Monthly RE update – June 2022


Tenders
- In June 2022, 28 new renewable energy (RE) tenders with a cumulative capacity of 2963.15 MW were issued. MSEDCL issued a 500 MW solar tender under Component C of KUSUM scheme in Maharashtra. In addition, MSEDCL floated a 500 MW solar tender under Phase VII.
- GUVNL floated a tender for 500 MW grid connected RE projects with 250 MWh energy storage system (ESS) in Gujarat.
Details of new RE tenders issued in June 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 |
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 |
– |
– |
14th-Jul-2022 | |
MSEDCL, 500 MW, Solar Phase VII Tranche III, Maharashtra, Jun 2022 |
Utility Scale Solar |
Project Development |
500 | EMD – INR 0.4 million/MWPBG – INR 1.1 million/MW |
19% |
15 months |
18th-Jul-2022 |
MSEDCL, 500 MW, Solar (Under KUSUM scheme Component C), Maharashtra, Jun 22 |
Small Scale Solar |
Project Development |
500 | EMD – INR 0.1 million/MWPBG – INR 0.5 million/MW |
19% |
9 months |
11th-Jul-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-Jul-2022 |
Utility Scale Solar |
EPC with Land |
200 |
EMD – For Capacity of 50 MW: INR 20 million, 60 MW to 100 MW : INR 50 million, 110 MW to 200 MW : INR 100 million |
– |
– |
8th-Jul-2022 | |
Floating Solar |
Project Development |
105 |
EMD – INR 1.054 million |
19% |
15 months |
15th-Jul-2022 | |
Wind |
EPC |
100 |
EMD – INR 100 million |
– |
– |
27th-Jun-2022 | |
Wind |
EPC |
100 | EMD – INR 5 million PBG – 5% of the contract value |
22% |
16 months |
12th-Jun- 2022 | |
Floating Solar |
EPC |
88 | EMD – INR 56 million |
– |
13 months |
29th-Jun-2022 | |
Wind |
Project Development |
65 | EMD – INR 0.2 million for 2 MW to 10 MW INR 0.3 million for 11 MW to 50 MWINR 0.5 million for 51 MW to 65 MW |
22% |
18 months |
20th-Jun-2022 | |
Wind |
EPC |
50 |
EMD – INR 76.7 million |
– |
15 months |
10th-Jun-2022 | |
Rooftop Solar |
RESCO |
35 | EMD – INR 0.1 million/MW |
– |
9 months |
13th-Jul-2022 | |
SECI, 30 MW, Floating Solar (EPC), West Bengal and Jharkhand, Jun 2022 |
Floating Solar |
EPC |
30 |
EMD – INR 40.2 million |
– |
12 months |
1st-Aug-2022 |
Utility Scale Solar |
EPC |
20 |
EMD – INR 5 million |
– |
9 months |
15th-Jul-2022 | |
Wind |
EPC |
15 | EMD – INR 9 million PBG – 10% of the contract price |
– |
15 months |
12th-Jul-2022 | |
Utility Scale Solar |
EPC |
15 |
EMD – INR 5 million | 24.34% |
9 months |
17th-Jun-2022 | |
Utility Scale Solar |
EPC |
10 |
EMD – INR 5.27 million |
– |
– |
28th-Jul- 2022 | |
MPUVNL, 8 MW, Solar (Under KUSUM scheme Component C), Madhya Pradesh, Jun 2022 |
Small Scale Solar |
Project Development |
8 | EMD – INR 0.1 million/MW PBG – INR 0.5 million/MW |
15% |
9 months |
12th-Jul-2022 |
V.O Chidambaranar Port Authority, 5 MW, Solar (EPC), Tamil Nadu, Jun 2022 |
Utility Scale Solar |
EPC |
5 | EMD – INR 5million PBG – 3% of the contract value |
– |
– |
4th-Jul-2022 |
Rooftop Solar |
– |
5 | EMD – INR 0.5 million/MW PBG – 10% of the work order value |
15% |
– |
18th-Jul-2022 | |
RECFRBL, 3 MW, Solar (O&M), Uttar Pradesh, Jun 2022 |
Small Scale Solar |
O&M |
3 | EMD – INR 0.133 million PBG – 10% of the contract value |
– |
– |
28th-Jun-2022 |
Small Scale Solar |
EPC |
2 |
– |
– |
– |
30th-Jun-2022 | |
CPWD, 1.65 MW, Solar (EPC), Odisha, Jun 2022 |
Small Scale Solar |
EPC |
1.65 | EMD – INR 2.11 million PBG – 3% of the tendered value |
– |
9 months |
21st-Jun-2022 |
Eastern Railway, 1.5 MW, Rooftop Solar, West Bengal, May 2022 |
Rooftop Solar |
– |
1.5 |
EMD – INR 3 million |
– |
– |
23rd-Jun-2022 |
BMC, 1 MW, Rooftop Solar, Madhya Pradesh, Jun 2022 |
Rooftop Solar |
– |
1 |
EMD – INR 1 million |
– |
– |
24th-Jun-2022 |
Rooftop Solar |
RESCO | 1 | EMD – INR 0.4 million PBG – INR 0.75 million |
15% |
– |
28th-Jun-2022 | |
Rooftop Solar |
RESCO |
1 | PBG – INR 1.17 millionCeiling Tariff – INR 4.50/kWh |
12% |
5 months |
11th-Jul-2022 | |
Rooftop Solar |
– |
1 | PBG – INR [Amount (cost discovered)] lakhs x 3% x allocated capacity in MW |
– |
12 months |
30th-Jun-2022 |
PBG: Performance Bank Guarantee
EMD: Earnest Money Deposit
Source: JMK Research
Date Extensions
Tender Name |
Technology |
Tender Scope |
Capacity (MW) |
Other Details |
Minimum CUF |
Commissioning timeline from PPA signing |
Bid Submission Date |
Wind |
Project Development |
1200 |
EMD – INR 1.326 million/MW |
22% |
24 months |
4th-Jul-2022 | |
Utility Scale Solar |
Project Development |
1000 | EMD – INR 0.4 million/MWPBG – INR 1.18 million/MW |
19% |
18 months |
2nd-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 |
1st-Aug-2022 | |
Hybrid |
Project Development |
750 | EMD – INR 1.15 million PBG – 1.73 million |
30% |
– |
19th-Jul-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 | |
Wind |
Project Development |
500 |
EMD – INR 1 million |
15% |
18 months |
4th-Jul-2022 | |
Energy Storage System |
Project Development | 500 MW with 1000 MWh ESS | EMD – INR 0.74 million/MW PBG – INR 1.11 million/MW |
– |
18 months |
11th-Jul-2022 | |
Wind |
Project Development |
325 | EMD – INR 0.1 million/MW Ceiling Tariff – INR 2.65/kWh |
– |
– |
5th-Jul-2022 | |
Hybrid |
Project Development |
150 | EMD – INR 117.6 million PBG – INR 235.4 million |
– |
18 months |
27th-Jul-2022 |
Auctions Completed
Tender Name |
Capacity tendered (MW) |
Capacity allotted (MW) |
Minimum CUF |
Commissioning Timeline |
Winners Details |
500 |
500 |
17% |
18 months | • Aditya Birla – 300 MW (INR 2.30/kWh)• Hinduja Renewables – 120 MW (INR 2.30/kWh)• SJVN – 80 MW (INR 2.30/kWh) | |
131 |
131 |
– |
18 months | • Prozeal Infra – 131 MW | |
NTPC, 50 MW, Solar (O&M), Madhya Pradesh, May 2022 |
50 |
50 |
– |
– | • Param Renewable Energy – 50 MW |
Source: JMK Research

Installed Capacity
From January 2022 to May 2022, India added a cumulative RE capacity of 8228.3 MW. In the month of May 2022, 1791.97 MW of solar and wind capacity was added.
RE installations in May 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 May 2022
In May 2022, Rajasthan added the maximum solar and wind capacity of 1115.53 MW and 79 MW respectively. While Tamil Nadu installed the second highest solar capacity with 193.99 MW, followed by Gujarat (163.32 MW). In terms of wind installations, Gujarat and Karnataka installed the second and third highest wind capacity of 58.5 MW and 40.5 MW respectively in the country in May 2022.
State wise solar and wind installed capacity in May 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 |
Brookfield Renewables |
Solar | NHPC 2000 MW Solar Pan India Aug 2019 |
400 |
2.55 |
Rajasthan |
O2 Power |
Solar | SECI 750 MW Solar Tranche II Rajasthan Mar 2019 |
250 |
2.50 |
Rajasthan |
NTPC |
Solar | SECI 1500 MW Solar CPSU II Tranche II Pan India Aug 2019 |
47.52 |
– |
Rajasthan |
NTPC |
Solar | NTPC 70 MW Floating Solar (EPC) Kerala Oct 2018 |
35 |
– |
Kerala |
Maruti Suzuki india | Solar |
– |
20 |
– |
Manesar |
NTPC | Solar | SECI 1500 MW Solar CPSU II Tranche II Pan India Aug 2019 | 15 |
– |
Gujarat |
Cipla | Solar (Open access) |
– |
16 |
– |
Maharashtra |
Cipla | Hybrid (Open access) |
– | Solar – 9 MW and Wind – 2.7 MW |
– |
Karnataka |
KPI Green Energy | Solar (Captive) |
– |
10 |
– |
Gujarat |
Cleantech Solar | Solar (Captive) |
– |
8.5 |
– |
Maharashtra |
Cleantech Solar | Solar (Captive) |
– |
5.3 |
– |
Tamil Nadu |
Vibgyor Energy | Rooftop Solar |
– |
4 |
– |
Uttar Pradesh |
Vakrangee Packaging LLP |
Solar |
– |
3.6 | – |
Chhattisgarh |
Cleantech Solar |
Rooftop Solar |
– | 2.6 | –
|
West Bengal |
Roofsol Solar |
Rooftop Solar |
– |
2.66 |
– |
West Bengal |
APM Terminals Pipavav | Rooftop Solar |
– |
2 |
– |
Gujarat |
Source: Industry news articles, JMK Research
Other key announcements that were made during the month were:
- NHPC awarded the EPC contracts to Adani Infra for producing 600 MW, Tata Power Solar for 300 MW and a joint venture of Sri Sai will set up 100 MW capacity under Central Public Sector Undertakings (CPSU) scheme A.
- Amplus Solar has entered into a long-term renewable energy agreement with Microsoft for a 100 MW solar project in Rajasthan. The project is currently under development by Amplus Solar. Microsoft aims to have 100% renewable energy supply for all its operations by 2025, including its data centers, buildings, and campuses.
- ReNew Power has signed a PPA with MSEDCL for a 200 MW solar project. Wherein, ReNew will supply electricity at INR 2.43/kWh for 25 years. The asset will be in Rajasthan state and provide electricity to Maharashtra. The project is expected to be commissioned by Q4 FY24.
- Rewa Ultra Mega Solar Limited (RUMSL) has issued Letters of award to NHDC, AMP Energy, and SJVN to develop the first part capacity of the 600 MW Omkareshwar floating solar project in Madhya Pradesh. The floating solar project is being constructed in two phases on the reservoir formed by the Omkareshwar dam across the Narmada River. The first phase of 278 MW capacity is expected to be completed by September 2023 with an expected investment of about INR 1,600 crore in the Madhya Pradesh.
Monthly RE Generation
Renewable energy sources generated 18597.8 MU in June 2022, down by nearly 2.6% from May 2022. Wind and solar energy generation decreased by around 5.96% and 1.82% on month-on-month basis in June 2022.
Source-wise Renewable Energy Generation (MU) – India

Source: CEA, JMK Research

Investments/ Deals
In June 2022, about $566.11 million was invested in the RE sector. The Key investments during the month were:
- ReNew Power announced that it has signed definitive agreements to acquire an operating wind and solar portfolio of 527.9 MW. The acquired 527.9 MW of operating wind and solar projects are spread across Gujarat, Maharashtra, Madhya Pradesh, Karnataka, Rajasthan, Telangana, Kerala, and Tamil Nadu.
- Torrent Power Limited completed the acquisition of the 50 MW solar power plant from SkyPower for $53.28 million.
- ThomasLloyd acquired a significant stake in SolarArise India Projects Pvt Ltd. SolarArise currently owns and operates 130 MW of grid-connected solar power projects in India. ThomasLloyd’s investment is expected to support the Company’s expansion of its solar energy capacity by approximately 250 MW.
Company Name |
Deal Type |
Sector |
Asset Acquired |
Investor |
Deal Value |
Stakes Acquired |
Name Not Disclosed |
Acquisition |
Renewable |
Solar – 56.25 MW and Wind – 471.65 |
ReNew Power |
$388 million |
– |
AMPYR Renewable Energy Resources Eleven |
Equity |
Solar |
– |
Biocon Ltd |
$75 million |
26% |
Skypower |
Acquisition |
Solar |
– |
Torrent Power |
$53.28 million |
100% |
SolarArise |
Acquisition |
Solar |
– |
ThomasLloyd Energy |
$38.5 million |
57% |
Cleanwin Energy SIX |
Equity |
Renewable |
– |
Hindalco Industries
|
$7.12 million |
26% |
SolarSquare |
Equity |
Rooftop Solar |
– | Lowercarbon Capital, Symphony Asia and Zerodha founder Nithin Kamath’s Rainmatter |
$4 million |
– |
Huoban Energy 6 (a subsidiary of Fourth Partner Energy) |
Equity |
Solar |
– |
Tech Mahindra |
$0.21 million |
26% |
GMR Green Energy Private Ltd |
Acquisition |
Renewable |
– |
GMR Power and Urban Infra |
– |
100% |
Continuum Green Energy |
Equity |
Wind |
– |
GE Energy |
– |
49% |
Source: Industry news articles, JMK Research
Other important announcements that were made during the month were:
- Gail India is planning to invest INR 6,000 crore in the next three years in renewable energy sector. The investment can go up by an additional INR 20,000 crore by 2030. The company is aiming for almost 3 GW of renewables capacity by 2030.
- SJVN is also planning to invest over INR 1,000 crore to set up three renewable energy projects in Uttar Pradesh. The two solar projects with a capacity of 75 MW each will be set up at villages Parasan and Gurha in district Jalaun. The third one of 50 MW solar power project will be set up at village Gujarai in Kanpur Dehat.
- A group of 16 banks led by the State Bank of India (SBI) have sold more than INR 8,000 crore of Suzlon Energy loans to the Rural Electrification Corp (REC) and Indian Renewable Energy Development Agency (IREDA).
- Inox Wind announced that it has raised over INR 400 crore by issuing equity shares and convertible warrants. Inox Wind has also announced that it has completed the allotment of equity shares and convertible warrants worth INR 402.50 crore, at an issue price of INR 126 and INR 132, respectively.
- Inox Green Energy Services has filed fresh preliminary papers with capital markets regulator Sebi to raise INR 740 crore through an Initial Public Offering (IPO). The IPO comprises fresh issuance of equity shares worth INR 370 crore and an offer-for-sale of equity stocks aggregating to INR 370 crore by promoter Inox Wind. Besides, the company may consider a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.
- PFC has successfully listed its maiden 300 million euro 1.841%-euro green bonds on Luxembourg Stock Exchange (LSE), which is the largest green bond listing platform.
- Uttar Pradesh government receives an investment proposals of INR 4782 crores in the renewable energy segment. There are 23 projects in the renewable energy sector coming up in 21 districts. SJVN is investing an amount of INR 1000 crore by implementing three solar power projects in UP. AMP Energy is also investing in projects worth INR 450 crore and INR 300 crore in districts Ballia and Mau, respectively.
- The Ontario Teachers’ Pension Plan (OTPP) is in discussion to acquire a stake of about 49% in Mahindra Susten. OTPP is likely to pay INR 2,300 crore for the stake, valuing the company at INR 4,600 crore, inclusive of debt.
- The World Bank has approved an additional $165 million in funding to accelerate up the adoption of rooftop solar by residential customers. The funding will directly finance 450 MW of residential rooftop solar systems and consists of a $150 million loan from the International Bank for Reconstruction and Development (IBRD) and $15 million from the IBRD Fund for Innovative Global Public Goods Solutions.
GTAM Traded Volume
The IEX and PXIL together traded a total of 250.64 MU in GTAM in June 2022, which is 44% lower than the volume traded in May 2022. The average trade price in IEX-GTAM for June 2022 was INR 7.18/kWh, while for PXIL it was INR 7.16/kWh. This is about 4.1% and 17.7% 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 June 2022.
Solar modules price trends

Source: PVInfoLink, JMK Research
Average prices for domestic modules in June 2022
JMK Research carried out price survey from domestic suppliers for June 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:
- In June 2022, the price for mono PERC 400 Wp modules was INR 33.4/Wp, up by around 1.61% as compared to INR 31/Wp in May 2022.
- While the prices for mono PERC 500 Wp modules and Polycrystalline 330 Wp modules have remained same in June 2022.
The domestic solar module manufacturers further expected that the domestic module prices will increase by around 3% next month.

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 |
Ministry of Power issued Electricity (Late Payment Surcharge and Related Matters) Rules, 2022 |
MoP |
3rd-Jun-2022 |
MoP |
6th-Jun-2022 | |
CERC |
7th-Jun-2022 | |
PXIL introduce month ahead (up to 3 months) contracts on its platform |
CERC |
7th-Jun-2022 |
CERC |
7th-Jun-2022 | |
CERC rejects ACME Solar’s request for extension of SCOD date for its solar projects |
CERC |
8th-Jun-2022 |
MNRE |
13th-Jun-2022 | |
Anti-dumping duty imposed by MoF on fluoro backsheets used in solar modules imported from China |
Ministry of Finance |
15th-Jun-2022 |
MoP |
17th-Jun-2022 | |
CERC directed HPEL to run daily and weekly contracts on uniform price step auction |
CERC |
27th-Jun-2022 |
CERC |
28th-Jun-2022 | |
CERC |
30th-Jun-2022 |
State
Policy Name |
Issuing Agency |
State |
Date of Issue |
GERC permits net metering for rooftop solar system of 1 kW to 1 MW |
GERC |
Gujarat |
31st-May-2022 |
HERC |
Haryana |
9th-Jun-2022 | |
Karnataka Discom asked to compensate the losses of open access developer as per the agreement |
KERC |
Karnataka |
15th-Jun-2022 |
MERC compensates developer for Change in Law claims for BCD & SGD |
MERC |
Maharashtra |
17th-May-2022 |
MERC accords its approval for procurement of 15.85 MW on long term basis from wind generator |
MERC |
Maharashtra |
7th-Jun-2022 |
MERC |
Maharashtra |
25th-Jun-2022 | |
Punjab state commission approves 16 MW of solar power procurement |
PSERC |
Punjab |
1st-Jun-2022 |