Monthly RE Update – March 2023

Monthly RE update – March 2023

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Tenders

  • In March 2023, 20 new renewable energy (RE) tenders with a cumulative capacity of 4554 MW were issued. SECI issued a 2000 MW solar ISTX XI tender in India.
  • RUVNL floated a 1200 MW solar power projects anywhere in India with committed supply from Energy Storage System for at least 6 hours during the peak demand periods.
  • GUVNL issued a 500 MW wind power projects (Phase V) with ‘greenshoe option’ of additional up to 500 MW.

Details of new RE tenders issued in March 2023

Source: JMK Research

New RFS Issued

Tender Name

Technology

Tender Scope

Capacity (MW)

Other Details

Minimum CUF

Commissioning timeline from PPA signing (months)

Bid Submission Date

SECI, 2000 MW, Solar ISTS XI, Pan India, Mar 2023

Utility Scale Solar

Project Development

2000

EMD – INR 1.16/MW

PBG – INR 1.14 million/MW

17%

18

10th-Apr-2023

RUVNL, 1200 MW,Solar Power with ESS,Pan India, Mar 2023

Energy Storage System

Project Development

1200

EMD- INR 1.2 million/MW

PBG – INR 1.8 million/MW

35%

24

17th-Apr-2023

GUVNL, 500 MW, Wind, Pan India, Mar  2023

Wind

Project Development

500

EMD- INR 1 million/ MW

PBG – INR 1 million/MW

22%

6

11th-Apr-2023

MSEDCL, 225 MW, Solar (Under Component-A KUSUM Scheme), Maharashtra, Mar 2023

Small Scale Solar

Project Development

225

EMD – INR 0.1 million/MW

PBG – INR 0.1 million/MW

15%

12

28th-Apr-2023

SECI 100 MW, FloatingSolar (EPC),Jharkhand Mar 2023

Floating Solar

EPC

100

EMD – INR 60 million

23%

18

2nd-May-2023

KSEB, 100 MW,Rooftop/Ground Mounted Solar (EPC), Kerala, Mar 2023

Rooftop Solar

EPC

100

EMD – INR 100/kWp

PBG – 3% of the contract price

6

6th-May 2023

BHEL,100 MW, Solar (O&M), Gujarat, Mar 2023

Utility Scale Solar

O&M

100

EMD – INR 1 million

PBG – 5% of the contract price

1st-Apr-2023

JDVVNL, 60.48 MW, Solar(Under Component C KUSUSM Scheme), Rajasthan, Mar 2023

Small Scale Solar

Project Development

60.48

EMD – INR 0.1 million/MW

PBG – INR 0.5 million/MW

9

24th-Apr-2023

Directorate UrbanAdministration and  Development, 60  MW, Solar (EPC),Madhya Pradesh,Mar 2023

Utility Scale Solar

EPC

60

EMD- INR 15 million

PBG – 3% of the contract price

15

5th-Apr-2023

TSREDCO, 50 MW,Rooftop Solar, Telangana, Mar 2023

Rooftop Solar

50

EMD – INR 0.5 million

PBG – INR 0.5 million

12

14th-Mar-2023

HPPCL, 32 MW, Solar (EPC), Himachal Pradesh, Feb 2023

Utility Scale Solar

EPC

32

EMD- INR 37 million

25th-Mar-2023

WBPDCL, 22.5 MW,Floating Solar (EPC), West Bengal, Mar 2023

Floating Solar

EPC

22.5

EMD – INR 40 million

PBG – 3% of the contract price

12

2nd-May-2023

CIL, 20 MW, Solar (EPC), Jharkhand, Mar 2023

Utility Scale Solar

EPC

20

EMD- INR 5 million

21.67%

12

31st-Mar-2023

BESCOM. 20 MW, Solar (Under KUSUM scheme), Karnataka, Mar 2023

Solar

Project Development

20

EMD- INR 0.1 million/MW

PBG – INR 0.1 million/MW

19%

9

24th-Mar-2023

West Central Railway, 12.5 MW, Rooftop Solar, Madhya Pradesh, March 2023

Rooftop Solar

 

12.5

EMD- INR 1.07 million/MW

PBG – INR 1.6 million/MW

 

9

25th-April- 2023

West Central Railway, 12 MW, Rooftop Solar, Rajasthan, Mar 2023

Rooftop Solar

12

EMD – INR 1.07 million/MW

8

21st-Mar-2023

HPPCL, 10 MW, Solar(EPC), HimachalPradesh, Mar 2023

Utility ScaleSolar

EPC

10

EMD – INR 13 million

10th-Apr-2023

KREDL, 10 MW, Solar(Under Component-C KUSUM  scheme), Karnataka,  Mar 2023

Solar

Project Development

10

EMD- INR 0.1 million/ MW

PBG – INR 0.1 million/MW

19%

9

24th-Mar-2023

OREDA, 10 MW, Solar,Odisha, Feb 2023

Utility ScaleSolar

Project Development

10

PBG- INR 0.5 million/MW

15%

6th-Mar-2023

MEDA, 10 MW, Rooftop Solar,  Maharashtra, Mar  2023

RooftopSolar

CAPEX

10

EMD –1 to 10 kW – INR0.2 million10 to 100 KW – INR0.3 million100 – 500 KW – INR0.5 million

16th-Mar-2023

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 (months)

Bid Submission Date

Adani, 1500 MW, RTC Power from RE Projects, Pan India, Dec 2022

Hybrid

Project Development

1500

EMD – INR 0.5 million/MW/project

PBG – INR 1 million/MW/Project

24

5th-Apr-2023

RUVNL, 1500 MW, Wind Solar Hybrid with Storage, Pan India, Jan 2023

Wind Solar Hybrid with Storage

Project Development

1500

EMD- INR 1.2 million/MW

PBG – INR 3 million/MW

30%

24

10th-Apr-2023

SECI, 1200 MW, Wind (Tranche XIV), Pan India, Feb 2023

Wind

Project Development

1200

EMD- INR 1.4 million/MW

PBG – INR 2.1 million/MW

22%

24

17th-Apr-2023

MPUVNL, 1110 MW, Solar (KUSUM Component-C), Madhya Pradesh, Jan 2023

Small Scale Solar

Project Development

1110

EMD- INR 0.1 million/MW

PBG – INR 0.5 million/MW

15%

12

10th-Apr-2023

RUVNL, 1000 MW, Solar, Rajasthan, Jan 2023

Utility Scale Solar

Project Development

1000

EMD- INR 0.8 million/MW

PBG – INR 2 million

17%

18

6th-Apr-2023

GUVNL, 700 MW, Solar Phase XI, Gujarat, Mar 2021

Utility Scale Solar

Project Development

700

EMD – INR 0.4 million/MW

PBG – INR 0.9 million/MW

17%

15

21st-Apr-2023

GUVNL, 600 MW, Solar (Phase XVII), Gujarat,Sep 2022

Utility ScaleSolar

Project Development

600

EMD – INR 0.4 million/MW

PBG – INR 0.9 million/MW

17%

15

3rd-April-2023

GUVNL, 500 MW, RE with 250 MWh ESS Phase (XV), Gujarat, Jun 2022

RE with Energy Storage System

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

18th-Apr-2023

GUVNL, 500 MW with  1000 MWh BESS(Phase-I), Gujarat,Aug 2022

Energy Storage System

Project Development

500 MWwith 1000 MWh

EMD – INR 0.74million/MW

PBG – INR 1.1 million/MW

18

18th-Apr-2023

GUVNL, 500 MW, Solar (Phase XIX), Gujarat,  Feb 2023

Utility ScaleSolar

Project Development

500

EMD – INR 0.4 million/MW

PBG – INR 0.8 million/MW

17%

18

3rd-April-2023

NTPC, 310 MW, Solar, West Bengal, Feb 2023

Utility ScaleSolar

Project Development

310

EMD – INR 50 million to 200 million

21st-Apr-2023

Source: JMK Research

Auction Completed

Tender Name

Capacity Tendered (MW)

Capacity Allotted (MW)

Commissioning timeline from PPA signing

Winner Details

Power Company of Karnataka Limited (PCKL) 1000 MW Pumped Hydro Storage Karnataka Feb 2023

1000

1000

36 months

• Greenko – 700 MW (INR 14.76 million/ MW/ year)

• JSW Energy – 300 MW (INR 14.75 million/ MW/ year)

Source: JMK Research

Apart from the storage tender, Shirdi Sai Electricals, through its subsidiary Indosol Solar Private Limited secured the highest PLI amount of INR 3300 crore (US$ 401 million) for an integrated polysilicon to module manufacturing capacity of 6000 MW under PLI Tranche II tender.Other prominent winners include Reliance (6000 MW), Waaree (6000 MW), ReNew (4800 MW), Vikram Solar (2400 MW), Tata Power Solar (4000 MW), US based First Solar (3400 MW), Avaada (3000 MW), JSW (1000 MW), Grew (2000 MW) and AMPIN (1000 MW).The total outlay for the second tranche of PLI is INR 19,500 crore (US$2.6 billion).

Installed Capacity

In February 2023, a combined total of 519 MW of solar and wind capacity was added, taking the cumulative RE capacity to 122.1 GW.

RE installations in February 2023

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 2023

In February 2023, Gujarat installed the maximum solar capacity of 140 MW followed by Karnataka (92 MW) and Maharashtra (68 MW).

State wise solar installed capacity in February 2023

Source: MNRE, JMK Research

Recently Commissioned RE projects

Developer

Technology

Tender Name

AC Capacity (MW)

  Tariff (INR/kWh)

State

Adani

Wind Solar Hybrid

AEML, 700 MW, Hybrid,Maharashtra, Greenshoe July 2019

700

 3.24

Rajasthan

KPI Green Energy

Solar

Captive

31

Gujarat

SAEL

Solar

28

Mizoram

Source: Industry news articles, JMK Research

Other key announcements that were made during the month were:

  • The Assam cabinet approved implementation of 7 green energy projects having a cumulative capacity of 620 MW to be developed in Assam. The projects include 70 MW Sonbeel Floating Solar Power Project, 100 MW Tezpur Agrivoltaic Project, 40 MW Golaghat Floating Solar Power Project and 200 MW Margherita Solar Power Project. A 50 MW Lower Kopili Agrivoltaic Project, 60 MW Chandrapur PSP with Solar Power Project and 100 MW Batadrava Agrivoltaic Project were also approved.
  • Eight solar parks with a cumulative capacity of 4995 MW have been approved in the Bundelkhand region. The solar parks that that have been approved are Jalaun Solar Park (1200 MW), Chitrakoot Solar Park (800 MW), Kalpi Solar Park (65 MW), Lalitpur Solar Park (600 MW), and Jhansi Solar Park (600 MW). The remaining ones include UP Solar Park (150 MW), Chhatarpur Solar Park (950 MW), and finally Barethi Solar Park (630 MW).
  • Amplus Solar announced to build a 200 MWp open-access wind-solar power plant in Tamil Nadu in association with EverRenew, an NTC group EPC company. The wind-solar hybrid plant in Tamil Nadu is Amplus’ second open-access project in the state.
  • Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power signed a PPA with Tata Power Delhi Distribution Limited (Tata Power-DDL) for 510 MW hybrid project. The PPA has the capacity bifurcation of 170 MW solar and 340 MW wind power. Located in Karnataka, it is one of the largest hybrid projects in the country and will be commissioned within 24 months from the PPA execution date.
  • TPREL has also received the letter of award (LoA) from MSEDCL to set up a 200 MW solar power project in Solapur, Maharashtra. The project will be commissioned within 18 months from the PPA execution date.
  • Copenhagen Infrastructure Partners (CIP) on behalf of its New Markets Fund I (CI NMF I), has entered into a partnership with Viviid renewables to develop more than 1.8 GW of greenfield renewable energy projects in India. Initially the partnership will concentrate on two onshore wind projects with a combined capacity of over 500 MW.
  • SJVN Green Energy has secured a 200 MW solar project in Maharashtra. The project is estimated to cost around INR 1,000 crore and will be developed over a period of 18 months after the signing of the PPA with MSEDCL.
  • Vena Energy announced that it has reached financial closure on the Gudadur Hybrid Project, a 176 MW solar-wind hybrid renewable energy project in Karnataka. The project consists of 48 MW of solar capacity and 128 MW of wind capacity, and it is expected to achieve commercial operation in the fourth quarter of 2023.
  • Viraj Profiles along with Avaada Energy will set up a 100 MW solar power project in Maharashtra. The aim is to make the captive project operational by February 2024. The power generated will be used for captive consumption by Viraj Profiles’ stainless-steel unit in Tarapur, reducing its dependence on conventional sources by 50%.
  • Ramakrishna Forgings is planning investments to set up around 85 MW renewable energy capacity in Jharkhand. Out of the planned 85 MW green capacity, about 8 MW rooftop solar project will be set up at the company’s forging plants with an investment of INR 35 crore in Jamshedpur. The finance investment would be a mixture of debt & equity. The power generated will be used for company’s captive consumption purpose. The company is also planning to explore setting up another solar capacity of up to 75 MW in Jamshedpur.
  • Jindal Stainless Ltd. is partnering with ReNew to develop a 300 MW hybrid energy project and is expected to commence the operation in the next 18 months for which Land acquisition has already been completed.
  • In addition, Jindal Stainless is planning to install two rooftop solar plants of 21 MWp capacity and 6 MWp capacity at its Jajpur and Hisar units respectively with an overall investment of more than INR 120 crores. Both projects are scheduled to be completed by March 2024.

Monthly RE Generation

In March 2023, Renewable energy sources generated 14426 MU, which is 11.8% higher than the RE generation in February 2023. Solar and wind generation increased by 6% and 29% respectively on month-on-month basis in March 2023.

Source-wise Renewable Energy Generation (MU) – India

Source: CEA, JMK Research

Investments/ Deals

In March 2023, about $2571 million was invested in the RE sector. The key investments during the month were:

  • JSW Energy has completed the acquisition of 1,753 MW of renewable energy assets from Mytrah Energy (India) Private Limited (MEIPL) for over $1200 million.
  • Greenko Group has raised $700 million funding from GIC, Orix Corporation of Japan, Abu Dhabi Investment Authority. The equity funding will be used towards the capex of pumped storage projects which will have storage capacity of more than 25 GWh.
  • Tata Power has received INR 4,000 crore ($486 million) of investment pursuant to the binding agreement signed between Tata Power, TPREL and BlackRock Real Assets-led consortium, including Mubadala Investment Company (Mubadala) within the targeted timelines.
  • SJVN secures INR 915 crore ($111.2 million) green finance from Japan Bank for International Cooperation to fund its 90 MW Omkareshwar floating solar and 100 MW Raghanesda solar projects.

Company Name

Deal Type

Sector

Asset Acquired

Investor

Deal Value

Stake Acquired

Mytrah Energy

Acquisition

Renewable

1753 MW

JSW Energy

$1200 million

100%

Greenko Group

Equity

Renewable

GIC, ORIX Corporation, Abu Dhabi Investment Authority

$700 million

Tata Power

Equity

Renewable

GreenForest New Energies Bidco (GreenForest)

$486 million

11.43%

SJVN Limited

Debt

Solar

Japan Bank for International Cooperation (JBIC)

$111.2 million

Mindspace Business Parks

Green Bond

Renewable Energy

 

$66.5 Million

Tata Cleantech Capital

Sustainability linked bond

Renewable Energy

International Finance Corporation

$50 million

Scorpius Trackers

 

Acquisition

 

 

Solar

 

Gensol Engineering Ltd

$16.42 Million

Aerem

Equity

Solar

Avaana Climate Fund

$5 million

Insolation Energy

Equity

Solar

Energy Access Relief Fund (EARF)

$2.5 Million

Samta Energy

Acquisition

Solar

 25 MW

Virescent Renewable Energy Trust

Source: Industry news articles, JMK Research

Other important announcements that were made during the month were:

  • NTPC Limited completed the closing of the transactions in relation to consolidating its RE portfolio under one umbrella entity i.e., NTPC Green Energy Limited (NGEL) for a consideration of INR 10,000 crore. The transactions comprised of transfer of 15 RE assets, through a Business Transfer Agreement (BTA), and the transfer of 100% equity shareholding of NREL.
  • Petronas has offered INR 38 billion ($460 million) to buy a 20% stake in NTPC Green Energy Limited. NTPC is planning to use the funds from the sale to expand its non-fossil businesses.
  • The Union government has sanctioned five solar parks at an estimated cost of INR 16,400 crores in Andhra Pradesh with an approved capacity to generate 4,100 MW of power. The central government has already released INR 590.8 crores for the five projects.
  • GQG Partners has closed a major deal involving a series of secondary block trade transactions amounting to INR 154.46 billion in Adani Portfolio companies. The investments include INR 54.6 billion in Adani Enterprises for 38.7 million shares at a price of INR 1.410.86 per share. Adani Ports and Special Economic Zone received INR 52.82 billion for 88.6 million shares at a price of INR 596.2 per share. Adani Transmission received INR 18.98 billion for 28.4 million shares at INR 668.4 per share. The investment in Adani Green Energy stood at INR 28.06 billion for 55.6 million shares at INR 504.6 per share.
  • Goldman Sachs is set to sell its remaining 14% stake in ReNew Energy Global to Canada Pension Plan Investment Board (CPPIB) for about $268 million. After the deal, the pension fund, one of the largest in the world, will become a majority shareholder in ReNew with a stake of over 51%.
  • Tata Power, JSW Energy, Greenko and the Torrent Group have submitted expressions of interest (EoIs) to purchase a controlling stake in PTC India. The promoters – NTPC, NHPC, Power Finance Corporation and Power Grid Corp of India holds a combined stake of around 16% in PTC India. Damodar Valley Corp, which owns a 3.3% ownership, has also decided to divest its shareholding, taking the total on offer at nearly 20%.
  • JSW Energy is planning to refinance INR 6,000 crores of renewable energy loans that it assumed when it acquired assets from Mytrah Energy for an enterprise value of INR 11,934 crore in August 2022. The total debt of the SPVs was around INR 9,000 crore and JSW Energy is looking to refinance two-thirds of that, the portion of the debt that it considers costly.
  • Brookfield is in advanced discussions to invest up to $1 billion through multiple tranches in Avaada Ventures Pvt Ltd (AVPL). The investment will fund the group’s solar cell and module manufacturing and green ammonia plans, as well as its renewable energy generation capacity.
  • Brookfield has entered into a negotiation to invest as much as INR 3,000 crore to buy a controlling stake in CleanMax Solar.
  • Mahindra Susten has started the process to launch an infrastructure investment trust (InvIT). Kotak Mahindra, Axis and Avendus Capital have been mandated to run the process. The InvIT will comprise the 1.54 GW IPP business and is likely to be valued at INR 3,000-3,500 crore. The investor is likely to get a 25% stake in the InvIT that will be privately held.
  • NLC India Ltd (formerly Neyveli Lignite Corp. Ltd) is planning to invest INR 1,000 crore for a 51% stake in a green energy joint venture it is setting up with Assam Power Development Co. Ltd (APDCL). The proposal for the investment has already been moved for the Union government’s consideration, with the JV to setup a 1 GW initial solar power capacity in Assam at an investment of around INR 5,500 crore. These solar power projects will be set up in a phased manner with 200 MW to be added annually.
  • SJVN and Indian Oil Corporation have agreed to form a joint venture for renewable energy projects. The new firm will look into the development of energy storage systems- battery storage, and PSPs with a view to supply Round the Clock power. Renewable projects- the joint venture, will also take up solar, wind, hydro and hybrid projects.
  • CPP Investments (CPPIB) has initiated discussions with investment banks to explore the possibility of launching a tender offer to acquire the minority shareholders of Nasdaq-listed renewable energy company ReNew Energy Global. Earlier this month, CPPIB bought a 14% stake from Goldman Sachs for a sum of $268 million, increasing its stake in the ReNew to 52%.

GTAM Traded Volume

The IEX traded a total of 129 MUs in GTAM in March 2023, which is 6.5% less than the volume traded in February 2023. The average trade price in IEX-GTAM for March 2023 was INR 5.65/kWh. This is about 0.9% less than the previous month’s prices.

GTAM traded volume and average traded price trend

Source: IEX, PXIL, JMK Research

Key Market Updates

Solar Manufacturing

Swelect Energy launched module manufacturing unit in Coimbatore

Swelect Energy has launched its solar module manufacturing unit in Tamil Nadu. The production at the manufacturing unit would be scaled up to 595 MW from the initial 385 MW. The company holds a 5% market share and has installed about 3,800 solar rooftops, and 6,000 water pumps.

39.6 GW cumulative solar PV module manufacturing capacity allotted under PLI Tranche 2

SECI’s second tranche of the production-linked incentive (PLI) scheme for setting up manufacturing capacities for high-efficiency solar PV modules in India was won by Shirdi Sai Electricals, through its subsidiary Indosol Solar Private Limited and secured the highest PLI amount of INR 3300 crore (US$ 401 million) for an integrated polysilicon to module manufacturing capacity of 6000 MW. Other prominent winners include Reliance (6000 MW), Waaree (6000 MW), ReNew (4800 MW), Vikram Solar (2400 MW), Tata Power Solar (4000 MW), US based First Solar (3400 MW), Avaada (3000 MW), JSW (1000 MW), Grew (2000 MW) and AMPIN (1000 MW).

Storage

Tamil Nadu allots INR 77,000 crore to set up 15 power projects in PPP mode in the state

The Tamil Nadu government will establish 15 new power projects under the PPP mode with a total capacity of 14,500 MW at an estimated cost of INR 77,000 crore by 2030. The Government will also bring out a comprehensive policy to promote investment in pumped hydro storage in the state. The present contribution of green energy to the State grid at 20.88% is proposed to be increased to 50% by 2030 through additional capacity creation. With a solar energy potential of 20 GW, onshore wind energy potential of 70 GW, and offshore wind energy potential of 30 GW, Tamil Nadu has immense renewable energy resources and opportunities. The 500 MW pumped hydroelectric storage project being constructed at Kundah will be operational by 2024-25.

Green Hydrogen

SECI to launch Green Hydrogen aggregation tender soon

SECI will soon launch a mega tender for aggregation of demand for Green Hydrogen in the country, as part of the implementation of the National Green Hydrogen Mission. SECI already in talks with consumers in sectors like fertiliser, refineries, steel and cement and working on that with the ministry and the guidelines are now almost in the final stages.

Indian state refiners to produce 30,800 tonne/year green hydrogen by 2030

Indian state-run refiners are setting up projects to produce 30.8 kilo tonnes a year of green hydrogen by 2030. India, one of the world’s biggest greenhouse gas emitters, recently announced a 197-billion-rupee green hydrogen programme to cut the country’s carbon intensity and reduce dependence on fossil fuels. Companies such as Reliance Industries, NTPC, Adani Group, JSW Energy, ReNew Power and Acme Solar have announced plans to help India meet its goal to produce at least 5 million tonnes of green hydrogen by 2030.

  • Company State Green Hydrogen Completion Capacity:
  • IOCL Haryana – 7 Kilo Tonnes Per Annum by 2025-26
  • BPCL Madhya Pradesh – 10 Kilo Tonnes Per Annum by 2030
  • HPCL Andhra Pradesh – 7.3 Kilo Tonnes Per Annum by 2025-26
  • NRL Assam – 5 Kilo Tonnes Per Annum by 2030
  • MRPL Karnataka – 0.5 Kilo Tonnes Per Annum by 2025
  • CPCL Tamil Nadu – 1 Kilo Tonnes Per Annum by 2026-27

Ocior Energy to build green hydrogen and ammonia plants in Andhra Pradesh and Gujarat

Ocior Energy is planning to invest INR 40,000 crore ($4.86 billion) to set up a 1 million ton per annum (mtpa) green ammonia plant in Andhra Pradesh. Ocior Energy will also invest INR 40,000 crore in the Kutch district of Gujarat to set up a 1mtpa green ammonia facility. The Company aims to deploy 4 GW of sustainable green hydrogen capacity by 2030.

Essar launches EET to invest US$3.6 billion in energy transition in the UK and India

Essar Energy Transition (ETT) plans to invest a total of $3.6 billion in developing a range of low-carbon energy transition projects over the next five years, of which $2.4 billion will be invested in UK and $1.2 billion in India. EET Future Energy is developing 1 GW of green ammonia in India. Ammonia will be shipped from India to the UK, Europe, and globally to meet the expanding market demand for green hydrogen, stated Essar.

SFC Energy and FC TecNrgy to make hydrogen and methanol fuel cells in India

FC TecNrgy and SFC Energy have inked a pact for hydrogen and methanol fuel cell manufacturing in India with a plan of new facility in Gurugram, Haryana. The manufacturing facility will be operational by April 2023.

Other Market Updates

High price power market and surplus power portal launched

The Union ministry of power has launched a High Price Day Ahead Market and Surplus Power Portal (PUShP), an initiative to ensure greater availability of power during the peak demand season. It is expected that in 2023 demand will be much higher than last year therefore a separate segment has been carved out for those generation systems where the cost of generating power, from gas, imported coal and RE plus storage, may cross INR 12. This separate segment is called HP DAM.

Only those generating capacities which have cost of producing power of more than INR 12 per unit would be allowed to operate in HP-DAM. If the cost of production is less than INR 12, the generators will have to offer power in the Power Exchange’s Integrated Day Ahead Market (I-DAM) only with a ceiling price of INR 12.

Maharashtra government plans solar powered agricultural feeders for 12-hour supply

Maharashtra government will bring all agricultural electricity feeders under solar energy to meet the pending demand of farmers to provide 12-hour daytime power supply to their farms. 30% of all agricultural feeders would be brought under solar energy this year, for which they will use government land as well as lease the unused or infertile farmland from farmers for 30 years at INR 75,000 per year rent which will be increased by 2% every year.

India setting up Ultra Mega Solar Parks of 40 GW capacity

Government has set a clear roadmap for the growth of the renewable energy sector in the country and Ultra Mega Solar Parks of 40 GW generation capacity will be set up by March 2024. The government has approved 57 solar parks with an aggregate capacity of around 39,285 MW under the scheme for “Development of Solar Parks and Ultra Mega Solar Power Projects”. Nine parks have been fully completed, and eight are partially complete, with a total capacity of 10,117 MW of solar projects commissioned.

Government to inaugurate two new solar power plants for Jal-Kal,  Konia SPS

The Jal-Kal’s Bhelupur campus and Konia sewage pumping station will soon start generating power through the newly- installed solar power plants. At the Jal-Kal campus, the solar power plant worth INR 17.24 crore has been built on a 14,400 square meter area with the installation of 3704 solar panels, including 10 solar trees. The solar power plants at Jal-Kal have the capacity of 2.2 MW and Konia station plant is of 0.8 MW energy capacity.

Comparing on m-o-m basis, price for global mono PERC modules have decreased by 2% in March 2023.

Solar modules price trends

Source: PVInfoLink, JMK Research

Average prices for domestic modules

JMK Research carried out price survey from domestic suppliers for March 2023 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 prices for mono PERC 440 Wp and mono PERC 500 Wp modules have remained same in March 2023.
  • The price for Polycrystalline 330 Wp modules was INR 26.5/Wp, which is about 1.85% less than the previous month’s price.
  • The price for Bifacial modules was INR 31/Wp in March 2023, down by 1.56% as compared to INR 31.5/Wp in February 2023.

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

MNRE issued bidding trajectory for renewable energy power projects

MNRE

31st-Mar-2023

Ministry of EFCC notified Solar waste treatment under E-Waste (Management) Rules, 2022

MoEFCC

14th- Mar-2023

Power ministry seeks comments on draft carbon credit trading scheme till 14 April 2023

MOP

27th – Mar- 2023

MNRE clarifies ALMM enlistment guidelines for co-branded solar modules

MNRE

22nd– Mar-2023

MNRE notifies ALMM exemption for solar projects till March 2024

MNRE

10th- Mar- 2023

CERC allows GIREL and GIWEL to install 5% capacity for its wind power projects in Tamil Nadu and Gujarat

CERC

7th– Mar-2023

MoP notifies 40% green energy obligation for coal-based Plants

MOP

2nd– Mar- 2023

MNRE updated ALMM list with an enlisted capacity of 22,389 MW in Feb 2023

MNRE

27th– Feb- 2023

CERC approves tariffs for 1.4 GW of ISTS-connected solar projects

CERC

7th Feb- 2023

CERC issued (Sharing of Inter-State Transmission Charges and Losses) (First Amendment) Regulations, 2023

CERC

7th- Feb- 2023

State

Policy Name

Issuing Agency

Date of Issue

GERC determines the additional surcharge of INR 0.76/kWh for H1 of FY 2024

GERC

29th – Mar- 2023

GERC approves discom to procure 1070 MW of wind-solar hybrid power at INR 2.60/kWh

GERC

24th– Mar-2023

TSERC determines the additional surcharge of INR 0.39/kWh for H1 of FY 2023-24

TSERC

20th– Mar-2023

Gujarat wind-solar hybrid policy control period extended till 19th June 2023

GERC

17th- Mar-2023

MERC approves tariff for 8.7 MW solar power under KUSUM scheme of Component A

MERC

17th- Mar-2023

HPERC issued Renewable Power Purchase obligation regulations, 2023

HPERC

24th Feb-2023

UERC issued draft (Tariff and Other Terms for Supply of Electricity from Renewable Energy Sources and non-

fossil fuel based Co-generating Stations) (First Amendment) Regulations, 2023

UERC

23rd– Feb-2023

UERC allows UPCL to carry forward the deficit solar and non-solar RPO for FY 2022 to FY 2023

UERC

13th-Feb-2023

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