Himachal Pradesh Invites Bids for 8 MW Solar Projects

Center and States Must Align Better for Accelerated Solar Open Access Growth

Daily News Wrap-Up: Corporate Funding in the Solar Sector Dropped 24% YoY in 2024

Project Finance Brief: Emeren Sells 65 MW Solar Portfolio in Germany

Funding and M&A Roundup: Moment Energy Secures $15 Million

POWERGRID Invites Bids for 1.07 MW Rooftop Solar Project at NIT Durgapur

Adani Bags $2.89 Billion 6 GW Renewable Energy Transmission Project

NHPC Invites Bids for 125 MW/500 MWh Standalone BESS

Germany Adds 16.2 GW of Solar Capacity in 2024, Sets New Record

REIL Floats Rate Contract Tender for 17.55 MW Rooftop Solar Projects


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					</table><p><a href="https://eveelz.in/" target="_blank" rel="noopener">Refex Green Mobility</a> will acquire Gensol’s 2,997 electric vehicles (EV) and assume the associated debt of ₹3.15 billion (~$36.43 million).</p>
<p>This strategic tie-up will involve Refex group’s electric four-wheeler (e4W) fleet company, Refex eVeelz, assuming Gensol’s existing loan facility, streamlining operations, and enhancing the deployment of e4Ws across key markets, including Chennai, Bengaluru, Hyderabad, Mumbai, and Pune.</p>
<p>Refex eVeelz plans to lease these vehicles to Blu-Smart Mobility, an electric mobility platform operating in Delhi NCR and Bengaluru.</p>
<p>The move will involve Gensol transferring term loan responsibilities from a leading financial institution to procure the e4Ws, re-registering vehicles, and establishing a long-term lease arrangement with Blu-Smart Mobility.</p>
<p>Anmol Singh Jaggi, Managing Director of Gensol Engineering, said the deal will substantially reduce its debt-equity ratio and create sizeable headroom for future growth initiatives.</p>
<p>Refex group’s green mobility vertical comprises Refex Green Mobility and Refex EV Fleet Services.</p>
<p>Since its launch in March 2023, Refex eVeelz has covered 22 million km and saved 1445.12 tons of CO2 equivalent gases.</p>
<p>The company has been servicing flyers at the Kempegowda International Airport, Bengaluru, with a fleet of 175 compact SUVs.</p>
<p>In 2024, the Union Cabinet <a href="https://mercomindia.com/cabinet-pm-edrive-program" target="_blank" rel="noopener">approved</a> the PM E-DRIVE program, which has a total outlay of ₹109 billion (~$1.29 billion) and focuses on providing demand incentives, deploying electric vehicles, and developing charging infrastructure to support wider EV adoption.</p>
<p>The program allocates ₹36.79 billion ($438.1 million) in subsidies to promote electric two-wheelers, three-wheelers, e-ambulances, e-trucks, and e-buses.</p>
<p>EV sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-2024" target="_blank" rel="noopener">reached</a> a record 1.95 million units in 2024, an over 27% growth year over year compared to the 1.53 million units sold in 2023. The EV market consistently surpassed the 100,000-unit mark every month, with October registering the highest sales at 219,527 units, followed by March with 213,068 units and November with 192,681 units.</p>


Refex Green Mobility to Take Over 2,997 EVs from Gensol Engineering


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					</table><p>In calendar year 2024, with 18.5 GW of projects going under the hammer in 27 auctions. The lowest tariff discovered in 2024 was ₹2.15 (~$0.025)/kWh, 15% lower than the lowest tariff of ₹2.51 (~$0.0296)/kWh in 2023.</p>
<p>Here is a list of the five lowest solar tariffs discovered in auctions in 2024:</p>
<p><strong>#1 </strong>Waaree Group <a href="https://www.mercomindia.com/waaree-wins-rumsls-170-mw-solar-project-in-neemuch-solar-park" target="_blank" rel="noopener">won</a> Rewa Ultra Mega Solar’s (RUMSL) auction to develop a 170 MW solar power project at the Neemuch Solar Park in Madhya Pradesh quoting a tariff of ₹2.15 (~$0.025)/kWh.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-74661 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-600x90.jpg 600w" sizes="(max-width: 2560px) 100vw, 2560px" /></p>
<p><strong>#2</strong> SAEL Industries and NTPC Renewable Energy <a href="https://www.mercomindia.com/sael-ntpc-blupine-win-seci-solar-auction" target="_blank" rel="noopener">won</a> 250 MW and 200 MW, respectively, by quoting ₹2.48 (~$0.0295)/kWh in Solar Energy Corporation of India’s (SECI) auction to develop 1.2 GW of ISTS-connected solar power projects (Tranche XVI) on a build, own, and operate basis. BluPine Energy secured 50 MW at ₹2.49 (~$0.0297)/kWh.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-74662 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-600x90.jpg 600w" sizes="(max-width: 2560px) 100vw, 2560px" /></p>
<p><strong>#3</strong> SAEL Industries <a href="https://www.mercomindia.com/sael-rays-ntpc-solar-auction" target="_blank" rel="noopener">won</a> 300 MW by quoting ₹2.50 (~$0.0297)/kWh in NTPC’s auction to set up 1,200 MW of ISTS-connected solar power projects. Rays Power Infra and Refex Green secured 100 MW each at ₹2.50 ($0.0297)/kWh, while ReNew Solar and Illuminate Hybren (Mahindra Susten) were awarded 300 MW and 176 MW, respectively, at ₹2.51 ($0.0299)/kWh.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-74663 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-600x90.jpg 600w" sizes="(max-width: 2560px) 100vw, 2560px" /></p>
<p><strong>#4</strong> Solarcraft Power India 8 (BluPine Energy) and GRT Jewellers <a href="https://www.mercomindia.com/blupine-grt-win-sjvn-solar-auction" target="_blank" rel="noopener">won</a> 300 MW and 150 MW, respectively, by quoting ₹2.52 (~$0.0304)/kWh in SJVN’s auction to develop 1,500 MW of ISTS-connected solar power projects across India. Furies Solren (Mahindra) and JSW New Energy secured 300 MW and 700 MW, respectively, at ₹2.53 (~$0.0305)/kWh, while NTPC Renewable Energy was allotted 50 MW after quoting ₹2.54 (~$0.0306)/kWh.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-74664 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-600x90.jpg 600w" sizes="(max-width: 2560px) 100vw, 2560px" /></p>
<p>ACME Solar Holdings, SAEL Industries, and Essar Renewables <a href="https://www.mercomindia.com/acme-sael-essar-sjvn-solar-auction" target="_blank" rel="noopener">won</a> 300 MW each by quoting ₹2.52 (~$0.0300)/kWh in SJVN’s auction to set up 1.2 GW of ISTS-connected solar power projects across India. Onward Solar Power secured 100 MW at ₹2.52 (~$0.0300)/kWh, while NTPC Renewable Energy (NTPC REL) was allotted 200 MW out of the quoted 400 MW at ₹2.53 (~$0.0301)/kWh under the bucket-filling method.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-74665 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-600x90.jpg 600w" sizes="(max-width: 2560px) 100vw, 2560px" /></p>
<p><strong>#5 </strong>SJVN Green Energy <a href="https://www.mercomindia.com/sjvn-sael-coal-india-guvnls-600-mw-solar-auction" target="_blank" rel="noopener">won</a> 100 MW by quoting ₹2.54 (~$0.0306)/kWh in Gujarat Urja Vikas Nigam’s (GUVNL) auction to supply power from 600 MW of grid-connected solar projects (Phase XXI) at the Gujarat Industries Power Company’s solar park in Khavda, Gujarat, with a greenshoe option of an additional 600 MW. SAEL Industries secured 200 MW at ₹2.55 (~$0.0307)/kWh, while Coal India was allotted 300 MW out of the quoted 600 MW at ₹2.55 (~$0.0307)/kWh.<strong> </strong></p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-74666 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-600x90.jpg 600w" sizes="(max-width: 2560px) 100vw, 2560px" /></p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of tender activity in real time.</p>


Five Lowest Solar Auction Bids in India During 2024 [Infographics]

<p>Last week, in Solar Energy Corporation of India’s (SECI) 2 GW CPSU solar tender which <a href="https://mercomindia.com/seci-auction-cpsu-solar-tender-ntpc-winner/">auctioned</a> 922.4 MW with viability gap funding (VGF) option, the National Thermal Power Corporation (NTPC) had won the largest capacity of 769.4 MW. Following this, the NTPC had also issued a tender to select engineering, procurement, and construction (EPC) companies for developing this capacity.</p>
<p>Now, Tata Power (250 MW), Hild Energy Private Limited (150 MW), Refex Energy (100 MW), and Adani Infra (269 MW) have emerged as the winners in this auction by NTPC to provide EPC services.</p>
<p>These bidders were awarded projects based on project costs quoted. Tata Power Solar was the lowest bidder with EPC quote of ₹23.2 million ($330,146). Second in the list of winners was Hild Energy that quoted ₹23.2 million ($330,298) to develop a capacity of 150 MW. Closely following were Refex Energy and Adani Infra that won bids for 100 MW and 269 MW respectively. Adani had quoted a price of ₹25.1 million ($357,538) for 300 MW but was allotted capacity of 269 MW only in line with the bucket-filling method followed in the auction.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2019/09/NTPC-CPSU-Solar-Projects-1.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-15799" src="https://mercomindia.com/wp-content/uploads/2019/09/NTPC-CPSU-Solar-Projects-1.png" alt="NTPC - CPSU Solar Projects" width="519" height="227" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/09/NTPC-CPSU-Solar-Projects-1.png 519w, https://cms.mercomindia.com/wp-content/uploads/2019/09/NTPC-CPSU-Solar-Projects-1-300x131.png 300w" sizes="(max-width: 519px) 100vw, 519px" /></a></p>
<p><a href="https://mercomindia.com/seci-auction-cpsu-solar-tender-ntpc-winner/" target="_blank" rel="noopener noreferrer">Recently</a>, Mercom reported that NTPC had been given a timeline of 18 months to 24 months to develop these projects floated by SECI under the CPSU program. The projects will be developed on Build-Own-Operate (B-O-O) basis. Under the program, the usage charges cannot exceed ₹3.50 (~$0.050)/kWh and will be exclusive of any other third-party charge such as wheeling, transmission charges, and losses.</p>
<p>This is a tender with a domestic content requirement mandate (DCR). The winners are given 21 months from the date of issues of letter of award (LoA) to complete the projects.</p>
<p>SECI floated the tender to set up 2,000 MW of grid-connected solar PV projects under the second phase of the CPSU program in <a href="https://mercomindia.com/2gw-solar-tender-govt-cpsu-program/" target="_blank" rel="noopener noreferrer">March 2019</a>. The maximum permissible limit for VGF had been kept at ₹7 million (~$0.10 million)/MW for these projects. NTPC won 769 MW quoting the highest VGF of ₹7 million ($99,010)/MW which also happened to be the maximum permissible limit.</p>
<p>According to <a href="https://mercomindia.com/research-2/" target="_blank" rel="noopener noreferrer">Mercom India Research</a>, 4.5 GW of solar tenders have been issued under the CPSU Phase II program from both SECI and NTPC.</p>
<p>Meanwhile, a few weeks ago, Tata Power Solar also <a href="https://mercomindia.com/tata-power-floating-solar-kerala-ntpc/" target="_blank" rel="noopener noreferrer">bagged a 70 MW </a>floating solar project in the state of Kerala in a tender issued by NTPC.</p>
<p>Image credit: Nurol Solar</p>


Tata, Hild, Refex & Adani to Develop 769 MW of Solar Capacity for NTPC

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