Monthly RE update – October 2021

Monthly RE update – October 2021

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Tenders

  • In October 2021, 12 new renewable energy (RE) tenders with a total capacity of 4579 MW were issued. MSEDCL has floated 1250 MW solar tender (Under Mukhyamantri Saur Krishi Vahini Yojna) and 444 MW solar tender (Under KUSUM) scheme in Maharashtra. In addition, Punjab Electricity Development Agency (PEDA) has also issued 220 MW of solar tender under component A of KUSUM scheme in Punjab.
  • SECI has issued two tenders including a 1200 MW of wind solar hybrid Tranche V tender and another 1200 MW wind Tranche XII tender across Pan India this month.

Details of new tenders issued in October 2021

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

MSEDCL, 1250 MW, Solar (Under MSKVY), Maharashtra, Oct 2021

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

25th-Nov-2021

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

Hybrid

Project Development

1200


PBG – INR 1.146 million

30%

18 months

6th-Dec-2021

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

Wind Project Development

1200

PBG – INR 1.326 million

22%

18 months

2nd-Dec-2021

MSEDCL, 444 MW, Solar (Under KUSUM), Maharashtra, Oct 2021

Small Scale Solar

Project Development

444

EMD – INR 0.1 million/MW

PBG – INR 0.5 million/MW

15%

12 months

23rd-Nov-2021

PEDA, 220 MW, Solar (Under PM KUSUM), Punjab, Oct 2021

Small Scale Solar

Project Development

220

EMD – 1 MW –INR 0.1 million

1.5 MW – INR 0.15 million

 2 MW – INR 2 million 

PBG – INR 0.5 million/MW

15%

12 months

9th-Nov-2021

CEL, 147 MW, Solar, Maharashtra, Oct 2021

Distributed Solar

EPC

147

PBG – 10% of the total project cost

18th-Oct-2021

GSECL, 60 MW, Solar (EPC), Gujarat, Oct 2021

Utility Scale Solar

EPC

60

EMD – INR 24 million

PBG – 10% of contract value

12 months

30th-Nov-2021

MAHAGENCO, 25 MW, Solar (EPC),Maharashtra, Oct 2021

Utility Scale Solar

EPC

25

EMD – INR 8.5 million

10th-Nov-2021

WBPDCL, 20 MW, Solar (EPC), West Bengal, Oct 2021  

Utility Scale Solar

EPC

20

EMD – INR 21.25 million

PBG – 3% of the project cost +GST

12 months

22-Nov-2021

Surat Municipal Corporation (SMC), 10 MW, Solar (EPC), Gujarat, Oct 2021

Utility Scale Solar

EPC

10

EMD – INR 6.45 million


PBG – 2.5% of the order value

23%

20th-Nov-2021

DMRC, 2 MW, Rooftop Solar, Delhi, Oct 2021

Rooftop Solar

RESCO

2

12 months

12-Nov-2021

NTPC, 1.1 MW, Solar (EPC), Jharkhand, Oct 2021

Small Scale Solar

EPC

1.1

24th-Nov-2021

PBG: Performance Bank Guarantee

EMD: Earnest Money Deposit

Source: JMK Research

  • SECI has invited an Expression of Interest (EOI) from bidders for setting up of 500 MW/1000 MWh Standalone Battery Energy Storage Systems (BESS) in India under Global Competitive Bidding (ESS-I). It is expected that the final RFS document will be released in the first week of November 2021. SECI has also issued EOI for extending a Term Loan of INR 400 Crore for 100 MW (AC) solar PV project (160MW DC capacity) in Chhattisgarh and 100 MW (AC) floating solar project in Jharkhand for a tenure period of up to 15 years.
  • NTPC Renewable Energy Limited (NTPC REL) has also issued an EOI for exploring strategic sourcing tie-ups of solar PV modules for approximately 15 GW up to a cumulative period of minimum 5 years. This Expression of Interest is open for any India Company/their Consortium/affiliates/ Representatives who has already established their manufacturing base in India or is planning to set up their facilities in the next six months under the PLI Scheme. The last date for EOI submission is 8th November 2021.
  • Singareni Collieries (SCCL) has issued a consultancy tender for a 250 MW (DC) floating solar project at Lower Manair Dam, Karimnagar, Telangana. Interested bidders need to submit a bank guarantee at 3% of the contract value, including GST. The duration of the consultancy contract is 24 months. The last date for bid submission is 8th November 2021. In addition, MSEDCL has invited a revised tender for empanelment of vendors for Grid- Connected Rooftop Solar Plant of various capacities for residential consumers aggregating to 50 MW in Maharashtra under the Phase-II of MNRE’s Rooftop Solar program. The tender capacity has been revised to 50 MW from 200 MW. The last date for bid submission is 15th November 2021.
  • Under the performance-linked incentive (PLI) program, Bharat Heavy Electricals (BHEL) has invited EOI for selection of Partners for setting up GWh Scale Advanced Chemistry Cell Manufacturing facility through SPV route under GoI’s PLI Scheme. The last date for bid submission is 2nd November 2021. BHEL is planning to bid for a minimum capacity of 5 GWh. A maximum of three parties may be involved in the proposed SPV company (including BHEL).
  • Bharat Heavy Electricals Limited (BHEL) has also invited bids to enter into a memorandum of understanding (MoU) with vendors for the procurement of silicon wafers for solar cell manufacturing in order to meet the company’s annual module manufacturing capacity of 200 MW. Interested bidders need to submit a bank guarantee at 10% of the contract value. The last date for bid submission is 8th November 2021.
  • The Ministry of Heavy Industries (MHI) has also invited bids to select manufacturers for setting up production capacities for at least 5 GWh of Advanced Chemistry Cells (ACC) for energy storage. The successful bidder should provide a bid security amount of INR 10 billion in the form of a bank guarantee. The last date for bid submission is 31st December 2021.

Date extension

Tender Name

Technology

Tender Scope

Capacity (MW)

Other Details

Minimum CUF

Commissioning timeline from PPA signing

Bid Submission Date

SECI, 1200 MW, Solar UMREPP ISTS X, Karnataka Jul 2021

Utility Scale Solar

Project Development

1200

EMD – INR 0.4 million/MW

PBG – INR 0.8 million/MW

17%

18 months

12th-Nov-2021

SECI, 100 MW, Solar (EPC), Chhattisgarh, Jul 2021

Utility Scale Solar

EPC

100

PBG – 3% of the contract value

18 months

22nd-Nov-2021

NHPC, 100 MW, Floating Solar (EPC), Odisha, Aug 2021

Floating Solar

EPC

100

PBG – 3% of the contract value

12 months

2nd-Nov-2021

SECI, 50 MW, Solar PV and Agro PV, Tamil Nadu, Jan 2021


Solar and Agro PV

 

EPC

50

PBG – 3% of the contract value

24.1%

12 months

8th-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

8th-Nov-2021

Source: Industry news articles, JMK Research

Auction Completed

2800 MW of RE tenders were auctioned in October 2021.

Winners in the latest RE auctions

Source: JMK Research

Note: Under the bucket-filling method, JSW Energy would be allocated the remaining capacity of the total tendered
2,500 MW capacity. The allotment of capacities bid by the remaining (L2 to L5) winners is yet to be finalized.

Tender Name

Capacity tendered (MW)

Capacity allotted (MW)

Minimum CUF

Commissioning timeline from PPA signing

Winners Details

SECI, Pan India, 2500 MW, Thermal + RE, RTC-II, Mar 2020

2500

2500

30 months

•Greenko – 1001 MW (INR 3.18/kWh)


•ReNew Power – 600 MW (INR 3.19/kWh)

•Power Mech Projects – 550 MW (INR 3.30/kWh)

•Hindustan Thermal Projects – 250 MW (INR 3.01/kWh)

•JSW Energy – 99 MW (INR 3.45/kWh)

MSEDCL, 300 MW, Wind, Pan India, Aug 2021

300

300

22%

18 months

•Azure Power – 180 MW (INR 3.43/kWh)

•Adani – 120 MW (INR 3.44/kWh)

Source: JMK Research

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

Adani

4000

Stage 1 to 4

3600

Source: IREDA, JMK Research

The Punjab State Power Corporation Limited (PSPCL) had issued two solar tenders for 250 MW each in Punjab and across India, where ReNew Dinkar Jyoti has offered 250 MW solar power at the rate of INR 2.33/kWh under the tender for procurement of 250 MW solar power from projects across India. However, SJVN Limited has offered 100 MW solar power for INR 2.69/kWh and SAEL Limited has offered 50 MW solar power at INR 2.69/kWh for 250 MW solar power from projects located in Punjab.

Installed Capacity

In September 2021, a combined total of 842.53 MW of solar and wind capacity was added, taking the cumulative RE capacity to 101.53 GW.

RE Installations in September 2021

Source: CEA, JMK Research

State wise Solar and Wind Installed capacity in September 2021

Rajasthan added the maximum utility scale solar capacity of 338.75 MW in September 2021 followed by Gujarat (192.16 MW) and Haryana (30.95 MW) whereas Gujarat installed the maximum wind capacity of 65.70 MW followed by Karnataka (63 MW) and Tamil Nadu (50.6 MW).

Source: MNRE, JMK Research

Recently Commissioned RE projects in October 2021

7 new projects with a total renewable energy capacity of 160.7 MW got commissioned by various renewable energy players this month. The list of recently commissioned projects is mentioned below:

Developer

Technology

Tender Name

AC Capacity (MW)

Tariff (Rs/kWh)

State

Azure Power

Solar

SECI, 1200 MW, Solar ISTS Tranche III, Feb 2019

 

100

2.58

Rajasthan

Sprng Energy

Wind

SECI, 2000 MW, Wind, ISTS Tranche IV, Pan India, Apr 2018

27

2.51

Tamil Nadu

NTPCFloating SolarNTPC, 100 MW, Floating Solar, Telangana, Dec 201817.5Telangana

Radiance Renewables

Solar (Open access)

4.2

Maharashtra

Mangalore Refinery and Petrochemicals Limited (MRPL)

Rooftop Solar

6

Karnataka

Aditya Green Energy

Solar

5

Maharashtra

Kolkata Port Trust (KoPT)

Solar (Captive)

1

West Bengal

Source: Industry news articles, JMK Research

Other announcements during the month were:

  • Grasim Industries has signed a supplemental share subscription agreement with ReNew Green Energy Solutions and ReNew Surya Uday. The company will invest INR 145.1 million in ReNew Green Energy Solutions to procure an additional 16.68 MW of power from its wind-solar hybrid open access project in Gujarat. Whereas ReNew Green Energy Solutions will invest INR 413 million to develop this additional 16.68 MW capacity for its wind-solar hybrid open access project.
  • MYSUN has secured 140 MW open access solar power projects from the Uttar Pradesh Power Transmission Corp Ltd (UPPTCL) under UPPTCL’s open access scheme.
  • In Jharkhand and Odisha, Tata Power and Tata Steel have collaborated to develop 41 MW of solar projects (including rooftop, floating, and ground-mounted). Tata Power will build 21.97 MW of solar capacity in Jharkhand, and 19.22 MW in Odisha, for Tata Steel.
  • SWELECT Sun Energy has signed a 15-year Power Purchase Agreement (PPA) with Hatsun Agro Product and SICGILSOL Gas agency to sell power from its 16 MW (10 MW and 6 MW) solar power plants under the Group Captive model in Tamil Nadu. The company has started its commercial solar power generation on 1st October 2021.
  • Tata Power Solar has received a Letter of Award from Energy Efficiency Services (EESL) to build 100 MW distributed ground-mounted solar projects in Maharashtra. The project has a total order value of INR 538 crores and is scheduled to be completed within 12 months.
  • Adani Renewable Energy Holding Fifteen, Sembcorp renewables and Azure Power has announced that they have received a letter of award (LOA) for setting up 450 MW, 180 MW and 120 MW of wind energy project under SECI’s 1200 MW ISTS-connected Wind (Tranche-XI) tender. The tender was floated in May 2021.

Monthly RE Generation

In October 2021, renewable energy sources (RES) generated 9,779.85 MU, a significant decrease of 22% from September 2021. Solar energy accounts for 62% of RES generation, followed by wind at 29% and other renewable
energy sources (including biomass) at 9% during October 2021.

Source-wise Renewable Energy Generation (MU) – India

Source: CEA, JMK Research

monthly RE

Investments/ Deals

In October 2021, about US$ 4484 million was invested in the RE sector. The Key investments during the month were:

  • Adani Green Energy Ltd (AGEL) has successfully completed the acquisition of SB Energy India’s 4954 MW RE assets in an all-cash deal for which definitive agreements were signed in May 2021. With this deal, SB Energy India is now a 100% subsidiary of AGEL.
  • Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of Reliance Industries Ltd (RIL), has announced acquisition of 100% shareholding of REC Solar Holdings for $771 million.
  • Reliance New Energy Solar Ltd (RNESL) has also agreed to purchase around 40% stake in Sterling & Wilson Solar (SWSL) for about INR 2,845 crore. SWSL has also announced that it had agreed to issue new shares in order to sell a 15.46% stake in the company to RNESL for INR 1,000 crore. In addition, the Reliance group has offered INR 375 per share to acquire 25.9% equity stake of SWSL for over INR 1,840 crore.
  • Besides this, RNESL will be the strategic lead investor in NexWafe GmbH’s 39-million-euro Series C financing round, with a 25-million-euro investment in phase one. The company will be using NexWafe’s technology to build giga-scale wafer manufacturing plants in India.
  • Vector Green Energy has announced that it has secured a loan of $184 million from the Indian Renewable Energy Development Agency (IREDA) to fund its operating solar projects. Out of which, the loan disbursement of approximately $147.43 million was already done by IREDA for six solar energy operating projects of Vector Green.

Company Name

Deal Type

Sector

Asset Acquired

Investor

Deal Value

Stakes Acquired

Other Details

SB Energy

Acquisition

Renewable

4954

Adani Green Energy

$3500 million

100%

Adani Green Energy has completed the acquisition of SB Energy’s 4954 MW RE assets

assets

REC Solar Holdings

Acquisition

Solar

Reliance New Solar Energy

$771 million

100%

REC Solar Holdings is one of the world’s leading solar cells and modules and polysilicon company

Vector Green

Debt

Solar

IREDA

$184 million

Out of the total sanctioned loan of $184 million, IREDA has already disbursed $147.43 million to Vector Green. The debt has been rated in the AA category.

Cleantech Solar

Debt

Solar

NIIF Infrastructure

$26.72 million

The company will use the funds for its open access solar projects in India

Oorja

Equity

Off-Grid Solar

Schneider Electric Energy Access Asia (SEEAA) and Water & Energy for Food Grand Challenge (WE4F)

$1 million

Seed funding was provided by SEEAA whereas grant funding was given by WE4F

AMP Energy Green Fifteen Private Limited

Equity

Solar

Jubilant Ingrevia

$0.69 million

26.6%

With this deal Jubilant Ingrevia will install a 15.5 MW solar power plant under Captive scheme in Maharashtra

Sunsole Renewables (SPV of Cleantech Solar)

Equity

Solar

Siemens

$0.21 million

26%

The acquisition of equity stake is proposed to be completed by September 2022 in one or more tranches

Cleanwin

Equity

Wind

CEAT Ltd

26%

Jakson Group

Acquisition

Solar

34 MW

Technique Solaire

With this acquisition, Technique Solaire now has 68 MW of operational solar power plants in India

Source: Industry news articles, JMK Research

Other key announcements that were made during the month were:

  • Minda Industries has announced that their investment committee has approved the purchase of 3,07,850 equity shares of Strongsun Renewables for INR 24.6 million. The company now owns 28.10% of the SPV’s total paid-up share capital and it is expected that the deal is will be completed by 6th November 2021.
  • In addition, Grasim Industries has purchased a 26% equity stake in ABReL Solar Power (ABRSPL), a subsidiary company of Aditya Birla Renewables Limited for INR 1.3 lakh under captive project guidelines.
  • NTPC is also planning to acquire around 5% to 10% stakes in Power Exchange India Ltd (PXIL). Given the electricity shortage and increased volume on power exchanges, NTPC’s entry into the market is expected to bring more competition as volume increases due to renewables and as well as policy changes in the long-term power purchase agreement.
  • Oakridge Energy has secured an undisclosed amount for its urban solar projects in New Delhi, India, through a German crowdfunding platform. This is the first time an Indian rooftop solar company has tapped into the large European crowd financing market.
  • Actis is planning to invest $850 million in India’s RE projects over the next five years.
  • NTPC is also planning to raise $2 billion through initial public offerings (IPOs) in three units including its renewable energy business. NTPC also intends to sell its shares in NTPC Renewable Energy Ltd. within the next year. In addition, the company is also looking to sell its stake in NTPC-SAIL Power Company Limited (NSPCL).
  • Adani Group also intends to invest around $50 billion to $70 billion across its green energy value chain by 2030.
  • Larsen & Toubro (L&T) is planning to invest up to INR 5,000 crore in green energy implementation and adoption at its manufacturing and construction sites by 2035-2040. The company is working on a sustainability roadmap for FY22 to FY26 that is in line with its ‘Lakshya 2026’ goals. In addition, the company has set a goal to increase the use of renewable energy in its operations by 50% by FY26 and 100% by 2035.
  • Global Infrastructure Partners (GIP) is planning to sell its Indian clean energy platform, Vector Green Energy, in a deal worth up to INR 5,000 crore. GIP is also in discussions with a number of investment banks, including Rothschild, Standard Chartered, and JP Morgan, and will sign a contract soon.
  • Furthermore, Power Global is planning to invest around $25 million to set up a lithium-ion battery manufacturing unit and battery swapping infrastructure in India over the next two to three years. The company is setting up a battery factory in Greater Noida with a capacity of 1 GWh. It is expected that the mass manufacturing will start from CY Q3 2022.
  • Royal Dutch Shell Plc is in discussions with Convergence Energy Services Ltd (CESL) to invest $500 million in the company’s decentralized solar energy business. Under the decentralised solar programme, CESL has set a target of 9.4 GW portfolio over the next five years.
  • Also, Tata Power is in discussions with Canada Pension Plan Invest Board (CPPIB) and Government of Singapore Investment Corp. (GIC), to raise at least $500 million through initial public offering (IPO) for its renewable energy unit. In addition, the company is planning to increase its green energy capacity to 80% by FY 2030.
  • Emmvee and the Government of Karnataka have signed a Memorandum of Understanding (MoU) to set up a 3 GW solar cell and module manufacturing plant in Karnataka with an investment of INR 825 crore.
  • The Green Growth Equity Fund (GGEF), India’s climate change fund, has received a $70 million investment from the CDC Group. The fund is managed by Eversource Capital.

Comparing on m-o-m basis, price for global mono PERC modules and mono PERC India modules have increased by 10% and 6% respectively in October 2021.

Solar modules price trends

Source: PVInfoLink, JMK Research

Note: India Prices are FOB prices

Monthly SECI Payments

The Solar Energy Corporation of India Limited (SECI) paid nearly INR 6.13 billion to developers for the purchase of solar and wind power in September 2021. Compared to August 2021, the payment disbursal has decreased by ~6% in September 2021.

Monthly payments by SECI to solar and wind developers

Source: SECI, JMK Research

Policies and Regulations

Central

Policy Name

Issuing Agency

Date of Issue

Electricity (Transmission System Planning, Development and Recovery of Inter-State Transmission Charges) Rules 2021

MoP

1st-Oct-2021

Supreme Court has Resolved Jurisdictional Issue Related to Power Market Between CERC and SEBI

Supreme Court

7th-Oct-2021

Framework for Implementation of Market Based Economic Despatch (MBED) – Phase 1 to Start from April 2022

MoP

8th-Oct-2021

Guidelines for Operationalizing Optimum Utilization of Generating Stations as per the Requirement in the Electricity Grid

MoP

8th-Oct-2021

Power Ministry Mandates Energy Accounting of DISCOMs to Reduce Electricity Losses

MoP

11th-Oct-2021

Central Government Announces Electricity (Promotion of Generation of Electricity from Must-Run Power Plant) Rules, 2021

MoP

22nd-Oct-2021

Central Government Announces Electricity (Timely Recovery of Costs due to Change in Law) Rules, 2021

MoP

22nd-Oct-2021

CERC Allowed to Introduce Green Day Ahead Contract (GDAC) in Day Ahead Market (DAM) on Power Exchanges

CERC

17th-Oct-2021

Amendment in Benchmark Costs For Off-Grid and Decentralized Solar PV Systems For The Year 2021-22

MNRE

26th-Oct-2021

Amendment in Benchmark Costs For GRID Connected Rooftop Solar PV System For The Year 2021-22

MNRE

27th-Oct-2021

MoP Revises Terms of Reference of National Committee on Transmission (NCT) to Fast-Track ISTS Process

 

MoP

28th-Oct-2021

State

Policy Name

Issuing Agency

State

Date of Issue

GERC Approved Tariff of INR 1.75/kWh for Purchase of Surplus Wind Energy

GERC

Gujarat

14th-Oct-2021

GERC Approved Tariff of INR 2.64/kWh for GUVNL’s 100 MW Solar Project in Gujarat

GERC

Gujarat

7th-Oct-2021

KERC Ordered HESCOM To Compensate Solar Developer for Safeguard Duty Imposition

KERC

Karnataka

5th-Oct-2021

Karnataka Issued Draft RE Policy 2021-26

KREDL

Karnataka

13th-Oct-2021

KERC Rejected Clean Wind Power’s Request for Captive Power Project Status

KERC

Karnataka

11th-Oct-2021

KERC Allowed Compensation For Additional Capital Cost Due to Introduction of GST Laws

KERC

Karnataka

29th-Oct-2021


KSERC Approves the Trading Margin of INR 0.07/kWh in the PSA
for 200 MW wind power with SECI
on long term basis
KSERCKerala28th-Oct-2021

MERC Denies Tata Power-Distribution’s Request to Adopt a Tariff of INR 3.27/kWh for a 100 MW Wind Project

MERC

Maharashtra

11th-Oct-2021

Deviation Settlement Mechanism Implementation Would Come Into Effect from 11th October 2021 in Maharashtra

MERC

Maharashtra

7th-Oct-2021

MERC Ordered MSEDCL to Pay Delay Payment Charges to Jaisal Mechatronics

MERC

Maharashtra

13th-Oct-2021

MERC Rejects the Tariff Adoption of INR 3.27/kWh for Short Term Procurement of Wind Energy

MERC

Maharashtra

11th-Oct-2021

OERC Approves Supplementary PSA Executed Between SECI and GRIDCO

OERC

Odisha

18th-Oct-2021

PSERC Allowed Carry Forward of Surplus Non-Solar, Solar RPO to the Next Financial Year in Punjab

PSERC

Punjab

13th-Oct-2021

TNERC issued Provisional Tariff subsidy for FY 2021-22

TNERC

Tamil Nadu

30th-Sep-2021

 

TNERC Approves Tariff of INR 2.28/kWh for KUSUM Solar Pump Program in Tamil Nadu

TNERC

Tamil Nadu

12th-Oct-2021

UERC determined Additional Surcharge tariff as INR 1.94/kWh, effective from 1 October 2021 to 31 March 2022

UERC

Uttarakhand

5th-Oct-2021

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