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

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

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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://d.docs.live.net/cfa1b15774841d91/Desktop/Sept.13/Essar%20Renewables,%20Juniper%20Green%20Energy,%20Serentica%20Renewables,%20Hexa%20Climate%20Solutions,%20and%20Avaada%20Energy%20are%20winners%20in%20NHPC’s%20auction%20to%20supply" target="_blank" rel="noopener">Essar Renewables, Juniper Green Energy, Serentica Renewables, Hexa Climate Solutions, and Avaada Energy are winners in NHPC’s auction to supply</a> 1,200 MW of firm and dispatchable power from Interstate Transmission System (ISTS)-connected renewable power projects coupled with an energy storage system (Tranche II). Essar, Juniper, and Serentica were awarded 300 MW, 200 MW, and 150 MW each at a tariff of ₹4.37 (~$0.0521)/kWh. Hexa quoted ₹4.38 (~$0.0522)/kWh to win 80 MW. Avaada won 470 MW out of the quoted capacity of 600 MW at a tariff of 4.38 (~$0.0522)/kWh under the bucket-filling method. The tender was issued in March this year.</p>
<p><a href="https://www.mercomindia.com/average-cost-of-large-scale-solar-projects-dropped" target="_blank" rel="noopener">The average cost of large-scale solar projects in India fell 2% quarter-over-quarter (QoQ) and 25.7% year-over-year in the second quarter (Q2) of 2024.</a> Since Q1 2023, large-scale solar project costs have dropped for six straight quarters, with an average fall of 6% per quarter. In Q2 2024, the fall in project costs was primarily driven by the fall in module prices. Module costs accounted for 46.8% of the solar project cost in the quarter and witnessed a 3.6% per MW drop QoQ. The findings were published in Mercom India Research’s recently released Q2 2024 India Solar Market Quarterly Update.</p>
<p><a href="https://www.mercomindia.com/msedcl-issues-new-guidelines-for-green-energy-open-access-in-maharashtra" target="_blank" rel="noopener">Maharashtra State Electricity Distribution has introduced new guidelines for the state to implement Green Energy Open Access.</a> These rules apply to both existing and new consumers. The Green Open Access Rules, 2022 allows consumers to generate, purchase, and consume green energy, including energy from waste-to-energy plants, through open access. Under the new guidelines, consumers with a contract demand or sanctioned load of 100 kW or more can access green energy through open access, provided they meet specific metering requirements. This equitable approach, mandating a Special Energy Meter for High Tension Consumers and a ToD meter for Low Tension Consumers, ensures fairness for all.</p>
<p><a href="https://www.mercomindia.com/andhra-regulator-framework-for-power-sector" target="_blank" rel="noopener">The Andhra Pradesh State Electricity Regulatory Commission has unveiled a comprehensive draft of new Demand-Side Management (DSM)</a> Regulations for 2024. These regulations aim to improve energy efficiency and reduce overall electricity costs in the state. These proposed regulations outline a series of objectives for DSM implementation, which include integrating DSM as a fundamental component of distribution licensees’ operations, exerting control over and reducing electricity demand, encouraging consumers to modify their consumption patterns, and complementing supply-side strategies to avoid costly capacity additions. A key feature of the draft regulations is creating a DSM Cell within one month of notification.</p>
<p><a href="https://www.mercomindia.com/attractive-financing-options-for-ci-rooftop-solar-with-rates-as-low-as-7-5" target="_blank" rel="noopener">With a surge in rooftop solar interest among commercial and industrial (C&amp;I) consumers, banks and other financial institutions are offering loans</a> at interest rates as low as 7.5% to promote green energy adoption. Rooftop solar projects hold significant financial promise, as they can effectively reduce energy costs and generate a reliable income stream if surplus energy is generated. Rooftop solar projects can be financed in multiple ways, such as CAPEX mode (a business model requiring capital expenditure) and EMI/lease model. Banks can fund up to 75% of the cost when the consumer invests the capital entirely. At the recent Mercom India C&amp;I Clean Energy Meet in Coimbatore, Deputy General Manager of IDBI Arulraj said the bank finances all solar and rooftop solar projects. He noted that the Coimbatore region is seeing a lot of interest in small solar projects.</p>
<p><a href="https://www.mercomindia.com/lupin-to-buy-solar-sunsures-21-mw-project" target="_blank" rel="noopener">Lupin, an Indian pharmaceutical firm, and independent power producer Sunsure Energy have announced a new 21 MW (31.5 MWp) open-access solar power</a> purchase agreement, which is capped at ₹105.53 million (~$1.2 million) and will be executed in two phases. Under this agreement, Lupin will acquire up to 42.61% of the equity in Sunsure Solarpark Seventeen, a subsidiary of Sunsure that will provide solar power to Lupin’s Tarapur facility in India, drawing from its 100 MW (150 MWp) solar project in Solapur. The move aligns with Lupin’s strategy to source renewable energy through open access, and the investment is part of Lupin’s broader sustainability goals, including achieving decarbonization targets. Sunsure Solarpark Seventeen is a renewable energy company focused on aiding corporations in transitioning to renewable energy sources, particularly achieving RE100 targets.</p>
<p><a href="https://www.mercomindia.com/inox-epc-equity-sale" target="_blank" rel="noopener">Resco Global Wind Services, the engineering, procurement, and construction (EPC) arm of Inox Wind, has raised ₹3.5 billion (~$41.68 million) through</a> an equity investment from prominent investors. In exchange for the funds, Resco issued securities to the participating investors, which included Valrado Venture Partners Fund II, Anchorage Capital Scheme I, JM Financial Products, Founders Collective Fund, One Up Financial Consultants, Authum Investments &amp; Infrastructure, and Capri Global Holdings. Resco provides comprehensive EPC services for wind energy projects, covering everything from initial conceptualization to project commissioning. The company also constructs transmission infrastructure for power evacuation, offering developers turnkey, plug-and-play solutions.</p>
<p><a href="https://www.mercomindia.com/thermax-partners-green-hydrogen-technology-in-india" target="_blank" rel="noopener">Energy and environment solutions company Thermax has announced a strategic collaboration with Ceres Power to manufacture, sell, and service</a> stack array modules (SAM) based on Ceres’ advanced solid oxide electrolysis cell technology. This collaboration also includes developing, commercializing, and selling SAM balance of modules (SBM) and multi-megawatt SOEC electrolyzer modules. Ceres Power is a subsidiary of Ceres Power Holdings, a  UK-based developer of clean energy technology.Under this non-exclusive, global license agreement, Thermax will leverage its expertise in heat integration and waste heat recovery to manufacture the first pressurized SAM. The company will also design and develop SBM, a key component for scaling up multi-MW SOEC electrolyzer modules.</p>
<p><a href="https://www.mercomindia.com/north-eastern-railway-rooftop-solar-systems" target="_blank" rel="noopener">The North Eastern Railway has invited bids for installing grid-connected rooftop solar systems of a total capacity of 1.94 MW at railway stations</a>, service buildings, residential quarters, and level crossings under Phase II in the Lucknow Division. The last date for the submission of bids is October 4, 2024. The scope of the work includes the design, supply, installation, testing, and commissioning of grid-connected solar photovoltaic projects without battery backup. The project’s estimated cost is ₹115.9 million (~$1.3 million). Bidders must furnish an earnest money deposit of ₹729,500 (~$8,688) and complete the project within six months. Financial credentials are not required for tenders valued up to ₹5 million (~$59,550).</p>
<p><a href="https://www.mercomindia.com/south-western-railway-invites-bids" target="_blank" rel="noopener">The Hubli Division-Electrical of the South Western Railway has invited bids for grid-connected rooftop solar projects with a cumulative capacity</a> of 62.99 MW at railway stations, residences, and level crossing gates. The last date to submit bids is October 3, 2024. The projects will have a net-metering arrangement. The successful bidder must maintain the projects for five years. The comprehensive maintenance contract will commence after the initial 36-month maintenance period is completed. The projects must be completed within 12 months. Bidders must pay an earnest money deposit of ₹9.43 million (~$112,303). The tender has an advertised value of ₹158.5 million (~$18.87 million).</p>
<p><a href="https://www.mercomindia.com/gensol-matrix-green-hydrogen-valley-pune" target="_blank" rel="noopener">A consortium of engineering and consulting firm Gensol Engineering and hydrogen infrastructure developer Matrix Gas &amp; Renewables has been selected</a> to set up India’s first Green Hydrogen Valley in Pune, Maharashtra, on a build-and-operate basis. The project, supported by the Department of Science &amp; Technology and National Chemicals Laboratories, aims to supply green hydrogen to Pune’s specialty chemicals sector. In April, the Department of Science and Technology invited bids to establish hydrogen valley innovation clusters. The initiative is part of The National Green Hydrogen Mission, approved by the Union Cabinet in January 2023, to promote hydrogen energy technology development.</p>


Daily News Wrap-Up: NHPC’s 1.2 GW FDRE Auction Results


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					</table><p>Energy and environment solutions company <a href="https://www.thermaxglobal.com/" target="_blank" rel="noopener">Thermax</a> has announced a strategic collaboration with <a href="https://www.ceres.tech/" target="_blank" rel="noopener">Ceres Power</a> to manufacture, sell, and service stack array modules (SAM) based on Ceres&#8217; advanced solid oxide electrolysis cell technology.</p>
<p>This collaboration also includes developing, commercializing, and selling SAM balance of modules (SBM) and multi-megawatt SOEC electrolyzer modules.</p>
<p>Ceres Power is a subsidiary of Ceres Power Holdings, a  UK-based developer of clean energy technology.</p>
<p>Under this non-exclusive, global license agreement, Thermax will leverage its expertise in heat integration and waste heat recovery to manufacture the first pressurized SAM. The company will also design and develop SBM, a key component for scaling up multi-MW SOEC electrolyzer modules.</p>
<p>Thermax plans to establish a manufacturing facility for the electrolyzers, develop the supply chain, and localize critical components as a step toward commercialization.</p>
<p>&#8220;In India, significant strides are being made towards embracing renewable energy sources, particularly green hydrogen, as the country targets to produce 5 million metric tons of green hydrogen by 2030. We are excited to partner with Ceres to bring advanced solid oxide electrolysis technology to India,&#8221; said Ashish Bhandari, Managing Director &amp; CEO of Thermax.</p>
<p>According to the regulatory filing, the new system will be up to 25% more efficient than current low-temperature electrolysis technologies and utilize steam generated from industrial and waste heat recovery. This makes it ideal for decarbonizing hard-to-abate sectors such as ammonia, fertilizer production, steel, refineries, and chemical manufacturing.</p>
<p>Thermax recently <a href="https://www.mercomindia.com/thermax-acquires-onix-two-enersol" target="_blank" rel="noopener">acquired</a> 100% equity share capital of Onix-Two Enersol through its wholly owned subsidiary, First Energy. The acquisition is valued at ₹100,000 (~$1,190), with Thermax acquiring 10,000 equity shares.</p>
<p>In March, the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-electrolyzer-manufacturing-sight-ii-program" target="_blank" rel="noopener">set</a> aside ₹44.4 billion (~$535.6 million) to incentivize electrolyzer manufacturing to reduce hydrogen production costs as part of the National Green Hydrogen Mission.</p>


Thermax Partners with Ceres to Develop Green Hydrogen Technology in India


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					</table><p>Energy and environment solutions company <a href="https://www.thermaxglobal.com/" target="_blank" rel="noopener">Thermax</a> has acquired 100% equity share capital of Onix-Two Enersol (OTEPL) through its wholly owned subsidiary, First Energy. The acquisition is valued at ₹100,000 (~$1,190), with Thermax acquiring 10,000 equity shares.</p>
<p>OTEPL, founded in March 2023, is a renewable energy firm specializing in constructing, developing, and maintaining solar and wind energy projects. OTEPL&#8217;s net worth as of August 2024 was reported at ₹100,000 (~$1,190), with a paid-up capital of the same amount.</p>
<p>OTEPL reported a turnover of ₹25.66 million (~$305,512) for the financial year 2023-2024, with a profit of ₹209,200 (~2,490). Its business operations focus on the renewable energy sector, particularly solar parks, wind turbines, and solar energy projects.</p>
<p>Thermax confirmed the signing of a share purchase agreement in a regulatory filing. This deal will make OTEPL a wholly owned step-down subsidiary of Thermax.</p>
<p>Onix-Two Enersol was a special-purpose vehicle of Onix Renewable and has a 40 MW wind-solar hybrid power project under construction.</p>
<p>The acquisition is part of Thermax&#8217;s broader renewable energy strategy, with the company already having a foothold in clean energy through its subsidiary, FEPL. The acquisition of OTEPL will enable Thermax to develop its solar energy portfolio further, enhancing its capabilities to deliver large-scale renewable projects.</p>
<p>Onix Renewable was <a href="https://www.mercomindia.com/gujarat-awards-solar-projects-pm-kusum/" target="_blank" rel="noopener">awarded</a> 187.4 MW of solar projects under Component C of the Pradhan Mantri Kisan Urja Suraksha Evam Uthan Mahabhiyaan by the Gujarat Government in May.</p>
<p>Total corporate funding, including venture capital/private equity funding, public market, and debt financing, in the solar sector reached $16.6 billion in the first half of 2024, marking a 10% year-over-year decrease from $18.5 billion, according to Mercom Capital Group&#8217;s <a href="https://mercomcapital.com/product/1h-and-q2-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">1H and Q2 2024 Solar Funding and M&amp;A Report</a>.</p>


Thermax Subsidiary Acquires Green Projects from Onix Renewable

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<p>Indian government agencies announced solar tenders of 755 MW in November and auctioned 155.5 MWs. Of the tendered projects, 750 MW were large-scale solar projects and 5 MW were under the rooftop program.</p>
<p>The 750 MW tendered by the Solar Energy Corporation of India (SECI) for the Bhadla Solar Park in Rajasthan includes 500 MW for Bhadla Phase-III and 250 MW for Bhadla Phase-IV.</p>
<p>Under the rooftop solar program, Jharkhand Renewable Energy Development Agency (JREDA) tendered <a href="https://mercomindia.com/jreda-tenders-5-mw-rooftop-solar/" target="_blank" rel="noopener noreferrer">5 MW</a> of rooftop solar to be installed on government buildings across the state of Jharkhand on a turnkey basis.</p>
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<p><a href="https://mercomindia.com/wp-content/uploads/2017/06/Tenders_Auctions_Nov_2016.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-4627" src="https://mercomindia.com/wp-content/uploads/2017/06/Tenders_Auctions_Nov_2016.png" alt="" width="877" height="242" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2017/06/Tenders_Auctions_Nov_2016.png 877w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2017/06/Tenders_Auctions_Nov_2016-300x83.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2017/06/Tenders_Auctions_Nov_2016-768x212.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2017/06/Tenders_Auctions_Nov_2016-650x179.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2017/06/Tenders_Auctions_Nov_2016-624x172.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2017/06/Tenders_Auctions_Nov_2016-600x166.png 600w" sizes="(max-width: 877px) 100vw, 877px" /></a></p>
<p>On behalf of the Paradip Port Trust (PPT), SECI auctioned engineering, procurement and construction (EPC) services for a 10 MW solar power project to supply energy for the port’s captive consumption. Tamil Nadu Generation and Distribution Corporation (TANGEDCO) received technical bids to develop projects totaling <a href="https://mercomindia.com/tepid-response-tangedcos-500-mw-rfs-tamil-nadu-117-mw-bids-received-far/" target="_blank" rel="noopener noreferrer">117 MW</a> out of the tendered 500 MW. Under its rooftop solar program, the Uttarakhand Renewable Energy Development Agency (UREDA) successfully auctioned its targeted 28.5 MW of rooftop solar projects.</p>
<p>For promotion of new technology in the power sector, the <a href="https://mercomindia.com/thermax-frenell-win-bids-develop-integrated-thermal-solar-project-ntpc/" target="_blank" rel="noopener noreferrer">National Thermal Power Corporation of India (NTPC)</a> awarded EPC contracts to Frenell and Thermax to develop an integrated thermal solar project. The project involves the integration of a concentrated solar field into the Dadri Thermal Power Project in Uttar Pradesh. The state-owned power generator also floated a tender in Jharkhand to bring electricity to <a href="https://mercomindia.com/ntpc-tenders-solar-electrify-110-households-jharkhand/" target="_blank" rel="noopener noreferrer">110</a> households by setting up solar PV systems.</p>
<p>In November, the 755 MW tendered was slightly less compared to the month of October when <a href="https://mercomindia.com/834-mw-solar-projects-tendered-october-india/" target="_blank" rel="noopener noreferrer">834 MW</a> of solar was tendered. There was 155.5 MW of solar auctioned in November, whereas, October witnessed zero auctions.</p>
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755 MW of Solar Tendered in November in India

<p>The National Thermal Power Corporation (NTPC) has <a href="http://www.pressebox.de/pressemitteilung/novatec-solar-gmbh/NTPC-awards-the-contract-for-Asias-first-integrated-solar-thermal-power-plant-Thermax-and-FRENELL-to-execute-the-project/boxid/823340" target="_blank" rel="noopener noreferrer">awarded</a> an engineering procurement and construction (EPC) contract to Thermax, an Indian energy and environment company, and FRENELL, a German concentrated solar power (CSP) company (through its wholly owned subsidiary Novatec Solar Espana), to set up an integrated thermal solar project at NTPC Dadri premises in Uttar Pradesh. The project involves the integration of a concentrated solar field into the Dadri coal fired power station. The heat generated from the solar field will heat the feed water supplied to the steam generator, allowing for lower coal consumption and thereby reducing the emission of greenhouse gases. The project is scheduled to be commissioned in September of 2017.</p>
<p>The EPC contract was awarded through an international competitive auction.</p>
<p>The Fresnel technology won out over parabolic trough and solar tower technologies in the auction. Thermax will be acting as the EPC contractor to the NTPC and is responsible for design, engineering, procurement and supply of the entire solar thermal plant and balance-of-plant equipment as well as the integration of the solar field into the coal fired power station. FRENELL will provide its CSP technology and will execute the turnkey manufacturing and construction of the solar field.</p>
<p>“CSP projects were initially auctioned under the National Solar Mission Phase I batch 1 but majority of the projects failed. CSP technologies in general have struggled around the world to compete with PV technology on cost. It will be interesting to see how an integrated coal/CSP project will fare,” said Raj Prabhu, CEO of Mercom Capital Group.</p>
<p>According to Mercom’s India Solar Project Tracker, 208.5 MW of solar CSP capacity is in-operation, and 270 MW of solar thermal projects from National Solar Mission (NSM) Phase I batch 1 are still pending with the Ministry of New and Renewable Energy. Another 10 MW project in Karnataka is expected to be commissioned by December of 2016.</p>
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<p><em>Image Credits: By <a class="mw-redirect" title="GFDL" href="https://commons.wikimedia.org/wiki/GFDL">GFDL</a> (</em><a class="mw-mmv-license" href="http://creativecommons.org/licenses/by/2.5" target="_blank" rel="noopener noreferrer">CC BY 2.5</a>) via <em>Wikicommons</em></p>


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