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					</table><p>Solarworld Energy Solutions, Oriana Power, Rays Power Experts, and JSW Neo Energy (JSW Energy) <a href="https://www.mercomindia.com/adani-greens-q3-profits-jump-84-operational-capacity-up-37" target="_blank" rel="noopener">won</a> Rajasthan Rajya Vidyut Utpadan Nigam’s auction to set up 500 MW/1,000 MWh standalone Battery Energy Storage Systems (BESS). The projects will be eligible for Viability Gap Funding (VGF) of ₹2.7 million (~$31,226)/MWh or 30% of the project’s capital cost for each developer. The VGF for the greenshoe capacity will be discussed with the developers in the next stage.</p>
<p>The Ministry of New and Renewable Energy <a href="https://mercomindia.com/mnre-adds-3-gw-of-solar-module-capacity-to-almm" target="_blank" rel="noopener">updated</a> the approved list of models and manufacturers for solar photovoltaic modules, adding 3,015 MW of new capacity. The cumulative module manufacturing capacity stands at 67,401 MW. New entries to the list included BVG India adding 367 MW, KLK Ventures adding 33 MW, and SAN Energy and Solution adding 27 MW to the total added capacity.</p>
<p>Telangana Power Generation Corporation <a href="https://www.mercomindia.com/adani-greens-q3-profits-jump-84-operational-capacity-up-37" target="_blank" rel="noopener">invited</a> bids to set up a pilot project of 250 MW/500 MWh standalone BESS in Telangana. Developers will be eligible for viability gap funding of ₹2.7 million (~$32,114)/MWh or 30% of the project’s capital cost, whichever is lower.</p>
<p>India Grid Trust (IndiGrid), a power infrastructure investment trust, <a href="https://www.mercomindia.com/indigrid-revenue-flat-q3-fy25" target="_blank" rel="noopener">reported</a> consolidated revenue of ₹7.72 billion (~$89.53 million) in the third quarter (Q3) of the financial year (FY) 2025, marking a 2.4% year-over-year (YoY) increase from ₹7.54 billion (~$87.45 million). The company’s earnings before interest, taxes, depreciation, and amortization jumped 2% YoY from ₹6.81 billion (~$78.96 million) to ₹6.94 billion (~$80.47 million).</p>
<p>Indian Energy Exchange (IEX) <a href="https://www.mercomindia.com/iex-reports-16-9-growth-in-q3-fy-2025-profit-trades-30-5-bu-of-energy" target="_blank" rel="noopener">reported</a> a consolidated revenue of ₹1.605 billion (~$19.32 million) for the Q3 of FY 2025, up 13.7% YoY from ₹1.412 billion (~$17.02 million). IEX had reported a consolidated revenue of ₹1.68 billion (~$20.1 million), an increase of 26.2% YoY in Q2. The third quarter’s consolidated profit after tax was ₹1.073 billion (~$12.91 million), a 16.9% increase from ₹918 million (~$11.06 million) in the same period last year.</p>
<p>Renewable energy company Adani Green Energy <a href="https://www.mercomindia.com/adani-greens-q3-profits-jump-84-operational-capacity-up-37" target="_blank" rel="noopener">reported</a> an 84.07% YoY growth in net profit for the Q3 of the FY 2025, reaching ₹5.43 billion (~$62.79 million), up from ₹2.95 billion ($34.11 million). The company’s revenue decreased 1.68% year over year to ₹26.3 billion (~$304.16 million) in Q3 FY 2025 from ₹26.75 billion (~$309.36 million). It reported an earnings per share of ₹2.92 (~$0.0337) at a face value of ₹10 (~$0.1156) per share during the quarter, up from ₹1.42 (~$0.016) in Q3 FY 2024.</p>
<p>Malaysia’s Ministry of Energy Transition and Water Transformation (PETRA) <a href="https://www.mercomindia.com/malaysia-2-gw-solar-projects" target="_blank" rel="noopener">invited</a> bids to develop 2 GW of large-scale solar (LSS) projects under phase V of its LSS PETRA+ program. Solar development capacity under the LSS PETRA+ program is expected to generate an investment of MYR8 billion (~$1.8 billion) and create 12,000 job opportunities within the renewable energy industry.</p>


Daily News Wrap-Up: JSW, Oriana, Rays Among Winders of RUVNL’s BESS Auction


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					</table><p><a href="https://www.worldsolar.in/" target="_blank" rel="noopener">Solarworld Energy Solutions</a>, <a href="https://orianapower.com/" target="_blank" rel="noopener">Oriana Power</a>, <a href="https://www.raysexperts.com/" target="_blank" rel="noopener">Rays Power Experts</a>, and JSW Neo Energy  (<a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a>) have won Rajasthan Rajya Vidyut Utpadan Nigam’s (<a href="https://rrvunl.in/" target="_blank" rel="noopener">RVUNL</a>) auction to set up 500 MW/1,000 MWh standalone battery energy storage systems (BESS).</p>
<p>Solarworld won 125 MW/250 MWh at a tariff of ₹221,000 ($2,561.91)/MW/month, Oriana Power 50 MW/100 MWh at ₹222,000 ($2,574.51)/MW/month, Rays Power Experts 75 MW/150 MWh at ₹223,000 ($2,586.11)/MW/month, and JSW Neo Energy 250 MW/500 MWh at ₹224,000 ($2,597.70)/MW/month.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/auction-BESS-RVUNL.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-75680 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/auction-BESS-RVUNL.png" alt="" width="752" height="294" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/auction-BESS-RVUNL.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/auction-BESS-RVUNL-300x117.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/auction-BESS-RVUNL-650x254.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/auction-BESS-RVUNL-624x244.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/auction-BESS-RVUNL-600x235.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></a></p>
<p>The tender was <a href="https://www.mercomindia.com/rajasthan-1000-mwh-standalone-bess" target="_blank" rel="noopener">floated</a> in September 2024.</p>
<p>The BESS project also included a greenshoe option of 500 MW/1,000 MWh.</p>
<p>The projects will be eligible for viability gap funding (VGF) of ₹2.7 million (~$31,226)/MWh or 30% of the project’s capital cost for each developer. The VGF for the greenshoe capacity will be discussed with the developers in the next stage.</p>
<p>The VGF will be disbursed in five tranches as listed below:<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/vgf-rvunl.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-75695 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/vgf-rvunl.png" alt="" width="643" height="336" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/vgf-rvunl.png 643w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/vgf-rvunl-300x157.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/vgf-rvunl-624x326.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/vgf-rvunl-600x314.png 600w" sizes="(max-width: 643px) 100vw, 643px" /></a>The total capacity will be distributed across RVUNL’s generation facilities, including the Giral Lignite Power Project in Barmer, Suratgarh Thermal Power Station in Suragarth, and Rajasthan Rajya Vidyut Prasaran Nigam’s substations at Sakatputa, Kota, and Heerapura, Jaipur.</p>
<p>Developers must cover all costs related to infrastructure development from the project to the interconnection point, including transmission line and maintenance expenses. Connection to the state transmission utility network will be at the eloped at the developers’ expense.</p>
<p>They must ensure the BESS is available for two charge-discharge cycles per day.</p>
<p>The BESS must allow RVUNL to charge and discharge on demand. Developers must guarantee a minimum of 95% system availability monthly.</p>
<p>The tender had specified a minimum bid size of 100 MWh (50 MW x 2 hours), with a maximum of 125 MW/250 MWh per location and 17,500 square meters of land allocated for a 125 MW/250 MWh capacity.</p>
<p>The power rating of a 1,000 MWh (500 MW x 2 hours) BESS will be 500 MW, the maximum value of the active output and input power at the delivery point.</p>
<p>The projects must be scheduled for commissioning within 18 months from the battery energy storage purchase agreement’s effective date.</p>
<p>RVUNL will manage land identification and allocation for the projects.</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>


JSW, Rays, Oriana Among Winners of RVUNL’s 500 MW/1,000 MWh BESS Auction


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					</table><p>Rajasthan Rajya Vidyut Utpadan Nigam (<a href="https://energy.rajasthan.gov.in/content/raj/energy-department/rvunl/en/home.html" target="_blank" rel="noopener">RVUNL</a>) has issued a tender to select solar project developers to set up 810 MW of state transmission utility-(STU) connected solar power projects on a build-own-operate basis in RVUNL’s Ultra Mega Solar Park in Bikaner.</p>
<p>The tender was issued in November but was immediately canceled thereafter.</p>
<p>RVUNL will enter into a power purchase agreement (PPA) with the selected bidder for 25 years from the scheduled commissioning of the project, and the generated power will be supplied to the state DISCOMs.</p>
<p>The selected developer will also be responsible for the operation and maintenance of the project for the PPA duration.</p>
<p>The grid-connected solar projects will be set up in RVUNL’s 2 GW Ultra Mega Solar Park, being developed at villages Ramsar Chhota, Barala, and Bandrewala.</p>
<p>The selected developer must commission the solar project within 15 months of the PPA signing date.</p>
<p>The last day to submit the bids is February 22, 2023. Bids will be opened on February 24.</p>
<p>Bidders must submit a tender processing fee of ₹1 million (~$12,097) plus GST and an earnest money deposit of ₹720 million (~$8.71 million).</p>
<p>The selected project developer must furnish a contract performance security of ₹1.44 billion (~$17.42 million) within 30 days of the letter of intent and before signing the PPA.</p>
<p>The solar project should be designed for interconnection with the pooling substation at the solar park through a dedicated cable at a voltage level of 33 kV.</p>
<p>The cost of transmission from the project up to the interconnection point, wheeling charges, and losses will be borne by the project developer and will not be reimbursed.</p>
<p>Bidders should have a minimum average annual turnover of ₹4.05 billion (~$49 million) for the last financial year. Their net worth should be equal to or greater than ₹7.2 billion (~$87.12 million) at the end of the financial year 2021-22.</p>
<p>Bidders must also have an internal resource generation capability in the form of Profit Before Depreciation, Interest, and Taxes for a minimum of ₹810 million (~$9.8 million) at the end of the financial year 2021-22. They must also have an in-principle sanction letter from lending institutions committing a line of credit for a minimum of ₹1.01 billion (~$12.22 million) towards meeting the working capital requirement.</p>
<p>The modules used in the project must be from the Approved List of Models and Manufacturers published by the Ministry of New and Renewable Energy.</p>
<p>The declared annual capacity utilization factor (CUF) should in no case be less than 19%, and the successful bidder must maintain generation to achieve annual CUF within + 10% and -15% of the declared value till the end of ten years from commissioning. This is subject to the yearly CUF remaining at a minimum of 15% and within +10% and &#8211; 20% of the declared value of the annual CUF until the end of the PPA duration.</p>
<p>The project developer would be free to sell any excess generation above the agreed CUF of 10% to either RVUNL or to sell it to any other entity, provided the first right of refusal rests with RVUNL. If accepted by the DISCOMs or beneficiaries, such excess energy may be purchased by RRVUNL for 75% of the tariff payable to the project developer.</p>
<p>In October, the Rajasthan Urja Vikas Nigam <a href="https://energy.rajasthan.gov.in/content/raj/energy-department/rvunl/en/home.html" target="_blank" rel="noopener">invited</a> consultants to provide load and renewable energy generation forecasting and schedule optimizer services for two years. The consultants were required to help it prepare, plan and advise on energy portfolio management to provide 24×7 quality power to all consumers while minimizing the power purchase cost.</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>


Rajasthan Invites Bids for 810 MW of Solar Projects

<p>The Rajasthan Vidyut Utpadan Nigam Limited (<a href="http://energy.rajasthan.gov.in/rvunl" target="_blank" rel="noopener noreferrer">RVUNL</a>) has not renewed the Power Purchase Agreements it had signed with wind generators, despite the Rajasthan Electricity Regulatory Commission (RERC) passing an order to ensure continuity in renewable power purchases.</p>
<p>The PPAs, which expired in March 2019, have not been renewed yet.</p>
<p>Speaking to Mercom, the Indian Wind Power Association’s (<a href="http://www.windpro.org/contactus.html" target="_blank" rel="noopener noreferrer">IWPA)</a> Rajasthan State Council’s Coordinator Santosh Kumar Sharma reiterated the development, saying, “The wind power developers in Rajasthan face the dual problem of PPAs not being signed, as well as dues to the tune of ₹8.43 billion ($122 million) from the DISCOMS of Jaipur, Jodhpur, and Ajmer since September of 2018.”</p>
<p>The RVUNL has been consuming the power produced from these developers, but it has not renewed the PPAs, which were signed for a five-year term. The project term is for 25 years, with the industry norm of renewing PPAs every five years.</p>
<p>In March 2019, the Regulatory <a href="https://mercomindia.com/rajasthan-amends-regulations-rec-and-rpo/" target="_blank" rel="noopener noreferrer">Commission had issued new amendments</a> to its regulations on renewable energy certificate and renewable purchase obligation compliance framework. According to the amendment, for distribution licensees, the effective electricity component price applicable to the projects commissioned up to March 31, 2019 and covered under REC mechanism will be equal to the pooled cost of power purchase, which has been capped at average of pooled cost of power purchase for Jodhpur Vidyut Vitran Nigam Limited (<a href="http://energy.rajasthan.gov.in/content/raj/energy-department/jodhpur-vidyut-vitran-nigam-limited/en/home.html" target="_blank" rel="noopener noreferrer">JdVVNL</a>) for the period from FY 2011-12 to FY 2016-17, at ₹3.14 (~$0.045)/kWh.</p>
<p>Later, in an interim order, the Rajasthan High Court had directed the state government to comply and ensure the renewal of PPAs along with the clearing of dues by the DISCOMs.</p>
<p>Speaking to media at Jaipur, Rajendra Vyas, president of Rajasthan Chapter, Indian Wind Power Association said, “Despite repeatedly taking up the matter with the DISCOMs, RERC, and even the state energy department and the minister concerned, no headway has been achieved so far.”</p>
<p>Rajasthan wind developers are facing the double whammy of payment delays and high deviation settlement charges making their projects unviable.</p>
<p>Recently, <a href="https://mercomindia.com/court-upholds-deviation-settlement-rajasthan/" target="_blank" rel="noopener noreferrer">Mercom</a> had reported that a petition filed by the Indian Wind Power Association had challenged the validity of the deviation settlement mechanism regulations passed by the Rajasthan Electricity Regulatory Commission and requested it to be scrapped. The members of <a href="https://mercomindia.com/court-upholds-deviation-settlement-rajasthan/">IWPA</a> had pleaded that the DSM charges were high and that they were major sufferers due to unscheduled power cuts, refusal to offtake power by the state power distribution companies despite good generation during peak hours.</p>
<p>In another instance, a group <a href="https://mercomindia.com/rajasthan-wheeling-solar-and-wind-captive/" target="_blank" rel="noopener noreferrer">of six independent power producers</a> had filed separate petitions before the Rajasthan Electricity Regulatory Commission for the settlement of disputes regarding the methodology adopted by the DISCOMs in levy of wheeling charges. The six petitioners, who are wind and solar energy generators for captive use, had entered into a Wheeling and Banking Agreement with the concerned DISCOMs.</p>


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