Monthly RE update – September 2022


Tenders
- In September 2022, 22 new renewable energy (RE) tenders with a cumulative capacity of 3,995 MW were issued. SECI issued a tender for selection of RE Power Developers for supply of 2250 MW of Round-the-Clock (RTC) power from RE Power Projects, complemented with Power from any other source or storage in India under RTC-III.
- In addition, SECI floated a tender for setting up of 50 MW rooftop solar projects on Government buildings under RESCO mode.
- GUVNL issued a tender for purchase of power from 600 MW solar power projects located in 600 MW solar park at khavda with greenshoe option of additional up to 600 MW.
- MSEDCL floated a tender for procurement of power on long term basis from 500 MW solar power projects.
- Tata Power Delhi Distribution Limited (TPDDL) floated 255 MW Wind-Solar Hybrid tender with greenshoe option of additional 255 MW Wind-Solar Hybrid power projects across Pan India.
Details of new RE tenders issued in September 2022

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 |
SECI, 2250 MW, RE with storage (RTC III), Pan India, Sep 2022 | Hybrid | Project Development | 2250 | EMD – INR 1.27 million/MW PBG – INR 1.84 million/MW |
– | 24 months | 10th-Oct-2022 |
Utility Scale Solar | Project Development | 600 | EMD – INR 0.4 million/MW PBG – INR 0.94 million/MW | 17% | 15 months | 15th-Nov-2022 | |
MSECL, 500 MW, Solar (Phase IX), Maharashtra, Sep 2022 | Utility Scale Solar | Project Development | 500 | EMD – INR 0.47 million/MW PBG – INR 1.29 million/MW | 19% | 15 months | 9th-Nov-2022 |
Hybrid | Project Development | 255 | EMD- INR 0.5 million/MW PBG- INR 1 million/MW | 30% | 24 months | 3rd-Oct-2022 | |
Indore Municipal Corporation, 60 MW, Solar (EPC), Madhya Pradesh, Sep 2022 | Utility Scale Solar | EPC | 60 | EMD- INR 15 millionPBG – 5% of the contract value | – | 15 months | 28th-Oct-2022 |
PEDA, 53.69 MW, Solar (Under KUSUM scheme Component C), Punjab, Sep 2022 | Small Scale Solar | Project Development | 53.69 | EMD – INR 0.1 million/MW PBG – INR 0.5 million/MW | – | 9 months | 7th-Oct-2022 |
Rooftop Solar | Project Development | 50 | EMD- INR 0.9 million/MW PBG – INR 1.35 million/MW/Project | 13.5%-15% | 9 months-12 months | 22nd-Nov-2022 | |
Rooftop Solar | RESCO | 50 | EMD- INR 0.4 million/MW PBG – INR 1.2 million/MW |
– | 12 months | 28th-Oct-2022 | |
Utility Scale Solar | EPC | 18 | EMD – INR 7.2 million PBG – 5% of the EPC contract price |
– | 12 months | 7th-Oct-2022 | |
Utility Scale Solar | EPC |
16 | EMD – 16 million PBG – 3% of the contract price |
– |
10 months | 11th-Oct-2022 | |
Rooftop Solar |
RESCO |
16 | EMD- INR 1 million/MW PBG- INR 2 million per MWp | 17% | 4 months | 29th-Sep-2022 | |
Utility Scale Solar | EPC | 15 | EMD-INR 4.56 million PBG- 7.8% of the contract value |
– |
– | 17th-Oct-2022 | |
Rooftop Solar |
CAPEX |
15 | EMD- 1% of the estimated cost PBG- 3% of the contract’s total value |
– |
4 months | 7th-Oct-2022 | |
Utility Scale Solar |
Project Development |
15 |
EMD – INR 0.38 million |
– |
3 months |
1st-Oct-2022 | |
Utility Scale Solar | EPC | 12 | EMD – INR 4.8 million PBG – 5% of the EPC contract price | – | 12 months | 7th-Oct-2022 | |
Utility Scale Solar | EPC | 11 | EMD – INR 4.4 million PBG – 5% of the EPC contract price |
– |
12 months | 7th-Oct-2022 | |
Utility Scale Solar | EPC | 10 | EMD – INR 4 million PBG – 5% of the EPC contract price |
– |
12 months | 15th-Sep-2022 | |
Utility Scale Solar | EPC | 10 | EMD – INR 4 million PBG – 5% of the EPC contract price |
– |
12 months | 15th-Sep-2022 | |
GSECL, 10 MW, Solar (EPC), (Surendranagar) Gujarat, Aug 2022 | Utility Scale Solar | EPC | 10 | EMD – INR 4 million PBG – 5% of the EPC contract price | – | 12 months | 15th-Sep-2022 |
Utility Scale Solar | EPC | 9 | EMD- INR 0.47 million PBG – 5% of the contract value | 23% | 9 months | 4th-Oct-2022 | |
NHDC, 8 MW, Solar (Under KUSUM Scheme Component C) (EPC), Madhya Pradesh, Sep 2022 | Small Scale Solar | EPC |
8 | EMD- INR 6.5 million PBG- 3% of the contract price |
– | 7 months | 11th-Oct-2022 |
BPCL, 6 MW, Solar (EPC), Kerala, Sep 2022 | Utility Scale Solar | EPC |
6 | EMD-INR 1 million PBG- 3% of the total contract value |
– |
5 months | 14th-Oct-2022 |
Rooftop Solar |
– |
5 | EMD-INR 0.21 million PBG- 10% of allotted price |
– | 4 months | 10th-Oct-2022 |
PBG: Performance Bank Guarantee
EMD: Earnest Money Deposit
Source: JMK Research
Other announcements during the month were:
- Power Trading Corporation of India Ltd (PTC India Ltd) has invited expression of interest (EOI) for procurement of 1000 MW hybrid RE (solar & wind) on long-term basis under Tranche -1. The last date for bid submission is 20th October 2022. The minimum capacity offered under this tender is 50 MW for the interested bidders.
- Uttar Pradesh Power Corporation (UPPCL) will soon invite bid to install 10 MW/40 MWh Battery Energy Storage System (BESS) in Uttar Pradesh under build own and transfer (BOOT) mode for a period of 12 years from the commercial operation date (COD). The scheduled commissioning date will be 18 months from the date of award. Bidders must submit an EMD and PBG of INR 0.7 million/MW per project and INR 1.11 million/MW per project respectively.
- MAHAGENCO has invited an EOI for setting up solar power plants of cumulative capacity up to 600 MW in various regions of Maharashtra. 100 MW cumulative capacity each shall be allotted in Nagpur, Amravati, Aurangabad, Konkan, Nashik and Pune. Individual solar project capacity shall be 2 MW to 10 MW as per availability of substation connectivity. The bidder should submit the EMD of INR 0.1 million per MW in the form of Bank Guarantee for the capacity (MW) offered. The last date for bid submission is 19th October 2022.
Date Extensions
Tender Name |
Technology |
Tender Scope |
Capacity (MW) |
Other Details |
Minimum CUF |
Commissioning timeline from PPA signing |
Bid Submission Date |
Utility Scale Solar |
Project Development |
1548 | EMD – INR 1 million/MWPBG – INR 1.6 million/MW |
19% |
18 months | 4th-Nov-2022 | |
REMCL, 1000 MW, RE with or without Storage, Pan India, Jul 2022 | Hybrid | Project Development |
1000 | EMD – INR 0.98 million/MW PBG – INR 2 million/MW |
– |
24 months | 4th-Oct-2022 |
Utility Scale Solar |
Project Development |
1000 | EMD – INR 0.4 million/MWPBG – INR 1.18 million/MW |
19% |
18 months | 3rd-Oct-2022 | |
Utility Scale Solar |
Project Development |
700 | EMD – INR 0.4 million/MW PBG – INR 0.94 million/MW |
17% |
15 months | 29th-Oct-2022 | |
GUVNL, 500 MW with 1000 MWh BESS (Phase-I), Gujarat, Aug 2022 | Energy Storage System | Project Development | 500 MW with 1000 MWh | EMD – INR 0.74 million/MWPBG – INR 1.11 million/MW |
– |
18 months | 15th-Oct-2022 |
GUVNL, 500 MW, RE with 250 MWh ESS Phase (XV), Gujarat, Jun 2022 |
Hybrid |
Project Development | 500 with 250 MWh ESS | EMD – INR 1 million/MW PBG – INR 2.5 million/MW | Wind – 22% Solar – 17% Hybrid – 30% | 18 months | 1st-Nov-2022 |
MSEDCL, 250 MW, RE with ESS Tranche VII, Maharashtra, Aug 2022 | Hybrid | Project Development | 250 | EMD – INR 0.89 million/MW PBG – INR 3.54 million/MW | 19% | 30 months | 3rd-Oct-2022 |
Source: JMK Research
Auctions Completed
Auctions were concluded for 1250 MW solar projects by MSEDCL and GUVNL in September 2022. While RUMSL completed the auction of its first Wind-Solar hybrid tender of 750 MW in Madhya Pradesh.
Winners in the latest RE auctions

Source: JMK Research
Tender Name |
Capacity tendered (MW) |
Capacity allotted (MW) |
Minimum CUF |
Commissioning Timeline |
Winners Details |
MSEDCL, 500 MW, Solar Phase VIII Tranche VI, Maharashtra, Jun 2022 |
500 |
500 |
19% |
15 months | • NTPC – 200 MW (INR 2.82/kWh) |
GUVNL, 750 MW, Solar (Phase XVI), Gujarat, Jul 2022
|
750 |
750 |
17% |
18 months | • Solarcraft Power India 2 Private Ltd (Blupine Energy)-120 MW (INR 2.49/kWh) • Solairedirect Energy India Private Ltd (Engie)-200 MW (INR 2.50/kWh) • Tata Power Renewable Energy Limited-300 MW (INR 2.65/kWh) • Utkrrisht Solar Energy Private Limited (UPC Renewables)- 130 MW (INR 2.66/kWh |
750 |
750 |
30% |
– | • Sprng Ojas Private Limited-160 MW (INR 3.03/kWh) • Tata Power Renewable Energy Limited-200 MW (INR 3.03/kWh) • ReNew Solar Power Private Limited-300 MW (INR 3.03/kWh) TEQ Green Power IX Private Limited (O2 Power)- 90 MW (INR 3.04/kWh) |
Source: JMK Research
Installed Capacity
India added a cumulative RE capacity of 11077.97 MW in the first eight months of 2022. In the month of August 2022, 1640.25 MW of solar and wind capacity was added.
RE installations in August 2022

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 August 2022
Rajasthan added the maximum solar capacity of 372 MW in India followed by Chhattisgarh (269 MW) and Maharashtra (163 MW) in August 2022. In terms of wind installations, Gujarat installed the highest wind capacity of 269 MW in the country in August 2022 followed by Karnataka with 38 MW.
State wise solar and wind installed capacity in August 2022

Source: MNRE, JMK Research
Note: Solar includes utility scale solar, rooftop solar and off grid/distributed solar segments
Recently Commissioned RE projects
Developer |
Technology |
Tender Name |
AC Capacity (MW) |
Tariff (INR/kWh) |
State |
Adani Green Energy |
Hybrid |
SECI, 1200 MW, Hybrid, ISTS-Tranche II, May 2019 |
600 |
2.69 |
Rajasthan |
Adani Green Energy |
Wind |
SECI Pan India 1200 MW VI Feb-19 |
325 |
2.83 |
Madhya Pradesh |
Adani Green Energy |
Wind | SECI Pan India 1,200 MW V, Sep-2018 |
251 |
2.76 |
Gujarat |
Avaada |
Solar | NHPC 2000 MW Solar Pan India Aug 2019 |
250 |
2.56 |
Rajasthan |
NTPC Limited |
Solar | SECI 1500 MW Solar CPSU II Tranche II Pan India Aug 2019 |
150 |
– |
Rajasthan |
Hindalco |
Solar |
– |
25 |
– |
Madhya Pradesh |
NTPC |
Solar | SECI 1500 MW Solar CPSU II Tranche II Pan India Aug 2019 |
10 |
– |
Gujarat |
Shree Cements |
Solar |
– |
4 |
– |
Haryana |
Inox Wind |
Wind |
– |
3.3 |
– |
Gujarat |
Hitachi Astemo |
Solar |
– |
3 |
– |
Maharashtra |
Pickrenew Energy |
Solar |
– |
1.8 |
– |
Madhya Pradesh |
Kalpa Power |
Rooftop Solar |
– |
1.12 |
– |
Maharashtra |
Source: Industry news articles, JMK Research
Other key announcements that were made during the month were:
- SJVN is planning to develop 5000 MW renewable energy projects through solar projects, canal top solar projects and floating solar projects across the state, by way of Joint Ventures formation, MoUs etc.
- In addition, SJVN has entered into an EPC contract for 100 MW solar power project at Raghanesda in Gujarat with Tata Power Solar Systems Limited. This INR 612.71 crores contract includes end to end delivery of the commissioned solar plant to SJVN. SJVN had secured this project at a tariff of INR 2.64/kWh. The project is scheduled to be commissioned in the year 2023.
- Amazon announced its first utility-scale renewable energy projects in India – three solar farms located in Rajasthan. These include a 210 MW project to be developed by ReNew Power, a 100 MW project to be developed by Amp Energy India, and a 110 MW project to be developed by Brookfield Renewable. Additionally, Amazon announced 23 new solar rooftop projects on its fulfilment centers across 14 cities in India, which have the capacity to generate an additional 4.09 MW of renewable energy.
- The Chandigarh Municipal Corporation is all set to install four solar power plant projects at its facilities. These projects will be developed at a cost of over INR 11 crore.
- KPI Green Energy has signed new long-term power purchase agreements (PPAs) with J. Korin Spinning, J B Ecotex, Oriilon India, Jay Bharat Metcast, Kiri Industries, and Cheminova india for sale of 15.88 MW wind-solar hybrid power projects. The power will be supplied from their upcoming wind-solar hybrid power project of 16.10 MW (comprising 16.10 MW wind and 10 MWdc, solar capacity) in Gujarat, under the Gujarat Hybrid Power Policy 2018.
- Tata Motors and Tata Power have entered into a Power Purchase Agreement (PPA) to develop a 4 MWp on-site solar project at Tata Motors’ Pune commercial vehicle manufacturing facility.
- Tata Power Solar Systems Limited (TPSSL), has also received the Letter of Award (LoA) of INR 596 crore for setting up a 125 MWp floating solar project from NHDC Limited (NHDC). NHDC, had invited bids early this year for this project at the Omkareshwar reservoir in the Khandwa district of Madhya Pradesh. The project will be commissioned within 13 months from the date of letter of award and will provide sustainable power to M. P. Power Management Company Limited.
- Tata Power Renewable Energy Limited (TPREL), has collaborated with the leading Indian Stainless-Steel manufacturer – Viraj Profile Private Limited, to set up a 100 MW captive solar plant. The plant will be developed by Tata Power at Nandgaon at its Nasik site. The project will get commissioned by July 2023. As per captive generation rules, Tata Power will own 74% of the generation while Viraj Profile Pvt. Ltd will own the remaining 26%.
Monthly RE Generation
Renewable energy sources generated 15201.94 MU in September 2022, down by 9.8% from August 2022. Solar generation increased by 10.6% while wind generation decreased by 27.3% on month-on-month basis in September 2022.
Source-wise Renewable Energy Generation (MU) – India

Source: CEA, JMK Research

Investments/ Deals
In September 2022, about $2.34 billion was invested in the RE sector. The Key investments during the month were:
- Sembcorp Energy India Limited (SEIL) announced that it will be acquired by Tanweer Consortium, a newly formed entity formed for purchase by Oman Investment Corporation, Ministry of Defense Pension Fund, Oman, and Dar Investment SPC. Sembcorp Utilities has signed a share purchase agreement to sell 100% of the shares of Sembcorp Energy India.
- KKR and Hero Group have agreed to invest $450 million in Hero Future Energies (HFE). This investment will help HFE to expand its renewable energy capacity and capabilities across technologies such as solar, wind, battery storage, and green hydrogen.
- Mahindra Group and Ontario Teachers’ Pension Plan Board have signed binding agreements through which Ontario Teachers’ will acquire a 30% equity stake in Mahindra Susten Private Limited at an equity value of INR 2,371 crore (~USD 300 million).
Company Name |
Deal Type |
Sector |
Investor |
Deal Value |
Stakes Acquired |
Sembcorp Energy India Limited |
Acquisition |
Renewable |
Tanweer Consortium |
$1.43 billion |
100% |
Hero Future Energies |
Equity |
Renewable |
KKR and Hero Group |
$450 million |
– |
Mahindra Susten |
Equity |
Renewable |
Ontario Teachers’ Pension Plan Board |
$300 million |
30% |
Apraava Energy |
Equity |
Renewable |
CDPQ Infrastructures |
$82.6 million |
10% |
Serentica Renewables (SPV of Sterlite Power) |
Equity |
Renewable |
Hindustan Zinc |
$42.88 million |
26% |
SenseHawk |
Acquisition |
Solar |
Reliance Industries |
$32 million |
79.4% |
Clean Max Kratos |
Equity |
Renewable |
UPL Ltd |
$4.96 million |
26% |
Navitas Alpha Renewables Private Limited |
Equity |
Solar | Niveshaay with the participation of Action Tesa Group, Madhusudan Sarda, IVY Growth Associates and others |
$0.86 million |
– |
Source: Industry news articles, JMK Research
Other important announcements that were made during the month were:
- Virescent Infrastructure is planning to acquire about 100 MW of solar power portfolio from Jakson Group for around INR 400 crore. The portfolio includes three operational solar projects in Uttar Pradesh and Rajasthan.
- The Competition Commission of India (CCI) has approved acquisition of the share capital of 18 subsidiaries of Mytrah Energy (India) by JSW Neo Energy, a subsidiary of JSW Energy Ltd. With this acquisition, JSW Neo Energy will acquire an operational renewable portfolio of 1,753 MW for INR 10,530 crore.
- Adani Group will invest $100 billion over the next decade, primarily in new energy and digital space that includes data centres. About 70% of this investment will be in the energy transition space. The ports-to-energy conglomerate will add 45 GW of hybrid renewable power generation capacity and build 3 Giga factories to manufacture solar panels, wind turbines and hydrogen electrolyser.
- Goldi Solar is planning to invest INR 5,000 crore by 2025 to expand its module manufacturing capacity to 6 GW. At present, the total module manufacturing capacity of its plants in Gujarat is 2.5 GW.
- Greenko and JSW Groups have proposed to invest nearly INR 19,000 crore in Uttar Pradesh’s green energy sector.
- O2 Power is planning to invest $2.5 billion to achieve more than 4 GW of operational assets.
- Japan is planning to bring in companies in non-conventional sectors such as renewable energy, digital technologies and healthcare to invest in India and South Asia. Japan pledges to invest $42 billion in India, pointed to electronics and digital technologies as key area for investment. Another focus area would be renewable technologies.
- Reliance Power Ltd (RPL) is planning to raise INR 933 crore by offloading a 15% stake in VFSI Holdings. RPL has a portfolio of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating portfolio of 5,945 MW. The last date for bid submission is 19 October 2022.
- Inox Green Energy Services, a subsidiary of Inox Wind, is planning to come out with its Initial Public Offering (IPO) by October 2022 to raise INR 740 crore to fund its expansion plans.
- SAEL is planning to raise INR 1,500-crore through bond issue. It has hired investment bank Barclays and law firm Khaitan & Co as advisers on the issue. The rupee bond issue is for meeting funding requirements for a capex plan of INR 10,000 crore that the company has, which will be spread over the next two years. The company is planning to build 1 GW solar and waste-to-energy facilities in several states.
- Suzlon is planning to raise INR 1,200 crore through issuance of 240 crore shares with face value of INR 2 each at an issue price of INR 5 per share.
- Inox Wind will be infusing around INR 800 crore by subscribing to debt as part of deleveraging. The debt placement with promoters will be carried out on a private placement basis. The debt issuance will be carried out by two promoter group entities – Inox Leasing & Finance up to Rs 600 crore and Inox Wind Energy up to Rs 200 crore.
- NTPC Renewable Energy incorporated Green Valley Renewable Energy Limited in 51:49 Joint Venture with Damodar Valley Corporation to develop, operate and maintain renewable energy parks and projects.
- Brookfield Asset Management is in discussions with Greenko to invest at least $1 billion in the company. Greenko’s initiatives include pumped hydro storage infrastructure, green hydrogen for industrial usage and ammonia as well as a cloud-based intelligent energy platform.
GTAM Traded Volume
The IEX and PXIL together traded a total of 151.6 MU in GTAM in September 2022, which is 9.65% lower than the volume traded in August 2022. The average trade price in IEX-GTAM for September 2022 was INR 5.79/kWh, while for PXIL it was INR 5/kWh. This is about 9.5% and 3.4% higher than the previous month’s prices.
GTAM traded volume and average traded price trend

Source: IEX, PXIL, JMK Research

Module Price Trends
Comparing on m-o-m basis, price for global mono PERC modules have decreased by 1.89% in September 2022.
Solar modules price trends

Source: PVInfoLink, JMK Research
Average prices for domestic modules
JMK Research carried out price survey from domestic suppliers for September 2022 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 price for mono PERC 440 Wp modules have not increased in September 2022 compared to that in August 2022.
- While the price for mono PERC 500 Wp modules was INR 32.05/Wp, down by around 1.23% as compared to INR 32.04/Wp in August 2022.
- The price for Polycrystalline 330 Wp modules was INR 28/Wp, which is about 2.56% higher than the previous month’s price.
The domestic solar module manufacturers further expects that the domestic module prices will increase by about 3% in November 2022.

Source: JMK Research
Note: Domestic module prices are all inclusive prices till project site including freight charges, GST, etc
Policies and Regulations
Central
Policy Name |
Issuing Agency |
Date of Issue |
CERC | 29th-September-2022 | |
MoP provides directions to RLDCs for Scheduling of power under the RE bundling scheme | MoP | 28th-September-2022 |
MoP | 28th-September-2022 | |
MNRE issued a draft Quality Control Manual for Grid Connected Rooftop Solar PV System | MNRE | 20th-September-2022 |
MoP extends the date for submitting comments on draft electricity (amendment) rules, 2022 | MoP | 15th-September-2022 |
MNRE | 14th-September-2022 | |
CERC | 9th-September-2022 | |
India submits updated NDC to UNFCCC specifying targets for 2030 | Government of India | 31st-August-2022 |
MoP | 26th-August-2022 | |
MoP | 26th-August-2022 |
State
Policy Name |
Issuing Agency |
Date of Issue |
BERC | 1st-September-2022 | |
CSERC issued guidelines for group net metering and virtual net metering for RE |
CSERC | 1st-September-2022 |
HERC allows HPPC to carry forward RPO backlogs till March 2023 |
HERC | 19th-September-2022 |
MERC directed to pay late payment surcharge to Enel Wind Project |
MERC | 15th-September-2022 |
Maharashtra allow DISCOMs to procure power from exchange-linked contracts |
MERC |
15th-September-2022 |
Madhya Pradesh issues draft amendments to its open access regulations |
MPERC | 1st-September-2022 |
Maharashtra commission extends scheduled commissioning date for a 350 MW solar project |
MERC | 24th-August-2022 |
RERC | 1st-September-2022 | |
RERC allows change in rates of Safeguard Duty, BCD and GST as ‘Change in Laws’ events |
RERC |
31st-August-2022 |
TNERC | 9th-September-2022 | |
MERC | 1st-August-2022 |