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Daily News Wrap-Up: India Adds 16 GW Solar Capacity in 9M 2024

CMPDI Invites Bids for 10 MW Solar Project at Mahanadi Coalfields

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Hyundai to Source 118 MW Power from Fourth Partner’s Solar and Wind Projects

India Adds an Unprecedented 16 GW Solar Capacity in 9M 2024

Daily News Wrap-Up: UPNEDA Tenders 2 MW Rooftop Solar Projects

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Sungrow, TBEA, FIMER Dominate Solar Inverter Rankings in First Half of 2024


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					</table><p><a href="https://www.mercomindia.com/cerc-unveils-draft-renewable-regulations-2024"><strong>The Central Electricity Regulatory Commission has formulated the draft regulations to determine the tariff for renewable energy projects in 2024.</strong></a> These regulations are applicable to situations where the Commission needs to determine the tariff for a grid-connected generating station or a unit thereof commissioned during the control period and relying on renewable energy sources. The Central Electricity Regulatory Commission (Terms and Conditions for Tariff Determination from Renewable Energy Sources) Regulations, 2024, will be effective starting from April 1, 2024, to March 31, 2027.</p>
<p><a href="https://www.mercomindia.com/ntpc-land-transmission-package-solar"><strong>NTPC Renewable Energy has invited bids for a land and power evacuation package to develop 2 GW interstate transmission system (ISTS)-connected solar power projects in Barmer</strong></a>, Rajasthan. The last date to submit the bids is March 28, 2024. Bids will be opened on the same day. Bidders must secure five acres of land per MW, either government or private, situated close to the Barmer ISTS substation. This land should be acquired on a freehold or leasehold basis, with the lease extending for at least 29 years and 11 months. Government land proportion should not exceed 10% of the total land area secured for the project.</p>
<p><a href="https://www.mercomindia.com/rooftop-solar-10-kw-exempted-feasibility-study-mandate"><strong>The Ministry of Power has mandated that the technical feasibility study for the installation of all rooftop solar photovoltaic systems must be completed within fifteen days,</strong></a> and the outcome of it is to be shared with the applicant. Failing to meet the deadline, the system will be presumed technically feasible and approved. The Ministry notified the amendments as its latest rules under the Electricity (Rights of Consumers) Amendment Rules, 2024. The new rules also exempt rooftop solar systems up to 10 kW from technical feasibility study requirements, considering they have completed all other due processes. The distribution licensee will be responsible for carrying out any corresponding enhancement of the consumers’ sanctioned load for such systems.</p>
<p><a href="https://www.mercomindia.com/no-manual-bids-strict-trading-hours-cerc-power-exchanges"><strong>The Central Electricity Regulatory Commission (CERC) has ordered a comprehensive audit of all three power exchanges in the next six months and the elimination of manual entries of bids</strong></a> and cancellation/modification of bids outside of trading hours, citing multiple violations. In a suo motu order, the CERC said its staff will conduct an audit of the processes and software of all three power exchanges with the help of suitable agencies to ensure the provisions of Power Market Regulations 2021 are followed.</p>
<p><a href="https://www.mercomindia.com/serentica-to-provide-a-mix-of-renewables-interview"><strong>Renewable energy developer Serentica Renewables is strategically employing a diverse mix of solar, wind, and energy storage technologies.</strong></a> The company has recently embarked on a collaborative effort centering around a standalone energy storage offtake contract. This strategic move is anticipated to position Serentica as a key player in delivering 1,500 MW of uninterrupted power, with a specific emphasis on industries highly sensitive to power disruptions. In this exclusive interview with Mercom India, Akshay Hiranandani, CEO of Serentica Renewables, delves into the company’s ambitious plans for installing 4 GW of green energy projects, their customer-centric approach, financing strategies, challenges in the green energy open access market, and insights into the future growth trajectory of this dynamic sector.</p>
<p><a href="https://www.mercomindia.com/cleanmax-to-supply-green-power-project"><strong>Mumbai-based renewable energy firm CleanMax Enviro Energy Solutions (CleanMax) has entered into a 25-year-long power purchase agreement with Bangalore International Airport (BIAL)</strong></a> to supply power from a 45.9 MW solar-wind captive power project. The project, located in Jagaluru, Karnataka, is operating under the special purpose vehicle named Clean Max BIAL Renewable Energy. It comprises 36 MW of solar power and 9.9 MW of wind power projects.</p>
<p><a href="https://www.mercomindia.com/yulu-raises-1-6-billion-to-meet-demand"><strong>Bengaluru-based shared electric two-wheeler company Yulu has raised ₹1.6 billion ($19.25 million) in equity funding from existing investors Bajaj Auto and Magna International.</strong></a> The company will use these funds to scale up vehicles, operational locations, product and technology innovation, and strengthen market leadership to meet the user demand. Over the last year, the company said it has experienced a 5x growth in its revenue due to the increasing demand for shared mobility.</p>
<p><a href="https://www.mercomindia.com/sunnovas-q4-losses-balloon"><strong>U.S.-based residential solar firm Sunnova Energy‘s fourth-quarter net loss ballooned by about 800% to $187.6 million from $20.9 million last year, hurt by higher interest and operating expenses</strong></a>. Quarterly operating expenses for the quarter soared by 474%, but lower inventory costs partially mitigated the negative impact. Interest expenses rose by 171% when compared to the same period last year.</p>
<p><a href="https://www.mercomindia.com/gamechange-solar-expand-tracker-manufacturing"><strong>Solar tracking solutions supplier GameChange Solar (GCS) is expanding its annual tracker manufacturing capacity in the U.S. from 24 GW to 35 GW.</strong></a> This increase in domestic manufacturing capacity allows GCS to incorporate over 85% domestic content in its ‘Genius Trackers.’ The company said it can now deliver solar tracker systems that contain 70% of domestic content with the potential to increase the percentage to over 85%.</p>
<p><a href="https://www.mercomindia.com/researchers-discover-new-fast-material"><strong>Researchers at the University of Liverpool have discovered a solid material that rapidly conducts lithium ions, which are essential components in the rechargeable batteries that power</strong></a> electric vehicles and many electronic devices. Consisting of non-toxic earth-abundant elements, the new material has high Li-ion conductivity to replace the liquid electrolytes in current Li-ion battery technology, improving safety and energy capacity.</p>


Daily News Wrap-Up: Draft Renewable Energy Tariff Regulations 2024


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					</table><p>Bengaluru-based shared electric two-wheeler company <a href="https://www.yulu.bike/" target="_blank" rel="noopener">Yulu</a> has raised ₹1.6 billion ($19.25 million) in equity funding from existing investors <a href="https://www.bajajauto.com/" target="_blank" rel="noopener">Bajaj Auto</a> and <a href="https://www.magna.com/" target="_blank" rel="noopener">Magna International</a>.</p>
<p>The company will use these funds to scale up vehicles, operational locations, product and technology innovation, and strengthen market leadership to meet the user demand. Over the last year, the company said it has experienced a 5x growth in its revenue due to the increasing demand for shared mobility.</p>
<p>Operational since 2017, the company operates a fleet of 30,000 electric vehicles (EV) deployed across Bengaluru, Mumbai, Navi Mumbai, Delhi and Gurugram, addressing first and last-mile mobility needs and reducing carbon emissions.</p>
<p>Yulu also expects to raise its series C funding later this year. “Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) segment by deepening existing business lines and opening up new use cases and geographies. Hence, we will look to raise additional funds to power our growth,” said Amit Gupta, co-founder and CEO of Yulu.</p>
<p>“We continue to leverage our combined expertise in consumer knowledge, technology, and manufacturing to build a class-leading business in this space. We are supportive of Yulu’s plans, and the current investment is an outcome of the shared vision and strategy to realize it,” said Rakesh Sharma, executive director of Bajaj Auto.</p>
<p>In September 2022, the company <a href="https://www.mercomindia.com/yulu-82-million-equity-funding-mobility-battery-swapping" target="_blank" rel="noopener">raised</a> equity funding of ₹6.5 billion ($82 million) in a Series-B funding round led by Magna International. Bajaj Auto also participated in the funding round.</p>
<p>To accelerate the adoption of EVs in the country, the union government recently <a href="https://mercomindia.com/fame-ii-budgetary-vehicles-increased-by-million#:~:text=The%20Ministry%20of%20Heavy%20Industries,India's%20transition%20to%20clean%20mobility." target="_blank" rel="noopener">increased</a> the outlay of the Faster Adoption and Manufacturing of Hybrid &amp; Electric Vehicles (FAME-II) program by $180.7 million.</p>
<p>Last year, the sale of EVs <a href="https://mercomindia.com/electric-vehicle-sales-2023#:~:text=Electric%20vehicle%20(EV)%20sales%20in,Highways%20through%20its%20Vahan%20Dashboard." target="_blank" rel="noopener">registered</a> a record high of 1.53 million units, a 50% year-over-year increase from 2022. EV sales accounted for nearly 6.4% of the overall automobiles sold in the country.</p>


Yulu Raises ₹1.6 Billion to Meet Increased Demand in Shared E-Mobility


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					</table><p><a href="https://www.yulu.bike/" target="_blank" rel="noopener">Yulu</a>, a Bengaluru-based shared electric mobility-as-a-service (MaaS) and battery-as-a-service (BaaS) provider, has secured equity funding of ₹6.5 billion ($82 million) in a Series-B funding round led by U.S.-based mobility technology company <a href="https://www.magna.com/" target="_blank" rel="noopener">Magna International</a>.</p>
<p>Yulu’s strategic partner Bajaj Auto also participated in the funding round.</p>
<p>Yulu said the funds would be used to strengthen product and technology innovation. It will also use the funds to increase the fleet of electric vehicles (EV) to over 100,000 electric two-wheelers and more than 500 battery charging and swapping stations in a year.</p>
<p>The company will form a new entity with Magna to create a BaaS platform with an interoperable battery system.</p>
<p>Yulu’s Co-founder and CEO Amit Gupta said, “We can clearly see a 100X growth opportunity for Yulu in both MaaS and BaaS businesses in the next three-four years. As the market leader in e-mobility, our focus will now be to establish a robust and agile supply chain and scale up our operations. We will go deeper and denser in our existing markets and explore new areas while delivering a great customer experience.”</p>
<p>Executive Vice President of Magna International and Global Lead of Magna New Mobility Matteo Del Sorbo said, “This is an incredibly exciting time for us to contribute to a sustainable future in urban mobility through the investment in Yulu. Micromobility presents a great opportunity for additional growth, and joining forces with Yulu helps us expand our business into this rapidly growing sector.”</p>
<p>Bajaj Auto is the strategic partner of Yulu, and the two companies have collaborated on product design, technology platforms, engineering processes, and manufacturing. Yulu’s next generation e-two-wheelers will roll out of Bajaj’s Pune facility by the end of the current year, as per the statement.</p>
<p>In 2020, Yulu <a href="https://mercomindia.com/yulu-raises-from-rocketshipvc/" target="_blank" rel="noopener">announced</a> that Rocketship.VC invested ₹300 million (~$3.95 million) in the company.</p>
<p>Speaking to Mercom on the Budget expectations for 2022, Gupta had said that the two-wheeler EV MaaS makes a lot of sense for India as a country with crowded cities and limited infrastructure. The problem of road congestion can be solved with only ‘one-to-many solutions’ like shared mobility.</p>


Yulu Raises $82 Million Equity Funding to Ramp Up Mobility, Battery Swapping Businesses

<p>Here are some noteworthy cleantech news and announcements of the day from around the world:</p>
<p><strong>The California Independent System Operator (CAISO) has </strong><a href="https://www.utilitydive.com/news/were-in-a-bind-california-braces-for-rolling-outages-as-heatwave-contin/583679/?utm_source=Sailthru&amp;utm_medium=email&amp;utm_campaign=Issue:%202020-08-18%20Utility%20Dive%20Newsletter%20%5Bissue:29144%5D&amp;utm_term=Utility%20Dive" target="_blank" rel="noopener noreferrer"><strong>declared</strong></a><strong> a stage 3 electrical emergency</strong> that triggers rotating outages throughout the state in California as the electricity demands went up due to the heatwave in California. The sudden rise in electricity demand created a dip in the operating reserves. The system operator has also issued a flex alert to warn consumers for likely rolling outages during the late afternoon and early evenings.</p>
<p><strong>Enphase Energy, a solar microinverter supplier, </strong><a href="https://newsroom.enphase.com/news-releases/news-release-details/enphase-energy-and-sonnenstromfabrik-launch-high-efficiency-ac" target="_blank" rel="noopener noreferrer"><strong>announced</strong></a><strong> that it has joined hands with a Germany-based solar module manufacturer Sonnenstromfabrik</strong> to develop a high-efficiency alternating current module (ACM) for the residential solar market of Europe. Enphase Energy said that the new ACM could improve the optimum light output of modules despite the low light conditions. These ACMs are available in Germany, Belgium, France, and the Netherlands.</p>
<p><strong>ION Energy announced that it had joined hands with a U.S.-based utility-scale energy storage developer esVolta</strong> to improve the operation efficiency of esVolta’s utility-scale battery energy storage products. According to ION Energy, the company would deploy its battery analytics platform across esVolta’s entire portfolio of battery energy storage projects with a total energy storage capacity of 581 MW  in North America.</p>
<p><strong>Seraphim </strong><a href="https://www.seraphim-energy.com/seraphim-inks-150mw-pv-module-supply-agreement-with-raystech-at-snec-pv-power-expo-2020/" target="_blank" rel="noopener noreferrer"><strong>announced</strong></a><strong> that it had signed an agreement with Raystech to supply 150 MW of PV modules</strong>. The company said that it would supply to Raystech its half-cell modules with power up to 440 MW combined with a conversion efficiency of 19.78%.  It added that it had signed 50 MW of solar module supply agreement with Raystech in June 2020.</p>
<p><strong>EnAppSys has </strong><a href="https://b74bc22f-390f-4347-ba45-b13ad13072ee.filesusr.com/ugd/9b26cb_3949bccaec1c48acb1ed595bc42f57bf.pdf" target="_blank" rel="noopener noreferrer"><strong>released</strong></a><strong> a report on the European solar market, which reveals that the power generation across Europe in the first six months of 2020 increased up to 68 TW</strong> compared to 59 TW in the same period of 2019. The report stated that solar output in the second quarter of 2020 was at 47.9 TW, 19% higher from the previous record peak in the second quarter of 2018. The report attributed the rise of solar energy to the increase in solar energy capacity across Europe.</p>
<p><strong>Yulu, a Bangalore-based micro-mobility service provider, announced that it has teamed up with a Gurugram-based real estate developer Vatika Group to provide its electric two-wheeler service</strong> within Vatika’s mega residential and integrated township in Gurugram. Yulu said that it has already deployed the fleet of 200 E-2Ws in the township, and it is expected to double its fleet size in the city by early 2021. The company also installed the battery-charging stations across the Vatika township.</p>
<p>Here is our <a href="https://mercomindia.com/news-wrap-up-jinko-solar/" target="_blank" rel="noopener noreferrer">previous</a> news wrap-up.</p>
<p>Image credit: Invenergy</p>


The Daily News Wrap-Up: ION Energy Signs Pact with  esVolta, Solar Surges in Europe

<p><a href="https://www.yulu.bike/" target="_blank" rel="noopener noreferrer">Yulu</a>, a Bangalore-based micro-mobility service provider, has announced that <a href="https://www.rocketship.vc/" target="_blank" rel="noopener noreferrer">Rocketship.VC</a> has invested ₹300 million (~$3.95 million) in the company. The company provides a smart rental platform for bicycles and electric bikes facilitated through a mobile app.</p>
<p>According to the company statement, the recent investment by the Silicon-Valley-based venture capital firm Rocketship will be used to strengthen Yulu’s platform and technology solutions that will enable it to scale services across India rapidly.</p>
<p>The company’s spokesperson told Mercom that so far, Yulu has raised more than $20 million (~₹1.5 billion) in funding from key investors like Bajaj Auto Ltd, Blume Ventures, 3one4 Capital, Wavemaker, and now US-based Rocketship.</p>
<p>“The rising trend in the use of scooters in India will continue, and two-wheelers will be more attractive targets for electrification in the short term,” the spokesperson added.</p>
<p>Yulu is a technology-driven mobility platform that enables urban mobility with bicycles and electric bikes through a mobile app. It enables first and last-mile connectivity that is shared and sustainable.</p>
<p>The company added that it had recently conducted a user survey, which revealed that safety from coronavirus is the topmost concern of commuters. Considering the present situation caused by the COVID-19 outbreak, the company states that Yulu has started working towards providing people with safe and sanitized commuting.</p>
<p>The impact of this can be seen post-lockdown as we have seen a surge in rides, with people opting for our single-seater and frequently sanitized vehicles, the release noted.</p>
<p>Recently, Euler Motors, a New Delhi-based electric vehicle manufacturer, also <a href="https://mercomindia.com/electric-vehicle-euler-raises-inventus/" target="_blank" rel="noopener noreferrer">raised</a> ₹200 million (~$2.66 million) as part of its ongoing Series A funding led by Inventus Capital India, a Bengaluru-based venture capital firm.</p>
<p>In April 2020, Mercom had reported that the <a href="https://mercomindia.com/rising-purchase-two-wheelers-pushes-india-ev/" target="_blank" rel="noopener noreferrer">sale</a> of electric vehicles in India went up by 20% in 2019-20. The EV industry sold 156,000 electric vehicles in the financial year 2019-20. The increase of 20% came mostly from electric two-wheelers. Of the electric two-wheelers that were sold in FY19-20, 97% were electric scooters, and a very small volume of motorcycles and electric cycles filled the rest of the 3%.</p>
<p>As <a href="https://mercomindia.com/not-lot-ev-sector-in-the-budget/" target="_blank" rel="noopener noreferrer">reported previously</a> by Mercom, Budget 2020 failed to meet the expectations of the electric vehicle (EV) segment of the country. The segment’s stakeholders were expecting more measures from the government to promote electric mobility in cities. As per the Union Budget announcement, imported EVs are going to get costlier with the government increasing the customs duty on various kinds of such vehicles as the government pushes for local production. The government has allocated ₹6.93 billion (~$96.8 million) for the Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles in India (FAME-India) program for the financial year 2020-21.</p>
<p>&nbsp;</p>
<p>Image credit: Nithish s / CC BY-<a href="https://creativecommons.org/licenses/by-sa/4.0" target="_blank" rel="noopener noreferrer">SA</a></p>


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