Monthly RE Update – November 2024

Monthly RE Update – November 2024

Tenders Issued

• New RFS Issued: 2,716 MW of green power (RE) tenders issued in November 2024.
• TGREDCO issued a 1 GW rooftop solar tender in Telangana.
• RUVNL invited bids for 500 MW/1000 MWh standalone battery energy storage systems along with an additional green shoe option of 500 MW/1000 MWh with viability gap funding support.

New RE tenders issued in November 2024

Source: JMK Research

Source: JMK Research

Auction Completed

• In November 2024, a total of 1960 MW of green power capacities were allocated to various RE developers.
• Gentari Renewables, EG Green and Sunsure Energy were the new entrants in the wind solar hybrid segment this month.

Figure 1.2: Winners in the latest RE tenders

Source: JMK Research

Source: JMK Research

Installed Capacity

From January to October 2024, about 18,800 MW of Solar capacity and 2,980 MW of Wind capacity were added in the country, taking the cumulative RE capacity to 203.21 GW.

In October 2024, a combined total of  1711 MW of solar and wind capacity was added.

Figure 2.1: RE installations in October 2024

Source: MNRE, JMK Research

Note: Solar includes utility scale solar, rooftop solar and off grid/distributed solar segments

State wise utility scale solar and wind installed capacity in October 2024

In October 2024, Maharashtra added the highest Utility-Scale Solar capacity of 357 MW, followed by Rajasthan with 318 MW. Additionally, Maharashtra added the maximum rooftop solar & off-grid solar capacities of 83 MW & 193 MW, respectively.

In terms of wind installations, Karnataka installed a maximum capacity of 160 MW.

Figure 2.2: State wise utility scale solar and wind installed capacity in October 2024

Source: MNRE, JMK Research

Projects Commissioned

Table 2.1: List of key RE projects commissioned in November 2024

Source: JMK Research

Key announcements that were made during the month were:

• Gensol Engineering has secured a turnkey EPC contract worth INR 780 crore to develop a 150 MWac ground-mounted solar power plant in Maharashtra for a major public sector utility. The project is expected to be completed within a 15-month period. Additionally, the contract covers the development of power evacuation infrastructure connected to the State Transmission Utility (STU) substation. Post-commissioning, Gensol will provide operations and maintenance (O&M) services for three years.
• Tata Power has entered into a 25-year strategic partnership with Noida International Airport (NIA) to supply 23.8 MW of green power, combining wind and solar sources. The partnership, valued at INR 550 crore, was established through two Power Purchase Agreements (PPAs).
• Tembo Global has secured an INR 595 crore contract by Maharashtra State Electricity Distribution Company Limited (MSEDCL) for developing 124 MWac of solar photovoltaic power stations. This Power Purchase Agreement (PPA), under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 and PM-KUSUM scheme, aims to advance feeder-level solarisation. The project is set to begin execution following the signing of the contract, with a completion timeline of 18 months.
• Servotech Power Systems has secured a contract from the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) to develop a 2 MW on-grid solar photovoltaic power plant. This project includes designing, supplying, installing, testing, and commissioning solar power systems across 67 locations in Uttar Pradesh.
  • The company has also secured a 5.6 MW on-grid rooftop solar project from Uttarakhand New and Renewable Energy Development Agency (UREDA), valued at INR 30.2 crore. The project involves installing rooftop solar plants ranging from 1 kW to 1,500 kW across government offices, colleges, hospitals, and institutions in Uttarakhand.
• Equinix Inc. has signed its first PPA in India with CleanMax to build a 33 MW captive green power plant in Maharashtra. The project will consist of 26.4 MWp solar and 6.6 MW of wind capacity, supplying clean energy to Equinix’s data centers in Mumbai and supporting India’s renewable energy goals.The plant, scheduled to become operational in phases by 2025..
• Sunkind has been awarded a 570 MW solar EPC energy project by Maharashtra State Power Generation Company Limited (Mahagenco) under the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY 2.0 scheme). The project includes a 10.4 MWp ground-mounted, grid-interactive distributed solar PV system for agricultural feeder solarisation, which will be implemented in Nashik.
• AMPIN Energy Transition and Copenhagen Infrastructure Partners (CIP) partners to develop 2 GWp of green power projects in India. The focus will be on diverse renewable technologies, including solar, wind, hybrid, and storage solutions. The agreement facilitates joint equity investments exceeding $300 million, to establish a clean energy asset base valued at $1.5 billion. This initiative represents a substantial upscaling from the original partnership formed in 2021, which began with a $200m investment commitment.
• Hyundai Motor India collaborated with Fourth Partner Energy Limited (FPEL) to procure 75 MW of solar and 42.9 MW of wind power in Tamil Nadu under a group captive model for 25 years. Under this partnership, Hyundai Motor India will invest INR 38 crore towards setting up a solar and wind power plant in Tamil Nadu. Hyundai Motor India will hold 26% and FPEL will hold 74% equity stake in the project.
• NTPC plans to prioritize gigawatt-scale solar power projects and limit wind and battery storage projects to 10% of its green portfolio. The company aims to nearly double its current green power capacity from 3.5 GW to 6 GW by 2025 and further expand it to 19 GW by 2027. NTPC has also partnered with Chhattisgarh State Power Generation Company Ltd. (CSPGCL) to develop renewable energy projects with a combined capacity of up to 2,000 MW, including floating solar installations.
• Sunsure Energy has started solar power supply to RACL Geartech’s Gajraula manufacturing site, with an annual supply target of 6 million units from its Mahoba plant. Under a Power Purchase Agreement (PPA) signed in July 2023, this initiative will fulfill over 40% of RACL’s energy requirements, reducing CO₂ emissions by around 4,300 metric tonnes annually.
• The Haryana Renewable Energy Development Agency (HREDA) will install rooftop solar power plants on 1,070 government buildings in Gurugram, with a planned capacity of 50 MW. Citizens will receive subsidies of INR 30,000 for installing a solar plant of 2-kW capacity and INR 78,000 for installing a solar plant of 3 kW or more capacity.
• Waaree Renewable Technologies has secured an order worth INR 1,233.47 crore to develop a ground-mounted solar PV project with a capacity of 2,012.47 MWp. The project was awarded by a domestic renewable energy development firm. 
• CleanMax has signed a PPA with APM Terminals Pipavav for a hybrid wind-solar energy project in Gujarat to support the port’s sustainability goals. The project will be implemented in two phases, comprising 3.50 MW wind and 1.06 MWp of solar capacity. This partnership will help APM Terminals Pipavav in achieving its net-zero target by 2040, as well as reduce its scope 1 and 2 emissions by 65% by 2030, relative to 2022 levels.
• K.P. Energy has received engineering, procurement, and construction (EPC) orders of 1,003.7 MW from its parent company, KPI Green Energy. These projects comprise of 86.8 MW and 641.9 MW hybrid setups (combining solar and wind capacities) and a 275 MW solar project. The projects were awarded under various Gujarat Urja Vikas Nigam Ltd (GUVNL) tenders.
• SJVN Limited has signed an MoU with Rajasthan’s Energy Department to establish 7 GW of green power projects, including 5 GW of pumped storage and 2 GW of floating solar. The projects align with SJVN’s goal of achieving 25,000 MW of capacity by 2030 and 50,000 MW by 2040.

Monthly RE Generation

In November 2024, Renewable energy sources generated 12,984.72 MU which is 7.3% less than the RE generation in October 2024. In November 2024, solar energy generation decreased by 7.5%, while wind energy generation fell by 6.7% compared to the previous month’s generation data.

Figure 3.1: Source-wise Renewable Energy Generation (MU) – India

Source: CEA, JMK Research

Investments/ Deals

In November 2024, a total of about $925 million was raised in the RE sector in India. The key investments during the month were:

• NTPC Green Energy, has raised $467.6 million from anchor investors ahead of its initial public offering (IPO). Foreign Institutions that participated in the anchor included Capital World, Goldman Sachs, GIC, T. Rowe Price, Abu Dhabi Investment Authority, Morgan Stanley, Allianz Global, and many others.
• ACME Sun Power, a subsidiary of ACME Solar Holdings, secured a $444.7 million term loan from REC Ltd. The loan will support the development of a 320 MW FDRE project with SJVN in Rajasthan and Gujarat, boosting green power generation and ensuring reliable power supply.

Table 4.1: Investment and deal in November 2024

Source: Industry news articles, JMK Research 

Other important announcements that were made during the month were:

• HeidelbergCement India signed an agreement with Continuum MP Windfarm Development to acquire 63,77,800 shares and debentures worth INR 6.34 crore. The investment will support the sourcing of 5.5 MW of hybrid wind-solar power for its plants in Damoh. Therefore, the total cumulative investment of the company now amounts to INR 15.62 crore, equivalent to 3.51% of the fully diluted equity share capital of the Continuum MP Windfarm Development.
• Waaree Energies Limited has approved an Investment of INR 6,000 crore to develop a green power infrastructure and expand its bidding pipeline as part of its green energy strategy. The company reported a profit after tax of INR 3,756.59 crore in Q2 FY25, marking a 17% year-on-year increase, with total income rising to INR 36,634.63 crore, up 2.95% YoY.
• NTPC and ONGC Green Energy bid $650 million to acquire Ayana Renewable Power. Ayana Renewable Power, owned by the National Investment and Infrastructure Fund (NIIF), British International Investment Fund, and Green Growth Equity Fund, operates 1,600 MW of green power capacity and has 2,500 MW of projects currently under construction.
• Gentari Sdn Bhd, the clean energy division of Malaysia’s Petronas, has agreed to acquire a 2.2 GW renewable energy portfolio from Brookfield Asset Management in India for $900 million. This acquisition includes both operational and under-construction projects.
• Insolation Energy has raised about INR 402 crore from investors through preferential allotment of equity shares.
• Rajesh Power Services Ltd has received approval from the BSE SME Exchange for its upcoming IPO, expected to raise around INR 150 to 160 crore. The company intends to utilize INR 25.10 crore of the total IPO proceeds for capital expenditures, setting up a DC Solar power plant with a capacity of 1300 kW (INR 4.16 crore), and developing technical expertise in the production of green hydrogen and associated equipment such as electrolysers in-house (INR 3 crore).

GDAM Traded Volume

The IEX traded a total volume of about 790 MUs in GDAM in November 2024 which is 4% less than the previous month. The average trade price in IEX-GDAM for November 2024 is INR 3.81/kWh.

Figure 5.1: GDAM Traded volume and Price Trend

Source: IEX, JMK Research

Module Price Trends

Comparing on m-o-m basis, price for global mono PERC modules have decreased by 4.3% in November 2024.

Figure 6.1: Solar Modules Price trends

Source: PVInfoLink, JMK Research

Comparing on m-o-m basis, prices for domestic modules have increased in November:

• Mono PERC 500 Wp – INR 17/Wp (up by 1.8%).
• Bifacial Modules  – INR 17.2/Wp (up by 1.79%).
• TopCon Modules – INR 17.6/Wp (up by 2.3%).

Fig 6.2: Average Prices for Domestic Modules

Source: JMK Research

Note: Domestic module prices are all inclusive prices till project site including freight charges, GST, etc.

Key Market Updates

Solar Manufacturing

Indian solar PV exports surging

• India is rapidly transitioning from a net importer to a net exporter of photovoltaic (PV) products. In FY 2024, Indian PV manufacturers exported nearly US$2 billion worth of PV modules, a 23-fold increase from FY 2022.
• The contributing factors include reduced domestic demand due to delays in the Approved List of Models and Manufacturers, India’s growing appeal in the “China Plus One” strategy, and the opportunity for manufacturers to earn higher profit margins abroad, despite increased logistics costs. Domestic producers can earn 40-60% higher profits from selling in developed markets like the US.

Cliantech secures multi-gigawatt equipment order from INA Solar

• Cliantech Solutions has bagged a multi-gigawatt order from INA Solar. The partnership between Cliantech Solutions and INA Solar aims to enhance production capabilities and meet the growing demand for solar energy solutions
• The company recently raised INR 402 crore through preferential equity allotment to support these expansion efforts.

Grew, Jakson, Jupiter Renewables, and Saatvik to set up solar factories in Odisha 

• The Odisha government has approved several solar and energy storage initiatives to strengthen the state’s renewable energy sector. Notable projects include Jupiter Renewables’ facility for manufacturing solar PV cells and modules in Khurda, which involves an investment of INR 2,005 crore, and Grew Energy’s ingot-to-module manufacturing unit in Ganjam, with an investment of INR 4,530.34 crore.
• Additionally, Saatvik Solar Industries will establish a solar cell and module factory in Khurda with INR 1,366.56 crore, and Jakson Engineers Ltd will set up a solar cell factory in the same district for INR 1,354.40 crore.

Orient Solar plans to expand manufacturing capacity to 2 GW by mid-2025

• Orient Solar aims to increase its solar panel manufacturing capacity from 800 MW to 2 GW by mid-2025. Of this capacity, 65% will target utility-scale solar projects, while 35% will cater to commercial, industrial, and rooftop installations, including solar streetlights and pumps.
• The company currently operates at 1 GW capacity and is focused on utility-scale projects.

Green Hydrogen

NTPC to generate green hydrogen from waste using Plasma Oxy-Gasification technology

• NTPC embarks on setting up a green hydrogen production plant using Plasma oxygen gasification of MSW/Agri-Waste technology. Upon setting up, it shall be a unique plant globally, wherein plasma-assisted ‘oxy gasification’ of MSW-RDF/Agri-Waste shall be carried to produce ‘very high-quality syn-gas’, from which high purity hydrogen (>99.9%) shall be separated using a novel configuration of ‘gas membrane’ and ‘pressure swing adsorption’.
• This demonstration plant will produce about 1 Tonne per day of green hydrogen by gasifying about 25 Tonne per day MSW/Agri-Waste. Besides ‘Carbon-Mono-Oxide’ separated from the ‘Hydrogen Recovery System’ shall produce electricity using a low-calorie gas engine.

Jakson Green collaborates with NTPC to produce methanol captured from CO2 

• Jakson Green has partnered with NTPC to produce synthetic methanol from captured CO₂ at NTPC’s Vindhyachal Thermal Power Plant in Madhya Pradesh.
• This project, led by NETRA, NTPC’s R&D division, captures CO₂ directly from flue gas emissions and converts it into methanol, which can be utilized in power generation and transportation.

SECI partners with H2Global Stiftung for green hydrogen collaboration

• Solar Energy Corporation of India Ltd (SECI) has signed an MoU with Germany’s H2Global Stiftung to strengthen green hydrogen initiatives through knowledge sharing and international collaboration. The partnership aims to develop joint tenders to support India’s goal of becoming a leading exporter of green hydrogen and its derivatives.
• By fostering cooperation with hydrogen-importing nations, the agreement will enhance understanding of global market dynamics, trade logistics, and stakeholder engagement. This collaboration aligns with India’s vision to advance its green hydrogen ecosystem and expand its presence in the global hydrogen market.

NTPC launches green hydrogen mobility project in Leh

• NTPC has inaugurated a Green Hydrogen Mobility Project in Leh, featuring a 1.7 MW solar plant, an 80 kg/day green hydrogen filling station, and five hydrogen buses capable of traveling 300 km per fill. Located at 3,650 meters above sea level, it is the world’s highest-altitude green hydrogen project, designed for extreme conditions like low-density air and sub-zero temperatures.
• The station can fill hydrogen at 350 bar pressure, reducing carbon emissions by approximately 350 MT annually. NTPC is expanding hydrogen mobility projects across India while scaling renewable energy capacity and planning a hydrogen hub in Andhra Pradesh.

NTPC NETRA develops seawater-based green hydrogen project

• NTPC’s R&D center, NETRA, is establishing a 1 tpd seawater-to-green hydrogen plant at NTPC Simhadri in Andhra Pradesh. The project includes a low-carbon desalination facility using waste heat from thermal power plant flue gas to produce hydrogen-grade water cost-effectively.
• With the significant water demand for hydrogen production, the initiative aligns with India’s focus on leveraging low-grade water sources like seawater and wastewater for green hydrogen. NTPC Green Energy Limited is advancing these efforts to support the National Green Hydrogen Mission targets.

Amara Raja Infra completes India’s first green hydrogen fueling station in Leh

• Amara Raja Infra has successfully constructed India’s first green hydrogen fueling station in Leh, with a production capacity of 80 kg per day. Completed in two years, this station will support emission-free transportation in and around Leh, positioning India as a leader in green mobility. The project is expected to pave the way for large-scale green hydrogen mobility and storage initiatives under the National Hydrogen Energy Mission. This milestone aligns with India’s efforts to advance sustainable energy and green transportation solutions

ACME Cleantech partners with BASF for green ammonia supply to Europe

• ACME Cleantech has signed agreements with BASF to supply green ammonia to Europe and explore further collaboration in the green ammonia sector. The partnership aims to foster cross-border cooperation, support decarbonization efforts, and accelerate green hydrogen and ammonia adoption.
• ACME is developing a green ammonia project in Oman with a phased capacity of 900,000 tonnes per annum. By 2030, the company aspires to become a global leader in green energy, targeting an annual production of 10 million tonnes of green ammonia and hydrogen.

Green hydrogen adoption faces cost challenges

• The levelized cost of green hydrogen (LCOH) remains 1.75 times higher than grey hydrogen and 1.50 times higher than brown hydrogen, posing a significant barrier to its widespread adoption, even with ISTS waivers for green power. Producing 1 MMT of green hydrogen requires an estimated capex of INR 2.40 lakh crore, with renewable energy generation and electrolyser costs accounting for 48% and 34% of the total, respectively.
• Refineries, which currently meet 43% of India’s hydrogen demand, are expected to lead early adoption, with a potential demand of 2.70-3.00 MMT by FY27-FY30. Furthermore, green ammonia could add 3.75-4.25 MMT of demand if it achieves cost parity with conventional ammonia.

Jakson Green Infinity Ships 3.8 MW Electrolysers for India’s First Green Hydrogen Refueling Station

• Jakson Green Infinity, an electrolyser manufacturer, announced the shipment of its first batch of 3.8 MW electrolysers for India’s first green hydrogen refueling station in the National Capital Region (NCR). Produced at the company’s advanced facility in Greater Noida, the electrolyser will support the generation of clean hydrogen fuel for vehicles and other green applications.

Storage

THDCIL commissions India’s first variable-speed pumped storage plant

• THDCIL has operationalized India’s first variable-speed pumped storage plant (PSP) with a capacity of 250 MW, connecting it to the national grid. This innovative PSP, part of the Tehri Hydropower project in Uttarakhand, is designed to recycle water and eventually generate 1,000 MW of power.
• The Tehri project currently produces 1,400 MW from its total capacity of 2,400 MW. Developed over 13 years at a cost of over INR 7,000 crore, the full PSP is expected to be completed by the end of 2025.

India’s energy storage sector targets to reach 60 GW by FY32

• India’s energy storage capacity is projected to grow by over twelve times to 60 GW by FY32, driven by a massive increase in variable renewable energy (VRE) and the need to maintain grid stability demands.
• Battery Energy Storage Systems (BESS) are expected to dominate this growth, by expanding 375 times to 42 GW, while Pumped Storage Projects (PSP) will grow four times to 19 GW over the same period.
• Investment opportunities in the sector are estimated at INR 3.5 trillion by FY32, driven by the government’s incentives like the Production Linked Incentive (PLI) scheme, which aims to boost advanced battery production to 55 GWh.

Other Market Updates

DGTR Recommends Anti-Dumping Duty on Textured Tempered Glass Imports from China and Vietnam

• The commerce ministry has recommended the imposition of an anti-dumping duty of up to USD 677 per tonne on imports of a certain type of solar glass from China and Vietnam, with an aim to guard domestic producers.
• The Directorate General of Trade Remedies (DGTR), has concluded that ‘Textured Toughened (Tempered) Coated and Uncoated Glass’ have been exported to India at a price below the normal value, resulting in dumping.
• The notification of the directorate said that the imports from these countries have caused material injury to the domestic industry.
• The DGTR conducted the probe following applications regarding the same from Borosil Renewables on behalf of the domestic industry.

Government approved 50 solar parks with a targeted capacity of 37.5 GW

• The government has approved 50 solar parks with a combined capacity of approximately 37.5 GW.
• Additionally, the government has identified sites to develop offshore wind energy, targeting to reach 30 GW goal by 2030.

PM Surya Ghar: Muft Bijli Yojana boosts rooftop solar by 50% in six months

• Since its launch in February, the PM Surya Ghar: Muft Bijli Yojana has driven a notable increase in residential rooftop solar installations, adding approximately 1.8 GW of new capacity. Approved with a budget of INR 75,021 crore, the program has already facilitated around 4 lakh rooftop solar connections.
• This rapid expansion represents a more than 50% growth in rooftop solar capacity within just six months. The scheme highlights the government’s commitment to increasing renewable energy adoption in residential areas.

India’s short-term power market sees 12% growth in 2023-24

• In 2023-24, the short-term power market accounted for 12.5% of India’s total electricity generation, with the remaining 87.5% procured mainly by distribution companies through long-term contracts. The short-term market and Deviation Settlement Mechanism (DSM) volume rose by 12% to 218.22 billion units (BU), up from 194.35 BU in 2022-23.
• The financial size of this market segment grew by 19% year-on-year, reaching INR 100,729 crore in 2023-24. Open Access industrial consumers purchased 11.03 BU, representing 12.8% of the total volume in collective transactions on power exchanges, encompassing day-ahead and real-time markets.

Government to launch INR 1,000 crore scheme for energy efficiency in MSMEs energy efficiency

• The Ministry of Power plans to launch the Assistance in Deploying Energy Efficient Technologies in Industries & Establishment (ADEETIE) scheme in December 2024 to promote energy-efficient technologies in MSMEs, backed by INR 1,000 crore. Managed by the Bureau of Energy Efficiency (BEE), the scheme offers interest subsidies of 5% for small enterprises and 3% for medium enterprises on loans for energy-efficient technologies.
• MSMEs, contributing 40% of industrial output and nearly 38% of GDP, are vital to India’s energy-saving goals. The initiative aims to reduce energy costs and carbon footprints while enhancing global competitiveness for MSMEs.

Residential solar installations under PM Suryaghar have crossed 6 lakhs

• As per data from MNRE, over 6 lakh residential solar systems have been installed under the PM Suryaghar Muft Bijli Yojana. This platform enables users to negotiate installation costs, secure approvals, and benefit from subsidies directly transferred to their bank accounts. Gujarat leads with 2,81,769 installations, followed by Maharashtra with 1,20,696 installations.

India’s renewable energy capacity is set to reach 250 GW by March 2026

• India’s green power capacity is projected to grow from 201 GW in September 2024 to 250 GW by March 2026, driven by an 80 GW project pipeline and increased tendering activity. Solar energy will dominate this growth, with installations expected to rise from 91 GW in September 2024 to 132 GW by March 2026, supported by favorable solar PV module prices.

• The renewable project pipeline and the favorable solar PV cell and module prices are expected to improve the RE capacity addition to over 26 GW (including 22 GW of solar) in FY 2025 from 19 GW in FY 2024. This will further scale up to 32 GW (including 27.5 GW solar) in FY2026, mainly driven by the solar power segment, and given the impending expiry of the waiver on inter-state transmission system (ISTS) charges in June 2025.

Cabinet approves INR 3689 crore to set up Hydro projects in Arunachal Pradesh

• The Cabinet has approved an investment of INR 3,689 crore for constructing the 186 MW Tato-I and 240 MW Heo hydroelectric projects in Arunachal Pradesh, with a combined annual energy generation of 1,802 MUs.The projects are expected to be completed within 50 months.The Cabinet has approved an investment of INR 3,689 crore for constructing the 186 MW Tato-I and 240 MW Heo hydroelectric projects in Arunachal Pradesh, with a combined annual energy generation of 1,802 MUs. The projects are expected to be completed within 50 months.

Policies and Regulations

Central Level Regulatory Updates

State Level Regulatory Updates