Monthly RE update – August 2022


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:
- 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.
- 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.
- Government of Haryana issued a 10.4 MW rooftop solar tender with/without battery bank (with Net Metering Facility) in Haryana.
- 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 |
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 |
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 |
Hybrid |
Project Development |
250 | EMD – INR 0.89 million/MW PBG – INR 3.54 million/MW |
19% |
30 months |
12th-Sep-2022 | |
Utility Scale Solar |
EPC |
220 | EMD – INR 88 million |
23% |
12 months |
17th-Aug-2022 | |
Utility Scale Solar |
O&M |
100 | EMD – INR 1 million PBG – 5% of the contract value |
– |
– |
22nd-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 |
Rooftop Solar |
RESCO |
35 |
– |
15% |
12 months |
23rd-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 | |
Utility Scale Solar |
EPC |
20 | EMD – 5 million per bid PBG – INR 2.5 million |
23% |
12 months |
3rd-Sep-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 |
Utility Scale Solar |
EPC |
10 | EMD – INR 12.5 million PBG – 3% of the contract value |
– |
5 months |
26th-Sep-2022 | |
Floating Solar |
EPC |
10 |
EMD – INR 12.2 million |
– |
– |
19th-Sep-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 |
Utility Scale Solar |
Project Development |
1000 | EMD – INR 0.4 million/MWPBG – INR 1.18 million/MW |
19% |
18 months |
19th-Sep-2022 | |
Utility Scale Solar |
Project Development |
1000 | EMD – INR 0.4 million/MW PBG – INR 1 million/MWCeiling Tarff – INR 2.30/kWh |
19% |
18 months |
16th-Sep-2022 | |
Hybrid |
Project Development |
750 | EMD – INR 1.15 million PBG – 1.73 million |
30% |
– |
1st-Sep-2022 | |
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 |
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 | |
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) |
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

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

Module Price Trends
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 |
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 |
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 |
21st July 2022 | |
MERC |
21st July 2022 | |
TSERC |
22nd June 2022 | |
MERC |
21st July 2022 | |
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 |
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 |
8th August 2022 | |
CSERC |
18th August 2022 |