Monthly RE July 2022 Update

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
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	29^th June 2022
Backup supply charges to be applicable on inter-state OA generators in case of power drawl from the state grid	CERC	7^th July 2022
CERC approves for the relaxation of time limit and for issuance of Renewable Energy Certificates	CERC	6^th 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	13^th July 2022
Ministry of Power (MoP) notifies RPO and Energy Storage obligation (ESO) trajectory till 2029-30	MoP	22^nd July 2022
Custom Authority allows Aquila Solar Power to import modules at a concessional rate of 5%	CAAR	6^th July 2022

State

Policy Name	Issuing Agency	State	Date of Issue
Jharkhand State Solar Policy 2022	JSERC	Jharkhand	5^th July 2022
KSERC approves the reduced tariff at INR 2.77/unit for the procurement of 90 MW of solar power.	KSERC	Kerala	29^th June 2022
KSERC adopts tariff of INR 3.50 per unit under Component A of PM KUSUM scheme in the state	KERC	Kerala	13^th July 2022
KSERC rejects the request of KSEB to introduce Gross Metering and Net Billing for solar systems in Kerala	KERC	Kerala	16^th 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	7^th July 2022
MERC extended the SCOD of 300 MW solar project of ACME to 19th April 2022	MERC	Maharashtra	7^th July 2022
HERC allowed HPPC to procure 150 MW of renewable power with guaranteed peak power supply from SECI	HERC	Haryana	21^st 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	21^st 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	21^st July 2022
Maharashtra commission approves request of Maharashtra Discom to procure 250 MW of long term RE power coupled with energy storage	MERC	Maharashtra	21^st July 2022
MERC grants approval for adoption of tariff discovered for long term procurement of 535 MW solar power under MSKVY	MERC	Maharashtra	21^st 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	22^nd June 2022
Uttar Pradesh commission adopts a tariff of INR 2.98/kWh for a re-tendered capacity of 125 MW	UPERC	Uttar Pradesh	21^st July 2022
WBERC approves DVC to procure 100 MW solar power at INR 2.45/kWh	WBERC	West Bengal	6^th July 2022