Monthly RE update – May 2022



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 |
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 |
Wind |
Project Development |
325 | EMD – INR 0.1 million/MW Ceiling Tariff – INR 2.65/kWh |
– |
– | |
Small Scale Solar |
Project Development |
150 | EMD – INR 30,000/MW/monthPBG – INR 0.2 million/MW/month |
– |
– | |
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 |
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 |
Utility Scale Solar | EPC | 45 | EMD – INR 18 million PBG – 5% of the contract value | 23% | 12 months | |
Utility Scale Solar | EPC | 25 | EMD – INR 5 million PBG – 5% of EPC contract value | 23.18% | 12 months | |
Utility Scale Solar | EPC | 22 | EMD – INR 36.6 million | – | 12 months | |
Wind | EPC | 15 | EMD – INR 5 million | – | 18 months | |
Utility Scale Solar | EPC | 14 | EMD – INR 5.6 million PBG – 5% of the EPC contract price | 23% | 12 months | |
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 | – | – |
Small Scale Solar | EPC | 2 | – | – | – | |
Rooftop Solar | CAPEX | 1.5 | EMD – INR 0.5 million PBG – 5% of the project cost |
– | 6 months | |
Small Scale Solar | EPC | 1.2 | PBG – 10% of the work order value | – | 18 months | |
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 |
Hybrid | Project Development | 750 | EMD – INR 1.15 millionPBG – 1.73 million | 30% | – | 1st-Jun-2022 | |
Utility Scale Solar | Project Development | 700 | EMD – INR 0.4 million/MW PBG – INR 0.94 million/MW | 17% | 15 months | 30th-Jun-2022 | |
Energy Storage System (ESS) | Project Development | 500 MW with 3000 MWh ESS | PBG – INR 1.2 million/MW | – | – | 6th-Jun-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) |
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) | |
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

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

Module Price Trends
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
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