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Power Transmission Company Kalpataru Projects Raises ₹10 Billion in QIP

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Himachal Regulator Allows DISCOM to Procure 550 MW Solar Power from SECI

Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO

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					</table>Hero Solar Energy (<a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">Hero Future Energies</a>), JSW Neo Energy (<a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a>), <a href="https://www.serenticaglobal.com/" target="_blank" rel="noopener">Serentica Renewables India</a>, and ReNew Solar Power (<a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a>) were declared winners in the Solar Energy Corporation of India’s (SECI) auction to supply 1.5 GW firm and dispatchable renewable energy (FDRE) from Inter-State Transmission System (ISTS)-connected projects under Tranche II.
Hero Solar quoted the lowest tariff of ₹5.59 (~$0.0675)/kWh to win 120 MW. JSW and Serentica quoted ₹5.60 (~$0.0677)/kWh to win 180 MW and 100 MW respectively.
ReNew won 80 MW out of the 200 MW quoted capacity at ₹5.60 (~$0.0677)/kWh.
Only 480 MW out of the total 1.5 GW was auctioned.
The FDRE model of projects aims to achieve 100% round-the-clock renewable energy at an individual project level.
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-64269" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1.png" alt="SECI's ISTS Connected 1,500 MW Firm and Dispatchable Renewable Energy-II Projects - Auction Result (Load Following - Punjab and Madhya Pradesh)" width="1920" height="699" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1.png 1920w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1-300x109.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1-768x280.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1-1536x559.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1-650x237.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1-624x227.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/SECIs-ISTS-Connected-1500-MW-Firm-and-Dispatchable-Renewable-Energy-II-Projects-Auction-Result-Load-Following-Punjab-and-Madhya-Pradesh--1-600x218.png 600w" sizes="(max-width: 1920px) 100vw, 1920px" />SECI <a href="https://www.mercomindia.com/seci-invites-bids-power-ists-connected-renewable-projects" target="_blank" rel="noopener">floated</a> the tender in July 2023 under FDRE-II to supply power to distribution companies in Punjab and Madhya Pradesh.
Both land and ISTS connectivity will be under the scope of the selected renewable energy developers. Energy Storage Systems must constitute part of the project.
The project must be designed to connect with the ISTS following the prevailing regulations set by the Central Electricity Regulatory Commission.
The connection to the grid and metering should adhere to the relevant grid code, grid connectivity standards, and regulations on communication systems for electricity transmission.
The minimum voltage level required for interconnection with the ISTS is 220 kV.
The power procured from these projects is provisioned to be sold to Punjab State Power Corporation and Madhya Pradesh Power Management Company.
SECI will act as the intermediary nodal agency for the procurement and sale of this power to the buying entities entirely on a back-to-back basis, based on due performance by the renewable energy developer as well as the buying entities.
Recently, NHPC <a href="https://www.mercomindia.com/brightnight-renew-acme-win-nhpcs-renewables-auction" target="_blank" rel="noopener">announced</a> the winners of its auction to supply 1.5 GW of firm and dispatchable renewable power (Peak Power Supply) from ISTS-connected projects coupled with energy storage systems anywhere in India. The lowest tariff discovered in the auction was ₹4.55 (~$0.0549)/kWh
Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.

Hero Future, JSW, Serentica and ReNew Win SECI’s 1.5 GW FDRE-II Auction

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					</table>The Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) has declared the winners who would be eligible to receive a total of ₹139.4 billion (~$1.69 billion) under Tranche II of the performance-linked incentive (PLI) program to manufacture 39.6 GW of solar modules.
Some eligible companies include Shirdi Sai, First Solar, Reliance, ReNew, and Tata Power.
The Ministry of New &amp; Renewable Energy <a href="https://mercomindia.com/budget-2022-module-manufacturing-%e2%82%b9195-billion-pli-program/" target="_blank" rel="noopener">approved</a> incentives amounting to ₹195 billion (~$2.36 billion) for Tranche II. Out of this, ₹120 billion (~$1.45 billion) had been set aside for vertical integration of manufacturing polysilicon, ingots, wafers, solar cells, and solar modules.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Auction-Results-Production-Linked-Incentive-Program-Tranche-II-to-Build-Manufacturing-Capacities-for-High-Efficiency-Solar-Modules-in-India-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-51956 " src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Auction-Results-Production-Linked-Incentive-Program-Tranche-II-to-Build-Manufacturing-Capacities-for-High-Efficiency-Solar-Modules-in-India-1.png" alt="Auction Results- Production-Linked Incentive Program (Tranche- II) to Build Manufacturing Capacities for High-Efficiency Solar Modules in India" width="821" height="539" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Auction-Results-Production-Linked-Incentive-Program-Tranche-II-to-Build-Manufacturing-Capacities-for-High-Efficiency-Solar-Modules-in-India-1.png 887w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Auction-Results-Production-Linked-Incentive-Program-Tranche-II-to-Build-Manufacturing-Capacities-for-High-Efficiency-Solar-Modules-in-India-1-300x197.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Auction-Results-Production-Linked-Incentive-Program-Tranche-II-to-Build-Manufacturing-Capacities-for-High-Efficiency-Solar-Modules-in-India-1-768x504.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Auction-Results-Production-Linked-Incentive-Program-Tranche-II-to-Build-Manufacturing-Capacities-for-High-Efficiency-Solar-Modules-in-India-1-650x426.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Auction-Results-Production-Linked-Incentive-Program-Tranche-II-to-Build-Manufacturing-Capacities-for-High-Efficiency-Solar-Modules-in-India-1-624x409.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Auction-Results-Production-Linked-Incentive-Program-Tranche-II-to-Build-Manufacturing-Capacities-for-High-Efficiency-Solar-Modules-in-India-1-600x394.png 600w" sizes="(max-width: 821px) 100vw, 821px" /></a>
Basket 1
A total of ₹75.8 billion (~$921 million) has been allocated for facilities integrating polysilicon, wafer, cell, and module manufacturing of 15.4 GW capacity.
However, the incentives under the program are available for only 50% of the bid capacity.
Indosol Solar (<a href="https://ssel.in/" target="_blank" rel="noopener">Shirdi Sai Electricals</a>) has been allocated ₹33 billion (~$401 million) to manufacture 6 GW modules. Similarly, <a href="https://www.ril.com/OurBusinesses/New-Energy.aspx" target="_blank" rel="noopener">Reliance New Solar Energy</a> has been allotted ₹31 billion (~$377 million) for 6 GW, and FS India Solar Ventures (<a href="https://www.firstsolar.com/en-IN/" target="_blank" rel="noopener">First Solar</a>) would receive ₹11.8 billion (~$143 million) under the program 3.4 GW.
Basket 2
A total of ₹53.1 billion (~$646 million) has been set aside for facilities integrating wafer, cell, and module manufacturing of 16.8 GW. The total eligible manufacturing capacity for incentives under the program, is 8.4 GW.
<a href="https://www.waaree.com/" target="_blank" rel="noopener">Waaree Energies</a> would be eligible for ₹19.2 billion (~$234 million) for manufacturing 6 GW of modules.
<a href="https://renewpower.in/" target="_blank" rel="noopener">Renew Solar</a> would receive ₹15.4 billion (~$187 million) for 6 GW, and <a href="https://avaadaenergy.com/group-companies/" target="_blank" rel="noopener">Avaada Ventures</a> ₹9.6 billion (~$117 million) for 3 GW.
Additionally, <a href="https://www.grew.one/" target="_blank" rel="noopener">Grew Energy</a> will receive incentives of ₹5.7 billion (~$69 million) for manufacturing 2 GW of modules, while <a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Renewable Technologies</a> will receive ₹3.2 billion (~$39 million) for 1 GW of modules.
Basket 3
A total of ₹10.5 billion (~$128 million) has been allocated for facilities integrating cell and module manufacturing of 7.4 GW. The total eligible manufacturing capacity for this basket is 3.7 GW.
TP Solar (<a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power</a>) has been allocated ₹3.8 billion (~$46 million) for manufacturing 4 GW of modules.
<a href="https://www.vikramsolar.com/" target="_blank" rel="noopener">Vikram Solar</a> is eligible for ₹5.3 billion (~$64 million) for 2.4 GW of modules, and  AMPIN Solar One (<a href="https://www.amp.energy/" target="_blank" rel="noopener">Amp Energy</a>) will receive a maximum incentive of ₹1.4 billion (~$17 million) for manufacturing 1 GW of modules.
IREDA <a href="https://mercomindia.com/module-pli-auction-winners-list-jindal-out-adani-in/">announced</a> the list of successful bidders under Tranche-I. Reliance New Energy Solar’s PLI award amount was increased to ₹19.17 billion (~$232.11 million) from ₹11.90 billion (~$144 million) for a capacity of 4 GW. Shirdi Sai Electricals was awarded a PLI of ₹18.75 billion (~$227 million) for 4 GW.
Adani Infrastructure was awarded a PLI of ₹6.63 billion (~$80.27 million) out of the total quoted amount of ₹36 billion (~$435.84 million) for a capacity of 737 MW under the bucket-filling method.

Reliance, Tata, and ReNew Among Winners for Solar Module Manufacturing PLI

The Central Electricity Regulatory Commission (<a href="http://www.cercind.gov.in/" target="_blank" rel="noopener noreferrer">CERC</a>) has approved a tariff of ₹2.69 (~$0.036)/kWh discovered by the Solar Energy Corporation of India (<a href="https://seci.co.in/" target="_blank" rel="noopener noreferrer">SECI</a>) for 600 MW of wind-solar hybrid projects (Tranche II) under the interstate transmission system (ISTS) program.
The Commission added that SECI had carried out the bidding process transparently. The trading margin of ₹0.07 (~$0.0009)/kWh will be mutually agreed upon by the contracting parties. The Commission has asked the parties to comply with the provisions of the payment security mechanism.
Background
SECI had filed a petition for the adoption of tariff discovered through competitive bidding for 600 MW wind-solar hybrid projects under Tranche II of the ISTS program. It added that the bidders were selected through a transparent bidding process and as per the guidelines <a href="https://mercomindia.com/mnre-program-ists-wind-solar-hybrid-approved/" target="_blank" rel="noopener noreferrer">laid down</a> by the Ministry of New and Renewable Energy (MNRE) for setting up of 2,500 MW of ISTS connected wind-solar hybrid projects.
SECI was designated as the nodal agency for the implementation of the project. It was mandated to invite bids for the project and enter into power purchase agreements (PPAs) and power sale agreements (PSAs) with the distribution licensees.
SECI had <a href="https://mercomindia.com/seci-tender-solar-hybrid-storage/" target="_blank" rel="noopener noreferrer">invited</a> bids for the setting up of 1,200 MW of ISTS connected wind-solar hybrid power projects (Tranche II) in March 2019. The projects were scheduled to be commissioned in 2021-22. These projects would also help the distribution licensees in meeting their renewable purchase obligation (RPO) targets.
The tender was <a href="https://mercomindia.com/secis-solar-wind-tender-undersubscribed/" target="_blank" rel="noopener noreferrer">undersubscribed</a>, and bids received were only for 900 MW against the tendered capacity of 1,200 MW. The e-reverse auction was carried out on May 27, 2019, and Adani Renewable Energy Park (Gujarat) Limited (AREPGL) was <a href="https://mercomindia.com/adani-green-solar-wind-hybrid-seci/" target="_blank" rel="noopener noreferrer">declared</a> as the successful bidder in the auction quoting a tariff of ₹2.69/kWh for a capacity of 600 MW. The projects are slated to be developed in Rajasthan.
SECI had agreed to sell the entire 600 MW to distribution licensees at the discovered rate of ₹2.69 (~$0.036)/kWh with a trading margin of ₹0.07 (~$0.0009)/kWh upon the commissioning of these projects.
Based on the request of the distribution licensees, 500 MW was allocated to Punjab State Power Corporation Limited (<a href="https://www.pspcl.in/" target="_blank" rel="noopener noreferrer">PSPCL</a>), and 100 MW was allocated to India Power Corporation Limited (<a href="https://www.indiapower.com/" target="_blank" rel="noopener noreferrer">IPCL</a>). Later, SECI entered into PSAs with these licensees and a PPA with the special purpose vehicle of Adani Green Energy Nine Limited (AGEL).
The Commission approved the tariff and asked the contracting parties to agree on the trading margin for long-term transactions mutually. The Commission also directed SECI to take into account regulation 8(1)(f) of the Trading License Regulations, which states:
“For transactions under back to back contracts, where escrow arrangement or irrevocable, unconditional and revolving letter of credit as specified in clause (10) of regulation 9 is not provided by the trading licensee in favor of the seller, the trading licensee should not charge trading margin exceeding two ₹0.02 (~$0.0003) /kWh.”  
According to <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener noreferrer">Mercom’s </a><a href="https://mercomindia.com/product/india-solar-tender-tracker/">India Solar Project Tracker</a>, SECI has tendered 3.6 GW capacity of solar-wind hybrid projects under the ISTS program (Tranche I to Tranche III) and auctioned 1.56 GW capacity of projects under Tranche I &amp; II.
Recently, SECI <a href="https://mercomindia.com/seci-extends-submission-deadline/" target="_blank" rel="noopener noreferrer">extended</a> the deadline for the submission of bids to set up 1.2 GW of wind-solar hybrid power projects in the country under Tranche III of the ISTS program. The projects involve the setting up of wind-solar hybrid power projects on a build-own-operate (BOO) basis and selling the hybrid power to SECI.

CERC Approves a Tariff of ₹2.69/kWh for Adani’s 600 MW of ISTS Solar-Wind Hybrid Projects

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