Monthly RE Update – September 2024

Monthly RE Update – September 2024

Tenders Issued

• New RFS Issued: 11,098 MW of RE tenders issued in September 2024.
• In September 2024, various entities such as SECI, SJVN, NTPC, NHPC, RUMSL and GUVNL issued a total of 6850 MW of storage capacities. This constitutes about 61% of the total issued tender capacity followed by solar (23%), wind solar hybrid (10.8%) and wind (4.5%).
• NTPC issued a 1200 MW ISTS Connected Wind-Solar Hybrid tender with greenshoe option of additional capacity up to 600 MW.
• SECI invited bids for a 1000 MW ISTS Connected Solar tender (ISTS – XVIII). In addition, SECI floated its first ISTS Connected offshore wind tender of 500 MW.

New RE tenders issued in September 2024

Source: JMK Research

Source: JMK Research

Auction Completed

• In September 2024, about 1200 MW of utility scale solar and 1200 MW of storage capacities were allotted to various RE developers.
• Avaada and Essar Renewables were the new entrants in the ESS segment this month.
• Avaada and Essar have won the capacities in both solar and ESS tenders auctioned in September 2024.

Figure 1.2: Winners in the latest RE tenders

Source: JMK Research

Source: JMK Research

Installed Capacity

From January to August 2024,  about 16,113 MW of Solar capacity and 2,456 MW of Wind capacity were added in the country, taking the cumulative RE capacity to 199.5 GW.

In August 2024, a combined total of 2341 MW of solar and wind capacity was added.

Figure 2.1: RE installations in August 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 August 2024

In August 2024, Rajasthan added the highest Utility-Scale Solar capacity of 1230 MW followed by Uttar Pradesh with 175 MW. In addition, Gujarat added the maximum Rooftop solar capacity of 167 MW followed by Maharashtra with 109 MW.

In terms of wind installations, Tamil Nadu installed a maximum capacity of about 49 MW.

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

Source: MNRE, JMK Research

Projects Commissioned

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

Source: JMK Research

Key announcements that were made during the month were:

• Epic Energy has inked a pact with Niva Ecotech to set up a 35 MWp (25 MW) solar park in and around Solapur. Epic Renewable Projects is a 100% subsidiary established by Epic Energy for the purpose of setting up solar parks in India. The company aims to reach a total installed capacity of 140 MWp (100 MW) within two years.
• Senvion India secures a new order of 86.4 MW from Continuum Green Energy in Gujarat. With this order, Senvion will deliver a total of 270 MW across 5 projects to Continuum Green Energy. The deliveries are scheduled to begin in October 2024 and are expected to achieve grid commissioning by March 2025.
• KPI Green Energy’s subsidiary Sun Drops Energia has received letter of intent (LoI) for executing solar power projects with a cumulative capacity of 7 MW under the ‘Captive Power Producer (CPP)’ business segment of the company. The domestic entities that have awarded the LoIs are Wolkem India and Mahadev Texo Fab. These projects are scheduled to be completed in the financial year 2024-25.
• The Gujarat government is planning to install 48 MW solar rooftop systems on various government buildings in the current financial year for which INR 177 crore have been allocated. By March 2024, 3,023 solar rooftop systems, generating a total capacity of 56.8 MW, had already been installed across government departments.
• Oriana Power has been awarded a 52 MW ground mounted solar project on EPC basis, valued at INR 247.88 crore by Bharat Petroleum Corp. Ltd.
  • Additionally, Oriana Power’s subsidiary, TrueRE Surya, has secured a contract to build a 128 MW solar plant in Tamil Nadu for Dalmia Cement (Bharat). The project, falls under the open access captive solar power plant segment and is estimated to cost around INR 520 crore. The solar plant is expected t be completed within 12 months.
• Suzlon Group won India’s largest wind energy order from NTPC Green Energy Limited (NGEL) for a capacity of 1,166 MW in Gujarat. This order brings Suzlon’s cumulative order book to nearly 5 GW as of September 2024.
• Grew Energy has signed a solar module supply agreement for BluPine Energy’s upcoming project in Banaskantha, Gujarat. BluPine, backed by a $800 million investment from Actis’ Energy Fund 5, aims to develop a 4+ GW renewable energy portfolio in India. Grew Energy currently operates a 1.2 GW solar module factory in Jaipur, with plans to expand to 2.8 GW by 2025. Additionally, Grew is investing INR 4,500 crore to build a fully integrated solar manufacturing facility in Jammu & Kashmir, capable of producing 3.2 GW of modules annually.
• Apraava Energy has signed a Power Purchase Agreement (PPA) with NTPC for a 300 MW solar project secured under NTPC’s 1500 MW ISTS Connected solar tender. The project will be set up in Rajasthan and is expected to be completed within 24 months, with a tariff of INR 2.65/kWh.
• JSW Neo Energy, has received a letter of award (LoA) from MSEDCL for setting up of a a 600 MW Wind-Solar Hybrid Power Project. The company will set up 600 MW of Wind-Solar Hybrid Power Project including 400 MW allotted under green shoe option. As a result of this capacity award, the companys total locked-in generation capacity has increased to 18.2 GW.
• CESC has selected its subsidiary, Purvah Green Power Private Limited, for developing a 300 MW solar PV project. Of the 300 MW, 150 MW will be under the tariff-based competitive bidding, and the remainder will be under the greenshoe option.
  • Additionally, CESC has signed an agreement with Ecoren Energy India to establish a wind power project of up to 686.85 MW. The project is estimated to be commissioned within three years.
• Sunsure Energy has signed a Power Purchase Agreement (PPA) to supply 21 MW of solar power to pharmaceutical firm Lupin’s Tarapur facility in India. The power will be sourced from Sunsure’s 100 MW (150 MWp) solar plant in Solapur. Sunsure is also developing solar and wind energy parks with a total capacity of 500 MW in Maharashtra.
  • Sunsure Energy has signed an MoU with REC Ltd for a debt financing of INR 10,000 crore to develop 3 GW of solar, wind, hybrid, and battery storage projects. This funding will help the company to grow its open-access hybrid projects across India, including solar and solar-wind projects.
• Orkla India, the parent company of MTR and Eastern, has signed a 25-year PPA with CleanMax for a 6.6 MWp solar captive power project in Jagaluru, Karnataka. The project, executed through a special purpose vehicle (SPV), will see Orkla India hold a 26% equity stake while CleanMax retains 74%.
• The Kerala State Electricity Board (KSEB) has signed an agreement with SECI to develop 500 MW solar projects. The agreement aims to lower power purchase costs by at least 10%. Under this agreement, KSEBL will buy 500 MW of solar power from SECI at a rate of Rs 3.49 per unit. The power supply agreement is expected to begin by September 2026 and will last for 25 years. The agreement also includes provisions for supplying power during peak-demand hours after 6 pm.
• Tata Power Renewable Energy Ltd (TPREL) has received a LoA from the MSEDCL to establish a 400 MW hybrid project in Maharashtra. The LOA includes an original contract capacity of 200 MW, along with a greenshoe option for an additional 200 MW, making it the largest renewable energy project in Maharashtra to date for TPREL.
• KP Energy has signed a PPA with GUVNL to develop a 30 MW wind power project under its Independent Power Producer (IPP) segment. Approved by the GERC, the project will expand KP Energy’s total IPP capacity to around 50 MW. The wind power generated will be sold to GUVNL at a tariff of INR 2.43 per unit for the project’s operational life. The project is expected to be completed in Q4 FY 2025.
• RMC Switchgears has won a contract to develop a 41 MW (AC) solar pv project in Maharashtra under the RESCO model. The project, awarded by the MSEDCL, is part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0, aimed at solarizing agricultural feeders under the PM-KUSUM Scheme. MSEDCL will purchase the generated power at a fixed tariff for 25 years.
• Tata Power Renewable Energy Ltd (TPREL) has received a LoA from the MSEDCL to establish a 400 MW hybrid project in Maharashtra. The LOA includes an original contract capacity of 200 MW, along with a greenshoe option for an additional 200 MW, making it the largest renewable energy project in Maharashtra to date for TPREL.
• Jakson Green has signed an INR 1,420 crore MoU with REC Limited to support its solar independent power producer (IPP) projects. The company is developing a 300 MWp solar PV project and a 126 MWh battery energy storage system in the CIS region in collaboration with a major renewable power producer.
  • Furthermore, Jakson Green is constructing India’s largest commercial and industrial (C&I) solar PV project (552 MWp) in Rajasthan on a turnkey EPC basis for a prominent global asset manager. These initiatives mark significant progress in accelerating India’s clean energy transition.
• The Government of India  launched a 30 MW solar system and a 35 MW Battery Energy Storage System (BESS) solar PV project at the Kutch Lignite Thermal Power Station.
• Sterling and Wilson Renewable Energy Ltd (SWREL) has secured contracts for the engineering, procurement, and construction (EPC) of two solar projects with a combined capacity of 315 MWp. These projects consist of a 200 MW AC (250 MW DC) solar plant in Gujarat and a 50 MW AC (65 MW DC) solar plant in Maharashtra. The total contract value for these projects, awarded by private-sector power producers, is INR 512 crore (over $61.2 million).
• Surana Solar Ltd. has received a LoA from MSEDCL to develop 54 MW of solar PV power generating stations under the Mukhyamantri Saur Krushi Vahini Yojna 2.0. The project will be located in Maharashtra, with an estimated cost of INR 189 crore. MSEDCL will procure power at a tariff of INR 2.99/ kWh, with a subsidy of INR 1.03 crore per MW and is expected to be commissioned within 12 months.
• Adani Green Energy will sign a long-term Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) to supply 5 GW of solar power from the Khavda renewable energy park in Gujarat. Additionally, Adani Power Limited (APL) will enter into a Power Supply Agreement (PSA) with MSEDCL to provide 1,496 MW of thermal power from a 1,600 MW Ultra-supercritical thermal project. The agreements were secured through MSEDCL’s competitive bidding process for a combined 6,600 MW of solar and thermal power.
• Sardar Sarovar Nigam Ltd has generated 29.51 million units of clean electricity by installing solar panels along a 13 km stretch of the Narmada canal in Vadodara district. The Solar panels, installed at key locations like Sama, Nimeta, and Raval, are part of a larger 35 MW solar power project. A total of 1,16,366 panels have been set up, significantly boosting the state’s clean energy production.

Monthly RE Generation

In September 2024, Renewable energy sources generated 19,723.88 MU, which is 10% higher than the RE generation in August 2024. Solar energy generation increased by  21% & wind energy generation was almost the same month-on-month in September 2024.

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

Source: CEA, JMK Research

Investments/ Deals

In September 2024, a total of about  $550 million was raised in the RE sector in India. The key investments during the month were:

• Aditya Birla Group’s renewable energy arm has raised $299.26 million through non-convertible debentures via private placement.
• Zelestra, formerly known as Solarpack, has secured a financing of approximately $146 million for a 453 MWdc solar photovoltaic project located in Gorbea, Rajasthan.

Table 4.1: Investment and deal in September 2024

Source: Industry news articles, JMK Research 

Other important announcements that were made during the month were:

• Indian Renewable Energy Development Agency Limited (IREDA) has received approval from the Department of Investment and Public Asset Management (DIPAM) to raise approximately INR 4,500 crore through a fresh equity issue. This approval follows recommendations from a High-Level Committee, with fundraising planned via the Qualified Institutions Placement (QIP) route. Additionally, IREDA has invited bids from banks and financial institutions to raise term loans amounting to ~$113.3 million, including a greenshoe option. The deadline for bid submissions is October 9, 2024, with a loan tenure of five years.
• Datta Infra has signed a Memorandum of Understanding (MoU) with REC Ltd for INR 1,500 crore ($179.64 million) to develop 500 MW of renewable energy projects. This initiative is part of Datta Infra’s plan to add 2 GW of wind, solar, and hybrid energy projects across India within the next 2-3 years. The projects, located in states like Rajasthan, Madhya Pradesh, and Andhra Pradesh, are expected to generate 800-900 million units of clean energy annually, with completion anticipated within 18-24 months after signing power purchase agreements.
• Jindal Steel and Power Ltd, along with Jindal Renewables, has announced India’s largest green hydrogen investment by a domestic steelmaker, aiming to decarbonize the steel industry. Under a new MoU, the integration of green hydrogen will begin at Jindal Steel’s direct reduced iron (DRI) units in Angul, Odisha. The first phase will develop 4,500 tonnes of green hydrogen generation annually by December 2025, alongside a supply of 36,000 tonnes of oxygen for the Angul steelworks.
• Inox Wind Ltd has entered into a consortium agreement with 10 banks, led by ICICI and letters of credit, and haBank, to secure approximately INR 2,200 crore in banking facilities. These facilities primarily consist of non-fund-based limits, such as bank guarantees have been approved without corporate guarantees or support from its group company, Gujarat Fluorochemicals Ltd. The bank limits may increase to INR 2,400 crore based on a working capital assessment by ICICI Bank, and any prior corporate guarantees from Gujarat Fluorochemicals will be released soon. Following recent fundraising efforts and operational improvements, Inox Wind’s balance sheet has turned net cash positive.
• Thai energy company Banpu Public Co. Ltd is looking to acquire Radiance Renewables Pvt. Ltd, which is backed by Eversource Capital, in a deal valued at around $325 million. This acquisition represents Banpu’s strategic expansion into the renewable energy sector as it aims to enhance its portfolio in response to the increasing global emphasis on sustainable energy solutions.
• NTPC Green Energy has filed draft papers for a INR 100 billion ($1.19 billion) IPO, looking to leverage India’s expanding renewable energy sector and favorable equity market conditions. The IPO will consist solely of new share issuance, with no stake sales from existing shareholders, as per the draft papers.
• ReNew Energy Global
  • ReNew Energy Global Plc is exploring funding options for its solar equipment manufacturing unit, with plans to list the unit within the next two years, considering private equity or pension funds as potential investors. This follows $500 million raised from asset sales in recent years.
  • ReNew has committed INR 31,500 crore to develop 3,000 MW of solar, 630 MW of wind projects, and manufacturing facilities for ingots, wafers, solar cells, and modules in Gujarat. The company will also invest INR 2,000 crore in a mangrove conservation project.
  • By 2030, ReNew aims to expand its renewable energy capacity from 10 GW to 50 GW, including 10 GW for energy storage, and plans to produce 1 million tonnes of green hydrogen annually using 25 GW of renewable energy.
• Hero Future Energies, part of the Hero Group, plans to invest $20 billion over the next six years to nearly double its renewable energy capacity from 1.9 GW to 30 GW by 2030. Backed by global investors such as KKR and IFC, this expansion supports India’s target of adding 500 GW of clean energy by 2030 to reduce emissions. Currently, Hero Future Energies operates projects in India, Ukraine, and Vietnam, with 3.4 GW of capacity under construction and expected to be operational within two years.
• Zelestra plans to invest $5 billion in India to develop 10GW of wind and solar power capacity by 2030, doubling its initial target of 5GW by 2026. Supported by private equity firm EQT, Zelestra may also expand into India’s commercial and industrial sectors. This move aligns with other international clean energy players like Sembcorp, Gentari, Brookfield Renewables, Blackrock, and Mubadala, who are active in India’s renewable energy market.
• Tamil Nadu has secured a INR 400 crore investment from Ohmium to build a manufacturing facility for electrolyzer components and hydrogen solutions in Chengalpattu, creating 500 jobs. The investment was formalized in a contract signed in San Francisco. Additionally, the state signed multiple MoUs with major companies, including Nokia, SIPCOT, PayPal, Yield Engineering Systems, Microchip, and Applied Materials.
• Adani Green Energy’s board has approved agreements for a $444 million investment from TotalEnergies to form a joint venture. This partnership follows a previous $300 million deal between the two companies to expand renewable energy capacity in India. Adani Green and TotalEnergies will each own 50% stake in the resultant entity. The French major, with its affiliates, holds a nearly 20% stake in Adani Green.

GTAM Traded Volume

The IEX traded a total volume of about 33.87 MUs in GTAM in September 2024, which is 106 % higher than the volume traded in the previous month. The average trade price in IEX-GTAM for September 2024 is INR 8.49/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 remained same in September 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 September:

• Mono PERC 500 Wp – INR 16.9/Wp (down by 1.17%).
• Bifacial Modules  – INR 17/Wp (down by 1.16%).
• TopCon Modules – INR 17.41Wp (down by 1.69%)

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

Rayspower Infra establishes a subsidiary for large-scale manufacturing facilities

• Rays Power Infra has established a wholly-owned subsidiary to produce solar modules, solar cells, and battery energy storage systems (BESS) on a gigawatt scale. This subsidiary will focus on setting up large-scale manufacturing facilities.
• The company is evaluating land options and incentive policies across various states and will soon disclose details of the plans and investment, showcasing its commitment to significant and impactful investment in this venture.

Jakson Engineers to invest $240 million in solar manufacturing

• Jakson Engineers, part of the energy and infrastructure conglomerate Jakson Group, plans to invest around INR 2,000 crore ($240 million) to set up a 2.5 GW solar cell manufacturing facility and expand its existing solar module capacity to 2 GW.The company said it will develop the solar cell manufacturing capacity in two phases. The first phase of the solar cell plant is set for commissioning within the next 15 months, while the module plant expansion is expected to be completed within six months.
• Furthermore, Jakson Engineers aims to become a 5 GW integrated solar wafer, cell and module manufacturer.

Alpex Solar to double PV module production capacity to 2.4 GW by FY 2026

• Alpex Solar Ltd plans to double its PV module production capacity to 2.4 GW by FY 2026. The expansion will occur at the company’s new greenfield project in Kosi Kotwan, Mathura, Uttar Pradesh, where they plan to establish a solar cell production line.
• The ongoing expansion of solar PV modules, aimed to reach 1.2 GW, is progressing, with 900 MW already completed. The remaining 300 MW will be installed within three months, achieving the 1.2 GW target by Q3 FY 2025.

Tata Power’s 2 GW Solar Cell Line Begins Operations at Tirunelveli Facility

• TP Solar Ltd., a Tata Power Renewable Energy Ltd. subsidiary, has started commercial production from its 2 GW solar cell line at the Tirunelveli facility in Tamil Nadu. This facility, India’s largest single-location solar cell and module plant, supports the country’s clean energy goals by reducing reliance on imports.
• With a total capacity of 4.3 GW, the plant has already produced 1,250 MW of solar modules. The production is expected to increase further, reaching 2 GW for cells in the coming months.

Gautam Solar invests INR 1000 crore to set up a 2 GW Solar cell manufacturing facility

• Gautam Solar plans to set up a 2 GW PV cell manufacturing plant with an investment of INR 1,000 crore, aligning with India’s guidelines for ALMM inclusion.
• The facility will help meet the growing demand for DCR panels, which are essential for government-subsidized projects requiring local components.

Insolation Energy breaks ground on new INR 400 crore manufacturing plant in Jaipur

• Insolation Energy (INA Solar) has announced the groundbreaking of its new manufacturing facility in Sawarda, Jaipur, on the Delhi-Ajmer Expressway. The INR 400 crore investment will expand the company’s production capacity, pushing its total solar module capacity to nearly 5 GW, a significant leap from its 500 MW capacity in 2022.
• The state-of-the-art facility, covering 109,000 square meters, will produce 3 GW of N-TYPE/TOPCON solar panels and 12,000 metric tons of aluminium frames annually.

Surya International Enterprise invests INR 80 Crore in Solar Module Manufacturing in Odisha

• Odisha-based Surya International Enterprise is set to invest INR 80 crore in manufacturing solar modules and energy storage batteries in Khurdha. The project is expected to generate 769 jobs, boosting the local economy.
• Surya International operates in clean water and renewable energy sectors, further contributing to India’s sustainable development goals. This investment strengthens Odisha’s renewable energy infrastructure while supporting job creation and technological advancement.

Green Hydrogen

Kochi Green Hydrogen Valley Project to require INR 18,542 crore in investments

• Kerala’s Kochi Green Hydrogen Valley project is expected to see total capex investments of INR 18,542 crore, with INR 4,166 crore allocated for electrolyser and ammonia plants and INR 12,687 crore for renewable energy (RE). Additional investments include INR 669 crore for pilot phases and INR 5,130 crore for scale-up, excluding renewable energy costs.
• The project will require INR 731 crore in government funding for infrastructure and assessments. A green hydrogen subsidy between INR 1,055 and INR 2,908 crore will be needed to bridge the viability gap in phase-II and phase-III.

Hygenco Green Energies secures funding for green ammonia project in Odisha

• Hygenco Green Energies has signed a Memorandum of Understanding (MoU) with REC Ltd. to fund its green ammonia project in Gopalpur, Odisha.
• Under the MoU, REC will fund up to $280 million for the project whereas, Hygenco plans to invest around $2.5 billion in green hydrogen and ammonia projects across India over the next few years.
• The company recently commissioned India’s first commercial green hydrogen plant in Hisar, Haryana, and has signed long-term green hydrogen offtake agreements with companies like Jindal Stainless and Sterlite Technologies.

Uttar Pradesh aims for 1 MMT Green Hydrogen capacity by 2029

• Uttar Pradesh targets a green hydrogen and green ammonia production capacity of 1 million metric tonnes (MMT) annually by 2029. The state has received investment proposals worth INR 1.15 lakh crore ($13.7 billion) from 17 entities.
• Trafalgar Square Capital plans a 10,000-tonne-per-annum green hydrogen facility near Lucknow, while Welspun Group will invest INR 40,000 crore in Bulandshahr for green hydrogen and ammonia. Additionally, Hygenco Green Energies intends to build a 0.2 million-tonne green hydrogen plant in Prayagraj with an investment of INR 16,000 crore.

Adani companies form a strategic cluster for green hydrogen production

• Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, and Ambuja Cements Ltd have joined the World Economic Forum’s ‘Transitioning Industrial Clusters’ initiative, creating the Adani Mundra Cluster. This collaboration aims to enhance economic growth, generate employment, and accelerate decarbonization efforts by 2050.
• The cluster is expected to become one of the largest integrated green hydrogen hubs globally, with an initial production target of 1 Million Metric Tonnes Per Annum by 2030, increasing to 3 MMTPA by 2040. It will include a comprehensive value chain with solar modules, wind turbines, electrolyser manufacturing, and robust port infrastructure.

Hygenco Green Energies released RE tender for supporting the Green Ammonia project

• Hygenco Green Energies has invited bids for 1,125 MW of renewable energy to support its green ammonia project, the largest such tender in India. The company seeks 625 MW from solar and 500 MW from wind power, offering favorable terms to attract developers.
• Green ammonia, produced using renewable energy, is key to the energy transition, with the global market projected to reach $17.9 billion by 2030.

Storage

Himachal Pradesh Ventures into Pumped Storage Projects to Boost Renewable Energy Stability

• Himachal Pradesh has entered the advanced domain of Pumped Storage Projects (PSPs), recognized for their reliability in balancing power supply from renewable sources like solar and wind energy. The government approved the allocation of the first two projects, the 1,630 MW Renukaji Pump Storage Project in Sirmaur district and the 270 MW Thana Plaun Pump Storage Project in Mandi district, to Himachal Pradesh Power Corporation Ltd. (HPPCL).
• Additionally, SJVNL has identified four pumped storage projects with a total capacity of 2,570 MW, while BBMB has identified eight projects with a combined capacity of 13,103 MW. NTPC Limited has identified two projects totaling 2,400 MW, and the private sector has seven projects with a capacity of 2,074 MW.

Other Market Updates

IEX trade volume increases by nearly 36% to 12,040 million units in August 2024

• Indian Energy Exchange (IEX) total trade volume rose 35.8% year-on-year to 12,040 million units (MU) in August this year.
• The electricity volume increased 17.1% year-on-year to 9,914 MU in August.
• The Green Day-Ahead Market (G-DAM) achieved 849.3 MU volume during August 2024 with a weighted average price of INR 3.69 per unit compared to 159.7 MU in August 2023, a rise of 431.8%.
• The Green Term-Ahead Market (G-TAM) achieved 21.7 MU volume in August 2024, with an average monthly price of non-solar INR 7.89 /unit.

Engineers India Ltd. to enter offshore wind energy sector in India

• Engineers India Ltd. (EIL) is set to enter the offshore wind energy sector and is in discussions with green power developers to design and develop offshore wind structures. The company has revived its offshore division and expects to take on several projects next year.
• With extensive experience in offshore oil and gas projects, including Mumbai High, EIL aims to leverage its expertise to expand into offshore wind as part of its broader green energy strategy.

UPNEDA invites bids for solarization of 10,000 Agricultural pumps in Uttar Pradesh

• The Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA) has issued a tender for the supply, installation, testing, and commissioning of distributed grid-connected solar PV systems to solarize 10,000 agricultural pumps under Component C-1 of the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabiyan (PM-KUSUM) scheme.
• The deadline for bid submission is September 23, 2024.

Green energy projects of around 30 GW on hold as industry waits for uniform tariffs

• At a time of growing green energy ambitions, nearly 30 GW of renewable energy has not found any buyers, as the industry awaits uniform tariffs and better grid connectivity.
• At least 15 GW of capacity has not yet found power purchase agreements (PPAs), while at least 14 GW is awaiting power supply agreements (PSAs). The power buyers are companies such as SECI, NTPC Ltd or SJVN Ltd.
• Older renewable projects, mostly solar, have had a harder time finding buyers. For projects that have come up in the last year, deals have largely been signed.

Karnataka’s rooftop solar capacity surpasses 600 MW with recent surge

• Karnataka has seen significant growth in rooftop solar installations over the past two years. Karnataka Renewable Energy Development Limited (KREDL) data reveals that 172.14 MW of rooftop solar projects were installed between March 2023 and July 2024.
• This momentum pushed the state’s total rooftop solar capacity beyond 600 MW. Over 50 MW of new installations occurred between April and July this year, further boosting the state’s renewable energy landscape.

Premier Energies wins INR 215 crore order for 8,085 solar water pumping systems under PM KUSUM scheme

• Premier Energies has received an INR 215 crore order from the Uttar Pradesh Department of Agriculture under the PM KUSUM scheme. The Hyderabad-based company will supply, install, and commission 8,085 solar water pumping systems across various districts in the state, with a comprehensive 5-year warranty.
• This project, part of Component-B of the PM-KUSUM Scheme, is set to be completed by March 2025. It aims to enhance agricultural sustainability and support farmers by providing reliable solar-powered irrigation solutions.

PEDA invites applications for 20,000 solar pumps under the PM-KUSUM program

• Punjab Energy Development Authority (PEDA) has opened applications for the installation of 20,000 surface and submersible solar pumps under the PM-KUSUM program across 37 blocks. The deadline for submission is September 30, 2024.
• Of the total, 2,000 pumps are reserved for Scheduled Caste farmers, and 3,000 for gram panchayats’ common land, with 80% and 60% subsidies for these groups, respectively.

India’s Renewable Energy Surge Drives Record Green Energy Trading Volumes

• India’s push toward renewable energy is reshaping its energy market, with the Indian Energy Exchange (IEX) reporting a 36% increase in trading volumes for August 2024. The trading of Renewable Energy Certificates (RECs) has surged by 737% year-on-year, highlighting the country’s commitment to cleaner energy as it aims for 500 GW of non-fossil fuel capacity by 2030.
• The IEX’s Real-Time Market (RTM) and Green Day Ahead Market (GDAM) have also seen significant increases, with a 28% and 423% rise, respectively. These trends underscore the growing role of green energy in India’s energy mix, driven by both government policies and market demand.

Polysilicon prices expected to rise as producers cut capacity

• Polysilicon prices, a critical component for solar panels, are projected to rise through the end of 2024 as producers reduce capacity, according to the China Silicon Industry Association. Seasonal factors, including an October holiday and increasing power costs due to reduced hydropower, are driving production cuts.
• Chinese polysilicon prices have dropped 85% since mid-2022 due to an oversupply driven by excessive factory expansions. Still, a modest recovery began in late July as producers, including Daqo New Energy Corp., reduced output following significant financial losses. China’s solar manufacturing industry is consolidating as the supply glut has pressured prices across the entire solar supply chain, benefiting clean energy deployment but causing financial strain on producers.

Sustainiam collaborates with Brookfield for Carbon Credit Generation

• Sustainiam has partnered with Brookfield Asset Management to onboard 400 MW of renewable assets for carbon credit generation. The portfolio, consisting mainly of wind projects across Gujarat, Tamil Nadu, Karnataka, and Rajasthan, will be registered for International Renewable Energy Certificates (I-REC) or carbon credits.
• Sustainiam will assess green energy practices at these assets and facilitate the issuance and trading of carbon credits through its in-house exchange. This agreement marks a significant step in the growing global market for carbon credits, aiming to support decarbonization efforts.

Adani Green Energy Joins Utilities for Net Zero Alliance (UNEZA)

• Adani Green Energy Ltd (AGEL) has become the first Indian renewable energy company to join the Utilities for Net Zero Alliance (UNEZA), marking a significant international collaboration. Through UNEZA, AGEL will focus on expanding clean energy, improving energy security, and enhancing energy efficiency.
• The company, aiming for Net Zero by 2050, plans to expand its renewable energy portfolio from 11.2 GW to 50 GW by 2030. AGEL is also developing the world’s largest renewable energy plant with a 30 GW capacity in Khavda, Gujarat, covering 538 sq km. It is the largest power plant globally across all energy sources.

Ambuja Cements Joins Global Alliance for Industry Decarbonization, Commits INR 100 Billion to Renewable Energy

• Ambuja Cements Limited, part of the Adani Portfolio, has become the first cement manufacturer globally to join the Alliance for Industry Decarbonization (AFID). This membership aligns with the company’s commitment to achieving Net Zero by 2050, with targets validated by the Science Based Targets initiative (SBTi).
• To support its sustainability goals, Ambuja Cements has announced an INR 100 billion investment in renewable energy projects, including a 1 GW capacity and 376 MW from a Waste Heat Recovery System (WHRS). By FY2028, 60% of the company’s expanded capacity will be powered by green energy.

Hartek Group Surpasses 10 GW Capacity Milestone in Renewable Energy

• Hartek Group has reached a significant milestone by surpassing a combined capacity of 10 GW across its business units. The company, known for its expertise in Engineering, Procurement, and Construction (EPC), plays a crucial role in strengthening India’s grid infrastructure and accelerating the shift to renewable energy.
• Hartek’s Solar EPC division provides turnkey solutions for ground-mounted and rooftop solar projects and is ranked among India’s top four rooftop solar providers. Recent achievements include a 300 MW solar EPC project worth ₹500 crore and a 10 MW rooftop solar installation for commercial and industrial (C&I) customers.

Gujarat Leads India’s Solar Power Surge, Setting the Pace for Renewable Energy Growth

• Gujarat is at the forefront of India’s renewable energy revolution, significantly contributing to the national target of 500 GW of renewable energy by 2030. With an installed capacity of over 28 GW in renewables, including 14.5 GW of solar power, the state leads in residential solar rooftop installations.
• Charanka Solar Park, spread over 5,000 acres in Patan, has positioned Gujarat as a leader in solar energy production, offering employment and setting a benchmark for public-private partnerships. Gujarat’s 2023 RE policy, with provisions for wind and hybrid projects, further strengthens its role in India’s green energy future.

Coal India forms Joint Venture for renewable energy business expansion in Rajasthan

• Coal India has entered into a joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) to undertake renewable energy business in Rajasthan.
• Coal India will have a 74% shareholding in the joint venture, while RRVUNL will have the remaining 26%.
• The joint venture company will be incorporated as a private limited company with an initial paid-up share capital of Rs 10,00,000.

India sets an INR 9.15 lakh crore blueprint for the power sector to meet 458 GW demand by 2032

• The Ministry of Power has rolled out a comprehensive plan worth INR 9.15 lakh crore to amplify the nation’s power grid and enhance energy security.
• The National Electricity Plan 2023 to 2032 outlines an ambitious framework to scale India’s transmission network and capacity to meet a projected peak demand of 458 GW by 2032.
• The new electricity plan incorporates emerging technologies like renewable energy and green hydrogen into our grid.

GUVNL offers financing support for developers winning RE bids

• Gujarat Urja Vikas Nigam Ltd (GUVNL) has introduced a green financing fund at the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST). This fund, created in collaboration with sovereign wealth funds, green funds, and multilateral agencies, will provide direct financial resources to developers winning GUVNL’s renewable energy bids.
• Gujarat aims to install 100 GW of renewable energy (RE) by 2030. A tripartite agreement between GUVNL, the fund, and the project developer, structured around an escrow account,   will ensure that payments for energy supplied to GUVNL flow into the account. This setup will help developers secure loan repayments and provide assurance to investors.

India’s wind & solar generation needs to grow 5 to 6 times by 2030 to align with the 1.5 degrees C goal

• India’s wind and solar generation must increase 5 to 6 times by 2030 to reach 900-1200 TWh, according to a new report. Without this growth, India will fall short of the capacity needed in 2030, with a projected deficit of about 140 GW of solar and 70 GW of wind. This goal aligns with the Paris Agreement’s target of limiting global warming to 1.5°C above pre-industrial levels.
• To meet the 1.5°C target, fossil fuels must be phased out of the Indian power sector before 2045, requiring a 20-44% reduction in fossil fuel generation from 2022 to 2030. India aims to reduce emissions intensity by 45% below 2005 levels by 2030 and has pledged to achieve net zero by 2070.
• The country’s renewable energy targets include 319 GW of solar and 110 GW of wind by 2030, as stated in the Indian National Electricity Plan 2022. Current projections suggest solar capacity will reach 238 GW by 2028, up from 83 GW in 2022, while wind capacity is expected to rise to 69 GW from 42 GW in the same period.
• The report emphasizes that developing countries cannot meet their renewable energy goals without addressing climate finance, which is crucial for facilitating the clean energy transition.

Cabinet approves INR 12,461 crore for hydroelectric projects infrastructure (FY 2024-25 to FY 2031-32)

• The Union Cabinet has approved the Ministry of Power’s proposal to modify the budgetary support scheme for enabling infrastructure for Hydro Electric Projects (HEP), with a total outlay of INR 12,461 crore. This scheme will run from FY 2024-25 to FY 2031-32. To address challenges like remote locations and lack of infrastructure, the government introduced several measures in 2019, including declaring large hydro projects as renewable energy and offering support for infrastructure like roads and bridges.
• Key modifications include expanding the support to cover transmission lines, ropeways, railway sidings, and communication infrastructure. The scheme will support projects over 25 MW, including the private sector and Pumped Storage Projects (PSPs) with a total capacity of about 31,350 MW.
• Budgetary support is set at INR 1 crore/MW for projects up to 200 MW and INR 200 crore plus INR 0.75 crore per MW for larger projects, with a cap of INR 1.5 crore/MW in exceptional cases. 

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