Monthly RE Update – October 2024

Monthly RE Update – October 2024

Tenders Issued

• New RFS Issued: 6,802 MW of RE tenders issued in October 2024.
• NHPC issued an ISTS Connected Solar tender with a capacity of 1200 MW.
• SECI invited bids for 1200 MW of Round-the-Clock (RTC) Power from ISTS Connected RE Power tender
• NTPC floated a 1200 MW ISTS Connected Wind Solar Hybrid tender with “greenshoe option” of additional capacity up to 600 MW. Additionally, NTPC issued a 1200 MW firm and dispatchable power (FDRE-II) (Assured Peak Power Supply) from ISTS Connected RE tender.

New RE tenders issued in October 2024

Source: JMK Research

Source: JMK Research

• In addition to the above tenders, Gujarat Urja Vikas Nigam Ltd (GUVNL) issued a draft tender to set up standalone battery energy storage systems (BESS) with a total capacity of 1,600 MWh (200 MW for 8 hours) in Gujarat.
• Developers will build, own, and operate the BESS, which will connect to the state grid and provide energy storage on demand for one charging/discharging cycle per day. GUVNL will sign a battery energy storage purchase agreement (BESPA) with the developers. The minimum bid size is 400 MWh (50 MW for 8 hours), and bids can increase in multiples of 50 MW/400 MWh.

Auction Completed

• In October 2024, a total of 6,316 MW of renewable energy (RE) capacities were allocated to various RE developers. Among them, Avaada secured the highest capacity at 1,090 MW, followed by JSW Energy and Adani, each with 600 MW.
• HG Infra Engineering, Zelestra and Kintech Synergy were the new entrants in the storage segment this month.
• Additionally, in September 2024, Jakson Green won its first wind project under GUVNL’s 200 MW Wind (Phase VIII) tender.
• Prozeal Infra had won its first battery storage EPC project under SECI’s 25 MW Solar with 20 MW/50 MWh BESS tender.

Figure 1.2: Winners in the latest RE tenders

Source: JMK Research

Source: JMK Research

Installed Capacity

From January to September 2024,  about 17,444 MW of Solar capacity and 2,626 MW of Wind capacity were added in the country, taking the cumulative RE capacity to 201.46 GW.

In September 2024, a combined total of  1501 MW of solar and wind capacity was added.

Figure 2.1: RE installations in September 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 September 2024

In September 2024, Gujarat added the highest Utility-Scale Solar capacity of 232 MW followed by Tamil Nadu with 231 MW. In addition, Gujarat added the maximum rooftop solar capacity of 142 MW followed by Maharashtra with 81 MW. In terms of wind installations, Tamil Nadu installed a maximum capacity of about 112 MW.

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

Source: MNRE, JMK Research

Projects Commissioned

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

Source: JMK Research

Key announcements that were made during the month were:

• AM Green BV (AMG) and GAIL (India) Limited have collaborated to develop solar and wind hybrid renewable energy projects up to 2.5 GW across India. The partnership will also focus on utilizing GAIL’s CO2 emissions, around 350 KTA, for producing e-Methanol, an eco-friendly fuel to reduce carbon emissions.
• Torrent Power will develop an 8.5 MWp solar project to supply renewable energy to Lakshmi Mills Co. Ltd’s production units under open access. The project will be managed through Torrent Urja 17, a special-purpose vehicle created for this initiative. A share subscription and shareholders’ agreement has been signed among Torrent Power, Lakshmi Mills, and Torrent Urja 17. As part of the agreement, Lakshmi Mills will retain at least a 26% equity share in Torrent Urja 17 during the power supply and offtake agreement period.
• Premier Energies has entered into a solar module supply agreement with BN Hybrid Power-1, a special-purpose vehicle of BrightNight India. Under the agreement, Premier Energies will supply 173.35 MWp of n-type TOPCon bifacial solar modules for BrightNight’s 300 MW renewable power project, which includes solar, wind, and energy storage components.  The project is located in Rajasthan’s Barmer district, with module supply expected to begin in July 2025.
• Rayzon Solar has secured contracts from Larsen & Toubro (L&T) to supply 216 MW of PV modules for L&T’s floating solar projects in Jharkhand and Telangana, as well as a ground-based project in Bihar. The company currently has 4 GW of PV module manufacturing capacity, with plans to expand by an additional 3 GW by December and another 5 GW by September 2025, bringing its total capacity to 12 GW annually. The company is also aiming to establish a 1.2 GW solar cell line by the end of 2025.
• Saatvik has signed an agreement with Larsen & Toubro (L&T) to supply solar PV modules for L&T Energy’s 245 MW Battery Energy Storage System (BESS) project in Bihar. The order includes 185 MW for a grid-connected solar power plant and 45.4 MW for a 4-hour battery storage system in Kajra district. Saatvik will deliver its high-efficiency Mono PERC Bifacial Modules by March 2025.
  • Saatvik has also won a contract from Maharashtra State Power Generation Co. Ltd (MAHAGENCO) to supply 200 MW of its n-type TOPCon 580 Wp modules across various sites in Maharashtra. The order is valued at an estimated INR 302 crore.
• Zodiac Energy has won a contract from the Ahmedabad Municipal Corporation (AMC) for the design, supply, installation, testing, and commissioning of 30 MW grid-tied ground-mounted solar projects in Gujarat. The project, valued at INR 154.27 crore, also includes five years of operation and maintenance services. Zodiac will complete the project within 18 months from the order date.
• RMC Switchgears has won an INR 201 crore contract to develop a solar power project to solarize agricultural feeders in Ahmednagar, Maharashtra.  RMC Switchgears is actively pursuing further tenders exceeding 500 MWp and engaging with public and private sector  entities. The company aims to secure 1 GWp in renewable energy to support its ambitious growth plans.
• Oriano Clean Energy secured a contract from Blueleaf Energy to build 184 MWp solar PV projects in Agar, Malwa, Madhya Pradesh. With this contract, Oriano’s EPC solar portfolio has reached over 1.5 GWp, including more than 1 GWp already commissioned and the rest under execution.
• ACME Solar Holdings’ special purpose vehicle, ACME Platinum Urja, has signed a power supply agreement with SECI for 150 MW of hybrid solar capacity. This project is part of a larger 350 MW capacity awarded to ACME Solar by SECI. Additionally, ACME Solar Holdings has filed a draft red herring prospectus (DRHP) with SEBI for an upcoming initial public offering (IPO), indicating plans to go public.
• KPI Green Energy Limited has signed PPAs with Gujarat Urja Vikas Nigam Limited (GUVNL) for 620 MWAC (917 MWDC) renewable energy projects as mentioned below:
  • 250 MWAC (275MWDC) grid connected Solar Photovoltaic Power Project won under GUVNL’s 500 MW Solar (Phase-XXIV) tender.
  • 370 MWAC (642MWDC) grid-connected Hybrid RE Power Project won tunder GUVNL’s 500 MW Hybrid RE (Phase-II) tender.
• Megha Engineering and Infrastructures Ltd (MEIL) has entered into PPAs with Bangalore Electricity Supply Co. Ltd (BESCOM) to supply 618.1 MW of solar power. BESCOM will receive power from 76 solar power plants of various capacities. These plants will be constructed in RESCO mode, where capital expenditures are covered by the installer, as part of the PM-KUSUM C initiative.
• AMPIN Energy Transition has received a repeat order from Varroc Group to develop a 27 MWp solar power project in Maharashtra, bringing Varroc’s contracted solar capacity with AMPIN to over 60 MWp.
• Sany Wind Energy India is set to provide over 1.3 GW of wind turbines to three subsidiaries of JSW Group, along with an additional 300 MW deal with Sembcorp.
• Suzlon Group and Jindal Renewables Power have signed a 400 MW wind power agreement to decarbonize steel production. Jindal Renewables Power will execute the project through its special purpose vehicle, JSP Green Wind-1, with Suzlon providing wind turbines in Karnataka’s Koppal region. The power generated will be used for steel plants in Chhattisgarh and Odisha.
• Google has collaborated with Clean Max Enviro Energy Solutions to develop a 125.4 MW hybrid renewable energy project, comprising 66 MW of solar capacity in Rajasthan and 59.4 MW of wind capacity in Karnataka. The project is expected to start its commercial operations in Q4 2025.
• JSW Energy, has signed a PPA with NTPC Limited to supply 700 MW of solar power at a tariff of INR 2.59 per kWh for 25 years. The project is expected to be commissioned by June 2026.
  • JSW Energy, has also signed a PPA with GUVNL for a 192 MW wind-solar hybrid project. The PPA, with a tariff of ₹3.27/kWh, spans 25 years and is the company’s first hybrid capacity contract. The project will be connected to the State Transmission Utility (STU) in Gujarat and is expected to be commissioned within 24 months.
  • Additionally, the company have signed 25-year PPAs  with Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) for a total of 1.2 GW of solar-wind hybrid projects. Each project, with a capacity of 600 MW, will supply power at INR 3.60/kWh and is expected to be commissioned within 24 months.
• Tembo Global Industries Ltd. has been awarded an INR 595 crore contract by Maharashtra State Electricity Distribution Company Limited (MSEDCL) to develop solar power stations with a combined capacity of 124 MW (AC). This initiative falls under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, part of the PM-KUSUM scheme. The project will commence after the agreement is signed and is slated for completion within 18 months.

Monthly RE Generation

In October 2024, Renewable energy sources generated 14,012.73 MU, which is 25% less than the RE generation in September 2024. Solar energy generation increased by 2% & wind energy generation decreased by 68% month-on-month in October 2024.

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

Source: CEA, JMK Research

Investments/ Deals

In October 2024, a total of about $103 million was raised in the RE sector in India. The key investments during the month were:

• JSW Neo Energy Ltd. has acquired three wind energy projects of Hetero Wind Power (Pennar) Pvt. Ltd., Hetero Med Solutions Ltd., and Hetero Wind Power Ltd. that collectively hold a portfolio of 125 MW of capacity for a deal value of $74.93 million (INR 630 crore).
• Hexa Climate Solutions acquired 200 MW of solar & wind energy projects from Ravindra Energy Limited.

Table 4.1: Investment and deal in October 2024

Source: Industry news articles, JMK Research 

Other important announcements that were made during the month were:

• Asian Development Bank (ADB) has approved a loan of $434.25 million to enhance renewable energy in Assam. The Assam Solar Project will establish a 500 MW grid-connected solar photovoltaic facility in the Karbi Anglong district, complemented by a grid-connected battery energy storage system to ensure grid stability and address peak power demands.
• Insolation Energy Limited (INA Solar) is planning to raise ~INR $47.8 million through a preferential allotment of 1.22 million equity shares to 117 non-promoter entities. Major allottees include Brightview Management Consultancy, NAV Capital Emerging Star Fund, and Bengal Finance & Investment. The new shares will represent 5.65% of the company’s post-allotment equity base.
• NLC India Ltd (NLCIL) has announced agreements with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) to form two joint ventures aimed at boosting power capacity. The first venture, between NLC India Renewables Ltd (NIRL) a wholly-owned NLCIL subsidiary and RRVUNL, will focus on renewable energy projects across Rajasthan. NLCIL is also preparing an Initial Public Offering (IPO) for NIRL by the first quarter of the next fiscal year to support its clean energy goals. With the raised funds, NLCIL aims to expand its renewable energy capacity from 1.4 GW to 6 GW by 2030.
• Vikram Solar has submitted its draft red herring prospectus (DRHP) to SEBI to raise funds through an initial public offering (IPO) of up to INR 1,500 crore, which includes an offer for sale of 17.45 million equity shares by its promoter group. The company intends to allocate INR 793.36 crore from the fresh issuance for capital expenditures in its wholly-owned subsidiary, VSL Green Power, to establish a 3,000 MW solar cell and module manufacturing facility. Additionally, it plans to use INR 602.95 crore to expand its existing solar module manufacturing capacity from 3,000 MW to 6,000 MW.
• Jakson Engineers Ltd (JEL) is planning to invest INR 2,000 crore to establish a 2,500 MW solar cell manufacturing facility. The facility will be developed in two phases, with the first phase scheduled for completion in 15 months. Additionally, JEL is expanding its solar module manufacturing capacity to 2,000 MW, expected to be operational within six months. This expansion is aimed at supporting India’s 7 GW solar cell capacity and reducing reliance on imports. JEL’s long-term strategy includes increasing its solar manufacturing capacity to 5,000 MW.
• Purvah Green Power Pvt. Ltd., a subsidiary of CESC Ltd., has entered into a binding term sheet with Bhojraj Renewables Energy Pvt. Ltd. to develop a 150 MW solar project and a 300 MW wind project. As part of the agreement, Purvah will acquire 100% of Bhojraj’s shareholding, with the total acquisition cost potentially reaching INR 108.56 crore.
• Rays Power Infra has acquired new solar projects valued at INR 940 crore, which include a total of 362 MW capacity in Rajasthan. In addition, the company has secured a 600 KW/3000 KWh flow battery project from NTPC.
• Dalmia Cement Bharat (DCBL) has signed an agreement to acquire 5.39% equity in Atria Wind Power, facilitating up to 6 MW of wind power procurement in Karnataka as a captive consumer. This transaction is expected to conclude within three months, aligns with DCBL’s renewable energy expansion.
• Capri Global Capital has introduced a Rooftop Solar Finance product under its MSME loans, aimed at helping individuals and businesses adopt solar energy for self-use. The financing solution requires no collateral and minimal documentation, with loan approvals in under five minutes and disbursals within 4-6 hours. Partnering with fintech Credit Fair, Capri Global offers loans from INR 50,000 to INR 25,00,000 to cover the entire cost of solar modules, inverters, batteries, and installation. Customers can choose flexible repayment options with tenures of up to six years, making it accessible for homeowners, businesses, and MSMEs.
• CIE Automotive has partnered with ReNew to secure 7.8 MW of solar power through an investment of INR 36.03 million, acquiring a 31.2% stake in ReNew Green, a special purpose vehicle (SPV) of ReNew. The SPV will establish a 7.8 MW captive solar power plant to supply electricity to CIE Automotive’s factories in Maharashtra.

GTAM Traded Volume

The IEX traded a total volume of about 33.55 MUs in GTAM in October 2024, almost the same as the previous month’s volume. The average trade price in IEX-GTAM for October 2024 is INR 4.99/kWh.

Figure 5.1: GTAM 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 7% in October 2024

Figure 6.1: Solar Modules Price trends

Source: PVInfoLink, JMK Research

Comparing on m-o-m basis, prices for domestic modules have decreased in October:

• Mono PERC 500 Wp – INR 16.7/Wp (down by 1.18%).
• Bifacial Modules  – INR 16.8/Wp (down by 1.17%).
• TopCon Modules – INR 17.1/Wp (down by 1.72%)

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

Adani Solar to reach 10 GW solar cell and module capacity by mid-2026

• Adani Solar, the PV unit of Adani Group is planning to build an integrated solar cell and module production capacity of 10 GW by mid-2026, ahead of its previous timeline of 2027.
• The company will also expand its metallurgical grade silica-polysilicon-ingot-wafer capacity and ancillary production units to 10 GW by December 2027.

Solex Energy to invest over INR 8,000 crore in solar cell expansion under Vision 2030

• Solex Energy is planning to invest more than INR 8,000 crore ($1 billion) as part of its Vision 2030 to become a fully integrated solar technology player. The company aims to set up a solar cell manufacturing facility with an initial capacity of 2 GW, expandable to 5 GW, utilizing TOPCon technology.
• This facility will be developed in two phases, with the first 1 GW starting production by late 2025 and the second by the end of 2026.
• Additionally, Solex plans to boost its module manufacturing capacity from 1.5 GW by the end of 2024 to 15 GW. Currently, it has a 700 MW module production capacity with an additional 800 MW to start production by December this year.

Goldi Solar to expand module manufacturing capacity to 14 GW by FY26

• Goldi Solar plans to increase its module manufacturing capacity from 3 GW to 14 GW by mid FY26 and reach 4 GW of solar cell manufacturing capacity by FY27. The company’s order book is valued at INR 5,350 crore, including INR 4,550 crore in module manufacturing and INR 800 crore in EPC contracts.
• This expansion strengthens Goldi Solar’s position in India’s renewable energy market.

Saatvik to start solar cell production by December next year

• Saatvik Solar is planning to commission a 3 GW PV cell line by Dec 2025. The company is also planning to expand its solar module production capacity to 7.8 GW by Dec 2025, from 3.8 GW at present.
• Saatvik is also building 2 GW of encapsulant capacity, which will start production in the next four months (by Jan 2025).
• Additionally, RenewSys is setting up a 2.5 GW solar cell line in Dholera, Gujarat. Out of the planned cell manufacturing capacity, 500 MW production will start by April and the remaining 2 GW by December next year. The company is also expanding its solar module manufacturing capacity to 4 GW and the encapsulant capacity to 10 GW by April.

Rayzon and Cliantech sign up for 5 GW capacity expansion

• Rayzon Solar has signed an agreement with Cliantech Solutions to launch a 5 GW solar production line.
• The company is planning to expand its solar module manufacturing capacity to 12 GW per year by September 2025, from the current 4 GW. Out of the 8 GW new addition, the company will add 3 GW by December this year. The remaining 5 GW will be added by September 2025.

SolarfiX India collaborates with Kanemasa for solar module manufacturing in India

• SolarfiX India has signed a pact with Japan-based Kanemasa to develop 10 GW solar module capacity in India by 2030. The capacity will be set up in parts and phases across states like Uttar Pradesh, Maharashtra, Tamil Nadu and Rajasthan.
• The Japanese firm will be the technology partner to SolarfiX India in its plans for setting up a 10 GW solar capacity target by 2030.

Alpex Solar plans to set up a 1.6 GW solar cell manufacturing facility in Uttar Pradesh

• Alpex Solar is planning to set up a 1.6 GW solar cell manufacturing facility in Mathura, Uttar Pradesh, with an estimated investment of INR 642 crore.
• The expansion will be done in three phases, with the first 500 MW expected to be operational by October 2025. The remaining two phases are planned for completion by April 2026 and September 2026, respectively.

Green Hydrogen

Greenzo Energy launches a 1 MW green hydrogen electrolyzer

• Greenzo Energy has launched the “Un Wheel,” a fully indigenous 1 MW alkaline electrolyzer stack designed to produce green hydrogen effectively in India’s environmental conditions. The system includes advanced monitoring and control features to optimize safety and production efficiency, and it boasts a 20-year lifespan with certifications like ISO 9001:2015, ISO 45001:2018, and ISO 14001:2015.
• This launch aligns with global standards, reflecting Greenzo’s strong domestic market demand with a current order book of INR 1,400 crore.

India commits $25 million to set up green hydrogen hubs

• India has pledged to invest $25 million to create green hydrogen hubs, including bunkering and refueling facilities for green hydrogen-powered vessels. This marks a significant step in decarbonizing India’s maritime sector.
• Additionally, India is allocating $14 million for pilot projects under the National Green Hydrogen Mission to convert existing vessels to operate on green hydrogen or its derivatives.

Oriana Power to develop 1 GW electrolyser factory with $60 million investment

• Oriana Power plans to establish a 1 GW electrolyser factory in two phases at a total cost of $60 million. The first phase, with a 500 MW annual capacity, is slated for completion in 2026, costing $40 million, while the remaining capacity will be operational by 2027 with an additional $20 million investment.
• This factory will not only produce electrolysers but also the balance of plant (BOP) for the hydrogen ecosystem. Oriana Power is also working on a proof-of-concept plant for green hydrogen production as part of its two-year roadmap.

Adani Group starts blending green hydrogen in natural gas for Ahmedabad households

• Adani Total Gas Ltd, a joint venture between Adani Group and TotalEnergies, has begun blending 2.2-2.3% green hydrogen with natural gas for cooking purposes in parts of Ahmedabad, starting with Shantigram. This initiative aims to reduce emissions and contribute to net-zero targets while providing uninterrupted hydrogen-blended natural gas to 4,000 domestic and commercial consumers.
• The company plans to gradually increase the blend to 5% and eventually 8%, with plans to expand supplies to other parts of Ahmedabad and regions under its city gas license.

India sanctions three pilot projects for green hydrogen use in steel production

• As part of the National Green Hydrogen Mission, the Indian government has approved three pilot projects for green hydrogen-based steel production, with a total allocation of INR 347 crore. These include a 50-ton-per-day (tpd) plant by Matrix Gas and Renewables Ltd, a 40-tpd plant by Simplex Castings Ltd, and a 3,200 tpd plant by the Steel Authority of India Ltd.
• The projects aim to validate the technical and economic feasibility of using green hydrogen in steelmaking, with expected commissioning over the next three years. The initiative seeks to advance low-carbon steel production in India.

EEX and IGX collaborate to develop India’s hydrogen trading market

• The European Energy Exchange (EEX) and the Indian Gas Exchange (IGX), with support from Gesellschaft für Internationale Zusammenarbeit (GIZ), have partnered to establish a hydrogen trading market in India. This collaboration is part of the International Hydrogen Ramp-Up (H2Uppp) program, funded by the German Federal Ministry for Economic Affairs and Climate Action.
• The initiative will gather market insights and engage stakeholders across various sectors. A key goal is to create an Indian hydrogen price index, positioning India as a global hub for green hydrogen trading.

NTPC partners with the Indian Army for solar hydrogen microgrid in Ladakh

• NTPC collaborated with the Indian Army to deploy a solar hydrogen-based microgrid system in Chushul, Ladakh, ensuring a stable power supply for off-grid Army locations. The microgrid will generate 200 kW of continuous power year-round, using solar energy and hydrogen storage to replace diesel gensets.
• Designed to withstand harsh winter conditions, this system will provide sustainable, uninterrupted power to Army posts in strategically critical areas. NTPC will manage and maintain the project for 25 years, supporting Indian soldiers stationed in these challenging environments.

BASF and AM Green partner to explore low-carbon chemicals and green ammonia in India

• Germany’s BASF and India’s AM Green B.V. have signed an MoU to jointly explore the production of low-carbon chemicals powered entirely by renewable energy in India. This partnership includes BASF’s agreement to offtake 100,000 tons of green ammonia per year from AM Green’s facilities, which will leverage renewable sources such as pumped storage.
• As part of the MoU, both companies will conduct feasibility studies to assess suitable technologies for low-carbon chemical production in India. The green ammonia produced will align with the EU’s Renewable Energy Directive (RED III) standards, meeting the renewable fuels of non-biological origin (RFNBO) requirements.

Airox Nigen achieves milestone with over 80 hydrogen plants across India, targets 100 by 2025

• Airox Nigen Equipments, a leader in hydrogen production, storage, and power solutions, has successfully executed more than 80 hydrogen generation plants across India, making it the first company in the country to reach this milestone. The firm aims to expand its footprint to 100 plants by 2025, enhancing its technologies to lower green hydrogen costs.
• Notable projects include collaborations with L&T, NPCIL, THDC, and SJVN. Airox Nigen is also setting up a 3 GW electrolyser manufacturing facility in Rohtak, Haryana, after commissioning its Indigenous alkaline electrolyzer for SJVN’s green hydrogen project in Himachal Pradesh.

GreenH Electrolysis inaugurates 1 MW PEM electrolyser in Haryana

• GreenH Electrolysis has launched a 1 MW PEM electrolyser at its Jhajjar facility in Haryana, aimed at providing hydrogen for India’s first hydrogen-powered train as part of the “Hydrogen for Heritage” project.
• The electrolyser can produce about 430 kg of hydrogen daily at 40 bar (g), meeting ISO 14687 standards. The Jind station will also include 3,000 kg of hydrogen storage, a compressor, and two dispensers for quick refuelling.

Storage

India seeks 6,000 MW of renewable power with storage solutions

• India is aiming to procure 6,000 MW of peak renewable power supply integrated with storage solutions to ensure a stable, round-the-clock power supply from renewable sources like solar and wind. This initiative, outlined in a tender issued by state-run SJVN, supports India’s goal of enhancing grid reliability, reducing dependence on fossil fuels, and advancing its clean energy transition.
• The country plans to connect a record 35 GW of solar and wind energy capacity to its grid by March 2025, targeting a total non-fossil power capacity of 500 GW. From April to August of this fiscal year, India added 10 GW of renewable capacity, bringing its total to approximately 153 GW, according to government data.

India to issue 10 GW RFP for grid-scale energy storage amid rising lithium battery demand

• The government is set to release a 10 GW Request for Proposal (RFP) for grid-scale energy storage systems to meet the country’s growing storage needs. India’s demand for lithium batteries is projected to reach 600-900 GWh by 2032, driven by electric mobility and energy storage sectors.

• In FY 2023, the country imported $3.59 billion worth of lithium-ion batteries, with over 100 companies involved in battery pack manufacturing. Global lithium battery manufacturing capacity outside China is expected to rise to 1,000-1,500 GWh by the next decade, creating supply chain opportunities for India.

JSW Neo Energy secures 1,500 MW pumped hydro energy storage from MSEDCL

• JSW Energy, has received a Letter of Intent (LoI) to procure 1,500 MW / 12,000 MWh of pumped hydro energy storage from Maharashtra State Electricity Distribution Company Ltd (MSEDCL). The Bhavali Pumped Hydro Project in Nashik and Thane districts will provide 8-hour discharge capacity, with a maximum continuous output of 5 hours.
• This LoI commits energy storage for 40 years, increasing the company’s total energy storage capacity to 16.2 GWh, including 14.4 GWh of pumped hydro and 1.8 GWh of battery storage.

Torrent Power wins order to supply 2,000 MW pumped storage in Maharashtra

• Torrent Power has secured a contract from the Maharashtra government to supply 2,000 MW energy storage capacity from its upcoming plant in the state.
• Additionally, Torrent Power has received the order for an additional 500 MW capacity supply in addition to 1,500 MW awarded last month, taking the total supply order to 2,000 MW capacity.

Other Market Updates

Adani Group partners with Google to decarbonize operations in India

• The Adani Group has partnered with Google to decarbonize its operations in India, supplying clean energy from a new solar-wind hybrid project at Khavda, Gujarat. This project, part of the world’s largest renewable energy plant, is expected to be operational by Q3 2025.
• The collaboration will help Google achieve its 24/7 carbon-free energy goal, powering its cloud services and operations in India with clean energy.

PMSGY achieves 1.8 GW of new rooftop solar capacity in first six months

• The PM-Surya Ghar Yojana (PMSGY) has attracted 13 million registrations and 1.8 million applications in its first six months, resulting in 385,000 installations adding around 1.8 GW of new capacity. When launched, residential rooftop solar installations comprised only 3.2 GW or 27% of India’s total rooftop capacity.
• To meet the 30 GW target by 2027, India needs to add 8-10 GW annually through PMSGY. This growth will be vital for India to reach its 500 GW renewable energy goal by 2030 and strengthen the country’s decentralized energy market and energy security.

EKI Energy Services Ltd Registers First Floating Solar Project in Voluntary Carbon Market (VCM)

• EKI Energy Services Ltd, a leading carbon credit developer and supplier, has announced the registration of the first floating solar project in the voluntary carbon market (VCM). Developed by Greenam Energy for captive use, this project is the first of its kind globally to be registered under the Verified Carbon Standard (VCS). Situated on water reservoirs in Tamil Nadu, the 24.7 MW floating solar PV plant will produce clean energy, reducing CO2 emissions by 38,376 tonnes per year.

Rajasthan announces RIPS 2024 with incentives for renewable energy and storage systems

• The Rajasthan Investment Promotion Scheme (RIPS) 2024 offers extensive incentives to boost investments in renewable energy, battery energy storage systems (BESS), and green hydrogen projects. Companies investing in renewable energy can enjoy up to seven years of exemptions on electricity duties, stamp duties, market fees, and Pollution Control Board fees.
• There is also a 100% subsidy on Cross Subsidy Surcharge and Additional Surcharge for renewable energy used in green hydrogen production. BESS projects get a 75% exemption on transmission and wheeling charges, with full exemption at higher storage capacities, and standalone storage systems are fully exempt for seven years.

KLK Ventures targets 5,500 solar pump installations under PM Kusum Yojana

• KLK Ventures has already installed over 1,300 solar water pumps in Jammu and Kashmir under the PM Kusum Yojana, with plans to reach 5,500 installations across the union territory. The scheme offers farmers an 80% subsidy, allowing them to pay only 20% of the pump cost, helping reduce reliance on diesel or electric pumps and cutting irrigation costs.
• KLK Ventures has also launched an online platform to streamline the process from application to post-installation services, ensuring farmers in remote areas can easily access eco-friendly farming solutions.

Policies and Regulations

Central Level Regulatory Updates

State Level Regulatory Updates