Monthly RE update – July 2022

Monthly RE update – July 2022

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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

REMCL, 1548 MW, Solar, Pan India, Jul 2022

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

MSEDCL, 1000 MW, Solar (Tranche V), Maharashtra, Jun 2022

Utility Scale Solar

Project Development

1000

EMD – INR 0.1 million/MW

PBG – INR 0.5 million/MW

Ceiling 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

GUVNL, 750 MW, Solar (Phase XVI), Gujarat, Jul 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

NLC, 500 MW, Solar (EPC), Pan India, Jul 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

JAKEDA, 200 MW, Rooftop Solar, J&K, Jul 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

HPGCL, 121 MW, Solar (EPC), Haryana, Jun 2022

Utility Scale Solar

EPC

121

EMD – INR 5 million

PBG – 10% of EPC contract price

21%

9 months

8th-Aug-2022

KMF, 100 MW, Solar (EPC), Karnataka, Jul 2022

Utility Scale Solar

EPC

100

EMD – INR 43.1 million

18 months

16th-Aug-2022

SJVN, 90 MW, Floating Solar, Madhya Pradesh, Jul 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

UPNEDA, 38 MW, Rooftop Solar, Uttar Pradesh, 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

DPL, 20 MW, Solar (EPC), West Bengal, 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

SMC, 2 MW, Rooftop Solar, Gujarat, Jul 2022

Rooftop Solar

2

EMD – INR 0.99 million

PBG – 2% of the project cost

4 months

18th-Jul-2022

UPMRCL, 2 MW, Rooftop Solar, Uttar Pradesh, Jul 2022

Rooftop Solar

2

 PBG – INR 2.448 million/MW

Ceiling tariff – INR 4.50/kWh

12%

9 months

5th-Sep- 2022

ONGC, 2 MW, Solar (EPC), Gujarat, Jul 2022

Small Scale Solar

EPC

2

EMD – INR 2.27 million

PBG – 3% of the total contract value

7 months

16th-Aug-2022

CREST, 2 MW, Floating Solar (EPC), Chandigarh, Jul 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

KPGCL, 1.15 MW, Floating Solar (EPC), Karnataka, Jun 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

KPGCL, 1 MW, Floating Solar (EPC), Karnataka, Jun 2022

Floating Solar

EPC

1

EMD – INR 0.9 million

PBG – 5% of the contract value

25.95%

6 months

30th-Jul-2022

IOCL, 1 MW, Solar (EPC), Rajasthan, Jun 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

PSPCL, 1000 MW, Solar, Punjab, Apr 2022

Utility Scale Solar

Project Development

1000

EMD – INR 0.4 million/MWPBG – INR 1.18 million/MW

19%

18 months

29th-Aug-2022

PSPCL, 1000 MW, Solar, Pan India, Apr 2022

Utility Scale Solar

Project Development

1000

EMD – INR 0.4 million/MW

PBG – INR 1 million/MW

Ceiling Tarff – INR 2.30/kWh

19%

18 months

26th-Aug-2022

RUMSL 750 MW Wind Solar Hybrid Madhya Pradesh Apr 2022

Hybrid

Project Development

750

EMD – INR 1.15 million

PBG – 1.73 million

30%

10th-Aug-2022

GUVNL 700 MW Phase IX Gujarat Mar 2021

Utility Scale Solar

Project Development

700

EMD – INR 0.4 million/MW

PBG – INR 0.94 million/MW

17%

15 months

30th-Aug-2022

NTPC, 600 MW, Solar (EPC), Pan India, Jun 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

GUVNL, 500 MW, Wind (Phase III), Gujarat, May 2022

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)
Telangana Dec 2018

100

 –

Telangana

PowericaWindSECI Pan India 1200 MW VI Feb-1924.32.82Gujarat

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

monthly RE

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

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

Backup supply charges to be applicable on inter-state OA generators in case of power drawl from the state grid

CERC

7th July 2022

CERC approves for the relaxation of time limit and for issuance of Renewable Energy Certificates

CERC

6th July 2022

MoP notifies POSOCO as the Central Nodal Agency to set up and operate single window green energy open access for renewable energy

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

Jharkhand State Solar Policy 2022

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

KSERC rejects the request of KSEB to introduce Gross Metering and Net Billing for solar systems in Kerala

KERC

Kerala

16th July 2022

MERC adopts the voluntarily offered tariff of INR 2.56/kWh for supply of 300MW RE Wind Solar Hybrid power by T.P. Saurya

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 grants approval for adoption of tariff discovered for long term procurement of 14 MW solar power under PM-KUSUM scheme

MERC

Maharashtra

21st July 2022

MERC grants approval for adoption of tariff discovered for long term procurement of 14 MW solar power under PM-KUSUM scheme

MERC

Maharashtra

21st July 2022

Maharashtra commission approves request of Maharashtra Discom to procure 250 MW of long term RE power coupled with energy storage

MERC

Maharashtra

21st July 2022

MERC grants approval for adoption of tariff discovered for long term procurement of 535 MW solar power under MSKVY

MERC

Maharashtra

21st July 2022

TSERC approves PUAs between Telangana Discom and NTPC for purchase of 1692 MW solar power from NTPC under CPSU scheme Phase II

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

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