Monthly RE update – July 2022


Tenders
- In July 2022, 29 new renewable energy (RE) tenders with a cumulative capacity of 7568 MW were issued. REMCL issued two big tenders- one a plain vanilla solar tender of 1548 MW and another 1000 MW of Round-the-Clock (RTC) tender with or without Storage.
- MSEDCL also issued two tenders- a 1000 MW solar tender under Tranche V and another 500 MW solar tender under Phase VIII Tranche VI in Maharashtra.
- GUVNL issued a 750 MW tender for purchase of grid connected solar power (Phase XVI) with greenshoe option of additional up to 750 MW.
- MPUVNL floated a solar tender of 1250 MW under Component C of PM KUSUM Scheme.
Details of new RE tenders issued in July 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 |
Utility Scale Solar |
Project Development |
1548 | EMD – INR 1 million/MW PBG – INR 1.6 million/MW |
19% |
18 months |
13th-Sep-2022 | |
MPUVNL, 1250 MW, Solar (Under KUSUM scheme Component C), Madhya Pradesh Jul 2022 |
Small Scale Solar |
Project Development |
1250 | EMD – INR 0.1 million/MW PBG – INR 0.5 million/MW |
15% |
9 months |
17th-Aug-2022 |
Utility Scale Solar |
Project Development |
1000 | EMD – INR 0.1 million/MW PBG – INR 0.5 million/MWCeiling Tariff – INR 3.10/kWh |
19% |
12 months |
1st-Aug-2022 | |
REMCL, 1000 MW, RE with or without Storage, Pan India, Jul 2022 |
Hybrid |
Project Development |
1000 | EMD – INR 0.98 million/MW PBG – INR 2 million/MW |
–
|
24 months |
16th-Aug-2022 |
Utility Scale Solar |
Project Development |
750 | EMD – INR 0.4 million/MW PBG – INR 0.94 million/MW |
17% |
18 months |
23rd-Aug-2022 | |
Utility Scale Solar |
EPC |
500 | EMD – INR 109.41 million PBG – 5% of contract value |
27% |
15 months |
24th-Aug-2022 | |
MSEDCL, 500 MW, Solar Phase VIII Tranche VI, Maharashtra, Jun 2022 |
Utility Scale Solar |
Project Development |
500 | EMD – INR 0.47 million/MW PBG – INR 1.29 million/MW |
19% |
15 months |
30th-Aug-2022 |
RUMSL, 300 MW, Floating Solar Phase II, Madhya Pradesh, Jul 2022 |
Floating Solar |
Project Development |
300 |
EMD – INR 90 million |
– |
– |
26th-Sep-2022 |
Rooftop Solar |
– |
200 | Firms located outside J&K Performance Guarantee – INR 5 million Firms located within the UT of J&K – INR 1 million |
– |
– |
29th-Jul-2022 | |
Utility Scale Solar |
EPC |
121 | EMD – INR 5 million PBG – 10% of EPC contract price |
21% |
9 months |
8th-Aug-2022 | |
Utility Scale Solar |
EPC |
100 |
EMD – INR 43.1 million |
– |
18 months |
16th-Aug-2022 | |
Floating Solar |
Project Development |
90 | EMD – INR 59.7 million PBG – INR 15 million |
– |
15 months |
10th-Aug-2022 | |
UGCVL, 54 MW, Solar (Under KUSUM scheme Component C) (EPC), Gujarat, Jun 2022 |
Small Scale Solar |
EPC |
54 | EMD – INR 0.1 million PBG – INR 0.5 million/MW |
19% |
9 months |
19th-Jul- 2022 |
Rooftop Solar |
CAPEX |
38 | EMD – INR 1000 X Bid Capacity in kWp PBG – INR Amount (cost discovered) X 3% X Allocated Capacity in kWp |
– |
6 months |
28th-Jul-2022 | |
DHBVN, 26 MW, Solar (under KUSUM scheme Component A), Haryana, Jul 2022 |
Small Scale Solar |
Project Development |
26 |
EMD – INR 0.1 million |
15% |
12 months |
26th-Jul-2022 |
Utility Scale Solar |
EPC |
20 | EMD – INR 26.5 million PBG – 3% of the contract value |
– |
12 months |
23rd-Aug-2022 | |
BMRCL, 20 MW, Rooftop Solar, Karnataka, Jun 2022 |
Rooftop Solar |
RESCO |
20 | EMD – INR 9.164 million PBG – INR 24 million |
– |
– |
10th-Aug-2022 |
ANERT, 20 MW, Rooftop Solar, Kerala, Jul 2022 |
Rooftop Solar |
– |
20 | EMD – INR 0.5 million |
– |
– |
11th-Jul-2022 |
MGVCL, 17 MW, Solar (Under KUSUM scheme Component C), Gujarat, Jul 2022 |
Small Scale Solar |
Project Development |
17 | EMD – INR 0.1 million PBG – INR 0.5 million |
19% |
9 months |
28th-Jul-2022 |
Rooftop Solar |
– |
2 | EMD – INR 0.99 million PBG – 2% of the project cost |
– |
4 months |
18th-Jul-2022 | |
Rooftop Solar |
– |
2 | PBG – INR 2.448 million/MW Ceiling tariff – INR 4.50/kWh |
12% |
9 months |
5th-Sep- 2022 | |
Small Scale Solar |
EPC |
2 | EMD – INR 2.27 million PBG – 3% of the total contract value |
– |
7 months |
16th-Aug-2022 | |
Floating Solar |
EPC |
2 | EMD – INR 2.3 million PBG – 3% of the contract value |
– |
5 months |
12th-Aug-2022 | |
NTPC, 1.16 MW, Rooftop Solar (O&M), Chhattisgarh, Jul 2022 |
Rooftop Solar |
O&M |
1.16 | EMD – 10% of the contract value |
– |
– |
5th-Jul-2022 |
Floating Solar |
EPC |
1.15 | EMD – INR 0.92 million PBG – 10% of the project cost |
– |
6 months |
30th-Jul-2022 | |
WBPDCL, 1.089 MW, Rooftop Solar (O&M), West Bengal, Jul 2022 |
Rooftop Solar |
O&M |
1.089 | EMD – INR 0.16 million PBG – 3% of the project cost |
– |
– |
22nd-Aug-2022 |
Banas Dairy, 1 MW, Rooftop Solar, Gujarat, Jun 2022 | Rooftop Solar |
– |
1 |
EMD – INR 0.4 million |
– |
6 months |
8th-Aug-2022 |
Floating Solar |
EPC |
1 | EMD – INR 0.9 million PBG – 5% of the contract value |
25.95% |
6 months |
30th-Jul-2022 | |
Small Scale Solar |
EPC |
1 | EMD – 3% of the contract value |
– |
18 months |
18th-Jul-2022 |
PBG: Performance Bank Guarantee
EMD: Earnest Money Deposit
Source: JMK Research
Other announcements during the month were:
- Bihar Renewable Energy Development Agency (BREDA) has issued tender to empanel manufacturers of solar modules, luminaries and lithium batteries to set up manufacturing and assembly unit in Bihar. The last date for bid submission is 5th August 2022. Bidders need to submit EMD of INR 1 million.
- NTPC has invited bids to enlist vendors for the O&M of solar power projects up to 50 MW. The last date for bid submission is 11th August 2022.
- SECI cancelled 3 tenders last month:
- 22 MW tender for EPC and O&M of over burden (OB) Dump based solar power plant in Telangana. The tender was issued in May 2022.
- 44 MW EPC tender of setting up ground based solar power plant at different sites at Singareni Collieries Company Limited, Telangana. The tender was floated in March 2022
- 100 MW EPC tender of a floating solar project with 10 years O&M in Jharkhand. The tender was floated in February 2022.
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 |
1000 | EMD – INR 0.4 million/MWPBG – INR 1.18 million/MW |
19% |
18 months |
29th-Aug-2022 | |
Utility Scale Solar |
Project Development | 1000 | EMD – INR 0.4 million/MW PBG – INR 1 million/MWCeiling Tarff – INR 2.30/kWh |
19% |
18 months |
26th-Aug-2022 | |
Hybrid |
Project Development | 750 | EMD – INR 1.15 million PBG – 1.73 million |
30% |
– |
10th-Aug-2022 | |
Utility Scale Solar |
Project Development |
700 | EMD – INR 0.4 million/MW PBG – INR 0.94 million/MW |
17% |
15 months |
30th-Aug-2022 | |
Utility Scale Solar |
EPC with Land |
600 | EMD – 50 MW to 100 MW – INR 50 million, 110 MW to 200 MW – INR 100 million, 210 MW to 510 MW – INR 200 million; 520 MW to 600 MW- INR 500 million |
– |
– |
8th-Aug-2022 | |
MSEDCL, 500 MW, Solar (Under KUSUM scheme Component C),Maharashtra, Jun 22 |
Small Scale Solar |
Project Development |
500 | EMD – INR 0.1 million/MW PBG – INR 0.5 million/MW |
19% |
9 months |
8th-Aug-2022 |
GUVNL, 500 MW, RE with 250 MWh ESS Phase (XV), Gujarat, Jun 2022 | RE with ESS | 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 months |
30th-Aug-2022 |
SECI, 30 MW, Floating Solar (EPC), West Bengal and Jharkhand, Jun 2022 |
Floating Solar |
EPC |
30 |
EMD – INR 40.2 million |
– |
12 months |
22nd-Aug-2022 |
Source: JMK Research
Auctions Completed
In July 2022, auctions were concluded for a total capacity of 510 MW solar tenders by GUVNL and KSEBL.

Source: JMK Research
Tender Name |
Capacity tendered (MW) |
Capacity allotted (MW) |
Minimum CUF |
Commissioning Timeline |
Winners Details |
500 |
500 |
15% |
18 months | • GSECL – 70 MW (INR 2.84/kWh)• EDF – 30 MW (INR 2.98/kWh)• Juniper Green – 40 MW (INR 3.04/kWh) • Bluepine – 100 MW (INR 3.05/kWh)• O2 Power – 70 MW (INR 3.17/kWh)• Acme – 50 MW (INR 3.26/kWh)• Ayana Renewable – 140 MW (INR 3.27/kWh) | |
KSEBL,10 MW with 20 MWh BESS, Solar, Kerala |
10 |
10 |
– |
15 months | • Hero Future Energies – 10 MW |
In addition, Ola Electric Mobility, Reliance New Energy Solar and Rajesh Exports have signed the program agreement under the government’s production-linked incentive (PLI) scheme for advanced chemistry cell (ACC) battery storage. The three companies emerged winners in the 50 GWh PLI tender.
Source: JMK Research

Installed Capacity
From January 2022 to June 2022, India added a cumulative RE capacity of 9064 MW in the country. In the month of June 2022, 836 MW of solar and wind capacity was added.
RE installations in June 2022

Source: MNRE, JMK Research
Note: Solar includes utility scale solar, rooftop solar and off grid/distributed solar segments
State wise solar and wind installed capacity in June 2022
In June 2022, Rajasthan added the maximum solar capacity of 392 MW followed by Tamil Nadu (119 MW) and Maharashtra (84 MW). In wind segment, Gujarat installed the highest wind capacity of 71 MW.
State wise solar and wind installed capacity in June 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) |
Tariff (INR/kWh) |
State |
NTPC |
Solar | NTPC 100 MW Floating Solar (EPC) |
100 |
– |
Telangana |
Powerica | Wind | SECI Pan India 1200 MW VI Feb-19 | 24.3 | 2.82 | Gujarat |
Roofsol | Rooftop Solar |
– |
10.2 |
– |
Punjab |
The Greater Visakhapatnam Municipal Corporation (GVMC) | Floating Solar |
– |
3 |
– |
Andhra Pradesh |
Azure Power |
Solar | APDCL 100 MW Solar Assam May 2018 |
90 |
3.34 |
Assam |
Rays Power | Solar (Open access) |
– |
50 |
– |
Karnataka |
Source: Industry news articles, JMK Research
Other key announcements that were made during the month were:
- KPI Green Energy is building a 26.6 MW of captive solar projects for a Maharashtra-headquartered diamonds and jewellery maker- Nouveau.
- SJVN has signed an EPC agreement with Solarworld Energy Solutions Pvt Ltd to build 75 MW and 50 MW solar power projects in Uttar Pradesh for INR 690.75 crore. Both the projects are scheduled to be commissioned in April 2023.
- TP Saurya Ltd has received the letter of award (LoA) from SECI for setting up a 600 MW hybrid power project in Karnataka. The project will be commissioned within 24 months from the PPA (Power Purchase Agreement) execution date.
- JSW Neo Energy Limited has also received the letter of award (LoA) for a total wind capacity of 300 MW from SECI. The company bagged the project in a tariff-based competitive bids invited by SECI for setting up of 1,200 MW ISTS-connected wind power projects (Tranche-XII).
- NTPC is developing 735 MW Solar PV Project in Nokh in Rajasthan. This is India’s largest Domestic Content Requirement (DCR) based Solar project with 1000 MWp at a single location deploying high-wattage bifacial PV Modules with a tracker system.
Monthly RE Generation
Renewable energy sources generated 17941 MUs in July 2022, down by 3.7% from June 2022. Solar generation decreased by 17.39% while wind generation increased by 6.89% on month-on-month basis in July 2022.
Source-wise Renewable Energy Generation (MU) – India

Source: CEA, JMK Research

Investments/ Deals
In July 2022, about $358.29 million was invested in the RE sector. The key investments during the month were:
- Continuum Green Energy Ltd, raised $350 million by selling floating rate bonds to international investors. With these funds, the company aims to expand its portfolio to 2.5 GW, majority of which as wind and solar hybrid projects.
- Torrent Power has acquired 100% equity share capital in Wind Two Renergy Private Limited (WTRPL) for $4.1 million from Inox Green Energy Services Limited.
- Solar financing company, Aerem has secured pre-Series A funding of $2.5 million led by Blume Ventures.
Company Name |
Deal Type |
Sector |
Asset Acquired |
Investor |
Deal Value |
Stakes Acquired |
Continuum Green Energy |
Bond |
Renewable |
– |
– |
$ 350 million |
– |
Wind Two Renergy Private Ltd |
Acquisition |
Wind |
50 MW |
Torrent Power |
$4.1 million |
100% |
Aerem |
Equity |
Solar |
– |
Blume Ventures |
$ 2.5 million |
– |
Fourth Partner Energy |
Equity |
Solar |
– |
Filatex india |
$ 1.29 million |
26% |
Ampyr Renewable Energy Resources Eleven |
Equity |
Solar |
– |
Syngene International |
$ 0.4 million |
26% |
Tata Power Renewable Energy |
Equity |
Renewable |
– | Greenforest New Energies Bidco. |
– |
11.43% |
Source: Industry news articles, JMK Research
Other important announcements that were made during the month were:
- Chiripal Group is planning to diversify into the solar power equipment space with an estimated investment of INR 6,000 crore in a project in Jaipur. The solar equipment project will be fully commissioned in the next four years in four phases. The first phase will be commissioned by the end of June 2023. The solar equipment plant will have the capacity to produce 4 GW solar modules, 3 GW solar cells and 300 MT solar glass.
- NTPC is planning to raise INR 5,000 crore by selling a stake in a newly created green energy arm. The company has engaged SBI Capital Markets to advise on the sale process, which could be launched in October 2022.
- Tata Power Renewables Energy is also planning to raise INR 6,000 crore from its shareholders including its key investors BlackRock Real Assets and Mubadala Capital by way of a rights issue. According to the binding agreement, BlackRock Real Assets, together with Mubadala, will invest $525 million via compulsorily convertible instruments for a 10.53% in the company, translating to a base equity valuation of $4.46 billion.
- PFC and Japan Bank for International Cooperation (JBIC) signed JPY 30 billion loan agreement to support clean energy projects. The funds under the facility would be used by PFC to finance its renewable energy portfolio.
- Competition Commission of India (CCI) has approved Shell’s proposed acquisition of Solenergi Power which was announced in April 2022.
- JSW Energy, Torrent Power and Apraava Energy (formerly CLP India) and Sembcorp have joined the race for acquiring 700 MW of wind and solar energy assets under Vector Green Energy. The assets will be valued at INR 4,500-5,000 crore.
- ReNew becomes first Indian renewable energy firm 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. The company issued bonds worth USD 525 million in 2019, which were set to mature in 2024.
- NTPC has approved the transfer of 15 renewable energy assets to NTPC Green Energy, a wholly owned subsidiary of NTPC. The net worth of the 15 renewable energy assets is INR 13.65 billion as of March 2022, which is 1.01% of the net worth of NTPC, i.e., INR 1.35 trillion.
- CDPQ will acquire an additional 10% stake in Apraava Energy from CLP Group for a total consideration of INR 660 crore. The transaction will raise CDPQ’s stake in the independent power producer to 50% and make it an equal equity partner with CLP in the company.
GTAM Traded Volume
The IEX and PXIL together traded a total of 193.4 MU in GTAM in July 2022, which is 23% lower than the volume traded in June 2022. The average trade price in IEX-GTAM for July 2022 was INR 5.54/kWh, while for PXIL it was INR 4.91/kWh. This is about 23% and 31% lower than the previous month’s prices.
GTAM traded volume and average traded price trend

Source: IEX, PXIL, JMK Research

Module Price Trends
Price for global mono PERC modules have remained same in July 2022.

Solar modules price trends
Source: PVInfoLink, JMK Research
Average prices for domestic modules in July 2022
JMK Research carried out price survey from domestic suppliers for July 2022 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 31/Wp in July 2022, down by 1.6% as compared to INR 31.5/Wp in June 2022.
- While the price for mono PERC 500 Wp modules was INR 31.8/Wp, which is about 2.2% less than the previous month’s price.
- The price for Polycrystalline 330 Wp modules was INR 26.5/Wp, which is 3.6% less than the previous month’s price.
The domestic solar module manufacturers further anticipates that the domestic module prices will go up by around 3% in August 2022.

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 |
CERC declines to stop SECI from encashing bank guarantees of Inox Green Energy |
CERC |
29th June 2022 |
CERC |
7th July 2022 | |
CERC approves for the relaxation of time limit and for issuance of Renewable Energy Certificates |
CERC |
6th July 2022 |
MoP |
13th July 2022 | |
Ministry of Power (MoP) notifies RPO and Energy Storage obligation (ESO) trajectory till 2029-30 |
MoP |
22nd July 2022 |
Custom Authority allows Aquila Solar Power to import modules at a concessional rate of 5% |
CAAR |
6th July 2022 |
State
Policy Name |
Issuing Agency |
State |
Date of Issue |
JSERC |
Jharkhand |
5th July 2022 | |
KSERC approves the reduced tariff at INR 2.77/unit for the procurement of 90 MW of solar power. |
KSERC |
Kerala |
29th June 2022 |
KSERC adopts tariff of INR 3.50 per unit under Component A of PM KUSUM scheme in the state |
KERC |
Kerala |
13th July 2022 |
KERC |
Kerala |
16th July 2022 | |
MERC |
Maharashtra |
7th July 2022 | |
MERC extended the SCOD of 300 MW solar project of ACME to 19th April 2022 |
MERC |
Maharashtra |
7th July 2022 |
HERC allowed HPPC to procure 150 MW of renewable power with guaranteed peak power supply from SECI |
HERC |
Haryana |
21st July 2022 |
MERC |
Maharashtra |
21st July 2022 | |
MERC |
Maharashtra |
21st July 2022 | |
MERC |
Maharashtra |
21st July 2022 | |
MERC |
Maharashtra |
21st July 2022 | |
TSERC |
Telangana |
22nd June 2022 | |
Uttar Pradesh commission adopts a tariff of INR 2.98/kWh for a re-tendered capacity of 125 MW |
UPERC |
Uttar Pradesh |
21st July 2022 |
WBERC approves DVC to procure 100 MW solar power at INR 2.45/kWh |
WBERC |
West Bengal |
6th July 2022 |