objectives 
The Tamil Nadu PSP Policy outlines six primary objectives aimed at enhancing the state’s renewable energy capabilities:
<ul>
<li>Harnessing PSP Potential: The policy encourages both on-river and off-river PSP development. It incentivizes developers to propose potential sites and acknowledges the unique nature of PSPs as net electricity consumers during off-peak periods.</li>
<li>Supporting Sustainable Energy Growth: PSPs are essential for grid stability and integration of renewable energy. Their environmentally sustainable development ensures that energy needs are met without compromising ecological balance.</li>
<li>Meeting Renewable Purchase Obligation (RPO) Targets: PSPs contribute to meeting the Union Government’s RPO targets by efficiently storing and dispatching renewable energy, thus maximizing its utilization.</li>
<li>Attracting Investments: The policy aims to create a favorable investment environment through clear regulatory frameworks, financial incentives, and streamlined approval processes. Public-private partnerships are encouraged to leverage the strengths of both sectors.</li>
<li>Faster Integration of Renewable Energy into the Grid: By providing reliable storage, PSPs facilitate the quicker integration of renewable energy, thus improving grid stability and reliability.</li>
<li>Job Creation: The construction, operation, and maintenance of PSPs generate direct and indirect employment opportunities, stimulating the local economy and supporting skill development programs.</li>
</ul>
Project Identification and Allocation
The Tamil Nadu Green Energy Corporation is the designated nodal agency responsible for identifying and facilitating PSPs. PSP sites will be allocated through different modes, including joint ventures with central public sector undertakings, competitive bidding processes, and public-private partnerships. Private developers are invited to identify potential locations and propose projects for off-river closed-loop PSP sites.
Incentives and Concessions
To encourage investment, PSPs are eligible for a range of incentives, including:
<ul>
<li>50% concession on stamp duty and registration fees</li>
<li>Exemption from electricity taxes for ten years from the date of commercial operation</li>
<li>Single window clearance for statutory approvals</li>
<li>No water cess for PSP operations.</li>
<li>PSP developers can set up captive solar or wind power plants to meet their input power needs, with energy banking facilities extended to such projects.</li>
</ul>
Land Acquisition and Water Use
The policy facilitates the acquisition of government, forest, and private land for PSPs. Developers must pay applicable water charges for the one-time filling and annual recoupment of water. The policy emphasizes minimizing water use to the minimum required for project operations.
Project Timelines and Penalties
PSP developers must adhere to specific timelines for project completion:
<ul>
<li>Preparation of detailed project report and obtaining necessary approvals within two years of site allocation</li>
<li>Start of construction within three years</li>
<li>Project completion and commissioning within seven years</li>
</ul>
Failure to meet these milestones may result in the cancellation of site allocation and forfeiture of upfront payments, except in force majeure or delays in environmental and forest clearances.
Power Evacuation and Input Power
PSPs can export power to other states via State Transmission Utility or Central Transmission Utility networks. Developers are responsible for transmission charges. Developers can set up renewable energy projects or source power from outside the state for input power.
The Ministry of Power recently <a href="https://www.mercomindia.com/guidelines-pumped-storage-projects/" target="_blank" rel="noopener">issued</a> the draft tariff-based competitive bidding guidelines to procure stored energy from existing, under-construction, or new PSPs.
Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.

Tamil Nadu Sets Seven-Year Deadline for Pumped Storage Project Completion

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					</table>The <a href="https://coal.nic.in/" target="_blank" rel="noopener">Ministry of Coal</a> has identified 20 abandoned mines to evaluate their feasibility for setting up pumped storage projects and leveraging vast land banks&#8217; economic advantages.
The projects will be developed to help utilize solar energy to generate hydroelectricity, promoting sustainable development in the coal sector.
The information was shared by the Coal Ministry Secretary at a review meeting.
The initiative aims to harness solar energy during the day and generate hydroelectricity at night.
NLC India will be conducting the feasibility study for pumped storage projects at the 20 identified sites. The Ministry has also directed stakeholders to undertake such projects to identify sites for setting up pumped storage projects.
It plans to implement engineering, procurement, and construction (EPC) and public–private partnership business models for such projects in collaboration with various stakeholders, including state governments, private players, and research institutions.
In October, at a meeting between the Ministry of New and Renewable Energy (MNRE) and the Ministry of Coal, it was <a href="https://www.mercomindia.com/coal-ministry-green-hydrogen-pump-storage-projects" target="_blank" rel="noopener">decided</a> that MNRE would provide essential technical, policy, and capacity-building support for the green energy initiatives. The Coal Ministry will offer land capital and oversee the implementation of projects related to solar energy, green hydrogen, and other renewable energy programs.
Coal central public sector undertakings possess land in open-cast mines with natural water storage reservoirs and elevations of approximately 100 meters. The meeting involved discussions about how these areas can be transformed into pump storage projects by constructing top reservoirs.
The pumped storage project is a configuration of two water reservoirs at different elevations that can generate power as water moves down from one to the other (discharge), passing through a turbine. During the low demand period, the water is pumped into the higher reservoir, and when the demand is high, the water is released to drive a turbine in a powerhouse and supply electricity to the grid.
The Coal Ministry said there are over 200 de-coaled mines with huge land areas, out of which many could prove feasible for pumped storage projects as lower reservoirs, head of water, and land are available.
Public sector undertakings of the Coal Ministry have set a target to create a renewable generation capacity of about 12 GW by 2030. As part of this endeavor, it is identifying suitable land patches spanning over 300 acres to offer to private investors interested in establishing green hydrogen projects, aligning with the MNRE’s policies.
At the recent National Conference of Power and New &amp; Renewable Energy, Power Secretary Pankaj Agarwal <a href="https://www.mercomindia.com/india-renewable-power-capacity-fy24" target="_blank" rel="noopener">spoke</a> about India’s plans to add 21 GW of renewable energy capacity and 10 GW of thermal capacity during the financial year 2023-24.

Coal Ministry Identifies 20 Abandoned Mines to Develop Pumped Storage Projects

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					</table>The <a href="https://powermin.gov.in/" target="_blank" rel="noopener">Ministry of Power</a> has proposed that pumped storage projects be supported through concessional climate finance. Sovereign green bonds issued for mobilizing resources for green infrastructure may be deployed in developing these projects, which utilize renewable energy for charging.
The ministry has issued draft guidelines for pumped storage projects in the country. The guidelines seek to utilize the immense potential of pumped storage projects in grid stabilization and in meeting the peak power demand.
Stakeholders have 15 days to submit their comments and suggestions.
Storage has emerged as the crucial link to bridge the intermittency of wind and solar power, the lowest-cost renewable energy sources in the world.
Financial Viability  
The draft guidelines suggested that the central government notify a benchmark storage cost for investment decisions of central public sector undertakings (CPSUs) for pumped storage projects considering 6-8 hours of operation. Efforts would be made to ensure that only those projects are taken up for development whose levelized cost of storage is within the benchmark cost of storage.
Taxes
It further said that the state governments should consider reimbursement of State Goods and Service Tax (SGST) on hydropower project components. For land acquisition, states may provide exemptions from payment toward stamp duty and registration fees. Government land, if available, will be provided at a concessional rate to the developers on an annual lease rent basis.
Market Reforms  
Further, the guidelines said that the appropriate commission should ensure that ancillary services like spinning reserves, reactive support, peaking supply, ramping support, and faster start-up and shutdown, which help in supporting grid stability, are monetized.
It added that the commission should notify peak and off-peak tariffs for the generation to provide appropriate pricing for peak and base load-generating plants.
Pumped storage projects should be allowed to participate in the proposed day-ahead market (HP-DAM) to take advantage of the price differential between peak and off-peak tariffs.
If the contracting agency is not fully utilizing the contracted capacity, the developer should be free to transfer the capacity usage to other entities.
Allotment of project sites 
As per the proposed guidelines, the state government may allot project sites to developers in the following manner:
<ul>
<li>On a nomination basis to CPSUs and state PSUs: States may award projects to central public sector undertakings (CPSUs) or state public sector undertakings (PSUs) on a nomination basis. Further, the CPSU or the state PSU should ensure that award of contracts for the supply of equipment and construction of the project is done based on competitive bidding.</li>
<li>Allotment through competitive bidding: Pumped storage projects may also be awarded to private developers under a two-stage competitive bidding process. The first stage will be pre-qualification based on financial strength, experience in developing infrastructure projects, past track record, turnover, and ability to meet performance guarantees. In the second stage, bids will be called based on parameters such as the concession period of the project or any other parameter specified by the central or state government.</li>
<li>Allotment through tariff-based competitive bidding: The projects may also be awarded through a tariff-based competitive bidding process. The projects will be awarded based on a combined tariff (including the cost of input power) if the input power is arranged by the developer or tariff for conversion of power from off-peak to peak if the input power is arranged by the procurer.</li>
</ul>
Utilization of Exhausted Mines
The discarded mines, including coal mines, could be used as hydro storage and thereby become natural enablers for the development of pumped storage projects.
Environmental Clearances for Off-river Pumped Storage Projects
The off-river pumped storage projects, located away from the river course, may be treated differently for grant of environmental clearance. Such projects, where both reservoirs are built off-river or where one is built off-river, and the other on-river reservoir undergoes minor modification to connect it with the new reservoir, may be treated as B-2 category projects. Such projects may be exempted from environmental impact assessment.
Recently, the Greenko Group <a href="https://mercomindia.com/greenko-%e2%82%b9100-billion-pumped-hydro-storage-madhya-pradesh/" target="_blank" rel="noopener">said</a> it would invest ₹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.
Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.

Government Proposes Green Finance Support for Pumped Storage Projects

The New and Renewable Energy Development Corporation of Andhra Pradesh Limited (<a href="https://nredcap.in/" target="_blank" rel="noopener noreferrer">NREDCAP</a>) has floated a tender for reports on techno-commercial feasibility of pumped storage power (PSP) projects at 30 tentative locations in the state.
The deadline for the submission of bids is November 26, 2019, and interested bidders are expected to pay an earnest money deposit of ₹10,000 ($140) for each location.
Pumped storage power projects are systems where water is pumped uphill into reservoirs from lower elevations, and power is generated by the force of water flowing back downhill through water turbine generators. This is helpful when there is a higher peak power demand.
The scope of work includes conducting studies to verify the feasibility of setting up PSP projects on and off-rivers at the 30 identified sites across the state. The project aims to generate power to balance the variable renewable energy power and to meet the peak demand in the state.
The successful bidder will be expected to study the site conditions with the help of expert engineers consisting of concept and layout designers, hydrology experts, civil, mechanical, and electrical engineers involved in hydropower/pumping projects.  The filing added that an experienced geologist must be a part of the team as well.
Bidders are expected to have experience in preparing pre-feasibility reports for hydro or PSP projects should be experienced in conducting topographical and hydrographical surveys, and must have completed at least two such studies in India.
The tender noted that bidders are allowed to quote separately for each location, and NREDCAP can allocate projects to single or multiple bidders.
Previously, Mercom <a href="https://mercomindia.com/nredcap-tender-off-grid-solar-andhra-pradesh/" target="_blank" rel="noopener noreferrer">reported</a> that NREDCAP also issued a tender for the supply, installation, and commissioning of 1,490 solar lanterns and 235 solar street lights in nine villages of Durgi and Veldurthy mandals located in the state’s Guntur District.
Earlier, the Southern Power Distribution Company of Andhra Pradesh Limited (APSPDCL) <a href="https://mercomindia.com/andhra-tenders-4-mw-rooftop-solar/" target="_blank" rel="noopener noreferrer">tendered</a> 4 MW of grid-connected rooftop solar projects to be developed in Tirupati and Vijayawada.
Image credit: Snowy Hydro Limited

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