Monthly RE update – May 2022

Monthly RE update – May 2022

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Tenders

  • In May 2022, 31 new renewable energy (RE) tenders with a cumulative capacity of 3123 MW were issued. MSEDCL and UPNEDA issued 431 MW and 98 MW solar tenders respectively, under Component A of KUSUM scheme while MPUVNL floated 1250 MW solar tender, under Component C.
  • GUVNL issued a tender for purchase of power from 500 MW from wind power projects (Phase III) with ‘Greenshoe option’ of additional 500 MW in Gujarat.

Details of new RE tenders issued in May 2022

Source: JMK Research

New RFS Issued

Tender Name

Technology

Tender Scope

Capacity (MW)

Other Details

Minimum CUF

Commissioning timeline from PPA signing

MPUVNL, 1250 MW, Solar (Under KUSUM scheme Component C), Madhya Pradesh, May 2022

Small Scale Solar

Project Development

1250

EMD – INR 0.1 million/MW

PBG – INR 0.5 million/MW

15%

9 months

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

Wind

Project Development

500

EMD – INR 1 million

15%

18 months

MSEDCL, 431 MW, Solar (Under KUSUM scheme Component A), Maharashtra, May 2022

Small Scale Solar

Project Development

431

EMD – INR 0.1 million/MWPBG – INR 0.5 million/MW

Ceiling Tariff – INR 3.10/kWh

15%

12 months

MSEDCL, 325 MW, Wind, Maharashtra, May 2022

Wind

Project Development

325

EMD – INR 0.1 million/MW

Ceiling Tariff – INR 2.65/kWh

KSEBL, 150 MW, Solar, Kerala, May 2022

Small Scale Solar

Project Development

150

EMD – INR 30,000/MW/monthPBG – INR 0.2 million/MW/month

NLC, 100 MW, Solar (EPC), Pan India, May 2022

Utility Scale Solar

EPC

100

EMD –INR 98.5 million

15 months

UPNEDA, 98 MW, Solar (Under KUSUM Component A), Uttar Pradesh, May 2022

Utility Scale Solar

Project Development

98

PBG – INR 0.5 million/MW

Ceiling Tariff – INR 3.10/kWh

12 months

UPNEDA, 75 MW, Solar, Uttar Pradesh, May 2022

Utility Scale Solar

Project Development

75

EMD – INR 0.7 million/MWPBG – INR 1.05 million/MW

17%

15 months

REMCL, 50 MW, Solar, Uttar Pradesh and Madhya Pradesh, May 2022

Utility Scale Solar

Project Development

50

PBG – INR 1.086 million

17%

18 months

GSECL, 45 MW, Solar (EPC), Gujarat, May 2022

Utility Scale Solar

EPC

45

EMD – INR 18 million

PBG – 5% of the contract value

23%

12 months

CNUL, Coal India, 25 MW, Solar (EPC), West Bengal May 2022

Utility Scale Solar

EPC

25

EMD – INR 5 million PBG – 5% of EPC contract value

23.18%

12 months

SECI, 22 MW, Solar (EPC), Telangana, May 2022

Utility Scale Solar

EPC

22

EMD – INR 36.6 million

12 months

BMC, 15 MW, Wind (EPC), Madhya Pradesh, May 2022

Wind

EPC

15

EMD – INR 5 million

18 months

GSECL, 14 MW, Solar (EPC), Gujarat, May 2022

Utility Scale Solar

EPC

14

EMD – INR 5.6 million

PBG – 5% of the EPC contract price

23%

12 months

WBREDA, 10 MW, Rooftop Solar, West Bengal, Apr 2022

Rooftop Solar

10

EMD – INR 3.71 million

PBG – 10% of the tendered amount

KSEBL, 6 MW, Solar (Under KUSUM scheme Component C) (EPC), Kerala, May 2022

Small Scale Solar

EPC

6

EMD – INR 0.5 millionPBG – INR 3 million

CFA – 30% of the installation cost

15%

9 months

Surendranagar Mahila and Bal Vikas Mandal, 2.5 MW, Solar (EPC), Gujarat, May 2022

Small Scale Solar

EPC

2.5

EMD- INR 0.8 million

CCMC, 2 MW, Solar (EPC), Tamil Nadu, May 2022

Small Scale Solar

EPC

2

APDCL, 1.5 MW, Rooftop Solar, Assam, May 2022

Rooftop Solar

CAPEX

1.5

EMD – INR 0.5 million PBG – 5% of the project cost

6 months

IOCL, 1.2 MW, Solar (EPC), Gujarat, Apr 2022

Small Scale Solar

EPC

1.2

PBG – 10% of the work order value

18 months

OREDA, 1.058 MW, Rooftop Solar, Odisha, May 2022

Rooftop Solar

1.058

EMD – INR 0.045 million to INR 0.55 million PBG –10% of the ordered value

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

RUMSL, 750 MW, Wind Solar Hybrid, Madhya Pradesh, Apr 2022

Hybrid

Project Development

750

EMD – INR 1.15 millionPBG – 1.73 million

30%

1st-Jun-2022

GUVNL, 700 MW, Solar 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-Jun-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

6th-Jun-2022

SECI, 44 MW, Solar (EPC), Telangana, Mar 2022

Utility Scale Solar

EPC

44

EMD – INR 51.2 millionPBG – 4% of the contract value

12 months

8th-Jun-2022

Source: JMK Research

Auctions Completed

In May 2022, about 2600 MW RE capacity was allotted to various RE developers.

Winners in the latest RE tenders

Source: JMK Research

Tender Name

Capacity tendered (MW)

Capacity allotted (MW)

Minimum CUF

Commissioning Timeline

Winners Details

SECI, 1200 MW, Wind Solar Hybrid (Tranche V), Pan India, Oct 2021

1200

1200

30%

18 months

• Tata Power – 600 MW (INR 2.53/kWh)• NTPC Renewable Energy – 450 MW (INR 2.53/kWh)• Amp Energy – 120 MW (INR 2.53/kWh)• SJVN – 30 MW (INR 2.54/kWh)

SECI, 1200 MW, Wind (Tranche XII), Pan India, Oct 2021

1200

1100

22%

18 months

• NTPC Renewable Energy – 200 MW (INR 2.89/kWh)• Halvad Renewables (EDF) – 300 MW (INR 2.93/kWh)• JSW Neo Energy – 300 MW (INR 2.94/kWh)• Torrent Power – 300 MW (INR 2.94/kWh)

RUMSL, 600 MW, Floating Solar, Madhya Pradesh, Nov 2021

600

300

• Amp Energy – 100 MW (INR 3.21/kWh)• NHDC – 100 MW (INR 3.22/kWh)• SJVN – 90 MW (INR 3.26/kWh)

NTPC, 250 MW, Solar (O&M), Andhra Pradesh

250

250

• Jakson – 250 MW

NTPC, 5 MW, Solar (O&M), Andaman and Nicobar Islands

5

5

• Jakson – 5 MW

Source: JMK Research

Note: The auction was held for the RUMSL 600 MW floating solar project’s first phase
of 300 MW. The auction for the remaining 300 MW will take place soon.

Installed Capacity

In April 2022, a combined total of 1511.62 MW of solar and wind capacity was added, taking the cumulative RE capacity to 111.39 GW.

RE installations in April 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 April 2022

Gujarat installed the maximum solar capacity of 439 MW in April 2022, which is followed by Rajasthan (382 MW) and Tamil Nadu (311 MW). While Rajasthan and Gujarat have added the maximum wind capacity of 90 MW and 80.5 MW respectively in April 2022.

State wise solar and wind installed capacity in April 2022

Source: MNRE, JMK Research

Recently Commissioned RE projects

Developer

Technology

Tender Name

AC Capacity (MW)

Tariff (INR/kWh)

State

Adani

Hybrid

SECI, 1200 MW, Hybrid, ISTS Tranche I, December 201

390

2.69

Rajasthan

Acme Solar

Solar

MSEDCL 1000 MW Solar Maharashtra Feb 2019

300

2.74

Rajasthan

Mahindra Susten

Solar

SECI 1200 MW Solar ISTS Tranche IV Jun 2019

175

2.54

Rajasthan

Tata Power

Solar

GUVNL 500 MW Solar Phase VIII Gujarat Feb 2020

120

2.64

Gujarat

Tata Power

Solar

MSEDCL 500 MW Solar Phase V Maharashtra Dec 2019

100

2.90

Maharashtra

Azure Power

Solar

APDCL 100 MW Solar Assam May 2018

90

3.34

Assam

Statkraft*

Solar

Open access

76

Tamil Nadu

Vibrant Energy*

Solar

Open access

45

Maharashtra

Amp Energy*

Solar

Open access

45

        

Maharashtra

NTPC

Floating Solar

NTPC 70 MW Floating Solar (EPC) Kerala Oct 2018

35

Kerala

NTPC

Solar

SECI 1500 MW Solar CPSU II Tranche II Pan India Aug 2019

20

Gujarat

Source: Industry news articles, JMK Research

*DC capacity of Statkraft, Vibrant and Amp Energy is mentioned in the above table

Other key announcements that were made during the month were:

  • SJVN also announced that it has issued a Letter of Award (LoA) for engineering, procurement and construction (EPC) of 1,000 MW solar project to Tata Power Solar in Rajasthan. The project is worth about INR 5,500 crore and the expected commissioning of this project is May 2024. SJVN won 1,000 MW solar power project under IREDA’s 5000 MW Tranche III Phase II CPSU Program solar tender.
  • Additionally, NTPC has awarded EPC contracts of INR 66.04 billion to develop 1 GW of solar projects under the respective tender. The contracts have been awarded to Adani to develop 600 MW capacity in Gujarat, Tata Power 300 MW in Rajasthan, and a joint venture of Shirdi Sai Electricals and ASR 100 MW in Andhra Pradesh.
  • SJVN has signed a power purchase agreement (PPA) for supply of 200 MW from its solar power projects in Bihar to state discoms. SJVN has bagged this project at a tariff of INR 3.11/kWh through Open Competitive Tariff Bidding organised by Bihar Renewable Energy Development Agency (BREDA). The project is expected to be commissioned by November 2023.
  • Sembcorp Energy India’s step-down subsidiary Green Infra Wind Energy Ltd (GIWEL) has signed a long-term wind-solar hybrid energy supply agreement with Saint-Gobain India. Under the agreement, Sembcorp will supply 33 MW of renewable power to Saint-Gobain’s manufacturing facilities in Sriperumbudur, Perundurai, and Tiruvallur for 25 years.
  • Meghmani Finechem Ltd (MFL) has inked a pact with Renew Green Energy Solutions for setting up a 18.34 MW wind-solar hybrid power project in Gujarat. The collaboration marks the entry of MFL into the renewable energy space. The expected commissioning of this hybrid power plant is in December 2022.

Monthly RE Generation

Renewable energy sources generated 19085.68 MU in May 2022, up by significantly 48% from April 2022. Considering the generation from RES (Renewable Energy Sources) for the last month, wind constitutes the majority share of 51% due to peak wind season in the country, followed by solar at 43% and other RES (including Biomass) at 6%. 

Source-wise Renewable Energy Generation (MU) – India

Source: CEA, JMK Research

monthly RE

Investments/ Deals

In May 2022, more than $2 billion was invested in the RE sector in India. The Key investments during the month were:

  • Bharti Airtel has entered into an agreement for acquiring 7.04% equity stake in Avaada KNShorapur Private Limited for $0.23 million. The 10 MW Open Access Solar Project is located in Karnataka.
  • JSW Group has entered into an agreement to acquire Mytrah Energy India Private for an enterprise value of $2 billion.

Company Name

Deal Type

Sector

Asset Acquired

Investor

Deal Value

Stakes Acquired

Avaada KNShorapur

Equity

Solar (Captive)

Bharti Airtel

$0.23 million

7%

Rays Power

Acquisition

Solar

Two Global Investors

$90.3 million

Mytrah Energy India Pvt. Ltd

Acquisition

Renewable

2.3 GW (Wind: 1.7 GW, Solar: 0.535 GW)

JSW Energy

$2000 million

100%

Source: Industry news articles, JMK Research

Other important announcements that were made during the month were:

  • NTPC is planning to raise around INR 2,000 crore this fiscal by monetising its RE assets, which will be placed under NTPC Green Energy Limited (NGEL). NTPC and NTPC Renewable Energy (NREL) have a total of 15 RE projects with a capacity of 2,861 MW, which will be transferred to NGEL.
  • Inox Green Energy Services’ board has approved a proposal to raise INR 900 crore through an initial public offer (IPO). The proposed IPO will comprise fresh issuance of equity shares aggregating up to INR 500 crore and an offer for sale of equity shares by certain shareholders of INR 400 crore.
  • NTPC has invited bids for raising up to INR 5,000 crore through term loans to fund its capacity addition plans including takeover of renewable energy projects. Banks and other financial institutions can offer loans in the multiples of INR 500 crore.
  • Abu Dhabi’s International Holding Company PJSC (IHC) has invested INR 15,400 crore as primary capital in three Adani portfolio companies- Adani Green Energy Ltd, Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL). IHC has invested INR 3,850 crore each in AGEL and ATL and Rs 7,700 crore in AEL.
  • Waaree Energies has secured approval from the Delhi Bench of the National Company Law Tribunal for the acquisition of Indosolar Ltd. This acquisition will help Waaree to expand its solar cell manufacturing capacity to 5.4 GW, from current plans for 4 GW.

GTAM Traded Volume

The IEX and PXIL together traded a total of 450 MU in GTAM in May 2022, which is 43% higher than the volume traded in April 2022. The average trade price in IEX-GTAM for May 2022 was INR 7.49/kWh, while for PXIL it was INR 8.7/kWh. This is approximately 22% and 24% higher than the respective previous month’s prices.

GTAM traded volume and average traded price trend

Source: IEX, PXIL, JMK Research

Comparing on m-o-m basis, price for global mono PERC modules have remained same in May 2022.

Solar modules price trends

Source: PVInfoLink, JMK Research

Average prices for domestic modules in May 2022

JMK Research carried out price survey from domestic suppliers for May 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: 

  • The price for mono PERC 400 Wp modules was INR 31/Wp in May 2022, which is about 3.33% higher than the previous month’s price.
  • While the price for mono PERC 500 Wp modules was INR 32.5/Wp, up by 3.17% as compared to INR 31.5/Wp in April 2022.
  • The price for Polycrystalline 330 Wp modules was INR 27.5/Wp, which is 5.77% higher than the previous month’s price.

The domestic solar module manufacturers further anticipated that the domestic module prices will increase by around 3% in June 2022.

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

MoP issued directions to generating companies under Section 11 of the Electricity Act, 2003

MoP

5th-May-2022

CERC caps prices on all market segments including TAM and GTAM on power exchanges at INR 12/kWh

CERC

6th-May-2022

CERC issues Terms and Conditions for Renewable Energy Certificates for Renewable Energy Generation Regulations, 2022

CERC

9th-May-2022

Supreme Court’s judgement in regard to the Chhattisgarh captive generation plant case

Supreme Court

12th-May-2022

MNRE issued draft guidelines to implement second phase of the PLI program

MNRE

16th-May-2022

MNRE: Amendment in provisions of bank guarantees in PM-KUSUM Scheme Guidelines

MNRE

11th-May-2022

MNRE releases notice to address misleading information regarding Decentralized solar Schemes

MNRE

11th – May-2022

MoF extended the time limit for completion of Anti-Dumping investigation concerning imports of solar cells and modules from China, Vietnam and Thailand

Ministry of Finance

13th – May -2022

Ministry of Power set the national target to replace 58000 MU of thermal energy with RE by FY2026

MoP

26th-May-2022

Wind developer plea for Transmission and LTA charge waiver on account of project delay rejected by CERC

CERC

23rd-May-2022

State

Policy Name

Issuing Agency

State

Date of Issue

APERC determines APPC for procurement of power from REC projects

APERC

Andhra Pradesh

29th-Apr-2022

GERC order regarding RPO compliance in Gujarat for FY 2019-20

GERC

Gujarat

9th – May – 2022

KERC issued draft (Procurement of Energy from Renewable Energy Sources) (Eight Amendment) Regulations 2022

KERC

Karnataka

29th – Mar-2022

MERC approves tariff adoption for long term procurement of 385.3 MW solar power under ‘Mukhyamantri Saur Krishi Vahini Yojana’

MERC

Maharashtra

6th – May-2022

MERC approved for adoption of tariff of 10.5 MW solar power under PM KUSUM scheme

MERC

Maharashtra

4th-May-2022

OERC allows virtual net metering and group net metering for renewable power consumers

OERC

Orissa

5th – May-2022

PSERC approves tariff of INR 2.65/kWh for 150 MW Solar Power from solar projects located in Punjab

PSERC

Punjab

28th-Apr-2022

TSERC Issued Renewable Power Purchase Obligation Regulation, 2022

TSERC

Telangana

9th -Mar -2022

Tamil Nadu Commission determines priority of sourcing Open Access Power from different Sources

TNERC

Tamil Nadu

15th – Apr-2022

Additional Surcharge to be levied, regardless of the voltage level, clarifies Tamil Nadu Commission

TNERC

Tamil Nadu

26th-Apr-2022

WBERC issues draft New Open Access Regulations for the state

WBERC

West Bengal

10th -May-2022

WBERC approves the Power Sale Agreement executed by and between WBSEDCL from SECI at a tariff of INR 2.90/kWh for the first year and  escalable as per provisions of the PPA/PSA/RFS

WBERC

West Bengal

30th-May-2022

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