Central Electricity Authority Approves 2,600 MW Pumped Storage Projects

Shakti Pumps Wins Order to Supply 12,537 Solar Pumps in Uttar Pradesh

CEA Seeks Stakeholder Inputs on Updated Transmission Planning Guidelines

REC Invites Bids for Land Due Diligence of 150 MW Solar Project

Bengaluru Apartment Complex Adopts Solar, Saves ₹4 Million in Power Costs

Daily News Wrap-Up: SECI Tenders 2 GW Solar Projects with Storage

Power-Hungry Data Centers Drive Demand for Renewable Energy in India

China Adds 57 GW of Solar Power Capacity in Q2 2024, Up 24% YoY

Enabling Policies Drive Rajasthan’s Solar Open Access Projects in Q1 2024

Goldman Sachs Alternatives Invests $440 Million in BrightNight


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					</table><p><a href="https://www.mercomindia.com/seci-solar-storage-tranche-xvii" target="_blank" rel="noopener"><strong>The Solar Energy Corporation of India has invited bids to set up 2,000 MW inter-state transmission system-connected solar power</strong></a> projects with 1,000 MW/4,000 MWh energy storage systems in India under Tranche XVII. The last day to submit the bids is September 2, 2024. Bids will be opened on September 5. Bidders must submit a bid document fee of ₹50,000 (~$597) and a bid processing fee of ₹20,000 (~$238)/ MW.</p>
<p><a href="https://www.mercomindia.com/india-transformative-solar-technologies" target="_blank" rel="noopener"><strong>The transformative technologies reshaping the energy landscape were explored during the session titled “</strong><strong>Exploring Next-Generation</strong></a> Technologies Driving the Clean Energy Market” on the first day of the two-day Mercom India Renewables Summit 2024, held in New Delhi. The session featured Mehul Sharma, CEO of India Sunpure Technology, Manish Narula, Executive Vice President for South Asia at Jinko Solar, Manish Relan, AVP Sales – (Solar Modules) at Swelect Energy, and Mayank Mishra, Senior Sales Director for India at Nextracker.</p>
<p><a href="https://www.mercomindia.com/goldman-sachs-alternatives-in-brightnight" target="_blank" rel="noopener"><strong>BrightNight</strong><strong>, a renewable energy provider that delivers clean, dispatchable power solutions to utility, commercial, and industrial clients</strong></a>, has secured a $440 million strategic investment from Goldman Sachs Alternatives‘ Infrastructure division. The company said the transaction is expected to close in September 2024. BofA Securities and PJT Partners acted as financial advisors to BrightNight, while Jefferies LLC served as the sole financial advisor and Weil, Gotshal &amp; Manges as legal counsel to Goldman Sachs Alternatives.</p>
<p><a href="https://www.mercomindia.com/cesc-buys-majority-shares-in-purvah-power-for-24-million" target="_blank" rel="noopener"><strong>Kolkata-based power utility Calcutta Electric Supply Corporation (CESC) has acquired a 63.91% equity stake in Purvah Green Power at the cost of ₹2.05 billion</strong></a> (~$24.48 million). Purvah was a wholly-owned subsidiary of Crescent Power, which is a subsidiary of CESC. The stake acquisition makes Purvah a direct subsidiary of CESC. Crescent Power acquired a 100% stake in Purvah in March this year. In a regulatory filing, CESC said it acquired the 63.91% stake by subscribing to 205 million equity shares of ₹10 (~$0.12) each for an aggregate consideration amounting to ₹ 2.05 billion (~$ 24.48 million).</p>
<p><a href="https://www.mercomindia.com/oorja-raises-1-5-million-to-deploy-agri-energy-infrastructure" target="_blank" rel="noopener"><strong>Delhi-based solar irrigation services company </strong><strong>Oorja Development Solutions</strong><strong> closed its Pre-Series A funding round, raising $1.5 million from six investors</strong></a>. The company plans to use the funding to deploy agri-energy infrastructure for irrigation and milling and deepen operations in the existing and new states. It also plans to launch a B2B2C vertical to deliver solar irrigation solutions to agribusinesses and SMEs who engage with smallholder farmers for procurement.</p>
<p><a href="https://www.mercomindia.com/kerc-issues-guidelines-for-installing-ev-charging-points-in-buildings" target="_blank" rel="noopener"><strong>Electric vehicle (EV) users in Karnataka will have to get sanctions from distribution licensees to install EV chargers in non-designated areas</strong></a>, according to a new Karnataka Electricity Regulatory Commission order. Karnataka has developed standard operating guidelines for all EV users due to the confusion and inconsistency within the residential EV charging space. The rules include tariffs for EV charging and installing the chargers in designated and non-designated areas.</p>
<p><a href="https://www.mercomindia.com/assam-power-corporation-floats-consultancy-tender" target="_blank" rel="noopener"><strong>The Assam Power Generation Corporation has floated a tender to provide project management consultancy services for setting up the 50 MW</strong></a> Lower Kopili Solar PV project. The last date to submit is August 7, 2024. Bids will be opened on August 8. The scope of work covers project management services, design and engineering, project monitoring, site supervision and reporting, and coordinating with the company to complete tasks in a stipulated time.</p>
<p><a href="https://www.mercomindia.com/heliene-premier-energies-to-manufacture-solar-cells-in-the-u-s" target="_blank" rel="noopener"><strong>North America-based solar PV module manufacturer </strong><strong>Heliene</strong><strong> has announced a joint venture with </strong><strong>Premier Energies</strong><strong>, a manufacturer of solar cells</strong></a> and modules in India, to establish a solar cell manufacturing facility in the U.S. The unit is expected to produce an aggregate capacity of 1 GW of N-type cells annually to meet the cell requirements of the two companies. The companies plan to capitalize on incentives and tax credits for domestic clean energy manufacturing introduced under the Inflation Reduction Act (IRA) of 2022.</p>
<p><a href="https://www.mercomindia.com/sunnova-energy-narrows-q2-loss" target="_blank" rel="noopener"><strong>U.S.-based residential solar firm </strong><strong>Sunnova Energy</strong><strong> reported a 21% narrower net loss for the second quarter of 2024 at $79.7 million, an improvement</strong></a> from the $100.8 million loss reported last year, primarily due to higher revenue and investment tax credit sales resulting in an income tax benefit. The Houston, Texas-based company’s quarterly revenue surged 32% to $219.6 million, up from $166.4 million last year, driven by a $55.9 million increase in revenue from core adaptive energy customers.</p>



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					</table><p>With over 880 million internet users and a thriving tech sector, India&#8217;s data center industry has seen explosive growth in recent years and is poised to accelerate with the advent of artificial intelligence. This expansion, however, comes with a significant electricity demand, straining the country&#8217;s already stressed power grid.</p>
<p>Power demand from data centers in India grew at 4.4% year-on-year to reach 139 billion kWh in June 2023, according to Rohan Sheth, Vice President, Colocation &amp; DC Build at data center company <a href="https://yotta.com/" target="_blank" rel="noopener">Yotta</a>.</p>
<p>Meanwhile, the International Energy Agency (<a href="https://www.iea.org/energy-system/buildings/data-centres-and-data-transmission-networks" target="_blank" rel="noopener">IEA</a>) estimates that by 2030, data centers alone will consume about 8% of total energy globally. Data centers currently consume about 1-1.5% of global energy and contribute to 0.3% of global emissions.</p>
<p><strong>A Booming Industry</strong></p>
<p>&#8220;The Indian data center market has grown from 2.7 million square feet in 2017 to 11 million square feet in 2023,&#8221; said Sheth of Yotta, adding that capacity has increased by 100 to 150 MW annually in recent years, reaching nearly 900 MW by 2023.</p>
<p>This growth shows no signs of slowing, with projections suggesting India&#8217;s data center capacity could cross 1,800 MW by the end of 2026.</p>
<p>&#8220;The country boasts a substantial capacity of approximately 950 MW, surpassing other major countries like Australia, Hong Kong SAR, Japan, Singapore, and Korea. It is further set for significant expansion with an anticipated addition of around 850 MW between 2024 and 2026,&#8221; said Prashant Goyal, Head of Data Centre Practice at <a href="https://www.cbre.co.in/" target="_blank" rel="noopener">CBRE-India</a>.</p>
<p>Several factors are driving this expansion, according to Xavier Surentherathas, Senior Director, APAC Channel Sales at <a href="https://www.parkplacetechnologies.com/" target="_blank" rel="noopener">Park Place Technologies</a> – a data center maintenance firm. Global cloud providers like <a href="https://aws.amazon.com/" target="_blank" rel="noopener">Amazon Web Services</a>, <a href="https://azure.microsoft.com/en-us" target="_blank" rel="noopener">Microsoft Azure</a>, and <a href="https://cloud.google.com/" target="_blank" rel="noopener">Google Cloud</a> are increasing their presence in India to meet the rising demand for cloud services. Government initiatives, such as granting infrastructure status to data centers and introducing supportive policies, have also played an important role.</p>
<p>&#8220;The enactment of the Digital Personal Data Protection Act in 2023 has promoted secure cross-border data exchange, lawful data processing practices, and heightened confidence among stakeholders,&#8221; said Goyal.</p>
<p><strong>The Energy Challenge</strong></p>
<p>This rapid growth, however, comes with a significant energy demand. Data centers currently account for about 2% of India&#8217;s total power consumption, a figure that is expected to rise, said Surentherathas.</p>
<p>&#8220;Data centers, by nature, consume large amounts of energy given the IT infrastructure they run and support,&#8221; said Sheth.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-68762 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Screenshot-2024-07-29-125006.png" alt="Data Centres IEA" width="688" height="352" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Screenshot-2024-07-29-125006.png 688w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Screenshot-2024-07-29-125006-300x153.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Screenshot-2024-07-29-125006-650x333.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Screenshot-2024-07-29-125006-624x319.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Screenshot-2024-07-29-125006-600x307.png 600w" sizes="(max-width: 688px) 100vw, 688px" /></p>
<p>Currently, most of India&#8217;s electricity is <a href="https://www.mercomindia.com/india-third-solar-power-producer" target="_blank" rel="noopener">derived</a> from coal, which contributes around 75% of the country&#8217;s power generation. This heavy reliance on fossil fuels poses a challenge to the sustainability of the data center industry, but companies have set ambitious targets to procure more from renewable sources, driving up demand for clean energy.</p>
<p>For instance, CBRE aims to transition its corporate operations to 100% renewable energy by the end of 2025. &#8220;Currently, we are working towards meeting our energy demands with a balanced approach between fossil fuels and renewables, with a clear focus on increasing the percentage of renewable sources over time,&#8221; said Goyal.</p>
<p>Earlier this year, telecommunications service provider <a href="https://www.airtel.in/" target="_blank" rel="noopener">Bharti Airtel</a>&#8216;s data center subsidiary <a href="https://www.nxtra.in/" target="_blank" rel="noopener">Nxtra</a> said it would <a href="https://www.mercomindia.com/airtel-nxtra-procure-clean-energy-data-centers" target="_blank" rel="noopener">procure</a> 140 GWh of renewable energy annually for its data centers in Tamil Nadu, Uttar Pradesh, and Odisha. The company partnered with <a href="https://ampin.energy/" target="_blank" rel="noopener">AmpIn Energy</a> and <a href="https://amplussolar.com/" target="_blank" rel="noopener">Amplus Energy</a> to set up captive solar and wind power projects totaling 72.3 MW<sub>dc</sub> capacity to power its data centers under 25-year agreements.</p>
<p><a href="https://www.adaniconnex.com/" target="_blank" rel="noopener">AdaniConneX</a>, a data center solutions provider and a joint venture between <a href="https://www.adanienterprises.com/" target="_blank" rel="noopener">Adani Enterprises</a> and <a href="https://www.edgeconnex.com/" target="_blank" rel="noopener">EdgeConneX</a><u>, </u>raised $1.44 billion earlier this year to fund its renewable energy-powered data centers. The company plans to <a href="https://www.mercomindia.com/adaniconnex-green-financing-data-centers" target="_blank" rel="noopener">build</a> an environmentally and socially conscious 1 GW data center infrastructure platform.</p>
<p>Last year, Akhil Agarwal, Senior Director, Power Management, <a href="https://www.sttelemediagdc.com/" target="_blank" rel="noopener">ST Telemedia Global Data Centres</a> (STT GDC), had told Mercom in an interview, “Our facility load is 400 MW across 21 operational data centers in 10 Indian states. We are adding 1-2 data centers every year.”</p>
<p>According to its ESG report, renewable energy accounted for 62.5% of STT GDC’s electricity consumption in 2023, far earlier than its target to achieve 60% by 2026. The company is sourcing renewable electricity through onsite installations, green tariffs, power purchase agreements, energy attribute certificates, and offsets.</p>
<p>A developer told Mercom that his company recently commissioned three solar projects in Uttar Pradesh, where <a href="https://www.ctrls.com/">CtrlS</a> procures power to operate its data centers. The developer has also signed contracts with other Karnataka and Andhra Pradesh data center companies.</p>
<p>&#8220;The data center market requires huge capacities of power. Overall, the market size of data centers is roughly 8 GW by 2025, and by 2030, we require 20 GW of solar power for data centers,&#8221; he said.</p>
<p>&#8220;Several data centers powered by alternative sources stand as leading Indian examples, with over half of their power currently derived from renewable energy sources. A fully 100% contained solar-powered data center is currently under construction in Uttar Pradesh. A new captive solar power plant is being developed to meet the energy requirements of other new core and edge data centers in the state,&#8221; said Surentherathas.</p>
<p><strong>Impact of Artificial Intelligence</strong></p>
<p>According to the IEA, a single ChatGPT query uses 2.9 watt-hours of electricity compared to 0.3 watt-hours for a Google search, underscoring the energy-intensive nature of large language-based models that underpin artificial intelligence in use today.</p>
<p>Meanwhile, Goldman Sachs Research projects that AI will increase data center power consumption by 200 TWh annually between 2023 and 2030, with AI accounting for about 19% of data center power demand by 2028.</p>
<p><strong>Sustainability Initiatives</strong></p>
<p>Electricity demand in data centers primarily comes from two main processes: computing and cooling. Computing accounts for about 40% of a data center&#8217;s electricity demand, while cooling, necessary to maintain stable processing efficiency, also makes up approximately 40%. The remaining 20% is used by other associated IT equipment.</p>
<p>Integrating renewable energy can help reduce a data center&#8217;s carbon footprint and increase energy efficiency. Companies are focusing on improving Power Usage Effectiveness (PUE), a key metric for energy efficiency in data centers.</p>
<p>Yotta, for example, reports a PUE of 1.4, which is considered good for a tropical climate like India&#8217;s.</p>
<p>STT GDC reports that in 2023, their operating PUE was 1.5 compared to 1.66 in 2020.</p>
<p>Advanced cooling technologies, such as liquid immersion and adiabatic chillers, are also being deployed to reduce energy consumption for cooling, a major power draw in data centers, according to the companies Mercom spoke to.</p>
<p>Some operators are also exploring ways to capture and reuse excess heat generated by data centers, potentially providing a renewable energy source for nearby buildings or industries.</p>
<p>Ravichandran Purushothaman, President of <a href="https://www.danfoss.com/en-in/" target="_blank" rel="noopener">Danfoss India</a>, emphasizes the potential for heat reuse. &#8220;By harnessing excess heat, we&#8217;re not only reducing energy consumption but also creating a reliable source of clean energy.&#8221;</p>
<p>The company recently partnered with <a href="https://www.hpe.com/us/en/home.html" target="_blank" rel="noopener">Hewlett Packard Enterprise</a> to deliver an off-the-shelf heat recovery module to help it manage and value excess heat.</p>
<p>Despite these efforts, challenges remain. Industry experts pointed out several barriers to renewable energy adoption, such as the intermittency of renewable sources like solar and wind, as data centers require an uninterrupted power supply. They also said that current regulations do not allow data centers to bank excess power generated during peak times for use during non-peak periods.</p>



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					</table><p><a href="https://brightnightpower.com/" target="_blank" rel="noopener">BrightNight</a>, an independent renewable power producer, has secured a $440 million strategic investment from <a href="https://am.gs.com/en-us/advisors/products/alternative-investing" target="_blank" rel="noopener">Goldman Sachs Alternatives</a>&#8216; Infrastructure division.</p>
<p>The company said the transaction is expected to close in September 2024.</p>
<p><u><a href="https://cms.mercomindia.com/assam-power-corporation-floats-consultancy-tender/" target="_blank" rel="noopener">BofA Securities</a></u> and <u><a href="https://www.pjtpartners.com/" target="_blank" rel="noopener">PJT Partners</a></u> acted as financial advisors to BrightNight, while <u><a href="https://www.jefferies.com/" target="_blank" rel="noopener">Jefferies LLC</a></u> served as the sole financial advisor and <u><a href="https://www.weil.com/" target="_blank" rel="noopener">Weil, Gotshal &amp; Manges</a></u> as legal counsel to Goldman Sachs Alternatives.</p>
<p>Martin Hermann, Chairman and CEO of BrightNight, said: &#8220;BrightNight was founded on a unique combination of strengths that capitalize on strong secular energy transition tailwinds. We have quickly established a large and differentiated portfolio in high-demand growth markets seeking decarbonization.&#8221;</p>
<p>Teresa O&#8217;Flynn, Managing Director in Infrastructure at Goldman Sachs Alternatives, said, &#8220;We share a joint ambition to build a leading renewable independent power producer (IPP) and, through this partnership, we look to accelerate its growth by providing long-term capital backing and leveraging our firm&#8217;s capabilities.&#8221;</p>
<p>Global Infrastructure Partners will continue to support BrightNight with its existing capital commitment.</p>
<p>Goldman Sachs Alternatives invests across various alternatives, including private equity, growth equity, private credit, real estate, infrastructure, hedge funds, and sustainability.</p>
<p>Last month, BrightNight was one of the <a href="https://www.mercomindia.com/msedcl-wind-solar-hybrid-auction-tranche-iii" target="_blank" rel="noopener">winners</a> in the Maharashtra State Electricity Distribution Company&#8217;s auction to supply 500 MW of wind-solar hybrid power on a long-term basis from grid-connected intrastate projects with an additional greenshoe option of up to 500 MW.</p>
<p>The company was among the winners in NTPC&#8217;s auction to <a href="https://www.mercomindia.com/axis-renew-juniper-serentica-tprel-win-ntpcs-fdre-ii-auction" target="_blank" rel="noopener">supply</a> 3 GW of firm and dispatchable power from ISTS-connected renewable energy projects in India.</p>
<p>BrightNight and its joint venture partner Cordelio Power <a href="https://www.mercomindia.com/project-finance-brief-brightnight-secure-solar-project" target="_blank" rel="noopener">secured</a> a $414 million construction credit facility to develop a 300 MW Box Canyon utility-scale solar project in Pinal County, Arizona. The construction of the solar project began in December 2023 and is expected to begin operations in 1H 2025.</p>



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					</table><p>The transformative technologies reshaping the energy landscape were explored during the session titled &#8220;<strong>Exploring Next-Generation Technologies Driving the Clean Energy Market</strong>&#8221; on the first day of the two-day <a href="https://www.mercomindia.com/event/renewables-summit-2024" target="_blank" rel="noopener">Mercom India Renewables Summit 2024</a>, held in New Delhi.</p>
<p>The session featured Mehul Sharma, CEO of India <a href="https://en.sunpuretech.com/" target="_blank" rel="noopener">Sunpure Technology</a>, Manish Narula, Executive Vice President for South Asia at <a href="https://www.jinkosolar.com/" target="_blank" rel="noopener">Jinko Solar</a>, Manish Relan, AVP Sales &#8211; (Solar Modules) at <a href="https://swelectes.com/" target="_blank" rel="noopener">Swelect Energy</a>, and Mayank Mishra, Senior Sales Director for India at <a href="https://www.nextracker.com/?gad_source=1&amp;gclid=CjwKCAjwtNi0BhA1EiwAWZaANFHI2L5ilMf8d8iQ44DgApULfZYhrmlVvMoFnuI5pdv2k3NgeD0eWRoCSCMQAvD_BwE" target="_blank" rel="noopener">Nextracker</a>.</p>
<p>Sishir Garemella, Head of International Business Development at <a href="https://scorecard.pvel.com/">Kiwa PVEL</a>, moderated the session.</p>
<p>Sharma emphasized the critical role of robotics in addressing key challenges in the Indian subcontinent, particularly soiling losses and water resource pressure. &#8220;Traditional water cleaning methods are unsustainable in terms of cost and efficiency. Enhanced with artificial intelligence, robotics offers a solution by ensuring optimal timing and efficiency.&#8221;</p>
<p>He highlighted the diverse dust challenges across India&#8217;s regions, such as Rajasthan&#8217;s fine sand particles and metal oxide or sticky substances. Sunpure Technology&#8217;s approach involves sampling these particles to develop tailored cleaning strategies for each project, addressing the specific types of dust encountered.</p>
<p>Sharma noted that manual cleaning typically occurs twice a month in large-scale projects, resulting in soiling losses of around 2.7-3.5%. In contrast, robotic cleaning can reduce these losses to less than 0.5%. Commercial and industrial projects often experience higher soiling losses due to less frequent cleaning, sometimes up to 20%.</p>
<p>Mishra discussed the increasing adoption of solar trackers in India, which is driven by the need to maximize power generation and lower the levelized cost of energy. &#8220;Bifacial modules have become more efficient. The irradiance reflected from the ground boosts more generation. Depending on the terrain, energy gain can increase from 15 to 30%,&#8221; he explained.</p>
<p>According to Mishra, accurate data collection for wind, soil, and other environmental parameters is crucial but challenging. &#8220;This data is essential for optimizing tracker designs and ensuring their efficiency and longevity. Trackers and other technologies must be tailored to specific site conditions, such as rocky areas or varied land shapes and sizes.&#8221;</p>
<p>Narula addressed the benefits and challenges of larger module sizes. While they can handle more power and offer structural advantages, practical limits exist. &#8220;Modules must remain manageable to ensure one person can handle them safely. Despite robust construction—sandwiched between glass and well-laminated—modules are still vulnerable to micro-cracks from mishandling, especially during transportation and on-site installation,&#8221; he said.</p>
<p>Narula also pointed out that damage during installation often goes unnoticed until the project starts generating power. Initial inspections may not catch all issues; discrepancies usually emerge after the first cycle or season. Comparing arrays can highlight problems, often traced back to mishandling. &#8220;In summary, while pushing for higher efficiency and larger modules, we must ensure they remain practical for on-site handling to avoid micro-cracks and subsequent warranty claims,&#8221; he concluded.</p>
<p>Relan discussed how Indian manufacturers can differentiate themselves from Chinese or global players through technological advancements. He noted that Indian manufacturers are enhancing their technological capabilities to meet or exceed global standards, supported by government policies like the ALMM program, which promotes local manufacturing.</p>
<p>Relan also highlighted the need for substantial government investment and further policy development, such as wafer and polysilicon manufacturing programs, to strengthen the industry.</p>
<p>&#8220;Additionally, improving the skilling capacity in India remains a priority. Despite a growing pool of skilled engineers with solar experience, there is still a need for greater focus on developing technical skills and enhancing workforce capabilities to ensure that India can meet future demands and compete more effectively globally,&#8221; he added.</p>


Key to India’s Energy Independence Lies in Transformative Solar Technologies


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					</table><p><a href="https://www.mercomindia.com/india-battery-storage-capacity-219-mwh" target="_blank" rel="noopener"><strong>India’s total Battery Energy Storage System (BESS) capacity reached 219.1 MWh as of March 2024, according to Mercom India Research</strong></a>’s newly released report, India’s Energy Storage Landscape. According to the report, 1.6 GWh (~1 GW) of standalone BESS, 9.7 GW of renewable energy projects with energy storage, and 78.1 GW of pumped hydro projects were in various stages of development (60 GW under survey and investigation, and 18.1 GW under development) as of March 2024.</p>
<p><a href="https://www.mercomindia.com/solar-corporate-funding-1h-2024" target="_blank" rel="noopener"><strong>Total corporate funding, including venture capital/private equity (VC) funding, public market, and debt financing, in the solar sector reached $16.6 billion</strong></a> in the first half of 2024, marking a 10% year-over-year (YoY) decrease from $18.5 billion. Despite this decline, the number of deals increased by 9%, with 87 deals in 1H 2024 compared to 80 deals in 1H 2023. The numbers were revealed in Mercom Capital Group’s newly released 1H and Q2 2024 Solar Funding and M&amp;A Report.</p>
<p><a href="https://www.mercomindia.com/corporate-funding-for-energy-storage-surges" target="_blank" rel="noopener"><strong>Corporate funding for energy storage companies surged to $15.4 billion across 64 deals in the first half (1H) of 2024, reflecting a 117% increase</strong></a> from the $7.1 billion in 59 deals in 1H of 2023. The top five energy storage VC funding deals in the first half of 2024 were Sila $375 million; EnerVenue $308 million; Natron Energy $189 million; Ascend Elements $162 million; and Antora Energy $150 million. There were 14 M&amp;A transactions in 1H of 2024, an increase from the eight recorded in 1H of 2023.</p>
<p><a href="https://www.mercomindia.com/india-2024-budget"><strong>Union Finance Minister</strong><strong> Nirmala Sitharaman, in the first Budget under a new coalition government, laid out a series of measures to promote</strong></a> clean energy adoption and develop critical mineral supply chains. She highlighted “Energy Security” as one of the nine pillars for Budget 2024. The allocation for the solar sector has surged by 75% from the previous year’s revised estimate, now set at ₹86.49 billion (~$1.03 billion). However, the wind energy sector allocation has decreased by 12.7% to ₹8 billion (~$95.6 million).</p>
<p><strong><a href="https://www.mercomindia.com/inspire-clean-energy-wins">Inspire Clean Energy, a Mumbai-based solar asset, operations and maintenance management company, emerged as the winner of Mercom’s Second</a></strong> Startup Pitch Competition for Cleantech Companies, held during the Mercom India Renewables Summit 2024, a flagship annual event where industry leaders converge to discuss the future of clean energy in India. The company was chosen as the winner for its anti-theft lock, which was designed to eliminate cable theft in large-scale solar projects.</p>
<p><strong><a href="https://www.mercomindia.com/winners-of-mercoms-2024-renewable-industry-awards-announced">At the ongoing Mercom India Renewables Summit 2024 in New Delhi, Mercom India announced the winners of the fourth annual Mercom India Awards</a></strong>. These prestigious awards honor the exceptional contributions of organizations that are propelling India’s clean energy transition and championing the country’s environmental goals through remarkable innovation and visionary leadership.</p>
<p><a href="https://www.mercomindia.com/shortage-of-india-made-projects-with-dcr-mandate"><strong>India’s ambitious push for solar energy is facing a significant hurdle: A shortage of domestically produced solar modules. Subsidy-supported</strong></a> residential rooftop solar projects are facing a shortage of locally-made solar cells. Even if available, timely supply is not guaranteed and comes at a premium. In some cases, owing to the shortage, installers have even resorted to using second-hand solar modules. A West Bengal-headquartered solar company explained, &#8220;Due to the high prices of DCR modules, many installers have started using second-hand modules, labeling them with new warranties. These used modules are refurbished by manufacturers and are available at significantly lower prices.&#8221;</p>
<p><a href="https://www.mercomindia.com/andhra-sees-growth-in-solar-open-access-capacity-additions"><strong>Andhra Pradesh experienced renewed growth in open access solar capacity additions in Q1 2024, after a weak four quarters in 2023. The state</strong></a> accounted for the second-highest solar open access capacity (21%) in Q1 after no solar open access projects were commissioned in the previous quarter. India added 1.8 GW of new solar open access capacity in Q1 2024, the most in any quarter to date, with the top five states accounting for 79.3% of the new installed capacity, according to the recently released Q1 2024 Mercom India Solar Open Access Market Report.</p>
<p><a href="https://www.mercomindia.com/rooftop-solar-vendors-complain-of-subsidy-delays"><strong>The PM Surya Ghar Program, which aims to </strong><strong>install</strong><strong> 10 million rooftop solar projects across India, continues to grapple with challenges ranging from subsidy</strong></a> disbursements to incomplete information on the Jan Samarth Portal used for processing loans. Glitches have plagued the PM Surya Ghar National Portal for the past two months. With an outlay of ₹750 billion (~$9.04 billion), the program aims to increase residential rooftop solar capacity and empower households to generate electricity until 2026-27, but the sputtering rollout has cast a shadow on the target.</p>
<p><a href="https://www.mercomindia.com/indias-clean-energy-transition-targets-demand-greater-urgency"><strong>India’s energy landscape is on the brink of a transformative shift, driven by the urgent need to address climate change, energy security, and economic</strong></a> growth. The transition to renewable energy, supported by policy initiatives, technological advancements, and international collaboration, is an urgent national imperative. With an ambitious target of 500 GW of non-fossil energy capacity by 2030 and a net-zero goal by 2070, India is positioning itself as a leading green energy market.</p>
<p><a href="https://www.mercomindia.com/policies-must-focus-on-entire-value-chain"><strong>India is working to enhance its domestic manufacturing capabilities for renewable energy projects and to fortify local supply chains to achieve</strong></a> its clean energy goals. The country’s domestic solar manufacturing sector is experiencing a significant transformation driven by government initiatives and industry commitment. As the country strives for self-reliance in renewable energy production, key stakeholders navigate challenges and opportunities in a rapidly evolving landscape.</p>
<p><a href="https://www.mercomindia.com/renewable-energy-adoption-growing-in-india"><strong>Renewable energy adoption by India’s Commercial and Industrial (C&amp;I) sector is experiencing rapid growth, with demand for clean energy</strong></a> solutions increasing significantly over the past two years. This surge in adoption is driven by falling renewable energy costs and supportive policies in several states. The C&amp;I renewable energy market has seen remarkable expansion, nearly doubling in size over the last two years, Kiran Kumar Perka, Head of Open Access C&amp;I at O2 Power, said that the demand is growing multifold, <a href="https://www.mercomindia.com/world-bank-approves-carbon-energy-in-india"><strong>The </strong><strong>World Bank</strong><strong> has approved $1.5 billion in financing to bolster India’s efforts in developing low-carbon energy. The initiative, part of the second</strong></a> low-carbon energy programmatic development policy operation, aims to foster a robust market for green hydrogen, expand renewable energy, and stimulate investments in low-carbon energy.</p>
<p><a href="https://www.mercomindia.com/adb-240-million-loan-rooftop-solar-india"><strong>The Asian Development Bank (</strong><strong>ADB</strong><strong>) has approved loans of $240.5 million to finance rooftop solar systems in India. The financing will be provided</strong></a> to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) to offer loans to developers and end-users for installing rooftop solar systems across India. ADB will allocate $90.5 million from its Clean Technology Fund (CTF) to SBI, while NABARD will receive $150 million, which includes $80 million from ADB’s ordinary capital resources and $70 million from the CTF.</p>
<p><a href="https://www.mercomindia.com/rec-200-million-loan-deutsche-bank"><strong>Public infrastructure finance company </strong><strong>REC Limited</strong><strong> has secured a green loan of JPY31.96 billion (~$200 million) from </strong><strong>Deutsche Bank</strong><strong>‘s GIFT City</strong></a> branch to fund green projects in India. This green financing is one of the first JPY-denominated green loan transactions for Deutsche Bank at GIFT City. According to REC, this facility underscores its commitment, along with its partners, to support projects that adhere to stringent environmental standards, promote renewable energy, and contribute to reducing carbon emissions across India.</p>
<p><a href="https://www.mercomindia.com/dhash-pv-solar-junction-box-plant-in-karnataka"><strong>DhaSh PV Technologies</strong><strong> has announced an investment of ₹3.46 billion (~$41.4 million) in a solar photovoltaic (PV) manufacturing plant in the Sira</strong></a> Industrial Area of Tumkur, Karnataka. The facility will focus on producing solar PV junction boxes with an annual capacity of 50 GW. The plant will also manufacture 1,000 km of solar cables and fully indigenous diodes daily.</p>
<p><a href="https://www.mercomindia.com/ohmium-launches-gigafactory-in-bengaluru"><strong>Ohmium International</strong><strong>, a provider of green hydrogen solutions, has launched a gigafactory in Doddaballapura, near Bengaluru. The facility, spanning</strong></a> 14,000 square meters, will produce 2 GW of Proton Exchange Membrane (PEM) electrolyzers annually, with plans to expand production capacity to 4 GW. Ohmium’s India subsidiary had been chosen as the preferred partner by NTPC Renewable Energy Limited (REL) to deploy Ohmium’s PEM electrolyzers in projects totaling 400 MW.</p>
<p><a href="https://www.mercomindia.com/pm-surya-ghar-government-buildings"><strong>The Ministry of New and Renewable Energy plans to install rooftop solar systems on all central and state government buildings by December 2025</strong></a> as part of the recently approved PM Surya Ghar: Muft Bijli Yojana. With an outlay of ₹750 billion (~$9.04 billion), the program aims to increase residential rooftop solar capacity and empower households to generate electricity until 2026-27.</p>


Month in a Minute: Top Headlines from Indian Renewable Sector in July 2024


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					</table><p><a href="https://www.mercomindia.com/powering-the-future-renewable-energy-projects"><strong>The “</strong><strong>Financing the Renewable Energy Sector</strong><strong>” session at the Mercom India Renewables Summit 2024 brought together key industry leaders</strong></a> to discuss the current landscape, challenges, and opportunities in financing renewable energy projects in India. The panel featured Pranab Kumar Sinha, Executive Director of Power Finance Corporation; Manjiri Bhalerao, Chief General Manager of Exim Bank; Hitesh Paliwal, Senior Vice-President and Zonal Head, North Zone, State Bank of India; and Vikram Sheth, Head, Investment Banking at New Age.</p>
<p><a href="https://www.mercomindia.com/india-transformative-solar-technologies"><strong>The transformative technologies reshaping the energy landscape were explored during the session titled “</strong><strong>Exploring Next-Generation Technologies Driving</strong></a> the Clean Energy Market” on the first day of the two-day Mercom India Renewables Summit 2024, held in New Delhi. The session featured Mehul Sharma, CEO – India Sunpure Technology, Manish Narula, Executive Vice President – South Asia at Jinko Solar, Manish Relan, AVP Sales – (Solar Modules) at Swelect Energy, and Mayank Mishra, Senior Sales Director (India) at Nextracker.</p>
<p><a href="https://www.mercomindia.com/waaree-q1-fy-2025-profit"><strong>Waaree Renewable Technologies</strong><strong>, the solar engineering, procurement, and construction arm of the Waaree Group, posted a total revenue of ₹2.36 billion</strong></a> (~$28.18 million) in the first quarter of the financial year 2025, an increase of 83.3% year-over-year (YoY). Revenue from the EPC segment alone surged by 80.4% YoY, reaching ₹2.29 billion (~$27.34 million). This performance is underscored by customer billings amounting to ₹3.01 billion (~$35.94 million) for a volume of 302.95 MW, compared to ₹1.31 billion (~$15.64 million) for a volume of 109.45 MW YoY.</p>
<p><a href="https://www.mercomindia.com/torrent-powers-profit-grows-fy-2025"><strong>Gujarat-based </strong><strong>Torrent Power</strong><strong>‘s net profit for the first quarter of the financial year 2024-25 stood at ₹9.96 billion ($118.9 million), an 87% year-over-year</strong></a><strong> (YoY) </strong>rise from ₹5.32 billion ($63.5 million). Torrent Power reported a revenue of ₹90.34 billion ($1.07 billion), marking a 23% increase YoY from ₹73.28 billion ($875.4 million). Earnings Before Interest, Taxes, Depreciation, and Amortization surged by 52% to ₹19.34 billion ($231 million) from ₹12.7 billion ($151.7 million) in the same quarter last year.</p>
<p><a href="https://www.mercomindia.com/first-solar-q2-profit-doubles"><strong>U.S.-based </strong><strong>First Solar</strong><strong>‘s second quarter (Q2) 2024 net income rose 104.8% to touch $349.4 million from $170.6 million last year, primarily driven by higher</strong></a> module sales and improved pricing. Quarterly net sales rose to $1.01 billion, up 24.6% from $810.7 million in Q2 2023, reflecting increased module shipments. Meanwhile, operating expenses decreased slightly by 11%, falling from $142 million last year to $126.4 million, benefiting the top line. This reduction was largely due to lower litigation-related expenses.</p>


Daily News Wrap-Up: Financing India’s Renewable Energy Projects


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					</table><p>Gujarat-based <a href="https://www.torrentpower.com/" target="_blank" rel="noopener">Torrent Power</a>&#8216;s net profit for the first quarter (Q1) of the financial year (FY) 2024-25 stood at ₹9.96 billion ($118.9 million), an 87% year-over-year (YoY) rise from ₹5.32 billion ($63.5 million).</p>
<p>Torrent Power reported a revenue of ₹90.34 billion ($1.07 billion), marking a 23% increase YoY from ₹73.28 billion ($875.4 million).</p>
<p>Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) surged by 52% to ₹19.34 billion ($231 million) from ₹12.7 billion ($151.7 million) in the same quarter last year.</p>
<p>The increase in net profit is attributed to several factors, including higher contributions from merchant power sales in gas-based power plants and operational efficiency. Increased contributions from the company&#8217;s licensed distribution businesses also played a crucial role.</p>
<p>Torrent <a href="https://www.mercomindia.com/torrent-powers-revenue-q4-fy-2024" target="_blank" rel="noopener">recorded</a> an annual revenue of ₹271.83 billion (~$3.26 billion) in FY 2024, up 6% from the previous year.</p>
<p><strong>Operational Highlights</strong></p>
<p>The company has an installed generation capacity of 4,415 MW, which includes 2,730 MW of gas-based capacity, 1,323 MW of renewable capacity, and 362 MW of coal-based capacity.</p>
<p>Additionally, renewable projects totaling 3,077 MW are under development, bringing the total capacity to 7,492 MW.</p>
<p>Torrent Power distributes approximately 30 billion units of electricity to over 4.13 million customers across various regions, including Gujarat, Maharashtra, and Uttar Pradesh.</p>
<p>Torrent Power recently <a href="https://cms.mercomindia.com/daily-news-wrap-up-ntpc-invites-bids-for-1-6-mw-solar-projects/" target="_blank" rel="noopener">won</a> an auction to purchase 300 MW of power from wind-solar hybrid energy projects, with a greenshoe option of up to 150 MW from its own distribution unit by quoting ₹3.65 (~$0.044)/kWh.</p>
<p>Last June, Torrent Power <a href="https://www.mercomindia.com/torrent-6000-hectares-gujarat-renewable-projects" target="_blank" rel="noopener">disclosed</a> plans to achieve a 5 GW renewable energy portfolio over the next three to five years through inorganic acquisitions and greenfield projects. It also announced that it had been allocated 6,000 hectares of land in Gujarat, where it plans to set up ~3 GW of renewable projects encompassing solar and wind energy.</p>


Torrent Power’s Profit Grows 87% YoY in Q1 FY 2025


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					</table><p>The &#8220;Financing the Renewable Energy Sector&#8221; session at the Mercom India Renewables Summit 2024 brought together key industry leaders to discuss the current landscape, challenges, and opportunities in financing renewable energy projects in India.</p>
<p>The panel featured Pranab Kumar Sinha, Executive Director of <a href="https://www.pfcindia.com/" target="_blank" rel="noopener">Power Finance Corporation</a>; Manjiri Bhalerao, Chief General Manager of <a href="https://www.eximbankindia.in/" target="_blank" rel="noopener">Exim Bank</a>; Hitesh Paliwal, Senior Vice-President and Zonal Head, North Zone, <a href="https://www.onlinesbi.sbi/" target="_blank" rel="noopener">State Bank of India</a>; and Vikram Sheth, Head, Investment Banking at <a href="https://www.newage.finance/" target="_blank" rel="noopener">New Age</a>.</p>
<p>The discussion was moderated by Priya Sanjay, Managing Director, Mercom India.</p>
<p>Pranab Kumar Sinha highlighted the significant funding the Power Finance Corporation (PFC) has provided to the renewable energy sector. In the past year, PFC funded around ₹600 billion (~$7.1 billion), up from ₹480 billion (~$5.7 billion) the previous year.</p>
<p>This funding has supported various projects, including wind energy and solar panel manufacturing, with notable investments in companies like Adani.</p>
<p>Sinha said PFC offers subsidized interest rates for renewable projects and is exploring funding opportunities in emerging areas such as pumped storage, battery storage, and green hydrogen.</p>
<p>However, he noted the challenges in green hydrogen projects, particularly concerning certification and cost optimization.</p>
<p>Manjiri Bhalerao discussed Exim Bank&#8217;s pioneering role in green bonds since 2015 and its commitment to sustainability. The bank operates two books under its sustainability framework: a commercial book and a book extending lines of credit to overseas governments.</p>
<p>Exim Bank aims to allocate 10% of its commercial book to the renewable energy sector by 2027.</p>
<p>Bhalerao also talked about the bank&#8217;s sustainability finance program, which covers a broad range of renewable energy projects, including small hydro and wind.</p>
<p>Exim Bank offers discounted rates, and has unique eligibility criteria that allow financing for companies involved in import/export activities or those providing significant power output.</p>
<p>Hitesh Paliwal provided insights into the State Bank of India&#8217;s (SBI) approach to renewable energy financing. He noted a muted growth in the solar sector last year, with installed capacity dropping from 13 GW to 8 GW.</p>
<p>Despite this, he was optimistic about the sector&#8217;s future, emphasizing the shift towards &#8220;innovative solar&#8221; funding focusing on climate adaptation rather than just mitigation.</p>
<p>Paliwal highlighted the advancements in solar technology, such as the transition from mono to TOPCon modules with N-type cells and the decreasing costs of solar manufacturing due to falling commodity prices. He said SBI has the capital to meet the sector&#8217;s needs and is supported by favorable state policies.</p>
<p>Vikram Sheth discussed the role of New Age in facilitating investments in India&#8217;s renewable energy sector. He pointed out that while large global funds are interested in entering the Indian market, the local ground realities can be challenging. New Age creates partnerships between international investors and local entities, including EPC players and corporate houses, to form joint ventures to address these challenges.</p>
<p>Sheth emphasized the importance of strategic investments, particularly for companies looking to fulfill their ESG agendas.</p>
<p>He cited Mercom&#8217;s analysis, based on which he estimates that India needs to add 50 GW of renewable capacity annually over the next 5-6 years, requiring around ₹900 billion (~$10.7 billion) to ₹1 trillion (~$11.9 billion) in equity per year.</p>
<p>Sheth stressed that liquidity is available as long as there is a viable growth story.</p>
<p><strong>Key Takeaways</strong></p>
<ul>
<li>Substantial Funding and Growth Potential: PFC and other financial institutions are significantly investing in the renewable energy sector, with projections of substantial market growth.</li>
<li>Innovative Financing Models: Institutions like Exim Bank and SBI are adopting innovative financing models and offering incentives to support the sector&#8217;s growth.</li>
<li>Technological Advancements: Advances in solar technology and decreasing manufacturing costs make renewable projects more viable.</li>
<li>Strategic Partnerships: Forming joint ventures with local partners can be crucial for international investors looking to enter the Indian market.</li>
<li>Challenges and Opportunities: While there are challenges, the overall outlook for the renewable energy sector in India remains positive.</li>
</ul>
<p>The session underscored the importance of diverse financing options and strategic partnerships in driving the growth of India&#8217;s renewable energy sector.</p>


Powering the Future: Insights on Financing India’s Renewable Energy Projects


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					</table><p><a href="https://waareertl.com/" target="_blank" rel="noopener">Waaree Renewable Technologies</a>, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, posted a total revenue of ₹2.36 billion (~$28.18 million) in the first quarter (Q1) of the financial year (FY) 2025, an increase of 83.3% year-over-year (YoY).</p>
<p>Revenue from the EPC segment alone surged by 80.4% YoY, reaching ₹2.29 billion (~$27.34 million). This performance is underscored by customer billings amounting to ₹3.01 billion (~$35.94 million) for a volume of 302.95 MW, compared to ₹1.31 billion (~$15.64 million) for a volume of 109.45 MW YoY.</p>
<p>The earnings before interest, taxes, depreciation, and amortization grew by 206.6% YoY to ₹410.8 million (~$4.9 million).</p>
<p>The company posted a net profit of ₹281.6 million (~$3.36 million) in Q1 FY 2025, an increase of 208.5% over the same period last year.</p>
<p>During the quarter, Waaree executed orders exceeding 217 MW. As of June 30, 2024, the company&#8217;s unexecuted order book stood at over 2,191 MW.</p>
<p>Waaree said its bidding pipeline remains robust at 15.5 GW.</p>
<p>Among the key ongoing projects are several large-scale installations, including a 980 MW and a 295.68 MW ground-mounted project in Kurnool, Andhra Pradesh, a 412 MW ground-mounted project in Bikaner, Rajasthan, a 210 MW ground-mounted project in Khandwa, Madhya Pradesh, a 154 MW ground-mounted project in Thoothukudi, Tamil Nadu, a 100 MW ground-mounted project in Jamnagar, Gujarat, and a 1.090 MW floating solar power project also in Gujarat.</p>
<p>Waaree <a href="https://www.mercomindia.com/waaree-q4-fy-2024-profit/" target="_blank" rel="noopener">posted</a> an annual net profit of ₹1.48 billion (~$17.71 million) in FY 2024, an increase of 167% YoY from ₹553.3 million (~$6.62 million).</p>
<p>Waaree Renewable Technologies emerged as one of the top utility-scale solar EPC service providers in the calendar year 2023, according to Mercom&#8217;s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard CY 2023</a>.</p>


Waaree’s Q1 FY 2025 Profit Up 208% as EPC Segment Revenue Rises


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					</table><p><a href="https://www.mercomindia.com/ntpc-invites-bids-solar-projects-at-munitions-india" target="_blank" rel="noopener"><strong>NTPC</strong><strong> has invited bids for the development of 769 kW of grid-connected ground-mounted solar projects</strong></a> and 929 kW of rooftop solar power projects at Munitions India (Aruvankadu and Trichy). The last date for the submission of bids is August 20, 2024. Bids will be opened the next day. Bidders have to pay a bid security of ₹1 million (~$11,942). The installation of solar photovoltaic systems on the rooftops of Munitions India buildings should be done in shadow-free areas to maximize energy generation for each building suitable for solar power projects.</p>
<p><a href="https://www.mercomindia.com/ntpc-subsidiary-1-mw-rooftop-hyderabad" target="_blank" rel="noopener"><strong>NTPC Vidyut Vyapar Nigam has invited bids to install a 1,000 kW grid-connected rooftop solar system</strong></a> at Mishra Dhatu Nigam’s premises in Hyderabad. The project must be installed within six months of receiving the work order. The installer must handle the system’s operations and maintenance duties for ten years. The last day to submit the bids is August 20, 2024. Bids will be opened on the next day. All bids must be accompanied by a bid security of ₹500,000 (~$5,971).</p>
<p><a href="https://www.mercomindia.com/punjab-20-mw-solar-public-buildings" target="_blank" rel="noopener"><strong>The Punjab Energy Development Agency has issued a tender for the design, supply, installation, and commissioning</strong></a> of 20 MW of grid-connected rooftop and ground-mounted solar photovoltaic (PV) systems on government buildings across Punjab and Chandigarh. The last date for bid submission is August 30, 2024, with bids scheduled to be opened on September 2. Bidders must submit an earnest money deposit of ₹1 million (~$12,000). The selected contractors will be responsible for the entire project lifecycle, from site survey and design to installation, testing, and commissioning. They must also provide warranty and maintenance services for five years post-commissioning.</p>
<p><a href="https://www.mercomindia.com/gruner-renewable-energy-secures-60-million" target="_blank" rel="noopener"><strong>Noida-based sustainable biogas solutions company </strong><strong>Gruner Renewable Energy</strong><strong> has secured funding of $60 million</strong></a> to establish new Compressed biogas (CBG) plants across the country. Gruner is also setting up one of Asia’s largest CBG plants in Navsari, Gujarat. The company plans to allocate a bigger portion of the funding to advancing research and development, focusing on increasing energy efficiency and biogas production accuracy. Gruner also plans to explore new business verticals such as sustainable aviation fuel and green hydrogen and scaling up CNG retail outlets.</p>
<p><a href="https://www.mercomindia.com/ev-charging-aggregator-electricpe-raises-3-million" target="_blank" rel="noopener"><strong>Electric Vehicle (EV) charging aggregator </strong><strong>ElectricPe</strong><strong> has raised funding of $3 million pre-series A round</strong></a> from Green Frontier Capital, an early-stage venture capital fund. The funds will be used to launch new products and expand to new locations. The lead investors were Blume Ventures, Micelio Fund, and NB Ventures. Since its inception in 2021, the app has experienced a 30% month-on-month growth rate. The company operates 25,000+ public chargers and has over 15% of the market share of all personal EV two-wheeler sales in Bengaluru. Besides the app, the company has multi-brand stores of electric two-wheelers. It also offers its users and buyers EV financing, servicing, and subscription plans.</p>
<p><a href="https://www.mercomindia.com/blupine-energy-secures-%E2%82%B92-39-billion-from-tata-capital" target="_blank" rel="noopener"><strong>Gurugram-based renewable energy company </strong><strong>BluPine Energy said it has secured a funding of ₹2.39 billion</strong></a> (~$ 28.54 million) from Tata Capital. The funding will be utilized for a 75 MW solar power project in Chhattisgarh. The project is expected to generate close to 117 million units of energy per year and offset more than 107,000 tons of carbon emissions. The solar project in Chhattisgarh is being developed in partnership with APL Apollo Building Products, which will be the lead offtaker of the power generated.</p>


Daily News Wrap-Up: NTPC Invites Bids for 1.6 MW Solar Projects


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-battery-maker-addionics-raises-39-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Addionics, an Israel-based chemistry-agnostic battery technology company, </strong><a href="https://mercomcapital.com/battery-manufacturer-addionics-closes-39-million-in-series-b-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $39 million in a Series B funding round.</strong> The round was co-led by GM Ventures and Deep Insight, with participation from Scania and new and returning strategic investors. The investment will allow Addionics to build up teams across the globe and expand its manufacturing and commercialization efforts, including advancing the construction of its planned US-based giga-factory for the production of Addionics 3D Current Collectors.</p>
<p><strong>d.light, a provider of off-grid solar solutions, </strong><a href="https://mercomcapital.com/off-grid-solar-company-d-light-secures-176-million-securitization-facility/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a securitization facility that will purchase $176 million</strong> of receivables in Kenya, Tanzania, and Uganda. A social impact-focused asset management company, African Frontier Capital, is providing the funding. d.light will use the facility to scale up its PayGo consumer finance offering to make solar-powered products available to more low-income households and communities without access to electricity.</p>
<p><strong>Splight, an AI-based smart grid solutions provider, has </strong><a href="https://mercomcapital.com/splight-secures-12-million-in-seed-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $12 million seed funding round led by noa (formerly A/O)</strong>. EDP Ventures, Elewit, Draper Cygnus, Draper B1, Ascent Energy Ventures, Fen Ventures, Reaction Global, Barn Investments, and the UC Berkeley Foundation also joined this round. This funding will support the company expand its presence across North America and the European Union. Splight aims to cater to growing renewable energy demand and the need for efficient grid operations, stating it has developed a new AI-based technology that tackles grid congestion using inverter-based resources as a source of reliability.</p>
<p><strong>Noida-based sustainable biogas solutions company Gruner Renewable Energy has </strong><a href="https://www.mercomindia.com/gruner-renewable-energy-secures-60-million" target="_blank" rel="noopener"><strong>secured</strong></a><strong> funding of $60 million</strong> to establish new compressed biogas (CBG) plants across the country. Gruner is also setting up one of Asia’s largest CBG plants in Navsari, Gujarat. The company plans to allocate a bigger portion of the funding to advancing research and development, focusing on increasing energy efficiency and biogas production accuracy. Gruner also plans to explore new business verticals such as sustainable aviation fuel and green hydrogen and scaling up CNG retail outlets.</p>
<p><strong>Solar EPC and turnkey solution provider Rays Power Infra has <a href="https://www.mercomindia.com/rays-power-infra-raises-%E2%82%B91-27-billion-via-equity-sale" target="_blank" rel="noopener">raised</a></strong><strong> ₹1.27 billion (~$15.17 million) in equity capital</strong> from a clutch of high-net-worth individuals, family offices, funds, and partners in alternative investment funds. The round brings the company’s total funding to nearly ₹2 billion (~$23.89 million). The company maintained a stake dilution of less than 5% with this infusion of capital. The company is preparing to file its financial documents later this year, aiming to raise more money to support its plans to grow by more than 50%.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-peak-energy-secures-55-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Battery Maker Addionics Raises $39 Million


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					</table><p>Electric Vehicle (EV) charging aggregator <a href="https://electricpe.com/" target="_blank" rel="noopener">ElectricPe</a> has raised funding of $3 million pre-series A Round from <a href="https://www.greenfrontiercapital.com/" target="_blank" rel="noopener">Green Frontier Capital</a>, an early-stage venture capital fund. The funds will be used to launch new products and expand to new locations.</p>
<p>The lead investors were <a href="https://blume.vc/" target="_blank" rel="noopener">Blume Ventures,</a> <a href="https://micelio.com/micelio-funds/" target="_blank" rel="noopener">Micelio Fund</a>, and <a href="https://nbventuresme.com/" target="_blank" rel="noopener">NB Ventures</a>.</p>
<p>Since its inception in 2021, the app has experienced a 30% month-on-month growth rate. The company operates 25,000+ public chargers and has over 15% of the market share of all personal EV two-wheeler sales in Bengaluru.</p>
<p>Besides the app, the company has multi-brand stores of electric two-wheelers. It also offers its users and buyers EV financing, servicing, and subscription plans.</p>
<p>&#8220;Our goal is to drive EV adoption by consolidating everything in one place—charging, EV buying, and servicing. We have always believed in stage-by-stage funding, and this $3 million investment marks the closure of our pre-series A round at $8 million, which began last year with $5 million,&#8221; said Avinash Sharma, Co-founder and CEO of ElectricPe.</p>
<p>&#8220;Green Frontier Capital is committed to backing innovative companies that are shaping a sustainable future. ElectricPe&#8217;s comprehensive approach to addressing the challenges in EV adoption aligns perfectly with our investment thesis,&#8221; said  Sandiip Bhammer, Managing Partner of Green Frontier Capital.</p>
<p>Earlier, the Ministry of Power <a href="https://www.mercomindia.com/new-charging-infrastructure-faster-adoption-of-evs" target="_blank" rel="noopener">released</a> draft guidelines for EV charging infrastructure to accelerate EV adoption and create a robust charging ecosystem across the country.</p>
<p>India had <a href="https://www.mercomindia.com/8738-public-ev-charging-stations-june-minister" target="_blank" rel="noopener">installed</a> 8,738 operational public electric vehicle charging stations as of June 30, 2023, according to the Bureau of Energy Efficiency and the Ministry of Power data.</p>
<p>The government aims to <a href="https://www.mercomindia.com/india-aims-at-9-fold-in-public-ev-charging-2030" target="_blank" rel="noopener">install</a> 46,397 public charging stations for EVs in nine major cities by the end of the decade. The Bureau of Energy Efficiency has been selected as the central nodal agency for installing the charging stations.</p>


EV Charging Aggregator ElectricPe Raises $ 3 Million from Green Frontier Capital


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					</table><p>Noida-based sustainable biogas solutions company <a href="https://grunerrenewable.com/" target="_blank" rel="noopener">Gruner Renewable Energy</a> has secured funding of $60 million to establish new Compressed biogas (CBG) plants across the country.</p>
<p>Gruner is also setting up one of Asia&#8217;s largest CBG plants in Navsari, Gujarat.</p>
<p>The company plans to allocate a bigger portion of the funding to advancing research and development, focusing on increasing energy efficiency and biogas production accuracy.</p>
<p>Gruner also plans to explore new business verticals such as sustainable aviation fuel and green hydrogen and scaling up CNG retail outlets.</p>
<p>In April 2024, Gruner secured projects worth ₹15 billion (~$ 179.14 million) to set up CBG plants with a total production capacity of 88,000 tons of CBG per year. The projects are proposed to be set up in Ayodhya in Uttar Pradesh, Satna in Madhya Pradesh, Balasore in Odisha, Navsari in Gujarat, Yavatmal in Maharashtra, and Vijayawada and Rajahmundry in Andhra Pradesh, among others.</p>
<p>Utkarsh Gupta, Founder &amp; CEO, Gruner Renewable Energy, said, &#8220;By promoting clean energy production and reducing dependence on imported compressed natural gas (CNG), we contribute significantly to India&#8217;s vision of energy independence.&#8221;</p>
<p>In 2023, the Petroleum Ministry <a href="https://www.mercomindia.com/government-mandates-biogas-in-cng-and-png" target="_blank" rel="noopener">announced</a> the phased blending of CBG in Compressed Natural Gas (CNG) for the transport sector and Piped Natural Gas(PNG) for domestic use.</p>
<p>The CBG Blending Obligation (CBO) aims to promote circular economy principles and reduce greenhouse gas emissions. The CBO will be implemented in phases, with voluntary participation until the fiscal year FY 2024-2025, followed by mandatory blending obligations from FY 2025-26.</p>
<p>In the Union Budget 2023-2024, the Indian government <a href="https://www.mercomindia.com/gobardhan-biogas-plants-registered-nationally" target="_blank" rel="noopener">decided</a> to establish 500 new waste-to-wealth plants under the Galvanizing Organic Bio-Agro Resources Dhan (GOBARdhan) initiative. Within 60 days of its introduction in June 2023, the GOBARdhan initiative garnered registrations for over 1200 plants.</p>
<p>Earlier this year, the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-small-biogas-projects" target="_blank" rel="noopener">invited</a> proposals for innovative and new design or material-based small biogas projects with a daily generation capacity of 1 to 25 cubic meters. It has sought changes to existing designs for simple, efficient, cost-effective village-level biogas usage.</p>


Gruner Renewable Energy Secures 60 Million to Set Up CBG plants


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					</table><p><a href="https://www.mercomindia.com/ntpc-1-gw-wind-solar-hybrid-auction" target="_blank" rel="noopener"><strong>Juniper Green Energy, JSW Neo Energy (JSW Energy), TEQ Green Power (O2 Power), Adyant Enersol (Datta Infra), and Avaada Energy were declared</strong></a> winners in NTPC’s auction for the supply of 1,000 MW power from inter-state transmission system-connected wind-solar hybrid power projects anywhere in India under Tranche VI. The tender was floated in March 2024. It had mandated that either wind or solar resources constitute at least 33% of the total contracted capacity.</p>
<p><a href="https://www.mercomindia.com/renewable-energy-adoption-growing-in-india" target="_blank" rel="noopener"><strong>Renewable energy adoption by India’s Commercial and Industrial sector is experiencing rapid growth, with demand for clean energy solutions</strong></a> increasing significantly over the past two years. This surge in adoption is driven by falling renewable energy costs and supportive policies in several states. Initially, the focus was primarily on solar energy, but the market has evolved to include hybrid wind-solar projects.</p>
<p><a href="https://www.mercomindia.com/cerc-adopts-tariffs-hybrid-projects" target="_blank" rel="noopener"><strong>The Central Electricity Regulatory Commission has adopted tariffs for 1,080 MW of interstate transmission system-connected wind-solar</strong></a> hybrid power projects awarded by NTPC. NTPC selected four bidders: Solalite Power (O2 Power) with 300 MW at ₹3.35 (~$0.0402)/ kWh, Sprng Energy with 250 MW at ₹3.35 (~$0.0404)/ kWh, ACME Cleantech Solutions with 300 MW at ₹3.36 (~$0.0405)/kWh and Juniper Green Energy with 230 MW at ₹3.36 (~$0.0405)/kWh.</p>
<p><a href="https://www.mercomindia.com/cesc-issues-tender-to-procure-150-mw-of-solar-power" target="_blank" rel="noopener"><strong>The Calcutta Electric Supply Corporation (CESC) has issued a request for the selection of developers for the long-term procurement of power from 150 MW</strong></a> interstate transmission system (ISTS)-connected solar power projects in India with a greenshoe option up to 150 MW. The scope of work covers identifying land for project installation and ownership, interconnecting with the ISTS network to supply power to CESC, and obtaining approvals and connectivity.</p>
<p><a href="https://www.mercomindia.com/seci-invites-solar-power-project-in-ladakh" target="_blank" rel="noopener"><strong>The Solar Energy Corporation of India has invited bids for the design, engineering, supply, construction, erection, testing, commissioning,</strong></a> and operation and maintenance (O&amp;M) of a 12 MW solar power project at Phey, Leh, Union Territory of Ladakh. Bidders will also be responsible for the comprehensive O&amp;M of the solar power project for five years after successful commissioning and performance demonstration. The O&amp;M includes the supply and storage of all mandatory spare parts and consumables and the repair/replacement of any defective equipment.</p>
<p><a href="https://www.mercomindia.com/soshe-power-wins-epc-contract" target="_blank" rel="noopener"><strong>Soshe Power Tech</strong><strong>, a Hyderabad-based solar power developer, has secured an engineering, procurement, and construction contract from Indian</strong></a> Oil Corporation for a 1 MW grid-connected open access captive solar power project at IOC’s Northern Region Pipelines in Kurukshetra, Haryana. The scope of the contract includes the commissioning of the project and one year of comprehensive operation and maintenance (O&amp;M) services, with an additional nine years of extended O&amp;M support.</p>


Daily News Wrap-Up: NTPC’s 1 GW Wind-Solar Hybrid Auction Results


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					</table><p>Creating a supportive policy environment for renewable energy deployment in India is crucial for sustainable development and energy security.</p>
<p>As one of the fastest-growing economies with an increasing energy demand, India faces significant challenges related to climate change and fossil fuel dependency. By fostering a favorable policy framework, the government can attract investment, encourage technological innovation, and streamline regulatory processes, thus accelerating the transition to renewable energy sources.</p>
<p>The overarching issues relating to the policies vital for the Indian renewables sector were discussed during the session titled <strong>&#8220;Renewable Energy Project Development – Creating an Enabling Policy Environment that Supports Renewable Deployment&#8221;</strong> on the second day of the two-day <a href="https://www.mercomindia.com/event/renewables-summit-2024" target="_blank" rel="noopener">Mercom India Renewables Summit 2024</a>, held in New Delhi.</p>
<p>The session featured Deepesh Nanda, President – Renewables, Tata Power and MD &amp; CEO, <a href="https://www.tatapowerrenewables.com/" target="_blank" rel="noopener">Tata Power Renewable Energy</a>, RPV Prasad, Managing Director – India Region, <a href="https://www.envision-group.com/" target="_blank" rel="noopener">Envision Energy</a>, Deepak Ushadevi, MD &amp; CEO, <a href="https://ciel-et-terre.net/" target="_blank" rel="noopener">Ciel et Terre Solar</a>, and Rahil Mehrotra, General Manager, <a href="https://www.jsw.in/" target="_blank" rel="noopener">JSW Steel</a>.</p>
<p>Priya Sanjay, Managing Director, Mercom India, moderated the session.</p>
<p>Nanda noted that the problem of connectivity is acute. &#8220;For instance, we have a project that could be completed by March 31, 2025, but won&#8217;t be dispatched until March 31, 2026, due to connectivity issues.&#8221;</p>
<p>He said states like Rajasthan, Gujarat, and Karnataka have limited evacuation capacities, which is a major constraint. To solve this, he suggested accelerating the announced processes and rethinking the bidding pattern to utilize existing substation capacity and develop new connectivity.</p>
<p>Ushadevi stated that floating solar has been growing steadily. It offers solutions to land scarcity, especially in high-pollution areas with expanding solar installations. Innovations like zinc munition alloy coated steel for structures in high-pollution areas are crucial. “By manufacturing these materials locally, we&#8217;ve reduced dependency on imports and project delays, showcasing how floating solar can address land and pollution challenges, &#8221; Ushadevi added.</p>
<p>Addressing the regulatory frameworks needed to support gigawatt-scale installations, Nanda noted that the government should reduce the time between the letter of award and the signing of the Power Purchase Agreement (PPA), which is crucial.</p>
<p>&#8220;Effective state-level regulation to enforce DISCOM obligations could help. Currently, 35 GW of PPAs are pending. Streamlining connectivity applications and preventing developers from holding connectivity for future projects could improve capacity addition. Collaboration among stakeholders and extending ISTS waivers could help meet ambitious targets,&#8221; Nanda said.</p>
<p>Prasad also said storage solutions present a viable alternative, especially in addressing land and connectivity issues. However, combining wind and solar in hybrid projects can optimize existing land and infrastructure. Balancing both approaches could maximize the benefits of renewable energy development.</p>
<p>Mehrotra emphasized the importance of customized mounting structure design for each project to ensure structural integrity against varying weather conditions. He highlighted the necessity of using BIS-compliant steel to prevent project jeopardy due to inferior quality materials. &#8220;While modules can be easily replaced if damaged, replacing trackers is costly, making it crucial to focus on durable and standardized components,&#8221; he said.</p>
<p>Mehrotra suggested that government policies should support using locally manufactured steel for module mounting structures to enhance project reliability.</p>
<p>The speakers also addressed the supply chain support, noting India&#8217;s significant module manufacturing capacity bolstered by government policies like PLI. They identified key challenges developers face: ensuring timely connectivity, executing projects on time, and addressing capital constraints.</p>


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