Monthly RE update – February 2023


Tenders
- In February 2023, 24 new renewable energy (RE) tenders with a cumulative capacity of 8508 MW were issued. SECI issued a 1200 MW wind (Phase XIV) tender in India.
- MSEDCL floated a solar tender of 1000 MW in Maharashtra. In addition, MSEDCL floated a tender for procurement of power from 500 MW solar power projects with green shoe option of additional 500 MW capacity.
- Power Company of Karnataka Limited (PCKL) issued a 1000 MW pumped hydro storage tender in Karnataka.
- Tenders issued under KUSUM scheme this month:
- Paschim Gujarat Vij Company Limited (PGVCL) issued a solar tender of 921 MW under Component-C of KUSUM scheme in Gujarat.
- Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) floated a 420 MW of solar tender under Component-A of KUSUM scheme in Tamil Nadu.
- MSEDCL issued a tender for procurement of 250 MW solar power under Component-A of KUSUM scheme in Maharashtra.
Details of new RE tenders issued in February 2023

Source: JMK Research
New RFS Issued
Tender Name |
Technology |
Tender Scope |
Capacity (MW) |
Other Details |
Minimum CUF | Commissioning timeline from PPA signing (Months) |
Bid Submission Date |
Wind | Project Development |
1200 | EMD- INR 1.39 million/MW PBG- INR 2.07 million/MW |
22% | 24 | 3rd-Apr-2023 | |
Utility Scale Solar |
Project Development |
1000 | EMD- INR 0.1 million/MW PBG – INR 0.5 million/MWCeiling Tariff – INR 3.30/kWh |
19% | 12 | 17th-Mar-2023 | |
Power Company of Karnataka Limited (PCKL), 1000 MW, Pumped Hydro Storage, Karnataka, Feb 2023 |
Pumped Hydro Storage |
Project Development |
1000 | EMD- INR 0.5 million/MW |
– | 36 | 12th-Mar-2023 |
PGVCL, 921 MW, Solar (Under KUSUM scheme Component-C), Gujarat, Feb 2023 |
Small Scale Solar |
Project Development |
921 | EMD- INR 0.1 million/MW PBG – INR 0.5 million/MW |
– | 9 | 17th- Mar-2023 |
Utility Scale Solar |
EPC |
810 |
– |
– |
– | 13th-Febr-2023 | |
Utility Scale Solar |
EPC |
500 | EMD – 100 MW – INR 50 million150 MW to 200MW – INR 100 million 250 MW to 500MW – INR 200 million |
– |
– | 24th-Mar-2023 | |
Utility Scale Solar | Project Development |
500 | EMD – INR 0.4 million/MW PBG – INR 0.8 million/MW |
17% | 18 | 13th-Mar-2023 | |
Utility Scale Solar | Project Development | 500 | EMD- INR 0.4 million/MW PBG – INR 1.1 million/MW |
19% | 18 | 17th-Mar-2023 | |
TANGEDCO, 420 MW, Solar (Under KUSUM scheme Component-A), Tamil Nadu, Feb 2023 |
Small Scale Solar |
Project Development |
420 | EMD- INR 0.1 million/MW Ceiling Tariff – INR 3.30/kWh |
– | 12 | 8th-Mar-2023 |
Utility Scale and Floating Solar |
Project Development |
310 | EMD – INR 5 Crore to INR 20 Crore |
– |
– | 31st-Mar-2023 | |
SECI, 250 MW, Solar (Under KUSUM scheme Component-A), Maharashtra, Feb 2023 |
Small Scale Solar |
Project Development |
250 | EMD- INR 0.1 million/MW PBG – INR 0.1 million/MWCeiling Tariff – INR 3.30/kWh |
15% | 12 | 15th-Mar-2023 |
Wind |
Project Development |
200 | EMD- INR 0.1 million/MW Ceiling Tariff – INR 2.65/kWh |
– |
– | 15th-Mar-2023 | |
Utility Scale Solar |
Project Development |
200 | EMD- INR 0.8 million/MW PBG – INR 2 million/MWCeiling Tariff – INR 4.00/kWh |
16% | 18 | 14th-Mar-2023 | |
Wind Solar Hybrid | Project Development |
150 | EMD- INR 1.45 million/MW PBG – INR 3.62 million/MW |
30% | 24 | 20th-Mar-2023 | |
Utility Scale Solar |
EPC |
110 | EMD – INR 43 million PBG – 7.8% of the contract price |
– | 18 | 24th-Feb-2023 | |
Rooftop Solar |
– |
100 | PBG- 3% of the quoted capacity |
21% | 2 | 14th-Mar-2023 | |
Utility Scale Solar | Project Development | 100 | EMD Up to 1 MW- INR 0.1 millionAbove 1 MW- INR 0.2 million |
– | 12 | 15th-Mar-2023 | |
Utility Scale Solar |
Project Development |
70 | EMD- INR 56.4 million PBG – INR 141 millionCeiling Tariff – INR 4.00/kWh | 16% | 18 | 10th-Mar-2023 | |
Utility Scale Solar |
Project Development |
50 | EMD- INR 40 million PBG – INR 100 millionCeiling Tariff – INR 4.00/kWh |
16.21% | 18 | 9th-Mar-2023 | |
JBVNL, 50 MW, Solar (KUSUM scheme under Component-A), Jharkhand, Feb 2023 | Utility Scale Solar | Project Development |
50 |
– |
– |
– | 22nd-Feb-2023 |
Utility Scale Solar |
EPC |
35 | EMD- INR 5 million PBG – 3% of the contract value |
23% | 12 | 1st-Mar-2023 | |
Utility Scale Solar |
EPC |
20 | EMD- INR 5 million |
21.67% | 12 | 14th-Mar-2023 | |
Utility Scale Solar |
Project development |
10 | EMD – INR 0.89 million/MW PBG – INR 3.4 million/MW |
16.21% | 14 | 20th-Febr-2023 | |
SECI, 2 MW with 1 MW/1 MWh BESS (EPC), Himachal Pradesh, Feb 2023 |
Solar + BESS |
EPC | 2 MW with 1 MW/1 MWh BESS | EMD- INR 3.4 million |
– | 18 | 3rd-Apr-2023 |
PBG: Performance Bank Guarantee
EMD: Earnest Money Deposit
Source: JMK Research
Date Extensions
Tender Name |
Technology |
Tender Scope |
Capacity (MW) |
Other Details |
Minimum CUF | Commissioning timeline from PPA signing (Months) |
Bid Submission Date |
Adani, 1500 MW, RTC Power from RE Projects, Pan India, Dec 2022 |
Hybrid |
Project Development |
1500 | EMD – INR 0.5 million/MW/project PBG – INR 1 million/MW/project |
– | 24 | 15th-Mar-2023 |
RUVNL, 1500 MW, Wind Solar Hybrid with Storage, Pan India, Jan 2023 |
Wind Solar Hybrid with Storage |
Project Development |
1500 | EMD- INR 1.2 million/MW |
30% | 24 | 14th-Mar-2023 |
SECI, 1200 MW, Wind Solar Hybrid with ESS (Tranche VI), Pan India, Nov 2022 |
Wind Solar Hybrid with ESS |
Project Development |
1200 | EMD – INR 1.23 million/MW PBG – INR 1.84 million/MW |
50% | 24 | 10th-Mar-2023 |
MPUVNL, 1110 MW, Solar (KUSUM Component-C), Madhya Pradesh, Jan 2023 |
Small Scale Solar |
Project Development |
1110 | EMD- INR 0.1 million/MW PBG – INR 0.5 million/MW |
15% | 12 | 9th-Mar-2023 |
Utility Scale Solar |
Project Development |
1000 | EMD- INR 0.8 million/MW PBG – INR 2 million |
17% | 18 | 10th-Mar-2023 | |
Wind |
EPC |
1000 |
– |
|
| 14th-Mar-2023 | |
Utility Scale Solar |
Project Development |
700 | EMD – INR 0.4 million/MW PBG – INR 0.94 million/MW |
17% | 15 | 1st-Apr-2023 | |
Utility Scale Solar |
Project Development |
600 | EMD – INR 0.4 million/MW PBG – INR 0.94 million/MW |
17% | 15 | 13th-Mar-2023 | |
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 | 9th-Mar-2023 |
GUVNL, 500 MW, RE with 250 MWh ESS Phase (XV), Gujarat, Jun 2022 |
RE with Energy Storage System |
Project Development |
500 with 250 MWh ESS | EMD – INR 1 million/MW PBG – INR 2.5 million/MW |
Wind – 22% Solar – 17% Hybrid – 30% | 18 | 27th-Mar-2023 |
Source: JMK Research
Bid Submission
Tender name | Capacity Tendered | Minimum CUF | Commissioning Timeline | Bidder Details |
500 |
22% |
18 months | ReNew Solaite Blupine Tata Power Eden Avaada Refex NTPC Apraava Energy |
Source: JMK Research
Installed Capacity
In January 2023, a combined total of 679 MW of solar and wind capacity was added, taking the cumulative RE capacity to 121.55 GW.
RE installations in January 2023

Source: MNRE, JMK Research
Note: Solar includes utility scale solar, rooftop solar and off grid/distributed solar segments
State wise RE installed capacity in January 2023
Gujarat added the maximum solar capacity as well as wind capacity in January 2023.
State wise RE installed capacity in January 2023

Source: MNRE, JMK Research
Recently Commissioned solar projects
Developer | Technology | Tender Name | AC Capacity (MW) | Consumer | State |
NTPC |
Solar | SECI 2000 MW Solar CPSU Tranche I Mar 2019 |
50 | – |
Rajasthan |
Cleantech Solar | Solar | Captive | 37 | Industrial manufacturing company | Maharashtra |
ŠKODA AUTO Volkswagen |
Rooftop Solar |
Captive |
18.5 | Self |
Maharashtra |
Amp Energy India | Solar | Open Access | 5 | Bharat Serum and Vaccines Ltd (BSV) | Gujarat |
Source: Industry news articles, JMK Research
Other key announcements that were made during the month were:
- ST Telemedia Global Data Centres India (STT GDC India) partners with O2 Power to obtain RE under a captive structure for its data centre in Bengaluru. O2 Power will supply RE from its wind-solar hybrid (WSH) project of 201.1 MW in Karnataka.
- Rajasthan is planning to install a 2000 MW solar park and new power plants in Chhabra and Kalisindh. Out of the 2000 MW solar park that the state government had earlier decided to set up, Rajasthan Vidyut Utpadan Nigam Limited (RVUNL) has to set up an 810 MW solar park. Similarly, two 600 MW ultra-solar critical plants will be set up in Chhabra.
- Sprng Energy has received the termination of the power purchase agreement (PPA) signed with the SECI for its 100 MW wind project in Madhya Pradesh. The company was issued the letter of award for the project in June 2019 by SECI after it became one of the lowest bidders in the auction by quoting a tariff of INR 2.82/kWh.
- The Grid Corporation of Odisha (GRIDCO) has announced that it will procure 400 MW from wind energy projects in Karnataka and Gujarat from financial year 2024-25 for 25 years. The green power purchase by GRIDCO will be through SECI for 25 years. GRIDCO will procure the power at a tariff of INR 2.96 to INR 3.01/kWh.
- Amplus Solar has signed an agreement to supply 56 MW of solar power under open access for JK Lakshmi Cement’s facility in Durg, Chhattisgarh. The Durg facility will meet nearly 80% of its energy requirements through renewable sources.
- Andhra Pradesh is planning to set up four solar energy parks with a capacity to produce 10,000 MW in the state under the state government’s latest Renewable Energy Export Policy. The government is planning to set up solar plants of a minimum 500 MW capacity in an area of 2,000 acres, throughout Andhra Pradesh.
- The Himachal Pradesh government is planning to develop multiple solar projects through Public Private Partnership (PPP) mode. SJVN will be developing five solar power projects in the state. Thaplan solar power project of 112.5 MW is being set up in district Una. In addition to this, 20 MW SPP in Una district, 20 MW in Kangra district, 30 MW SPP in Sirmaur district and 12.5 MW in district Kangra are in pre-construction stage.
- THDC India Limited and RRECL have signed a share holding agreement in Rajasthan with equity shareholding in the ratio of 74:26 respectively. The JV will develop Ultra Mega Renewable Energy Power Parks (UMREPP) of 10,000 MW capacity in the state.
- KPI Green Energy Ltd has signed a new set of Power Purchase Agreements (PPAs), under which the company will sell solar power of 8.35 MW to five companies which are Oriilon India Pvt. Ltd. (2.05 MW), Urvashi Pulp and Paper Mills Pvt. Ltd. (1.30 MW), lndo Count Industries Ltd. (2.50 MW), Oriilon India Pvt. Ltd. (0.50 MW) and CSCI Steel Corporation India Pvt. Ltd. (2.00 MW).
Monthly RE Generation
In February 2023, Renewable energy sources generated 12907.37 MU, which is 10.4% lower than the RE generation in January 2023. Solar generation increased by 4.26% while wind generation decreased by 35.82% on month-on-month basis in February 2023.
Source-wise Renewable Energy Generation (MU) – India

Source: CEA, JMK Research

Investments/ Deals
In February 2023, about $499 million was invested in the RE sector. The key investments during the month were:
- The Competition Commission of India (CCI) approved the purchase of stake in Hero Future Energies Global Ltd by investment firm KKR & Co Inc for $450 million.
- The Indore Municipal Corporation has raised $36.69 million in green bonds. The corporation is planning to use the funds to finance a captive solar power plant of 60 MW in Madhya Pradesh.
Company Name |
Deal Type |
Sector |
Investor |
Deal Value |
Hero Future Energies |
Equity |
Renewable |
KKR |
$450 million |
Indore Municipal Corporation | Green Bond | Solar | – | $36.69 million |
NHPC |
Bond |
Renewable |
– |
$12.07 million |
Source: Industry news articles, JMK Research
Other important announcements that were made during the month were:
- Hinduja Renewables has joined the race to acquire a majority stake in Fourth Partner Energy. The company has been shortlisted for the next round as are other contenders – Brookfield Asset Management Inc, Ontario Municipal Employees Retirement System (OMERS), and US fund I Squared Capital. The deal involves buying private equity firm TPG Capital’s 52% stake in Fourth Partner Energy at an enterprise value of $650-700 million (INR 5,300 crore) and additional primary capital.
- Adani Enterprises will return the announced investment of AED 1.4 billion by Abu-Dhabi’s International Holding Company (IHC) to its three green energy-focused companies. The investment was part of the fully subscribed Follow-on Public Offer (FPO). Adani Enterprises had planned to use part of the proceeds from the FPO to fund its clean energy initiatives, including green hydrogen projects.
- The government has concluded the sale of sovereign green bonds worth INR 160 billion, with the second tranche raising INR 80 billion. The second tranche included INR 40 billion in bonds with a five-year tenor and a similar amount of bonds with a ten-year tenor. The five-year bond yielded 7.25%, while the 10-year bond yielded 7.34%.
- NTPC plans to raise term loan of USD 750 million (about INR 6,213 crore) in Japanese Yen (JPY) denomination to finance its capital expenditure on new/ongoing renewable energy projects, including hydro, coal mining and refinancing of existing ECB/Rupee loan availed domestically for CAPEX (capital expenditure) etc. According to a bid document, the term loan would be for USD 150 million with green shoe option of USD 600 million.
- NTPC Green Energy Ltd (NGEL) has invited bids for rupee denominated term loan of up to INR 9,000 crore. The company intends to raise fresh debt and repay outstanding liability of INR 8,200 crore towards NTPC by March 31, 2023, along with applicable interest cost. Also, additional funds to the tune of INR 800 crore would be required for additional debt liability and for balance capex payments of projects which are yet to achieve full commercial operations.
- Aditya Birla Group has hired Standard Chartered to sell up to 49% stake in the group’s renewable energy business to raise around $400 million. Aditya Birla aims to establish 4.5 GW of installed renewable energy capacity by FY 2026 through utility and commercial and industrial (C&I) projects.
- ReNew Energy is planning to sell a minority stake in its commercial and industrial (C&I) projects for around $300 million as part of its capital recycling strategy. The company plans to hire investment bank Moelis & Co to sell up to 30% equity stake in its 2.3 GW C&I project portfolio. This comes against the backdrop of ReNew planning INR 35,000 crore capital expenditure over the next 18 months.
- Also, ReNew is in talks with lenders to raise about INR 4,000 crore in debt, which will include a dollar-denominated bond of $350 million- $400 million and INR 1,000 crore in project finance loan from REC. The funds are likely to be raised by March 2023.
- ReNew has become the first Indian renewable energy company to refinance dollar-denominated bonds. ReNew Energy Global plc (ReNew) has successfully refinanced its 2024 maturity dollar-denominated bonds with amortising project debt from an Indian non-bank financial company. ReNew issued bonds worth $525 million in 2019, which were set to mature in 2024.
- Macquarie Group is planning to sell its renewable energy platform in India, Vibrant Energy. Investment bank JP Morgan has been hired to run the sale process, which is likely to value the assets at $500 million (INR 4,000 crore). Vibrant Energy operates a renewable energy portfolio of 132 MW, with an active pipeline of 3 GW.
- Greenko Energy is set to prepay a tranche of $500 million of its dollar bonds that would mature in August 2023 using its near-term cash flows. The company clocked $625 million in Ebitda (operating profit) in FY2022 and is expected to close fiscal year 2023 at $650 million on revenues of $720 million. These papers, linked to a “restricted group” of 500 MW of renewable assets and issued in 2015, are among the first high-yield bond instruments from India.
GTAM Traded Volume
The IEX and PXIL together traded a total of 133 MUs in GTAM in February 2023, which is 27.4% higher than the volume traded in January 2023. The average trade price in IEX-GTAM for February 2023 was INR 9.2/kWh, while for PXIL it was INR 6.2/kWh. This is about 17.9% and 1.6% higher than the previous month’s prices.
GTAM traded volume and average traded price trend

Source: IEX, PXIL, JMK Research
Key Market Updates
Solar Manufacturing
Emmvee starts building new solar cell and module manufacturing facility
Emmvee Group has started building a new 1.5 GW solar cell line and 1.75 GW module manufacturing facility at Dabaspet, Bengaluru. The latest addition will expand Emmvee’s module capacity to 3 GW. The module and cell facilities are scheduled to commence operation in June 2023 and early 2024, respectively.
Websol to commence the first phase of the 1.8 GW mono PERC cell line in April 2023
Websol Energy Systems has announced that it will commence the first phase of its planned 1.8 GW mono PERC cell line in April 2023. The first phase will comprise the installation of a 600 MW cell line and 550 MW module line, and the second phase comprises the addition of a 1.2 GW cell line.
Tata Power to operationalize solar cell and module facility by Dec 2023
Tata Power aims to operationalize its solar cell and module facility being set up in Tamil Nadu by December 2023. In July 2022, Tata Power inked a pact with the Tamil Nadu government to invest INR 3,000 crore for setting up a new facility to manufacture solar cells and modules in the Tirunelveli district of the state. As per the Memorandum of Understanding (MoU) with the Tamil Nadu government, Tata Power company has to set up a greenfield 4 GW solar cell and 4 GW solar module manufacturing plant in the southern state. The module plant is to be ready by August-September and roll out the modules from September onwards.
Axitec plans to increase its solar panel capacity to 2 GW by 2023 and 4 GW by 2026
Axitec is planning to increase its annual production capacity from around 1.2 GW to 2 GW by 2023. The company aims to meet growing solar module demand in Europe, particularly in Germany, Austria and Switzerland. It will expand capacity at its production facilities in China, India and Vietnam. The company further plans to increase its production capacity by 4 GW by 2026.
Greenko to invest $6 billion into pumped storage and green ammonia business in next 3 years
The Greenko group is planning to build the world’s largest pumped hydro storage facility of 1,680 MW near Kurnool, Andhra Pradesh with an investment of $6 billion. The Kurnool plant is expected to be commissioned by December this year. The state is also planning to build three more such facilities, in the next three years. Two of these will be roughly of the same size and the third one-and-half times as big. Together, these will have a storage capacity of 50 GWh.
Green Hydrogen
BPCL plans to set up green hydrogen unit in Madhya Pradesh
Bharat Petroleum Corporation (BPCL) is planning to set up a 20 MW green hydrogen unit in Madhya Pradesh. The company announced that a final award for the project will take place by March or early April this year. This plant is the largest in India so far. Till now, the company has received interest from six to eight firms.
IOC to set up green hydrogen plants at all refineries
IOC is planning to set up green hydrogen plants at all its refineries as it pivots a INR 2-lakh crore green transition plan to achieve net-zero emissions from its operations by 2046. IOC plans to use electricity generated from renewable sources such as solar to split water to produce green hydrogen.
Ministry of Ports, Shipping and Waterways to develop major ports as hydrogen hubs
Under the Green Shipping initiative as part of the Maritime India vision 2030, the Ministry of Ports, Shipping and Waterways will develop 3 major Indian ports as hydrogen hubs. The government said that the Paradip Port in Odisha, Deendayal Port in Gujarat and V.O. Chidambaranar Port in Tamil Nadu will be developed for handling storage and green hydrogen generation.
Indian PSU refiners to set up 137,000 tpa green hydrogen facility by 2030
The Indian public sector oil refineries have together planned to set up 137 kilotonnes per annum (KTPA) of green hydrogen facilities by 2030. Indian Oil would first put up a 7 KTPA electrolysis plant at its Panipat refinery. IOC had entered into an agreement with the renewable energy company, ReNew Power and the engineering major, L&T, for putting up green hydrogen plants.
EIB commits 1 billion-euro funding for large-scale green hydrogen projects in India
The European Investment Bank (EIB) agreed to join the India Hydrogen Alliance (IH2A) and increase support for large-scale green hydrogen hubs and projects across India with indicative funding of one billion euros. This facility would support India’s efforts to commercialize upcoming green hydrogen technologies and accelerate cost reduction by investing continuously in innovation, R&D, green hydrogen hubs, and pilot projects.
Kerala announces INR 200 crore for setting up green hydrogen hubs over next 2 years
The Kerala government announced a scheme of INR 200 crore for viability gap funding, equity support to set up green hydrogen hubs in Kochi and Thiruvananthapuram over the next two years. An additional amount of INR 20 crore is also earmarked for this.
Other Market Updates
Government grants approval for 20,000 MW offshore wind power project in Gujarat
The Union government has granted in-principle approval for offshore wind power generation on the Gujarat coastline. With an expected investment of about INR 16,000 crore in setting up offshore windmills and an additional investment of between INR 20,000 crore to INR 24,000 crore in setting up onshore transmission infrastructure, the ambitious project envisages wind power generation to the tune of 20,000 MW.
Government announces exemption for solar projects from ALMM scheme for next 2 years
The government has announced that solar projects in the country will be exempt from the Approved List of Models and Manufacturers (ALMM) scheme for the next two years. According to the updated list of models and module manufacturers, the total capacity listed in the ALMM stands at approximately 22 GW and include 91 module manufacturers.
Green energy developers offer to sell 5 GW to Amazon
Green energy developers have submitted proposals to supply electricity to Amazon totalling 5 GW, in one of the largest such sourcing exercises in India. The 35 firms that have responded to Amazon’s request for proposals include the Adani Group, ReNew Energy Global Plc, Macquarie Infrastructure and Real Assets (MIRA), Actis’ Blupine Energy, European alternative asset manager EQT and Temasek Holdings Pte.’s O2 Power, Global Infrastructure Partners’ Vena Energy, Twinstar Overseas Ltd’ Serentica Renewables and Finland’s state-run Fortum. While the offers received were for 5 GW from solar, wind and wind-solar hybrid projects, the e-commerce giant may contract around 700 MW capacity in this round.
ReNew Power rebrands itself to ReNew; plans to tap the decarbonisation market
ReNew Power rebranded itself as it plans to provide decarbonisation solutions. The firm changed its name from ReNew Power to ReNew along with a new website and brand logo. The company aims to transition from being a pure-play renewable independent power producer to an end-to-end provider of solutions across the decarbonisation spectrum.
India set to blacklist renewable companies for delays
India will blacklist renewable power companies for three-to-five years if they do not meet project completion deadlines. MNRE orders if any renewable energy project is not completed by the prescribed date of completion, then its bank guarantee should be encashed and the developer blacklisted after asking to show cause.
India’s RE tendering activity fall from 40 GW in 2019 to 28 GW in 2022
Variable renewable energy tenders issued annually in India have fallen from 40 GW in 2019 to about 28 GW in 2022. This is below the level required for India to achieve its target of 450 GW of installed renewable capacity by 2030. To reach the 2030 target, India will need to open renewables tenders for at least 35 GW annually. Aggressive bidding and a failure to foresee a 30% to 40% rise in solar module prices have slowed developer participation due to the unviable price reverse auctions discover.
Talks on to allow older solar units exemption from duty
The Ministry of New and Renewable Energy is again in talks with the finance ministry for giving ‘grandfathering’ benefits to solar power projects that were bid out before customs duty was announced on modules and cells in March 2021. The latest discussion may allow projects of around 26 GW capacity an exemption from the levy to import solar modules and cells.
The government permitted amendments to be made to the Goa State Solar Policy 2017, to allow consumers to purchase renewable energy up to 100% of their contract demand from open sources on a first come, first served basis. The move is expected to benefit industries by over INR 1 per unit in electricity costs. Currently, industries that require above 1 MW of power are eligible to purchase only up to 50% of their sanctioned load under open access from 6pm to 11pm, which are considered peak hour. A maximum of 15% of the total demand of the state will be open for purchase by consumers under open access on a first come first served basis. As such, consumers that meet this criteria are allowed to draw 100% of their contract demand and will be exempted from paying electricity duty for the power generated from projects under this policy for a period of 10 years.
Indian Energy Exchange to launch High Price Day Ahead Market segment next month
Indian Energy Exchange is planning to launch the High Price Day Ahead Market segment by mid March, which will facilitate electricity generating firms to sell power at a price as high as INR 50 per unit. Earlier this month, the Central Electricity Regulatory Commission (CERC) allowed three categories of power generators to participate in the HP-DAM market which is gas-based generating stations using imported RLNG and naphtha, thermal plants using only imported coal, and Battery Energy Storage System (BESS).

Module Price Trends
Comparing on m-o-m basis, price for global mono PERC modules have decreased by 3% in February 2023.
Solar modules price trends

Source: PVInfoLink, JMK Research
Average prices for domestic modules
JMK Research carried out price survey from domestic suppliers for February 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 price for mono PERC 440 Wp modules was INR 28/Wp in February 2023, which is 0.9% lesser than the previous month’s price.
- The February price of mono PERC 500 Wp modules was INR 30.5/Wp which is 2.24% less than the price of modules in January.
- The price for Polycrystalline 330 Wp modules was INR 27/Wp, which is about 1.1% less than the previous month’s price.

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 |
MoF | 1st-Feb-2023 | |
CEA issues draft Construction of Electric Lines in Great Indian Bustard Area Regulations, 2023 | CEA | 1-Feb-2023 |
CERC issues new deviation settlement guidelines to maintain grid security |
CERC |
6th-Feb-2023 |
MoP issued draft guidelines to promote the development of Pump Storage Projects (PSP) in the country |
MoP | 15th-Feb-2023 |
CERC | 15th-Feb-2023 | |
MNRE issues PM-Gati National Master Plan related to renewable energy |
MNRE | 15th-Feb-2023 |
CERC approves IEX proposal to introduce HP-DAM in I-DAM segment at IEX | CERC | 16th-Feb-2023 |
MNRE | 17th-Feb-2023 |
State
Policy Name |
Issuing Agency |
Date of Issue |
APERC | 6th-Feb-2023 | |
UERC issued draft RPO Regulations 2023 | UERC | 13th-Feb-2023 |
KSERC sets tariff of INR 2.69/kWh for Average Renewable Power Purchase Cost for FY 2022-2023 | KSERC | 23rd-Feb-2023 |