Monthly RE update – August 2022

Monthly RE update – August 2022

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Tenders

  • In August 2022,18 new renewable energy (RE) tenders with a cumulative capacity of 3,151 MW were issued. MSEDCL issued a tender for procurement of 1,000 MW solar power from projects to be developed in Maharashtra.
  • IRCON Renewable Power Limited (IRPL) invites bids for EPC package for solar power projects of 500 MW in Karnataka.

Storage tenders floated this month were:

  1. GUVNL issued a tender for setting up of Pilot Projects of 500 MW/1000 MWh Standalone Battery Energy Storage Systems (BESS) in Gujarat under Phase-I.
  2. MSEDCL floated a tender for purchase of 250 MW power from grid connected renewable energy sources with Energy Storage facility on long term basis with green shoe option.
  3. Government of Haryana issued a 10.4 MW rooftop solar tender with/without battery bank (with Net Metering Facility) in Haryana.
  4. KREDL floated an EPC tender of 5 MW solar power plant with 5 MW /16 MWh BESS system at Pavagada Ultra Mega Solar Park in Karnataka.

Details of new RE tenders issued in August 2022

Source: JMK Research

New RFS Issued

Tender Name

Technology

Tender Scope

Capacity (MW)

Other Details

Minimum CUF

Commissioning timeline from PPA signing

Bid Submission Date

MSEDCL, 1000 MW, Solar Tranche VIII, Maharashtra, Aug 2022

Utility Scale Solar

Project Development

1000

EMD – INR 0.1 million/MW

PBG – INR 0.5 million/MW

19%

12 months

19th-Sep-2022

GUVNL, 500 MW with 1000 MWh BESS (Phase-I), Gujarat, Aug 2022

Energy Storage System

Project Development

500 MW with 1000 MWh

EMD – INR 0.74 million/MW

PBG – INR 1.11 million/MW

18 months

15th-Sep-2022

IRCON, 500 MW, Solar (EPC), Karnataka, August 2022

Utility Scale Solar

EPC

500

EMD- 114.95 million

PBG- 3% of basic purchase value

17 months

20th-Sep-2022

MSEDCL, 298 MW, Solar (Under KUSUM Scheme Component A), Maharashtra, Aug 2022

Small Scale Solar

Project Development

298

EMD – INR 0.1 million/MW

15%

12 months

5th-Sep-2022

MSEDCL, 250 MW, Solar Tranche VII, Maharashtra, Aug 2022

Hybrid

Project Development

250

EMD – INR 0.89 million/MW

PBG – INR 3.54 million/MW

19%

30 months

12th-Sep-2022

GSECL, 220 MW, Solar (EPC), Gujarat, Aug 2022

Utility Scale Solar

EPC

220

EMD – INR 88 million

23%

12 months

17th-Aug-2022

BHEL, 100 MW, Solar (O&M), Gujarat, Aug 2022

Utility Scale Solar

O&M

100

EMD – INR 1 million

PBG – 5% of the contract value

22nd-Aug-2022

SJVN, 100 MW, Solar (EPC), Punjab, Aug 2022

Utility Scale Solar

EPC

100

EMD- INR 0.11 million

PBG – INR 1.5 million

18 months

15th-Sep-2022

MGVCL, 42.8 MW, Solar (under KUSUM scheme Component C) (EPC), Gujarat, Aug 2022

Small Scale Solar

EPC

42.8

EMD – INR 0.1 million/MW

PBG – INR 0.5 million/MW

19%

9 months

1st-Sep-2022

MPUVNL, 35 MW, Rooftop Solar, Madhya Pradesh, Jul 2022

Rooftop Solar

RESCO

35

15%

12 months

23rd-Aug-2022

BMC, 21 MW, Solar (EPC), Madhya Pradesh, Aug 2022

Utility Scale Solar

EPC

21

EMD – INR 5 million

PBG – INR 10.5 million each for the 10.5 MW capacity

21%

15 months

8th-Sep-2022

GSECL, 20 MW, Solar (EPC), Gujarat, Aug 2022

Utility Scale Solar

EPC

20

EMD – 5 million per bid PBG – INR 2.5 million

23%

12 months

3rd-Sep-2022

BPCL, 14 MW, Solar (EPC), Madhya Pradesh, Aug 2022

Utility Scale Solar

EPC

14

EMD – INR 0.5 million

3 months

25th-Aug-2022

SJVN, 15 MW, Floating Solar (EPC), Himachal Pradesh, Aug 2022

Utility Scale Solar

EPC

15

PBG – INR 2.448 million/MW

Ceiling tariff – INR 4.50/kWh

12%

9 months

5th-Sep- 2022

Haryana Government, 10.4 MW, Rooftop solar with or without battery bank, Haryana, Aug 2022

Hybrid

EPC

10.4

EMD – INR 0.2 million PBG – Haryana Based Micro and Small Enterprises (MSEs): 0.2% of the value of the contract. Haryana-Based Other firms/enterprises: 2% of the value of the contract Other States/ UTs based firms: 5% of the value of the contract

3 months

2nd-Sep-2022

WBSEDCL, 10 MW, Solar (EPC), West Bengal, Aug 2022

Utility Scale Solar

EPC

10

EMD – INR 12.5 million PBG – 3% of the contract value

5 months

26th-Sep-2022

WBSEDCL, 10 MW, Floating Solar (EPC), West Bengal, Aug 2022

Floating Solar

EPC

10

EMD – INR 12.2 million

19th-Sep-2022

KREDL, 5 MW with 16 MWh BESS (EPC), Karnataka, Aug 2022

Solar + BESS

EPC

5 MW with 16 MWh

EMD – INR 6.3 million PBG – 10% of the contract value

26.6%

15 months

14th-Sep-2022

PBG: Performance Bank Guarantee

EMD: Earnest Money Deposit

Source: JMK Research

Other announcements during the month were:

Rajasthan Electronics and Instruments Limited (REIL) has invited bids to set up a 100 MW automatic solar module manufacturing facility on a turnkey basis. Installation and commissioning of the line must be completed in 7 months from the purchase order. The last date for bid submission is 26th September 2022. Bidders must submit an earnest money deposit of INR 3.63 million. The successful bidder should also furnish 3% of the basic value of the purchase order as performance security.

Date Extensions

Tender Name

Technology

Tender Scope

Capacity (MW)

Other Details

Minimum CUF

Commissioning timeline from PPA signing

Bid Submission Date

PSPCL, 1000 MW, Solar, Punjab, Apr 2022

Utility Scale Solar

Project Development

1000

EMD – INR 0.4 million/MWPBG – INR 1.18 million/MW

19%

18 months

19th-Sep-2022

PSPCL, 1000 MW, Solar, Pan India, Apr 2022

Utility Scale Solar

Project Development

1000

EMD – INR 0.4 million/MW

PBG – INR 1 million/MW

Ceiling Tarff – INR 2.30/kWh

19%

18 months

16th-Sep-2022

RUMSL 750 MW Wind Solar Hybrid Madhya Pradesh Apr 2022

Hybrid

Project Development

750

EMD – INR 1.15 million

PBG – 1.73 million

30%

1st-Sep-2022

GUVNL 700 MW Phase IX Gujarat Mar 2021

Utility Scale Solar

Project Development

700

EMD – INR 0.4 million/MW

PBG – INR 0.94 million/MW

17%

15 months

30th-Sep-2022

GUVNL, 500 MW, RE with 250 MWh ESS Phase (XV), Gujarat, Jun 2022

Hybrid

Project Development

500 with 250 MWh ESS

EMD – INR 1 million/MWPBG – INR 2.5 million/MW

Wind – 22% Solar – 17% Hybrid – 30%

18 months

30th-Sep-2022

NTPC, 600 MW, Solar (EPC), Pan India, Jun 2022

Utility Scale Solar

EPC with Land

600

EMD – 50 MW to 100 MW – INR 50 million, 110 MW to 200 MW – INR 100 million, 210 MW to 510 MW – INR 200 million; 520 MW to 600 MW- INR 500 million

12th-Sep-2022

NTPC, 200 MW, Solar (EPC), Madhya Pradesh, Jun 2022

Utility Scale Solar

EPC

200

EMD – For Capacity of 50 MW: INR 20 million, 60 MW to 100 MW : INR 50 million, 110 MW to 200 MW : INR 100 million

6th-Sep-2022

Source: JMK Research

Auctions Completed

SECI concluded the auction of 500 MW with 1000 MWh Standalone Battery Energy Storage Systems (BESS) tender under ESS-I in August 2022. Along with this, MSEDCL also announced the result for its 500 MW Phase VII Tranche III solar tender.

Winners in the latest RE auctions

Source: JMK Research

Tender Name

Capacity tendered (MW)

Capacity allotted (MW)

Minimum CUF

Commissioning Timeline

Winners Details

MSEDCL, 500 MW, Solar Phase VII Tranche III, Maharashtra, Jun 2022

500

500

19%

15 months

SJVN – 200 MW (INR 2.9/kWh) • Juniper Green – 75 MW (INR 2.9/kWh)• Tata Power – 150 MW (INR 2.91/kWh)• Sukhbir Agro – 50 MW (INR 2.91/kWh)• Avaada – 25 MW (INR 2.91/kWh)

SECI, 500 MW with 1000 MWh BESS, Rajasthan, Apr 2022

500

500

18 months

• JSW Renew Energy Five Limited – 500 MW (INR 1.08 million/MW)

Source: JMK Research

Installed Capacity

From January 2022 to July 2022, India added a cumulative RE capacity of 9064.34 MW in the country. In the month of July 2022, 373.36 MW of solar and wind capacity was added.

RE installations in July 2022

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 July 2022

In July 2022, Andhra Pradesh added the maximum solar capacity of 91.7 MW in India followed by Karnataka (84.64 MW) and Gujarat (66.5MW). In terms of wind installations, Rajasthan installed the highest wind capacity of 41.2 MW in the country in July 2022 followed by Karnataka with 37.8 MW.

State wise solar and wind installed capacity in July 2022

Source: MNRE, JMK Research
Note: Solar includes utility scale solar, rooftop solar and off grid/distributed solar segments

Recently Commissioned Solar projects

Developer

Technology

Tender Name

AC Capacity (MW)

Tariff (INR/kWh)

State

Tata Power

Solar (Open access)

Tata Power 225 MW Wind Solar Hybrid June 2020

225

2.59

Rajasthan

NTPC

Solar

SECI 2000 MW Solar CPSU Tranche I Mar 2019

250

Rajasthan

 

Rays Power Infra

Solar

150

Karnataka

Godawari Power & Ispat Ltd (GPIL)

Solar (Captive)

70

Chhattisgarh

Oriano

Solar (Captive)

50

Chhattisgarh

NTPC

Solar

SECI 1500 MW Solar CPSU II Tranche II Pan India Aug 2019

48.8

Rajasthan

NTPC

Solar

SECI 1500 MW Solar CPSU II Tranche II Pan India Aug 2019

21

Gujarat

NTPC

Solar

20

Gujarat

Source: Industry news articles, JMK Research

Other key announcements that were made during the month were:

  • DCM Shriram to source 50 MW renewable energy from ReNew Power for its chlor alkali manufacturing facility in Gujarat.
  • Government of Madhya Pradesh has signed PPAs for Omkareshwar floating solar project with SJVN, NHDC Ltd, and AMP Energy for the first part capacity of the 600 MW. SJVN has secured 90 MW of the floating solar project at INR 3.26/kWh while Amp Energy secured 100 MW. NHDC was awarded 88 MW. The projects are set for commissioning within 15 months from the signing of the PPA.
  • Tata Motors has signed a Power Purchase Agreement (PPA) with Tata Power to develop a 7.25 MWp onsite solar project at its commercial vehicle manufacturing facility. With this project, the onsite solar plant capacity of Tata Motors’ Jamshedpur facility will reach 14 MWp
  • Saint-Gobain India has partnered with Cleantech Solar to commission an 18.7 MW solar plant for self-consumption. Saint-Gobain India will procure power on a captive, open access basis to power its manufacturing facilities in Tamil Nadu.
  • Gensol Engineering has bagged orders worth INR 153 crore for building solar power projects with capacity totalling 58.8 MW in Jammu and Kashmir, Gujarat, Punjab, Rajasthan Tamil Nadu and Telangana.
  • Greenko is planning to develop 400 MW of wind and solar capacity for Hindalco’s aluminum smelter in Odisha to ensure round-the-clock power supplies by backing solar and wind power generation with hydro pump storage.

Monthly RE Generation

Renewable energy sources generated 17,225.86 MU in August 2022, down by 5% from July 2022. Solar generation increased by 6% while wind generation decreased by 15% on month-on-month basis in August 2022.

Source-wise Renewable Energy Generation (MU) – India

Source: CEA, JMK Research

monthly RE

Investments/ Deals

In August 2022, more than $3.7 billion was invested in the RE sector. The Key investments during the month were:

  • Shell has completed its 100% acquisition of renewables platform Sprng Energy group.
  • JSW Neo Energy has acquired a portfolio of 1,753 MW of Renewable Energy generation capacity from Mytrah Energy (India) Private Limited comprising of 17 SPVs and 1 Ancillary SPV. The transaction values the Mytrah Energy portfolio at an enterprise valuation of approximately $1.32 billion. The Mytrah portfolio consists of 10 Wind SPVs with a generation capacity of 1,331 MW and 7 Solar SPVs with a generation capacity of 422 MW (487 MWp DC), operating primarily in the southern, western, and central parts of India.
  • Actis has signed an agreement to acquire Atha Group’s 400 MW solar power assets for around $264 million.

Company Name

Deal Type

Sector

Asset Acquired

Investor

Deal Value

Stakes Acquired

Sprng Energy

Acquisition

Renewable

Shell

$1.55 billion

100%

Mytrah

Acquisition

Renewable

1753 MW

JSW Neo Energy Limited

$1.32 billion

100%

Atha Group

Acquisition

Solar

400 MW

Actis

$264 million

Tata Power

Debt

Renewable

Bank of America

$320 million

Tata power

Equity

Renewable

BlackRock-backed GreenForest New Energies Bidco

$251 million

 

O2 Power

Equity

Wind (Open access)

Syngene International

$0.38 million

26%

Emmvee

Acquisition

Solar

55 MW

O2 Power

Source: Industry news articles, JMK Research

Other important announcements that were made during the month were:

  • Vikram Solar has received SEBI’s approval to raise funds through an Initial Public Offering (IPO). The IPO comprises of a fresh issue of up to INR 1500 crore ($188.4 million) and an Offer for Sale (OFS) of up to 50 lakh equity shares. The funds will be used for setting up an integrated solar cell and solar module manufacturing facility with an annual production capacity of 2000 MW.
  • Torrent Power leads the race to acquire Vector Green Energy, US-based Global Infrastructure Partners’ 700 MW clean energy platform in India for about INR 5,000 crore ($628 million). Vector Green portfolio includes 19 ground-mounted utility scale projects and 89 rooftop solar projects. In addition, a 90 MW solar projects are under implementation stage in Gujarat.
  • Renew power has tied up with 12 international lenders, led by Rabobank, for the largest External Commercial Borrowings (ECB) project finance loan in India’s renewable sector. It is the largest renewable energy project with 1300 MW capacity with Round the Clock (RTC) power supply, battery enabled hybrid capacity.
  • KKR and Co. is in advanced negotiations to invest $400 million in Hero Future Energies (HFE). HFE operates in wind, solar, rooftop sectors and energy storage segments and has a portfolio of 1.5 GW of operating assets and another 1.5 GW under construction.
  • Malaysia’s Petroliam Nasional Bhd, or Petronas, is in discussions with ReNew Energy Global PLC to jointly set up green energy projects in India. According to the plan, Petronas may acquire 49% stake from ReNew at the project level.
  • The Norwegian Climate Investment Fund is planning to acquire a 49% stake in a 420 MW solar power plant in Rajasthan for approximately INR 280 crore ($35.2 million). The 420 MW solar power plant is being built by Enel Green Power.
  • Inox Wind is planning to infuse around INR 800 crore ($100.5 million) by subscribing to debt. The debt placement with promoters will be carried out on a private placement basis. The debt issuance will be carried out by two promoter group entities — Inox Leasing & Finance up to INR 600 crore ($75.4 million) and Inox Wind Energy up to INR 200 crore ($25 million).
  • Suzlon is planning raise up to INR 1,200 crore ($150.7 million) through a rights issue of shares by the end of FY 2023 to reduce the refinanced debt of INR 3,000 crore ($376.8 million).

GTAM Traded Volume

The IEX and PXIL together traded a total of 171.9 MU in GTAM in August 2022, which is 11% lower than the volume traded in July 2022. The average trade price in IEX-GTAM for August 2022 was INR 5.39/kWh, while for PXIL it was INR 4.84/kWh. This is about 2.71% and 1.5% lower than the previous month’s prices.

GTAM traded volume and average traded price trend

Source: IEX, PXIL, JMK Research

Comparing on m-o-m basis, price for global mono PERC modules continues to remain same in August 2022.

Solar modules price trends

Source: PVInfoLink, JMK Research

Average prices for domestic modules

JMK Research carried out price survey from domestic suppliers for August 2022 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 30/Wp in August 2022, which is 3.2% less than the previous month’s price.
  • While the price for mono PERC 500 Wp modules was INR 32.45/Wp, up by around 2% as compared to INR 31.8/Wp in July 2022.
  • The price for Polycrystalline 330 Wp modules was INR 27.3/Wp, which is 3% higher than the previous month’s price.

The domestic solar module manufacturers further expects that the domestic module prices will rise by about 3% in the next month.

Source: JMK Research

Note: Domestic module prices are all inclusive prices till project site including freight charges, GST, etc

Policies and Regulations

Central

Policy Name

Issuing Agency

Date of Issue

MNRE extended the deadline for PM-KUSUM Scheme till March 2026

MNRE

1st August 2022

MNRE Extended the deadline for BIS Certification of solar inverters till December 2022

MNRE

28th July 2022

Government introduces the Energy Conservation (Amendment Bill) to facilitate carbon trading in India

GoI

29th July 2022

MoP issued the draft electricity (Amendment) rules 2022

MoP

12th August 2022

MNRE updated ALMM list with an enlisted capacity of 18050 MW in August 2022

MNRE

18th August 2022

Power Exchanges granted permission to implement clearing and settlement mechanism

CERC

12th August 2022

POSOCO ask power exchanges to stop trading by 27 DISCOMS for pending dues towards generating companies

POSOCO

18th August 2022

State

Policy Name

Issuing Agency

Date of Issue

Uttar Pradesh Commission adopts a tariff of INR 2.98/kWh for a re-tendered capacity of 125 MW

UPERC

21st July 2022

MERC grants approval for adoption of tariff discovered for long term procurement of 14 MW solar power under PM-KUSUM Scheme

MERC

21st July 2022

Maharashtra commission approves request of Maharashtra Discom to procure 250 MW of long term RE power coupled with energy storage

MERC

21st July 2022

TSERC approves PUAs between Telangana Discom and NTPC for purchase of 1692 MW solar power from NTPC under CPSU scheme phase 2

TSERC

22nd June 2022

MERC grants approval for adoption of tariff discovered for long term procurement of 535 MW solar power under MSKVY

MERC

21st July 2022

Wind Open Access Developer to get compensated for surplus injected units for the period 2016-17 to 2020-21

MERC

30th July 2022

MERC notifies tariff for FY2023 for solar rooftop, biomass and co-generation plants

MERC

29th July 2022

PSERC issued draft notification on Harnessing of Captive power generation regulations, 2022

PSERC

26th July 2022

CSERC issued draft on tariff regulations for renewable energy projects

CSERC

10th August 2022

UPNEDA issued draft solar policy control period 2022-27

UPNEDA

7th August 2022

WBERC determines INR 0.99/kWh wheeling charges for open access consumers for FY23

WBERC

30th July 2022

KERC issued draft on terms and conditions for Green Energy Open Access (GEOA), Regulations 2022

KERC

11th August 2022

KERC issued draft on (Forecasting, Scheduling, Deviation Settlement and related matters for wind and solar generation sources) (First Amendment) Regulations, 2022

KERC

8th August 2022

CSERC issued draft on (Renewable Purchase Obligation and REC Framework Implementation) (First Amendment), Regulations, 2022

CSERC

18th August 2022

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