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PM Surya Ghar: Streamlining Rooftop Solar Installations With New Guidelines For Discoms
The Indian government approved the PM Surya Ghar: Muft Bijli Yojana, targeting rooftop solar installations for one crore households by 2026-27. Recent changes to the Electricity Rules waive technical feasibility studies and simplify the process for systems up to 10 kW. DISCOMs must complete connections within 15 days, streamline fee collection, and prioritize smart meter installations. Digital agreements and meter availability are also emphasized. Compliance reports are due to the Ministry by September 29, 2024, to ensure timely implementation.
Waaree Energies Receives SEBI Approval for ?3,000 Crore IPO; Plans Major Expansion in Odisha
Waaree Energies, India’s largest solar photovoltaic (PV) module manufacturer, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The company filed for the public issue on December 29, 2023, and received SEBI’s observation letter on September 19, 2024, marking a significant step forward in its capital-raising plans. The IPO will consist of a fresh issue of equity shares worth ?3,000 crore and an offer-for-sale (OFS) of up to 3.2 million equity shares.
Tata Power Renewable Energy Secures 200-MW Hybrid Renewable Energy Project in Maharashtra
Tata Power Renewable Energy has announced the acquisition of a Letter of Award (LoA) to develop a 200-MW hybrid renewable energy project in Maharashtra, India, for a local government-owned power distributor. The project was awarded by the Maharashtra State Electricity Distribution Company Limited (MSEDCL) through a competitive bidding process. The original order is for a 200-MW hybrid renewable energy project, with a greenshoe option that allows for an additional contracted capacity of 200 MW.
Sustainiam and Brookfield Onboard 400 MW Renewable Assets in India for I-REC Trading
Sustainiam, a climate tech startup specializing in carbon management solutions, has successfully onboarded a substantial portfolio of 400 MW of renewable assets from Brookfield, a global leader in renewable energy. This collaboration focuses on the registration, issuance, and trading of International Renewable Energy Certificates (I-REC), primarily consisting of wind assets, showcasing Brookfield’s commitment to expanding its renewable energy capabilities in India and beyond. The 400 MW portfolio is currently being processed for I-REC registration through Sustainiam’s trading platform.
NHPC Invites Bids For 1,200 MW Solar Projects With Energy Storage To Boost Renewable Power In India
NHPC Limited has issued a tender for 1,200 MW of grid-connected solar PV projects with a 600 MW/1,200 MWh Energy Storage System (ESS), aimed at increasing renewable energy production in India. Bidders must include an ESS for every 1 MW of solar capacity. The projects will operate on a Build-Own-Operate (BOO) basis with 25-year Power Purchase Agreements (PPAs). Bids, open to both Indian and foreign companies, will be evaluated via technical assessments and reverse auctions. The tender aligns with India’s renewable energy goals.
Amritsar Government Buildings Transition to Solar Energy Under Smart City Initiative
The Punjab Energy Development Authority (PEDA) has taken a significant step towards renewable energy by installing solar energy plants in 15 government buildings across Amritsar. This initiative, part of the Smart City project, aims to reduce reliance on costly conventional power and promote the use of solar energy. As electricity tariffs continue to rise, the shift to solar power has become increasingly crucial. PEDA is setting an example by equipping government facilities with solar installations and encouraging broader adoption of cleaner energy sources.
BEST Secures 125 MW Power Supply For Mumbai At ?5.60/kWh
Brihanmumbai Electric Supply and Transport (BEST) sought approval for a Power Purchase Agreement (PPA) to procure 125 MW of power over seven years through competitive bidding. The move followed the expiration of existing agreements, with the winning bid offering power at ?5.60/kWh, significantly lower than the current rate of ?7.17-?8.11/kWh. The deal is expected to save BEST around ?569 crore. With a new 400 kV transmission line, power import constraints were resolved, and the PPA was approved.
GERC Sets Additional Surcharge At ?0.93/kWh For Open Access Consumers From October 2024 To March 2025
The Gujarat Electricity Regulatory Commission (GERC) has introduced an additional surcharge of ?0.93 per kWh for consumers using open access to buy electricity from sources other than state-owned distribution companies. Effective from October 1, 2024, to March 31, 2025, the surcharge covers the fixed costs of maintaining generation capacity that becomes stranded when consumers shift to open-access energy sources. Based on data from Gujarat Urja Vikas Nigam Limited (GUVNL), the surcharge ensures that the financial burden is shared by open-access users, protecting state distribution companies from the entire cost.
NTPC Secures Tariff Adoption For 1,500 MW Solar Projects At ?2.60-?2.65/kWh After Competitive Bidding
NTPC filed a petition seeking approval for tariffs for 1,500 MW of solar power projects, awarded through competitive bidding. The projects, with tariffs between ?2.60/kWh and ?2.65/kWh, were awarded to Anboto Solar, Apraava Energy, Avaada Energy, and ReNew Solar. The regulatory commission reviewed and approved the tariffs, conditional upon NTPC finalizing agreements for the remaining 1,200 MW. NTPC also requested a trading margin of ?0.07/kWh, which was approved, subject to financial obligations. The commission’s decision ensures adherence to bidding guidelines and transparency.
Henkel India Teams Up with CleanMax to Boost Solar Power and Achieve Significant CO2 Reductions
Henkel Adhesives Technologies India Private Limited (Henkel India) has entered into a partnership with CleanMax, a Brookfield-backed company, to reduce absolute emissions in its operations. This collaboration is expected to significantly boost solar power utilization, resulting in additional annual CO2 savings of over 4,500 tonnes at Henkel’s manufacturing sites in Kurkumbh and Thane, equivalent to planting approximately 300,000 trees each year.
Solar91 Cleantech Files for ?100 Crore IPO to Drive Expansion and Strengthen Market Presence
Solar91 Cleantech, a Jaipur-based solar energy solutions provider, has filed for an Initial Public Offering (IPO) with the Bombay Stock Exchange’s SME platform. The company plans to raise approximately ?100 crore by issuing 54.36 lakh fresh shares at a face value of ?10 each through a book-building process. The funds raised through the IPO will be used primarily for the development of independent power producer (IPP) projects and to meet working capital requirements.
Zelestra Secures €132 Million Financing for 435 MW Solar Plant in India
Zelestra, a global renewable energy company, has successfully secured a €132 million project financing package for its Gorbea solar photovoltaic plant in Rajasthan, India. The financing deal, denominated in Indian Rupees (INR), was arranged with major international banks, including HSBC, Credit Agricole, MUFG, and Bank of America. This facility qualifies as green financing under Zelestra’s Green Financing Framework, adhering to the Green Loan Principles established by the Loan Market Association. The Gorbea solar plant, with a total installed capacity of 435 MW, is expected to generate enough energy to power over 128,000 Indian households annually.
Fourth Partner Energy Raises $275 Million in Equity from IFC, ADB, and DEG Consortium
India’s leading renewable energy solutions provider, Fourth Partner Energy (FPEL), has secured a $275 million equity investment from global impact investors, including the International Finance Corporation (IFC), the Asian Development Bank (ADB), and Germany’s DEG. The funds will support FPEL’s ambitious expansion plans, targeting a portfolio of 3.5 GW of renewable energy assets by 2026. With an installed base of 1.5 GW of green assets, FPEL is set to commission the first phase of its 575 MW wind-solar hybrid project in Karnataka later this quarter. |
