Monthly RE Update – January 2025

Monthly RE Update – January 2025

Tenders Issued

• New RFS Issued: 4,419 MW of RE tenders issued in January 2025. HPPC floated a 500 MW solar power plant in Haryana
• NTPC issued a tender for setting up of 1200 MW ISTS-connected solar PV power projects with 600 MW / 2400 MWh (600 MW x 4 hours) Energy Storage Systems (ESS) anywhere in India.

New RE tenders issued in January 2025

Source: JMK Research

Source: JMK Research

Auctions Completed

• In January 2025, a total of about 4426 MW of renewable energy (RE) capacity was allocated to various RE developers. UPPCL concluded the auction of its 2000 MW solar power plant tender this month.
• SECI’s 2000 MW/8000 MWh FDRE VI tender was auctioned, with the lowest awarded capacity being 200 MW/800 MWh. The winner of this capacity is Altra Xergi Power (O2 power).
• In January 2025, RUVNL standalone BESS tender was awarded with a capacity of 500 MW/1000 MWh.
• SJVN auctioned a 600 MW wind tender with170 MW was being awarded to two bidders.
• Additionally, Dakshin Gujarat’s PM KUSUM Component-C tender was awarded with a capacity of 160 MW, the lowest winning tariff of INR 2.28/kWh and SJVN’s, PM Surya ghar tender was awarded with a capacity of 5.8 MW.

Figure 1.2: Winners in the latest RE tenders

Note: The tariff is in INR lacs/MW/month i.e. JSW Energy – 250 MW/500 MWh (INR 2.24 lacs/MW/month); Solarworld – 125 MW/250 MWh (INR 2.21 lacs/MW/month) ; Rays Power – 75 MW/150 MWh (INR 2.23 lacs/MW/month) ; Oriana – 50 MW/100 MWh (INR 2.22 lacs/MW/month)

Source: JMK Research

Installed Capacity

From January to December 2024, about 24,546 MW of Solar capacity and 3,426 MW of Wind capacity were added in the country, taking the cumulative RE capacity to 209.4 GW.

In December 2024, a combined total of  3,901 MW of solar and wind capacity was added.

Figure 2.1: RE installations in December 2024

Source: MNRE, JMK Research

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

Source: MNRE, JMK Research

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

In December 2024, Rajasthan added the highest Utility-Scale Solar capacity of 1680 MW, followed by Gujarat with 684 MW.

Gujarat installed the highest rooftop solar capacity of  175 MW this month, followed by Maharashtra with 113 MW.

In addition, Gujarat installed  the highest wind installations with a capacity of 105 MW ,followed by Tamil Nadu with 92 MW.

Projects Commissioned

Table 2.1: List of key RE projects commissioned in January 2025

Source: JMK Research

Key announcements that were made during the month were:

• ACME Solar has signed a Power Purchase Agreement (PPA) with NHPC (National  Hydroelectric Power Corporation) for the supply of 680 MW of hybrid renewable energy. The project is a part of NHPC’s 1400 MW FDRE tender and will be developed across Gujarat, Madhya Pradesh, Karnataka, and Rajasthan.
• Solidus Techno Power has started work on a 50 MWp ground-mounted solar power plant in Firozpur district of Punjab. The project, is being developed by Bluesky NRG and executed by Solidus Techno Power as the EPC partner.
  • Solidus Techno Power, has collaborated with steel manufacturer Jogindra Group to develop a 110 MWp solar power plant.
• Gujarat Alkalies and Chemicals Limited (GACL) has entered into an agreement with Aditya Birla Renewables Limited to set up a 62.7 MW Renewable Hybrid Power Project in Gujarat. GACL will procure power from through captive mode and the project is expected to be commissioned by next year. GACL is set to acquire a 26% stake, and the Power Consumption Agreement will ensure GACL has 100% access to the power generated by the project, with a 25-year validity unless terminated earlier.
• Two solar power projects of 11 MW have been set up in Jalna district in Hiwardi and Keligavan villages under Mukhyamantri saur Krushi Vahini Yojana 2.0. The 6 MW solar power plant at Hiwardi is already operational and supplying electricity to 30 villages, benefiting 2,570 agricultural connections. The 5 MW project at Keligavan village will become operational soon.
• Solex Energy has signed a Module Supply Agreement (MSA) with Sprng Energy Private Limited wherein, Solex Energy will supply 100 MWp of high-efficiency N-Type TOPCon 585 / 590 Wp solar modules for Sprng Energy’s projects in Gujarat. The modules are scheduled for delivery by the second quarter of 2025.
• Sun Drops Energia Private Limited, a subsidiary of KPI Green Energy Limited, has received Letters of Award/Intent for the development of solar power projects with a combined capacity of 32.15 MW. The projects are expected to be completed in the financial year 2025-26.
  • KPI Green Energy’s subsidiary, Sun Drops Energia Private Limited, has bagged an order to develop solar power projects with a cumulative capacity of 62.20 MW. These projects fall under the Captive Power Producer (CPP) segment and are expected to be completed in the financial year 2025-26.
• Envision Energy has secured orders from Juniper Green Energy (JGE) to supply 200 units of its EN182|5MW wind turbine generators and a 320 MWh battery energy storage system (BESS) solution. JGE will deploy the wind turbine generators for various projects won under State and Central-level auctions, while the BESS package will be used for the firm dispatchable renewable energy (FDRE) project awarded by SJVN.
• Waaree Energies has secured the order for 150 MWp of solar modules for a renewable energy project in India. The order has been placed by a renowned customer engaged in owning, developing, and operating renewable power projects in India. The modules are scheduled to be supplied in the next financial year, 2025-26.
  • Waaree Renewable Technologies bags contract for 2 GW solar (EPC) power plant in Rajasthan. The company has secured its largest EPC project from Sunbreeze Renewables Nine Pvt Ltd , a SPV of Jindal Renewables.
  • Waaree Energies has completed a 132.5 MWp solar module order for Radiance Renewables’ commercial and industrial project. The order was received in July 2024 for 575/580 Wp n-type TOPCon solar modules for the power plant.
  • Waaree Renewable Technologies has secured an order worth Rs 277.20 crore for setting up a ground-mounted solar power plant of 105 MWp (DC) capacity on a turnkey basis. The project is scheduled to be completed in 2025-26.
• Purvah Green Power Private Limited has received a letter of award (LoA) from CESC Limited for developing a 300 MW wind-solar hybrid power plant. The project includes a 150 MW inter-state transmission system connected wind-solar hybrid power plant under tariff based competitive bidding, along with an additional 150 MW capacity under a greenshoe option.
• Saatvik Green Energy has secured a contract valued at over INR 1,500 crore to supply 1 GW of solar PV modules. The company announced that the contract was awarded by a prominent energy producer.
  • Saatvik Green Energy has secured EPC contracts from Himachal Pradesh Power Corporation Ltd (HPPCL) to develop two solar projects with a total capacity of 23 MW. The project is expected to generate approximately 19 million units of electricity annually.
• Hartek Group has won complete solar (EPC) power plant contract of 8 MW from Kandhari Beverages, one of the largest bottling plants of Hindustan Coca Cola. When commissioned, this will be Jammu & Kashmir’s largest rooftop solar installation. The project is under execution and will be commissioned this quarter.
• Andhra Pradesh is aggressively pushing renewable energy projects to attract investments. Andhra Pradesh approves the projects of Reliance Industries, Tata Power, Clean Renewable Energy and Belgium-based John Cockerill’s investments in renewable energy sectors worth INR 71,400 crore.While Reliance Industries would be setting up Compressed Biogas (CBG) plants, Tata Power is planning a 400 MW solar power plant, and John Cockerill, in a joint venture with Greenko, proposed a hydrogen electrolyser manufacturing unit. Clean Renewable proposed a wind and solar hybrid power plant.
• Concord Biotech has entered into a strategic agreement to acquire 26% equity stake in CleanMax Everglades, a CleanMax Enviro Energy Solutions special purpose vehicle that is setting up a renewable energy project with a total capacity of 9.9 MW wind solar hybrid power plant from CleanMax Enviro Energy Solutions for its manufacturing plant in Gujarat through a captive arrangement. Concord Biotech will procure power in captive mode from the 6.6 MW wind and 3.3 MW solar power plant for its facility at Dholka, Gujarat.
• Senvion India has secured 121.5 MW wind turbine order from Continuum Green Energy.  The project involves supply, erection and commissioning of turbines and the Unit Sub – Station (USS).
• The Andhra Pradesh state government visits the Greenko’s integrated renewable energy project site. Greenko’s GW-scale integrated renewable energy generation and storage project, comprises 3,500 MW of solar, 1,214 MW of wind and 1,680 MW of pumped hydropower generation, backed with a pumped storage capacity of 10,080 MWh per day in a single cycle.The project at Pinnapuram is being established at an investment of $4.2 billion, which includes a $1.2 billion investment in creating the pumped storage capacity and the remaining $3 billion in setting up the solar and wind energy generation capacities.
• Sunsure Energy has signed its first utility scale PPA with SECI to supply 300 MW of renewable energy.Under the PPA, Sunsure will develop a solar park in Bikaner, Rajasthan, with an estimated cost of INR 1,800 crore.The project is expected to be completed by December next year.It is Sunsure’s largest PPA and is part of SECI’s Tranche XIII auction for ISTS solar capacity, which the company won in March last year.
• Suzlon Group and Torrent Power Limited have secured a 486 MW hybrid order in Gujarat.  Suzlon will supply 162 S144 wind turbine generators (WTGs) with Hybrid Lattice Towers (HLT), each having a rated capacity of 3 MW.
• Hazoor Multi Projects Ltd (HMPL) announced its entry into the green energy business by development of Maharashtra’s first solar park. The company is developing Chhatrapati Shivaji Maharaj Saur Urja Park with an ambitious capacity of 1.2 GW in collaboration with MNC from United Kingdom.
• TP Solar Ltd, an arm of Tata Power Renewable Energy Ltd., has signed a contract with Maharashtra State Power Generation Co. Ltd (MSPGCL) for supplying 300 MWp of ALMM – certified solar modules. The contract is valued at around INR 455 crore, wherein TP solar will supply solar modules to multiple locations across Maharashtra. The modules will be deployed for setting solar projects under Maharashtra’s Mukhyamantri Saur Krushi Vahini Scheme.
• Bridge and Roof Company has won SJVN’s EPC auction to set up a 100 MW solar power plant in Rajasthan. The tender was floated in April 2024.
• Coal India Limited (CIL) has issued an INR 1,217 crore tender to finance a 300 MW solar PV plant in the GIPCL Solar Park, Khavda, Gujarat, as part of its renewable energy strategy. The tender, released on January 27, 2025, follows a two-bid system with submissions due by February 19, 2025.
• Enfinity Global has secured 2 GW of grid-connected solar and wind projects across Rajasthan, Uttar Pradesh, Maharashtra, and Karnataka. The projects are estimated to generate power for around 4.7 million households and reduce 49 million metric tons of CO2 annually. The power will be supplied to government and commercial and industrial (C&I) customers. Over 1 GW of these projects will enter the construction phase in 2025, with work in Maharashtra and Karnataka starting in the first quarter.
• KPI Green Energy Limited has signed a contract with Coal India Limited to develop 300 MW AC grid connected ground mounted solar power plant at GIPCL’s Solar Park in Khavda, Gujarat. The contract is valued at Rs 1,311.40 Crore which includes O&M services for 5 years. The project is expected to be completed by November 2025.

Monthly RE Generation

In January 2025, Renewable energy sources generated 18,807 MUs which is around 10.3% higher than the RE generation in December 2024. In January 2025, solar energy generation increased by 18.4% whereas wind energy generation decreased by 2.6% 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 January 2025, a total of about $1,621 million investments made in the RE sector in India. The key investments during the month were:

• Power Finance Corporation Limited (PFC) has signed a loan agreement worth 120 billion Japanese yen with Japan Bank for International Cooperation (JBIC).
• Fourth Partner Energy Limited has secured an investment of $ 275 million through global investors like IFC, ADB and DEG.
• Waaree Energies has acquired Enel Power for $ 91.73 million.

Table 4.1: Investment and deal in January 2025

Source: Industry news articles, JMK Research 

Other important announcements that were made during the month were:

• The Global Energy Alliance for People and Planet (GEAPP) has strengthened its partnership with International Solar Alliance (ISA) by signing ISA’s Multi-Donor Trust Fund, which aims to mobilize $100 million to fund high-impact solar energy projects. GEAPP also announced DUET (Digitalization of Utilities for Energy Transition) and ENTICE 2.0 (Energy Transitions Innovation Challenge) initiatives.
• The Andhra Pradesh cabinet approved two engineering projects worth INR 2,723 crore for the greenfield capital city of Amaravati, including a 1 million tonne per annum green ammonia manufacturing facility and South India’s first integrated energy project, among others. The cabinet also approved the proposal to establish a solar hybrid and battery storage facility in the Nandyal and Kadapa districts which involves a 119 MW wind and 130 MW solar hybrid power plant.
• Pennar Industries has entered into an agreement with Zetwerk Manufacturing for incorporation of a joint venture company to carry on the business of manufacturing and sale of solar modules, including the development and operation of the manufacturing unit. Zetwerk Manufacturing has a 50.1% shareholding in the JV company and Pennar Industries 45% with others owning 4.9%.
• REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited handed over the Special Purpose Vehicle (SPV) “Rajasthan Power Transmission Limited” to Power Grid Corporation of India Limited for renewable energy evacuation. The transmission project, valued at INR 5,378.03 crore, is planned to evacuate 3.5 GW of renewable energy from the Rajasthan Renewable Energy Zone. The project, aimed at strengthening renewable energy infrastructure, is targeted for completion within 24 months.Karamtara Engineering has filed preliminary papers with markets regulator Sebi seeking its approval to raise Rs 1,750 crore through an initial public offering (IPO). The proposed IPO is a combination of a fresh issue of shares valued at Rs 1,350 crore and an offer for sale (OFS) of shares worth Rs 400 crore by promoters. Karamtara Engineering is a backward integrated manufacturer of products for renewable energy and transmission lines sectors.
• Karamtara Engineering has filed preliminary papers with markets regulator Sebi seeking its approval to raise Rs 1,750 crore through an initial public offering (IPO). The proposed IPO is a combination of a fresh issue of shares valued at Rs 1,350 crore and an offer for sale (OFS) of shares worth Rs 400 crore by promoters. Karamtara Engineering is a backward integrated manufacturer of products for renewable energy and transmission lines sectors.
• Orb Energy, a vertically integrated solar energy solutions provider, has surpassed ₹300 crore in financing disbursements in India. The milestone highlights the company’s efforts to enable micro, small and medium enterprises (MSMEs) in India to transition to cost-effective solar energy solutions providing zero collateral, zero down payment finance facility. The company has deployed approximately 350 MW of solar power plants across India, with a strong presence in southern and western regions. Orb Energy plans to disburse an additional ₹1,000 crore in financing over the next years.
• Competition Commission of India (CCI) cleared the proposed acquisition of Gentari renewables India Pvt Ltd to acquire 21 Special Purpose Vehicle (SPVs), owning renewable power generation plants and holding companies of certain SPVs.
• According to Goldman Sachs, The central government’s Production-Linked Incentive (PLI) schemes could generate an incremental revenue of USD 459 billion over the next 5-6 years across more than 720 companies. Additionally, the green hydrogen sector has 34 projects with USD 2.2 billion in incentives, and Ashoka Buildcon has announced a USD 1.08 billion investment in this area.
• Odisha has cleared INR 44,793.03 crore worth of investments in energy and industrial sectors. In the energy sector, Inox Solar Limited will invest INR 4,000 crore to establish a solar module and photovoltaic cell manufacturing facility with a capacity of 4.8 GW each in Dhenkanal.
• Apollo Green Energy, the renewable energy arm of Apollo International Group, plans to launch its IPO by the last quarter (Q4) of CY2025. Apollo Green Energy is an EPC company providing renewable energy solutions with about 400 MW solar power projects under construction.
• Avaada Group has completed INR 8,500 crore ($1 billion) in financing/refinancing of nine of its projects across different business divisions. The financing covers a mix of utility-scale IPP-mode solar projects, agrivoltaics projects under the PM-KUSUM scheme, merchant power generation projects, commercial and industrial (C&I) projects and the group’s solar module manufacturing business.
  • Avaada Group has pledged an investment of INR 20,700 crore to develop 1.5 GW of floating solar projects, 2 GW of pumped storage projects (PSPs), and green energy equipment manufacturing units in Odisha. The Company recently signed a Memorandum of Understanding (MoU) with the Government of Odisha for the proposed investment.
• Sterlite Grid 32 Limited (SGL32) has refinanced its INR 24.5 billion Mumbai Urja Transmission Limited (MUTL) project through listed non-convertible debentures (NCDs). The MUTL project, awarded in June 2020 via tariff-based competitive bidding, is being implemented on a build, own, operate, and maintain basis for 35 years. It spans Maharashtra, Gujarat, Assam, and Arunachal Pradesh, forming part of the western and northeastern region strengthening schemes. The project is expected to supply over 2,000 MW of additional power to Mumbai and Navi Mumbai. This financing represents SGL32’s first NCD issuance following its joint venture with GIC of Singapore.
• Blueleaf Energy has agreed to acquire a significant stake in Jakson Green’s 1 GW solar energy portfolio for an enterprise value of $400 million.
• Public Sector Banks (PSB) to finance about Rs 10 trillion for Renewable Energy projects in India by 2030. Of the total requirement of Rs 33 trillion, PSBs will provide Rs 10 trillion and other Rs 23 Trillion will be financed by other sources.
• Hero Future Energies starts off preparations for Rs 3,500 Crore IPO to raise funds from public. The IPO will allow existing investors like KKR and International Finance Corporation (IFC) to reduce stakes.

GDAM Traded Volume

The IEX traded a total volume of about 695 MUs in GDAM in January 2025 which is 10% less than the previous month. The average trade price in IEX-GDAM for January 2025 is INR 5.02/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 5.9% in January 2025.

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 9.4%).
• Bifacial Modules  – INR 17.5/Wp (up by 6.1%).
• TopCon Modules – INR 18.5/Wp (up by 2.2%).

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

Waaree Energies starts trial production at its 5.4 GW solar cell facility in Gujarat

• Waaree Energies started trial production at its 5.4 GW solar cell manufacturing facility in Chikhli, Gujarat.
• In addition to 5.4 GW PV cell capacity in Gujarat, the company is building a 6 GW wafer-to-module manufacturing hub in Odisha.

Group Surya plans to setup 1.2 GW solar module and cell manufacturing facility in Bihar

• Group Surya, headquartered in Bhubaneswar, Odisha, has announced a significant investment initiative amounting to INR 1000 crores for setting up solar cell and module manufacturing facility.
• Group Surya has inked an MoU with the Government of Bihar to establish a 1.2 GW solar module and cell manufacturing facility in Bihar.

Juniper International invests INR 6500 crore to set up PV manufacturing facilities

• Jupiter International is planning to invest INR 6,500 crore over the next three years to establish wafer, cell, and module production facilities, aiming to become a fully integrated solar manufacturer.
• The company intends to build capacities of 3 GW for wafers, 9.4 GW for cells (including its existing 1 GW), and 6 GW for modules.

Jupiter Renewables to invest INR 2,005 crore in Photovoltaic solar cell and module manufacturing unit in Odisha

• Jupiter International, through its subsidiary Jupiter Renewables, is planning to invest INR 2,005 crore in Photovoltaic Solar Cell and Module Manufacturing Unit in Odisha.
• An MoU between Government of Odisha and Jupiter International was signed during Utkarsh Odisha to establish the unit.
• The facility will have an annual production capacity of 4.2 GW for solar cells and 3.6 GW for modules.

RMC Switchgears conducted a Bhoomi Poojan ceremony for its new solar module manufacturing plant in Jaipur

• RMC Switchgears recently conducted a Bhoomi Poojan ceremony for its new solar module manufacturing plant with a proposed capacity of 1 GWp in Chaksu, Jaipur.
• The company has yet to commence manufacturing operations, either directly or through its subsidiary.

Green Hydrogen

Sembcorp inks MoUs with Odisha government to set up 720,000-mtpa green hydrogen production facility

• Sembcorp has signed two non-binding MoUs with the Government of Odisha to explore the development of a 720,000 metric tonnes per annum (mtpa) production facility for green hydrogen and its derivatives and an industrial park in the state.

NTPC REL signs MoU for green hydrogen mobility at Kandla Port

• NTPC Renewable Energy Limited (NTPC REL), a subsidiary of NTPC Green Energy Limited(NGEL), signed a MoU with Deendayal Port Authority (DPA) to establish a green hydrogen fueling station and deploy 11 hydrogen-powered buses at Kandla Port in Gujarat.
• Under the initiative, NTPC REL aims to phase out fossil fuel buses at the port by promoting clean and green energy solutions.

SECI issued LoA to setup electrolyser manufacturing capacity

• Advait infrastructure has received Letter of Award (LoA) from SECI to set up 200 MW of alkaline electrolyser manufacturing capacity in India.
• The company has won PLI incentives under the tranche II of the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme.
• Under the scheme, a total of eleven companies (including Advait) emerge as winners for a cumulative 1.5 GW of electrolyzer manufacturing capacities to be set up in India.Other winners include Matrix Gas and Renewables (237 MW), NewAge Green Electro (71.5 MW + 228.5 MW), Ohmium (137 MW), Waaree Energies (300 MW), GH2 Solar (105 MW), Avaada Electrolyser (49.5 MW), Adani Enterprises (101.5 MW), Eastern Electrolyser (30 MW), Newtrace 30 MW, and Suryaashish KA1 (10 MW).

Advait Energy Transitions Partners with Haryana City Gas to set up green hydrogen plant

• Advait Energy Transitions has signed a green hydrogen off-take MoU with Haryana City Gas Distribution (Bhiwadi) Ltd. As part of the agreement, Advait will establish a 2,000 MTPA green hydrogen plant on a turnkey basis and provide operation and maintenance (O&M) services for one-year post-commissioning.
• The scope of work also includes supplying 15 MW alkaline electrolysers and the balance-of-plant (BOP) system for the green hydrogen facility. Additionally, Advait will offer consultancy and advisory services for the utilization of green hydrogen produced by the plant for various industrial and commercial applications.

Tata Steel to develop hydrogen transportation pipelines

• Tata Steel has become India’s first steel company to develop hydrogen transportation pipelines.
• The pipes will be processed at Tata Steel’s Khopoli plant using steel manufactured at Kalinganagar plant.
• The API X65 hydrogen compliant pipes can be used to transport 100% pure gaseous hydrogen under almost 100 bar pressure.

Indian Oil corporation (IOC) is set to install a green hydrogen plant in Panipat

• AM Green, incorporated by Greenko Group, a green hydrogen and ammonia producer in India, has partnered with DP World, a global logistics leader, to create a sustainable supply chain for green fuels and chemicals.
• Under the MoU, the companies will develop logistics and storage infrastructure to facilitate the global export of 1 million tonnes per annum (mtpa) of green ammonia and 1 MTPA of green methanol.

NTPC RE issues tender for 1 MW Green Hydrogen Project in Gujarat

• NTPC Renewable Energy issues tender for development of Green Hydrogen generation unit/ electrolyser for 1 GW project in Kandla, Gujarat.
• The Last date to submit bids is February 11, 2025.
• Bidders must submit an earnest money deposit of Rs 2 Million.

AM Green partners with DP World to develop sustainable supply chain for green fuels

• AM Green, incorporated by Greenko Group, a green hydrogen and ammonia producer in India, has partnered with DP World, a global logistics leader, to create a sustainable supply chain for green fuels and chemicals.
• Under the MoU, the companies will develop logistics and storage infrastructure to facilitate the global export of 1 million tonnes per annum (mtpa) of green ammonia and 1 MTPA of green methanol.

Kerala awarded Rs 34.8 crore funding for green hydrogen pilot project

• Kerala has been awarded Rs 34.84 crore funding for its green hydrogen pilot project in the transport sector. MNRE is funding and ARAI is approving the project on behalf of MNRE.
• The total project cost is estimated at INR 40 crores, with INR 34.85 crores which is about 90% supported through viability gap funding (VGF) under the Green Hydrogen Pilot Scheme.

IH2A proposes $2.5 billion boost to green hydrogen mission

• The India Hydrogen Alliance (IH2A) has recommended an additional allocation of $2.5 billion to the National Green Hydrogen Mission (NGHM), in addition to the $2.3 billion already allocated.
• IH2A also recommended public funding to develop five additional National Hydrogen Hubs, in collaboration with state governments and project developers.

PM Modi to lay foundation stone for ₹1.85 lakh crore green hydrogen hub in Andhra Pradesh

• Prime Minister Narendra Modi will lay the foundation stone for NTPC Green Energy Limited’s (NGEL) Green Hydrogen Hub Project at Pudimadaka near VIshakapatnam. The project will be the first Green Hydrogen Hub under the National Green Hydrogen Mission involves an investment of INR 1,85,000 crore.
• The hub will include 20 GW of renewable energy capacity, producing 1500 tonnes per day (TPD) of green hydrogen and 7500 TPD of derivatives such as green methanol, green urea, and sustainable aviation fuel.

Storage

Neuron Energy unveiled 1.5 GWh Lithium-ion battery manufacturing unit

• Neuron Energy has unveiled its lithium-ion battery manufacturing facility with an annual output of 1.5 GWh in Pune, Maharashtra.
• The facility will produce high-performance lithium-ion batteries for a diverse range of applications, including two wheelers, three-wheelers (L3 and L5 categories), battery energy storage systems (BESS). The facility is built with an INR 25 crore investment.

LICO Materials launches LiGRID system for energy storage solutions

• LICO Materials, launched LiGRID system using second life batteries, addressing energy storage needs as well as battery waste management.
• The LiGRID system serves 3 market segments in 3 tiers, operating in a temperature range from -20°C to 60°C.
  • Tier 1: LiGRID 10 offers 18 kWh storage for residential applications.
  • Tier 2: LiGRID 30 offers 100 kWh storage for office buildings and EV charging stations
  • Tier 3: LiGRID 250 offers 300 kWh storage for larger commercial installations.

NTPC rolls out CO2 battery storage project at Kudgi thermal power station

• NTPC, has announced the launch of a CO2 battery energy storage project at NTPC Kudgi super thermal power station in Bijapur district of Karnataka.
• This project is undertaken by NETRA, the R&D wing of NTPC, and will be executed in collaboration with Triveni Turbine Ltd and Italy’s CO2 battery technology company Energy Dome.
• CO2 battery with an energy storage capacity of 160 MWh will be set up at NTPC Kudgi.

BPCL partners with Volks Energie for India’s first LFP solar energy project

• Bharat Petroleum Corporation Limited (BPCL) has partnered with Volks Energie, to set up solar power plants using LFP based (Lithium Iron Phosphate) Battery Energy Storage Systems (BESS) its oil and gas pipeline project.
• As part of the project, Volks Energie will deploy a combined solar capacity of 280 kW backed with battery capacity of 1.6 MWh across 14 strategic locations in Andhra Pradesh and Telangana.\

Andhra Pradesh and NHPC form JV for 6-8 GW Pumped Hydro Project

• APGENCO and NHPC have formed a JV named ANGEL (APGENCO NHPC Green Energy Company).
• The JV has been assigned 2 PSP projects for Andhra Pradesh government with a total capacity of 2 GW. The total capacity of these projects could reach 6-8 GW.

SJVN signed an MoU with the Government of Bihar to develop the 1000 MW PSP project in Bihar

• SJVN has signed an MoU with the Government of Bihar to develop the 1000 MW Hathidah Durgawati Pumped Storage Project (PSP) in Kaimur, Bihar. The Hathidah Durgawati PSP is designed to have an installed capacity of 1000 MW (4×250 MW), with the ability to generate 6.325 million units of daily peak energy. Annually, the project is expected to produce 2,308.65 million units. The project is estimated to cost INR 5,663 crore.
• Tata Power’s much-awaited 1,800 MW pumped hydro storage plant at Shirawata in Pune district and another 1,000 MW PSP at Bhivpuri in Raigad district secured the requisite approvals and clearances. Tata Power aims to commence work on Bhivpuri project this month and commission it in 44 months, by 2028. While the work on the Shirawata project is scheduled to begin by mid-2025 and will be commissioned in 2029.

Other Market Updates

Over 12.09 GW of solar power from SECI remains unsold due to lack of offtakers

• Over 12.09 GW of renewable energy capacity comprising of solar, wind-solar hybrid, solar with battery energy storage systems (BESS), and firm and dispatchable energy (FDRE) across 43 projects is stranded for want of offtakers.
• In the latest list released by SECI, all projects except those by the public sector NTPC Green Energy are of private developers.

PM-SGMBY presents opportunity of INR 1.2 trillion for component manufacturers

• PM-SGMBY has the potential to catalyze an INR 1.2 trillion ecosystem, with PV module, inverter, mounting equipment, and electrical component manufacturers.
• Solar module manufacturers have the largest market opportunity worth INR 480 billion, inverters INR 275 billion, electric components INR 200 billion, and mounting structures INR 90 billion.

India adds record 24.5 GW of solar power capacity in CY2024

• In 2024 (January to December), India added about 24.5 GW of solar and ~3.4 GW of wind capacity. This represents a more than twofold rise in solar installations and a nearly 1.21 times increase in wind installations compared to 2023. Notably, the total solar capacity added in 2024 is the highest recorded capacity in any previous year.
• India added about 18.5 GW of new utility-scale solar capacity in 2024, marking an increase of ~2.8 times compared to the installations in 2023.India said about 4.59 GW of new rooftop solar capacity in 2024, a 53% increase compared to 2023. This growth can be attributed to the launch of the PM Surya Ghar: Muft Bijli Yojana. Notably, within just 10 months of the scheme’s launch, there have been 7 lakh rooftop solar installations across the country.
• In the off-grid/distributed solar segment, about 1.48 GW was added in 2024, which is about 197% higher than the installations in the same period last year.

Central government approves 5 GW of solar under PM KUSUM in Rajasthan

• The central government has approved an additional 5 GW allocation under Component A of the PM Kusum Yojana in Rajasthan
• The Rajasthan government has been proactive in implementing the PM Kusum Yojana, promoting solar power adoption at the grassroots level.

Madhya Pradesh to strive for 1,550 MW green energy in five years

• The Madhya Pradesh state government is planning for a 1,550 MW of renewable energy in the next five years. To achieve the green energy capacity, INR 7,350 crore has been sought from the Finance Commission.
• Of the total planned capacity, 1,400 MW will be from solar power generation, while 150 MW will be from wind and other renewable energy sources such as biogas, small hydro and waste-to-energy projects.
• In addition, another 1,000 MW per hour of renewable energy is proposed through the installation of energy storage capacity.

NTPC collaborates with Rajasthan to set up 25 GW of Renewable energy

• NTPC has partnered with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) to launch a new joint venture called NTPC Rajasthan Green Energy Limited.
• NGEL holds a 74% stake in the company, while RVUNL owns 26%. The main goal of NTPC Rajasthan Green Energy Limited is to develop, operate, and maintain renewable energy projects in Rajasthan, including solar, wind, and hybrid projects with or without energy storage, targeting up to 25 GW of capacity. The company also plans to develop green hydrogen and its derivatives, like green ammonia and green methanol, with a production capacity of up to 1 million tons.

Over 7,700 Gujarat farmers installed off-grid solar pumps by December 2024

• With financial support from the Gujarat government under the PM-KUSUM scheme, over 7,700 off-grid solar pumps were installed by farmers in Gujarat by December 2024.
• Subsidies totaling over INR 218 crore covered about 70% of the cost.

A total of 850,000 rooftop installations were completed under the PM Surya Ghar scheme

• India has crossed 8.5 lakh rooftop installations under PM – Surya Ghar.
• The government aims to achieve 500 GW of Renewable Energy by 2030 with a vision to achieve 1800 GW by 2047.
• A financial assistance of INR 33 Lakh crore will be required for this transition involving public sector banks, global financing institutions and private capital.
• Rooftop installations under PM Surya Ghar Muft Bijli Yojana are expected to reach 20 Lakh by October 2025. Around 10 Lakh installations are expected by March 2025.

Policies and Regulations

Central Level Regulatory Updates

State Level Regulatory Updates