Monthly RE update – March 2023


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 |
Utility Scale Solar |
Project Development |
2000 | EMD – INR 1.16/MW PBG – INR 1.14 million/MW |
17% |
18 | 10th-Apr-2023 | |
Energy Storage System |
Project Development |
1200 | EMD- INR 1.2 million/MW PBG – INR 1.8 million/MW |
35% |
24 |
17th-Apr-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 |
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 |
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 |
Rooftop Solar |
– | 50 | EMD – INR 0.5 million PBG – INR 0.5 million | – | 12 | 14th-Mar-2023 | |
Utility Scale Solar |
EPC |
32 | EMD- INR 37 million |
– |
– | 25th-Mar-2023 | |
Floating Solar |
EPC |
22.5 | EMD – INR 40 million PBG – 3% of the contract price |
– |
12 |
2nd-May-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 |
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 |
Utility ScaleSolar | Project Development |
10 |
PBG- INR 0.5 million/MW |
15% |
– | 6th-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 |
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 |
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 |
Utility Scale Solar |
Project Development |
1000 | EMD- INR 0.8 million/MW PBG – INR 2 million |
17% |
18 |
6th-Apr-2023 | |
Utility Scale Solar |
Project Development |
700 | EMD – INR 0.4 million/MW PBG – INR 0.9 million/MW |
17% |
15 |
21st-Apr-2023 | |
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 |
Energy Storage System |
Project Development | 500 MWwith 1000 MWh | EMD – INR 0.74million/MW PBG – INR 1.1 million/MW |
– |
18 |
18th-Apr-2023 | |
Utility ScaleSolar | Project Development |
500 | EMD – INR 0.4 million/MW PBG – INR 0.8 million/MW |
17% |
18 |
3rd-April-2023 | |
Utility ScaleSolar | Project Development |
310 |
EMD – INR 50 million to 200 million |
– |
– |
21st-Apr-2023 |
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 |
Wind Solar Hybrid | AEML, 700 MW, Hybrid,Maharashtra, Greenshoe July 2019 |
700 | 3.24 |
Rajasthan | |
Solar | Captive |
31 |
– |
Gujarat | |
Solar |
– |
28 |
– |
Mizoram |
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 |
– |
– |
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).
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.

Module Price Trends
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 |
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 | 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 |
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 |