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					</table><a href="https://www.mercomindia.com/solar-industrys-tax-cuts-gst-reforms-and-fiscal-incentives" target="_blank" rel="noopener">With India’s aggressive clean energy push likely to sustain the momentum it has seen in recent years</a>, all eyes are on the Union Budget 2024 to be presented by Finance Minister Nirmala Sitharaman on July 23. Stakeholders in the solar and other clean energy sectors have a long wish list from the Budget for the industry to help India achieve the ambitious target of 500 GW of renewable energy capacity by 2030 and net-zero emissions by 2070. The expectations range from tax rationalization and policy reforms to financial incentives to boost growth and foster innovation. Kishor Nair, Chief Executive Officer of Avaada Energy, said, &#8220;The upcoming Budget is pivotal in propelling the nation’s green agenda, unlocking investments, streamlining policies, and accelerating the transition towards sustainable practices.&#8221;
<a href="https://www.mercomindia.com/mnre-guidelines-incentives-discoms-pm-surya" target="_blank" rel="noopener">The Ministry of New and Renewable Energy has issued the operational guidelines to implement the PM Surya Ghar</a>: Muft Bijli Yojana for the component Incentive to Power Distribution Companies (DISCOMs). The incentives worth ₹49.5 billion (~$591.69 million) provide resources to DISCOMs for participating in information, education and communication,  and branding activities, creating conducive regulatory and administrative mechanisms to ensure timely approvals (feasibility, commissioning, inspection, grievance redressal, etc.), achieving implementation targets, ensuring timely availability of net meters, saturating rooftop solar on government buildings, utilizing incentives for rooftop solar-specific activities, and incentivizing field-level staff through recognition and rewards.
<a href="https://www.mercomindia.com/guvnl-invites-bids-to-procure-power-from-500-mw-wind-projects" target="_blank" rel="noopener">Gujarat Urja Vikas Nigam has issued a request for selection from developers to purchase power</a> from 500 MW grid-connected wind power projects in India (Phase VII) with an additional greenshoe option of 500 MW. Bids can be placed for a minimum of 10 MW for intra-state projects and 50 MW for inter-state projects. The last date to submit bids is August 12, 2024. Bids will be opened on August 16. The cost of the document, which is non-refundable, is ₹25,000 (~$299) plus 18% GST. Bidders must pay an earnest money deposit of ₹1.3 million (~$15,540)/MW. They must pay ₹0.3 million (~$3,586) plus 18% GST as a non-refundable processing fee.
<a href="https://www.mercomindia.com/sjvn-empanelment-rooftop-solar" target="_blank" rel="noopener">SJVN has invited expressions of interest to empanel vendors to commission grid-connected rooftop solar power projects</a> on government buildings under PM Surya Ghar: Muft Bijli Yojana. The projects will use capital expenditure and renewable energy service company models. The empanelment will be for 18 months from issuing letters of empanelment. The empanelment period may be extended at SJVN’s discretion. The last date to submit the bids is August 8, 2024. Bids will be opened on the same day. Bidders must furnish ₹5,900 (~$70) towards document cost.
<a href="https://www.mercomindia.com/sterling-and-wilson-swings-q1-profit" target="_blank" rel="noopener">The engineering, procurement, and construction arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy</a>, posted a net profit of ₹50 million (~$600,000) in the first quarter of the financial year 2025, swinging from a net loss of ₹950 million (~$11.4 million) in the same quarter last year. This marks the second consecutive quarter of profit for the company. The bottom line was helped by revenue growth of 78% year-over-year, reaching ₹9.15 billion (~$109.8 million) in the quarter, up from ₹5.15 billion (~$61.8 million). The revenue growth was primarily driven by higher execution in domestic EPC projects, contributing ₹8.32 billion (~$99.8 million) to the total revenue. International EPC operations generated ₹260 million (~$3.1 million), while the Operations and Maintenance segment added ₹570 million (~$6.8 million) to the top line.
<a href="https://www.mercomindia.com/energy-storage-india-grid-stability" target="_blank" rel="noopener">Energy storage is crucial for maintaining a steady renewable energy supply, ensuring grid stability</a>. Some long-duration storage technologies even provide synchronous inertia, which is vital for grid stability and consistent 24/7 clean energy. Efficient storage systems help overcome the challenges posed by the intermittent nature of renewable energy, ensuring a reliable supply even when primary sources are inactive. Despite government support, the Indian energy storage market has been slow to develop but has plenty of potential to grow. As of March 2024, India had only 219.1 MWh of battery energy storage system capacity, according to Mercom India Research’s India’s Energy Storage Landscape report. The ‘Mercom India Renewables Summit 2024,’ scheduled for July 25-26 in New Delhi, will address these critical issues. One of the key sessions, titled ‘Energy Storage – Enabling Stable Renewables and Resilient Grids,’ will be held on July 26, 2024.
<a href="https://www.mercomindia.com/made-to-order-the-future-of-hybrid-power-projects" target="_blank" rel="noopener">Hybrid projects will play a big role in India meeting its burgeoning power demand by overcoming the intermittent nature</a> of renewable energy. By adding energy storage solutions to the equation, they could emerge as a viable option not only to meet the requirements of distribution companies but also to help maintain grid stability. Many government agencies at the federal and state levels are coming out with hybrid power tenders to meet the demands of round-the-clock power from DISCOMs and end-users. As energy storage tariffs drop, hybrid plus storage projects are expected to become more economical in the future. In a dedicated session at the Fourth Mercom India Renewables Summit 2024 in New Delhi scheduled for July 25-26, key industry insiders will exclusively discuss all the issues around the hybrid power projects. At the session ‘Made-to-Order: The Future of Hybrid Power Projects,’ developers and other stakeholders will explore strategies to meet DISCOMs’ requirements and discuss the current and emerging trends in hybrid power demand.

Daily News Wrap-Up: Solar Sector’s Budget 2024 Wishlist

The Shapoorji Pallonji Group has told the subsidiary company, Sterling and Wilson Solar Limited (<a href="https://sterlingandwilson.com/" target="_blank" rel="noopener noreferrer">SWSL</a>), that it would defer the payment of the loan amount of over ₹10 billion (~$135.8 million) that were outstanding as on September 30, 2020.
The repayment is part of the outstanding dues of ₹23.41 billion (~$318.1 million) as of September 30, 2020.
The board of directors in a meeting in December 2019 had considered a revised payment schedule for the repayment of ₹16.5 billion (~$224.2 million) in three installments of ₹5 billion (~$67.9 million) by March 31, 2020, ₹5 billion (~$67.9 million) by June 30, 2020, and the balance amount by September 30, 2020.
In April this year, Sterling and Wilson Solar had <a href="https://mercomindia.com/sterling-wilson-solar-receives-%e2%82%b95-billion-against-outstanding-loans/" target="_blank" rel="noopener noreferrer">announced</a> that it had received ₹5 billion (~$67.9 million) towards the March installment.
For the June installment, the company said that it had been paid only ₹1.03 billion (~$13.9 million) out the ₹5 billion (~$67.9 million) for the June installment as on date, and the promoters have asked for time until September 30, 2021, for the repayment of the outstanding amount.
The current outstanding amount for the June installment is ₹3.96 billion (~$53.8 million) for which the shareholders have provided immovable properties as securities worth about ₹4.60 billion (~$62.5 million). The promoters have offered additional securities of ₹7.40 billion (~$100.5 million) to cover the September 2020 installment, making the total security package of ₹12 billion (~$163.06 million).
“Considering the current economic slowdown and the challenges the promoter group is facing because of the ensuing COVID-19 pandemic, the board of directors has taken a decision to extend the repayment timeline until September 2021 and levy additional interest spread over 400 basis points over and above the average borrowing rate,”  the company added in its filing.
The company had earlier <a href="https://mercomindia.com/sterling-wilson-repays-outstanding-loan/" target="_blank" rel="noopener noreferrer">paid</a> ₹10 billion in dues (~$140.18 million) of its outstanding loan. The payment consisted of the principal amount and the interest from the date of listing of the company’s shares in August until December 31, 2019. The company had finalized the repayment schedule based on the recommendations of the audit committee, the board of directors, in a meeting held on December 31, 2019.

Shapoorji Pallonji Defers Repayment of Sterling & Wilson Solar’s Loan

<a href="https://sterlingandwilson.com/" target="_blank" rel="noopener noreferrer">Sterling and Wilson</a>, a Shapoorji Pallonji Group company, has released its consolidated and standalone financial results for the third quarter (Q3) and nine months ended on December 31, 2019.
The revenue of the company for the nine months of the financial year (FY) 2019-20 stood at ₹35.150 billion (~$492.9 million), and the gross profit margin for the same period stood at 13.1% as compared to 9.3% for the nine months of FY19. The gross profit margin for Q3 FY20 was 7.8% as compared to 17.4% during the same period in FY19.
The company said that the revenue had been impacted due to the delay in the commencement of a few projects.
<a href="https://mercomindia.com/wp-content/uploads/2020/02/Capture.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-17747" src="https://mercomindia.com/wp-content/uploads/2020/02/Capture.png" alt="Capture" width="374" height="423" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/02/Capture.png 374w, https://cms.mercomindia.com/wp-content/uploads/2020/02/Capture-265x300.png 265w" sizes="(max-width: 374px) 100vw, 374px" /></a>
The operation and maintenance (O&amp;M) revenue doubled in nine months of FY20 as compared to the corresponding period in the previous year. The revenue from O&amp;M operation stood at ₹1.317 billion (~$18.46 million) as compared to ₹591 million (~$8.28 million) in nine months of FY19. O&amp;M constituted 3.7% of the revenue in nine months of FY20 as compared to 1% in nine months of FY19.
The revenue from operations for Q3 FY 20 was ₹10.764 billion (~$150.9 million) as compared to ₹16.440 billion (~$230.5 million) for the Q3 FY19. The revenue from operations for nine months of FY20 stood at ₹35,147 million as compared to ₹59.151 billion (~$829.5 million) during the same period in FY19.
The company said that the adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) for the quarter ended December 31, 2019, was ₹598 million (~$8.38 million) as compared to ₹2.079 billion (~$29.15 million) during the same period in 2018. The EBITDA for nine months of FY20 was ₹2.372 billion (~$33.26 million) as compared to the ₹3.510 billion (~$49.2 million) during the same period in FY19.
The cash flow from operating activities amounted to ₹2.174 billion (~$30.48 million) for the nine months of FY20 as compared to ₹7.046 billion (~$98.8 million) for the nine months in FY19. The net working capital for the nine-month period in FY20 was ₹2.513 billion (~$35.2 million) as compared to ₹2.337 billion (~$32.7 million) in March 2019.
As per the company statement, the order backlog in the unexecuted order value (UOV) increased significantly by 67% from ₹77 billion (~$1.07 billion) as on March 31, 2019, to ₹130 billion (~$1.82 billion) as of February 12, 2020.
The company also added that they were constantly monitoring the situation in China due to the outbreak of Coronavirus and noted that it was bound to impact the company in the near term. It noted that production activities at some of its critical suppliers had stopped and activity is expected to resume by the end of February 2020.
The engineering, procurement, and construction (EPC) company has been expanding its global footprint and making inroads in strategic markets like Australia and the U.S. Currently; the company says it has over 7.4 GW of solar power projects with active service contacts as part of its portfolio. The company’s portfolio also includes the <a href="https://mercomindia.com/sterling-wilson-develop-worlds-largest-1177-mw-solar-project-abu-dhabi/" target="_blank" rel="noopener noreferrer">1.17 GW project</a> in Abu Dhabi which is one of the largest single-location projects in the world.
In January this year, Sterling and Wilson <a href="https://mercomindia.com/sterling-wilson-repays-outstanding-loan/" target="_blank" rel="noopener noreferrer">paid</a> ₹10 billion in dues (~$140.18 million) of its outstanding loan. The payment consisted of the principal amount and the interest from the date of listing of the company’s shares in August until December 31, 2019.
In August last year, the company had <a href="https://mercomindia.com/sterling-and-wilson-net-profit-reaches-1-25-billion-1h-fy-2020/" target="_blank" rel="noopener noreferrer">floated</a> its initial public offering targeting to raise ₹31.25 billion (~$442 million). The price band for the IPO was slated at ₹775 (~$11.10) (floor price) to ₹780 (~$11.17) (cap price). The face value of each share was ₹1 (~$0.014).
Image credit: Sterling and Wilson

Sterling & Wilson Reports Lower Revenues and Profits in Nine Months of FY20

<a href="https://sterlingandwilson.com/" target="_blank" rel="noopener noreferrer">Sterling and Wilson Solar Limited</a>, the solar engineering and construction arm of the Shapoorji Pallonji Group, has paid ₹10 billion in dues (~$140.18 million) of its outstanding loan.
This payment consists of the principal amount and the interest from the date of listing of the company’s shares in August until December 31, 2019.
The company finalized the repayment schedule based on the recommendations of the audit committee, the board of directors, in a meeting held on December 31, 2019.
As per a Bombay Stock Exchange (BSE) filing, the outstanding loan of ₹25.63 billion (~$359.3 million) due from Sterling and Wilson Private Limited and Sterling and Wilson International FZE as on the date of the listing of shares on the stock exchanges now stands at ₹16.44 billion (~$230.4 million).
The promoters of the company have also proposed the repayment of the outstanding dues in a phased manner. The company will repay ₹5 billion (~$70.09 million) of the outstanding balance before March 31, 2020, and another ₹5 billion (~$70.09 million) by June 30, 2020. The remaining balance amount will be paid by September 31, 2020.
According to the BSE filing, the company’s debt from the date of the listing of the company’s shares until December 31, 2019, has now reduced by a net amount of ₹13.4 billion (~$187.84 million). The company has also paid an interest of ₹680 million ($9.53 million) on such external debt during the said period.
In November 2019, the company <a href="https://mercomindia.com/sterling-and-wilson-net-profit-reaches-1-25-billion-1h-fy-2020/" target="_blank" rel="noopener noreferrer">announced</a> the results for the second quarter (Q2) and the first half (1H) of the financial year (FY) 2020, which ended on September 30, 2019. The revenue posted from operations amounted to ₹24.28 billion (~$338.35 million), and the company posted a net profit of ₹ 1.25 billion (~$17.47 million) for 1H of FY 2020.
But things are not going all that well for the company. In November, the promoters of the company, <a href="https://www.shapoorjipallonji.com/" target="_blank" rel="noopener noreferrer">Shapoorji Pallonji Group</a> and Yazdi Daruvala, requested a revised payment schedule for the loans worth ₹23.41 billion (~$325.5 million) citing “significant and rapid deterioration in credit markets.” The outstanding amount stood at ₹25.63 billion (~$356.3 million) with the principal amount of ₹23.35 billion (~$324.6 million) and the interest amount of ₹2.28 billion (~$31.7 million) as of August 20, 2019, the day the company went public.
The company later clarified that the amounts mentioned in the letter dated November 14, 2019, were for two different dates and the amount of ₹23.41 billion (~$325.5 million) was only after taking into account the repayment of ₹2.5 billion (~$34.7 million) from the date of listing to the end of first half of FY 2020.
The company has been making inroads in strategic markets like Australia and the US Currently. The company claims that it has nearly 8.8 GW of solar EPC projects as part of its portfolio in different stages of implementation.
In August last year, the company <a href="https://mercomindia.com/solar-epc-sterling-wilson-ipo/" target="_blank" rel="noopener noreferrer">floated</a> its initial public offering (IPO) targeting to raise ₹31.25 billion (~$442 million). The price band for the IPO was slated at ₹775 ($11.10) (floor price) to ₹780 ($11.17) (cap price).
Previously, it was <a href="https://mercomindia.com/sterling-wilson-develop-worlds-largest-1177-mw-solar-project-abu-dhabi/" target="_blank" rel="noopener noreferrer">reported</a> that the company had won an engineering, procurement, and construction (EPC) bid to develop a 1,177 MW solar project in Sweihan in the Emirates of Abu Dhabi.
The company also bagged a 1.09 GW project in Saudi Arabia, which has strengthened its position in the Middle East and North Africa (MENA) region. The company says it’s also the largest solar EPC solutions provider in Africa and the Middle East, with a market share of 36.6% and 40.4%, respectively.

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