Monthly RE update – April 2023

Tenders
- In April 2023, 20 new renewable energy (RE) tenders with a cumulative capacity of 4809 MW were issued. NTPC issued a tender for a 9000 MWh Energy Storage System with 1500 MW (min) capacity.
- MSEDCL floated solar tenders with a total capacity of 703 MW under Mukhyamantri Saur Krishi Vahini Yojna (MSKVY) in Maharashtra.
- UHBVN issued a 500 MW solar tender in Haryana.
Details of new RE tenders issued in April 2023

Source: JMK Research
New RFS Issued
Tender Name |
Technology |
Tender Scope |
Capacity (MW) |
Other Details |
Minimum CUF |
Commissioning timeline from PPA signing (months) |
Bid Submission Date |
Energy Storage System |
Project Development |
1500 MW with 9000 MWhr ESS |
EMD – INR 1.2 million/MW |
– |
– |
16th-Jun-2023 | |
Utility Scale Solar |
Project Development |
500 |
EMD- INR 0.8 million/MW |
– |
– |
24th-May-2023 | |
Floating Solar |
Project Development |
300 | EMD- INR 9 million/MW |
– |
– |
30th-Jun-2023 | |
Floating Solar |
EPC |
300 | EMD- INR 100 million PBG- 3% of the Contract value |
21% |
21 |
17th-May-2023 | |
Utility Scale Solar |
EPC |
300 |
EMD- 200 million |
– |
– |
26th-May-2023 | |
Utility Scale Solar |
EPC |
300 |
EMD- INR 89 million |
– |
12 |
26th-May-2023 | |
MSEDCL, 225 MW, Solar (Under KUSUM scheme component-A), Maharashtra, Mar 2023 |
Small Scale Solar |
Project Development |
225 | EMD- INR 0.1 million/MW PBG- INR 0.1 million/MW |
– |
12 |
28th-Apr-2023 |
Utility Scale Solar |
Project Development |
200 |
EMD- INR 54.7 million |
– |
6 |
9th-May-2023 | |
MSEDCL, 191 MW, Solar (Agricultural Feeder Scheme), Maharashtra, Apr 2023 |
Small Scale Solar |
Project Development |
191 | EMD- INR 0.10 million/MW PBG- INR 0.50 million/MW |
19% |
12 |
8th-May-2023 |
MSEDCL, 143 MW, Solar (Agricultural Feeder Scheme), Maharashtra, Apr 2023 |
Small Scale Solar |
Project Development |
143 | EMD- INR 0.10 million/MW PBG- INR 0.50 million/MW |
19% |
12 |
8th-May-2023 |
MSEDCL, 154 MW, Solar (Agricultural Feeder Scheme), Maharashtra, Apr 2023 |
Small Scale Solar |
Project Development |
154 | EMD- INR 0.10 million/MW PBG- INR 0.50 million/MW |
19% |
12 |
8th-May-2023 |
UPNEDA, 150 MW, Solar (Under KUSUM Scheme Component-C), Uttar Pradesh, Apr 2023 |
Small Scale Solar |
Project Development |
150 |
EMD- INR 0.10 million/MW |
– |
– |
23rd-May-2023 |
MSEDCL, 127 MW, Solar (Agricultural Feeder Scheme), Maharashtra, Apr 2023 |
Small Scale Solar |
Project Development |
127 | EMD- INR 0.10 million/MW PBG- INR 0.50 million/MW |
19% |
12 |
8th-May-2023 |
MSEDCL, 88 MW, Solar (Agricultural Feeder Scheme), Maharashtra, Apr 2023 |
Small Scale Solar |
Project Development |
88 | EMD- INR 0.10 million/MW PBG- INR 0.50 million/MW |
19% |
12 |
8th-May-2023 |
POWERGRID Energy Services, 85 MW, Solar (EPC), Madhya Pradesh, Apr 2023 |
Utility Scale Solar |
EPC |
85 |
PBG- 10% of the contract value |
24% |
10 |
28th-Apr-2023 |
Utility Scale Solar |
EPC |
75 | EMD- INR 43 million PBG- 3% of the contract value |
25% |
15 |
19th- May-2023 | |
Utility Scale Solar |
EPC |
62 | EMD- INR 6.2 million PBG- 10% of the contract value |
– |
12 |
1st-June-2023 | |
Floating Solar |
EPC |
50 | EMD- INR 31 million PBG- 3% of the contract value |
23% |
15 |
22nd-May-2023 | |
JDVVNL, 48 MW, Solar (Under KUSUM scheme), Rajasthan, Apr 2023 |
Small Scale Solar |
Project Development |
48 |
– |
– |
9 |
26th-Apr-2023 |
HPCL, 11 MW, Solar (EPC), Haryana and Uttar Pradesh, Apr 2023 |
Utility Scale Solar |
EPC |
11 |
– |
– |
– | 21st-Apr- 2023 |
PBG: Performance Bank Guarantee
EMD: Earnest Money Deposit
Source: JMK Research
Date Extensions
Tender Name |
Technology |
Tender Scope |
Capacity (MW) |
Other Details |
Minimum CUF |
Commissioning timeline from PPA signing (months) |
Bid Submission Date |
Utility Scale Solar |
Project Development |
2000 | EMD – INR 1.16/MW PBG – INR 1.14 million/MW |
17% |
18 |
10th-May-2023 | |
Adani, 1500 MW, RTC Power from RE Projects, Pan India, Dec 2022 |
Hybrid |
Project Development |
1500 | EMD – INR 0.5 million/MW/project PBG – INR 1 million/MW/Project |
– |
24 |
5th-May-2023 |
Energy Storage System |
Project Development |
1200 | EMD- INR 1.2 million/MW PBG – INR 1.8 million/MW |
35% |
24 |
23rd-May-2023 | |
MPUVNL, 1110 MW, Solar (KUSUM Component-C), Madhya Pradesh, Jan 2023 |
Small Scale Solar |
Project Development |
1110 | EMD- INR 0.1 million/MW PBG – INR 0.5 million/MW |
15% |
12 |
9th-May-2023 |
Utility Scale Solar |
Project Development |
700 | EMD – INR 0.4 million/MW PBG – INR 0.9 million/MW |
17% |
15 |
9th-May-2023 | |
GUVNL, 500 MW with 1000 MWh BESS (Phase-I), Gujarat, Aug 2022 |
Energy Storage System |
Project Development |
500 MW with 1000 MWh | EMD – INR 0.74million/MW PBG – INR 1.1 million/MW |
– |
18 |
22nd-May-2023 |
GUVNL, 500 MW, RE with 250 MWh ESS Phase (XV), Gujarat, Jun 2022 |
RE with Energy Storage System |
Project Development |
500 with 250 MWh ESS | EMD – INR 1 million/MW PBG – INR 2.5 million/MW |
Wind – 22% Solar – 17% Hybrid – 30% |
18 |
10th-May-2023 |
Auction Completed
About 4950 MW of RE tenders were auctioned and allotted in April 2023. The tenders include four vanilla solar tenders, one wind solar hybrid (with energy storage) and one (Round-the-clock) RTC tender.
Winners in the latest RE auctions

Source: JMK Research
Tender Name |
Capacity Tendered (MW) |
Capacity Allotted (MW) |
Minimum CUF |
Commissioning timeline from PPA signing |
Winner Details |
1250 |
1250 |
22% |
18 | • Engie – 300 MW (INR 2.55/kWh)• ReNew – 400 MW (INR 2.55/kWh) • NTPC – 550 MW (INR 2.56/kWh) | |
SECI, 1200 MW, Wind Solar Hybrid with ESS (Tranche VI), Pan India, Nov 2022 |
1200 |
1200 |
50% |
24 | • Amp Energy – 100 MW (INR 4.64/kWh)• ReNew – 600 MW (INR 4.69/kWh)• Hero Future Energies – 120 MW (INR 4.72/kWh)• Acme – 380 MW (INR 4.73/kWh) |
REMCL, 1000 MW, RTC RE with or without Storage, Pan India, Jul 2022 |
1000 |
1000 |
– |
24 | • Sprng Energy – 100 MW (INR 3.99/kWh)• NTPC – 500 MW (INR 4.10/kWh)• Ayana Renewable – 300 MW (INR 4.10/kWh)• O2 Power – 100 MW (INR 4.27/kWh) |
500 |
500 |
17% |
18 | • ReNew- 200 MW (INR 2.71/kWh)• Mahindra Susten- 100 MW (INR 2.74/kWh)• Blupine Energy – 60 MW (INR 2.74/kWh)• Avaada- 140 MW (INR 2.75/kWh) | |
500 |
500 |
22% |
18 | • Avaada – 300 MW (INR 2.70/kWh)• ReNew- 200 MW (INR 2.69/kWh) | |
500 |
500 |
19% |
18 | • SAEL (Sukhbir Agro)- 100 MW (INR 2.87/kWh)• Avaada – 400 MW (INR 2.88/kWh) | |
20 |
20 |
– |
12 | • Godrej and Boyce- 20 MW | |
KSEBL, 6 MW, Solar (Under KUSUM scheme Component C) (EPC), Kerala, May 2022 |
6 |
6 |
15% |
9 | • MBH Power- 6 MW |
Source: JMK Research
Installed Capacity
In Financial Year 2023 (FY), i.e., from April 2022 to March 2023, approximately 12,784 MW solar capacity and 2,276 MW of wind capacity was added in India. While in March 2023, a combined total of 3018 MW of solar and wind capacity was added, taking the cumulative RE capacity to 125.1 GW.

Source: MNRE, JMK Research
Note: Solar includes utility scale solar, rooftop solar and off grid/distributed solar segments
State wise solar and wind installed capacity in March 2023
In March 2023, Maharashtra installed the maximum solar capacity of 908 MW followed by Rajasthan (573 MW) and Gujarat (278 MW). Whereas Rajasthan added the maximum wind capacity of 512 MW in the country in March 2023.
State wise solar installed capacity in March 2023

Source: MNRE, JMK Research
Recently Commissioned RE projects
Developer | Technology |
Capacity
| Tender name | Tariff (INR/kWh) | Consumer | State |
JSW Energy | Wind | 51 MW | SECI 1200 MW Wind Tranche X Pan India Dec 2020 | 2.78 | – | Tamil Nadu |
Solar | 30 MWp | Open access |
– | Bharti Airtel Hero MotorsJK Cement Allana Group |
Uttar Pradesh | |
Everrenew |
Solar |
27.5 MW | – | – | – |
Karnataka |
Wind- Solar Hybrid |
26.1 MW |
– |
– |
– |
Gujarat | |
Solar |
20 MW |
– |
– |
Mizoram |
Mizoram | |
Solar | 9 MWp | Open access | – | Varun Beverages | Uttar Pradesh | |
Rooftop Solar | 4 MWp | – | – | Mirza International | Uttar Pradesh | |
HFM Solar | Rooftop Solar | 1.8 MW | – | – | Delhi Metro | Delhi |
Solar | 1 MW | Captive | – | – | Kerala | |
Floating Solar | 1 MWp | – | – | Udaipur Cement Works Limited | Rajasthan |
Source: Industry news articles, JMK Research
Other key announcements that were made during the month were:
- Nextracker has signed a tracker supply deal with Sterling and Wilson Renewable Energy for NTPC Renewable Energy’s 1.568 GWp solar project at Khavada RE Park in Gujarat. The project is expected to be operational by June 2024.
- Hartek Solar has been awarded a contract by SJVN Green Energy Limited to build a 22 MW floating solar power project in Himachal Pradesh. This project, upon commissioning, will become North India’s largest floating solar power plant.
- Tata Power has received the Letter of Award (LoA) of INR 1,755 crore ($213.27 million) for setting up a 300 MW solar project for NLC India Limited (NLCIL) as part of the CPSU scheme in Rajasthan. The project will get commissioned within 18 months from the date of receiving of LoA.
- Bharat Aluminium Company Ltd. (BALCO) has entered into an agreement with Serentica Renewables India Private Ltd (SRIPL) to set up a special-purpose vehicle to source 105 MW of hybrid renewable power for its aluminum operations in Chhattisgarh. The SPV is expected to start delivering the power within 24 months of the project development agreement (PDA) signing.
- Cleantech Solar has signed of 25 MW of wind projects for global industrial manufacturers at its upcoming wind parks in Maharashtra and Tamil Nadu. The customers will procure power from these wind parks on a captive basis to meet energy requirements at their manufacturing facilities in the respective states.
- INOX Air Products has joined hands with TP Saurya Bandita Limited for setting up a captive solar plant of 40 MWp at Dhule, Maharashtra.
- Amp Energy India has expanded its presence in Gujarat, with two large-scale wind-solar hybrid open-access projects. These projects have a cumulative capacity of 112 MWp and are designed to expand to 172 MWp with the establishment of a third hybrid open access project in the state.
- Waaree Renewable Technologies has bagged an order to build a 221.8 MWp solar power project from a steel company. The project is likely to be completed in FY 2023-24.
- Suzlon Group has received a project for developing a 50.4 MW wind power project for Sembcorp’s renewables subsidiary Green Infra Wind Energy Ltd in Karnataka. This order is part of the bid won under REMCL’s 50 MW wind tender by Sembcorp. Suzlon will install 24 wind turbine generators with a Hybrid Lattice Tubular tower at rated capacity of 2.1 MW each. The project is expected to be commissioned by 2024.
- Coal India is planning to start generating 400 MW of solar power in 2023. This includes 15 MW and 55 MW plants in areas under Western Coal Field too. CIL will go ahead with building ground-level solar panels in the areas it possesses. This would entail an investment of INR 15,000 crore.
Monthly RE Generation
In April 2023, Renewable energy sources generated 14624 MU, which is 1.4% higher than the RE generation in March 2023. Solar and wind generation increased by 0.8% and 2.9% respectively on month-on-month basis in April 2023.
Source-wise Renewable Energy Generation (MU) – India

Source: CEA, JMK Research

Investments/ Deals
In April 2023, about $3375 million was invested in the RE sector. The key investments during the month were:
- Brookfield to invest $1 billion in Avaada Ventures and the first tranche of $400 million has been disbursed. The remaining $600 million will be disbursed based on performance-linked milestones as projects scale up.
- REC has raised $750 million through issuance of green bonds. The net proceeds from the issue of the bonds will be applied to finance, in whole or in part, the eligible green projects.
- ReNew has raised $400 million at 4.5% by issuing senior secured dollar notes. These Green Bonds have a tenor of 5.25 years.
Company Name |
Deal Type |
Asset Acquired | Sector |
Investor |
Deal Value |
Stake Acquired |
Equity |
– |
Solar |
Brookfield |
$1000 million |
– | |
Bond |
– |
Renewable |
– |
$750 million |
– | |
Bond |
– |
Renewable |
– |
$400 million |
– | |
Debt |
– |
Renewable |
HSBC and State Bank of India’s London |
$383 million |
| |
Debt |
– |
Renewable |
Power Finance Corporation |
$268.55 million |
– | |
Equity |
– |
Renewable |
KKR |
$250 million |
– | |
Bond |
– | Renewable |
Tata Cleantech Capital, Kotak Infra Debt, Aseem Infrastructure Finance and India Infradebt |
$161 million |
– | |
Debt |
– |
Renewable |
International Finance Corporation |
$138.84 million |
– | |
Equity |
– |
Renewable |
Asian Development Bank |
$18.2 million |
– | |
Equity |
– |
Solar |
Alchemie Ventures |
$4 million |
– | |
Equity |
– |
Solar |
DLF Cyber City |
$1.03 million |
26.43% | |
Avaada |
Equity |
– |
Renewable |
Nxtra Data (Bharti Airtel) |
$0.29 million |
– |
Acquisition |
– |
Renewable |
Brookfield |
– |
51% |
Source: Industry news articles, JMK Research
Other important announcements that were made during the month were:
- ReNew has repaid more than $1 billion to its offshore bondholders in FY 2023. The amount repaid includes the most recent amortisation of $180 million this month. Over the past fiscal year, ReNew refinanced $525 million in the domestic markets ahead of the March 2024 maturity, in addition to repayment of $300 million from its internal cash flow accruals. Post this refinancing, asset-backed bonds worth $325 million would be due for repayment in FY2025, while the rest of the dollar bonds worth $1.7 billion would be due for maturity in FY2027 and beyond.
- Eversource Capital and JSW Neo Energy are the two bidders shortlisted to acquire a controlling stake in Morgan Stanley-backed Continuum Green Energy at an enterprise value of $1.5 billion. Continuum Green Energy is 83% owned by Morgan Stanley and the remaining stake is owned by the Founders.
- NTPC is planning to issue three-year bonds worth up to INR 3,000 crores. The issue will have a base size of INR 500 crores and a green shoe option of INR 2,500 crores. The funds are likely to be used for capital expenditure and refinancing of loans. The maturity date of the bonds is April 17, 2026, are likely to carry a rating of AAA by Crisil, ICRA, and India Ratings. Additionally, NTPC is considering a new offer for a stake in its green unit (NREL) after Petronas withdraw its highest offer of INR 41.3 billion rupees for a 20% stake citing no position in the unit’s board.
- REC Limited plans to raise at least $61 million through the sale of bonds maturing in three years, three months, and 19 days. The company has invited bids from investors and bankers. The bond also has a greenshoe option to retain an additional subscription of up to INR 25 billion. The bonds are rated AAA by Crisil, ICRA, and India Ratings.
- Adani Group is planning to raise about $700 million to $800 million for new green energy projects. Adani Group is in discussions with global banks including Sumitomo Mitsui Banking Corp., DBS Bank Ltd., and Mitsubishi UFJ Financial Group. and Standard Chartered Plc regarding the same.
- The Ministry of Finance’s Department of Investment and Public Asset Management (DIPAM), invites bids from book-running lead managers (BRLMs) to help list the government’s equity in the Indian Renewable Energy Development (IREDA). The government will select and appoint up to 3 Merchant Bankers with experience in public offerings to form the BRLMs. IREDA received the cabinet nod for listing on stock exchanges after an IPO via a part sale of the government’s stake in the company.
GTAM Traded Volume
The IEX traded a total of 60 MUs in GTAM in April 2023, which is 53% less than the volume traded in March 2023. The average trade price in IEX-GTAM for April 2023 was INR 6.1/kWh. This is about 7.9% higher than the previous month’s price.
GTAM traded volume and average traded price trend

Source: IEX, PXIL, JMK Research
Key Market Updates
Solar Manufacturing
First Solar plans 3.4 GW of solar module manufacturing unit in Tamil Nadu by second half of 2023
First Solar announced its new solar modules manufacturing facility in Tamil Nadu, being set up with a capacity of 3.4 GW and is expected to be commissioned in the second half of 2023. The facility has just been awarded financial incentives under the Production Linked Incentive (PLI) scheme.
Cosmic PV Power builds 600 MW solar module factory in Gujarat
Cosmic PV Power has started the construction of a 600 MW solar panel manufacturing facility in Gujarat. The facility is scheduled to commence production in June this year, bringing Cosmic PV’s total annual manufacturing capacity to 850 MW. Cosmic PV also targets a cumulative production capacity of 1.4 GW by 2024.
Insolation Energy Ltd (INA Solar) is planning to expand its solar panel manufacturing capacity to 1.2 GW and solar cell manufacturing capacity to 500 MW in the coming years. The company has secured an External Commercial Borrowing (ECB) for $2.5 million for aiding its expansion. The firm is already using the latest M10 and G12 technology and looking forward to further adopt advanced technology like TopCon.
Kosol Energie is planning to expand its solar module production capacity to 1.1 GW per year with the addition of a new 850 MW line. It has given the 850 MW manufacturing line order to SC Solar and expects installation of this line to complete by June 2023. The company will be further expanding to a cumulative capacity of 1.9 GW by March 2024.
Grew Energy to invest INR 5,400 crore in solar manufacturing over next 3 years
Grew Energy is planning to invest INR 5,400 crore to set up 4 GW of solar module manufacturing capacity with backward integration of 3 GW of solar cells and 2 GW of ingot wafers. The company is planning to set up the first 2 GW facility near Jaipur, Rajasthan and rest of the backward integration and all forward facilities at Dholera, Gujarat.
Jakson Group signs agreement with Jinchen Corporation to expand solar module manufacturing capacity
Jakson Group has signed an agreement with Jinchen Corporation to expand its solar manufacturing capacities in India up to 3 GW annually and it will be achieved in a phased-wise manner over the next few years. This upcoming phase is expected to be completed with the installation of an additional 600 MW towards the middle of 2023. The agreement will augment Jakson Group’s existing 500 MW facility at Greater Noida and will take the total module manufacturing capacity to 1.1 GW.
Storage
Su-Kam Power Systems to establish sustainable energy storage park in Himachal Pradesh
Su-Kam Power Systems has signed a memorandum of understanding with Himachal Pradesh government to establish a sustainable energy storage park. It plans to invest around INR 300 crore to manufacture renewable, e-mobility, and solar energy products in this park in future.
Log 9 Materials commissioned India’s first commercial Lithium-ion battery manufacturing
Log9 Materials on commissioned India’s first lithium-ion cell manufacturing facility in Bengaluru at its Jakkur plant in Bengaluru with a production capacity of 50 MWh annually.
Green Hydrogen
India will require INR 9 trillion capex to meet the 2030 green hydrogen target
India will require capital expenditure of INR 8-9 trillion to reach a green hydrogen production capacity of 5 MMT per annum by 2030. This will include INR 5.5-6 trillion in setting up 115-125 GW of renewable energy capacity to power hydrogen production. The remaining INR 3-3.5 trillion is required to build 35-40 GW of electrolyzer requirement.
GH2 Solar to build green hydrogen microgrid in Leh
GH2 Solar has secured the ‘letter of award’ for setting up a green hydrogen-based microgrid in Leh. It will install the project on EPC basis to supply power for a major hydro power company’s guest house in Alchi and expected to be completed by end of 2023.
Waaree Renewable technologies to execute 1 MW Green Hydrogen project in Maharashtra
Waaree Renewable technologies Limited has been awarded a Letter of Intent (LoI) by Mahatma Phule Renewable Energy & Infrastructure Technology Limited (MahaPreit) to execute 1 MW Green Hydrogen project in Maharashtra on a Built-Own-Operate basis. The project is expected to get completed within 12 months from the date of receiving the LoI.
Government plans green hydrogen incentives of at least 10% of cost
India plans to give green hydrogen fuel producers incentives worth at least 10% of their costs under a $2 billion scheme set to begin before the end of June. The government will give incentives worth at least INR 30 per kg to produce green hydrogen fuel and the cost of manufacturing green hydrogen in India is currently at about INR 300 per kilogram. Of the total incentive plan for the sector, the government will award about INR 130 billion for producing green hydrogen and the rest will be for manufacturing electrolyzers.
Jakson Green to develop 260 Kg of Green Hydrogen fuelling Station at New Delhi
Jakson Green announced that it is developing a green hydrogen fuelling Station at Badarpur, New Delhi. The fuelling Station is expected to produce 260 Kg of green hydrogen per day with a pressure of 350 bar. It will be utilized to fuel up to five intercity FCEV (fuel cell electric vehicle) buses etc. As part of this project, Jakson Green will also install a battery energy storage system (BESS) backed by a renewable hybrid power plant within the station.
Gujarat clears 1.99 lakh hectare of land for green hydrogen projects
The Gujarat cabinet approved the draft land allocation policy for green hydrogen projects. Land parcels of 1.99 lakh hectares have been earmarked for five key players which are Reliance New Energy Limited (74,750 ha), Adani New Industries Limited (84,486 ha), Torrent Power Limited (18,000 ha), ArcelorMittal Nippon Steel India Limited (14,393 ha) and Welspun Group (8,000 ha).
Ohmium closes $250-million Series C fundraise led by TPG Rise Climate
Ohmium International announced that it has closed a $250-million Series C growth equity financing led by TPG Rise Climate. The funding will be used to support Ohmium’s expansion to 2 GW in annual manufacturing capacity of green hydrogen and the deployment of projects for its global customer pipeline in regions such as the US, Europe, India, and the Middle East.
Other Market Updates
NTPC Renewable Energy to supply 1,300 MW of clean power to Greenko
NTPC Renewable Energy has signed an agreement with Greenko ZeroC to supply 1,300 MW of round-the-clock power from their upcoming green ammonia plant at Kakinada. The agreement between the two companies is one of the world’s single largest contracts for the supply of round-the- clock renewable supply for an industrial client.
India needs INR 14.54 lakh crore to add 210 GW generation capacity by 2027
The Central Electricity Authority (CEA) has published the 20th Electric Power Survey (EPS) Report, which outlines electricity demand projections for the country from 2021-22 to 2041-42. An investment of approximately INR 14.54 lakh crore will be required to add 210 GW of additional generation capacity during 2022-27, along with battery storage of 8680 MW/ 34720 MWh. Currently, thermal power plants of 25,440 MW capacity are under construction, while hydroelectric projects totaling 17,803.5 MW are under implementation. Additionally, Nuclear Power Plants of 8,700 MW capacity are under construction, and 7,000 MW have been accorded sanction.
Over 200,000 farmers have benefitted from PM-KUSUM as of February 2023
The Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM) program has benefited over 200,000 farmers as of February 28, 2023. Solar capacity of 89.45 MW has been installed under Component-A of the program. Additionally, approximately 209,000 pumps have been reported as installed or solarized under Component-B and Component-C. Rajasthan has the highest number of beneficiaries among states, with 57,692 farmers enrolled in the program. Other states with a significant number of beneficiaries include Maharashtra with 47,978, Haryana with 44,325, and Punjab with 12,459 farmers.
HLCA approves for INR 25,000 crore solar equipment factory in Odisha
High-level clearance authority (HLCA) of the Odisha government has approved five mega industrial projects entailing a total investment of about INR 35,760 crore. The approved industries in green energy equipment, steel, chemicals, textile, IT and electronics system design and
manufacturing (ESDM) sectors are proposed to be set up in Dhenkanal, Jagatsinghpur, Keonjhar, and Bhadrak districts. The HLCA has approved the proposal of WAREE Energies Limited entailing an investment of INR 25,000 crore to set up an integrated solar equipment manufacturing complex at Neulopoi in the Dhenkanal district. The company will come up with a 50,000 MT polysilicon and 10,000 MW each of ingot, wafer, solar cells, and solar module units.
India’s Photovoltaic manufacturing capacity set to surge
The future of the Indian PV manufacturing sector is bright. PV manufacturing has grown rapidly in the last two to three years. Between 2020 and 2023, the nameplate capacity for both cells and modules more than doubled in India. Estimation for the operational capacity for both cells and modules is between 50-60% for most manufacturers. By 2026, India will likely reach the 110 GW mark in solar module manufacturing nameplate capacity. India will also have a notable presence in all upstream components of PV manufacturing, such as cells, ingots/wafers and polysilicon. Based on the result of both tranches of PLI, the scheme will lead to the direct augmentation of 51.6GW of module
capacity and at least 27.4GW of integrated polysilicon-to-module capacity in India.
India added 12.8 GW solar capacity in FY2023
In Financial Year 2023 (FY) i.e., from April 2022 till March 2023, approximately 12,784 MW solar capacity and 2,276 MW of wind capacity was added in India. In terms of cumulative installations, according to the data released by Ministry of New and Renewable Energy (MNRE) till March 2023, India’s RE installation capacity reached 125.2 GW. Solar energy contributes for approximately 53% share in the total RE segment, followed by wind energy (34%), Bio Power (9%) and Small Hydro (4%). In terms of state wise installations, Rajasthan (2532 MW), Tamil Nadu (1606 MW) and Maharashtra were the leading states with maximum large-scale solar installations in FY2023. In the rooftop solar segment, about 2,232 MW is added in FY2023, which is about 1.2% higher than FY2022 installations. In the wind sector, about 2.28 GW of new capacity was added in FY2023, which is 105% higher than 1.1 GW capacity.
Maharashtra plans to generate 7,000 MW solar power for farmers by 2026
The government is planning to generate 7,000 MW of solar power by 2026 to provide daytime electricity supply to farmers. Under the Mukhyamantri Saur Krishi Vahini Yojana – 2.0 (MSKVY 2.0), the government will ensure daytime supply by installing solar panels near the agriculture feeder with an investment of INR 30,000 crore. The government aims of running at least 30% of agricultural feeders in each district on solar energy by December 2025.
RBI framework for green deposits
The Reserve Bank of India (RBI) has notified a framework for raising green deposits by banks, small finance banks, and deposit-taking non-banking finance companies (NBFCs). The money raised from green deposits should be used for renewable energy projects, clean transportation, sustainable water and waste management, pollution prevention and control and design, and construction of energy-efficient and energy-saving systems and installations in buildings and properties. Banks and NBFCs will have to independently verify the allocation of funds raised through green deposits through third-party firms on an annual basis.

Module Price Trends
Comparing on m-o-m basis, price for global mono PERC modules have decreased by 2.3% in April 2023.
Solar modules price trends

Source: PVInfoLink, JMK Research
Average prices for domestic modules
JMK Research carried out price survey from domestic suppliers for April 2023 and as per the responses received, the all-inclusive domestic module prices till project site (including freight charges, GST etc)for various categories are:
- The price for mono PERC 440 Wp modules was INR 27.7/Wp in April 2023, which is 1.07% lesser than the previous month’s price.
- The April price of mono PERC 500 Wp modules was INR 30.1/Wp which is 1.3% less than the price of modules in March.
- The price for Polycrystalline 330 Wp modules was INR 26.3/Wp, which is about 1.1% less than the previous month’s price.
- The price for Bifacial modules have remained same in April 2023.

Source: JMK Research
Note: Domestic module prices are all inclusive prices till project site including freight charges, GST, etc
Policies and Regulations
Central
State
Policy Name |
Issuing Agency |
Date of Issue |
HERC |
26th– April-2023 | |
TANGEDCO approves green energy tariffs for the energy consumers |
TANGEDCO |
25th April 2023 |
GERC | 17th April 2023 | |
Uttar Pradesh government approves stamp duty waiver for IT parks and solar plants | UPERC | 12th April 2023 |
KERC allowed monthly wheeling and Banking in Renewable Energy | KERC | 12th April 2023 |
UERC approves the additional surcharge from April 2023 to September 2023 | UERC | 03rd April 2023 |
DERC | 29th March 2023 |