Monthly RE update – November 2021



Tenders
- In November 2021, 17 new renewable energy (RE) tenders with a total capacity of 2981 MW were issued. NTPC issued a solar (EPC) tender of 1200 MW in Karnataka and RUMSL floated 600 MW floating solar tender in Madhya Pradesh.
- In addition, MSEDCL issued two wind tenders of 342 MW and 300 MW capacity in Maharashtra this month.
- REMCL issued a hybrid tender for supply of 150 MW of Round-the-Clock (RTC) Power from grid-connected RE power projects, complemented with power from any other source or storage.

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 |
Utility Scale Solar |
EPC |
1200 |
– |
– |
– |
24th-Dec-2021 |
|
Floating Solar |
Project Development |
600 |
EMD – INR 0.65 million/MW |
– |
– |
31st-Jan-2022 |
|
Wind |
Project Development |
342 |
EMD – INR 0.1 million/MW |
– |
– |
16th-Dec-2021 |
|
Wind |
Project Development |
300 |
EMD – INR 0.6 million/MW PBG – INR 1.2 million/MW |
22% |
18 months |
20th-Dec-2021 |
|
Hybrid |
Project Development |
150 |
EMD – INR 117.6 million PBG – INR 235.4 million |
– |
18 months |
27th-Dec-2021 |
|
Floating Solar |
Project Development |
100 |
– |
– |
– |
29th-Dec-2021 |
|
Decentralized Solar |
EPC |
95 |
PBG – 10% of the O&M cost payable at the time of commissioning |
19% |
6 months |
17th-Dec-2021 |
|
Wind |
Project Development |
50 |
PBG – INR 1.2 million/MW |
22% |
18 months |
10th-Jan-2022 |
|
Small Scale Solar |
Project Development |
40 |
EMD – INR 0.1 million/MW PBG – INR 0.5 million/MW Ceiling Tariff – INR 3.66/kWh |
15% |
12 months |
8th-Dec-2021 |
|
Rooftop Solar |
CAPEX |
38 |
EMD = (INR 1000) x offered Bid Capacity in kW |
– |
6 months |
13th-Dec-2021 |
|
JBVNL, 25 MW, Rooftop Solar, Jharkhand, Nov 2021 |
Rooftop Solar |
CAPEX |
25 |
EMD – INR 0.1 million/MW |
– |
12 months |
24th-Dec-2021 |
Rooftop Solar |
RESCO |
18 |
PBG – INR 1.2 million/MW Ceiling Tariff – INR 4.50/kWh |
15% |
9 months |
16th-Dec-2021 |
|
Rooftop Solar |
– |
12 |
EMD – INR 10 million |
– |
– |
6th-Dec-2021 |
|
Utility Scale Solar |
EPC |
7 |
EMD – INR 7.1 million PBG – 3% of the contract value |
– |
12 months |
27th-Dec-2021 |
|
Rooftop Solar |
CAPEX |
2 |
EMD – INR 1500/kWh of the quoted capacity |
– |
– |
8th-Dec-2021 |
|
Small Scale Solar |
EPC |
1.1 |
PBG – INR 2.25 million/MW |
– |
12 months |
16th-Dec-2021 |
|
Anandpur Sahib Foundation, 1 MW, Solar (EPC), Chandigarh, Nov 2021 |
Small Scale Solar |
EPC |
1 |
EMD – INR 0.81 million |
– |
6 months |
1st-Dec-2021 |
PBG: Performance Bank Guarantee
EMD: Earnest Money Deposit
Source: JMK Research
Other announcements
- Sambhar Salts Limited (SSL), a subsidiary of Hindustan Salts Limited has invited expression of Interest (EOI) from the interested parties for the development of Ultra Mega Solar Power project of Up to 4000 MW at Sambhar, Rajasthan. The company has also invited an EOI for the development of a 1000 MW solar power project at Kharaghoda, Gujarat. For both the EOI submissions, the last date is 13th December 2021.
- The SECI is planning to establish a 300 MW solar park at Ramagiri in Anantapur district for which 70% of the land has been acquired. Under the Solar Energy Export Policy, the power generated here would be sold to Tamil Nadu and Karnataka. In addition, a 500 MW Pumped Storage Power Generation project will be developed at the Chitravathi balancing reservoir.
- The construction for a 600 MW solar project has started in Jhansi, Uttar Pradesh under the MNRE’s ultra-mega renewable energy park scheme. THDC and Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) will develop a solar park through a joint venture with an equity investment ratio of 74:26. The park is being constructed at a cost of over INR 3,013 crore.
- The Board of Directors has approved the proposal regarding formation of a joint venture company between NHPC Limited and Green Energy Development Corporation of Odisha (GEDCOL) for implementation of 500 MW floating solar power project in various water reservoirs in Odisha. The Board has also given its approval for NHPC Limited to invest INR 7.4 crore in the JV company, which would be promoted jointly by NHPC (74%) and GEDCOL (26%).
Date Extensions
Tender Name |
Technology |
Tender Scope |
Capacity (MW) |
Other Details |
Minimum CUF |
Commissioning timeline from PPA signing |
Bid Submission Date |
Utility Scale Solar |
Project Development |
1250 |
EMD – INR 0.1 million/MW PBG – INR 0.5 million/MW Ceiling Tariff – INR 3.10/kWh |
19% |
12 months |
8th-Dec-2021 |
|
Small Scale Solar |
Project Development |
444 |
EMD – INR 0.1 million/MW PBG – INR 0.5 million/MW |
15% |
12 months |
6th-Dec-2021 |
|
Wind |
EPC |
300 |
– |
– |
– |
10th-Dec-2021 |
|
SECI, 15 MW, Floating Solar, Bilaspur, Himachal Pradesh, Jul 2020 |
Floating Solar |
Project Development |
15 |
EMD – INR 13.5 million PBG – INR 27 million |
21% |
18 months |
7th-Dec-2021 |
Source: JMK Research
Auction Completed
Tender Name | Capacity tendered (MW) | Capacity allotted (MW) | Winners Details |
PSPCL, 250 MW, Solar, Punjab, May 2021 | 250 | 100 | SJVN – 100 MW (INR 2.69/kWh) |
Source: JMK Research
The Kerala State Electricity Board Limited (KSEB) has released a list of empanelled installers for EPC of 200 MW of rooftop solar systems in Kerala. Only 138.25 MW of the total capacity of 200 MW has been allocated by the state DISCOM. In the 3 kW to 10 kW category, Tata Power Solar won the most capacity. Bingas Electrical, BSS Solar, Ishaan Solar, and Kondaas Automation were among the other empanelled installers.
PLI- Scheme Winners
In addition, the auction has been also concluded for IREDA’s tender for setting up manufacturing capacities for high efficiency solar PV modules under the PLI scheme. The winners under the scheme are:
Winner Name | Capacity (MW) | Integration Stage | PLI Quoted (in INR crores) |
Jindal India | 4000 | Stage 1 to 4 | 1390 |
Shirdi Sai | 4000 | Stage 1 to 4 | 1875 |
Reliance New Solar Energy | 4000 | Stage 1 to 4 | 1917 |
Source: IREDA, JMK Research
Installed Capacity
In October 2021, a combined total of 1510.40 MW of solar and wind capacity was added, taking the cumulative RE capacity to 103.06 GW. According to MNRE, as of October 31st, 2020, projects totalling 50.98 GW of capacity were at various stages of implementation while another 32.06 GW of projects were under various stages of bidding.
RE installations in October 2021

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 October 2021
Rajasthan added the highest utility scale solar capacity of 758.4 MW in October 2021 followed by Tamil Nadu (63 MW) and Telangana (38.05 MW).
In the rooftop solar segment, Maharashtra installed 98.99 MW capacity followed by Gujarat (83.38 MW) and Rajasthan (69.02 MW) whereas Haryana added the maximum off grid/distributed solar capacity of 47.41 MW followed by Punjab (5.48 MW) in October 2021.
Tamil Nadu installed the maximum wind capacity of 46.55 MW followed by Karnataka (37.8 MW) and Gujarat (35.3 MW).
State wise solar and wind installed capacity in Oct 2021

Source: MNRE, JMK Research
Investments and Partnerships
In November 2021, about US$ 317 million was invested in the India RE sector. The Key investment during the month were:
- KKR’s Virescent Renewable Energy Trust (VRET), India’s first renewable energy infrastructure investment trust (InvIT) raised INR 2,150 crore ($289 million) of debt from listed non-convertible debentures (NCDs).
Investment and deals in November 2021
Company Name |
Deal Type |
Sector |
Investor |
Deal Value |
Stakes Acquired |
Other Details |
Virescent Renewable Energy Trust (VRET) |
Debt |
Renewable |
L&T Finance and Tata Capital |
$289 million (INR 2,150 crore) |
– |
VRET’s first issuance raised INR 1,000 crore in three, five, and seven-year tranches. INR 1,000 crore has been raised by L&T Finance and INR 150 crore by Tata Capital |
Central Electronics Limited (CEL) |
Acquisition |
Solar Cell and Module Manufacturer |
Nandal Finance and Leasing Private Limited |
$28.02 million |
100% |
CEL is a leader in the field of solar photovoltaic technology in the country. |
Source: Industry news articles, JMK Research
Other key announcements that were made during the month were:
- Fourth Partner Energy, O2 Power, Eversource Capital and Keppel Corp are in discussions to acquire a majority stake in Cleantech Solar. The proposed transaction is expected to value Cleantech Solar assets at $400 million. The company is planning to sell its 51% stake while Shell will retain its 49% in the company. Standard Chartered Bank is advising promoters to find a buyer.
- BlackRock is making an investment of about $500-750 million in Tata Power Renewable Energy Ltd (TPREL). The company is looking to close negotiations by the end of December 2021. The company is planning to increase its capital-raising to $1 billion, including multiple small co-investors.
- Azure Power, Macquarie, KKR, and ReNew Power are planning to bid for private equity firm Actis-owned renewable energy company, Sprng Energy. To buy Actis’s share in Sprng Energy, a successful bidder would have to pay $1 billion or more. The company also owes $1 billion of debt, bringing the total transaction value to almost $2 billion. The potential bidders list might also include Canadian pension funds. Final bids for Sprng Energy must be submitted by March 2022. Actis’s financial advisor on the sale of the company is Bank of America Merrill Lynch.
Module Price Trends
Comparing on m-o-m basis, prices for global mono PERC modules and mono PERC India modules have increased by 3.38% and 4.89% respectively in November 2021.
Solar Modules Price trends

Source: PVInfoLink, JMK Research
Note: India prices are FOB prices
On 16th November 2021, the U.S. reduced the section 201 tariff rate to 15% and exempted bifacial modules from the tariff. Therefore now U.S. prices will be presented with FOB price quotes (with tax and ocean freight rates excluded).
Policies and Regulation
Central Level Regulatory Updates
Policy Name |
Issuing Agency |
Date of Issue |
CERC Grants an inter-State Trading Licence in Electricity to ReNew Energy Markets Private Limited |
CERC |
28th-Nov-2021 |
CERC |
26th-Nov-2021 |
|
MoP Announced Waiver of ISTS Transmission Charges on RE Projects in India |
MoP |
23rd-Nov-2021 |
MoP |
16th-Nov-2021 |
|
APTEL Directed DISCOM to Consider Carrying Cost with Solar Safeguard Duty Refund |
APTEL |
16th-Nov-2021 |
MoP |
15th-Nov-2021 |
|
CERC Allowed Solar Developer for GST Compensation on ‘Change in Law’ Grounds |
CERC |
12th-Nov 2021 |
MNRE |
10th-Nov-2021 |
|
APTEL Quashed CERC’s Order Removing Floor Prices of Solar and Non-Solar RECs |
APTEL |
9th-Nov-2021 |
MNRE: Temporary disruptions in supply of imported solar PV modules-Special |
MNRE |
3rd-Nov-2021 |
MNRE |
1st-Nov-2021 |
|
SB Energy’s Solar Project is Stuck in the Middle Due to Delay in Tariff Adoption |
CERC |
31st-Oct-2021 |
MoF: General Instructions on Procurement and Project Management |
MoF |
29th-Oct-2021 |
Ministry of Power Re-Constituted National Committee on Transmission |
MoP |
28th-Oct-2021 |