Monthly RE Update – July 2024

Monthly RE Update – July 2024

Tenders Issued

• New RFS Issued: 5937 MW of RE tenders issued in July 2024.
• SECI issued a 2000 MW ISTS-connected solar PV tender with 1000 MW/4000 MWh Energy Storage Systems (ESS).
• SJVN floated a 1200 MW ISTS-connected wind-solar hybrid tender in India.
• MSEDCL invited bids for the procurement of power from 1150 MW inter/intra state grid connected wind-solar hybrid projects with the ‘Greenshoe option’ of additional capacity up to 1150 MW.
• GUVNL issued a wind tender of 500 MW capacity with a ‘Greenshoe Option’ of additional capacity up to 500 MW.

New RE tenders issued in July 2024

Source: JMK Research

Source: JMK Research

• Apart from the above tenders, SECI is planning to issue 500 MW solar thermal tender by the end of FY 2025 in India. This will be the first time in India that such a tender would be floated on this scale,
• SECI has also extended the bid submission date for 4000 MW of offshore wind power projects off the coast of Tamil Nadu to 30th Aug 2024 from 10th Jul 2024. Earnest Money Deposit of INR 10 million/per block will be submitted as a bank guarantee.

Bid Submission

• India’s second electrolyzer manufacturing tender received 23 bids with a total capacity of 2.84 GW under Bucket 1 & 2. However, the total capacity offered under Bucket 1 & 2 are 1500 MW.
• SECI had floated the tender for setting up Manufacturing Capacities for Electrolysers in India under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme (Tranche-II) in March 2024.

Bidders Details For Electrolyser Manufacturing Tender Under SIGHT SCHEME TRANCHE-II

Figure 1.2: Bidders details in the Electrolyser Manufacturing tender

Source: JMK Research, Note: Bucket 1: Any stack technology, Bucket 2A: Indigenously developed stack technology, Bucket 2B: Indigenously developed stack technology (smaller units)

Auction Completed

• In July 2024, about 3256 MW of Hybrid capacities were allotted to various RE developers.
• Pace Digitek and Hexa Climate Solutions were the new entrants in the hybrid segment this month.
• JSW Energy has successfully secured a total capacity of 1230 MW across all four tenders auctioned this month.

Figure 1.3: Winners in the latest RE tenders

Source: JMK Research,

* The tender capacity has been reduced to 630 MW from 1260 MW

Source: JMK Research

Installed Capacity

• From January to June 2024, about 12,155.82 MW of Solar capacity and 1,920 MW of Wind capacity were added in the country, taking the cumulative RE capacity to 195 GW.
• In June 2024, a combined total of 1430.79 MW of solar and wind capacity was added.

 Figure 2.1: RE installations in June 2024

Source: MNRE, JMK Research

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

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

• In June 2024, Tamil Nadu added the highest Utility-Scale Solar capacity of 200 MW followed by Rajasthan with 130.7 MW. In addition, Gujarat added the maximum Rooftop solar capacity of 147.38 MW followed by Maharashtra with 130.25 MW.
• In terms of wind installations, Karnataka installed a maximum capacity of 158 MW.

Figure 2.2: State wise utility scale solar and wind installed capacity in June 2024

Source: MNRE, JMK Research

Projects Commissioned

Table 2.1: List of key solar projects commissioned in July 2024

Source: JMK Research

Key announcements that were made during the month were:

• Avaada Energy has secured a Letter of Award (LOA) to develop 820 MWp of  hybrid renewable energy project from SJVN. The project is expected to be completed within 24 months.
• JSW Energy has secured a 25-year power purchase agreemnent (PPA) with SJVN for 700 MW of inter state connected solar capacity at a tariff of INR 2.52/kWh, with the project expected to be commissioned within 24 months in Rajasthan. Additionally, JSW Energy recently received a letter of award from SJVN for 300 MW of wind-solar hybrid projects.
• Hindustan Zinc started the commencement of the first phase of renewable energy integration from Serentica Renewables’ Bikaner project in Rajasthan. Hindustan Zinc had entered into power delivery agreements (PDAs) with Serentica for the procurement of 450 MW of round-the-clock (RE-RTC) power. Serentica has started supplying renewable energy to Hindustan Zinc’s operational business units in Rajasthan from its 180 MW solar project.
• Premier Energies has signed a 350 MW solar module supply agreement with Apraava Energy, marking their first collaboration to advance renewable energy projects in India. Under this agreement, Premier Energies International will supply solar PV modules for Apraava Energy’s project in Rajasthan.
• Jakson Green has signed a PPA with NHPC for a 400 MW solar capacity project in Rajasthan at a tariff of INR 2.53/kWh. The project is scheduled for commissioning within 24 months. The firm has also set up an electrolyser manufacturing unit and plans to produce over 0.5 million tons per annum of green hydrogen/ammonia by 2030.
  • In addition, Juniper Green has signed two PPAs for 480 MW of hybrid renewable energy projects. These agreements secured capacities from NTPC’s tranche-1 hybrid tender and Gujarat Urja Vikas Nigam Ltd’s (GUVNL) phase-1 hybrid tender.
  • The company has also secured the engineering, procurement, and construction (EPC) work of a 390 MWp solar project from Eden Renewables India, which is located in Rajasthan. Eden Renewables India had won the 390 MWp capacity in an auction by SECI. The project is set for commissioning by the end of March 2025.
• Waaree Energies has secured an EPC contract for Acciona Energy’s 412.5 MWp (335 MW AC) solar project in Rajasthan.
  • Waaree Energies has signed an agreement for a module supply of 900 MW with Serentica Renewables India for a project in Rajasthan.
  • In addition, the company has received an LOA to establish a 30 MW DC solar project for a domestic company in the commercial and industrial sector. The project, awarded by a leading global manufacturer of specialized seamless tubes, is valued at INR 90.29 crore (excluding taxes). It is scheduled for completion in the 2024-25 financial year.
• Oriana Power has secured the order to set up a 25 MWp agrivoltaic plant for offtake by a real estate developer under Group Net Metering (GNM) Policy in Delhi. This project will become India’s largest agrivoltaic installation, combining solar power generation with largescale farming
  • Oriana Power has also secured an EPC contract for a 40 MWp solar power plant under the captive segment. A cement manufacturing company awarded the project, which will be set up in Rajasthan for the cement manufacturer’s use. The construction cost is estimated at INR 155 crore, and the plant is expected to be commissioned in 9 months, with an operation and maintenance period of 25 years.
• KPI Green Energy has signed an agreement with GUVNL to supply power from a 50 MW wind-solar hybrid project (50 MW solar and 16.80 MW wind capacity).
• Inox Wind Limited has secured a contract to install 200 MW  wind turbines in Gujarat and Karnataka. The project features state-of-the-art 3 MW wind turbine generators (WTGs).
• Torrent Power subsidiary Torrent Urja 14 (TU14) is setting up 50 MWp solar projects in Tamil Nadu to supply clean power to ARS Steel & Alloy International (ARS). Torrent Power is into generation, transmission and distribution of power.
• Sungrow signed an agreement with Hero Future Energies to supply 850 MW of inverters for various Hero Future Energy projects. Under the contract, Sungrow will supply an IP 65-rated 1500V inverter from its Bengaluru facility.
• JSW Energy received a LOA from SECI to build a 500 MW solar project with 250 MW/500 MWh energy storage. JSW Energy had won the project under SECI’s 1,200 MW ISTS-connected solar projects with 600 MW/1,200 MWh energy storage.
  • JSW Energy has also received an LOA from Karnataka Renewable Energy Development Ltd (KREDL) for setting up a 300 MW solar project at Pavagada Solar Park in Karnataka.•
• Sterling and Wilson Renewable Energy Ltd (SWREL) received an EPC contract to install a 1 GWh (500 MW * 2 hours) standalone battery energy storage system (BESS) in Rajasthan. The project is India’s largest BESS and is expected to be commissioned by 2025.
  • The company also announced a 20 MW floating solar project in Karnataka, its third floating solar project currently under execution stage in the country.
• Gensol Engineering has secured an EPC contract worth INR 463 crore for a Khavda RE Power Park solar plant in Gujarat.
  • In addition, the company has secured the bid for 116 MW (150 MWp) of solar projects in Gujarat, generating an EPC revenue of around INR 600 crore. The projects will be spread across 27 locations and managed by Paschim Gujarat Vij Co. Ltd. (PGVCL). The project  is expected to become operational within 12 months of the issuance of the LoA.

Monthly RE Generation

In July 2024, Renewable energy sources generated 23,456 MU, which is 12% higher than the RE generation in June 2024. Solar energy generation decreased by 10% and wind energy generation increased by about 36% on a month-on-month basis in July 2024.

Figure 3.1: Source-wise Renewable Energy Generation (MU) – India

Source: CEA, JMK Research

Investments/ Deals

In July 2024, a total of about  $1061 million was raised in the RE sector in India. The key investments during the month were:

• SAEL Group raised $305 million through its debut US dollar-denominated green bond issuance in the international markets. The company intends to use the proceeds for refinancing existing debt at the *Restricted Group and fund the capex of future renewable projects.
• REC Ltd has secured a green loan of JPY 31.96 billion (equivalent to $200 million) to finance eligible green projects in India. Deutsche Bank AG did the green loan transaction through its GIFT City branch.

Table 4.1: Investment and deal in July 2024

Source: Industry news articles, JMK Research  

* The Restricted Group comprises 334 MW of renewable energy assets across solar and waste to energy.

Other important announcements that were made during the month were:

• IREDA reported a significant growth in its sanctioned loans, reaching INR 9,136 crore during April-June FY25. Loan disbursements increased by 67.61% to INR 5,320 crore in the period under review from INR 3,174 crore in the year-ago period.  As of June 2024, the total outstanding loan book was INR 63,150 crore, up 33.77% from INR 47,207 crore in April to June FY24.
• Acme Solar has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise INR 3,000 crore (approximately $359.13 million) through an initial public offering (IPO). The IPO, with a face value of INR 2 per equity share, includes a fresh issue of shares up to INR 2,000 crore and an offer for sale (OFS) of up to INR 1,000 crore by ACME Cleantech Solutions.
• JSW Energy is planning to invest INR 1,15,000 crore to achieve a 20 GW generation target and 40 GWh storage capacity by 2030. For the upcoming fiscal year 2025, JSW Energy has planned an ambitious capex of INR 15,000 crore. The company is also actively looking for acquisition opportunities in the power sector.
• Damodar Valley Corp. (DVC) is planning to invest INR 20,000 crore ($2.4 billion) by 2030 to install approximately 4 GW of solar capacity. Overall, the company is targets  investing around  INR 50,000-60,000 crore by 2030 to enhance thermal, pump storage, and solar power capacities.
• The Asian Development Bank (ADB) has approved a $240.5 million loan to finance rooftop solar systems in India, supporting the government’s push to expand renewable energy access. This funding will assist the second and third tranches of the Multi-tranche Financing Facility (MFF) Solar Rooftop. Investment Program, initially approved by ADB in 2016. The program was restructured in 2023 to specifically focus on deploying residential solar rooftop systems.
• NLC India Ltd (NLCIL) plans to raise funds via an IPO of its wholly-owned subsidiary, NLC India Renewables Ltd, in the first quarter of the next financial year. The funds will support increasing its renewable energy capacity from 1.4 GW to 6 GW by 2030. While NLC India Renewables Ltd focuses on monetizing existing assets, the PSU has also formed another subsidiary, NLC India Green Energy Ltd, to manage upcoming renewable energy projects.

GTAM Traded Volume

The IEX traded a total volume of about 15 MUs in GTAM in July 2024, which is 71.5% less than the volume traded in the previous month. The reason is that wind generation is high in July, and DISCOMs participate less in GTAM during this period. The average trade price in IEX-GTAM for July 2024 is INR 8.68/kWh.

Figure 5.1: GTAM 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 2.9% in July 2024.

Figure 6.1: Solar Modules Price trends

Source: PVInfoLink, JMK Research

Comparing on m-o-m basis, prices for domestic modules have decreased in July:

• Mono PERC 500 Wp – INR 17.4/Wp (down by 5.4%).
• Bifacial Modules  – INR 17.5/Wp (down by 5.3%).
• TopCon Modules – INR 17.9/Wp.

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

Rayspower Infra establishes a subsidiary for large-scale manufacturing facilities

• Rays Power Infra has established a wholly-owned subsidiary to produce solar modules, solar cells, and battery energy storage systems (BESS) on a gigawatt scale. This subsidiary will focus on setting up large-scale manufacturing facilities.
• The company is evaluating land options and incentive policies across various states and will soon disclose details of the plans and investment, showcasing its commitment to significant and impactful investment in this venture.

Indosolar launches new solar module factory in Noida

• Indo Solar Limited, a subsidiary of Waaree Energies Ltd, has inaugurated a new solar module factory in Noida with a production capacity of 1.3 GW. This facility supports India’s goal of achieving net-zero emissions by employing energy-efficient processes, aligning with the national objectives for eco-friendly industrial growth

Bluebird Solar to triple its PV module manufacturing capacity to 1.2 GW

• Bluebird Solar has partnered with Cliantech Solutions to install an 800 MW fully automated solar panel manufacturing line at its 5-acre Greater Noida facility.
• This expansion will boost Bluebird Solar’s total manufacturing capacity from 400 MW to 1.2 GW, becoming operational by August 2024. The new line will produce n-type TOPCon PV modules with capacities of up to 645Wp in various configurations, including 132 cells, 144 cells, and 156 cells.

Insolation Energy to expand its solar panel production capacity to 4 GW by March 2025

• Insolation Energy is increasing its solar panel production capacity to 4 GW annually by adding 3 GW lines within the current fiscal year (FY2025).
• By March 2025, the company will commission 12,000 MT of aluminum framing and 1.4 GW of cell manufacturing capacity. A tech partnership is in place to further expand cell manufacturing to 1.4 GW by 2025-26.

Storage

India needs about 74 gigawatts of energy storage by 2032

• India’s lithium-ion battery storage industry, which stores energy from solar and wind, currently accounts for just 0.1% of global battery storage. However, it is growing rapidly, with about a third of India’s total battery infrastructure expected to be commissioned this year.
• Currently, India has 100 MW of battery storage and 3.3 GW of clean energy storage from hydropower. The government estimates that by 2032, 74 GW of storage will be needed from batteries, hydropower, and nuclear energy.

SJVN Ltd is set to develop a 2.4 GW pumped hydro storage project in Mizoram

• SJVN has received a Letter of Intent to develop a 2.4 GW closed-loop pumped storage project at Darzo Nallah, a tributary of the Tuipui River in Mizoram. This project will feature eight units of 300 MW each.
• The agreement between SJVN and the Government of Mizoram will be signed within three months, and the project is expected to be completed within 72 months. The project aims to generate 4,993.20 MU of energy annually with 95% plant availability

Green Hydrogen

Indian Railways to launch its first hydrogen train by December 2024

• Aligning with the National Green Hydrogen mission, Indian Railways announced the introduction of its first hydrogen train, which will be launched in 2024. Indian Railways plans to launch 50 hydrogen trains by 2047.
• The initiative is part of a broader effort to integrate sustainable energy solutions into its operations and reduce its carbon footprints.

Ohium commissioned a second electrolyser factory in Karnataka

• Ohmium International announced the launch of a new electrolyser factory in Doddaballapura, near Bengaluru, Karnataka. The 14,000-square-meter facility will produce 2 GW of electrolyser systems to meet global demand.
• This Giga factory is Ohmium’s second in India and the first to combine manufacturing, assembly, quality assurance, testing, warehouse, and shipping under one roof, marking a significant milestone in delivering green hydrogen solutions.

Hero Future Energies gets shortlisted for the Bhubaneswar Hydrogen Valley project

• Hero Future Energies (HFE) has been shortlisted for the Bhubaneswar Hydrogen Valley Innovation Cluster (HVIC) as a consortia partner.
• Under this project, the company will provide solutions for direct reduction of iron, and heavy-duty mobility amongst others, which will involve producing renewable energy and green hydrogen. The government had invited bids from agencies to form 15 Hydrogen Valley innovation clusters.

AM Green partners with SGEL for the supply of 4.5 GW of renewable energy for AM Green’s green ammonia facilities

• AM Green and SJVN Green Energy Ltd (SGEL) have signed an MoU for a long-term supply of 4.5 GW of renewable energy for AM Green’s green ammonia facilities in India, utilizing solar, wind, and pumped hydro storage for steady energy supply.
• The project will be executed in three phases and will begin with 1,500 MW within two years, aiding SJVN’s renewable energy goals of 25,000 MW by 2030 and 50,000 MW by 2040. AM Green aims to produce 5 MTPA of green ammonia by 2030, representing significant contributions to India’s and Europe’s green hydrogen targets.

BPCL floated a tender to supply 5Ktpa Green Hydrogen at BPCLMumbai Refinery/ Kochi Refinery/ Bina Refinery

• BPCL has issued a tender for the supply of 5 Kilo tons per annum (5Ktpa) of green hydrogen at its Mumbai, Kochi, or Bina refineries on a Build-Own-Operate (BOO) basis.
• The project is based in Mumbai, Maharashtra, India. The deadline for bid submission is August 16, 2024.

Other Market Updates

Kerala government exempts energy duty for home-generated solar energy

• The Kerala government has exempted solar power from energy duty on power production to support solar energy generation. This follows the Kerala State Electricity Regulatory Commission’s (KSERC) decision to increase the rate for home-generated solar energy sold to the electricity board from Rs 2.69 to Rs 3.15 per unit, with a retrospective effect from April 2023.
• The exemption addresses criticisms from solar panel users affected by the previous hike in energy duty from 1.2 paise to 15 paise, which aimed to raise Rs 24 crore. The KSERC’s new rate aims to compensate solar producers fairly, addressing complaints about higher bills and lower charges for grid-supplied solar power. Previously, solar producers faced a dual payment system, paying tariffs to KSEB for direct electricity use, leading to higher costs.

LOHUM plans to expand its recycling capacity from 5 GWh to 30 GWh over the next 3 years

• LOHUM plans to expand its recycling capacity from 5 GWh to 30 GWh over the next three years with an investment of Rs. 1,200 crore. This expansion follows an MoU with the Government of Tamil Nadu to build an integrated recycling and Cathode Active Material production facility.
• LOHUM is also pioneering LMFP (Lithium Manganese Iron Phosphate) battery chemistry, which improves safety and range for EVs. This technology is backed by global EV manufacturers like Tesla, BYD, and CATL.
• A new CAM plant in Hyderabad will focus on LMFP technology, enhancing production capacity and strengthening India’s lithium-ion battery supply chain using local manganese reserves, supporting the nation’s energy security and independence.

EU’s CBAM imposes a 25% additional tax on goods exported from India

• According to a report by the Centre for Science and Environment (CSE), the EU’s CBAM will impose an additional 25 percent tax on energy-intensive goods exported from India to the EU.
• In 2022-23, 9.91% of India’s goods exported to the EU fell under the CBAM. 26% of India’s aluminum and 28% of its iron and steel were exported for the bloc. The tax burden would represent 0.05% of India’s GDP from India’s CBAM-covered goods exports to the EU.

India’s peak power demand to exceed 400 GW by 2031-32

• India’s peak power demand is projected to exceed 400 GW by 2031-32, surpassing the earlier estimate of 384 GW, according to the Power Secretary. This projection follows a recent peak demand of 250 GW on May 30.
• There is a rapid increase in power demand across states, suggesting the initial 384 GW estimate may be underestimated. To meet the anticipated demand, India will need a total installed capacity of 900 GW by 2031-32.
• Although power demand dropped to 206 GW due to the monsoon, it is expected to peak at 260 GW by September. As of May, the country’s total installed capacity was 444.7 GW, including 242.9 GW of thermal, 193.6 GW of renewables, and 8.1 GW of nuclear. The power sector has attracted US$ 18.17 billion in foreign direct investments up to December 2023, supporting growth and innovation.

MNRE revised the funding for Biomass pellet manufacturing

• The Ministry of New & Renewable Energy (MNRE) has revised the funding and increased financial incentives for biomass pellet manufacturing plants, effective July 16, 2024.
• These enhanced incentives aim to boost the utilization of the country’s substantial biomass resources, which amount to an annual production of 750 MMT, with 228 MMT available as surplus.
• According to the revised guidelines of the CFA scheme, part of the National Bioenergy Program (NBP) running from FY 2021 to FY 2026, support for non-torrified pellet manufacturing plants is set at INR 21 lakhs per Metric Tons per Hour  (MTPH) with a cap of INR 10.5 lakhs per project.
• For torrified pellet manufacturing plants, the financial aid is even more substantial at INR 42 lakhs per MTPH, with a maximum of INR 210 lakhs per project or 30% of the capital cost for plant and machinery of a 1 MTPH plant, whichever is lower.

Budget proposals play a key role in the energy sector for the FY2025

• The Indian Finance Ministry declared the Union budget for the FY 2025, here it plays a key role for the Indian energy sector which includes the solar industry and provides access to affordable and clean electricity to households.
• The budget provided INR 10,000 crore for solar power grid projects in FY2025, a whopping 110% increase from INR 4757 crore allocated in FY2024. An amount of Rs 6,250 crore is allotted in the PM Suryaghar scheme for 2024-2025, according to the Expenditure Budget document for 2024-25.
• The government plans to impose a Customs Duty of 10% on the import of solar glass from October 2024.
• The Budget announced an exemption on the 7% basic customs duty (BCD) and 5% BCD on tinned copper interconnect to manufacture solar cells or solar modules.

Jammu & Kashmir state sanctioned INR 400 crores to set up rooftop solar projects on Govt buildings

• The Jammu and Kashmir administration council approved an INR 400 crore on-grid rooftop solar project. All government buildings in the Union Territory will be solarized by December 2025.
• The rooftop solar power system will feature a total capacity of 70 MW under the CAPEX model and 200 MW under the RESCO model.

India identifies Geothermal Power Potential of 10.6 GW

• According to the Geological Survey of India (GSI), the country has a geothermal power potential of about 10,600 MW. The GSI’s exploration in 381 thermally anomalous regions provided temperature, discharge, and water quality data in various geothermal fields.
• Singareni Collieries Company Limited (SCCL) has established a 20-kW pilot geothermal power plant in the Manuguru area of Bhadradri Kothagudem district, Telangana.
• The MNRE supports the development of local technologies for renewable energy through the Renewable Energy Research & Technology Development (RE-RTD) program. However, there has been no focus on geothermal energy in MNRE’s R&D efforts over the past five years. The Ministry of Coal has been allocated INR 2.42 crore to develop a pilot geothermal power plant in Telangana.

Exempting import duties on solar products can lower project costs by up to 5%.

• The Union Budget 2023-24 announced a basic customs duty (BCD) exemption on solar manufacturing capital but removed it for solar glass. Industry responses highlight the need to reduce reliance on foreign components.
• For instance, large factories sourcing capital goods could see a 3% to 5% decrease in overall costs, leading to savings of 1% to 1.5% on total manufacturing plant expenses. This could boost the competitiveness of domestic OEMs against global competitors.

India’s power demand estimated to increase by 80 GW by 2027

• The India Energy and Climate Center (IECC) forecasts a peak electricity demand increase of 50-80 GW by 2027, potentially causing evening and nighttime deficits of 20-40 GW, or 8-12% of total demand, by 2026, despite plans to add nearly 100 GW of renewable, 28 GW of thermal, and 13 GW of hydro capacity.
• A Senior Scientist at IECC highlighted that integrating 50 GW of solar power with 15-30 GW of energy storage could address these potential shortages effectively.

India targets to add around 20-25 GW of renewable energy capacity in the Iron & Steel sector by 2030

• The Iron & Steel Industry, one of India’s most energy-intensive industrial sectors, is at the cusp of a major transformation. All leading steel players aim to decarbonize and green their manufacturing operations, setting Net Zero targets.
• Renewable energy (RE) adoption, due to its technological maturity and low cost, is now a key focus for the Iron and steel industry to achieve decarbonization. Recent announcements indicate that RE capacity in this sector will increase tenfold from around 850+ MW to 8500+ MW by the end of 2025. They are also exploring green hydrogen and Carbon Capture Utilization and Storage (CCUS) technologies, which could reduce emissions by 69%, though these are currently costly and technologically immature.
• India’s Iron & Steel sector, with high emissions and energy use, needs strong government support, including policies like carbon taxes and incentives. The Ministry of Steel targets 2.4 tCO2/tcs emissions by 2030 and net zero by 2070. The National Green Hydrogen Mission requires new steel plants to use green hydrogen.
• JMK Research predicts the sector will add 20-25 GW of RE capacity by 2030, requiring over US$24 billion in investment.

Tata Power partners with the Bank of India for financing solutions for rooftop solar and EV charging station consumers

• Tata Power Solar Solutions Ltd, a subsidiary of Tata Power Renewable Energy Ltd, entered a partnership with the Bank of India to provide easy financing options for its consumers for rooftop solar and EV charging stations. The collaborations aim to support residential customers, housing societies, and micro, small, and medium enterprises (MSMEs).
• UDYAM registered MSME customers can secure loans up to INR 30 crore for rooftop solar systems or EV charging stations. These loans feature low interest rates starting at 9.35% p.a., a 15% margin requirement, collateral-free options, and repayment terms of up to 120 months.

Amazon achieves 100% Renewable energy target seven years ahead of schedule

• Amazon announced that it has achieved its goal of using 100% renewable energy for all its electricity consumption globally, including data centers, corporate buildings, grocery stores, and fulfillment centers, seven years ahead of schedule.
• Since setting the goal in 2019, Amazon has enabled renewable energy projects in 27 countries, including utility-scale projects in India, Greece, South Africa, Japan, and Indonesia.
• The company has integrated renewable energy into its operations worldwide, including its HQ2 headquarters in Virginia, which operates with zero operational carbon emissions matched by a local solar farm. Amazon has facilitated over 80 renewable energy projects across the Asia Pacific region, with significant investments in India, where it launched six utility-scale projects in 2022, including wind-solar hybrid projects in Madhya Pradesh & Karnataka and three solar farms in Rajasthan with a capacity of 920 MW.

151 GW of RE projects are underway & 76.42 GW is set to be operational within 3-4 years.

• According to the Union Ministry, Approximately 151 GW of Renewable Energy (RE) projects are being implemented, with 76.4 GW scheduled for commissioning in the next 3-4 years.
• The government’s commitment to enhancing renewable energy is evident through key initiatives such as PM Surya Ghar: Muft Bijli Yojana, which aims to provide electricity to 1 crore households, and developing a policy for pumped hydro storage to prioritize energy storage.

India’s solar output grows at the slowest pace in six years in the first half of 2024

• India’s solar power generation grew at the slowest pace in six years in the first half of 2024, according to the federal grid regulator as the country further stepped-up reliance on coal to address surging power demand. Electricity generated from coal grew 10.4% during the six months that ended June 30, outpacing overall power generation growth of 9.7 percent during the period.
• Solar power generation is the third-largest producer of electricity from the sun rose to 63.6 billion kilowatt-hours (kWh) in the first half of 2024, up 14.7% compared with the same period last year and 18.5% in the calendar year 2023.

India is projected to capture 3% of APAC off-shore wind capacity over the next decade

• According to the GWEC’s Global Offshore Wind Report 2024, India is projected to account for 3% of the Asia Pacific’s offshore wind capacity over the next decade. This aligns with the Indian government’s recent viability gap funding (VGF) scheme, demonstrating a strong commitment to renewable energy, particularly offshore wind projects.
• The offshore wind industry presents significant opportunities to support India’s Nationally Determined Contributions (NDCs), while also fostering a robust value chain through investments, policy measures, and partnerships. This will result in increased job creation and environmental benefits.

Policies and Regulations

Central Level Regulatory Updates

State Level Regulatory Updates