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Goldman Sachs Alternatives Invests $440 Million in BrightNight

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					</table><a href="https://pacepowersystems.com/" target="_blank" rel="noopener">Pace Digitek</a>, Hero Solar Energy (<a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">Hero Future Energies</a>), <a href="https://www.acmesolar.in/" target="_blank" rel="noopener">ACME Solar Holdings</a>, and JSW Neo Energy (<a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a>) were declared winners in Solar Energy Corporation of India’s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) auction to set up 1,200 MW Inter-State Transmission System (ISTS)-connected solar power projects with 600 MW/1,200 MWh energy storage systems (ESS) anywhere in India under Tranche XV.
Pace Digitek was awarded 100 MW at a tariff of ₹3.41 (~$0.0408)/ kWh. Hero Solar and ACME Solar quoted ₹3.42 (~$0.0410)/kWh to win 250 MW and 350 MW, respectively.
JSW Neo won 500 MW out of the quoted capacity of 600 MW at a tariff of ₹3.42 (~$0.0410)/kWh under the bucket-filling method.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1.2-GW-Solar-With-Storage-Projects-Tranche-XV-Auction-Result.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-68105 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1.2-GW-Solar-With-Storage-Projects-Tranche-XV-Auction-Result.png" alt="SECI's 1.2 GW Solar With Storage Projects (Tranche-XV) Auction Result" width="782" height="296" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1.2-GW-Solar-With-Storage-Projects-Tranche-XV-Auction-Result.png 782w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1.2-GW-Solar-With-Storage-Projects-Tranche-XV-Auction-Result-300x114.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1.2-GW-Solar-With-Storage-Projects-Tranche-XV-Auction-Result-768x291.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1.2-GW-Solar-With-Storage-Projects-Tranche-XV-Auction-Result-650x246.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1.2-GW-Solar-With-Storage-Projects-Tranche-XV-Auction-Result-624x236.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/SECIs-1.2-GW-Solar-With-Storage-Projects-Tranche-XV-Auction-Result-600x227.png 600w" sizes="(max-width: 782px) 100vw, 782px" /></a>
The tender was <a href="https://www.mercomindia.com/seci-solar-projects-storage/" target="_blank" rel="noopener">floated</a> in March this year.
SECI will enter into a power purchase agreement (PPA) with the successful bidders to purchase solar power for 25 years.
The selected bidders must set up the projects on a build-own-operate basis and commission them within 24 months of the effective PPA signing date.
They must set up ISTS-connected solar power projects with ESS, including the transmission network up to the interconnection or delivery point, to supply solar power to SECI at their own cost.
Further, ESS of at least 0.5 MW/1 MW of project capacity should be installed as part of the project. It should be designed for interconnection with the ISTS/InSTS by the prevailing regulations.
All approvals, permits, and clearances required for setting up the project and/or transmission network, including those needed from the state government and local bodies, will be within the developers’ scope. They will be responsible for identifying land, installation, and project ownership and obtaining connectivity and necessary approvals and interconnections with the ISTS network.
The stated or adjusted annual Capacity Utilization factor (CUF) cannot be less than 17%. The developer must maintain generation to achieve annual CUF within + 10% and -15% of the declared value till the end of ten years.
Only modules from the Ministry of New and Renewable Energy’s Approved List for Models and Manufacturers must be used.
Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of the tender activity in real-time.

Pace, Hero, ACME, JSW Win SECI’s 1.2 GW Solar Plus Storage Auction

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					</table><a href="https://www.acme.in/" target="_blank" rel="noopener">ACME Cleantech Solutions</a>, <a href="https://www.junipergreenenergy.com/" target="_blank" rel="noopener">Juniper Green Energy</a>, <a href="https://www.tatapowerrenewables.com/" target="_blank" rel="noopener">Tata Power Renewable Energy</a>, Solarcraft Power India (<a href="https://blupineenergy.com/" target="_blank" rel="noopener">Blupine</a>), TEQ Green Power XVI (<a href="https://www.o2power.in/" target="_blank" rel="noopener">O2 Power</a>), <a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">Hero Solar Energy</a>, and <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew Solar Power</a> have won <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a>’s auction to supply 1,500 MW of power from interstate transmission system (ISTS)-connected renewable energy projects with energy storage across India.
ACME (250 MW), Juniper (200 MW), and Tata (200 MW) won their quoted capacities at a tariff of ₹4.38 (~$0.0526)/kWh.
The rest of the winners, ReNew (184 MW), Solarcraft (150 MW), Hero (120 MW), and TEQ (80 MW), quoted ₹4.39 (~$0.0527)/kWh.
ReNew had bid for 300 MW but was awarded 184 MW under the bucket-filling method.
The reverse auction discovered the opening L1 tariff of ₹4.55 (~$0.0546)/kWh.
SJVN awarded only 1.18 GW of the tendered 1.5 GW capacity.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/SJVN-1500-MW-of-Renewable-with-Storage-Auction-Results.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-60166 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/SJVN-1500-MW-of-Renewable-with-Storage-Auction-Results.png" alt="SJVN 1,500 MW of Renewable with Storage Auction Results" width="722" height="356" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/SJVN-1500-MW-of-Renewable-with-Storage-Auction-Results.png 722w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/SJVN-1500-MW-of-Renewable-with-Storage-Auction-Results-300x148.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/SJVN-1500-MW-of-Renewable-with-Storage-Auction-Results-650x320.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/SJVN-1500-MW-of-Renewable-with-Storage-Auction-Results-624x308.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/SJVN-1500-MW-of-Renewable-with-Storage-Auction-Results-600x296.png 600w" sizes="(max-width: 722px) 100vw, 722px" /></a>
SJVN <a href="https://www.mercomindia.com/sjvn-bids-1-5-gw-renewable-energy-storage" target="_blank" rel="noopener">floated</a> the tender for the projects in June this year.
The tender mandated that projects must be developed on a build, own, and operate basis. Developers who had already commissioned renewable energy or storage projects or were constructing such projects with untied capacity were also allowed to bid.
The selected developers will also be responsible for getting the ISTS connectivity at their own cost, in line with applicable regulations.
SJVN has mandated only wind turbine models listed in the Revised List of Models and Manufacturers and solar modules registered in the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy must be deployed.
The declared annual capacity utilization factor (CUF) should, in no case, be less than 40%. The developer should maintain generation to achieve annual CUF within + 10% and -15% of the declared value until the end of the power purchase agreement duration of 25 years.
According to Mercom India Research, solar auctions <a href="https://www.mercomindia.com/solar-auctions-up-86-tenders-rise-5-yoy-q3-2023" target="_blank" rel="noopener">increased</a> 86% year-over-year (YoY) in the third quarter of 2023, and tender activity saw a 7% YoY increase.
Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender and auction activity.

ACME, Juniper and Tata Power Among Winners of SJVN’s 1.5 GW Renewable Auction

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					</table>Mercom India announced the awards under eleven categories at the ‘<a href="https://www.mercomindia.com/event/renewables-summit-2023" target="_blank" rel="noopener">Mercom India Renewables Summit 2023</a>, held on April 26, 2023, recognizing the exceptional work of the organizations contributing to India’s clean energy industry and helping drive the country forward in its energy transition.
The awards highlighted the remarkable achievements of organizations and individuals who have helped accelerate India’s environmental goals and grow local economies through innovation, leadership, and the advancement of renewable energy across the country.
The awards focused on each project&#8217;s uniqueness, challenges, and complexities and their economic, environmental, and social impact.
<a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power</a> was declared the winner in the best large-scale solar project category for its 300 MW solar plant in Dholera, Gujarat, India. The project was completed on time, even in the face of unpredictable weather conditions during construction. In addition, the operation and maintenance (O&amp;M) team overcame maintenance challenges by uplifting 1,600 km of cables to avoid groundwater contact, which aided the project&#8217;s progress. The plant uses a single-axis solar tracker system and generates 774 MU annually while reducing carbon emissions by 704,340 MT annually.
<a href="https://www.fourthpartner.co/" target="_blank" rel="noopener">Fourth Partner Energy</a> was declared the winner in the best C&amp;I Project (Rooftop) category for its 9.552 MW solar installation on five sheds at Hyundai&#8217;s car manufacturing plant in Tamil Nadu. The project managed to integrate with the plant’s operations seamlessly. It overcame coordination and technical and logistical challenges, especially during the rainy season, and utilized non-penetrative technology for all sheds to prevent water leakage. Despite limited work hours due to minimal disruption to plant operations, the installation was completed on time during the COVID-19 pandemic. The project exemplifies the potential of rooftop solar installations in the industrial sector.
<a href="https://www.amp.energy/" target="_blank" rel="noopener">Amp Energy India</a> was declared the winner of the Best C&amp;I (Ground-Mount) category for its back-to-back solar open-access projects in Maharashtra. The 45 MW solar open-access project by the company is spread across 131 acres of land in Osmanabad, Solapur district, and serves three commercial and industrial (C&amp;I) customers in the state, including <a href="https://www.cipla.com/home" target="_blank" rel="noopener">Cipla</a>, <a href="https://jubilantingrevia.com/" target="_blank" rel="noopener">Jubiliant Ingrevia</a>, and <a href="https://www.eternis.com/" target="_blank" rel="noopener">Eternis Chemicals</a>. The project helps these consumers save around 30% on energy costs while meeting 50-65% of their energy requirements. Despite the challenges posed by the pandemic, the project was completed within a record time of five months and ahead of schedule.
Gujarat Power Corporation (<a href="https://gpcl.gujarat.gov.in/" target="_blank" rel="noopener">GPCL</a>) won the Best Residential Project award for its &#8220;Expansion of Solarisation of Modhera Sun Temple and Town&#8221; project. The innovative project aims to convert Modhera into an energy-resilient and sustainable community through grid-integrated solar power, including installing 1,075 residential solar rooftop systems, each with a capacity of 1 kW. The successful completion of this project has increased footfall to Modhera and serves as a benchmark for clean energy sustainability, innovation, and demand-side management in rural areas.
Oorja Development Solutions India (<a href="https://www.oorjasolutions.org/" target="_blank" rel="noopener">Oorja</a>) has been awarded the Best Off-grid Project for its innovative Pay-Per-Use Irrigation services for smallholder farmers. This pioneering project aims to help small and marginal farmers in India transition from fossil fuels to affordable and reliable solar-powered irrigation, milling, and cooling services. The unique “Irrigation-as-a-Service” enables farmers to transition from diesel-based pumping to affordable and reliable solar irrigation. Oorja&#8217;s tariffs are set to be 20-40% cheaper than the running cost of diesel groundwater pumping, making access to affordable irrigation possible for smallholder farmers year-round. This project is a game-changer for small farmers, helping them improve their yields and profitability while reducing their carbon footprint.
<a href="https://www.cleanmax.com/" target="_blank" rel="noopener">CleanMax Enviro</a>, the Best Hybrid Project award winner, has installed a 151 MW wind-solar hybrid plant in two phases. The project was commissioned in 2021 and 2022 with an installed capacity of 70 MW and 81 MW, respectively. The group captive model is the prominent open-access procurement model in the CleanMax WSH Jagalur plant. The wind and solar power pooling substation is located near the government substation, saving transmission infrastructure costs. The project was handled in-house, focusing on safety and synchronization across teams.
<a href="https://www.ntpc.co.in/" target="_blank" rel="noopener">NTPC</a> has won the award for Best Engineered Project for its 101.6 MW floating solar power project located in Kayamkulam, Kerala. The project utilizes the unused area of a 350-acre water body and generates 167,150 MWh of energy annually while reducing carbon emissions by 1,42,077 tons annually. The project faced many challenges, such as underwater dredging of soil strata, heavy monsoons, and transportation of power cables. However, the team overcame them with innovative solutions such as designing hydrodynamic floats and using cast pile foundations for support.
<a href="https://www.renewsysworld.com/" target="_blank" rel="noopener">RenewSys</a> has won the Best Innovation &#8211; Product award for its RenewSys Transparent Backsheet. This specialized solar polymer maximizes the passing of reflected sunlight to solar cells while protecting them from contaminants that can compromise panel performance. It allows manufacturers to seamlessly switch between mono and bi-facial orders and deliver bi-facial modules at a competitive cost. The product complies with the accelerated UV aging test and is India&#8217;s first and only Transparent Backsheet qualifying for the Super Ultra-Violet test. RenewSys developed a robust multi-layer film by combining formulation and processing techniques to deliver performance with competitive economies.
<a href="https://www.serenticaglobal.com/" target="_blank" rel="noopener">Serentica Renewables </a>has won the Deal of the Year (Strategic) award for its $400 million investment deal with KKR, a global investment firm. The investment is one of the largest decarbonization investments made in India to date and will aid Serentica Renewables in its efforts to provide clean energy solutions for energy-intensive, hard-to-abate industrial sectors. The investment will help the company to build 1.5 GW of capacity and achieve its goal of generating 5 GW within three years.
<a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a> Green Energy has won the Deal of the Year (Financial) award. The company secured a loan of ₹44.45 billion (~$542.9 million) from the Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) to develop a 1 GW solar project in Bikaner, Rajasthan. The project has an estimated energy output of 2,454 MUs per year and is expected to be commissioned by March 2024.
<a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">Hero Future Energies</a> has won this year’s newly launched Energy Transition award. The company is one of India’s leading renewable energy companies and has a portfolio of over 5 GW of installed wind and solar projects across the country. The company aims to achieve 10 GW of installed capacity by 2025 and has been expanding its operations within India and internationally. The Energy Transition Award recognized Hero Future Energies’ contribution to India’s transition to a low-carbon economy and its efforts to promote sustainable development.

Mercom Announces Winners of Its Flagship 2023 Renewable Industry Awards

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					</table><a href="https://www.amp.energy/" target="_blank" rel="noopener">Amp Energy India</a>, <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew</a> Vikram Shakti, <a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">Hero Future Energies</a>, and <a href="https://acmecleantech.in/" target="_blank" rel="noopener">ACME Cleantech Solutions</a> have won the Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>)’s auction for developing 1,200 MW of the interstate transmission system (ISTS)-connected wind-solar hybrid power projects (Tranche-VI) with energy storage and assured peak power supply across India.
ReNew Vikram Shakti won the largest capacity of 600 MW by quoting ₹4.69 (~$0.05)/kWh, ACME Solar followed with a capacity of 380 MW at ₹4.73 (~$0.05)/ kWh, while Hero won 120 MW at a tariff of ₹4.72 (~$0.05)/ kWh. Amp Energy India won 100 MW by quoting the lowest tariff of all other winners at ₹4.64 (~$0.05)/ kWh.
<img loading="lazy" decoding="async" class="aligncenter wp-image-52551 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Final-Screenshot-2023-04-12-175010.png" alt="" width="770" height="292" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Final-Screenshot-2023-04-12-175010.png 770w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Final-Screenshot-2023-04-12-175010-300x114.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Final-Screenshot-2023-04-12-175010-768x291.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Final-Screenshot-2023-04-12-175010-650x246.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Final-Screenshot-2023-04-12-175010-624x237.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Final-Screenshot-2023-04-12-175010-600x228.png 600w" sizes="(max-width: 770px) 100vw, 770px" />
The tender was <a href="https://www.mercomindia.com/seci-floats-tender-for-ists-connected-wind-solar-hybrid-projects" target="_blank" rel="noopener">floated</a> in November last year.
As a part of the project, it is compulsory to install an energy storage system with a minimum capacity of 100 MWh for every 100 MW of project capacity.
The project must be commissioned within 24 months of the Power Purchase Agreement (PPA) effective date.
As per the agreement, the developer must supply energy corresponding to a maximum of 4,000 kWh per MW of the contracted capacity daily during the cumulative number of peak hours, as per the schedule provided by the buying entity.
The projects must be connected to the central transmission utility&#8217;s network at 220 kV or above voltage level.
While developers are free to choose project locations, SECI has specified the project delivery points, which are limited to the substations of the ISTS network.
The substations are located in Andhra Pradesh (2), Madhya Pradesh (2), Karnataka (1), Maharashtra (1), and Tamil Nadu (1). The goal is to align project installations with the necessary transmission and evacuation infrastructure augmentation.
According to the tender, a hybrid power project refers to a project that consists of two components, namely a solar and a wind power project. The rated installed capacity of either of the two components must be at least 33% of the contracted capacity.
If the energy generation exceeds the limit corresponding to the maximum annual Capacity Utilization Factor, the developer is prohibited from selling it to any other entity, except SECI. However, SECI reserves the right to refuse to purchase the excess energy. If SECI purchases the excess energy, the rate will be 75% of the PPA tariff.
In another <a href="https://mercomindia.com/tata-power-amp-energy-ntpc-sjvn-winners-secis-1-2-gw-hybrid-auction/" target="_blank" rel="noopener">auction</a> for SECI’s 1,200 MW interstate ISTS-connected wind-solar hybrid projects (Tranche-V), Tata Power, Amp Energy India, NTPC, and SJVN were declared winners.
Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of the real-time tender activity.

Amp Energy, ReNew, Hero Future, and ACME Win 1.2 GW Hybrid Tender

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					</table>The <a href="https://www.cci.gov.in/" target="_blank" rel="noopener">Competition Commission of India</a> has recently approved a $450 million investment through the subscription of compulsorily convertible preference shares of <a href="https://hero-group.ch/en" target="_blank" rel="noopener">Hero Group</a>’s renewable arm, <a href="https://www.herofutureenergies.com/about-us" target="_blank" rel="noopener">Hero Future Energies</a> (HFE) by Ardor Holding II Pte, a special purpose vehicle indirectly owned by global investment firm Kohlberg Kravis Roberts (<a href="https://www.kkr.com/" target="_blank" rel="noopener">KKR</a>).
HFE is primarily engaged in the implementation of power projects and renewable power generation, particularly solar and wind.
Hero Future Energies declined to comment on the development when Mercom contacted the company.
Last year, KKR and HFE <a href="https://mercomindia.com/kkr-invest-450-million-hero-future-energies/" target="_blank" rel="noopener">inked</a> definitive agreements to invest $450 million in the latter. Aimed at supporting HFE’s growth strategies, the company would use the investment to expand its clean energy capacity and its capabilities across renewable technologies including battery storage, and green hydrogen.
HFE said that it would also use the investment to help companies achieve their decarbonization goals.
Global CEO of Hero Future Energies Srivatsan Iyer commented that, “KKR’s investment will drive Hero Future Energies’ growth domestically and globally, as well as in new technologies such as battery storage, solar-wind hybrid projects, round-the-clock power, and green hydrogen, among others.”
The investment in HFE is made from KKR’s Asia Pacific Infrastructure Fund and builds on the latter’s experience in India and the renewables sector.
KKR also launched Virescent Infrastructure, which is a platform aimed to expand its diversified portfolio of renewable energy assets in India, facilitated by investments made through KKR’s infrastructure fund.
In July 2022, HFE <a href="https://mercomindia.com/daily-news-wrap-up-hero-future-energies-green-hydrogen-facilities/" target="_blank" rel="noopener">partnered</a> with U.S. electrolyzer maker Ohmium International to install 1 GW of green hydrogen production sites in India, the United Kingdom, and Europe. Ohmium said that it would handle the facilities’ design, construction, operations, and maintenance, while HFE will be the owner of the assets.
In the same month, Hero Future Energies was <a href="https://mercomindia.com/hero-future-10-mw-20-mwh-battery-storage-kerala/" target="_blank" rel="noopener">declared</a> the winner of the auction conducted by the Kerala State Electricity Board for the construction of a 10 MW/20 MWh, grid-connected battery energy storage system in the state. The project was HFE’s maiden utility-scale battery energy storage system project.
According to Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a>, Hero Future Energy’s portfolio consists of 1.36 GW of operational solar projects.

Competition Watchdog Okays $450 Million Investment in Hero Futures Energies

Here are some noteworthy cleantech announcements of the day from around the world:
<a href="https://gensol.in/" target="_blank" rel="noopener">Gensol</a> received a loan of ₹2.67 billion (~$34.68 million) from India&#8217;s leading financial institution to expand its electric vehicles (EV) business. Gensol said that it has been expanding its fleet of electric cars. As of February 2022, its fleet consists of 284 environment-friendly cars in Delhi,  National Capital Region. With the loan proceeds, the company plans to augment its current fleet with another 3,000 electric cars by the end of 2022.
<a href="https://www.rear.org.in/" target="_blank" rel="noopener">REAR Renewable Energy Association</a> has requested MNRE to extend the applicability of the amended provision of Approved List of Models and Manufacturers (ALMM) to include open access and net metering projects. The Association claims the provision has adversely impacted various business streams in the solar industry like engineering, procurement, construction (EPC), distribution, and manufacturing. The amended provision has left the EPC players confused, and they are not able to pitch suitable modules for their ongoing deals. Although the association called ALMM a great step to boost Indian module manufacturers and to support the &#8216;Make in India&#8217; initiative, it argues that given the situation of the Indian solar industry’s manufacturing capabilities, dependency on imports, and lack of technological advancements; there must be some more time given to implement the mentioned ALMM provision.
EV Charging Network company <a href="https://chargezone.com/" target="_blank" rel="noopener">CHARGE+ZONE</a> said it had electrified over 1,000 km of National Highways in India by setting up a network of 20 unmanned, app-driven EV charging points along the Gujarat-Maharashtra National highway. Through this, the company claims it has cracked Dealer Owned Company Operated (DOCO) and Company Owned Company Operated (COCO) Models for Public Charging Network on Highways. Designed for both personal and public e-mobility, these charging stations have been installed as part of the company&#8217;s larger goal of electrifying 10,000 km of National and State Highways over the next three to five years. The charging stations have been installed at key locations on highways connecting Mumbai, Nashik,  Ahmedabad, Surat, Navsari, and Rajkot.
Tata Motors has <a href="https://www.tatamotors.com/press/tata-motors-bags-an-order-for-65-evs-from-kerala-state-electricity-board/" target="_blank" rel="noopener">bagged</a> a contract for 65 EVs as part of a tender agreement with the Kerala State Electricity Board (KSEB). The order is for 60 Tigor EVs and five Nexon EVs units. The order is part of a competitive pan India tender, floated by KSEB in line with the state&#8217;s vision &#8216;Go Green/Carbon Neutral&#8217; by 2030. Tata Motors has a market share of 85% year-to-date in the financial year 2022 and over 15,000 Tata EVs on the road to date. To make EVs even more accessible to all, Tata Motors is closely working with other Tata Group companies, including Tata Power, Tata Chemicals, Tata Auto Components, Tata Motors Finance, and Croma, to contribute to the faster adoption of EVs in India through its EV ecosystem called the &#8220;Tata uniEVerse.&#8221;
<a href="https://heroelectric.in/" target="_blank" rel="noopener">Hero Electric</a> has partnered with SUN Mobility to provide energy infrastructure and services for EVs and deploy electric two-wheelers (E2Ws) integrated with the latter&#8217;s smart-swappable battery technology. As part of the partnership, Hero Electric and SUN Mobility jointly will start deployments in the next three months with a target of around 10,000 electric E2Ws by the end of this year, various media sources said.
ACWA Power and the Saudi Power Procurement Company (SPPC) <a href="https://www.acwapower.com/news/acwa-power-inks-power-purchase-agreement-for-700-mw-ar-rass-solar-pv-project-in-saudi-arabia/" target="_blank" rel="noopener">signed</a> a power purchase agreement (PPA) to develop the 700 MW Ar Rass solar independent power plant (IPP) in Saudi Arabia’s Al Qassim province. Under the agreement terms, ACWA Power will sell energy produced by the project to SPPC for 25 years. Valued at US$450 million (SAR 1.7billion), Ar Rass is the largest PV project that has been tendered as part of Saudi Arabia’s National Renewable Energy Programme (NREP) to date, for which ACWA Power has been earmarked to deliver 70% of the total 58.7 GW target. The project will produce energy to power around 132,000 homes in central Saudi Arabia when fully functional.

Daily News Wrap-Up: Gensol Secures ₹2.67 Billion Loan to Expand its EV Business

The Maharashtra Electricity Regulatory Commission (<a href="https://www.merc.gov.in/" target="_blank" rel="noopener noreferrer">MERC</a>) extended the commissioning date of the 76.5 MW wind project being developed by Clean Wind Power (Bhavnagar) Private Limited on the grounds of force majeure events.
The regulatory body extended the commissioning date by five months from June 23, 2020, to November 23, 2020.
The Commission directed Clean Wind Power to submit a new performance bank guarantee (PBG) with a validity of six months beyond the extended date of commissioning to the Maharashtra State Electricity Distribution Company Limited (<a href="https://www.mahadiscom.in/" target="_blank" rel="noopener noreferrer">MSEDCL</a>) within a month.
Background
Earlier, Clean Wind Power had filed a petition seeking the extension of the commissioning date on account of force majeure events for the outbreak of the COVID-19 pandemic, which prevented it from fulfilling its obligations under the power purchase agreement (PPA).
Clean Wind Power is a special purpose vehicle of Hero Wind Energy Private Limited to develop a wind power project of 75.6 MW capacity at Anjanandi in the Aurangabad district of Maharashtra.
Hero took part in the bidding process and was declared the successful bidder for the project. Clean Wind Power and MSEDCL executed the power purchase agreement (PPA) on July 17, 2018, at a tariff of ₹2.86 (~$0.04)/kWh.  Clean Wind Power had appointed Suzlon Energy Limited as its engineering, procurement, and construction (EPC) contractor.
The developer could not meet the criteria for achieving financial closure due to force majeure events, including the delay in getting approval from MSEDCL to obtain grid connectivity from Maharashtra Energy Development Agency (<a href="https://www.mahaurja.com/meda/" target="_blank" rel="noopener noreferrer">MEDA</a>) and delay in acquiring land for setting up the project.
In its order dated January 20, 2020, the Commission <a href="https://mercomindia.com/merc-extends-commissioning-timeline-wind-project/" target="_blank" rel="noopener noreferrer">considered</a> the delay in obtaining grid connectivity a force majeure event and allowed the extension of time to achieve commissioning by June 23, 2020.
Clean Wind Power, through Suzlon, had procured 15 parcels of land for the project. However, despite the extension granted by the Commission, Suzlon was unable to make progress in the procurement of land due to the lockdown.
MSEDCL, in its submission, stated that any relaxation in terms of PPA could only be provided by the provision made under the force majeure clause of the PPA. The state DISCOM said that Clean Wind Power was not entitled to any benefits as the Ministry of Home Affairs (MHA), in its <a href="https://mercomindia.com/lockdown-renewable-projects-construction-resume/" target="_blank" rel="noopener noreferrer">order</a> on April 15, 2020, had made it clear that the construction of renewable energy projects would be allowed. MSEDCL added that other reasons cited by Clean Wind Power for failure to achieve scheduled operation date (SCOD), such as delay in receipt of wind turbine generator components, delay in availability of connectivity, delay in procurement of land, and non-availability of workforce fall under force majeure exclusions clause of PPA. So, any reliefs sought on these grounds are not tenable.
On the other hand, Clean Wind Power said that Aurangabad district had been declared as a hotspot, and MHA’s order dated April 15, 2020, was not applicable in the case.
The wind developer further added that as on March 31, 2020, it had cumulatively incurred an amount of approximately ₹297.2 million (~$4.04 million) toward interest on all the loans availed by it for implementing the project.
The Commission, in its earlier order, had accepted the delay in grid connectivity as a force majeure event and extended the SCOD by 158 days.
Further, the Commission noted that to claim relief under the force majeure clause, the affected party must give notice within seven days from the date of the commencement of the force majeure event, and Clean Wind Power had complied with it.
The state regulator said that Clean Wind Power had submitted various documents to establish that even after relaxation in lockdown, Aurangabad being a hotspot area, restrictions on the movement of the public continued.
Accordingly, the Commission directed MSEDCL to extend the commissioning date of the project by five months from June 23, 2020, to November 23, 2020. Further, the Commission directed Clean Wind Power to provide a bank guarantee having validity for the extended SCOD.
The Commission also noted that the ultimate impact of the delay in commissioning the project is the imposition of liquidated damage on the generator, which includes forfeiting PBG for a delay of six months, and further delay would lead to a reduction in tariff by ₹0.50 (~$0.007)/kWh per day of the delay. Therefore, the exact dates between which the generator is affected by the force majeure events are critical.
The regulatory body directed MSEDCL not to invoke the bank guarantee for not achieving financial closure at this point and allow Clean Wind Power to commission the project by November 23, 2020.

Wind Project in Maharashtra Gets Extension for Disruptions Due to COVID Lockdown

ACME Solar, Shapoorji Pallonji, Hero Solar, Mahindra Susten, Mahoba Solar (Adani), and Azure Power have emerged as the winners in the recently conducted auction by the Solar Energy Corporation of India (SECI) for 2 GW of Interstate Transmission System (ISTS)-connected solar projects to be developed across the country.
SECI had tendered the 2 GW capacity in <a href="https://mercomindia.com/seci-tender-2gw-ists-solar/" target="_blank" rel="noopener">January 2018</a>. The capacity tendered was split into eight projects of 250 MW each. Mercom also <a href="https://mercomindia.com/seci-2gw-ists-solar-tender-oversubscribed-1-8gw/" target="_blank" rel="noopener">reported</a> recently that the tender was oversubscribed by 1.8 GW.
In the auction, <a href="https://www.acme.in/" target="_blank" rel="noopener">ACME Solar</a> once again quoted the lowest (L1) tariff of ₹2.44 (~$0.0355)/kWh, a record it had set for the solar industry at the 500 MW <a href="https://mercomindia.com/breaking-new-record-low-solar-tariff-rs-2-44-0-037kwh-set-500-mw-bhadla-phase-iii-solar-park-auction-india/" target="_blank" rel="noopener">Bhadla Phase-III Solar Park Auction</a> in May 2017. ACME has won the bid to develop 600 MW of solar projects at the L1 price of ₹2.44 (~$0.0355)/kWh.
<a href="https://mercomindia.com/wp-content/uploads/2018/07/chart101.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-10529" src="https://mercomindia.com/wp-content/uploads/2018/07/chart101.png" alt="ACME, Shapoorji, Hero, Mahindra, Azure &amp; Adani Win SECI’s 2 GW Solar Auction" width="548" height="341" srcset="https://cms.mercomindia.com/wp-content/uploads/2018/07/chart101.png 548w, https://cms.mercomindia.com/wp-content/uploads/2018/07/chart101-300x187.png 300w" sizes="(max-width: 548px) 100vw, 548px" /></a>
<a href="http://www.shapoorjipallonji.com/" target="_blank" rel="noopener">Shapoorji Pallonji</a> managed to win 250 MW at a bid of ₹2.52 (~$0.0367)/kWh. <a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">Hero Solar Energy</a>, <a href="http://www.mahindrasusten.com/">Mahindra Susten</a> won the bids to develop 250 MW quoting ₹2.53 (~$0.0368)/kWh whereas <a href="https://www.azurepower.com/" target="_blank" rel="noopener">Azure Power</a> quoted ₹2.53 (~$0.0368)/kWh be develop 600 MW.
<a href="http://www.adanirenewables.com" target="_blank" rel="noopener">Mahoba Solar (Adani)</a> which had placed the bid for 500 MW succeeded in winning only 50 MW at ₹2.54 (~$0.037)/kWh.
<a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew Solar Power</a> and <a href="https://www.fortum.com" target="_blank" rel="noopener">Fortum Solar</a> are some of the other large players which had participated in the auction but could not win the bids.
When contacted by Mercom, a SECI official said, “It is a very good outcome. We were confident of securing competitive rates for this auction but still not this low. Now let us hope these projects come up and on time.”
“We feel the modification of <a href="https://mercomindia.com/competitive-bidding-guidelines-amended-solar-power/" target="_blank" rel="noopener">competitive bidding guidelines</a> providing extension of timeline for land acquisition, financial closure and commissioning, played a major role in giving comfort to the developers, especially those developing projects above 300 MW to bid aggressively. The developers were asking for these timeline extensions for a long time now.”
“The challenge now is obtaining ISTS-connectivity. Now, solar developers will be exposed to the same challenges as wind developers in securing ISTS-connectivity. Let us hope for the best.”
When asked where these solar projects would most likely be located, the SECI official said “The developers have the option to change the location after the financial closure. With such low bids, my guess is Rajasthan would be a preferred location by developers considering the high solar irradiation in the area.”
He further added, “PPAs will be signed in 3 months from the LoI and 8-10 distribution companies (DISCOMs) across India have already shown interest in signing the PSAs”.
<a href="https://mercomindia.com/wp-content/uploads/2018/07/chart22.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-10531" src="https://mercomindia.com/wp-content/uploads/2018/07/chart22.png" alt="ACME, Shapoorji, Hero, Mahindra, Azure &amp; Adani Win SECI’s 2 GW Solar Auction" width="872" height="500" srcset="https://cms.mercomindia.com/wp-content/uploads/2018/07/chart22.png 872w, https://cms.mercomindia.com/wp-content/uploads/2018/07/chart22-600x344.png 600w, https://cms.mercomindia.com/wp-content/uploads/2018/07/chart22-300x172.png 300w, https://cms.mercomindia.com/wp-content/uploads/2018/07/chart22-768x440.png 768w, https://cms.mercomindia.com/wp-content/uploads/2018/07/chart22-650x373.png 650w, https://cms.mercomindia.com/wp-content/uploads/2018/07/chart22-624x358.png 624w" sizes="(max-width: 872px) 100vw, 872px" /></a>
In India, after the fall in solar tariffs in 2017, the tariffs had been uphill starting with the Karnataka Renewable Energy Development Limited (<a href="http://kredlinfo.in/" target="_blank" rel="noopener">KREDL</a>) auction in <a href="https://mercomindia.com/kredl-750-mw-auction-solar/" target="_blank" rel="noopener">February 2018</a>.
It is also interesting to note that ACME Solar has been consistently winning bids quoting the L1 tariff in the last two auctions conducted by SECI in June 2018 for <a href="https://mercomindia.com/acme-wins-seci-75-mw-solar-auction/" target="_blank" rel="noopener">75 MW</a> and <a href="https://mercomindia.com/acme-solar-wins-50-mw-seci-solar-auction/" target="_blank" rel="noopener">50 MW</a>.
ACME announced its Initial Public Offering (IPO) worth ₹22 billion (~$336.86 million) in <a href="https://mercomindia.com/acmes-ipo-bhadla-solar-project/" target="_blank" rel="noopener">December 2017</a> and was in the news recently for <a href="https://mercomindia.com/acme-reduce-ipo-size/" target="_blank" rel="noopener">downsizing the IPO</a> from ₹22 billion to ₹10-15 billion ($147-219 million).

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