Monthly RE Update – October 2023
Tenders
New RFS Issued
- In October 2023, 20 new renewable energy (RE) tenders with a cumulative capacity of 14,724 MW were issued. About 3,282 MW of solar tenders (Under KUSUM Scheme Component- C) were issued by Jodhpur Vidyut Vitran Nigam Limited (JDVVNL) in Rajasthan.
- SECI issued a tender of 2000 MW ISTS-connected Wind-Solar Hybrid Power Projects (Tranche VII) in India. SECI also floated a tender of 1000 MW ISTS-connected Solar (ISTS-XII) in India.
- NHPC floated a tender for setting up ISTS grid-connected renewable energy power projects coupled with an energy storage system to supply 1.5 GW of firm and dispatchable RE power. In addition, NHPC has issued 1500 MW ISTS-connected Wind-Solar Hybrid Power Projects with or without Energy Storage Systems (ESS) tender.
- NTPC floated an ISTS-connected wind power tender (Tranche-III) of 1000 MW power.
Fig 1.1: New RE tenders issued in October 2023
PBG: Performance Bank Guarantee
EMD: Earnest Money Deposit
Source: JMK Research
Table 1.1: RFS Issued
Tender Name | Technology | Tender Scope | Capacity (MW) | Other Details | Minimum CUF | Commissioning timeline from PPA signing (months) | Bid Submission Date |
JDVVNL, 3282 MW, Solar (Under KUSUM scheme Component-C), Rajasthan, Sep 2023 | Small Scale Solar | Project Development | 3282 | EMD – INR 0.46 million/MWPBG – INR 2.3 million/MW | 19% | 9 | 3rd-Nov-2023 to 8th-Jan-2024 |
SECI, 2000 MW, ISTS connected Wind Solar Hybrid (Tranche VII), Pan India, Oct 2023 | Wind Solar Hybrid | Project Development | 2000 | EMD – [INR 9,28,000 x Solar Capacity (MW) + INR 12,64,000 x Wind Capacity (MW)] | 30% | 24 | 4th-Dec-2023 |
Hybrid | Project Development | 1500 | EMD – INR 1.25 million/MW | – | – | 17th-Nov-2023 | |
Wind Solar Hybrid | Project Development | 1500 | EMD-INR 35 million | – | – | 12th-Dec-2023 | |
| SECI, 1000 MW, ISTS connected Solar (Tranche XII), Pan India, Oct 2023 | Utility Scale Solar | Project Development | 1000 | EMD – INR 0.93 million/MWPBG – INR 2.3 million/MW | 17% | 24 | 22nd-Nov-2023 |
| NTPC, 1000 MW, ISTS-connected Wind (Tranche-III), Pan India, Oct 2023 | Wind | Project Development | 1000 | – | – | – | 21st-Nov-2023 |
| REMCL, 750 MW, RE with or Without storage (RTC), Pan India, Sep 2023 | Hybrid | Project Development | 750 | EMD – INR 0.98 millionPBG- INR 2 million/MW | – | 24 | 17th-Nov-2023 |
| MPUVNL, 670 MW, Solar (Under KUSUM scheme Component-C), Madhya Pradesh, Sep 2023 | Small Scale Solar | Project Development | 670 | EMD – INR 0.1 million/MWPBG – INR 0.5 million | 15% | – | 1st-Nov-2023 |
| Utility Scale Solar | EPC | 650 | – | – | – |
12th-Dec-2023 | |
| Utility Scale Solar | EPC | 600 | EMD – INR 0.1 million/MW | – | 15 | 31st-Oct-2023 | |
| MPPMCL, 500 MW, ISTS connected Pumped Hydro Storage, Pan India, Oct 2023 | Hybrid | Project Development | 500 | EMD – INR 0.5 million/MWPBG – INR 1.2 million/MW | – | 72 | 6th-Nov-2023 |
RUMSL, 400 MW, RE with ESS (FDRE) with 600 MW solar, Madhya Pradesh, Sep 2023 | Hybrid | Project Development | 400 MW RE (FDRE) with 600 MW solar | – | – | – | 14th-Dec-2023 |
| MPUVNL, 300 MW, Solar (Under KUSUM scheme Component-C), Madhya Pradesh, Oct 2023 | Small Scale Solar | Project Development | 300 | EMD – INR 0.1 million/MWPBG – INR 0.5 million/MW | 15% | 12 | 2nd-Jan-2023 |
Utility Scale Solar | EPC | 300 | EMD – 100 MW-INR 5,00,00,000/-More than 100 MW and up to 200 MW-INR 10,00,00,000/-More than 200 MW and upto300 MW-INR 20,00,00,000/- | – | – | 24th-Nov-2023 | |
Utility Scale Solar | Project Development | 120 | EMD – INR 85 million | – | – | 3rd-Nov-2023 | |
Floating Solar | Project Development | 56 | EMD – INR 50 million | – | – | 17th-Nov-2023 | |
Rooftop Solar | RESCO | 50 | EMD – INR 0.1 million/MW | 15% | 6 | 8th-Nov-2023 | |
SJVN, 18 MW, Solar (EPC), Punjab and Himachal Pradesh, Oct 2023 | Utility Scale Solar | EPC | 18 | EMD – INR 23 million | 21% | – | 7th-Nov-2023 |
Utility Scale Solar | Project Development | 17.25 | – | – | – | 28th-Nov-2023 | |
Floating Solar | EPC | 11 | EMD – INR 6.35 millionPBG- 10% of the project cost | – | 9 | 20th-Nov-2023 |
PBG: Performance Bank Guarantee
EMD: Earnest Money Deposit
Source: JMK Research
In addition, SECI issued a notice for the project development of grid-connected Battery Energy Storage Project of capacity 20 MWh at Dollygunj, Port Blair, Andaman.
Date Extensions
Table 1.2: Date Extension
Tender Name | Technology | Tender Scope | Capacity (MW) | Other Details | Minimum CUF | Commissioning timeline from PPA signing (months) |
Bid Submission Date |
Wind-Solar Hybrid | Project Development | 1500 | – | – | 30%* |
8th-Nov-2023 | |
Utility Scale Solar | Project Development | 1500 | – | – | 21-22%* |
10th-Nov-2023 | |
Wind | Project Development | 1300 | EMD – INR 1.26 million/MW/project
| 22% | 24 |
6th-Nov-2023 | |
Utility Scale Solar | Project Development | 700 | EMD – INR 0.4 million/MW PBG-INR 0.9 million//MW | 17% | 15 |
28th-Nov- 2023 | |
| Utility Scale Solar | Project Development | 600 | EMD- INR 0.50 million/ MW/ project | 17% | 21 |
28th-Nov-2023 | |
| Utility Scale Solar | Project Development | 500 | EMD – INR 0.4 million/MW | 19% | 18 |
16th-Nov-2023 | |
Wind | 500 | Project Development | EMD – INR 1 million/MW | 22% | 24 |
16th-Nov-2023 | |
Utility Scale Solar | Project Development | 114 | EMD – INR 0.8 million/MWPBG – INR 1.6 million/MW | – | 15 |
7th-Dec-2023 |
Source: JMK Research
*Subject to issuance of tender documents
Auction Completed
In October 2023, 850 MW of renewable energy tenders were auctioned and allocated to various players in the sector.
Tender Name | Capacity Tendered (MW) | Capacity Allotted (MW) | Commissioning timeline from PPA signing (months) | Winner Details |
| UPPCL, 10 MW with 40 MWh BESS, Uttar Pradesh (Boner), Oct 2022 | 10 | 10 | 18 | Acme at INR12.78 Lakhs/MW/Month |
| UPPCL, 10 MW with 40 MWh BESS, Uttar Pradesh (Vrindavan), Oct 2022 | 10 | 10 | 18 | Continental Milkose at INR10.61 Lakhs/MW/Month |
| UPPCL, 10 MW with 40 MWh BESS, Uttar Pradesh (Jalesar), Oct 2022 | 10 | 10 | 18 | JSW at INR12.79 Lakhs/MW/Month |
| UPPCL, 10 MW with 40 MWh BESS, Uttar Pradesh (Hasayan), Oct 2022 | 10 | 10 | 18 | Continental Milkose at INR10.66 Lakhs/MW/Month |
810 | 810 | 15 | NLC India – 810 MW (INR 2.64/kWh) |
Source: JMK Research
IndiGrid receives a LOA from BSES Rajdhani Power Limited for a 20 MW/40 MWh BESS project in Delhi
IndiGrid, India’s first power sector InvIT, has received a Letter of Award (LOA) from BSES Rajdhani Power Limited (BRPL) to design, supply, testing, install, commission, operate and maintain a 20 MW/40 MWh battery energy storage system (BESS) in Delhi. The Global Energy Alliance for People and Planet (GEAPP) will be providing debt financing for 70% of the total capital investment for this project.
Installed Capacity
From January to September 2023, about 8.47 GW solar capacity and 2.29 GW wind capacity was added in the country, taking the cumulative RE capacity to 131.7 GW.
Out of the total installed solar capacity in the first nine months, about 5 GW was added under utility scale solar and 3 GW under rooftop solar segment.
In September 2023, a combined total of 265.7 MW of solar and wind capacity was added.
Figure 2.1: RE installations in September 2023
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 September 2023
In September 2023, Madhya Pradesh installed the maximum utility scale solar capacity of 101 MW, while Tamil Nadu led wind installations with 52.65 MW capacity.
Figure 2.2: State wise solar and wind installed capacity in September 2023
Source: MNRE, JMK Research
Projects
- Envision Energy has received an order from JSW Energy for setting up 653.4 MW of wind energy park in Karnataka and Maharashtra. This project will be executed by the end of 2024 and additionally, the wind project will produce 2200 GWh of clean energy.
- Sterling and Wilson Renewable Energy Ltd has secured its third solar EPC contract from NTPC REL of capacity 300 MW(AC) in Khavda RE Power Park of Gujarat. The contract price, including three-year operation and maintenance, would be INR 1,535 crore (around $185 million).
- The Uttarakhand government has signed a memorandum of understanding (MoU) worth INR 15,000 crore with JSW Neo Energy Limited Company. The funds will be used to develop two pumped storages projects of 1500 MW capacity, which will be developed over the next 5-6 years.
- SJVN has received a Letter of Award (LOA) for a solar power project of 100 MW from Rajasthan Urja Vikas Nigam Limited (RUVNL). The project, to be developed in Rajasthan has been bagged at a tariff of INR 2.62/kWh. The project is expected to be commissioned in 18 months from the date of signing of the power purchase agreement.
- TATA Power Renewable Energy Ltd (TPREL) to establish a 966 MW Wind-Solar Hybrid Plant for Continuous Renewable Energy Supply to TATA Steel’s Operations in Jamshedpur, Kalinganagar, and Ludhiana,
- TPREL will develop a 12.5 MW(AC) solar power plant for Endurance Technologies in Maharashtra. The project is expected to be completed within 12 months of signing the PDA.
- TPREL has partnered with Mukand Ltd for installing a 43.75 MW group captive solar project in Maharashtra.
- KP Energy has received a notice of Award (NoA) from NTPC REL for a Balance of System (BoS) package for its 464.10 MW wind project in Gujarat. The commissioning timeline of the project is within 21 months from the date of the NOA.
- KP Energy has also received an order from Aditya Birla Renewables for the installation of a 23.1 MW wind project, which will complement their Wind-Solar Hybrid Power Project consisting of 23.1 MW of wind power and 1 MW of solar power. This project will be connected to the existing 140 MW power evacuation facility at Fulsar PSS and going to be commissioned by 2024-25.
- The state government of Gujarat aims to develop a 700 MW solar plant worth INR 3500 crore. This 700 MW of solar power will be helpful to the farmers under Kisan Suryodaya Yojana and expected to get commissioned by Oct 2024.
- SJVN Limited has received Letter of Intent (LOIs) from Jammu and Kashmir Power Corporation Limited (JKPCL) and Rajasthan Urja Vikas Nigam Limited (RUVNL) for the procurement of solar power generated by the 1,000 MW Bikaner solar project located in Rajasthan. Under these LOIs, JKPCL is set to acquire power from a 600 MW solar project, while RUVNL to procure power from a 500 MW project. The Solar Energy Corporation of India (SECI) will provide the power at a tariff rate of Rs 2.57 per unit. The project is scheduled for commissioning by June 2024.
- SECI has signed Power Sale Agreements (PSAs) totaling 50 GW in aggregate capacity till October 2023. SECI has recently signed a 690 MW Wind Power PSA with Uttar Pradesh Power Corporation Limited. Additionally, 500 MW Solar Power PSAs have been signed under the ISTS Solar Tranche VIII with Tamil Nadu Generation and Distribution Corporation Limited. SECI has also entered into a long-awaited Power Usage Agreement with Gujarat Urja Vikas Nigam Limited, securing 700 MW of Solar Power under the CPSU Scheme.
- Jakson Group Secures 40 MW Solar EPC Project in Ayodhya awarded by NTPC Green Energy Ltd.
- Senvion Wind Technology Pvt. Ltd. (Senvion India), a manufacturer of wind turbines, has bagged an order from Independent Power Producer O2 Power Pvt. Ltd for its 2.7 MW M130 turbines. The order stands at a total of 121.5 MW.A major share of the projects will be commissioned by the first quarter of 2024. The remaining share will be delivered in the second quarter of 2024.
- Oriana Power has announced that its three fully owned subsidiaries, TrueRe SPV Pvt Ltd, OPPL Guj SPV Pvt Ltd, and Solarithic Power SPV Pvt Ltd, have secured new solar orders with a combined capacity of 16.831 MWp in the RESCO segment. These new orders will expand Oriana Power’s total capacity by 24.24 MWp, and these projects are expected to be completed by the fiscal year 2023-24.
- Enerture Technologies Pvt Limited has bagged two captive projects from Hindustan Petroleum Corporation Limited (HPCL) for a cumulative capacity of 15.5 MW capacity. This consists of a 6.5 MW project bagged in Jhansi and a 9 MW project in Panipat. Enerture will be responsible for the complete solar EPC (Engineering, Procurement & Construction) on turnkey basis for the projects, which are under the CAPEX model.
- Gensol Engineering has secured a INR 3.02 billion contract to construct a solar power project from MAHAGENCO. The company will undertake the conceptualization, engineering, provisioning, installation, testing and commissioning of a 62 MW grid-connected solar power project.
- Suzlon Group has bagged an order for a 50.4MW wind power project from Juniper Green Energy. Suzlon will install 16 wind turbine generators with a hybrid lattice tubular (HLT) tower of its new product with a rated capacity of 3.15 MW each.
- KPI Green Energy Limited has secured orders totaling 4.20 MW for the implementation of solar power projects within the ‘Captive Power Producer (CPP)’ segment of the company. The newly awarded contracts come from three distinct entities Maker Filaments (2 MW), Maker Synthetics (1 MW), and Savita Synthetics (1.20 MW).
Monthly RE Generation
In October 2023, Renewable energy sources generated 13,541 MU, which is 19% less than the RE generation in September 2023. Solar generation increased by around 21% while wind generation decreased by 57% on month-on-month basis, in October 2023.
Figure 3.1: Source-wise Renewable Energy Generation (MU) – India
Source: CEA, JMK Research
Investments/ Deals
In October 2023, Freyer Energy, a rooftop solar energy company, has secured an equity investment of $6.9 million from EDFI Electrifi, an EU-funded impact investment facility, along with participation from Schneider Electric Energy Asia Fund, Lotus Capital, Maybright Ventures, and VT Capital.
Table 4.1: Investment and deal in October 2023
Company Name | Deal Type | Sector | Investor | Deal Value |
Equity | Solar | EDFI Electrifi, Schneider Electric Energy Asia Fund, Lotus Capital, Maybright Ventures and VT Capital | $6.9 million |
Source: Industry news articles, JMK Research
Other important announcements that were made during the month were:
The US Development Finance Corporation (DFC) has announced its full slate of investments in India. To bolster clean energy manufacturing and diversify critical supply chains in supply chains in India, a USD 425 million loan has been assigned to TP Solar Limited, a wholly owned subsidiary of Tata Power Renewable Energy Limited. This will help finance the construction and operation of a greenfield 4 gigawatt (GW) solar cell and 4 GW solar module manufacturing facility in India.
- KPI Green Energy Limited is acquiring 99.9% equity stake in KPark Sunbeat Private Limited, at a cost of approximately Rs 1.26 billion. These shares will be priced at Rs 830.15 per share, with the remainder of the payment being settled in cash. KPark specialises in the development of solar power projects and aims to establish a 100 MW solar park in Gujarat, including 70 MW solar park located in Dhrangadhra and an additional 30 MW project situated in Surat.
- The National Investment and Infrastructure Fund Ltd (NIIFL) has unveiled a bilateral India-Japan fund in partnership with the Japan Bank for International Cooperation (JBIC). The fund focuses on active investments in India’s environmental preservation sector, encompassing renewable energy and e-mobility businesses. This fund is valued at INR 49 billion ($600 million), with the Government of India contributing 49%, and the remaining 51% contributed by the Japan Bank for International Cooperation (JBIC).
- Adani Wind, the wind energy solutions division of Adani New Industries (ANIL), plans to invest INR 2,000 crore in setting up 5 GW capacity in five years. This will scale up the capacity up to 10 GW in another two years, by 2030.The company will expand its capacity in four phases.
- Abu Dhabi conglomerate International Holding Co (IHC) announced that it has increased its stake in India’s Adani Enterprises to more than 5%. IHC said that its stake increase will help them to scale up airports, data centers, and green hydrogen businesses. With the new investments, the value of IHC’s holding in the Adani group’s flagship company now stands at around 140 billion rupees.
- Waaree is planning to raise an IPO of around $300-350 million. Earlier company raised INR 1,000 crore in August to fund its ongoing capex plans and INR 1,000 crore in October 2022.
- IOC plans to invest INR 2600 crore in establishing several greenfield units and exploring facilities across the northeast in the coming years. The company is presently executing a dozen projects which include both brown field & green field ventures, with a total value of INR 2612 crore.
- Malaysian energy company Petronas, Indonesian renewable firm Sun Energy, and global commodities company Vital are in discussions to acquire a stake in Fourth Partner Energy. The stake’s sale value is estimated to be in the range of $450-500 million, based on equity.
- Tata Steel announced that it will acquire a 26% stake in TP Vardhaman Surya Ltd (TPVSL), an arm of Tata Power Renewable Energy Ltd. The company did not disclose the transaction value. Tata Steel Ltd will also enter into an agreement with Tata Power Renewable Energy Ltd to source 379 MW of renewable power.
- Serentica Renewables, a renewable power company promoted by Sterlite Power, is planning to raise INR 5,000 crore debt from a clutch of domestic lenders. The company will use the money to build hybrid solar and wind power projects in Karnataka, Rajasthan and Maharashtra, with commissioning expected to start in 2024-25.
- Canadian Investment firm Alberta Investment Management Corporation (Aimco) and few other investors expressed their interest in acquiring a Minority stake in Aditya Birla Renewable Energy. The conglomerate intends to divest a maximum of 49% of its stake in Aditya Birla Renewables Ltd, aiming to secure up to $400 million for expanding renewable capacities in line with its decarbonization objectives.
- Engie India, plans to invest about INR 3,500 crore for its 700-MW renewable energy projects slated to be commissioned by 2025.For 400 MW, company plans to spend Rs 2,000 crore of capex and for 300 MW it can varies from 1000-1500 crores. One project is going to be setup in Gujarat and other is in Rajasthan.
- Inox Green Energy Services announced that it will divest a 100% stake in Gujarat-based Nani Virani Wind Energy Private Ltd, a 50 MW operational wind farm. This transaction has a significant beneficial impact on both Inox Wind and IGESL. While IGESL achieves its target to become net debt-free, Inox Wind’s balance sheet will deleverage substantially, reinforcing the company’s financial strength.
- Vivriti Asset Management has completed raising ₹1,700 crore to invest in bonds and loans. The credit asset manager has promised investors returns ranging between 10% to 15%. The fund has deployed ₹1,400 crore across 40 companies across sectors such as airports, infrastructure, renewable energy, logistics, and managed office space companies.
GTAM Traded volume
In October 2023, the IEX traded a total of 7.79 MUs in GTAM, marking a 91.2% decrease compared to the volume traded in September 2023.
Figure 5.1: GTAM Traded volume and Price Trend
Source: IEX, JMK Research
Key Market Updates
Solar Manufacturing
JSW and Confirmware partners for 1.3GW turnkey module line
Confirmware, a solar module manufacturing equipment provider, has recently signed a contract with JSW one of India’s largest conglomerates. This collaboration involves the installation of a massive 1.3 GW turnkey module line.
Renaissance Solar and Electronic Materials (RSOLEC) announces plans for 5 GW capacity in India
Renaissance Solar and Electronic Materials (RSOLEC) has announced its plans for solar crystal growth and wafer production in India. The company will initially set up a 5 GW per annum facility and plans expansion to exceed 20 GW capacity in the long term. Commissioning of the facility is planned in late 2025 and production is set to start in 2026. The plan is accompanied by a planned investment of about $300 million, recently.
Chirpal group expands 4.8 GW of solar module capacity and 2.8 GW of Ingots-to-cells production lines
Chirpal group is currently producing 1.2 GW of solar module capacity and enlarging their production capacity to 6 GW with the addition of 4.8 GW of new production lines. The new capacity will be introduced in two phases, with 1.6 GW of new lines set to be operational by March 2024, followed by an additional 3.2 GW by March 2025. Furthermore, the company plans to expand its manufacturing capacity for ingots, wafers, and cells by 2.8 GW under the PLI scheme.
Govt plans to register only India-made solar panels under ALMM
The government is planning to register solar panels made up of only domestically manufactured cells, wafers and polysilicon under the Approved List of Models and Manufacturers in the next 3-4 years. The modules with less efficiency are removed from the ALMM. The government is planning to make amendments in policies for the inclusion of domestic cells in 1-2 years and in other next 1-years, country will mandate domestic wafers and polysilicon.
Goldi Solar plans to add 1GW by the end of the year
Goldi Solar will add another 1,000 MW to scale its operational capacity to 4,000 MW by December-end. The company is in the process of investing INR 5,000 crore to double its module manufacturing to 6GW by 2026.The company is also eyeing an order book of Rs 5,000 crore for the FY 2023-24.
AmpIn Energy collaborated with Jupiter to establish a Solar business
AmpIn Energy has entered into a partnership with Jupiter to establish a dedicated joint venture in the solar energy sector. The joint venture plans to set up a solar manufacturing facility with the aim of producing up to 1.3 GW of high-quality solar cells and modules under the PLI Tranche-II scheme by the Government of India. Additionally, these modules will be used by AmpIn domestically and supplied to third-party developers, contributing to the growth of India’s renewable energy sector, both in the domestic and export markets.
Axitec plans to set up 600 MW capacity pilot solar module lines in India
Axitec Energy India planned to set up a capacity of 300 MW in Gujarat and another 300 MW in Tamil Nadu. Production will start in the first quarter of 2024.
Adani plans to setup 10 GW solar Manufacturing by 2027
Adani Solar has a confirmed order book of over 3,000 MW in exports that are to be serviced over the next 15 months. Adani Power is planning to build 10 GW of integrated solar manufacturing capacity by 2027, with a current capacity of 4GW.
Waaree energies secures 200 MW solar module supply contract with Engie India
Waaree energies ltd bags supply of 200 MW solar module contract with Engie india. The project will be located in the sayla village of the Gujarat State. Waaree will commence supplying 545 Wp bifacial modules in November 2023, with the project slated for completion by February 2024.
Nextracker contracts for 10GW of annual manufacturing capacity in India
Nextracker, the US-based solar tracker specialist, that manufactures in India in collaboration with local partners, has achieved 10 GW per annum of manufacturing capacity in India. The company has over 5 GW of systems under fulfillment or operational. Nextracker produces its solar tracker systems with over 80% domestic content for utility-scale power generation projects in India.
Green Hydrogen
Petronas, GIC to invest in green ammonia project in India
Malaysian energy giant Petroliam Nasional (Petronas) and Singapore’s sovereign wealth fund GIC will invest in a green ammonia project in India. The project will produce five million tonnes of green of ammonia a year in India by 2030.
Hygenco Green Energies will develop green hydrogen plant in Maharashtra
Hygenco Green Energies will construct and operate a 100% green hydrogen production plant in Maharashtra to supply Sterlite Technologies Ltd’s glass preform plant in Aurangabad. The project will supply green hydrogen and green oxygen to STL’s state-of-the-art glass preform plant located in Aurangabad, Maharashtra, over a long term.
TATA Motors launches new R&D facilities to pioneering hydrogen propulsion technologies
TATA Motors has unveiled new R&D facilities in line with its mission to provide sustainable mobility solutions.The unveiling includes an engine test cell for the development of hydrogen internal combustion engines and the necessary infrastructure for hydrogen fuel storage and dispensing for fuel cells and H2ICE vehicles.These facilities represent another significant stride by the company toward achieving carbon neutrality while harnessing the storage potential of hydrogen as a clean energy source.
NTPC inks MoA with Engineers India Ltd (EIL) for green hydrogen and green ammonia
NTPC’s R&D centre NETRA and EIL will collaborate in the domain of carbon capture utilization and storage (CCUS) and green fuels including green hydrogen and green ammonia. NTPC has an installed capacity of more than 73 GW across a diverse portfolio of thermal, hydro, solar, and wind power plants. It is also taking up several other initiatives toward decarbonization, including hydrogen blending, carbon capture, and fuel cell buses among others.
Adani Group seeking to raise $4 billion to fund green hydrogen plans
Adani Group is seeking to raise as much as $4 billion to help develop manufacturing plants that would produce low-cost green hydrogen.Adani New Industries Ltd., a wholly owned subsidiary of flagship company Adani Enterprises Ltd., will take the lead in raising the money from domestic and international banks and is in early-stage talks with several lenders.
NTPC in collaboration with Kolkata Port Trust plans to setup a green hydrogen and ammonia hub
Syama Prasad Mookherjee Port (SMP), formerly known as Kolkata Port Trust, and NTPC Green Energy (NGEL), a subsidiary of NTPC Limited, will form a joint working group to set up a green hydrogen and ammonia hub at the port. The MoU between the two public sector entities aims to explore opportunities for the production, storage, handling, and bunkering of green hydrogen, green ammonia, and its derivatives with the support of the port.
REC commits over INR 40,000 crore for two green hydrogen and conventional power projects in Odisha
State-run REC Ltd announced it has signed three Memorandums of Understanding (MoUs) totaling INR 40,358 crores to finance various projects in Odisha. The MoU includes two green hydrogen initiatives and a conventional power scheme. In addition, REC has partnered with the Acme Group for an INR 16,000 crore Green Hydrogen INR 16,000 crore Green Hydrogen and Ammonia facility in Gopalpur. Further, a similar agreement worth INR 15,000 crore has been entered with the Avaada Group for another Green Hydrogen and Ammonia facility in the same location.
Hygenco Green Energies will develop green hydrogen plant in Maharashtra
Hygenco Green Energies will construct and operate a 100% green hydrogen production plant in Maharashtra to supply Sterlite Technologies Ltd’s glass preform plant in Aurangabad. The project will supply green hydrogen and green oxygen to STL’s state-of-the-art glass preform plant located in Aurangabad, Maharashtra, over a long term.
Gentari partners with Greenko to produce green ammonia for export from India
Gentari Collaborates with Greenko to Produce and Export Green Ammonia from India, Jointly Investing in the Green Ammonia Platform.Gentari and Greenko Combine Complementary Capabilities Across the Green Hydrogen Value Chain, Encompassing Renewable Energy, Electrolyzers, Ammonia Production, and Marketing.
Avaada group collaborates with Gopalpur Port to establish Green Ammonia Storage facility in
Avaada Group has officially inked an agreement with Gopalpur Port Ltd to establish a state-of-the-art green ammonia storage facility at Gopalpur Port in Odisha.This strategic facility will play a pivotal role in enabling the export of green ammonia, a critical component in the global fight against climate change.
India Unveils INR 400 crores R&D roadmap for National Green Hydrogen Mission
The new and renewable energy ministry unveiled the R&D roadmap for the national green hydrogen mission, committing INR 400 crore towards developing a research ecosystem that can commercialize green hydrogen. The roadmap emphasizes the development of materials, technologies, and infrastructure that can enhance the efficiency, reliability, and cost-effectiveness of green hydrogen production, storage, and transportation.
Other Market Updates
Coal Ministry & Ministry of New & renewable energy (MNRE) join forces to promote green energy
The Ministry of Coal and the Ministry of New & Renewable Energy have agreed to collaborate in advancing green energy initiatives. The Ministry of New & Renewable Energy will offer technical, policy, and capacity-building support, while the Ministry of Coal will provide land, capital, and take on the execution of solar energy, green hydrogen, and other renewable energy projects.
Uniform tariff for renewable energy on the anvil
The government is in the process of finalising procedures to pool tariffs of renewable energy capacities that are auctioned through designated agencies. The plan is to create separate pools for solar, wind, hybrid and other projects based on the technologies for around five years. A weighted average of the tariffs from the capacities in the pool will be determined, which could be revised monthly.
Assam aims to generate 300MW of solar power by 2026
The Chief Minister of Assam has announced the aim of 300MW solar power production by 2026.
The major projects to be completed by 2025:
Project Name | Project capacity | Project completion |
Namrup Solar PV project | 25 MW | December 2024 |
Sonbeel Floating Solar PV Project | 70 MW | February 2025 |
Tezpur Solar PV Project | 100 MW | April 2026 |
Batadrava Solar PV Project | 100 MW | November 2025 |
Golaghat Solar PV Project | 40 MW | September 2025 |
The announcement comes after the state has witnessed a massive demand in electricity consumption in 2023.
Green bonds to represent 8-10% of corporate bond issuances in India
The State Bank of India (SBI) projects that the issuance of green bonds in India is expected to constitute 8-10% of the overall corporate bond issuance in the years to come. India’s capital requirements for achieving a net-zero 2050 scenario are estimated at 11% of GDP, exceeding the global average GDP of around 7.5%. The cumulative value of green bonds issued in India since 2018 consistently surpasses the performance of various advanced and emerging economies. It is also anticipated that there will be an increase in Rupee-denominated green bond issuance by Indian corporates in FY 2024.
India’s Steel and cement industry requires INR 47 lakh crores to reach net zero emissions
Inox Green Energy Services said on Monday it will divest a 100% stake in Gujarat-based Nani Virani Wind Energy Private Ltd, a 50-megawatt operational wind farm. This transaction has a significant beneficial impact on both Inox Wind and IGESL. While IGESL achieves its target to become net debt-free, Inox Wind’s balance sheet will deleverage substantially, reinforcing the company’s financial strength.
Indian Oil corporation (IOC) and NTPC plan for a joint venture
Indian Oil Corporation, the nation’s biggest oil firm, will invest INR 1,660.15 crore as equity in a newly set up joint venture with energy major NTPC Ltd for setting up renewable power plants. In June, IOC and NTPC formed a 50:50 joint venture company, Indian Oil NTPC Green Energy Pvt Ltd, to set up renewable energy projects to meet round-the-clock power requirements of refineries of the oil company. The aim is to generate a minimum capacity of 650 MW of round-the-clock renewable power through solar PV, wind, any other renewable energy, and energy storage to fulfill the energy requirements of IOC refineries.
National carbon trading system to cover 15% of emissions by 2030
India’s national emissions trading system should begin operating within two years and could cover about 15% of the country’s emissions by 2030.The market is likely to initially cover heavily polluting industries including steel, cement, paper and pulp, petrochemicals, and aluminum.The compliance market is intended to encourage major industrial polluters to curb their climate footprint and to adopt clean energy technologies, including green hydrogen and carbon capture. India is the world’s third-largest emitter and targeting reaching net zero by 2070.
PXIL Forecasts Market Coupling Revolution and Surge in Carbon Certificates by 2025
The growth potential of carbon certificates, RECs, and PXIL’s proactive steps towards innovative power procurement tools have the potential to double in the day-ahead market coupling. The company is focused on providing future-ready offerings for 2024.Additionally, PXIL’s revenue drivers will introduce financial derivatives by 2025.
NLC India launches NIGEL, aims for 6 GW renewable energy capacity by 2030
NLC India Limited announced the commencement of its new wholly-owned subsidiary, NLC India Green Energy Limited (NIGEL). This venture has been incorporated with a specific focus on spearheading all renewable energy initiatives. NIGEL has set an ambitious target for itself to institute RE projects amounting to a capacity of 6 GW by the year 2030. In line with this goal, projects aggregating 2 GW are currently under development in various regions across India.
Ministry of Power launches a Standards & Labelling Programme for solar panels
Solar Panels to have Star Label indicating Quality and Energy Efficiency, Programme to be voluntary for first two years. The program was officially launched in New Delhi on October 20, 2023.This initiative is designed to simplify the decision-making process for citizens when purchasing and deploying solar photovoltaic modules. Notably, there will be no labeling fee during this two-year period, making it even more accessible for consumers. This initiative offers a significant advantage by setting performance benchmarks for solar panels, offering consumers valuable insights into the cost-effectiveness and energy-saving potentials of utilizing these sustainable energy sources.
Ministry of Power and Bureau of Energy Efficiency (BEE) sets a roadmap for 2030
The ministry of power and the Bureau of Energy Efficiency (BEE) announced a revision to the Energy Conservation Act of 2001.The organisations have set ambitious renewable energy consumption benchmarks for specified consumer. From April 2024, energy derived from Wind Power Projects initiated after March 31, 2024, along with energy from Hydro Power Projects, including Pump Storage and Small Hydro Projects post this date, will be the focal point. Moreover, the Central Government could potentially approve energy sourcing from hydro renewable projects abroad.
Amplus collaborated with I squared capital to set up Hexa climate solutions
Amplus and I square capital comes together to setup a climate solutions platform called as hexa climate solutions which will focus on renewable energy, water and carbon offsets where in the New York based private equity fund will invest around $500 million.Hexa Climate Solutions will cater to the commercial and industrial (C&I) sector and offer services such as round-the-clock renewable generation, storage, and investments in carbon offset projects.
Policies and Regulations
Central Level Regulatory Updates
Policy Name | Issuing Agency | Date of Issue |
| MNRE updated the ALMM list with a total enlisted capacity of 20,339 MW till Oct 2023 | MNRE | 27th-Oct-2023 |
CERC | 26th-Oct-2023 | |
Ministry of power (MoP) approved the Uniform Renewable Energy tariff procedure | MNRE | 25th-Oct- 2023 |
MNRE | 25th-Oct- 2023 | |
MoP | 20th-Oct- 2023 | |
CCEA | 18th-Oct- 2023 | |
MNRE | 16th-Oct- 2023 | |
CERC approves a levelized tariff of INR 6.99 per unit for NLCIL’s 20 MW solar power plant | CERC | 16th-Oct- 2023 |
MoP | 06th-Oct-2023 | |
CERC | 01st-Oct-2023 | |
|
MNRE issues final R&D roadmap for green hydrogen ecosystem in India |
MNRE |
01st-Oct-2023 |
State Level Regulatory Updates
|
Policy Name |
Issuing Agency |
Date of Issue |
| HERC | 25th-Oct-2023 | |
JVVNL issues an order to amend distributed renewable energy system guidelines | JVVNL | 19th-Oct-2023 |
KERC | 16th-Oct-2023 | |
RERC approves procurement of 490 MW Hybrid power (Solar plus PSP) from SECI | RERC | 10th-Oct-2023 |
PSERC | 6th-Oct-2023 | |
Rajasthan unveils ambitious Renewable energy policy targeting 90 GW by 2030 | RERC | 6th-Oct-2023 |
KERC issues (Terms & Conditions for Open Access) (Fifth Amendment) Regulations 2023 | KERC | 6th-Oct-2023 |
Gujarat issued Renewable energy (RE) policy for the period of 2023-2028 | GERC | 04th-Oct-2023 |
GERC increases the additional surcharge to INR 0.87/kWh i.e. 14.47% hike from H1FY2023-24 | GERC | 30th-Sep-2023 |
APERC issues Green Energy Open Access Charges and Banking Regulations | APERC | 30th-Sep-2023 |
HPERC |
27th-Sep-2023 |
Module Price Trends
Comparing on m-o-m basis, price for global mono PERC modules have decreased by 16.6% in October 2023.
Figure 6.1: Solar Modules Price trends
Source: PVInfoLink, JMK Research
JMK Research carried out price survey from domestic suppliers for October 2023 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 October price of mono PERC 500 Wp modules was INR 22/Wp, down by 5.6% as compared to the price of modules in September.
- The price for Polycrystalline 330 Wp modules was INR 21.3/Wp, which is about 1.8% less than the previous month’s price.
- The price for Bifacial modules was INR 23.8/Wp in September, which is around 3.6% less than the price of modules in September.
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.