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Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief

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					</table><a href="https://www.mercomindia.com/pm-surya-ghar-vendor-registration" target="_blank" rel="noopener">The Ministry of New and Renewable Energy has announced new guidelines for vendor registration under the recently approved PM Surya Ghar: Muft Bijli Yojana</a> rooftop solar program. The program, with an outlay of ₹750 billion (~$9.04 billion), aims to increase residential rooftop solar capacity and empower households to generate their own electricity until the financial year 2026-27. As per the guidelines, vendors must register on the National Portal to be eligible to install rooftop solar projects under the program.
<a href="https://www.mercomindia.com/cerc-compensation-azure-gib" target="_blank" rel="noopener">The Central Electricity Regulatory Commission has issued an order directing Solar Energy Corporation of India and distribution companies to compensate </a>Azure Power’s special purpose vehicle companies, Azure Power Maple and Azure Power Forty One, for the additional expenditure incurred due to the installation of bird diverters on transmission lines. The order comes close on the heels of CERC awarding compensation to Adani Green Energy on the same grounds.
<a href="https://www.mercomindia.com/delhi-high-court-quashes-cbics-revocation" target="_blank" rel="noopener">The Delhi High Court has quashed a Customs Department circular and show cause notices issued by the Central Board of Indirect Taxes and Customs</a> revoking the permission for solar developers to warehouse imported solar modules to defer paying basic customs duty (BCD) on solar cells and modules effective from April 1, 2022. No duty was payable as long as the modules did not leave the bonded premises (project area).
<a href="https://www.mercomindia.com/rerc-approves-solar-pm-kusum" target="_blank" rel="noopener">Rajasthan Electricity Regulatory Commission has approved Jodhpur Vidyut Vitran Nigam’s petition to purchase 2,929.8 MW of power from 1,111 solar projects</a> under Component-C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM KUSUM) program for 25 years. The final levelized tariffs range from ₹2.52 (~$0.03)/kWh to ₹3.527 (~$0.042)/ kWh. The primary objective was to establish grid-connected solar power facilities capable of fulfilling the yearly energy requirements of these feeders.
<a href="https://www.mercomindia.com/waaree-partners-with-ecofy-household-rooftops" target="_blank" rel="noopener">India-based solar module manufacturer Waaree Energies has partnered with Ecofy, a non-banking financial company supported by Eversource Capital</a>, to fund environmentally positive projects. Ecofy is investing ₹ $1 billion (~$11.9 million) in this collaboration. Aligned with the government’s PM Surya Ghar Muft Bijli Yojana and capitalizing on favorable market conditions, Waaree said the alliance will help advance India’s shift towards renewable energy.
<a href="https://www.mercomindia.com/gef-invests-%e2%82%b95-8-billion-ti-clean-mobility-%e2%82%b930-billion-ev" target="_blank" rel="noopener">TI Clean Mobility (TICMPL), a wholly-owned subsidiary of Tube Investments of India, a Murugappa Group company, has raised ₹5.8 billion (~$69.5 million)</a> in equity and convertible preference shares from South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively GEF Capital Partners). TICMPL had first ventured into last mile mobility with electric three-wheeler portfolio under the brand ‘Montra Electric.’
<a href="https://www.mercomindia.com/remc-tender-wind-rajasthan" target="_blank" rel="noopener">Railway Energy Management Company, a joint venture between RITES and the Ministry of Railways, has invited bids to hire consultancy services for conducting</a> a technical condition assessment and health analysis of 13 wind turbine generators at its 26 MW wind power project in Dangri, Jaisalmer district of Rajasthan. The consulting firm must analyze gearbox oil samples, conduct an endoscopy and inspection of gearboxes, and assess blade health through drone imagery.
<a href="https://www.mercomindia.com/meghalaya-green-open-access-100-kw" target="_blank" rel="noopener">Consumers with a minimum contracted demand or sanctioned load of 100 kW can access Green Energy Open Access, according to the Meghalaya</a> State Electricity Regulatory Commission (Terms and Conditions of Green Energy Open Access) Regulations, 2023. There is no maximum power supply limit for captive consumers. The regulations align with the green energy open access rules issued by the Ministry of Power last June. The minimum power scheduled for sale or procurement during any time block must not be less than 100 kW.
<a href="https://www.mercomindia.com/jsw-energy-q4-profits" target="_blank" rel="noopener">Independent power producer JSW Energy reported a net profit of ₹3.43 billion (~$41.07 million), a jump of 22% year-over-year (YoY) in the fourth quarter</a> of the financial year 2023-24 due to a strong performance in the renewables segment. Net generation was up 26% YoY at 6.4 BU, driven by contributions from acquired and greenfield renewable capacity additions and higher thermal generation.
<a href="https://www.mercomindia.com/solid-powers-q1-net-loss-widens" target="_blank" rel="noopener">Solid Power, which develops solid-state battery technology for electric vehicles, reported a net loss for the first quarter of 2024 that widened</a> to $21.2 million from $19.2 million, reflecting an 11% increase year-over-year, primarily driven by increased investments in scaling operations as the company pushes forward with commercializing its technology. Revenue for the quarter came in at $6 million, marking a robust 57% increase from $3.8 million in the first quarter of last year.
<a href="https://www.mercomindia.com/fuel-cell-firm-ballard-proposes-new-3-gw-facility" target="_blank" rel="noopener">Fuel cell manufacturer Ballard Power Systems recorded a net loss from continuing operations in the Q1 of 2024 amounted to $41.1 million, recording an increase</a> of 26.8% YoY compared to a net loss of $32.4 million. The increase in net loss was primarily driven by lower finance and other income of $7.5 million, attributed mainly to higher negative mark-to-market and foreign exchange impacts on long-term financial investments.

Daily News Wrap-Up: Vendor Registration Guidelines for PM Surya Ghar Program

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					</table>Electric three-wheeler manufacturer TI Clean Mobility (<a href="https://tiindia.com/ti-clean-mobility-private-limited/" target="_blank" rel="noopener">TICMPL</a>) signed definitive agreements with Tube Investments of India (TII), <a href="https://www.multiplesequity.com/" target="_blank" rel="noopener">Multiples Private Equity Fund III</a>, State Bank of India (<a href="https://www.onlinesbi.sbi/" target="_blank" rel="noopener">SBI</a>), and other co-investors to raise ₹19.5 billion (~$235.7 million) in equity and compulsorily convertible preference shares (CCPS).
The total investment by Multiples, SBI, and other co-investors would amount to ₹12 billion (~$145 million). TII&#8217;s investment would be ₹7.5 billion (~$90.6 million) of which ₹6.39 billion (~$77.2 million) has already been invested through equity and inter-corporate deposit.
TI Clean Mobility plans to raise an additional ₹10.5 billion (~$127 million) by March 2024, bringing the total fundraise to ₹30 billion (~$362.6 million).
It also plans to expand its presence in the electric mobility industry through organic and inorganic methods. The funds will facilitate the expansion of the company&#8217;s operations, including the acquisition of other businesses and capital expenditure.
TI Clean Mobility is a wholly-owned subsidiary of Tube Investments of India (TII), part of the Murugappa Group.
The company entered into a securities subscription and shareholders&#8217; agreement with Multiples and State Bank of India recently. The investors will be making an immediate investment of ₹12.75 billion (~$154.1 million) including existing investments.
Under this agreement, the investors will subscribe to 100 equity shares of TI Clean Mobility and Series Al CCPS worth ₹6 billion. TII will also subscribe to Series B CCPS worth ₹4.25 billion.
In addition to the immediate investment, Multiples and other investors have the right to subscribe for an additional ₹6 billion (~$72.5 million). Upon subscription of this additional sum, TII will invest ₹750 million (~$9 million).
TI Clean Mobility recently launched its passenger 3-wheeler electric vehicle. The company is also working on designing and developing electric tractors and heavy commercial vehicles through its subsidiaries.
&#8220;TICMPL is focused on the productive segment of the electric vehicle industry, viz., 3-wheelers, tractors, and heavy commercial vehicles. The confidence reposed by esteemed investors such as Multiples and SBI will give TICMPL the necessary impetus to fulfill our ambition by scaling our operations through organic and inorganic means,&#8221; said M.A.M Arunachalam, Chairman of TII and TICMPL.
The electric vehicle industry has just <a href="https://mercomindia.com/ev-sales-clocked-record-one-million-units-2022/" target="_blank" rel="noopener">emerged</a> from a record-breaking year of selling more than a million units. Stakeholders <a href="https://mercomindia.com/industry-electric-vehicle-sales-build-blockbuster-2022/" target="_blank" rel="noopener">believe</a> that electric vehicle sales in 2023 could easily surpass 2022 levels.

TI Clean Mobility to Raise ₹30 Billion to Fuel its EV Platform

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