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MNRE Sets Terms for Real Estate Developers to Avail CFA Under PM Surya Ghar

ENGIE to Build 22 MW Solar Project for Saudi Cement Factory


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					</table><p><a href="https://www.mercomindia.com/powering-the-future-renewable-energy-projects"><strong>The “</strong><strong>Financing the Renewable Energy Sector</strong><strong>” session at the Mercom India Renewables Summit 2024 brought together key industry leaders</strong></a> to discuss the current landscape, challenges, and opportunities in financing renewable energy projects in India. The panel featured Pranab Kumar Sinha, Executive Director of Power Finance Corporation; Manjiri Bhalerao, Chief General Manager of Exim Bank; Hitesh Paliwal, Senior Vice-President and Zonal Head, North Zone, State Bank of India; and Vikram Sheth, Head, Investment Banking at New Age.</p>
<p><a href="https://www.mercomindia.com/india-transformative-solar-technologies"><strong>The transformative technologies reshaping the energy landscape were explored during the session titled “</strong><strong>Exploring Next-Generation Technologies Driving</strong></a> the Clean Energy Market” on the first day of the two-day Mercom India Renewables Summit 2024, held in New Delhi. The session featured Mehul Sharma, CEO – India Sunpure Technology, Manish Narula, Executive Vice President – South Asia at Jinko Solar, Manish Relan, AVP Sales – (Solar Modules) at Swelect Energy, and Mayank Mishra, Senior Sales Director (India) at Nextracker.</p>
<p><a href="https://www.mercomindia.com/waaree-q1-fy-2025-profit"><strong>Waaree Renewable Technologies</strong><strong>, the solar engineering, procurement, and construction arm of the Waaree Group, posted a total revenue of ₹2.36 billion</strong></a> (~$28.18 million) in the first quarter of the financial year 2025, an increase of 83.3% year-over-year (YoY). Revenue from the EPC segment alone surged by 80.4% YoY, reaching ₹2.29 billion (~$27.34 million). This performance is underscored by customer billings amounting to ₹3.01 billion (~$35.94 million) for a volume of 302.95 MW, compared to ₹1.31 billion (~$15.64 million) for a volume of 109.45 MW YoY.</p>
<p><a href="https://www.mercomindia.com/torrent-powers-profit-grows-fy-2025"><strong>Gujarat-based </strong><strong>Torrent Power</strong><strong>‘s net profit for the first quarter of the financial year 2024-25 stood at ₹9.96 billion ($118.9 million), an 87% year-over-year</strong></a><strong> (YoY) </strong>rise from ₹5.32 billion ($63.5 million). Torrent Power reported a revenue of ₹90.34 billion ($1.07 billion), marking a 23% increase YoY from ₹73.28 billion ($875.4 million). Earnings Before Interest, Taxes, Depreciation, and Amortization surged by 52% to ₹19.34 billion ($231 million) from ₹12.7 billion ($151.7 million) in the same quarter last year.</p>
<p><a href="https://www.mercomindia.com/first-solar-q2-profit-doubles"><strong>U.S.-based </strong><strong>First Solar</strong><strong>‘s second quarter (Q2) 2024 net income rose 104.8% to touch $349.4 million from $170.6 million last year, primarily driven by higher</strong></a> module sales and improved pricing. Quarterly net sales rose to $1.01 billion, up 24.6% from $810.7 million in Q2 2023, reflecting increased module shipments. Meanwhile, operating expenses decreased slightly by 11%, falling from $142 million last year to $126.4 million, benefiting the top line. This reduction was largely due to lower litigation-related expenses.</p>


Daily News Wrap-Up: Financing India’s Renewable Energy Projects


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					</table><p>JSW Neo Energy (<a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a>), <a href="https://www.powericaltd.com/" target="_blank" rel="noopener">Powerica</a>, and <a href="https://www.torrentpower.com/" target="_blank" rel="noopener">Torrent Power</a> were declared winners in Solar Energy Corporation of India’s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) auction to set up 1.35 GW inter-state transmission system (ISTS)-connected wind power projects with a 700 MW greenshoe option (Tranche-XVI).</p>
<p>For projects to be set up in Gujarat, JSW won 350 MW at a tariff of ₹3.61 (~$0.0431)/kWh. JSW was also awarded an additional 350 MW at a tariff of ₹3.61 (~$0.0431)/kWh under the greenshoe option.</p>
<p>Powerica quoted a tariff of ₹3.70 (~$0.0442)/kWh to win 50 MW.</p>
<p>For projects to be set up in Karnataka, Torrent won 100 MW at a tariff of ₹3.60 (~$0.0430)/kWh.</p>
<p>JSW quoted a tariff of ₹3.68 (~$0.0440)/kWh to win 150 MW. JSW was also awarded an additional 175 MW at a tariff of ₹3.60 (~$0.0430)/kWh under the greenshoe option.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1350-MW-ISTS-Wind-Projects-Tranche-XVI-Auction-Result.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-68450 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1350-MW-ISTS-Wind-Projects-Tranche-XVI-Auction-Result.png" alt="SECI's 1,350 MW ISTS Wind Projects (Tranche-XVI) Auction Result" width="777" height="386" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1350-MW-ISTS-Wind-Projects-Tranche-XVI-Auction-Result.png 777w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1350-MW-ISTS-Wind-Projects-Tranche-XVI-Auction-Result-300x149.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1350-MW-ISTS-Wind-Projects-Tranche-XVI-Auction-Result-768x382.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1350-MW-ISTS-Wind-Projects-Tranche-XVI-Auction-Result-650x323.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1350-MW-ISTS-Wind-Projects-Tranche-XVI-Auction-Result-624x310.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1350-MW-ISTS-Wind-Projects-Tranche-XVI-Auction-Result-600x298.png 600w" sizes="(max-width: 777px) 100vw, 777px" /></a></p>
<p>The tender was <a href="https://www.mercomindia.com/seci-ists-wind-projects-greenshoe/" target="_blank" rel="noopener">floated</a> in December 2023.</p>
<p>SECI will enter into a power purchase agreement (PPA) with the developers to acquire wind power for 25 years.</p>
<p>To connect to the grid and measure electricity, the project developer must adhere to the relevant grid code, grid connectivity standards, communication system regulations, and other rules issued by the appropriate commissions and Central Electricity Authority.</p>
<p>The minimum voltage level for an ISTS connection should be 220 kV.</p>
<p>The declared or revised annual capacity utilization factor (CUF) should always be above 22%. The developer must sustain electricity generation to achieve an annual CUF between 80% and 120% of the declared or revised value throughout the 25-year PPA period.</p>
<p>Only well-established technologies must be deployed to reduce technological uncertainties and ensure timely power generation from the projects.</p>
<p>Only wind turbine models certified in the Ministry of New and Renewable Energy’s Revised List of Models and Manufacturers must be used.</p>
<p>In May, SECI <a href="https://www.mercomindia.com/seci-invites-bids-connected-wind-power-projects/" target="_blank" rel="noopener">invited</a> bids to select wind power developers to set up 500 MW ISTS-connected projects anywhere in India under Tranche-XVII.</p>


JSW, Powerica, Torrent Win SECI’s 1.35 GW ISTS Wind Auction


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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.mercomindia.com/sjvn-sael-coal-india-guvnls-600-mw-solar-auction" target="_blank" rel="noopener"><strong>SJVN Green Energy, SAEL Industries, and Coal India were declared the winners of Gujarat Urja Vikas Nigam’s (GUVNL) auction to supply power from 600</strong></a> MW of grid-connected solar power projects (Phase XXI) to be set up at the Gujarat Industries Power Company’s solar park in Khavda, Gujarat, with a greenshoe option of an additional 600 MW.</p>
<p><a href="https://www.mercomindia.com/torrent-invites-from-wind-solar-hybrid-projects" target="_blank" rel="noopener"><strong>Gujarat-based power company </strong><strong>Torrent Power</strong><strong> has invited bids for the purchase of 300 MW of power from wind-solar hybrid energy projects</strong></a>, with a greenshoe option of up to 150 MW. The last date for the submission of bids is February 7, 2024. Bids will be opened on February 9.</p>
<p><a href="https://www.mercomindia.com/guvnl-300-mw-wind-greenshoe" target="_blank" rel="noopener"><strong>GUVNL</strong><strong> has invited bids for the purchase of power from 300 MW of grid-connected wind projects to be set up anywhere in India (Phase VII) with a greenshoe option</strong></a> of an additional 300 MW. The last date to submit the bids is February 21, 2024. Bids will be opened on February 26.</p>
<p><a href="https://www.mercomindia.com/iex-records-19-400-mu-of-green-energy" target="_blank" rel="noopener"><strong>The Indian Energy Exchange’s profit after tax demonstrated an uptrend, with an 18.9% YoY increase, soaring to ₹918 million (~$11 million) in Q3 of FY 2023-24</strong></a> from ₹772 million (~$9.2 million). The company’s total trading volumes surged by 16.8%, reaching 28.3 billion units compared to 24.2 BU in the same period last year.</p>
<p><strong><a href="https://www.mercomindia.com/sjvn-bos-supply-contract-solar-projects-gujarat" target="_blank" rel="noopener">Solarworld Energy Solutions has signed a contract with SJVN Green Energy, a wholly owned subsidiary of SJVN, to supply balance of system package</a></strong> for two grid-connected solar power projects with a total capacity of 360 MW in Gujarat. The two projects, with 100 MW and 260 MW capacity, will be installed at Mothara village in the Kutch district of Gujarat.</p>
<p><strong><a href="https://www.mercomindia.com/teslas-net-income-in-storage-deployments-surge-125" target="_blank" rel="noopener">U.S.-based electric vehicle maker Tesla reported a net income of $2.4 billion in the fourth quarter of the financial year 2023, a 39% year-over-year (YoY) decline</a></strong>. The company posted a 3% YoY growth in revenue at $25.1 billion for the October-December quarter. Tesla attributed it to increased vehicle deliveries and other business parts, including energy storage.</p>
<p><a href="https://www.mercomindia.com/solar-ev-financing-firm-ecofy-secures-900-million" target="_blank" rel="noopener"><strong>Non-banking financial company </strong><strong>Ecofy</strong><strong> has secured an investment of ₹900 million (~$10.83 million) from </strong><strong>FMO</strong><strong>, a Dutch entrepreneurial development bank</strong></a>, to facilitate product diversification and support its expansion across India. The company provides loans to EVs, rooftop solar projects, and small and medium enterprises providing E2E digital experience.</p>
<p><a href="https://www.mercomindia.com/hero-future-energies-to-modules-from-pixon-green" target="_blank" rel="noopener"><strong>Hero Future Energies (</strong><strong>HFE</strong><strong>), the renewable energy arm of Hero Group, announced the signing of a tolling agreement with </strong><strong>PIXON Green Energy</strong></a>, a domestic module manufacturer, for the supply of 500 MW high-efficiency solar photovoltaic modules annually. Pixon will provide HFE with these modules on a prioritized basis for two years from their fully automated Ecoprogetti line based in Rajkot, Gujarat.</p>
<p><a href="https://www.mercomindia.com/mit-scientists-develop-free-batteries-for-evs" target="_blank" rel="noopener"><strong>A new lithium-ion battery, which includes a cathode based on organic materials instead of metals such as cobalt or nickel, has been designed by researchers</strong></a> at the Massachusetts Institute of Technology. EVs are powered by lithium-ion batteries, which commonly contain cobalt and nickel; the former has been associated with high financial, environmental, and social costs.</p>


Daily News Wrap-Up: SJVN Green, SAEL, Coal India Win GUVNL’s 600 MW Auction

<p><a href="https://www.torrentpower.com/" target="_blank" rel="noopener">Torrent Power Limited</a>’s tender for the purchase of up to 300 MW of power from grid-connected solar projects in Gujarat has been oversubscribed, according to Mercom&#8217;s sources.</p>
<p>Adani Green Energy, Torrent Power, ReNew Power, Juniper Green Energy, and Vector Green Energy have placed bids against the tender, the sources said.</p>
<p>Torrent Power had issued an addendum modifying the capacity addition clause to allow for an additional capacity of 300 MW under the greenshoe option.</p>
<p>A greenshoe option is an over-allotment option offered to bidders when bids received exceed the originally tendered capacity.</p>
<p>The company will offer the additional capacity to successful bidders ready to execute a power purchase agreement with Torrent Power&#8217;s Distribution division at the lowest tariff discovered in the competitive bidding process.</p>
<p>Torrent Power will allocate the greenshoe capacity proportionally to the successful bidders&#8217; quoted capacity based on the capacity they quoted in the auction. Bidders who are willing to execute a power purchase agreement (PPA) for the additional projects are expected to give their confirmation within ten days from the end of the reverse auction process.</p>
<p>Torrent Power also said that it reserved the right to lower the overall capacity to less than 600 MW if the prices are too high.</p>
<p>The Gujarat-based electricity distribution company supplying power to cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Dholera SIR had <a href="https://mercomindia.com/torrent-power-reissues-tender/" target="_blank" rel="noopener">reissued</a> the tender in December 2020. It said it would enter into a PPA with the successful bidder for 25 years from the scheduled operation date. The company intends to fulfill its renewable power purchase obligations with the purchase of solar power through this tender.</p>
<p>Torrent Power has a presence in power generation, transmission, distribution and manufacturing, and supply of power cables. As a power generation company, it owns 610.5 MW of renewable energy projects of which 138 MW is solar.</p>
<p>Recently, Torrent Power <a href="https://mercomindia.com/torrent-power-quotes-the-lowest-bid/" target="_blank" rel="noopener">emerged</a> as the lowest bidder in the solar auction conducted by Andhra Pradesh Green Energy Corporation for 6.4 GW of solar projects. It quoted a tariff of ₹2.47 (~$0.033)/kWh for 300 MW of project to be developed at the Kambadur Ultra Mega Solar Park located in Anantapuram district.</p>
<p>Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> for an exhaustive list of large-scale and rooftop solar tenders announced by government agencies, defense, railways, private sector companies, and others.</p>


Torrent Power’s 300 MW Gujarat Solar Tender Oversubscribed

<p>The Maharashtra Electricity Regulatory Commission (MERC) has approved the tariff proposed by Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) for long term procurement of 500 MW of wind power under non- solar renewable purchase obligations (RPO).</p>
<p>In <a href="https://mercomindia.com/maharashtra-auctions-500-mw-wind/" target="_blank" rel="noopener">March 2018</a>, MSEDCL had auctioned the 500 MW of grid-connected wind projects to meet its non-solar RPO. The lowest quoted (L1) tariff quoted in the auction was ₹2.85 (~$0.043)/kWh. Two bidders, namely <a href="http://www.adanirenewables.com/" target="_blank" rel="noopener">Adani Green Energy</a> and <a href="http://www.kctgroup.com/" target="_blank" rel="noopener">KCT Renewable Energy Private Limited</a>, had quoted the L1 tariff of ₹2.85 (~$0.043)/kWh to develop 75 MW of wind projects each. <a href="https://www.inoxwind.com/">Inox Wind</a>, <a href="http://www.mytrah.com/">Mytrah Energy</a>, and <a href="http://www.herofutureenergies.com/" target="_blank" rel="noopener">Hero Wind Energy</a> Private Limited quoted a tariff of ₹2.86 (~$0.044)/kWh. While Inox Wind won the bid to develop 50 MW, Mytrah Energy Private won the bid to develop 100 MW and Hero Wind Energy Private Limited won the bid to develop 75.60 MW.</p>
<p>MSEDCL had earlier asked for the Commission’s approval of Torrent Power’s full offered capacity of 146 MW but later went back to request the Commission for approval of Torrent Power’s bucket filling capacity of 124.4 MW only instead of the full offered capacity of 146 MW.</p>
<p>MSEDCL had then filed a petition on July 4, 2018 seeking approval for the adoption of tariff discovered in the e-reverse auction conducted on March 6, 2018.</p>
<p>In its letter dated June 14, 2018, the Commission has given approval to consider the proposed wind power generation towards fulfilment of its non-solar RPO.</p>
<p>It may also be noted that <a href="https://mercomindia.com/l1-tariff-1gw-solar-auction-msedcl/" target="_blank" rel="noopener">in an auction held by MSEDCL in</a> May, lowest (L1) tariff of ₹2.71 (~$0.0401)/kWh was quoted by JLTM Energy India Private Limited to develop 20 MW. The auction was for the development of 1 GW of grid-connected solar photovoltaic (PV) projects in the state. This was the lowest solar tariff for a grid-connected solar PV project in Maharashtra. Mahoba Solar (UP) Private Limited (Adani) also matched the L1 tariff to develop 200 MW.</p>
<p><a href="https://mercomindia.com/msedcl-1gw-tender-oversubscribed/" target="_blank" rel="noopener">Earlier, Mercom reported</a> that (<a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwi3tv6uoJXYAhVD8IMKHepjCLoQFggpMAA&amp;url=http%3A%2F%2Fwww.mahadiscom.com%2F&amp;usg=AOvVaw2QxivFcdTQaLrnZ2QmlQTP" target="_blank" rel="noopener">MSEDCL</a>)’s 1 GW grid-connected solar PV tender had been oversubscribed by 450 MW. The MSEDCL had retendered 1,000 MW of grid-connected solar PV projects to meet its Renewable Purchase Obligation (RPO) in <a href="https://mercomindia.com/msedcl-retenders-1-gw-solar-meet-rpo/" target="_blank" rel="noopener">April 2018</a>.</p>


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