Monthly RE update – June 2022

Monthly RE update – June 2022

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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

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

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

NTPC, 200 MW, Solar (EPC), Madhya Pradesh, Jun 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

MSPGCL, 105 MW, Floating Solar, Maharashtra, Jun 2022

Floating Solar

Project Development

105

EMD – INR 1.054 million

19%

15 months

15th-Jul-2022

NTPC, 100 MW, Wind (EPC), Madhya Pradesh, May 2022

Wind

EPC

100

EMD – INR 100 million

27th-Jun-2022

GSECL, 100 MW, Wind (EPC), Gujarat, May 2022

Wind

EPC

100

EMD – INR 5 million

PBG – 5% of the contract value

22%

16 months

12th-Jun- 2022

NHDC, 88 MW, Floating Solar (EPC), Madhya Pradesh, May 2022

Floating Solar

EPC

88

EMD – INR 56 million

13 months

29th-Jun-2022

KSEBL, 65 MW, Wind, Kerala, May 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 MW

INR 0.5 million for 51 MW to 65 MW

22%

18 months

20th-Jun-2022

NLC, 50 MW, Wind (EPC), Pan India, May 2022

Wind

EPC

50

EMD – INR 76.7 million

15 months

10th-Jun-2022

MPUVNL, 35 MW, Rooftop Solar, Madhya Pradesh, 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

CIL, 20 MW, Solar (EPC), Jharkhand, Jun 2022

Utility Scale Solar

EPC

20

EMD – INR 5 million

9 months

15th-Jul-2022

GSECL, 15 MW, Wind (EPC), Gujarat, Jun 2022

Wind

EPC

15

EMD – INR 9 million

PBG – 10% of the contract price

15 months

12th-Jul-2022

CIL,15 MW, Solar (EPC), Madhya Pradesh, Jun 2022

Utility Scale Solar

EPC

15

EMD – INR 5 million

24.34%

9 months

17th-Jun-2022

DVC, 10 MW, Solar (EPC), Jharkhand, 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

PEDA, 5 MW, Rooftop Solar, Punjab, Jun 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

HPCL, 2 MW, Solar (EPC), Pan India, 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

PJTSAU, 1 MW, Rooftop Solar, Telangana, Jun 2022

Rooftop Solar

RESCO

1

 

EMD – INR 0.4 million

PBG – INR 0.75 million

15%

28th-Jun-2022

DMRC, 1 MW, Rooftop Solar, Delhi, Jun 2022

Rooftop Solar

RESCO

1

PBG – INR 1.17 millionCeiling Tariff – INR 4.50/kWh

12%

5 months

11th-Jul-2022

MANIREDA, 1 MW, Rooftop Solar, Manipur, Jun 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

SECI, 1200 MW, Wind Tranche XIII, Pan India Jan 2022

Wind

Project Development

1200

EMD – INR 1.326 million/MW

22%

24 months

4th-Jul-2022

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

2nd-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

1st-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%

19th-Jul-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

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

Wind

Project Development

500

EMD – INR 1 million

15%

18 months

4th-Jul-2022

SECI, 500 MW with 1000 MWh BESS, Rajasthan, Apr 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

MSEDCL, 325 MW, Wind, Maharashtra, May 2022

Wind

Project Development

325

EMD – INR 0.1 million/MW

Ceiling Tariff – INR 2.65/kWh

5th-Jul-2022

REMCL, 150 MW, Hybrid, Nov 2021

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

GUVNL, 500 MW, Solar Phase XIV, Gujarat, Apr 2022

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)

GSECL, 131 MW, Solar (EPC), Gujarat, Jan 2022

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

monthly RE

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

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

The Electricity (Promoting Renewable Energy through Green Open Access) Rules 2022” gets finalized by MoP

MoP

6th-Jun-2022

CERC approves the introduction of additional Term Ahead Contracts and Green Term Ahead Contracts beyond T+11 days at IEX

CERC

7th-Jun-2022

PXIL introduce month ahead (up to 3 months) contracts on its platform

CERC

7th-Jun-2022

CERC issued (Connectivity and General Network Access to the inter-State Transmission System) Regulations, 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 Issues Revised RLMM List for Wind Turbines

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


Nomination of third party bid process coordinator for the revised scheme for flexibility in generation and scheduling of thermal/hydro power stations through bundling with RE and Storage Power 2022

MoP

17th-Jun-2022

CERC directed HPEL to run daily and weekly contracts on uniform price step auction

CERC

27th-Jun-2022

CERC approves Tripartite Power Sale Agreement between SECI, APDISCOMS and GoAP, for purchase of 7000 MW Solar Power

CERC

28th-Jun-2022

CERC extend the period for quoting prices in the range of INR 0 to 12/kWh on all market segments including TAM and GTAM till September 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 approves the PSA for procurement of 800 MW ISTS connected Wind Solar Hybrid Power under Tranche IV scheme of SECI

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

Maharashtra Commission provides additional time to a small hydro power plant to prove its captive status

MERC

Maharashtra

25th-Jun-2022

Punjab state commission approves 16 MW of solar power procurement

PSERC

Punjab

1st-Jun-2022

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