Monthly RE Update – December 2024

Monthly RE Update – December 2024

Tenders Issued

• New RFS Issued: 9,574* MW of RE tenders issued in December 2024 including 2,716 MW solar project capacity, 2,500 MW of storage capacity, 1,200 MW of wind solar hybrid capacity, and 125 MW of standalone BESS capacity.
• SJVN issued a 1.5 GW/6 GWh Peak Power supply tender.
• SECI invited bids for 124 MW/500 MWh standalone battery energy storage systems in Kerala.

New RE tenders issued in December 2024

Note: *This capacity includes Project development, EPC and BoS tenders.

Source: JMK Research

Source: JMK Research

Auctions Completed

• In December 2024, a total of 6286 MW of renewable energy (RE) capacities were allocated to various RE developers.
• Additionally, an EPC tender of 300 MW awarded to KPI Green Energy by Coal India.
• Waaree bagged a solar project of 170 MW from RUMSL at INR 2.15/kWh tariff.

Figure 1.2: Winners in the latest RE tenders

Note: The tariff for GUVNL 500/1000 MWh Standalone BESS is provided in INR/MW/Month

Source: JMK Research

Source: JMK Research

Installed Capacity

From January to November 2024, about 20,849 MW of Solar capacity and 3,223 MW of Wind capacity were added in the country, taking the cumulative RE capacity to 205.5 GW.

In November 2024, a combined total of 2,291 MW of solar and wind capacity was added.

Figure 2.1: RE installations in November 2024

Source: MNRE, JMK Research

Note: Solar includes utility scale solar, rooftop solar and off grid/distributed solar segments

State wise utility scale solar and wind installed capacity in November 2024

In November 2024, Madhya Pradesh added the highest Utility-Scale Solar capacity of 635 MW, followed by Gujarat with 324 MW. In addition, Gujarat installed the highest rooftop solar capacity of 307 MW this month followed by Rajasthan with 88 MW.

In wind installations, Tamil Nadu installed a maximum capacity of 188 MW.

Figure 2.2: State wise utility scale solar and wind installed capacity in November 2024

Source: MNRE, JMK Research

Projects Commissioned

Table 2.1: List of key RE projects commissioned in December 2024

Source: JMK Research

Key announcements that were made during the month were:

• NTPC Green Energy Limited (NGEL) has partnered with Chhattisgarh State Power Generation Company Ltd. (CSPGCL) to develop renewable energy projects totalling 2,000 MW, including floating solar installations.
• SECI has requested proposals from banks and financial institutions for funding its 300 MW solar project in Andhra Pradesh. The Central Public Sector Enterprise (CPSE) has planned to procure a term loan of INR 1000 crore for this. SECI said that the total estimated project cost is INR 1418.65 crore.
• Hydroelectric Projects have received concurrence from the Central Electricity Authority (CEA) but are yet to begin construction i.e., approximately 26 hydroelectric projects with a combined capacity of 19,214 MW, along with 5 pumped storage projects of 6,020 MW.
• Haryana has installed 9,609 rooftop solar systems with a total capacity of 45.9 MW with INR 52.54 crore in subsidies to beneficiaries. Additionally, the state highlighted the potential of 91.78 MW of solar PV installations on government buildings through a survey.
• The Odisha government has approved seven renewable energy projects worth INR 1,386.09 crore. The approved projects include a 99 MW wind power project, five ground-based solar projects of 91.77 MW, and one rooftop solar project of 1.64 MW.
• 2 GW solar park will be developed in Rajasthan with 30% central assistance, with the central government collaborating with all stakeholders to strengthen the renewable energy sector. With ambitious targets, forward-thinking policies, and recent investments, Rajasthan is undoubtedly on the path to becoming a renewable energy powerhouse.
• Coal India has spent a total of INR 1,209 crore on ground-mounted solar power projects having a capacity of 661 MW. Coal India has a plan to achieve 3,000 MW solar project capacity by 2027-28 which consists of 211.59 MW in the current fiscal, 697.85 MW in FY2026, 1,235 MW in FY2027 and 785 MW in FY2028.
• According to industry experts, India’s renewable energy sector is witnessing significant delays in the signing of power purchase agreements (PPAs), with 80-90 GW of projects in the pipeline and approximately 40-45 GW facing setbacks.
  • These delays affect all renewable energy projects, including FDRE and RTC tenders. Discoms are now showing a preference for projects with higher capacity utilization factors, contributing to the lag in PPA signings. Currently, around 40-45 GW of renewable energy projects, including REIPs and discom-linked initiatives, are impacted.
• Gensol Engineering has secured a INR 897-core EPC contract from NTPC Renewable Energy Limited (NTPC REL). The project is for the development of 225 MW of grid connected solar projects at GSECL Solar Park (Stage-III), Khavda located in the Rann of Kutch, Gujarat. The total bid value for this project, including operations and maintenance (O&M) for a duration of three years, amounts to approximately INR 897.47 crore, inclusive of taxes and duties.
  • Gentari has entered into a long-term agreement to supply 650 MW of round-the-clock (RTC) carbon-free energy to power AMG Ammonia’s upcoming green ammonia facilities. Under this agreement, Gentari will establish 2,400 MWp of renewable energy (solar and wind) in India, integrated with 350 MW/2,100 MWh of energy storage to deliver firm and dispatchable green power to AMG Ammonia’s plants. The projects are planned to be executed in Andhra Pradesh and Karnataka.
• Punjab government is planning to set up 66 solar power plants, each with a 4 MW capacity in the state. The projects is expected to get completed by the end of December 2025. The project will supply 40% of the electricity requirements for the manufacturing facility.
• Sembcorp Green Infra has received the LOA for a 150 MW solar PV project coupled with 300 MWh BESS. The project is expected to be ready for commercial operation within 24 months from the date of signing the PPA and will be funded through a mixture of internal funds and debt. BESS will provide on-demand power to support daily peak electricity for four hours, over a 25-year period.
• Jakson Group has partnered with OMC Power to execute a 50 MW solar rooftop project. The deal was valued at approximately INR 200 crore, is among India’s largest single solar rooftop orders.
• Solidus Techno Power, a solar EPC company, is expanding its footprint beyond Punjab with a major new of a 29 MWp solar project in Rajasthan. The PV plant is expected to generate around 47 million kWh of clean energy annually, helping to offset over 42,300 metric tons of CO2 emissions annually.
• Waaree Energies declared has secured PV module supply orders for two solar projects totaling 398 MW. The orders are for projects with capacities of 249 MW and 149 MW, respectively, from a renowned domestic customer involved in owning, developing, and operating renewable power projects in India. The supply of solar modules is set to begin in FY 2025-26.
• Sterling and Wilson has secured an EPC contract worth approximately INR 1,200 crore for a 500 MW (AC) solar PV project in Gujarat. The project also involves a three-year Operations and Maintenance (O&M) contract.
• Sterling and Wilson Renewable Energy Ltd has also received the LOA for a 305 MW AC (396 MW DC) solar PV project in Rajasthan, India. The project was awarded by a private-sector power producer. The scope of work includes the supply, installation, and commissioning of the PV plant, with a total contract value of approximately INR 504 crore.
• O2 Power has signed a 100 MW Power Purchase Agreement (PPA) with East Central Railways (ECR) to supply renewable energy from its 360 MW installed capacity spread across Rajasthan, Gujarat, and Karnataka.
• Suzlon Group has partnered with Jindal Renewables to secure a 302.4 MW wind power project in Karnataka’s Koppal region. The latest project increases the total capacity ordered by Jindal Renewables to 702.4 MW, making it Suzlon’s largest commercial and industrial (C&I) order to date.
• JSW Energy has secured several renewable energy (RE) projects in the commercial and industrial (C&I) market, totaling 20 GW of locked-in generation capacity. Among these, JSW Renew Energy has signed a power purchase agreement (PPA) with DCM Shriram Ltd to supply 68 MW of RE power from a wind-solar hybrid project.
  • JSW Green Energy Eight has also secured a PPA with Indus Tower to supply 130 MW of renewable power from a solar PV plant.
  • JSW Energy’s total locked-in RE C&I capacity is 3.1 GW, including 2,654 MW for the JSW group and 445 MW for third-party use. The company’s operational C&I capacity currently stands at 488 MW.
  • JSW Neo Energy has been awarded a Letter of Award (LOA) for establishing a 400 MW ISTS-connected solar power project, granted by NTPC.  JSW won the project through a tariff-based competitive bid in NTPC’s tender for the development of 1,500 MW of ISTS-connected solar power projects.
• Gensol Engineering secured a 22-megawatt ground mounted solar project (EPC) from a steel maker in Punjab at an order value of INR 88 crore. The company will supply high-efficiency bi-solar modules. The project will be executed over a period of six months on a turnkey basis.
• Grew Energy is going to supply 500 MW of solar modules for Jindal Renewables’ upcoming solar power project in Rajasthan. This initiative supports the goal of advancing sustainability in the steel industry. Both companies aim to leverage their expertise in innovative solar solutions through this partnership.
• Inox Wind has bagged a 60 MW order from Serentica Renewables to supply 3 MW class wind turbines. This supply order is to be delivered within H1 CY25 and it will be installed at the hybrid renewable energy project site being developed by Serentica Renewables in Karnataka.
• Godrej Industries will procure RE from Clean Max Kaze, a special purpose vehicle of Cleanmax, which is setting up a wind-solar hybrid power project in Gujarat. The hybrid project will supply power to Godrej’s factory in Valia. Godrej has acquired a 26% equity stake in Cleanmax kaze. The company plans a further investment of up to INR 7.59 million in Cleanmax Kaze by January 2025.
• Amplus plans to setup solar-wind battery projects in Gujarat by 2025. The company is currently in an advanced stage of construction of India’s first on-site solar-wind-battery project, which is scheduled to be commissioned next year in Gujarat. The plant is a part of their 600 MW onsite portfolio and will be a mix of 8.8 MW solar, 22 MW wind, and a 19.5 MWh battery storage system.

Monthly RE Generation

In December 2024, Renewable energy sources generated 16,393 MUs which is 26.4% higher than the RE generation in November 2024. In December 2024, solar and wind energy generation increased by 3.4% and 115% respectively compared to the previous month’s generation data.

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

Source: CEA, JMK Research

Investments/ Deals

In December 2024, a total of about  $2,705 million was raised in the RE sector in India. The key investments during the month were:

• JSW Energy has signed a definitive agreement to acquire a 4,696 MW renewable energy platform from O2 Power. JSW acquired the RE portfolio of 2,259 MW of operational capacity, with an additional 1.463 GW under construction and 974 MW in the pipeline.
• ACME Solar, has secured $232 million in term loan financing from Power Finance Corporation (PFC) to fund the development of a 300 MW wind solar hybrid renewable energy project.
• Mahindra Susten has secured a Rupee term loan of INR 1,448 crore from HDFC Bank and Axis Bank for 560 MWp of solar power projects being developed in Gujarat and Rajasthan.

Table 4.1: Investment and deal in November 2024

Source: Industry news articles, JMK Research 

Other important announcements that were made during the month were:

• Mufin Green Finance is planning to finance INR 500 crore worth of solar projects by 2026, as part of its strategic entry into the solar financing sector. The company recently completed its first solar financing transaction, worth INR 3.25 crore, enabling the installation of a rooftop solar unit in Gujarat. The company aims to support 2 lakh solar installations over the next two years.
• NTPC and ONGC are on the verge of finalizing a deal to acquire Ayana Renewable Power. The acquisition, valued at $700–$750 million and is expected to be concluded within the next couple of weeks, valuing Ayana Renewable Power at approximately $1.7–$1.8 billion.
• A consortium of ReNew Energy Global promoters has made a non-binding proposal to buy out the company’s publicly listed shares. Masdar, Canada Pension Plan Investment Board (CPP Investments), Platinum Hawk (an arm of the Abu Dhabi Investment Authority, ADIA) and Sumant Sinha (the founder, chairman and CEO of ReNew) have offered to acquire the entire issued and to be issued share capital of ReNew not already owned by members of the Consortium, for cash consideration of $7.07 per share. The deal values the clean power generator at $2.82 billion.
• ONGC is in negotiations with Shell-owned Sprng Energy to acquire its 125 MW operating solar energy assets in India.  The acquisition is valued at INR 500 crore.
• Continuum Green Energy has filed preliminary papers with SEBI for an INR 3,650 crore IPO, according to its Draft Red Herring Prospectus (DRHP). The IPO comprises INR 1,250 crore fresh issue of equity shares and an INR 2,400 crore offer for sale (OFS) by its promoter, Continuum Green Energy Holdings. The company plans to utilize INR 1,100 crore from the fresh issue to repay loans, including accrued interest, taken by its subsidiaries.
• Swelect Energy Systems is planning to raise INR 1.38 billion (~$16.22 million) by issuing 1,385 non-convertible debentures (NCDs) with a face value of INR 1 million (~$11,757) each through private placement. The secured, unlisted, rated, redeemable, non-cumulative, taxable NCD will have a tenure of 12.5 years and a 9.5% average interest rate.
• JSW Group, Stonepeak Partners LP (Stonepeak Infrastructure Partners) and Waaree Energies Limited have submitted binding bids for Enel Group ‘s renewable energy business in India. The portfolio of Enel Green Power India comprises 760 MW of operational wind (340MW) and solar power (420 MW) assets and a development pipeline of 2 GW. It also has power purchase agreements totalling 190MW. The deal is likely to value the group’s portfolio of wind and solar power assets at equity of $350 million – $400 million. The deal is likely to be concluded by financial year end in March 2025.
• India’s solar equipment manufacturing capacity is set for substantial growth in the next 2-3 years, as per CareEdge ratings. This expansion will require a capex of INR 1 lakh crore and an estimated debt funding of nearly Rs 70,000 crore is expected over the medium term, including investments in polysilicon and wafer capacities.
• Solarium Green Energy, a solar EPC company, has received market regulator Bombay Stock Exchange’s approval to launch its initial public offering (IPO). The company is set to open for subscription in January and it plans to issue up to 55,00,000 equity shares, each with a face value of INR 10, in the forthcoming IPO. The company plans to raise funds to meet working capital requirements and to address general corporate purposes.
• UltraTech Cement will source renewable energy in captive mode from CleanMax’s special purpose vehicle (SPV), CleanMax Sapphire. The company has entered energy supply, share subscription, and shareholders agreements to acquire a 26% equity share in CleanMax Sapphire, investing up to INR 457.6 million (~$5.3 million). The SPV will set up a 55 MW wind solar hybrid project on a captive basis in Karnataka to supply power to UltraTech Cement. The share acquisition will be completed within 180 days.
• Indian Renewable Energy Development Agency (IREDA) has sanctioned over INR 3,000 crore for renewable energy projects in Odisha as the state targets of achieving 10 GW capacity by 2030. Nationally, IREDA has sanctioned INR 2.08 lakh crore and disbursed INR 1.36 lakh crore for renewable energy projects. The agency has also supported emerging technologies such as ethanol, electric vehicle fleet financing, pumped storage hydropower, and green ammonia.
• Lithium battery and solar panels manufacturer RCRS Innovations Ltd has filed draft papers with NSE Emerge to raise funds through an initial public offering (IPO). The company proposed an IPO with a fresh issuance of 48.24 lakh equity shares with a face value of INR 10 each. RCRS Innovations intends to utilise net proceeds from the offering to meet its working capital requirement and expand its battery manufacturing capacity.
• India requires INR 14.5 lakh crore investment to meet 366 GW power demand by 2032. According to the National Electricity Plan (NEP), India’s electricity demand is expected to surge to 366 GW by 2031-32, requiring an estimated investment of INR 14.5 lakh crore by 2027 to enhance power generation capacity and modernize infrastructure.

GDAM Traded Volume

The IEX traded a total volume of about 772 MUs in GDAM in December 2024 which is 2% less than the previous month. The average trade price in IEX-GDAM for December 2024 is INR 4.22/kWh.

Figure 5.1: GDAM Traded volume and Price Trend

Source: IEX, JMK Research

Module Price Trends

Comparing on m-o-m basis, price for global mono PERC modules have decreased by 4.5% in December 2024.

Figure 6.1: Solar Modules Price trends

Source: PVInfoLink, JMK Research

Comparing on m-o-m basis, the prices for domestic modules continued to rise in December:

• Mono PERC 500 Wp – INR 17.5/Wp (up by 2.34%).
• Bifacial Modules  – INR 17.6/Wp (up by 2.33%).
• TopCon Modules – INR 18.1/Wp (up by 2.84%).

Fig 6.2: Average Prices for Domestic Modules

Source: JMK Research

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

Key Market Updates

Solar Manufacturing

Dynamic Services to develop 1.8 GW solar module manufacturing facility in Maharashtra

• Dynamic Services has received approval from the Maharashtra government to set up a solar PV manufacturing facility of 1.8 GW in MIDC Villebhagad, Raigad, with an INR 1,080 crore investment.
• The facility will have a production capacity under the state’s Package Scheme of Incentives (PSI) 2019.

Airox Nigen develops solar module manufacturing factory in Haryana

• Airox Nigen has established a 600 MW solar module manufacturing line in Haryana as part of its planned 2 GW renewable energy plant in Rohnat.
• This facility, featuring advanced technology, will produce high-efficiency solar modules for domestic and international markets. With a phased investment of INR 800 crore, the first phase is set to begin production within five months.

Rays Green Energy plans to set up solar cell and module manufacturing facility in Madhya Pradesh

• Rays Green Energy is planning to set up a solar module and cell gigafactory in Madhya Pradesh.
• The facility will have a 1.5 GW solar cell plant and a 3 GW solar module assembly line with a planned investment of around INR 14 billion (~$168.07 million).

Premier Energies to set up 1 GW solar module manufacturing facility in Telangana

• Premier Energies is planning to set up a 1 GW TopCon solar module manufacturing facility in Telangana, on leasehold premises owned by the Telangana Industrial Infrastructure Corporation (TGIIC). The solar module facility is expected to be completed by March 2025.

RMC switchgear to establish 1 GW solar manufacturing facility in Rajasthan

• RMC Switchgears plans to establish a 1 GW solar module and mounting structure manufacturing facility in Rajasthan, with an estimated investment of INR 100 crore.
• The project will be funded through a combination of internal accruals, equity, and debt. Both plants are expected to be operational by July 2025, with commercial operations starting in August 2025.

Insolation Energy to set up solar cell and module unit in Madhya Pradesh

• Insolation Energy Limited has received approval to set up a new solar cell, module, and aluminum frame manufacturing unit in Madhya Pradesh.
• The company plans to invest INR 18 billion in this project and will enhance the company’s capacity to 3 GW for solar cell manufacturing, 4 GW for solar module manufacturing, and 24,000 metric tonnes for aluminium frame production.

Websol Energy System to start commercial production at 600 MW cell line from July

• Websol Energy System Limited has provided an update on the expansion of its cell manufacturing plant at Falta in West Bengal. The company in October intimated about the additional capacity of a 600 MW mono PERC cell line at the Falta plant with an investment of about INR 220 crore.
• This new line is expected to be installed and commissioned in the first quarter of 2025-26.

Green Hydrogen

TKIL Industries collaborates with SoHHytec to enter the green hydrogen sector

• TKIL Industries has entered the green hydrogen sector through a strategic investment in SoHHytec SA. The partnership grants TKIL exclusive rights to manufacture and deploy SoHHytec’s technology in India, aligning with the nation’s goal of producing 7.5 million tonnes of green hydrogen annually by 2030.
• TKIL plans to implement SoHHytec’s technology in key industries, including steel, fertilizers, cement, bio-chemicals, and transportation.

Greenzo Energy collaborates with France’s EODev to introduce hydrogen generators in India

• Greenzo Energy India has partnered with France’s EODev to launch GEH2 hydrogen fuel cell generators in India and Nepal.
• These emission-free generators aim to replace diesel systems in agriculture, telecom, and transportation, supporting India’s Green Hydrogen Mission. The venture is projected to generate $10 million in its first year.

Ohmium and Spirare Energy announce Green Hydrogen Production at NTPC Microgrid

• The green microgrid project at NTPC’s Energy Technology Research Alliance (NETRA) campus is powered by a solar PV system combined with a hydrogen energy storage system.
• The solar hydrogen microgrid at NTPC NETRA in New Delhi provides continuous, sustainable power using a solar PV system and hydrogen storage.

3 GW electrolyser manufacturing capacity is under development in India

• India is in the process of providing viability gap funding for 3 GW/year electrolyser manufacturing to boost green hydrogen production.
• The Hydrogen Mission targets 5 MMT/year of green hydrogen and 125 GW of renewable energy capacity, with 412,000 tons/year of production already awarded. The mission aims to attract INR 8 lakh crore in investments.

Airox Nigen installs 125 kW of hydrogen system for NPCIL

• Airox Nigen has installed a 125 kW (flow rate -25 Nm3/hr) at Tarapur Nuclear Power Plant in Maharashtra.
• The system has an electrolyser of 125 kW with a production capacity of 54 kgs/day (high purity hydrogen) during daylight hours.
• The green hydrogen will be utilised to stabilise the NPCIL’s grid and to reduce the emissions associated. 

Government urges sugar industry to diversify into ethanol-diesel, green hydrogen production

• The government urges the sugar industry to explore multiple avenues for diversification, including ethanol-diesel blending and green hydrogen production.
• The government has also emphasized the need for setting up of ethanol and CNG pumps, including through private sector participation.
• There is huge potential for flex engines, ethanol-based engines, and bioCNG as alternatives to fossil fuels.

Storage

Government may mandate 10% battery storage for new renewable energy projects

• The Union Ministry of New and Renewable Energy (MNRE) may soon mandate the inclusion of battery storage capacity in upcoming solar and wind power plants.
• The move is aimed at addressing the intermittency of renewable energy supply and ensuring round-the-clock power delivery.

Other Market Updates

PM Surya Ghar Muft Bijli Yojana receives 1.45 crore registrations

• The government states that around 1.45 crore registrations have been made under the PM Surya Ghar Muft Bijli Yojana and 6.34 lakh installations completed. The subsidy has been released to 3.66 lakh applicants.
• As per official data, Gujarat has seen the maximum solar installations under the scheme at 2,86,545, followed by Maharashtra with 1,26,344 installations and Uttar Pradesh at 53,423.

About 127 GW of renewable energy projects under tendering process

• The government states that around 127 GW of renewable energy projects are under the tendering process in the country.
• India currently has a total renewable energy capacity of around 203 GW. The country also plans to go net-zero by 2070.

SECI withdraws debarment notice issued to Reliance Power

• Reliance Power and its subsidiary were barred by SECI from participating in government tenders for three years after SECI accused them of submitting fake financial documents in connection with a battery energy storage tender.
• Reliance NU BESS (formerly Maharashtra Energy Generation Ltd.) had a bid for a portion of the 1 GW/2 GWh standalone battery energy storage systems (BESS) tender. However, SECI has now withdrawn the debarment notice against Reliance Power, effective immediately. As a result, Reliance Power and its subsidiaries, except Reliance NU BESS, are eligible to participate in all SECI-issued tenders.

Over 9.2 GW of solar power from SECI remains unsold due to lack of off takers

• Over 9,200 MW of renewable energy capacity comprising solar, wind-solar hybrid, solar with battery energy storage systems (BESS), and firm and dispatchable energy (FDRE) across 33 projects is stranded for want of off takers.
• In the latest list of unsold power (9,296 MW) released by SECI, all projects except those by NTPC Green Energy are private developers.
• Adani Green Energy accounts for the highest inventory of unsold power at 1,799 GW, with a tariff of INR 2.42/kWh followed by Azure Power with 967 MW (300 MW at a tariff of INR 2.54/kWh) and 667 MW at IN2.42/kWh.
• NTPC Renewable Energy’s projects have a total capacity of 650 MW, waiting for offtakers.
• Other developers accounting for the unsold capacity include ReNew, Acme, Juniper Green, Asuari Renewables, Hero Solar, JSW, Avaada and Ampin.

India’s peak electricity demand is projected to reach 700 GW by 2047

• A report by EY India and the Confederation of Indian Industry (CII) estimates that India’s peak electricity demand will surpass 700 GW by 2047, which is 2.5 times higher than the current demand.
• It emphasizes the need to scale up the renewable energy capacity beyond 50 GW annually.
• This projection aligns with India’s long-term strategy to achieve net-zero emissions by 2070 and its goal of becoming a demand-driven economy by 2047.

India’s FDI investment in Renewable Energy sector increased by 50%

• As per Deloitte, FDI in the renewable sector increased by 50% to $3.76 billion in 2023-24. Cumulative disbursements by PFC, REC, and IREDA reached Rs 3,14,200 crore in 2023-24, up 71.1% on year.
• India’s power sector has seen significant growth with increase in FDI by 50%, award of contracts for 11.37 crore smart meters under Revamped Distribution Sector Scheme and reduction of ACS-ARR gap to Rs. 0.21/ kWh in FY24 (vis-à-vis Rs. 0.62/ kWh in FY21).

ALMM on solar cells may push tariffs by 40-50 paise per unit: CareEdgee Ratings

• The introduction of ALMM-II for domestic cells may result in an increase in the delivered cost of domestic modules by 6-7 cents/Wp, leading to a rise in solar tariffs by 40-50 paise per unit, according to a report by CareEdge Ratings.
• CareEdge Ratings also envisages that implementation of ALMM-II for DCR modules could push solar tariffs further up to INR 3 per unit levels, which were last seen over 2 years ago, in the short run.

India requires INR 14.5 lakh crore investment to meet 366 GW power demand by 2032

• According to the National Electricity Plan (NEP), India’s electricity demand is expected to surge to 366 GW by 2031-32, requiring an estimated investment of INR 14.5 lakh crore by 2027 to enhance power generation capacity and modernize infrastructure.
• Peak demand and energy requirements are projected to reach 277 GW and 1908 BU by 2027, and 366 GW and 2474 BU by 2032, respectively.

Maharashtra, Jharkhand, and Rajasthan were the largest beneficiaries under the PM KUSUM scheme

• According to the latest government data, a total of INR 1,325.77 crore was invested in the PM KUSUM scheme by October 2024, marking a significant increase of INR 325.19 crore from last year’s funding of INR 1,000.58 crore.
• Maharashtra, Jharkhand, and Rajasthan were the largest beneficiaries of the centrally sponsored scheme. Maharashtra’s funding rose from INR 330.21 crore in FY 2024 to INR 748.81 crore in FY 2025 (till October). A similar trend was observed in Jharkhand saw an increase from INR 2.36 crore to INR 49.62 crore, Karnataka from INR 2.38 crore to INR 81.25 crore, and Rajasthan experienced a substantial jump from INR 49.41 crore to INR 280.01 crore.

PMSGMBY Set to Surpass 10 Lakh Installations by March 2025, Targeting One Crore by 2027

• By March 2025, the number of rooftop solar installations under the PM Surya Ghar: Muft Bijli Yojana (PMSGMBY) is projected to surpass 10 lakhs. The target is to reach 20 lakh installations by October 2025, 40 lakhs by March 2026, and one crore by March 2027. 
• States such as Gujarat, Maharashtra, Kerala, and Uttar Pradesh have shown exceptional progress, benefiting from strong infrastructure and active stakeholder collaboration.

Regulatory clarity helped GEOA installed capacity grow by 90% between FY2023 and FY2024

• The regulatory clarity brought in by the Green Energy Open Access Rules (GEOA), 2022 has led to record annual installations between Fiscal Year (FY) 2023 and FY2024, states a new report by IEEFA and JMK Research.
• The C&I open access market witnessed a remarkable 90.4% increase in annual installed capacity between the fiscal year (FY) 2023 and FY2024.
• By the end of FY2024, cumulative capacity reached 18.7 gigawatts (GW). Gujarat and Rajasthan have been at the forefront of this growth, adding 1.43GW and 0.98GW in FY2024, respectively.

Policies and Regulations

Central Level Regulatory Updates

State Level Regulatory Updates