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					</table><p><a href="https://www.mercomindia.com/delays-in-power-supply-projects-wont-face-penalties" target="_blank" rel="noopener"><strong>The Ministry of Power has amended the guidelines to the tariff-based competitive bidding process for the procurement of firm and dispatchable renewable power</strong></a> from grid-connected solar, wind, wind-solar hybrid, and renewable energy projects with energy storage. The revised guidelines removed the clause relating to punitive measures for delays in the commencement of power supply.</p>
<p><a href="https://www.mercomindia.com/tamil-nadu-cements-consultancy-20-mw-solar" target="_blank" rel="noopener"><strong>The Tamil Nadu Cements Corporation has invited bids from consultants to prepare a detailed project report to install a 20 MW solar power project</strong></a> at Alangulam Cement Works in Virudhnagar district. The last date to submit the bids is February 19, 2024. Bids will be opened on the same day. Bidders must furnish an earnest money deposit of ₹10,000 (~$120).</p>
<p><a href="https://www.mercomindia.com/iex-renewable-energy-certificates-january" target="_blank" rel="noopener"><strong>The Indian Energy Exchange traded 1.52 million renewable energy certificates (REC), equivalent to 1,520 million units, in January 2024 at a clearance price of ₹360</strong></a> (~$4.34) per REC. This is an increase of 285% year-over-year and is the highest REC volume in the current financial year. REC prices on IEX have seen a downward trend and are currently at their lowest level this financial year.</p>
<p><a href="https://www.mercomindia.com/maharashtra-floats-of-distributed-solar-projects" target="_blank" rel="noopener"><strong>Mahatma Phule Renewable Energy and Infrastructure Technology has invited bids for the selection of a project management consultant for 3.31 MW</strong></a> grid-connected distributed solar power projects with a net metering system for 20 rural, regional water supply programs of Zilla Parishad Chandrapur. The last date for submitting bids is February 20, 2024. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/merc-orders-discom-refund-excess-penalty" target="_blank" rel="noopener"><strong>The Maharashtra Electricity Regulatory Commission has directed the Maharashtra State Electricity Distribution Company to reimburse</strong></a> Imagicaa World Entertainment, a theme park owner in Maharashtra, for excess demand penalty charges plus interest incurred due to renewable energy open access levies.</p>
<p><a href="https://www.mercomindia.com/electric-scooter-startup-river-raises-30-million" target="_blank" rel="noopener"><strong>Electric-scooter startup </strong><strong>River</strong><strong> has raised $40 million (₹3.35 billion) in an oversubscribed Series B funding led by </strong><strong>Yamaha Motor</strong><strong>. The Bengaluru-based electric</strong></a> vehicle company plans to scale its distribution and service network across India and develop a future line-up of products using the funding. The round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility, taking the total funding raised to $68 million (₹5.65 billion) since River’s inception in March 2021.</p>
<p><a href="https://www.mercomindia.com/us-solar-ppa-prices-rates-down-2-in-q4-2023" target="_blank" rel="noopener"><strong>The national P25 solar power purchase agreement (PPA) prices in the U.S. in the fourth quarter of 2023 rose 3% compared to Q3, while P25 wind prices increased 5%</strong></a>. LevelTen’s P25 Price Index represents the 25<sup>th</sup> percentile PPA prices. All PPA price data in LevelTen’s report are based on the prices developers offer for PPA contracts and not the transacted PPA prices.</p>


Daily News Wrap-Up: No Penalties for Renewable Power Supply Commencement Delays


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					</table><p>Electric-scooter startup <a href="https://www.rideriver.com/" target="_blank" rel="noopener">River</a> has raised $40 million (₹3.35 billion) in an oversubscribed Series B funding led by <a href="https://global.yamaha-motor.com/" target="_blank" rel="noopener">Yamaha Motor</a>. The Bengaluru-based electric vehicle (EV) company plans to scale its distribution and service network across India and develop a future line-up of products using the funding.</p>
<p>The round also saw participation from existing investors <a href="https://www.alfuttaim.com/automotive/" target="_blank" rel="noopener">Al-Futtaim Automotive</a>, <a href="https://lowercarboncapital.com/" target="_blank" rel="noopener">Lowercarbon Capital</a>, <a href="https://toyota.ventures/" target="_blank" rel="noopener">Toyota Ventures</a>, and <a href="https://www.maniv.com/" target="_blank" rel="noopener">Maniv Mobility</a>, taking the total funding raised to $68 million (₹5.65 billion) since River’s inception in March 2021.</p>
<p>The company started selling its first scooter, Indie, in October 2023 and opened its first store in Bengaluru in January 2024. The scooter is powered by a 4 kWh battery and has a range of 120 kilometers.</p>
<p>River plans to scale to over 100 cities in the next two years.</p>
<p>“We are impressed by the progress that River has achieved in such a short span of time, especially with the strong focus on design and technology,” Jim Aota, Chief General Manager of New Business Development Centre, Yamaha Motor, said.</p>
<p>Aravind Mani, Co-founder and CEO of River said, “The investment is a significant boost for our plan to build a billion-dollar global utility-lifestyle brand by 2030. We have built a great base in R&amp;D and manufacturing over the last two years, and now, it&#8217;s time to grow.”</p>
<p>Recent revisions by the government <a href="https://www.mercomindia.com/budget-2024-free-electricity-rooftop-solar-vgf-offshore-wind" target="_blank" rel="noopener">reduced</a> the Budget 2024 estimate outlay for the Program for Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle in India – (FAME – India) from ₹51.72 billion (~$623.28 million) to ₹26.71 billion (~$321.88 million). The program provides subsidies for electric vehicle manufacturing in the country.</p>
<p>According to the <a href="https://mercomcapital.com/product/annual-q4-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Annual and Q4 2023 Funding and M&amp;A Report for Storage &amp; Grid</a>, corporate funding for smart grid companies was down 30% year-over-year, with $3.3 billion in 60 deals compared to $4.7 billion in 58 deals in 2022.</p>


Electric Scooter Startup River Raises $30 Million in Series B Funding


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					</table><p>Floating solution provider <a href="https://www.acquainfra.com/" target="_blank" rel="noopener">Acquafront Infrastructure</a> has developed ‘i-Ghat,’ a futuristic project to power boats with solar energy instead of diesel at Kada Ghat, Kaushambi, in Uttar Pradesh.</p>
<p>Acquafront originated at the Startup Incubation and Innovation Centre (SIIC), <a href="https://www.iitk.ac.in/" target="_blank" rel="noopener">IIT Kanpur</a>.</p>
<p>The company develops floating solutions for large-scale infrastructure, including the world&#8217;s first floating CNG (compressed natural gas) refilling station on the River Ganga at Khidkiya Ghat in Varanasi.</p>
<p>The ‘i-Ghat’ project includes integrating reinforced-cement concrete-based floats with solar cells and electric-powered boats using Steel Integrated Floating Jetty technology.</p>
<p>The floating infrastructure avoids the adverse environmental impact of plastic floats and cuts the noise and air pollution caused by diesel boats.</p>
<p>It is also equipped with a floating charging station and has provisions for swapping batteries for the battery-powered electric boats that produce solar energy through the concrete floating solar grid.</p>
<p>The company, however, did not specify the energy capacity for the project.</p>
<p>The facility was commissioned in September 2022 and is supported by NTT DATA, a global digital business, and IT services leader.</p>
<p>The project is built to be self-sufficient, leading to zero air and noise pollution, and aligns with NTT DATA’s aim to support technology innovations for a sustainable world.</p>
<p>Ankit Patel, a co-founder of Acquafront Infrastructure, said, “Rivers have always played a major role in religious and cultural activities in India, but over the last century, industrialization and unequal growth have harmed the ecosystem. The need of the hour is modern avenues to accelerate the development with sustainable solutions for water infrastructure to revive these age-old linkages. The SIFJ technology has been developed to address the unique situation for India and developing nations.”</p>
<p>Uttar Pradesh has also <a href="https://mercomindia.com/uttar-pradesh-announces-incentives-ev-battery-manufacturing/" target="_blank" rel="noopener">introduced</a> the Electric Vehicle Manufacturing and Mobility Policy 2022, providing several incentives for electric vehicle and battery manufacturing units and purchases.</p>
<p>Last year, the Kochi Metro Rail, a special purpose vehicle formed between the central government and the Kerala government, <a href="https://mercomindia.com/bids-invited-electric-vehicle-supply/" target="_blank" rel="noopener">invited</a> bids for electric vehicle supply equipment for its water metro project in Kochi, Kerala.</p>


IIT Kanpur-Backed Company Launches Floating Solar Grid to Power Boats

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