Monthly RE update β February 2022



Tenders
- In February 2022, 9 new renewable energy (RE) tenders with a total capacity of 1634 MW were issued. MGVCL issued 1000 MW rooftop solar tenders in Gujarat under Phase-II of grid connected rooftop solar scheme.
- SECI Issued an EPC Tender for 100 MW Floating Solar Project in Jharkhand.
Details of new tenders issued in February 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 |
Rooftop Solar |
CAPEX |
700 | EMD βINR 22.6 millionPBG β 3% of the total system cost | 16% |
12 months after the date of issuance of letter of award (LoA) or 24 months from date of Sanction | 2nd-Mar | |
MSEDCL, 445 MW, Solar (Under KUSUM component A), Maharashtra, Feb 2022 |
Small Scale Solar |
Project Development |
445 | EMD β INR 0.1 million/ MW PBG β INR 0.5 million/ MWCeiling Tariff β INR 3.10/ kWh |
15% |
12 months | 17th-Mar |
Rooftop Solar |
CAPEX |
300 | EMD βINR 15.2 million PBG β 3% of the total system cost |
16% |
12 months | 7th-Mar | |
Utility Scale Solar |
EPC |
100 | EMD β INR 70 million PBG β 10% of the contract value |
21.6% |
18 months | 31st-Mar | |
Rooftop Solar |
CAPEX |
50 |
PBG β INR 0.5 million/ MW |
16% |
6 months | 28th-Mar | |
Rooftop Solar |
CAPEX |
20 | EMD β INR 0.2 million PBG β 5% of the cost discovered |
– |
6 months | 11th-Mar | |
Utility Scale Solar |
EPC |
10 |
EMD- INR 0.5 million |
25% |
9 months | 11th-Feb | |
Utility Scale Solar |
EPC |
7 | EMD β INR 7.1 million PBG β 3% of the contract value |
– |
12 months | 22nd-Feb | |
Floating Solar |
EPC |
2 | EMD β INR 2.4 million PBG β 3% of the contract value |
– |
5 months | 26th-Feb |
PBG: Performance Bank Guarantee
EMD: Earnest Money Deposit
Source: JMK Research
Other announcements during the month were:
- SECI is likely to retender the round-the-clock (RTC) tender of 2.5 GW RE capacity combined with thermal because bidders failed to match the lowest tariff. In October 2021, Hindustan Thermal Projects was declared the winner and was allocated a capacity of 250 MW at a rate of INR 3.01/kWh. Other bidders were Greenko, with a tariff of INR 3.18/kWh for a capacity of 1001 MW, ReNew with a tariff of INR 3.19/kWh for 600 MW, Power Mech with a tariff of INR 3.30/kWh for 550 MW, and JSW Neo and Techno Electric with tariffs of INR 3.45/kWh for 600 MW and 500 MW respectively.
- SECI has released a notice regarding cancellation of the 50 MW solar project with land at Tamil Nadu, India.
- PFC Consulting Limited has invited proposals for setting up of transmission projects on Build, Own, Operate and Transfer (BOOT) to evacuate 40 GW of power from renewable energy zone (REZ) in Rajasthan
- REC Power Development and Consulting Limited has also invited proposals for setting up of transmission projects through tariff based competitive bidding (TBCB) on Build, Own, Operate and Transfer (BOOT) to evacuate 20 GW of power from renewable energy zone (REZ) in Rajasthan and transmission scheme for solar energy zone in Gadag (1500 MW) in Karnataka.
- Kerala State Electricity Board (KSEB) will soon invite bids for 100 MW each wind and floating solar projects in 10 dams. Adani Power, Tata power and NTPC have participated in the tender. The power tariff is capped at INR 4.10/kWh for KSEB buyback.
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 |
865 | EMD β INR 0.1 million/MW PBG β INR 0.5 million/MWCeiling Tariff β INR 3.10/kWh |
19% |
12 months | 11th-Mar | |
MSEDCL, 500 MW, Solar (Under PM KUSUM Component-C), Maharashtra, Dec 2021 |
Small Scale Solar |
Project Development |
500 | EMD β INR 0.1 million/MW; PBG β INR 0.5 million/MW Ceiling Tariff β INR 2.30/kWh |
19% |
9 months | 4th-Mar |
NTPC, 500 MW Wind/Solar with 3000 MWh BESS, Pan India, Jan 2022 | Wind/Solar
| Project Development
| 500 MW with 3000 MWh BESS
| EMD β INR 1.2 million/MW |
– |
24 months | 25th-Mar |
Source: JMK Research
Auctions Completed
Winners in the latest solar tenders

Source: JMK Research
Auctions were concluded for 1215 MW solar tenders by SECI in Karnataka and Himachal Pradesh.
Tender Name |
|
Capacity tendered (MW) |
Capacity allotted (MW) |
Minimum CUF |
Commissioning Timeline |
Winners Details |
|
1200 |
1200 |
17% |
18 months | β’ Ayana Renewable β 300 MW (INR 2.36/kWh)β’ Fortum β 300 MW (INR 2.37/kWh) β’ Ayana Renewable β300 MW (INR 2.35/kWh)β’ Fortum β 300 MW (INR 2.36/kWh) | |
SECI, 15 MW, Floating Solar, Bilaspur, Himachal Pradesh, Jul 2020 |
|
15 |
15 |
21% |
18 months | β’ SJVN β 15 MW (INR 3.26/kWh) |
Source: JMK Research
In addition, IREDA issued a revised PLI list for setting up manufacturing capacities for high efficiency solar PV modules. The successful winners under the PLI scheme are:
Winner Name |
Bidderβs Manufacturing Capacity in MW |
Eligible Capacity (for PLI) in MW |
Integration Stage |
PLI Quoted (in crores) |
Reliance New Solar Energy | 4000 | 2000 | Stage 1 to 4 | 1917 |
Shirdi Sai | 4000 | 2000 | Stage 1 to 4 | 1875 |
Adani | 4000 | 2000 | Stage 1 to 4 | 3600 |
Source: IREDA, JMK Research
Installed Capacity
In January 2022, a combined total of 743.95 MW of solar and wind capacity was added, taking the cumulative RE capacity to 105.85 GW.
RE installations in January 2022

Source: MNRE, JMK Research
Note: Solar includes utility scale solar, rooftop solar and off grid/distributed solar segments
Recently Commissioned RE projects
Developer |
Technology |
Tender Name |
AC Capacity (MW) |
State |
NTPC |
Solar |
SECI 1500 MW Solar CPSU II Tranche II Pan India Aug 2019 |
74.8 |
Rajasthan |
ReNew Power |
Wind Solar Hybrid (Captive) |
– |
17.6 |
Gujarat |
Sunsure |
Solar (Captive) |
|
17.5 |
Odisha |
Cochin International Airport Limited (CIAL) |
Solar |
– |
12 |
Kerala |
BHEL |
Solar |
– |
1.7 |
Madhya Pradesh |
Source: Industry news articles, JMK Research
Other key announcements that were made during the month were:
- Scatec Solar and Acme Solar have put their 900 MW solar project in Rajasthan on hold due to lack of supply of domestic solar panels and imposition of 40% import duty on solar modules which is set to take effect from April 2022. The project was scheduled to be completed in 2022.
- Singareni Collieries Company Limited (SCCL) is planning to build additional solar power facilities in Telangana with a capacity of 1,000 MW. The solar power plants will be built on unused and vacant government lands. The government has given the deadline of May 2022 to complete the installation of a 15 MW solar floating plant on the Singareni Thermal Power Plant (STPP) reservoir. The government also instructed to complete the tendering process for the third phase of 66 MW solar power plants by April 2022. The SCCL had so far installed 219 MW solar power plants in the coal belt region.
- Chandrapur Super Thermal Power Station (CSTPS) is also planning to build three solar power projects with total generation capacity of 300 MW in Maharashtra. The company has already started the construction of two solar parks in its plant area having generation capacity of 145 MW in Kachrala and 105 MW floating solar power project in the backwaters of Irai dam. CSTPS has also proposed another 50 MW solar project on 200 acres of unused land. This project is in the pipeline and the company is yet to receive a feasibility report.
- Solarworld Energy Solutions Private Limited has inked a deal with Sungrow for a 75 MW inverter system. They will work together on SJVN Limited’s 75 MW solar power project in Uttar Pradesh. This project is expected to be completed by June 2022.
- KPI Global has announced that it has won the largest single order for a solar power plant with a capacity of 25 MW DC.
- Oriano has won an order in Chhattisgarh for one of the largest captive solar projects under the C&I segment. The project’s total capacity is 168 MWp, with the first phase of 70 MWp expected to be operational by mid-April 2022. The remaining capacity construction has already started and is expected to be completed by October 2022.
- Under the Invest Rajasthan Campaign, the Rajasthan government will sign MOUs with major players in the renewable energy sector, attracting INR 3.05 lakh crore. It includes renewable energy projects with a capacity of 92.1 GW and solar module manufacturing with a capacity of 4 GW. Five PSUs, including NTPC, NHPC, SJVN Limited, THDC India Ltd., SECI, and private entities like Reliance, Axis, and SAEL, will sign MOUs or letters of intent.
- MNRE has approved the development of 400 MW solar park by SJVN at Kinnaur in Himachal Pradesh. With this latest addition, the renewable energy portfolio of SJVN is now 3054.5 MW, which already has a portfolio of more than 16,400 MW.
- Gujarat State Electricity Corporation Limited (GSECL) has started construction on a pilot 35 MW solar PV project with a 57 MWh Battery Energy Storage System (BESS) in Gujarat. The project will cost around INR 334.54 crore and will be carried out with the help of Gujarat Urja Vikas Nigam Limited (GUVNL) and the Gujarat Energy and Petrochemicals Department.
- IFC will extend its support in the development of 600 MW solar parks in Uttar Pradesh on PPP basis. The parks will be developed through a joint venture between THDC and Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). For the development of internal infrastructure, central financial assistance at INR 20 Lakh per MW or 30% of the project cost, whichever is lower will be given to TUSCO.
- Ecoppia has secured a 400 MW solar project from Azure Power that combines fixed-tilt and single-axis trackers. Ecoppia will use its whole product line (the E4, T4, and the most recent H4) to clean the panels.
- SECI has signed Power Sale Agreement (PSA) of 1785 MW Solar Power with RUVNL under State Specific Tranche IV tender. The tender was issued by SECI in March 2021. The successful bidders were NTPC, ReNew Solar Power, ACME Solar, Sprng Energy, UPC Renewables, Metka EGN.
- Sify data centers and Vibrant Energy signed a power purchase agreement (PPAs) for a total 231 MW of solar and wind energy capacity to power its latest hyperscale data centers. Investment of about Rs 1,250 crore for the 231 MW project will be done by both companies through a special purpose vehicle, which would be commissioned over the next few years.
- Waaree Renewable Technologies Limited has received a letter of award (LOA) to build a 180 MW DC solar power project in Tamil Nadu.
Monthly RE Generation
Renewable energy sources generated 10543.4 MU in February 2022, up by nearly 2.65% from January 2022. Solar energy accounts for 63% of RES (Renewable Energy Sources) generation in February 2022, followed by wind and other renewable energy sources (including biomass) at 28% and 9% respectively.
Source-wise Renewable Energy Generation (MU) – India

Source: CEA, JMK Research

Investments/ Deals
In February 2022, about $571.86 million was invested in the RE sector. The Key investment during the month were:
- Reliance Industries Ltd has completed the purchase of a 40% share in Sterling & Wilson Renewable Energy Ltd (SWREL) for $377 million.
- Virescent Renewable Energy Trust (VRET) raised $87 million at a rate of 7.93% via bond issue. Adani Green Energy also issued bond valued at $81.96 million with a tenure of up to around 12 years.
- Torrent power acquired 100% stake from Visual Percept Solar Projects which includes 25 MW solar power plant in Gujarat.
- Husk has received a loan of $4.2 million from IREDA to fund 140 micro grids in Uttar Pradesh.
Company Name |
Deal Type |
Sector |
Asset Acquired |
Investor |
Deal Value |
Stakes Acquired |
Other Details |
Sterling & Wilson | Equity | Renewable | – | Reliance Industries | $377 million | 40% | – |
Virescent Renewable Energy Trust (VRET) | Bonds |
Solar |
– |
– |
$87 million |
– | The bonds will be issued in two tenors – 7.33- year ($20 million) and 10-year ($67 million). The average quarterly coupon of the bonds is 7.93%, and it is totally set for the whole term. Crisil and India Ratings have assigned the highest rating of AAA (Stable) to the issue. |
Adani Green Energy | Bonds | Renewable | – | – | $81.96 million |
– | The Bonds were issued at a coupon rate of 7.83% per year and have a tenure of up to around 12 years. CRISIL Limited has assigned the NCDs an AA/Stable rating, while India Ratings assigned an AA(CE)/Stable rating |
Visual Percept Solar Projects | Acquisition | Solar | 25 MW | Torrent Power | $21.7 million | 100% | Torrent power concluded the deal to acquire 25 MW solar power plant in Gujarat |
Husk Power | Debt | Solar |
– | IREDA | $4.2 million |
– | The funds will be used to finance 140 microgrids in Uttar Pradesh and Bihar |
Amp Energy | Equity | Solar | – |
Cipla |
– |
32.49% | Cipla has signed a pact to set up a captive solar power project in Maharashtra |
Source: Industry news articles, JMK Research
Other key announcements that were made during the month were:
- Tata Power is in discussion with investors such as the Canadian Pension Plan Investment Board (CPPIB), Singaporean sovereign fund Temasek Holdings, and private equity firm General Atlantic to raise $600-700 million for its renewable energy business, valued at around $6-7 billion.
- ArcelorMittal has joined the race to buy Sprng Energy, alongside Royal Dutch Shell, Adani Group, Singapore’s Sembcorp Energy, and Canadian pension fund CPPIB in a $2 billion deal. While Shell Plc and Adani Group are the two leading contenders to buy Actis Llp’s Indian renewable energy platform Sprng Energy for around $1 billion in equity.
- Azure Power announced that its existing term loan of US$ 313 million for the development of a 600 MW solar project in Rajasthan has been refinanced at a fixed rate of 7.2% per annum for a period of 42 months. This is the lowest rate of interest for any project finance facility for the company’s existing portfolio in terms of rupee financing.
- The US is providing $500 million to help American companies manufacture solar modules in India. In November 2017, the US, Australia, India, and Japan formed the Quad to promote a free, open, rules-based order in the Indo-Pacific region.
- Godawari Power and Ispat have agreed to sell Virescent Infrastructure a 50 MW solar thermal power plant for INR 665 crore. The money released will be also used to set up a steel manufacturing unit and a solar PV capacity of 155 MW.
SECI Payments
In January, the Solar Energy Corporation of India Limited (SECI) paid nearly INR 5.43 billion to developers for the purchase of solar and wind power in January 2022. Compared to December 2021, the payment disbursal in January has increased by ~10%.
Monthly payments by SECI to solar and wind developers

Source: Ministry of Commerce and Industry, JMK Research
GTAM Traded Volume
During February 2022, the green term-ahead market traded 262 MU volume, with 39.79 MU in the solar segment and 222.22 MU in the non-solar segment. This is about 91% higher than the previous month. The average trade price in IEX GTAM for the same month was INR 4.4/kWh.
The PXIL Green Term-Ahead Market reported 392 MU volume in February 2022 with a significant of 5,524% on MoM basis. The average traded price was INR 4.6/kWh during February 2022.
GTAM traded volume and average traded price trend

Source: IEX, PXIL, JMK Research

Module Price Trends
Comparing on m-o-m basis, prices for global mono PERC modules remained unchanged while mono PERC India modules prices have increased marginally by 0.74% in February 2022.
Solar modules price trends

Source: PVInfoLink, JMK Research
Note: India Prices are FOB prices
Policies and Regulations
Central
State