Monthly RE Update – August 2023

Monthly RE Update – August 2023


New RFS Issued

  • In August 2023, 21 new renewable energy (RE) tenders with a cumulative capacity of 3,934 MW were issued.  
  • SECI issued a 1300 MW of ISTS wind tender (Tranche XV).
  • PSPCL floated a solar tender of 500 MW in Punjab.
  • About 400 MW of Solar tenders (Under KUSUM Scheme Component- C) were issued by Jodhpur Vidyut Vitran Nigam Limited (JDVVNL) in Rajasthan.
  • SECI invited bid for the supply of 800 MW firm and dispatchable ISTS connected RE power (FDRE-III).

Fig 1.1: New RE tenders issued in August 2023

PBG: Performance Bank Guarantee

EMD: Earnest Money Deposit Source: JMK Research

Fig 1.1: RFS Issued

Tender NameTechnologyTender ScopeCapacity (MW)Other DetailsMinimum CUFCommissioning timeline from PPA signing (months)Bid Submission Date
SECI, 1300 MW, Wind (Tranche XV), Pan India, Aug 2023  WindProject Development1300EMD – INR 1.26 million/MW/project

PBG – INR 3.16 million/MW/project
SECI, 800 MW, RE with ESS (FDRE-III), Pan India, Aug 2023  HybridProject Development800EMD – [INR 9,28,000 x Solar Capacity (MW) + INR 12,64,000 x Wind Capacity (MW) + INR 14,64,000 x ESS Capacity (MW)]. Performance Bank Guarantee = [INR 23,20,000 x Solar Capacity (MW) + INR 31,60,000 x Wind Capacity (MW) + INR 36,60,000 x ESS Capacity (MW)]2429th-Sep-2023
PSPCL, 500 MW, Solar, Punjab, Aug 2023  Utility Scale SolarProject Development500EMD – INR 0.4 million/MW
PBG – INR 1.18 million/MW
JDVVNL, 400 MW, Solar (Under KUSUM scheme Component-C), Rajasthan, Aug 2023  Small Scale SolarProject Development400EMD – INR 0.1 million/MW
PBG – INR 0.5 million/MW
19%926th-Sep-2023 to 31st-Oct-2023
BHEL, 300 MW, Solar (EPC), Odisha, Aug 2023Utility Scale SolarEPC3004th-Sep-2023
SJVN, 200 MW, Solar (BOS), Gujarat, Aug 2023  Utility Scale SolarBOS200EMD – INR 78 million5th-Sep-2023
RUMSL, 114 MW, Solar, Madhya Pradesh, Aug 2023  Utility Scale SolarProject Development114EMD – INR 0.8 million/MW
PBG – INR 1.6 million/MW
NTPC, 110 MW, Wind (EPC), Gujarat, Aug 2023  WindEPC110EMD – INR 100 million7th-Sep-2023
MAHAPREIT, 100 MW, Solar (EPC), Maharashtra, Aug 2023Small Scale SolarEPC100EMD – INR 0.45 million/MW
PBG – 5% of the EPC cost
SJVN, 75 MW, Solar (BOS), Gujarat, Aug 2023  Utility Scale SolarBOS75EMD – INR 23.5 million15th-Sep-2023

PBG: Performance Bank Guarantee

EMD: Earnest Money Deposit

Source: JMK Research

FDRE- Firm and Dispatchable Renewable Energy

In addition, SECI issued a notice for supply of 1250 MW Firm and Dispatchable Power from ISTS Connected Renewable Energy (RE) Power Projects in India under Tariff-Based Competitive Bidding (SECI-FDRE-IV). 1250 MW Firm and Dispatchable Power will be supplied on “demand following basis” to BRPL and BYPL, Delhi. The tender will be issued shortly.

Date Extensions

Table 1.2: RFS Issued

Tender NameTechnologyTender ScopeCapacity (MW)Other DetailsMinimum CUFCommissioning timeline from PPA signing (months)Bid Submission Date
SECI, 1500 MW, RE with ESS (FDRE-II), Pan India, July 2023RE with ESSProject Development1500EMD – [INR 1.1 million x Solar capacity (MW) + INR 1.4 million x Wind Capacity (MW) + INR 0.4 million x ESS Capacity (MWh)].
PBG – [INR 2.9 million x Solar capacity (MW) + INR 3.5 million x Wind capacity (MW) + INR 1.2 million x ESS Capacity (MWh)]
GUVNL, 700 MW, Solar Phase XI, Gujarat, Mar 2021Utility Scale SolarProject Development700EMD – INR 0.4 million/MW

PBG-INR 0.9 million//MW
17%1511th-Sep- 2023
GUVNL, 600 MW, Solar (Phase XXI), Gujarat, July 2023Utility Scale SolarProject Development600EMD- INR 0.50 million/ MW/ project

PBG- INR 1 million/ MW/ project
SECI, 500 MW, RE with ESS (FDRE-I), Pan India, July 2023RE with ESSProject Development500EMD – Solar – INR 1.16 million/MW, Wind – INR 1.39 million/MW, ESS – INR 0.48 million/MWh
PBG – Solar – INR 2.90 million/MW, Wind – INR 3.47 million/MW, ESS – INR 1.20 million/MWh
GUVNL, 500 MW, Wind (Phase VI), Pan India, July 2023  WindProject Development500EMD – INR 1 million/MW

PBG – INR 2 million/MW
GUVNL, 500 MW, RE with 250 MWh ESS Phase (XV), Gujarat, Jun 2022Utility Scale SolarProject Development500EMD – INR 1 million/MW

PBG-INR 2.5 million/MW
Wind- 22% Sola-17% Hybrid-30%1818th-Sep- 2023

Source: JMK Research

Auction Completed

About 1500 MW of RE tenders were auctioned in August 2023. Out of the total auctioned capacity, 840 MW capacity were allotted to various RE players.

Figure 1.2: Winners in the latest RE auctions

Source: JMK Research

Table 1.3: Auction Completed

Tender NameCapacity Tendered (MW)Capacity Allotted (MW)CUFCommissioning timeline from PPA signing (months)Winner Details
RUVNL, 1200 MW, Solar with ESS, Pan India, Mar 2023  120060035%24Solarcraft Power India – 100 MW (INR 6.68/kWh) Acme – 500 MW (INR 6.69/kWh)
RUMSL, 300 MW, Floating Solar, Madhya Pradesh, Apr 2023300240NTPC – 80 MW (INR 3.80/kWh)SJVN – 90 MW (INR 3.79/kWh)Hinduja Renewables – 80 MW (3.89/kWh)
Coal India, 20 MW, Solar (EPC), West Bengal, Feb 2023202021.67%12Oriana Power – 20 MW

Source: JMK Research

Installed Capacity

From January to July 2023, about 7842 MW solar capacity and 1595 MW wind capacity was added in the country, taking the cumulative RE capacity to 130.9 GW.

In July 2023, a combined total of 1215 MW of solar and wind capacity was added.

Figure 2.1: RE installations in August 2023

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 2023

In July 2023, Karnataka installed the maximum solar capacity of 264 MW followed by Rajasthan (219 MW) and Gujarat (148 MW). Also, Gujarat added the maximum wind capacity of 119 MW in the country followed by Tamil Nadu (48 MW) in June 2023.

Figure 2.2: State wise solar and wind installed capacity in July 2023

Source: MNRE, JMK Research

Recently Commissioned RE projects

Table 2.1: List of key projects recently commissioned in August 2023

DeveloperTechnology  Tender Name  Capacity    TariffState
College of Military EngineeringSolar5Maharashtra
OMC Power  Rooftop Solar  1Uttar Pradesh

Source: Industry news articles, JMK Research

Other key announcements that were made during the month were:

  • Andhra Pradesh government laid the foundations for three renewable energy projects worth INR 25,850 crore in Nandyala district that would generate 5,314 MW of power through solar, wind and pumped energy storage modes. The Andhra Pradesh government and NHPC will execute these projects together, sharing the costs equally. Besides these three projects, NHPC will develop two pumped hydro storage projects capacity of 1950 MW.
  • Power Grid Corporation board has approved an investment proposal of INR 554.91 crore for an 85 MW solar power project at Nagdain Madhya Pradesh.The project has a commissioning timeline of 10 months and 5 years phase plan for O&M.
  • Juniper Energy has recently surpassed the 1.2 GW of Renewable Energy Generation Capacity (800MW operating and 435 MW under construction). Juniper Green Energy has also started constructing its first interstate transmission grid-connected solar power project of 140 MW for commercial and industrial sector offtake.
  • Subsidiaries of Shapoorji Pallonji & Company Pvt Ltd (SPCPL), Gujarat are going to receive 132 MW of solar power from Torrent Power. The estimated cost for the project is INR 700 crores and the solar power will be used for the desalination plants in Gujarat.
  • AmpIn Energy Transition announced that its 30 MWp solar plant in Mishrikh, Uttar Pradesh, is supplying 10 MWp of solar power to JK Cement. In addition, AmpIn Energy collaborates with JCAPCPL (Joint Venture between Tata Steel & Nippon Steel) for a 2.8 MWp of solar energy project at JCAPCPL’s Jamshedpur plant.
  • NTPC has received the Letter of Award (LOA) for a 550 MW solar project from REC Power Development and Consultancy (RECPDCL) at a tariff of INR 2.56/kWh. The project is to be executed within 18 months and will require a capital investment of INR 2,800 crore.
  • Assam Power Development Corporation has issued LOA to SJVN for developing three projects of 320 MW capacity. SJVN has bagged three separate tariff-based competitive bidding tenders of APDCL for 50 MW, 70 MW and 200 MW solar projects and the projects will be on build own and operate basis.
  • Sterling and Wilson Renewable Energy Ltd has received a Letter of Intent (LoI) from Gujarat Industries Power Company Limited (GIPCL) for a solar project of capacity 600 MWac (equivalent to 750 MWdc) at Khavda. The total bid value, including O&M (operation and maintenance) for 3 years would be INR 1,130 crore (including taxes & duties).
  • Suzlon Group announced that it has bagged an order for a 201.6 MW wind energy project from TEQ Green Power XI which is part of O2 Power. The project is expected to be commissioned by 2025. Suzlon has also secured 31.5 MW wind power projects from Integrum Energy Infrastructure and the project is expected to be commissioned in May 2024.
  • KPI Green energy has bagged 9.70 MW of solar projects. Of this 4.7 MW will be executed by KPI energy and the remaining 5 MW capacity by sun drops energeia pvt ltd. The project is scheduled to be complete by FY 2023-24.
  • Tata Power has signed two PPA of capacity 150 MW and 200 MW with MSEDCL in Maharashtra. Tata Power currently has an agreement for 930 MW with MSEDCL, out of which 334 MW is currently operational, and the remaining 596 MW is scheduled for commissioning in the next 12-18 months. In addition,Tata Power will develop a 9 MWp on-site, ground-mount solar plant at Tata Motors’ Pantnagar factory in Uttarakhand. The project is set for commissioning within six months of signing the PPA. Tata Power also collaborated with Anand Group for a group captive delivery agreement (PDA) with a capacity of 4.4 AC solar facility. The company collaborates with Sanyo Special Steel Manufacturing India for setting up of 28 MW captive solar plant in Maharashtra.
  • Mahindra Sustain has signed PPA with GUVNL for a 200 MW solar project. The project will supply electricity to GUVNL at an average price of INR 2.72/kWh. The project is scheduled to be completed within 18 months.
  • SJVN Green Energy Ltd has signed a PPA of 1.2 GW solar capacity to be supplied to Punjab State Power Corp. Ltd. The estimated cumulative cost of the project is INR 7,000 crore ($843.39 million). Out of the PPA capacity, 1 GW of solar projects can be developed anywhere in the country, while the balance of 200 MW of solar projects are to be developed in Punjab. The project will be built on the build-own-operate basis and will be developed within 18 months. SJVN also expects to commission its 1 GW solar project in Bikaner by September next year. The first part of 250 MW will become operational in March and the remaining by September 2024.
  • NLC India Ltd announced that it has signed a long-term power usage agreement with Rajasthan Urja Vikas Nigam Ltd (RUVNL) for 300 MW solar capacity. The solar capacity is part of a 510 MW PV project secured by NLC India under the second phase of the CPSU Scheme, Tranche-III tender, floated by IREDA. The EPC contract for the project has been awarded to Tata Power Solar Systems.
  • SOFAR has signed a 100 MW contract of supplying SOFAR 255KTL-HV utility string inverters for solar plants in Tamil Nadu with Velan Infra. The commissioning of the entire 100MW project is expected to be completed by November 2023.
  • Asian Development Bank & Fourth Partner Energy collaborate together to set up a 25 MW solar plant in Tamil Nadu with a worth of INR 1.2 billion towards the construction, operation & maintenance. The project will generate 50.7 Gigawatt hours of electricity per year, and it will directly send power to open access consumers.
  • Vibrant Energy signed PPA with Ultra cement for the supply of wind energy with a capacity of 21.6 MW. The Green Power will deliver to multiple facilities of Ultra Cement in Maharashtra.
  • Damodar Valley Corporation (DVC) will be focusing on pump storage power plants. One such plant will come up at Bokaro having a capacity of 1,500 MW. Another pump storage plant is planned of 1000 MW capacity will be done in collaboration with WBSEDCL.

Monthly RE Generation

In August 2023, Renewable energy sources generated 21,841 MU, which is 10.6% higher than the RE generation in July 2023. Solar and Wind generation increased by 19.6% and 4.4% respectively, on month-on-month basis, in August 2023.

Figure 3.1: Source-wise Renewable Energy Generation (MU) – India

Source: CEA, JMK Research

Investments/ Deals

In August 2023, about $1462 million was invested in the RE sector in India. The key investments during the month were:

  • India Grid Trust announced that it has completed 100% stake acquisition of Virescent Renewable Energy Trust (VRET). With this acquisition, a total of 16 solar projects with a capacity of 538 MWp will be added to the Indi Grid portfolio.
  • Qatar Investment Authority (QIA) has acquired a 2.7% stake in Adani Green Energy through its subsidiary company, INQ Holding LLC for a total amount of $473 million.
  • ReNew has secured a project loan of $326 million from the State Bank of India for its 403 MW Peak Power Project.

Table 4.1: Investment and deals in August 2023

Company NameDeal Type  SectorInvestorDeal ValueStake Acquired
Virescent Renewable Energy Trust  AcquisitionRenewable EnergyIndiGrid$484 million100%
Adani Green Energy  EquityRenewable EnergyINQ Holding LLC (Qatar Investment Authority)$473 million2.7%
ReNew  DebtRenewable EnergyState Bank of India$326 million
Waaree Energies  EquitySolar Module Manufacturing  ValueQuest$122 million
Fourth Partner Energy  EquitySolarNorfund$42 million
Electronica Finance  EquityRenewable EnergyresponsAbilityInvestments  $15 million

Source: Industry news articles, JMK Research

Other important announcements that were made during the month were:

  • Inox Wind has infused INR 500 crore in the company for debt repayment. The funds were raised by way of equity share sale of Inox Wind by its promoter and promoter group entities through block deals on the stock exchanges.
  • Global Investors like Dutch pension fund APG Asset Management, International Finance Corporation (IFC) and Asian Infrastructure Investment Bank (AIIB) are in a race to invest $250 million (INR 2080 crores) in Mahindra InvIT. The deal involves around 35% stake share in Mahindra InvIT.
  • Global Investment firm KKR has tied up with Vedanta JV (Serentica Renewables). KKR has pumped over $650 million into Vedanta JV so far and has tied up a 19-year loan from Power Finance Corporation to build solar and wind projects in Karnataka. The total cost of those projects is around INR 3,500 crore and they will have a power generation capacity of around 400 MW.
  • SECI proposes Joint Venture for a 51% stake with Reliance Industries. Under the proposal, SECI will invite international bids for the supply of RE power to Reliance Industries in Gujarat.
  • Suzlon Energy is planning to raise INR 2000 crore by selling Non-convertible Debt (NCD) Instruments to repay its debt. The company had a debt of INR 2,035 crore, as of December 2022. The fundraising follows the early redemption of $35,931,200 foreign currency convertible bonds (FCCBs), which were due for payment in 2032.
  • Investors in Ayana Renewable Power plan to offload a part of their stake to raise as much as $800 million (INR 6,650 crore), with a portion of it to be used for funding the expansion plans of the renewable energy platform. The National Investment & Infrastructure Fund (NIIF) owns a 51% stake in Ayana, while British International Investment (formerly CDC Group) holds 32% and Eversource Capital-managed Green Growth Equity Fund has the remaining 17% stake.

GTAM Traded Volume

The IEX traded a total of 79 MUs in GTAM in August 2023, which is 37% higher than the volume traded in July 2023. The average trade price in IEX-GTAM for August 2023 was INR 6.92/kWh. This is about 48% higher than the previous month’s price.

Figure 5.1: GTAM Traded volume and Price Trend

Source: IEX, JMK Research

Key Market Updates

Solar Manufacturing

Adani Green’s Mundra Solar Energy gets approval for solar cells and modules manufacturing plant

Mundra Solar Energy Limited (MSEL) has received the commercial operational date certificate from SECI for solar cells and solar modules manufacturing plant located at Mundra in Gujarat. The plant has a capacity of 2.0 GW per annum. This manufacturing facility has been set-up as a part of manufacturing linked tender awarded to AREH4L, which is setting up 8 GW of solar power generation projects.

Reliance is planning for fast-track execution of solar gigafactory

The solar PV gigafactory will manufacture modules, cells, wafers, ingots, polysilicon, and glass at a single location in Jamnagar. It will deploy heterojunction technology (HJT) to manufacture one of the highest-efficiency solar PV cells and modules globally for utility-scale and rooftop power generation. The company targets to bring this factory on stream in a phased manner by the end of 2025. RIL is concurrently focused on setting up a battery gigafactory by 2026.

Borosil Renewables Ltd mulls to expand its glass PV module glass recycling

Borosil is seeking technology partners to develop industrial technology and process for extracting materials from end-of-life PV modules, including precious metals (silver) and silicon, in addition to glass, aluminum, copper, etc. The technology should have a recycling efficiency of more than 95%. It has a 1,000 tons per day (tpd) solar glass facility in India, which can supply for 6 GW of solar module production per year.

Jakson Group plans to double its module manufacturing capacity to 1.2 GW over the next few months

Jakson is planning to double its modules-making capacity to 1.2 GW over the next few months and is exploring another location to build a 1 GW cells -to-module facility. Jakson Group also plans to diversify into power generation segment. The company is planning to have 5 GW of power capacity by 2030. The generation plan is expected to cost 250 billion rupees ($3 billion).

Pumped Hydro Storage

Coal Ministry plans to setup pumped hydro projects on decommissioned mining sites

Coal Ministry plans to setup pumped hydro projects on decommissioned mining sites. Through these pumped storage projects, the Ministry is planning to use solar energy to develop hydro projects.

Tata Power collaborates with Maharashtra Government for two pumped hydro storage projects worth INR 13,000 crore

Tata Power has partnered with Maharashtra Government to undertake the commissioning of two pumped hydro storage projects worth INR 13,000 crore. The combined capacity of these two projects, amounting to 2,800 MW, contributes to the aspiration of attaining a $1 trillion economy by 2028 and these two plants will be located in Shivrata, Pune (1800 MW) and Bhivpuri, Raigad (1000 MW).

Andhra Government plans to set up pumped storage hydro power projects system to meet demand

The state government has already identified 29 locations for the promotion of Pumped Storage Hydropower projects with a potential capacity of 33,240 MW. Out of 29 locations, 15 projects have been allotted. The allotted 15 projects will generate 16,180 MW which will be used to meet the 24×7 power demands.

Green Hydrogen

Indian Oil assessing multiple pathways for green hydrogen production

Indian Oil Corp Ltd (IOCL) is assessing multiple green hydrogen production pathways with a total green hydrogen production capacity of 1 ton per day. The company said the green hydrogen technology will be demonstrated in 15 fuel cell buses to establish the efficacy, efficiency, and sustainability of the production processes and the fuel cell technology.

RIL gears up to produce green hydrogen in two years

Reliance Industries (RIL) is laying down infrastructure for disbursement of green hydrogen from its proposed plant in Gujarat as it prepares to begin production of the fuel by 2025. The company is investing $10 billion in capex for building its new energy ecosystem. It has also tied up with original equipment manufacturers (OEMs) to supply green hydrogen.

India needs 60-100 GW of electrolysis capacity to meet 5 MMT per year green hydrogen target by 2030

India will need 60 – 100 GW of installed electrolyzer capacity for the green hydrogen production capacity of 5 million metric tonnes (MMT) per annum by 2030. The mission has been allocated INR 19,744 crore initially, including INR 17,490 crore for the strategic interventions for Green Hydrogen Transition (SIGHT) program, INR 1,466 crore for pilot projects and hydrogen hubs, INR 400 crore for R&D, and INR 388 crore for other components.

NTPC starts trial run of hydrogen bus in Leh

The project is initiated at 11,562 feet with a green hydrogen generation co-associated with a solar plant of 1.7 MW. The fuel cell buses are designed for operation in sub-zero temperature in rarefied atmosphere, typical to such altitude locations which is a unique feature of this project.

Adani prepared to go solo on hydrogen mega-project

Adani is prepared to go it alone in spending billions of dollars on developing green hydrogen in India, after TotalEnergies SE put a plan to partner in the venture on hold. The French energy giant had agreed to buy a 25% stake in Adani New Industries for an undisclosed sum to help fund green hydrogen projects in India.

Hydreen, a division of a Luxembourg cruise company ties up $2 billion for India’s Green hydrogen market

Hydreen a part of Luxembourg cruise company has entered into a partnership with an investment of $2 billion for India’s green hydrogen market. The company has already started two projects in Himachal Pradesh and Kerala and Planning to expand its five other states as well. The first phase of these four projects will be commissioned by 2024 and the expansion of full capacity might take another 2 or 3 years. Each Plant will have a capacity of 250 MW whether it is Green Hydrogen or Green ammonia depending on the captive requirement from state to state.

L&T and partners to invest $4 billion in green hydrogen projects

L&T and its green hydrogen joint venture partners-Indian Oil Corporation and ReNew are planning to invest up to $4 billion (INR 32,000 crore) in their green hydrogen businesses over three-five years. The company will invest around INR 500 crore in manufacturing of electrolysers.

Acme signs land agreement with Tata Steel Special Economic Zone Ltd (TSSEZL) 

ACME group has signed land agreement with Tata Steel Special Economic Zone Ltd (TSSEZL) for 343 acres of land at Gopalpur Industrial Park for the green hydrogen and green ammonia project in Ganjam district, Orissa. The green ammonia facility with a production capacity of about 1.3 mtpa is planned to be developed at GIP.

Indian Oil invites bid for green hydrogen generation unit

Indian Oil Corp. Ltd has invited global bids to set up a 10 kilo tonnes per annum water electrolysis-based green hydrogen generation unit on a build-own-operate-transfer (BOOT) basis at its Panipat refinery petrochemical complex. The last date for bid submission is October 3.

Other Market Updates

Major boost to Tamil Nadu under Green Energy Corridor Phase-II

A project of 4,000 MW has been announced under Green Energy Corridor Phase-II for boosting renewable energy infrastructure. It involves the establishment of 624 ckm transmission lines and 2200 MVA capacity, to be completed by FY2025-26. The estimated total cost for the project set up is predicted as INR 719.76 crore.

Share of renewables in the energy mix is expected to rise to 43.33% in 2029-30

During the current fiscal year 2023-24, the total RPO for states is 27.08% which would further increase to 29.9% in 2024-25 and 33.01% in 2025-26. Chandigarh has emerged as the top solar power generator among all Union Territories with a solar power capacity of 63.59 MW.

Five Indian States Take 87% Of PM-KUSUM Benefits

The government states that Rajasthan, Haryana, Uttar Pradesh, Punjab, and Madhya Pradesh account for 87.24% of the total benefits under the PM-KUSUM scheme. It is indicated from the total number of solar pumps installed under Component B of the scheme. As of June 30, 2023, the government claimed that India installed 2.4 lakh solar pumps under the scheme.

12 States now host India’s 50 solar parks

The government indicated that solar parks have made its entry to 12 Indian states. And host about 50 solar parks which have a cumulative capacity of 37,990 MW. These parks were sanctioned under the ‘Development of Solar Parks and Ultra-Mega Solar Power Projects’.

The leading states with the highest solar parks & capacities are given in the below table:

StatesNo of Solar ParksSanctioned Capacity (MW)
Madhya Pradesh84,680
Uttar Pradesh73,730
Andhra Pradesh54,200

About 1.7 GW and 1.1 GW of utility scale solar capacity and wind capacity were added, respectively in Q2 2023  

In Q2 2023 (April-June 2023), about 1.7 GW and 1.1 GW of utility scale solar capacity and wind capacity were added, respectively. Solar installation capacity is 28% higher than the previous quarter’s installations. In the wind segment, it is 54% higher than the Q1 2023 installations. Waaree contributed about 14.2% share of total Shipped Capacity (MW) Chinese/ International suppliers and Domestic manufacturers’ shipments. In Q2 2023, about 40 GW of project development RE tenders were issued. Out of the total issued capacity, about 30.2 GW of project development tenders were issued under pumped hydro storage segment, 225 MW under wind-solar hybrid and 5.9 GW under solar segment. The investment flow in the RE sector in Q2 2023 was more than $4374 million. About $2539 million equity and $1311 million bond investments were raised by various players in this quarter.

India will add 22 GW of wind energy capacity by 2028

India is planning to add 22 GW of wind energy capacity in next five years. It expects an additional 26 GW of wind projects within this period. India has potential and proactive policy support could enable more than 68 GW of total wind energy installed in India by 2027. Till now, 10.4 GW of tenders were issued for standalone wind and hybrid projects.

Tata Power plans to add 2.5 GW of solar power in FY2024

Tata Power is planning to add 2.5 GW of solar energy in FY2024. The company also aims for a future with renewable energy supplying virtually 100% of the company’s customers, highlighting its commitment to sustainability.

India’s Rooftop Solar Programme Phase II Achieves 2.1 GW Capacity Milestone

The Ministry of New & Renewable Energy (MNRE), has revealed that Phase II of the Rooftop Solar Programme has successfully added an impressive capacity of 2.1 GW. The Ministry informed that the scheme was launched in March 2019 with a total financial outlay of INR 11814 crores. The Ministry has allocated 3.37 GW capacity to various implementing agencies of the States/UTs of which 2.207 GW has been installed in residential sector as on 31.07.2023.

Over 50 renewable energy firms can renew contract with discoms in Rajasthan

The 57 renewable energy generators, whose power purchase agreement expired in 2019 after the five-year period, will now be able to renew their contracts with the Rajasthan Urja Vikas Nigam Ltd (RUVNL). Besides the PPAs, as per the directions of the Rajasthan High Court, the arrears of the generators will be paid in 90 days.  However, the generators will have to settle for a tariff of INR 2.24 per unit for solar and INR 2.44 per unit for wind. The renewable energy (RE) firms had signed PPAs to provide power to the discoms at the prevailing APAC rates along with renewable energy certificates which can be cashed in on the trading exchanges.

Comparing on m-o-m basis, price for global mono PERC modules have decreased by 7.1% in August 2023.

Figure 7.1: Solar Modules Price trends

Source: PVInfoLink, JMK Research

JMK Research carried out price survey from domestic suppliers for August 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 August price of mono PERC 500 Wp modules was INR 24.5/Wp, down by 3.9% as compared to the price of modules in July.
  • The price for Polycrystalline 330 Wp modules was INR 22/Wp, which is about 4.3% less than the previous month’s price.
  • The price for Bifacial modules was INR 25.5/Wp in August, which is around 5.6% less than the price of modules in July.

Figure: Average Prices for Domestic Modules

Source: JMK Research

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

Policies and Regulations


Policy NameIssuing AgencyDate of Issue
MOP issues framework for promoting Energy Storage SystemsMoP31st-Aug-2023
MNRE updated the ALMM list with a total enlisted capacity of 17,577 MW till Aug 2023_Aug 2023MNRE23rd-Aug-2023
MNRE issues guidelines for tariff-based competitive bidding for solar-wind hybrid projects  MNRE21st-Aug-2023
India sets green hydrogen standard to define carbon emission thresholdMNRE18th-Aug-2023
MNRE updated ALMM list with a total enlisted capacity of 19,405 MW till Aug 2023MNRE17th-Aug-2023
MNRE issues offshore wind projects under Model-B and Model- CMNRE17th-Aug-2023
MNRE releases strategy paper for offshore wind power projects  MNRE17th-Aug-2023
MNRE grants provisional enlistment of additional solar PV module models of Goldi Sun Private Limited in ALMM List-IMNRE3rd-Aug-2023
CEA has made Amendments to cross border export/import of electricityCEA31st-July-2023
MoP issues guidelines for Tariff Based Competitive Bidding Process for Procurement Power from Grid Connected Solar Power ProjectsMoP28th-July-2023
MNRE extends deadline for self-certification of solar Inverters till December 2023MNRE27th-July-2023
Ministry of Power issued the Electricity Second Amendment Rules,2023MoP26th-July- 2023


Policy NameIssuing AgencyDate of Issue
UERC adopts the levelized generic tariff for solar projects of INR 4.64/kWh till March 2026  UERC16th-Aug-2023
MERC approves the procurement of 7000 MW on long term basis from solar generator under MSKVY 2.0MERC11-Aug-2023
KERC issues order for Green Energy Open Access for consumers having demand of 100kW or more  KERC9th-Aug-2023
OERC has issued a draft for Promotion of Renewable Energy through Green Energy Open Access) Regulations, 2023OERC1st-Aug-2023
MERC issues draft (Distribution Open Access) (Second Amendment) Regulations, 2023  MERC1st-Aug-2023
MERC issued draft (Renewable Purchase Obligation, its Compliance and Implementation of Renewable Energy Certificate Framework) (First Amendment) Regulations, 2023MERC1st-Aug-2023
MERC issued draft (Grid Interactive Rooftop Renewable Energy Generating Systems) (First Amendment) Regulations, 2023  MERC1st-Aug-2023
OERC issues draft inviting opinions on Odisha Electricity Regulatory Commission (Promotion of Renewable Energy through Green Energy Open Access) Regulations, 2023  OERC1st-Aug-2023
NHPC to provide solar power at INR 2.73/unit from Khavada in GujaratGERC31st- July- 2023
GERC adopts the tariff for the GUVNL’s 500 MW (Phase XIX) Solar for Base Capacity and Greenshoe capacity  GERC31st-July-2023
MERC allows Green Energy Open access rules for Pimpri Chinchwad Municipal Corporation (PMC) with no surchargesMERC26th-July-2023
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JMK Research & Analytics is a specialist research and consulting firm focussing on various cleantech segments in India and the Asia Pacific markets including, Renewables, E-mobility, Energy Storage (ESS) and Green Hydrogen.

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