Monthly RE update – March 2022



Tenders
- In March 2022, 21 new renewable energy (RE) tenders with a total capacity of 1218 MW were issued.
- About 691.5 MW solar tenders were issued under Component A of KUSUM scheme by MPUVNL, PEDA and KSEBL.
Details of new tenders issued in March 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 |
MPUVNL, 440 MW, Solar (Under KUSUM Scheme Component A),Madhya Pradesh, Feb 2022 |
Small Scale Solar |
Project Development |
440 | PBG – INR 0.5 million Ceiling tariff – INR 3.07/kWh |
15% |
9 months |
4th-Apr-2022 |
PEDA, 217 MW, Solar (Under KUSUM Scheme Component A), Punjab, Mar 2022 |
Small Scale Solar |
Project Development |
217 | EMD – INR 0.1 million/MW PBG – INR 0.5 million/MW Ceiling Tariff – INR 2.748/kWh |
15% |
12 months |
5th-April-2022 |
NMMC, 100 MW, Floating Solar, Maharashtra, Mar 2022 |
Floating Solar |
Project development |
100 | EMD – INR 25 million PBG – INR 250 million |
19% |
17 months |
24th-April-2022 |
NLC, 100 MW, Solar (EPC), Pan India, Mar 2022 |
Utility Scale Solar |
EPC |
100 | EMD – INR 98.51 million PBG – 5% of the contract value |
– |
15 months |
8th-Apr-2022 |
Decentralized Solar |
EPC |
86 | PBG – 10% of the contract price |
– |
6 months |
1st-Apr-2022 | |
Utility Scale Solar |
EPC |
44 | EMD – INR 51.2 million PBG – 4% of the contract value |
– |
12 months |
17th-May-2022 | |
Utility Scale Solar |
EPC |
40 | EMD – INR 16 million PBG – 5% of the EPC contract price |
23% |
12 months |
6th-Apr-2022 | |
KSEBL, 34.5 MW, Solar (Under KUSUM Scheme Component A), Kerala, Mar 2022 |
Small Scale Solar |
Project Development |
34.5 | EMD – INR 0.1 million/MW PBG – INR 0.5 million/MW |
15% |
12 months |
3rd-May-2022 |
Utility Scale Solar |
EPC |
30 | EMD – INR 12 million PBG – 5% of the EPC contract price |
23% |
12 months |
6th-Apr-2022 | |
GSECL, 27 MW, Solar (EPC), Gujarat, Mar 2022 |
Utility Scale Solar |
EPC |
27 | EMD – INR 10.8 million PBG – 5% of the EPC contract price |
23% |
12 months |
6th-Apr-2022 |
Coal India, 25 MW, Solar (EPC), West Bengal, Mar 2022 |
Utility Scale Solar |
EPC |
25 | EMD – INR 5 million PBG – 5% of the contract value |
– |
12 months |
23rd-Mar-2022 |
GSECL, 16 MW, Solar (EPC), Gujarat, Mar 2022 |
Utility Scale Solar |
EPC |
16 | EMD – INR 6.4 million PBG – 5% of the EPC contract price |
23% |
12 months |
6th-Apr-2022 |
Coal India Limited, 15 MW, Solar (EPC), MadhyaPradesh, Mar 2022 |
Utility Scale Solar |
EPC |
15 | EMD – INR 5 million PBG – 5% of the contract value |
23.34% |
9 months |
30th-Mar-2022 |
REMCL, 14 MW, Rooftop Solar, Uttar Pradesh, Mar 2022 |
Rooftop Solar |
– |
14 | PBG – INR 1.07 million |
– |
– |
17th-May-2022 |
Rooftop Solar |
CAPEX |
10 | EMD – INR 0.5 million PBG – INR Lakhs x 3% x installed Capacity in MWp |
– |
6 months |
24th-Mar-2022 | |
Rooftop Solar |
CAPEX |
5 | EMD – INR 0.1 million for the lot size of 100 kWp PBG – 5% of the order value |
– |
12 months |
30th-Mar-2022 | |
Utility Scale Solar |
EPC |
5 | EMD – INR 4.7 million PBG – 4% of the contract value |
– |
12 months |
19th-Apr-2022 | |
Department of Power, Nagaland, 3.8 MW, Rooftop Solar, Nagaland, Feb 2022 |
Rooftop Solar |
CAPEX |
3.8 | PBG = INR Lakhs x 3% x Allocated Capacity |
– |
12 months |
23rd-Mar-2022 |
Small Scale Solar |
EPC |
2.7 | EMD – INR 1.89 million PBG – 5% of the total contract value |
– |
3 months |
11th-April-2022 | |
Rooftop Solar |
– |
1.68 | EMD – INR 0.79 million PBG – 3% of the contract amount |
– |
15 months |
26th–Apr-2022 | |
NALCO, 1.095 MW, Rooftop Solar, Andhra Pradesh, Mar 2022 |
Rooftop Solar |
– |
1.095 | EMD – INR 0.35 million PBG – 3% of the contract value |
– |
9 months |
5th-April-2022 |
PBG: Performance Bank Guarantee
EMD: Earnest Money Deposit
Source: JMK Research
Other announcement during the month was:
NTPC Renewables invites an expression of interest (EOI) for setting up of Renewable Energy Projects (Wind) in states of Rajasthan, Maharashtra, Gujarat, Tamil Nadu, Karnataka, Andhra Pradesh & Madhya Pradesh. The proposed capacity in a single/multiple location (in MW) connected to a single pooling station/future proposed ISTS network should be more than 100 MW.
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 PBG – 3.315 million/MW |
22% |
24 months |
4th-May-2022 |
NTPC, 500 MW with 3000 MWh ESS, Pan India, Jan 2022 | Energy Storage System (ESS) | Project Development | 500 MW with 3000 MWh ESS | PBG – INR 1.2 million/MW |
– |
– |
22nd-Apr-2022 |
MSEDCL, 445 MW, Solar (Under KUSUM component A),Maharashtra, Feb 2022 | Small Scale Solar | Project Development | 445 | EMD – INR 0.1 million/ MW PBG – INR 0.5 million/ MWCeiling Tariff – INR 3.10/ kWh | 15% | 12 months | 11th-Apr-2022 |
Source: JMK Research
Auctions Completed
Winners in the latest solar tenders

Source: JMK Research
In March 2022, Auction were concluded for a total capacity of 750 MW solar tenders by GUVNL and PSPCL.
Tender Name |
Capacity tendered (MW) |
Capacity allotted (MW) |
Minimum CUF |
Commissioning Timeline |
Winners Details |
500 |
500 |
17% |
18 months | • Fortum – 200 MW (INR 2.29/kWh)• Hinduja Renewables –120 MW (INR 2.29/kWh) • SJVN – 100 MW (INR 2.29/kWh) • UPC Renewables –80 MW (INR 2.29/kWh) | |
250 |
250 |
19% |
18 months | • Adani -150 MW (INR 2.34/kWh)• ReNew – 100 MW (INR 2.33/kWh) |
Source: JMK Research
Installed Capacity
In February 2022, a combined total of 503.04 MW of solar and wind capacity was added, taking the cumulative RE capacity to 106.37 GW.
RE installations in February 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 February 2022
In February 2022, Rajasthan added the maximum utility scale solar capacity of 174.8 MW followed by Telangana (114.88 MW) and Assam (44.35 MW) while Gujarat installed the maximum wind capacity of 28.1 MW.
In the rooftop solar segment, Gujarat added the maximum capacity of 57.75 MW followed by Karnataka (3.15 MW). Rajasthan added the maximum off grid/distributed solar capacity of 5.83 MW in February 2022.
State wise solar and wind installed capacity in February 2022

Source: MNRE, JMK Research
Recently Commissioned RE projects
Developer |
Technology |
Tender Name |
AC Capacity (MW) |
Tariff (INR/kWh) |
State |
Azure Power | Solar | SECI 1200 MW Solar ISTS Tranche III Feb 2019 |
300 |
2.58 | Rajasthan |
SunSource Energy | Solar | Open access |
45 |
– | Uttar Pradesh |
NTPC | Floating Solar | NTPC 100 MW Floating Solar (EPC) Telangana Dec 2018 | 42.5 |
– | Telangana |
Southern Petrochemicals Industries Corporation | Floating Solar | – | 22 | – | Tamil Nadu |
Hinduja Renewables | Solar | Open access | 16.45 | – | Karnataka |
Swelect Energy | Solar | – | 11 | – | Tamil Nadu |
Milky Mist | Solar | – | 7 | – | Tamil Nadu |
Panasonic | Rooftop Solar | – | 6 | – | Maharashtra |
KPI Global | Solar | – | 1.72 (DC) | – | Gujarat |
VST Industries | Rooftop Solar | – | 1 | – | Telangana |
Source: Industry news articles, JMK Research
Other key announcements that were made during the month were:
- Vedanta Limited announced that its board of directors has approved a proposal to source 580 MW of green energy for its operations in India. The company has signed a power delivery agreement with Sterlite Technologies Private Ltd, a special purpose vehicle for the supply of solar and wind-based energy. The project will be funded with a debt-to-equity ratio of 70:30, where Vedanta Ltd and its subsidiaries will own 26% equity in the respective SPVs for a total investment of up to INR 850 crore.
- Rajasthan Vidyut Utpadan Nigam Ltd and Rajasthan Renewable Energy Corporation will develop two solar parks with capacities of 800 MW and 1000 MW in Jaisalmer and Bikaner respectively in the first phase.
- International Finance Corporation (IFC) is planning to finance 600 MW solar power park, in India. The solar power project will be established in Uttar Pradesh and will be developed by TUSCO which is a joint venture between THDC India and Uttar Pradesh New & Renewable Energy Development Agency.
- The Centre grants an approval for three solar parks with a total capacity of 340 MW in Odisha under the solar park scheme. The Centre also stated that there will be one 40 MW solar park that has been planned in Landeihill village in Ganjam district. The other two will be floating parks. One of them with 200 MW capacity has been planned in Rengali reservoir, while details about the other one with 100 MW capacity are yet to be known.
- Larsen & Toubro has secured orders to build a 35 MW(AC) PV capacity with 57 MWh battery energy storage system in Gujarat and a 245 MW solar power project in Rajasthan.
- Vestas has also secured a 51 MW order from O2 Power Private Limited for a renewable energy project located in Karnataka. It forms part of the company’s 200 MW hybrid C&I project under development in Karnataka. The deliveries of the turbines are expected to begin in the third quarter of 2022, while commissioning is expected in the last quarter of 2022.
- Arcelor Mittal has announced its partnership with Greenko group wherein Arcelor Mittal Will invest $600 million in Andhra Pradesh to own and fund a round-the-clock (RTC) 975 MW renewable energy project while Greenko will design, construct and operate the renewable energy facilities. The Project commissioning is expected by mid-2024.
- The Nagaland government signed a power purchase agreement (PPA) with a private company for the construction of the state’s first greenfield solar power facility in Dimapur district. The Nagaland government will lease the property, and Halo Energie Pvt Ltd will execute the 20 MW power plant, which is expected to cost around INR 120 crore. The project’s execution is set to begin in mid-2022, and it will take around eight months to complete the project.
Monthly RE Generation
Renewable energy sources generated 12742.63 MU in March 2022, up by significantly 44.1% from February 2022. Solar energy accounts for 60% of RES (Renewable Energy Sources) generation in March 2022, followed by wind at 31% and other renewable energy sources (including biomass) at 9%.
Source-wise Renewable Energy Generation (MU) – India

Source: CEA, JMK Research

Investments/ Deals
In March 2022, about $919.52 million was invested in the RE sector. The key investments during the month were:
- Greenko raised $750 million through offshore bond offering for funding an energy storage project in India.
- Torrent Power has acquired 100% stake in Lightsource Renewable Energy (India) Limited for INR 300 crore. Lightsource Renewable operates a 50 MW solar power plant in Maharashtra. In addition, Torrent power has also completed the acquisition of 156 MW of wind assets which are spread across Gujarat, Rajasthan and Madhya Pradesh from Surya Vidyut company.
- Jupiter International has raised $22.19 million from funds managed by wealth management firm Edelweiss Alternative Asset Advisors (EAAA).
- Virescent Renewable Energy Trust (VRET) has completed the acquisition of a 50 MW operating solar asset from Godawari Green Energy Limited (GGEL). GGEL operates the 50 MW concentrated solar power (CSP) plant in Rajasthan. With this acquisition, VRET now manages 500 MW of operating solar assets across India.
Company Name |
Deal Type |
Sector |
Asset Acquired |
Investor |
Deal Value |
Stakes Acquired |
Other Details |
Greenko | Bond | Energy Storage | – | – | $750 million | – | The company secured pricing of 5.50% for its $750 million green bond and were assigned a rating of ‘BB’ by Fitch Ratings. |
Surya Vidyut (a subsidiary of CESC Ltd) | Acquisition | Wind | 156 MW | Torrent Power | $107 million | 100% | Wind power plants acquired were spread across Gujarat, Rajasthan and Madhya Pradesh |
Lightsource Renewable Energy (India) | Acquisition | Solar | 50 MW | Torrent Power | $39.3 million | 100% | – |
Jupiter International | Equity | Solar | – | Edelweiss Alternative Asset Advisors (EAAA) | $22.19 million | – | The company is planning to set up a New greenfield capacity of 2,000 MW integrated cell plus module line |
Avaada | Equity | Solar | – | Bharti Airtel | $1.03 million | 9% | – |
Amp Energy | Equity | Solar | – | Bharat Serums | – | 26% | Bharat Serums has acquired a 26% stake in AMP Energy C&I One for its manufacturing facility at Ambernath in Maharashtra |
Virescent Renewable Energy Trust (VRET) | Acquisition | Solar | 50 MW | Godawari Green Energy Limited | – | 100% | – |
Avi Solar | Acquisition | Solar | – | Skyfri Group | – | – | With this acquisition, Skyfri Group targets to bring to over 500 MW of new solar power projects to investors on its platform |
Source: Industry news articles, JMK Research
Other key announcements that were made during the month were:
- BlackRock and Mubadala Investment Co., the UAE’s sovereign wealth fund, are in discussions to invest $500 million and $200 million, respectively, in a proposed new energy business being floated by Tata Power Co. Ltd. The new vehicle would include Tata Power’s renewable energy assets, like hydropower, as well as its transmission and distribution businesses and is likely to be valued at around $5 billion.
- The UK’s development financing institution (DFI) and impact investor, British International Investment, formerly CDC Group, announced a total investment of $89 million to scale renewable energy capacity in India. The DFI’s investment is split between a follow-on commitment of $47 million to Fourth Partner Energy and a project finance debt investment of $42 million to Thar Surya 1 Private Limited, an Indian subsidiary of Enel S.p.A, Italy (Enel).
- Indian government gave approval to UK-based global investor ThomasLloyd to acquire a 43% stake in Delhi-based SolarArise India Projects for $34.6 million. SolarArise India Projects owns 7 solar power projects with a cumulative capacity of 434 MW in the country. About $34.6 million for the acquisition will be settled through ordinary shares in the company and acquisition is expected to get complete in the second quarter of 2022.
- Brookfield Asset Management Inc is planning to buy a significant stake in Mahindra Susten. The sales process for the potential deal with an enterprise and equity value of around INR 7,000 crore and INR 1,700 crore, respectively, is being handled by Avendus Capital.
- GPS Renewables announced that it has closed its Series B fundraising round from Neev Fund II, managed by SBICap Ventures. In total, GPS has raised about $20 million in the form of equity.
- Adani Green Energy (AGEL) has extended its construction financing framework to $1.64 billion by raising a $288 million facility for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders. The facility will initially finance the 450 MW hybrid portfolio of solar and wind renewable projects that AGEL is setting up in Rajasthan.
- Vikram Solar has filed draft papers to the Securities and Exchange Board of India (SEBI) in order to generate funds through an initial public offering (IPO). The IPO consists of a fresh issue of up to INR 1,500 crore and an Offer-for-Sale (OFS) by the selling shareholders of up to 5,000,000 equity shares.
- Shell has emerged as the top contender to buy Sprng Energy, the Indian renewable platform of Actis. Shell’s offer, which valued the portfolio at $1.75-1.8 billion inclusive of debt, is said to be higher than Sembcorp’s Industries offer.
SECI Payments
In February 2022, the Solar Energy Corporation of India Limited (SECI) paid nearly INR 5.56 billion to developers for the purchase of solar and wind power. The payment disbursal in February has increased by ~2.4% compared to January 2022.
Monthly payments by SECI to solar and wind developers

Source: Ministry of Commerce and Industry, JMK Research
GTAM Traded Volume
During March 2022, the IEX green term-ahead market traded 187 MU volume, with 48.5 MU in the solar segment and 138.8 MU in the non-solar segment. This is about 28.6% less than the previous month. The average trade price in IEX GTAM for the same month was INR 7.8/kWh.
The PXIL green term-ahead Market reported 325 MU volume in March 2022 with a decrease of 17% on MoM basis. The average traded price was INR 7.15/kWh during March 2022.
GTAM traded volume and average traded price trend

Source: IEX, PXIL, JMK Research

Module Price Trends
Comparing on m-o-m basis, prices for global mono PERC modules have decreased by 1.85% while mono PERC India modules prices have increased marginally by 0.74% in March 2022.
Solar modules price trends

Source: PVInfoLink, JMK Research
Note: India Prices are FOB prices
Policies and Regulations
Central
Policy Name |
Issuing Agency |
Date of Issue |
MNRE updated latest ALMM list with a total enlisted capacity of 11,502 MW for Solar PV |
MNRE |
4th- Mar-2022 |
CERC |
31st-Jan-2022 | |
MNRE reduced the Performance Security from 5-10% to 3% for the RE tenders till March 2023 |
MNRE |
7th-Mar-2022 |
MOP |
11th-Mar-2022 | |
MNRE |
9th-Mar-2022 | |
CERC |
8th-Mar-2022 | |
Additional 3-month extension granted by MNRE in scheduled commissioning date of wind projects |
MNRE |
17th-Mar-2022 |
CERC – Deviation Settlement Mechanism and Related Matters Regulations, 2022 |
CERC |
14th–Mar-2022 |
MNRE |
28th-Mar-2022 |
State