ACME Solar Holdings’ ₹29 Billion IPO to Hit the Market on November 6, 2024

Jodhpur DISCOM Tenders 333 MW Solar Projects Under PM KUSUM

CIE Automotive to Procure Power from ReNew’s 7.8 MW Captive Solar Project

John Cockerill to Supply Electrolyzers to AM Green’s Ammonia Project

Varroc to Procure Power from AMPIN’s 27 MW Solar Project in Maharashtra

JinkoSolar’s Revenue Drops 23% YoY in Q3 Due to Lower Module Prices

First Solar Revenue Falls Short in Q3, Revises 2024 Guidance Amid Sector Pressures

Tata Power Records 20th Consecutive Quarter of Profit in Q2 FY 2025

SECI Floats Tender to Procure 1.2 GW Round-the-Clock Renewable Power

Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief


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					</table><p><a href="https://www.mercomindia.com/pm-surya-ghar-vendor-registration" target="_blank" rel="noopener"><strong>The Ministry of New and Renewable Energy has announced new guidelines for vendor registration under the recently approved PM Surya Ghar: Muft Bijli Yojana</strong></a> rooftop solar program. The program, with an outlay of ₹750 billion (~$9.04 billion), aims to increase residential rooftop solar capacity and empower households to generate their own electricity until the financial year 2026-27. As per the guidelines, vendors must register on the National Portal to be eligible to install rooftop solar projects under the program.</p>
<p><a href="https://www.mercomindia.com/cerc-compensation-azure-gib" target="_blank" rel="noopener"><strong>The Central Electricity Regulatory Commission has issued an order directing Solar Energy Corporation of India and distribution companies to compensate</strong> </a>Azure Power’s special purpose vehicle companies, Azure Power Maple and Azure Power Forty One, for the additional expenditure incurred due to the installation of bird diverters on transmission lines. The order comes close on the heels of CERC awarding compensation to Adani Green Energy on the same grounds.</p>
<p><a href="https://www.mercomindia.com/delhi-high-court-quashes-cbics-revocation" target="_blank" rel="noopener"><strong>The </strong><strong>Delhi High Court</strong><strong> has quashed a Customs Department circular and show cause notices issued by the Central Board of Indirect Taxes and Customs</strong></a> revoking the permission for solar developers to warehouse imported solar modules to defer paying basic customs duty (BCD) on solar cells and modules effective from April 1, 2022. No duty was payable as long as the modules did not leave the bonded premises (project area).</p>
<p><a href="https://www.mercomindia.com/rerc-approves-solar-pm-kusum" target="_blank" rel="noopener"><strong>Rajasthan Electricity Regulatory Commission has approved Jodhpur Vidyut Vitran Nigam’s petition to purchase 2,929.8 MW of power from 1,111 solar projects</strong></a> under Component-C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM KUSUM) program for 25 years. The final levelized tariffs range from ₹2.52 (~$0.03)/kWh to ₹3.527 (~$0.042)/ kWh. The primary objective was to establish grid-connected solar power facilities capable of fulfilling the yearly energy requirements of these feeders.</p>
<p><a href="https://www.mercomindia.com/waaree-partners-with-ecofy-household-rooftops" target="_blank" rel="noopener"><strong>India-based solar module manufacturer </strong><strong>Waaree Energies</strong><strong> has partnered with </strong><strong>Ecofy</strong><strong>, a non-banking financial company supported by </strong><strong>Eversource Capital</strong></a>, to fund environmentally positive projects. Ecofy is investing ₹ $1 billion (~$11.9 million) in this collaboration. Aligned with the government’s PM Surya Ghar Muft Bijli Yojana and capitalizing on favorable market conditions, Waaree said the alliance will help advance India’s shift towards renewable energy.</p>
<p><a href="https://www.mercomindia.com/gef-invests-%e2%82%b95-8-billion-ti-clean-mobility-%e2%82%b930-billion-ev" target="_blank" rel="noopener"><strong>TI Clean Mobility (</strong><strong>TICMPL</strong><strong>), a wholly-owned subsidiary of </strong><strong>Tube Investments of India</strong><strong>, a Murugappa Group company, has raised ₹5.8 billion (~$69.5 million)</strong></a> in equity and convertible preference shares from South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively GEF Capital Partners). TICMPL had first ventured into last mile mobility with electric three-wheeler portfolio under the brand ‘Montra Electric.’</p>
<p><a href="https://www.mercomindia.com/remc-tender-wind-rajasthan" target="_blank" rel="noopener"><strong>Railway Energy Management Company, a joint venture between </strong><strong>RITES</strong><strong> and the </strong><strong>Ministry of Railways</strong><strong>, has invited bids to hire consultancy services for conducting</strong></a> a technical condition assessment and health analysis of 13 wind turbine generators at its 26 MW wind power project in Dangri, Jaisalmer district of Rajasthan. The consulting firm must analyze gearbox oil samples, conduct an endoscopy and inspection of gearboxes, and assess blade health through drone imagery.</p>
<p><a href="https://www.mercomindia.com/meghalaya-green-open-access-100-kw" target="_blank" rel="noopener"><strong>Consumers with a minimum contracted demand or sanctioned load of 100 kW can access Green Energy Open Access, according to the </strong><strong>Meghalaya</strong></a> State Electricity Regulatory Commission (Terms and Conditions of Green Energy Open Access) Regulations, 2023. There is no maximum power supply limit for captive consumers. The regulations align with the green energy open access rules issued by the Ministry of Power last June. The minimum power scheduled for sale or procurement during any time block must not be less than 100 kW.</p>
<p><a href="https://www.mercomindia.com/jsw-energy-q4-profits" target="_blank" rel="noopener"><strong>Independent power producer </strong><strong>JSW Energy</strong><strong> reported a net profit of ₹3.43 billion (~$41.07 million), a jump of 22% year-over-year (YoY) in the fourth quarter</strong></a> of the financial year 2023-24 due to a strong performance in the renewables segment. Net generation was up 26% YoY at 6.4 BU, driven by contributions from acquired and greenfield renewable capacity additions and higher thermal generation.</p>
<p><a href="https://www.mercomindia.com/solid-powers-q1-net-loss-widens" target="_blank" rel="noopener"><strong>Solid Power</strong><strong>, which develops solid-state battery technology for electric vehicles, reported a net loss for the first quarter of 2024 that widened</strong></a> to $21.2 million from $19.2 million, reflecting an 11% increase year-over-year, primarily driven by increased investments in scaling operations as the company pushes forward with commercializing its technology. Revenue for the quarter came in at $6 million, marking a robust 57% increase from $3.8 million in the first quarter of last year.</p>
<p><a href="https://www.mercomindia.com/fuel-cell-firm-ballard-proposes-new-3-gw-facility" target="_blank" rel="noopener"><strong>Fuel cell manufacturer </strong><strong>Ballard Power Systems</strong><strong> recorded a net loss from continuing operations in the Q1 of 2024 amounted to $41.1 million, recording an increase</strong></a> of 26.8% YoY compared to a net loss of $32.4 million. The increase in net loss was primarily driven by lower finance and other income of $7.5 million, attributed mainly to higher negative mark-to-market and foreign exchange impacts on long-term financial investments.</p>


Daily News Wrap-Up: Vendor Registration Guidelines for PM Surya Ghar Program


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					</table><p><a href="https://www.torrentpower.com/" target="_blank" rel="noopener">Torrent Power</a>, <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew Solar Power</a>, TEQ Green Power XIII (<a href="https://www.o2power.in/" target="_blank" rel="noopener">O2 Power</a>), <a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a>, <a href="https://acmecleantech.in/" target="_blank" rel="noopener">ACME Cleantech Solutions</a>, and <a href="https://www.tatapowerrenewables.com/" target="_blank" rel="noopener">Tata Power Renewable</a> were declared winners in <a href="https://www.remcltd.com/" target="_blank" rel="noopener">REMC Limited</a>’s auction to supply 750 MW of round-the-clock (RTC) power from grid-connected renewable projects with or without storage across India for 25 years.</p>
<p>REMCL is a joint venture of <a href="https://indianrailways.gov.in/" target="_blank" rel="noopener">Indian Railways</a> and <a href="https://www.rites.com/" target="_blank" rel="noopener">RITES</a>.</p>
<p>Torrent Power quoted the lowest tariff of ₹4.25 (~$0.051)/kWh to win 100 MW. ReNew Solar, TEQ Green Power, NTPC Renewable Energy, and ACME Cleantech Solutions quoted ₹4.37 (~$0.052)/kWh and won 200 MW, 100 MW, 200 MW, and 100 MW respectively. Tata Power Renewable quoted ₹4.43 (~$0.053)/kWh and won 50 MW.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-62728 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Screenshot-2024-01-30-143043.png" alt="" width="762" height="337" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Screenshot-2024-01-30-143043.png 762w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Screenshot-2024-01-30-143043-300x133.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Screenshot-2024-01-30-143043-650x287.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Screenshot-2024-01-30-143043-624x276.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Screenshot-2024-01-30-143043-600x265.png 600w" sizes="(max-width: 762px) 100vw, 762px" /></p>
<p>The tender was <a href="https://www.mercomindia.com/railways-750-mw-rtc-renewable" target="_blank" rel="noopener">floated</a> in October 2023.</p>
<p>The project&#8217;s annual availability is initially set at 75% for the first four years, increasing to 85% for the remaining contract years. A minimum project availability of 50% is required for the entire contract tenure on a time-block basis.</p>
<p>In the event of a power supply shortfall, developers are obligated to pay 200% of the applicable tariff for that contract year, calculated annually or on a time-block basis. The power supply, including energy from the storage system, must utilize renewable sources for energy storage.</p>
<p>The parties involved are expected to mutually agree on the tariff, which will be levelized for each year based on a discounting factor of 7.7%.</p>
<p>Integration of energy storage systems (ESS) may involve their inclusion in the project or separate linkage with a third party by the developer.</p>
<p>Renewable generation components and ESS installations can be sited anywhere, either co-located or at separate locations. Various components of RTC power, such as solar, wind, hydro, and others, can be interconnected with the interstate transmission system (ISTS) network at different ISTS substations.</p>
<p>Qualified projects include those currently under construction, projects not yet commissioned, and those already commissioned but lacking long-term power purchase agreements with any agency.</p>
<p>This eligibility extends to projects selling power on a short-term or merchant plant basis, provided they are not already accepted under other government programs and do not have commitments to existing buyers.</p>
<p>REMCL had mandated the use of solar modules from the Approved List of Models and Manufacturers and wind turbines listed in the Revised List of Models and Manufacturers for the projects.</p>
<p>In July last year, REMCL <a href="https://www.mercomindia.com/indian-railways-tender-1-gw-round-the-clock-power" target="_blank" rel="noopener">invited</a> bids to procure 1 GW of RTC power from grid-connected renewable power projects with or without storage across India for 25 years.</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>


Torrent, ReNew, O2 Power, NTPC, ACME, Tata Power Win REMC’s 750 MW Renewable Auction


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					</table><p><a href="https://www.remcltd.com/" target="_blank" rel="noopener">REMC Limited</a> has invited bids to procure 695 MW of round-the-clock (RTC) power from grid-connected renewable energy projects with or without storage to operate in tandem with existing 500 MW Ircon Renewable Power (<a href="https://www.ircon.org/index.php?option=com_content&amp;view=article&amp;id=1&amp;Itemid=101&amp;lang=en" target="_blank" rel="noopener">IRPL</a>) and 195 MW Rewa Ultra Mega Solar (<a href="https://rumsl.mp.gov.in/" target="_blank" rel="noopener">RUMSL</a>) solar projects.</p>
<p>The proposed RTC power supply will include the existing supply from the IRPL and RUMSL solar projects. The selected project developer will only supply power for the time blocks where power is not available from these existing projects and fulfill the annual and time block availability.</p>
<p>Bidders must submit separate bids for the two tandem projects.</p>
<p>The last day to submit the bids is February 14, 2024. Bids will be opened on February 16.</p>
<p>Bidders must submit a bid processing fee of ₹1 million (~$12,044). They must also furnish an earnest money deposit of ₹980,000 (~$11,803)/ MW separately for each program.</p>
<p>Selected bidders must submit a performance bank guarantee of ₹2 million (~$24,089)/ MW at least seven working days prior to the signing of the power purchase agreement (PPA). They must also furnish ₹100,000 (~$1204)/ MW as success charges.</p>
<p>The minimum bid capacity for the IRPL project is 100 MW, and 50 MW for the RUMSL one. The projects’ annual availability for the initial four years is set at 75%, which increases to 85% for the remaining contract years. Time-block-wise availability requires a minimum project availability of 50% for the entire contract tenure.</p>
<p>Developers must acquire the land for the projects. Projects should be commissioned within 24 months of signing the PPA.</p>
<p>The tariff is expected to be mutually agreed upon by the parties involved, with the tariff for each year to be levelized based on a discounting factor of 7.7%.</p>
<p>To minimize technological risk and ensure timely commissioning, only commercially established and operational technologies should be employed for these projects.</p>
<p>If integrated, energy storage systems (ESS) may be included as part of the project or linked separately with a third party by the developer. Importantly, ESS power supplied for this project must originate from renewable sources.</p>
<p>Eligible projects encompass those under construction, projects not yet commissioned, and projects that are already commissioned but lack long-term PPAs with any agency, instead selling power on a short-term or merchant plant basis. These considerations apply if the projects are not already accepted under any other government programs and do not have obligations toward existing buyers.</p>
<p>The renewable generation components and ESS installations can be located anywhere in India, including co-located or separate locations. Various components of RTC power, such as solar, wind, hydro, and more, can be interconnected with the interstate transmission system (ISTS) network at different substations.</p>
<p>Bidders must exhibit a net worth equal to or exceeding ₹30 million (~$361,317)/ MW during the financial year immediately preceding the bid submission. A minimum annual turnover of ₹48 million (~$578,107) per MW during the last financial year is mandated.</p>
<p>The bidders’ internal resource generation capability, as represented by profit before depreciation, interest, taxes, and amortization, should amount to at least ₹9.6 million (~$115,621)/ MW during the previous financial year.</p>
<p>Bidders must possess an in-principle sanction letter from lending institutions, committing a line of credit for a minimum of ₹12 million (~$144,526)/ MW to fulfill the project’s working capital needs.</p>
<p>Bidders from countries sharing a land border with India are eligible to participate in this tender only if registered with the competent authority.</p>
<p>REMCL has mandated the use of solar modules listed in the Approved List of Models and Manufacturers and wind turbines listed in the Revised List of Models and Manufacturers for the projects.</p>
<p>In October, REMC <a href="https://www.mercomindia.com/railways-750-mw-rtc-renewable/" target="_blank" rel="noopener">invited</a> bids to procure 750 MW of RTC power from grid-connected renewable projects with or without storage across India for 25 years.</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>


Railways Float Tender to Procure 695 MW Round-the-Clock Renewable Power


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					</table><p>Sprng Akshaya Urja (<a href="https://sprngenergy.com/" target="_blank" rel="noopener">Sprng Energy</a>), <a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a>, Project Nine Renewable Power (<a href="https://www.ayanapower.com/" target="_blank" rel="noopener">Ayana Power</a>), and TEQ Green Power XIII (<a href="https://www.o2power.in/" target="_blank" rel="noopener">O2 Power</a>) have won <a href="https://www.remcltd.com/" target="_blank" rel="noopener">REMC’s</a> auction to supply 1 GW of round-the-clock (RTC) power for 25 years from grid-connected renewable power projects with or without storage.</p>
<p>Sprng won 100 MW by quoting ₹3.99 (~$0.048)/kWh. NTPC and Ayana won 500 MW and 300 MW, respectively, quoting ₹4.10 (~$0.050)/kWh. O2 won 60 MW quoting ₹4.27 (~$0.052) kWh.<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction.png"><img decoding="async" class="aligncenter wp-image-52345 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction.png" alt="REMC Auction" width="100%" height="100%" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction.png 797w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction-300x110.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction-768x282.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction-650x239.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction-624x229.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/REMC-Auction-600x221.png 600w" sizes="(max-width: 797px) 100vw, 797px" /></a></p>
<p>These projects are to be developed across India.</p>
<p>The tender was <a href="https://www.mercomindia.com/indian-railways-tender-1-gw-round-the-clock-power" target="_blank" rel="noopener">floated</a> in July last year. REMC is a joint venture of Indian Railways and Rail India Technical and Economic Service.</p>
<p>The projects’ annual availability for the first four years is 75%, and 85% for the rest of the contract years. The minimum project availability must be 50% for the entire contract tenure.</p>
<p>The developer will have to pay 200% of the applicable tariff for any shortfall in power supplied, calculated on an annual or time-block basis. The tariff will be mutually agreed upon and levelized based on an 8.09% discounting factor.</p>
<p>The tender had specified stated that only commercially established and operational technologies should be used to minimize technology risks.</p>
<p>The energy storage system (ESS) power must be from renewable sources. The renewable generation components and the ESS installed may be located anywhere, and different components of RTC power can be connected to the interstate transmission system network at various substations.</p>
<p>It had also mandated the use of solar modules from the Approved List of Models and Manufacturers (ALMM) issued by the Ministry of New and Renewable Energy. Similarly, the wind turbines must also be procured from suppliers listed in the Revised List of Models and Manufacturers.</p>
<p>India witnessed a 50% quarter-over-quarter dip in solar auctions, with only 820 MW announced in the first quarter of 2023, according to <a href="https://mercomindia.com/research-2/" target="_blank" rel="noopener">Mercom India Research</a>. The capacity auctioned dropped 69% over the same period last year, mainly due to the uncertainty around the suspension of the ALMM policy.</p>
<p>The Ministry of New &amp; Renewable Energy recently announced that renewable project tenders of 50 GW capacity will be <a href="https://www.mercomindia.com/mnre-renewable-energy-bidding-trajectory" target="_blank" rel="noopener">issued</a> annually for the financial years 2024-28.</p>
<p>Subscribe to Mercom&#8217;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 the real-time tender activity.</p>


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