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

Jodhpur DISCOM Tenders 333 MW Solar Projects Under PM KUSUM

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

John Cockerill to Supply Electrolyzers to AM Green’s Ammonia Project

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://www.mercomindia.com/solairedirect-renew-ntpc-1250-mw-solar-auction" target="_blank" rel="noopener"><strong>Solairedirect Energy India (ENGIE), ReNew Solar Power, and NTPC Renewable Energy won REC Power Development and Consultancy’s auction</strong></a> to develop 1,250 MW inter-state transmission system (ISTS)-connected solar power projects -Tranche I. Solairedirect Energy India won 300 MW, and ReNew Solar Power won 400 MW by quoting ₹2.55 (~$0.0311)/ kWh. NTPC Renewable Energy, which had bid for the entire capacity, won 550 MW by quoting ₹2.56 (~$0.0312)/kWh.</p>
<p><a href="https://www.mercomindia.com/sprng-ntpc-ayana-o2-1-gw-hybrid-auction" target="_blank" rel="noopener"><strong>Sprng Akshaya Urja (Sprng Energy), NTPC Renewable Energy, Project Nine Renewable Power (Ayana Power), and TEQ Green Power XIII (O2 Power) have won REMC’s auction</strong></a> to supply 1 GW of round-the-clock power for 25 years from grid-connected renewable power projects with or without storage. Sprng won 100 MW by quoting ₹3.99 (~$0.048)/kWh. NTPC and Ayana won 500 MW and 300 MW, respectively, quoting ₹4.10 (~$0.050)/kWh. O2 won 60 MW quoting ₹4.27 (~$0.052) kWh.</p>
<p><a href="https://www.mercomindia.com/renew-and-avaada-500-mw-solar-auction" target="_blank" rel="noopener"><strong>ReNew Solar Power and Avaada Energy have won RECPDCL&#8217;s auction to supply 500 MW of power from ISTS-connected solar power</strong></a> projects to be set up across the country. ReNew won 200 MW by quoting ₹2.69 (~$0.03)/kWh. Avaada Energy won the rest of 300 MW by quoting ₹2.70 (~$0.03)/kWh. The successful bidders will sign a power purchase agreement with Damodar Valley Corporation for a duration of 25 years.</p>
<p><strong><a href="https://www.mercomindia.com/nhpc-epc-300-mw-floating-solar-odisha" target="_blank" rel="noopener">NHPC Limited has invited bids for the engineering, procurement &amp; construction of a 300 MW floating solar power project and the 220 kV transmission line at Rengali Reservoir in Angul, Odisha</a></strong>. The project should be commissioned within 21 months of receiving the work order. The selected developer must oversee the project’s comprehensive operation and maintenance service for five years. The last day to submit the bids is May 17, 2023. The bids will be opened on May 23.</p>
<p><a href="https://www.mercomindia.com/hpcl-11-mw-solar-uttar-pradesh-haryana" target="_blank" rel="noopener"><strong>Hindustan Petroleum Corporation has invited bids for the engineering, procurement &amp; construction of 11 MW of solar power projects</strong></a> at its Panipat and Jhansi site for captive use in the states of Uttar Pradesh and Haryana. The projects will be installed in two phases, 5 MW under Schedule 1 of the tender at Karari Village in Jhansi and the remaining 6 MW under Schedule 2 at Baholi Village in Panipat. The last date to submit the bids is April 21, 2023. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/e-mobility-magenta-from-bp-and-morgan-stanley" target="_blank" rel="noopener"><strong>India-based electric mobility service provider Magenta Mobility has secured a $22 million investment from bp and a Morgan Stanley India Infrastructure-managed investment fund.</strong> </a>The company focuses on electrifying logistics and last-mile delivery, which involves transporting goods from a distribution center to a home or business. The investment represents bp’s first foray into India’s last-mile delivery market and its second in its mobility sector. bp pulse has over 100 million online shoppers.</p>
<p><a href="https://www.mercomindia.com/rec-issues-750-green-energy-infrastructure-projects" target="_blank" rel="noopener"><strong>Government-owned infrastructure finance company REC has issued green bonds worth $750 million under its $7 billion Global Medium Term Note Program.</strong></a> The bonds carry an interest of 5.625% and will mature on April 11, 2028. The principal and interest payments will be made in U.S. dollars. REC said in a bourse filing that the net proceeds from the bonds would be used to finance green energy infrastructure projects per the REC Limited Green Finance Framework and the External Commercial Borrowings guidelines of the Reserve Bank of India.</p>
<p><a href="https://www.mercomindia.com/vibrant-secures-pfc-wind-solar-projects" target="_blank" rel="noopener"><strong>Renewable energy solutions provider Vibrant Energy has secured project financing of more than ₹22 billion (~$268.7 million) from Power Finance Corporation to develop 300 MW of wind-solar hybrid</strong></a> power projects in Madhya Pradesh and Karnataka. Vibrant Energy is a portfolio company of Macquarie Asset Management’s Green Investment Group. It operates and delivers more than 2 GW of renewable energy solutions for corporate clients.</p>
<p><a href="https://www.mercomindia.com/green-hydrogen-sans-transmission-costs" target="_blank" rel="noopener"><strong>The government has extended the timeline for green hydrogen/ammonia projects to be eligible for an exemption from ISTS charges on renewable energy use.</strong></a> The decision aims to keep green hydrogen production costs down so India could emerge as a global hub. The Ministry of New and Renewable Energy said that prevailing ISTS charges could add up to $0.75/kg to the cost of green hydrogen production.</p>
<p><a href="https://www.mercomindia.com/nordex-green-convertible-bonds-placement" target="_blank" rel="noopener"><strong>Germany-based wind turbine manufacturer Nordex has placed €333 million ($391 million) worth of new green convertible bonds due in 2030.</strong></a> The bonds, with a denomination of €100,000 (~$109,043), will be convertible into new or existing ordinary bearer shares of Nordex. The proceeds from the convertible bonds will be used for eligible green projects, as defined by Nordex’s Green Financing Framework.</p>
<p><a href="https://www.mercomindia.com/researchers-potential-in-water-based-batteries" target="_blank" rel="noopener"><strong>A recent study by Texas A&amp;M University researchers has revealed that the storage capacity of metal-free, water-based batteries can vary a 1,000% depending on the types of electrodes used in them.</strong></a> The researchers explained that aqueous batteries comprise three main components: a cathode, an electrolyte, and an anode. The cathodes and anodes are made of polymers that can store energy, while the electrolyte is a mixture of water and organic salts. The electrolyte plays a crucial role in ion conduction and energy storage by interacting with the electrode.</p>
<p><a href="https://www.mercomindia.com/global-demand-for-as-climate-concerns-escalate" target="_blank" rel="noopener"><strong>Sales of heat pumps worldwide increased by 11% in 2022, spurred by the global shift towards reliable and environmentally friendly heating, a recent analysis by the International Energy Agency</strong></a>  said. This is the second consecutive year with a double-digit growth rate. The increase in policy support and incentives is driving the surge in demand for heat pumps globally, especially in Europe, where sales have reached an all-time high, with air-to-water models experiencing a growth rate of almost 50%.</p>


Daily News Wrap-Up: ENGIE, ReNew, NTPC Won REC’s 1,250 MW Solar Auction


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					</table><p>Pharmaceutical and biotechnology company <a href="https://www.lauruslabs.com/" target="_blank" rel="noopener">Laurus Labs</a> has acquired 26% equity shares in Ethan Energy, a special-purpose vehicle (SPV) of Vibrant Energy Holdings, for ₹39 million (~$477,744).</p>
<p>The acquisition will allow Laurus Labs to procure 100% of the energy produced by Ethan Energy from its 10 MW solar project under open access in captive mode.</p>
<p>The pharma company entered into a share subscription agreement and shareholders&#8217; agreement to purchase 740,000 equity shares of the face value of ₹10 (~$0.12) each at a premium of ₹42.70 (~$0.52).</p>
<p>Laurus Labs manufactures active pharmaceutical ingredients (APIs) for anti-retroviral and Hepatitis C drugs. They also manufacture APIs for oncology and other therapeutic areas. The company has manufacturing plants in Hyderabad and Vishakhapatnam.</p>
<p>Vibrant energy is a majority-owned subsidiary of Blueleaf Energy. Headquartered in Singapore and Hyderabad, Vibrant has over 1,117 MW of renewable assets under management, including those under construction. Singapore-based renewable energy company Blueleaf Energy had <a href="https://mercomindia.com/blueleaf-enters-india/" target="_blank" rel="noopener">acquired</a> a majority stake in Vibrate Energy Holdings from ATN International.</p>
<p>Blueleaf Energy is a portfolio company owned by Macquarie&#8217;s Green Investment Group (GIG), operating on a standalone basis. GIG specializes in project development and delivery, green infrastructure principal investment, green impact advisory, and the management of portfolio assets.</p>
<p>Early this year, Vibrant Energy Holdings <a href="https://mercomindia.com/daily-news-wrap-up-data-centers-green-energy/" target="_blank" rel="noopener">signed</a> power purchase agreements with Sify Technologies for 231 MW of solar and wind energy capacity to power Sify&#8217;s latest hyperscale data centers, of which 67 MW solar PPA was signed in March 2021 and recently commissioned.</p>
<p>Tata Power Solar had <a href="https://mercomindia.com/tata-power-solar-commissions-66-mw-epc-project-for-vibrant-energy/" target="_blank" rel="noopener">commissioned</a> an engineering, procurement, and construction project of 66 MW for Vibrant Energy. The project produces 110,029 units of energy annually. The installation will lead to a reduction of carbon emissions of up to 0.9 million tons. The project is spread over 191 acres comprising 1,27,268 solar modules and has been completed within a record nine-month period.</p>


Laurus Labs to Buy Solar Via Open Access in Captive Mode from Vibrant Energy


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					</table><p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><a href="https://www.vestas.in/en-in" target="_blank" rel="noopener"><strong>Vestas</strong></a><strong> announced that it had dispatched one of India&#8217;s largest 3.6 MW Nacelle from its factory in Chennai for Vibrant Energy&#8217;s 54 MW wind project in Maharashtra.</strong> Vibrant Energy signed the contract for this project with Vestas in the first quarter of 2022. With this dispatch, Vestas would move closer to completing the installation of its first 3.6 MW turbine in India by the end of November 2022. The project comprises 15 V155-3.6MW turbines and is expected to be commissioned in the first quarter of 2023. The project totaling 54 MW, is expected to produce 178 GWh of power annually for the next 20 years.</p>
<p><a href="https://www.epsilonam.com/" target="_blank" rel="noopener"><strong>Epsilon Advanced Materials</strong></a><strong> signed a memorandum of understanding with the government of Karnataka to invest around ₹90 billion (~$1.1 billion) to establish battery manufacturing plants </strong>in the state over ten years. The project will focus on manufacturing graphite anode material for the Li-ion batteries in line with the &#8216;Make in Karnataka&#8217; vision, enabling the company to cater to 10 million EVs. The facility would employ 75% of local people to support economic development in the region.</p>
<p><strong>LONGi <a href="https://www.prnewswire.com/news-releases/longi-introduces-its-new-hi-mo-6-modules-to-the-worldwide-dg-market-301665753.html" target="_blank" rel="noopener">introduced</a> the Hi-MO 6, its first module designed exclusively for the global distributed consumer market.</strong> Using LONGi&#8217;s high-efficiency Hybrid Passivated Back Contact (HPBC) cell technology, Hi-MO 6 achieved a maximum efficiency of 22.8% in mass production.  HPBC is a new high-efficiency solar cell technology unique in its front-side busbar-free design. It can considerably improve the cell&#8217;s light absorption and photoelectric conversion capabilities by adjusting its internal structure, thus effectively increasing the module&#8217;s output power.</p>
<p><a href="https://www.bharatpetroleum.in/" target="_blank" rel="noopener"><strong>Bharat Petroleum Corporation</strong></a><strong> awarded Electric Vehicle (EV) charging solutions manufacturer Servotech Power Systems an order to supply and install 800 DC fast EV chargers</strong> at different locations across the country in the next four months. The project execution, which involves supplying a series of EV chargers, has already been initiated from Delhi and is worth ₹462 million (~$5.61 million). It is expected to be completed by the end of March next year. The project will span across the country, equipping petrol pumps in major Indian cities with EV charging capabilities on its course.</p>
<p><strong>The </strong><a href="https://powermin.gov.in/" target="_blank" rel="noopener"><strong>Ministry of Power</strong></a><strong> has proposed a draft amendment in Electricity Rules 2022 related to captive generation projects, stating that consumption by a subsidiary of a captive power user company can also be termed as captive consumption. </strong>The rules offer to add a proviso to explain the term captive user under Explanation (1) (b) of Rule 3. The detailed provision states, &#8220;Provided that the consumption by a subsidiary company as defined in clause 87 of Section 2 of the Companies Act, 2013, of a company which is an existing captive user shall also be admissible as captive consumption by the captive user.&#8221; The ministry has invited comments from stakeholders on the amendment, which will be open till December 1, 2022.</p>
<p><strong>Institutional investors advised by J.P. Morgan Asset Management&#8217;s Global Transportation Group have invested in </strong><a href="https://www.50five.com/nl-nl" target="_blank" rel="noopener"><strong>50five Group</strong></a>, a full-service charging infrastructure provider for EVs in Belgium, The Netherlands, Luxemburg, and the United Kingdom. 50five sought a partner to continue its growth in 50five&#8217;s home markets and to accelerate geographical expansion; its current growth rate is 160% year-on-year. 50five Group was founded in 2016 with its sole shareholder ENGIE SA to manage the e-mobility for their customers from A to Z, including charging infrastructure installation, maintenance &amp; repair, charge point operator solutions, e-mobility services, financing, and energy management.</p>


Daily News Wrap-Up: Vestas Supplies to Vibrant Energy’s 54 MW Wind Project

<p>Tata Power Solar Systems, a wholly-owned subsidiary of <a href="https://www.tatapower.com/">Tata Power</a>, commissioned an engineering, procurement, and construction (EPC) project of 66 MW for <a href="https://www.vibrantenergyholdings.com/about-us">Vibrant Energy</a>, a developer of open access renewable energy projects.</p>
<p>The project will produce 110,029 units of energy annually, while the installation would help mitigate up to 900,000 tons of carbon emissions every year.</p>
<p>The equipment deployment and construction of the project spread across 191 acres was completed by Tata Power Solar Systems in a record time of nine months using 1,27,268 solar modules.</p>
<p>The CEO and MD of Tata Power, Praveer Sinha, said, &#8220;We consider the commissioning of this large EPC project for Vibrant Energy to be a significant accomplishment since it demonstrates our best-in-class project execution capabilities. We are sure this project would set a new standard for industry collaboration and contribute to India&#8217;s clean energy goals.&#8221;</p>
<p>CEO of Vibrant Energy Srini Viswanathan said, &#8220;This project is a testament to our commitment towards decarbonization and sustainable development. We are honored to partner with Tata Power Solar for EPC of 66 MW project that has been commissioned in a record 9-month period.&#8221;</p>
<p>Vibrant Energy is a majority-owned subsidiary of Blueleaf Energy, a portfolio company owned by Macquarie&#8217;s Green Investment Group (GIG), operating on a standalone basis. GIG specializes in project development and delivery, green infrastructure principal investment, green impact advisory, and the management of portfolio assets.</p>
<p>Tata Power deployed its engineers and workers to carve out an ideal execution strategy for the project. The teams commissioned the 66 MW project by laying a two-level pooling sub-station on the rock-filled terrain to flatten the ground for structural stability of the Extra High Voltage (EHV) system. To avoid multiple shifting, all equipment, and raw material were unloaded at the project site beforehand, while the modules were insured before commissioning the project.</p>
<p>With the commissioning of this project, Tata Power&#8217;s total utility-scale solar project portfolio reached 9.7 GW. It has a manufacturing unit in Bengaluru with a production capacity of 635 MW of modules and 500 MW of cells. It has over 1 GW of rooftop and distributed generation projects across the country.</p>
<p>Earlier this month, Tata Power Solar Systems <a href="https://mercomindia.com/tata-power-solar-commissions-solar-project-in-rajasthan/">commissioned</a> a 450 MW solar project for Brookfield Renewable in Rajasthan. The installation of the project was completed using 800,000 solar modules.</p>
<p>According to Mercom&#8217;s <a href="https://mercomindia.com/product/mercoms-india-solar-market-leaderboard-2022-market-shares-and-profiles/">India Solar Market Leaderboard 2022</a> report, Tata Power Solar Systems was one of the five top solar rooftop companies in India for 2021.</p>


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