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Daily News Wrap-Up: Lowest Wind-Solar Hybrid Power Tariffs in 2024


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					</table><p><a href="https://www.mercomindia.com/india-added-wind-capacity-yoy-increase" target="_blank" rel="noopener"><strong>India added 1.2 GW of new wind energy capacity in the first quarter (Q1) of 2024, a 56% YoY surge from 737.9 MW, according to </strong><strong>Mercom India Research</strong></a>. The cumulative wind capacity as of March 2024 stood at 45.9 GW, compared to 44.7 GW at the end of Q4 2023. The growing need to increase renewable energy generation and capacity utilization factor (CUF) has spurred an increase in wind-solar hybrid projects nationwide, driving capacity additions.</p>
<p><a href="https://www.mercomindia.com/recpdcl-acquire-solar-wind-hybrid" target="_blank" rel="noopener"><strong>REC Power Development and Consultancy has invited bids to acquire 200 MW of operational solar, wind, or wind-solar hybrid projects without storage</strong></a>. The last date to submit the bids is May 27, 2024. Bids will be opened the next day. The project should have a remaining useful life of at least 15 years from the bid submission deadline. Each bidder can submit bids for a maximum of two projects.</p>
<p><strong><a href="https://www.mercomindia.com/hpcl-seeks-bids-for-and-floating-solar-project" target="_blank" rel="noopener">HPCL Renewable and Green Energy , a subsidiary of Hindustan Petroleum Corporation, has invited bids for a detailed feasibility report </a></strong>and project management consultancy services for grid-tied rooftop and floating solar projects with a cumulative capacity of 81.5 MW. The last date for submitting the bid is May 9, 2024. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/hpcl-epc-tender-78-mw-wind-solar-hybrid-project" target="_blank" rel="noopener"><strong>HPCL</strong><strong> has issued a request for proposal on behalf of its subsidiary HPCL Renewables and Green Energy for the engineering, procurement, and construction</strong></a> of a 78 MW wind-solar hybrid power project anywhere in India. The selected contractor will also be responsible for the comprehensive operation and maintenance of the project for ten years. HPCL Renewables and Green Energy plans to achieve net zero carbon emissions by 2040 and intends to replace the grid power used at its refineries with green energy.</p>
<p><a href="https://www.mercomindia.com/greencell-mobility-secures-%e2%82%b93-billion" target="_blank" rel="noopener"><strong>Electric mobility company </strong><strong>GreenCell Mobility</strong><strong> has secured ₹3.07 billion (~$37 million) in green financing from Japan-based bank Sumitomo Mitsui Banking Corporation</strong></a> to deploy a fleet of 350 electric buses across eight cities in Uttar Pradesh. The deal represents the first time a Japan-based bank has provided project financing for an electric mobility project in India, the company claimed. It is also SMBC’s inaugural foray into financing e-mobility initiatives in the Asia-Pacific region.</p>
<p><a href="https://www.mercomindia.com/tata-power-profits-fy-2024" target="_blank" rel="noopener"><strong>Tata Power</strong><strong>, an integrated power company, recorded a profit after tax of ₹10.46 billion (~$125.28 million) in the fourth quarter of the financial</strong></a> year 2024, a growth of 11% YoY. The company reported a YoY net profit growth for the 18th consecutive quarter. Tata Power’s consolidated revenue stood at ₹162.56 billion (~$1.94 billion), an increase of 27% YoY. The company’s earnings before interest, taxes, depreciation, and amortization grew by 8% YoY to ₹ 33.58 billion (~$402.2 million).</p>
<p><strong><a href="https://www.mercomindia.com/shoals-q1-2024-net-income" target="_blank" rel="noopener">Shoals Technologies Group, a manufacturer of Electrical Balance of Systems  for solar, energy storage, and eMobility, reported a net income</a></strong> of $4.8 million during the first quarter (Q1) of 2024, a year-over-year (YoY) decline of 72% from $17 million. Revenue decreased 14% to $90.8 million YoY due to lower sales volumes resulting from fewer production days and project delays.</p>
<p><a href="https://www.mercomindia.com/re100-companies-renewables-2022" target="_blank" rel="noopener"><strong>RE100</strong><strong>, a consortium of over 400 companies committed to using 100% renewable electricity, met 50% of their electricity needs from renewables in 2022</strong></a>, up from 49% in 2021, according to a recent report. The RE100 annual disclosure report 2023 analyzes responses from 382 out of 403 member companies. Most companies reported data for the January-December 2022 period.</p>


Daily News Wrap-Up: India Added 1.2 GW Wind Capacity in Q1 2024


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					</table><p><a href="https://www.mercomindia.com/engie-avaada-jakson-mahindra-winners-nhpcs-solar-auction" target="_blank" rel="noopener"><strong>Solairedirect Energy India (ENGIE), Avaada Energy, Hazel Hybren (Mahindra), Jakson, Sprng Energy, Green Infra Wind Energy (Sembcorp), Apraava Energy, and Hinduja Renewable Energy have won</strong></a> NHPC’s auction to develop 3 GW of interstate transmission system-connected solar power projects across India. Solairedirect won the total quoted capacity of 250 MW at a tariff of ₹2.52 (~$0.0303)/kWh. The rest of the winners, Avaada (1,000 MW), Hazel Hybren (300 MW), Jakson (400 MW), Sprng Energy (250 MW), Green Infra Wind Energy (300 MW), Apraava (250 MW), and Hinduja (250 MW) quoted ₹2.53 (~$0.0304)/kWh.</p>
<p><a href="https://www.mercomindia.com/captive-status-power-projects" target="_blank" rel="noopener"><strong>The Ministry of Power has proposed a draft procedure to verify the captive status of power-generating projects supplying to users located across multiple states, defining the ownership and</strong></a> consumption terms for captive power projects in the country. The draft proposal is open for stakeholder suggestions until December 1, 2023. Verification of consumption criteria will be based on the net electricity generated from the generating units in a generating station, i.e., gross electricity generated less auxiliary consumption, identified for captive use.</p>
<p><a href="https://www.mercomindia.com/ntpc-invites-bids-wind-project-in-karnataka" target="_blank" rel="noopener"><strong>NTPC Renewable Energy, a wholly owned subsidiary of NTPC, has invited bids for the balance of the system (BoS) package for the 1,080 MW Inter-State Transmission System-connected</strong></a> wind energy project in Karnataka. The last date for the submission of bids is December 4, 2023. Bids will be opened the same day. The wind BoS development package does not cover the provision of wind turbine generators, civil construction, or the installation of unit substations and Supervisory Control and Data Acquisition systems.</p>
<p><a href="https://www.mercomindia.com/daqos-q3-net-polysilicon-prices-continue-to-drop" target="_blank" rel="noopener"><strong>China-based photovoltaic-grade polysilicon manufacturer Daqo New Energy Corporation has recorded a net income of $44 million in the third quarter (Q3) of the financial year (FY) 2023, a year-</strong></a>over-year (YoY) decrease of 92.5% as compared to $590.4 million. The company recorded a revenue of $484.8 million, a 60% YoY decrease from $1.22 billion. Daqo said the drop in revenue was primarily due to a decrease in Average Selling Price mitigated by an increase in polysilicon sales volume.</p>
<p><a href="https://www.mercomindia.com/kpi-green-net-profit-q1-fy24" target="_blank" rel="noopener"><strong>Renewable energy solutions provider KPI Green Energy posted a net profit of ₹347.5 million (~$4.2 million) in the second quarter (Q2) of FY 2024, an increase of 64% </strong></a>YoY from ₹211.6 million (~$2.5 million). The company’s total income for the quarter stood at ₹2.16 billion (~$25.9 million), a rise of 35%, compared to ₹1.6 billion (~$19.2 million) during the same period last year. The earnings before interest, taxes, depreciation, and amortization for the July-September period was ₹720.4 million (~$8.6 million), a YoY increase of 36%.</p>
<p><a href="https://www.mercomindia.com/recpdcl-issues-hydropower-in-himachal-pradesh" target="_blank" rel="noopener"><strong>REC Power Development and Consultancy, a fully-owned subsidiary of REC, has invited bids to establish an Inter-State Transmission System for the evacuation of hydropower from</strong></a> Shongtong Karcham (450 MW) and Tidong (150 MW) hydroelectric projects in Himachal Pradesh. The last date for the submission of bids is November 11, 2023. Bids will be opened the same day. Bidders must pay a non-refundable bid document fee of ₹500,000 (~$7,000) plus an 18% GST.</p>
<p><a href="https://www.mercomindia.com/rec-evacuate-11-gw-renewables-rajasthan" target="_blank" rel="noopener"><strong>REC Power Development and Consultancy, a fully-owned subsidiary of REC, has floated two tenders to establish an inter-state transmission system to evacuate a cumulative 11 GW of</strong></a> power from Renewable Energy Zones in Rajasthan under Phase – IV. The developer should ensure that all aspects of the project, including equipment, facilities, components, and systems, are designed, constructed, and tested according to the terms outlined in the transmission service agreement.</p>
<p><a href="https://www.mercomindia.com/cost-effective-lithium-sulfur-battery-design" target="_blank" rel="noopener"><strong>Researchers from the Monash University in Australia and the Royal Melbourne Institute of Technology have unveiled a lithium-sulfur (Li-S) battery design with a nanoporous polymer-</strong></a>coated lithium foil anode, capable of reducing the amount of lithium required in a single battery and significantly improving the number of times the battery could be cycled. Li-S batteries have gained popularity due to the use of metallic lithium and sulfur to deliver more energy per gram than traditional lithium-ion batteries.</p>
<p><a href="https://www.mercomindia.com/month-in-a-minute-top-october-2023" target="_blank" rel="noopener"><strong>Check out the top headlines from the Indian Renewable Sector in October 2023</strong></a></p>


Daily News Wrap-Up: NHPC’s Auction for 3 GW ISTS-Connected Solar Projects


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					</table><p><a href="https://www.mercomindia.com/rec-subsidiary-invites-renewable-power-in-rajasthan/" target="_blank" rel="noopener"><strong>REC Power Development and Consultancy floated a tender to select a transmission service provider through a tariff-based competitive bidding process to establish an inter-state transmission system to evacuate 20 GW of power from renewable energy zones in Rajasthan under Phase -III, Part I.</strong></a> The last date for the submission of bids is October 27, 2023. Bids will be opened on the same day. The scheduled commercial operation date of the project is 42 months from the effective date. The bidder must submit ₹500,000 (~$6,026) as the cost of the tender.</p>
<p><a href="https://www.mercomindia.com/tamil-nadu-deviation-settlement-mechanism-solar-wind/" target="_blank" rel="noopener"><strong>The Tamil Nadu Electricity Regulatory Commission issued the draft forecasting, scheduling, and deviation settlement regulations 2023, allowing up to 10% deviation for solar power projects and 15% for wind power projects without penalties.</strong></a> The regulations will apply to all wind and solar energy generators (excluding rooftop solar power projects of capacity less than 1 MW) in Tamil Nadu connected to the intrastate transmission system or distribution system, including those connected through pooling substations, and using the power generated for self-consumption or sale within or outside the state.</p>
<p><a href="https://www.mercomindia.com/cerc-directs-maintain-grid-stability/" target="_blank" rel="noopener"><strong>The Central Electricity Regulatory Commission (CERC), in response to a petition filed by the Southern Regional Load Despatch Centre (SRLDC) regarding critical operational challenges of the grid in South India,</strong></a> directed the states to provide quarterly progress reports to SRLDC on action taken to ensure grid stability. However, CERC refrained from imposing any penalties on the states for now but directed SRLDC to approach the Commission if it encounters issues with action plan implementation or non-compliance with directives.</p>
<p><a href="https://www.mercomindia.com/serentica-secures-from-pfc-for-green-energy-expansion/" target="_blank" rel="noopener"><strong>Serentica Renewables achieved financial closure for its upcoming hybrid renewable energy projects in Karnataka.</strong></a> The entire debt funding of ₹26 billion (~$313.3 million) has been secured from power sector lender Power Finance Corporation. Serentica aims to install 4 GW of renewable energy capacity across India. In Karnataka, it plans to set up 400 MW of wind and solar energy capacities. Serentica has already secured connectivity to the inter-state transmission system in the region.</p>
<p><a href="https://www.mercomindia.com/ci-segment-demand-driving-solar-module-sales-india-interview/" target="_blank" rel="noopener"><strong>In an exclusive interview with Mercom India, Gaurav Mathur, India Head at Trina Solar, spoke about how the growing demand from the commercial and industrial segment consumers for higher efficiency modules has increased the sales for most manufacturers.</strong></a> Trina Solar was among India&#8217;s top solar module suppliers in the calendar year 2022, according to Mercom’s India Solar Market Leaderboard 2023. Mathur talks about the company’s plan to introduce new products, such as its n-type solar modules and AI-based smart tracker system in India.</p>
<p><a href="https://www.mercomindia.com/europe-probe-subsidies-chinese-electric-vehicles/" target="_blank" rel="noopener"><strong>The European Commission will launch an investigation against cheaper Chinese electric vehicle imports it says are benefiting from state subsidies.</strong></a> The Commission will have up to 13 months to assess whether to impose tariffs above the standard 10% EU rate for these vehicles. “Global markets are now flooded with cheaper Chinese electric cars, and huge state subsidies keep their prices artificially low. This is distorting our market,” said European Commission President Ursula von der Leyen.</p>
<p><a href="https://www.mercomindia.com/european-parliament-revises-renewable-target/" target="_blank" rel="noopener"><strong>The European Parliament approved the update to the Renewable Energy Directive, which raises the share of renewables in Europe’s final energy consumption to 42.5% by 2030.</strong></a> Member states are encouraged to strive for a higher target of 45%. The legislative update was adopted with an overwhelming majority, with 470 votes in favor, 120 against, and 40 abstentions. The next step is for the legislation to be formally endorsed by the Council to become law.</p>
<p><strong><a href="https://www.mercomindia.com/cerc-approves-tariff-1170-mw-wind-solar-hybrid-projects" target="_blank" rel="noopener">The CERC approved a tariff of ₹2.53 ($0.03)/kWh for a combined capacity of 1,170 MW from wind-solar hybrid power projects</a></strong> of the Solar Energy Corporation of India Limited (SECI). The commission also approved a trading margin of ₹0.07 ($0.00084)/kWh. The commission has referenced a previous ruling from the Appellate Tribunal for Electricity to assert that the respondents cannot seek relief related to Changes in Law within the scope of the petition submitted by SECI. If they intend to pursue claims associated with changes in law, they must file separate petitions.</p>


Daily News Wrap-Up: REC Subsidiary Invites Bids to Evacuate 20 GW Renewable Power

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