Market Intelligence Report

INDIA CLEANTECH
Jul 21, 2023

India’s Wind Energy Installations Soar with a Contents

165% YoY Increase in Q2 2023 Industry News 02
India added 1,139.5 MW of wind power capacity in the second quarter (Q2) of the calendar year Company News 07
2023, representing a 165% year-over-year (YoY) increase, according to Mercom India Research. Tenders & Auctions 08
Installations grew 54% quarter-over-quarter (QoQ) from 737.85 MW in Q1 2023. The increase in
Funding News 11
installations was spurred by enabling policies by the government, such as the implementation of
the Renewable Purchase Obligation (RPO) trajectory until 2029-2030. Technology News 12
The trajectory mandates that wind RPO can be fulfilled
from wind projects commissioned after March 31, 2022.
Additionally, the government has specified the percentage
of total energy consumption that can be sourced from
solar and wind projects incorporating storage.
A few of the major wind projects commissioned during
the quarter were – Apraava Energy’s 107 MW project in
Gujarat, JSW Energy’s 103 MW of wind project in Tamil
Nadu, Adani Green Energy’s 62 MW project, and Alfanar’s
55 MW project in Gujarat.
The rise in hybrid projects across the country is also
adding to installation growth.
Gujarat led the states for wind installations accounting for
24.9% of the country’s total capacity. Tamil Nadu dropped
to the second spot and accounted for 23.2%.
Karnataka was third in installations representing 12.1% of
the total wind capacity during the quarter, and Rajasthan
ranked fourth with 11.9% of the total wind capacity.
Maharashtra occupied the fifth position accounting for around 11.6% of the total wind capacity, followed by Andhra Pradesh with 9.4%
and Madhya Pradesh with 6.5%. The Ministry of New & Renewable Energy (MNRE) has also issued an agency-wise bidding calendar for
50 GW of renewable energy projects for the current financial year (FY 2023-24), which includes at least 10 GW of wind tenders.
Mercom recently spoke with industry experts about the factors that could drive accelerated recovery in the wind sector. Jul 14

Corporate Funding for Andhra Amends RPO SECI’s 1 GW Solar Modules

Solar Rises YoY in 1H 2023 Compliance Rules Tender
Corporate Funding for Solar Rises Andhra Regulator Notifies Amendments SECI Issues Tender for 1 GW of Solar
54% YoY to $18.5 Billion in First Half to RPO Compliance Regulations 2022 Modules
of 2023
Page 3 Page 6 Page 8

Click here for more Mercom News and Analysis 1

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 Market Intelligence Report
INDIA CLEANTECH
Jul 21, 2023

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INDUSTRY NEWS
Power Ministry Changes Methodology to Calculate AT&C Losses
In a move to improve the collection efficiency of distribution companies (DISCOMs), the Ministry of Power has changed the methodology
to calculate Aggregate Technical and Commercial (AT&C) losses.
The existing methodology was reviewed after weighing the feedback from DISCOMs, who said that it restricted the collection efficiency
to 100%, and the efforts of the DISCOMs in realizing the past dues and liquidation of outstanding subsidies were not reflected in the
calculation of AT&C losses.
Collection efficiency is an indicator of the amount collected from consumers with respect to the amount billed to them. Collection
efficiency can be computed using the formula given below:
Collection Efficiency = Revenue Collected (In Rupees)/Billed Amount
The revenue collected excludes the arrears. According to the recent modifications, the net input energy and energy sold calculations will
exclude open access or wheeling units when determining billing efficiency. Previously, DISCOMs were obligated to report gross energy
purchased, encompassing the total power purchased, including transmission losses.
For the revenue from the sale of energy no adjustment will be made in revenue from the sale of energy on account of unbilled revenue.
Furthermore, when computing the adjusted revenue from the sale of energy based on the subsidy received, the total amount of tariff
subsidy received throughout the year, including any outstanding payments, will be incorporated ... READ MORE Jul 14

CERC Grants Solar Developers Compensation Under Change in Law Due to GST
The Central Electricity Regulatory Commission (CERC) has ruled that developers are entitled to compensation in lieu of higher expenses
incurred for 100 MW solar power projects in Uttar Pradesh and Karnataka after the Goods and Services Tax (GST) came into force.
The compensation would qualify under the ‘Change in Law’ event and will be applicable even if GST was promulgated after the project’s
commercial operation date (CoD).
The Commission also allowed compensation to developers on account of additional expenditure towards operation and maintenance
(O&M) activities, even if these services were outsourced.
It also directed two solar developers and the Solar Energy Corporation of India (SECI) and NTPC to reconcile the extent of incremental
impact by exhibiting a one-to-one correlation with the projects and the invoices raised to support it.
SECI will receive the due amount from DISCOMs, which will then be transferred to the developers. However, payment to the developers by
SECI would not be conditional upon the payment to be made by the DISCOMs to SECI.
Vector Green Prayagraj Solar and Yarrow Infrastructure had filed petitions with CERC seeking the declaration of the imposition of
safeguard duty as a ‘Change in Law’ event per the provisions of the power purchase agreement (PPA).
Background
Vector Green was selected by SECI to develop a 50 MW solar project in Uttar Pradesh, while NTPC ... READ MORE Jul 17

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 Market Intelligence Report
INDIA CLEANTECH
Jul 21, 2023

Corporate Funding for Solar Rises 54% YoY to $18.5 Billion in First Half of 2023
The total global corporate funding in the solar sector during the first half (1H) of 2023, including venture capital (VC) investments, public
market funding, and debt financing, reached $18.5 billion, a 54% year-over-year (YoY) increase from $12 billion.
The numbers were revealed in Mercom Capital Group’s newly released
1H and Q2 2023 Solar Funding and M&A Report.
Despite the surge in funding amounts, there was a 12% YoY decline in
the number of deals executed.
During 1H 2023, 80 deals took place in contrast to the 91 deals recorded
during the corresponding period in 2022.
Raj Prabhu, the CEO of Mercom Capital Group, noted that despite the
challenging financial market conditions and high-interest rates, the solar
industry demonstrated resilience throughout the first half of the year.
“We have witnessed positive trends in private equity, public market, and
debt financing.
These developments serve as promising indicators for the future.
Notably, the current momentum is bolstered by the Inflation Reduction
Act (IRA) and the global energy transition policies, which are moving
forward with great urgency.”
“Demand due to the IRA is so strong that even interest rate-sensitive public market and debt financing in solar was up year-over-year.
However, the lack of easy money affected M&A activity negatively”, Prabhu added.
Prabhu remarked that the scale of the IRA is enormous, with a massive budget of around $370 billion allocated towards energy security
and climate change programs over the next ten years.
“These incentives are comprehensive and span beyond manufacturing and generation ... READ MORE Jul 17

Module Makers to Standardize Dimensions for Rectangular Silicon Wafer Modules

In a significant move to address challenges in solar module manufacturing, nine leading manufacturers have agreed on the standard
dimensions for rectangular silicon wafer modules.
The nine manufacturers – Canadian Solar, Risen Energy, JA Solar, JinkoSolar, LONGi, TW Solar, Trina Solar, Astronergy, and DAS Solar,
agreed on the following specifications:
• Module size: 2,382mm*1,134mm
• Module long side vertical hole distance: 400 mm/ 790 mm/ 1,400 mm
The new standards are expected to help increase module power, optimize container utilization, and reduce system costs while tackling
issues related to supply chain disruptions, material wastage, and customer system design complexities.
To ensure uniformity and adherence to these standardized dimensions, it is proposed that both current and future designs for 182 and 210
series modules align with the specifications outlined in the “T/CPIA 0003-2022 Technical Specification for Crystalline Silicon Terrestrial
Photovoltaic Module Dimensions and Mounting Holes” document issued by the China Photovoltaic Industry Association (CPIA).
Additionally, manufacturers will comply with existing agreed industry dimensions. The flexible approach would allow each manufacturer to
work within the specified dimension ranges based on its unique circumstances, thus catering to the diverse needs of their customers.
The nine companies will collectively advocate and promote the acceptance of these standardized dimensions by other industry
manufacturers. They have urged incorporating these rectangular silicon wafer module dimensions into the industry standards published by
the CPIA.
To foster ongoing collaboration and communication in advancing dimension standardization for other ... READ MORE Jul 13

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INDIA CLEANTECH
Jul 21, 2023

Join Mercom’s Growing Team

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Mercom is looking for a reporter that wants to be part
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focused on renewable and clean technologies in India
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Madhya Pradesh Outlines Procedure to Verify Captive Power Project Compliance

The Madhya Pradesh Electricity Regulatory Commission (MPERC) has issued a detailed procedure to verify captive generating projects
and user compliance per the Electricity Rules, 2005 provisions. The procedure will be applicable for the financial year (FY) 2023-24.
The Madhya Pradesh Power Transmission Company (MPPTCL) will be the designated authority to determine the captive status of the
captive generating projects and captive users.
The general provisions for verifying the compliance of captive generating projects with the regulations of the Electricity Rules, 2005, are
mentioned below:
Throughout the year, the captive user must maintain ownership of the generating project or unit designated for captive use at a minimum
of 26% with voting rights. Additionally, they must consume no less than 51% of the electricity generated annually.
If there are multiple captive users, they must collectively hold a minimum of 26% of the paid-up equity share capital with voting rights for
the entire year. They must consume electricity generated by the captive project in proportion to their respective shares, ensuring that their
consumption remains at least 51% of the total electricity generated, with a permissible variation of not more than 10%.
The proportionality test will be applied to the net 51% of aggregate generation and not to any consumption exceeding this amount by a
captive user.
In the scenario where the generating project is owned by a special purpose vehicle (SPV) company and consists of multiple generating
units, the captive user must collectively hold a minimum of 26% of the proportionate paid-up equity ... READ MORE Jul 17

Calculating Levelized Cost of Green Hydrogen

A substantial increase in hydrogen production capacities, particularly for green hydrogen, is imperative if climate goals are to be achieved,
says a recent report by Agora Industry.
The report highlights that using electrolyzers powered by renewable electricity is essential to generate hydrogen without any greenhouse
gas emissions.
The report illustrates the potential disparities in calculating the Levelized Cost of Hydrogen (LCOH). It also aims to elucidate why real-
world projects may exhibit significantly different LCOH values compared to estimates from high-level studies.
The key cost drivers identified in the report are the discount rate, electricity costs, engineering, procurement, and construction (EPC)
expenses, stack costs, expected lifetime, and Balance of Plant (BoP) costs. On the other hand, the costs associated with cooling, gas
purification, and water treatment are considered minor factors influencing the overall cost of hydrogen production.
Cost Drivers in LCOH Calculation
Among the biggest cost drivers are the electricity costs and the discount rate.
BoP: The Balance of Plant represents a significant driver of costs. ... READ MORE Jul 20

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 Market Intelligence Report
INDIA CLEANTECH
Jul 21, 2023

Regulator Allows Himachal DISCOM to Bridge Wind RPO Shortfall with Excess HPO
Himachal Pradesh Electricity Regulatory Commission (HPERC) has allowed Himachal Pradesh State Electricity Board (HPSEBL) to meet its
wind power purchase obligation (Wind RPO) with surplus hydropower generated in the state.
The Commission approved the HPSEBL’s overall compliance for Wind RPO, hydro purchase obligation (HPO), and other renewable
purchase obligations (Other RPO) for the financial year 2022-23. The Commission also allowed HPSEBL to issue renewable energy
certificates (RECs) for the excess energy procured.
Background
HPSEBL filed a petition seeking authentication of its Renewable Energy Purchase for the fiscal year 2023. The petition focuses on the
compliance of wind RPO, HPO, and other RPO under the Himachal Pradesh Electricity Regulatory Commission (Renewable Power
Purchase Obligation and its compliance) Regulations, 2023 (RPPO Regulations, 2023).
HPSEBL computed its total annual consumption as 12,174.167 MUs and set the targets for RPPOs, including 0.81% for Wind RPO, 0.35%
for HPO, and 23.44% for Other RPO.
The distribution company procured renewable energy to fulfill these obligations. However, there was a shortfall of wind power by 43.049
Mus to meet the wind RPO compliance. The DISCOM purchased RECs through the Indian Energy Exchange and also sought to adjust the
wind RPO shortfall with excess hydro energy procured beyond HPO.
Regarding HPO compliance, HPSEBL procured energy from eligible hydroelectric projects (HEPs). It proposed adjusting the shortfall
in Wind RPO with this excess energy purchase. For Other RPO compliance, HPSEBL procured energy from various sources, including
hydroelectric, solar photovoltaic, and solar rooftop projects. It exceeded the Other RPO target and sought to issue certificates for the
surplus energy purchase.
In additional submissions, the HPSEBL details the reworked RPO calculation, energy procurement ... READ MORE Jul 13

Electricity Consumption Decline in Advanced Economies to Impact Global Demand in 2023

Electricity demand in the European Union (EU) is expected to reach its lowest level in two decades, marking a significant decline of 3% in
2023, according to the latest “Electricity Market Report” by the International Energy Agency (IEA).
The report attributes this drop to the ongoing effects of the global energy crisis and an economic slowdown impacting advanced
economies.
However, while electricity demand is expected to ease worldwide in 2023, overall global electricity demand growth is predicted to increase
strongly in 2024.
The agency said the United States anticipates a nearly 2% decline in electricity demand this year and Japan a 3% fall.
Combined with the 2022 reduction, the 3% drop represents the EU’s most substantial slump in electricity demand on record, potentially
leading to consumption levels not seen since 2002.
This is despite strong growth in electrification with a record number of electric vehicles and heat pumps sold.
Europe’s energy-intensive industries have not yet recovered from last year’s production slump, as evidenced by the staggering 6% year-
on-year decline in total EU electricity demand during the first half of 2023.
The substantial demand declines in advanced economies contrast sharply with the growth observed in emerging economies such as China
and India.
Despite the decline in advanced economies, global electricity demand is still expected to grow moderately by slightly less than 2% in
2023, down from 2.3% in 2022. Nevertheless, the IEA’s projections indicate that with an improving world economic outlook, demand
growth will rebound to 3.3% in 2024.
Strong Growth in China and India
Factors contributing to rising global electricity demand include the electrification of energy systems, efforts to reduce emissions, increased
indoor cooling needs due to climbing temperatures, and robust demand growth in emerging ... READ MORE Jul 20

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INDIA CLEANTECH
Jul 21, 2023

Andhra Regulator Notifies Amendments to RPO Compliance Regulations 2022

The Andhra Pradesh Electricity Regulatory Commission (APERC) has notified the amendments to the Renewable Power Purchase
Obligation Compliance by Purchase of Renewable Energy/Renewable Energy Certificates Regulations, 2022.
As per the amendments, the purchase of renewable energy by a captive open access consumer will be counted toward fulfilling their
renewable purchase obligation (RPO).
The amendments came into force on July 14, 2023.
Recently, APERC issued draft amendments to the RPO Compliance Regulations 2022, which was open for stakeholder comments.
The amendments were finalized without any objections.
Entities can now choose to purchase renewable energy up to a certain percentage of their consumption or fulfill their entire consumption
through renewable sources. They must submit a request to the authority three months before the start of the financial year in which they
want to procure renewable energy, except for the current year.
According to the amendments, entities with obligations can purchase additional renewable energy beyond their requirement of up to
100%. The mandated percentage of renewable energy procurement should not fall below the specified RPO set by the government or
APERC, whichever is higher.
The renewable energy supplied will include a green tariff, which adds ₹0.75 (~$0.009) per unit to the regular tariff. Entities consuming
energy with this tariff increase will be considered as using renewable energy supplied by the DISCOM.
Consumers can achieve a 100% renewable energy supply by paying an additional green tariff corresponding to their category, eliminating
the need for an existing Green Power category.
When requesting renewable energy from distribution companies (DISCOMs), the minimum subscription duration is one year starting from
the next financial year.
Any surplus renewable energy purchased from DISCOMs beyond the obligated entities’ RPO and non-obligated entities’ total procurement
will contribute to the DISCOMs’ RPO compliance. ... READ MORE Jul 19

China’s Solar Manufacturing Capacity Expands by 1,500 GW

As the price of polysilicon materials dropped by
almost 50% during the first half (1H) of 2023,
solar manufacturers in China have scaled up
expansion plans with silicon wafers/rods/slices
reaching 442 GW, silicon materials reaching
760,000 tons and solar modules and batteries
together approaching 1,100 GW during the
period.
The total expansion would amount to a total
of ¥100 billion (~$13.89 billion), as reported by
China’s Solar Photovoltaic Portal – Polaris Solar
Photovoltaic Network.
Polysilicon
Investments in polysilicon witnessed a dip during 1H. Polysilicon production amounted to 760,000 tons compared to the 1.37 million tons
achieved during the same period last year. The investment also saw a 55.47% YoY drop.
The drop in polysilicon prices is due to the over-expansion of production capacity over the last two years following a severe polysilicon
supply crunch. According to Polaris Solar Photovoltaic Network, only six companies across the country – Hoshine Silicon, Lihao
Semiconductor, Tongwei, Runyang Yueda, Shangji CNC, and Runxiang Quartz Mining — announced expansion plans with a total
investment ... READ MORE Jul 18

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Jul 21, 2023

US Power Sector’s Total Congestion Costs Reaches $20.8 Billion in 2022

Congestion costs in regional transmission organization (RTO) regions, excluding the California Independent System Operator (CAISO)
region, amounted to $12.1 billion in 2022. Extrapolating these figures to include CAISO and the rest of the United States brings the total
congestion costs to $20.8 billion, according to a report by power sector consulting firm Grid Strategies.
The exponential growth in congestion costs is due to the frequent reliance on higher-cost thermal generators, as renewable energy sources
are often curtailed due to insufficient transmission capacity. This trend is further exacerbated by increased system vulnerability to extreme
weather, rising electricity demand, and the preference for clean energy sources often geographically distant from consumers.
Annual internal market congestion costs in the U.S. power sector have experienced significant growth in recent years, posing consumer
challenges and highlighting the urgent need for transmission infrastructure upgrades.
Congestion costs, which occur when inadequate transmission capacity hinders the delivery of low-cost electricity generation, have nearly
doubled from 2020 to 2021 and increased by approximately 56% from 2021 to 2022 across the RTOs and Independent System Operators
(ISO). These entities serve around 58% of the country’s electricity load, making congestion costs a pressing issue affecting consumers.
While congestion data in non-RTO regions are not readily available, it can be assumed that congestion outside these transparent markets
mirrors that within them. The price transparency and favorable transmission expansion policies in RTO regions tend to reduce congestion
compared to non-RTO areas.
Insufficient investments
Increasing transmission capacity remains the most effective strategy to alleviate congestion. However, the investment in new large-scale,
high-voltage transmission lines has been insufficient. This is despite the escalating need arising from heightened vulnerability to extreme
weather events, growing electricity demand, and increased reliance on variable and clean energy sources far from consumers.
Additionally, the adoption of grid-enhancing technologies (GETs), such as dynamic line ratings ... READ MORE Jul 19

COMPANY NEWS
Tata to Build 40 GW Battery Cell Gigafactory in UK for EV & Energy Storage
Tata Sons, the principal investment holding company and promoter of the Tata Group of companies, has announced its plan to establish a
global battery cell gigafactory in the United Kingdom with a capacity to produce 40 GW of cells annually.
The investment, exceeding £4 billion (~$4.4 billion), would help establish a large competitive green tech ecosystem, which is expected to
revolutionize the electric mobility and renewable energy storage landscape in the UK and Europe.
The anchor customers for this venture will be Jaguar Land Rover (JLR) and Tata Motors, with supplies scheduled to commence in 2026.
The company said the move is aligned with the Tata Group’s commitment to promoting sustainable practices across all its businesses.
The battery gigafactory’s core objective is to produce high-quality, high-performance, and sustainable battery cells and packs, catering to
a wide range of applications in both the mobility and energy storage sectors.
To achieve this, Tata Sons has outlined strategic growth plans for flexible manufacturing capacity, initiating a rapid ramp-up phase and
setting the production in motion for 2026.
The gigafactory is expected to maximize its renewable energy mix, aiming for 100% clean power.
In pursuit of a truly circular economy ecosystem, the facility would employ innovative technologies and resource-efficient processes,
including battery recycling, which will enable the recovery and reuse of all original raw materials.
N Chandrasekaran, Chairman of Tata Sons, said, “Our multi-billion-pound investment will bring state-of-the-art technology to the country,
helping to power the automotive sector’s transition to electric mobility, anchored by our own business, Jaguar Land Rover.”
“With this strategic investment, the Tata Group further strengthens its commitment to the UK alongside our many companies operating
here across technology, consumer, hospitality, steel, chemicals, and automotive,” Chandrasekaran said.
UK Prime Minister Rishi Sunak lauded Tata Group’s decision to establish their new gigafactory in the UK, marking the company’s first such
venture outside of India. ... READ MORE Jul 19

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INDIA CLEANTECH
Jul 21, 2023

JSW Energy’s Net Profit in Q1 Slides 48% YoY on Thermal Segment Headwinds
JSW Energy, an independent power producer, reported a net profit of ₹2.9 billion (~$35.3 million), a decrease of 48% year-over-year (YoY)
in the first quarter (Q1) of the financial year (FY) 2023-24, due to the lower realization in the thermal segment following a decline in coal
prices.
The company’s total revenue declined by 3% YoY or ₹30.13 billion ($367 million). The earnings before interest, taxes, and depreciation
(EBITDA) showed a notable 18% YoY increase, reaching ₹13.07 billion ($159.2 million) in the quarter, primarily driven by contributions from
renewable energy assets.
In terms of operational performance, power generation showed a 14% year-on-year increase, reaching 6.7 billion units (BU), driven by
new renewable energy capacities (including Mytrah) and higher generation at Ratnagiri, partially offset by lower generation at hydropower
assets.
The net renewable generation experienced a substantial 35% YoY growth, amounting to 2.3 BU, due to the addition of renewable energy
capacities. A net long-term generation saw an 18% year-on-year rise on the back of increased electricity generation at Ratnagiri (Unit-1)
and the addition of renewable energy capacities.
In March 2023, JSW Neo Energy, a wholly owned subsidiary of JSW Energy, announced it would acquire Mytrah Energy’s 12 special-
purpose vehicles.
JSW Energy possesses renewable assets with a total capacity of 5,912 MW. Among these assets, 3,509 MW are currently operational,
while an additional 2,403 MW are under construction and yet to be commissioned.
The company’s revenue for Q4 of FY23 increased by 6% YoY to ₹28.06 billion (~$339.13 million) on the back of the increase in renewable
capacity.
JSW Neo Energy was among the winners in the Power Company of Karnataka’s auction to supply 1 GW of energy for 8 hours daily from
pumped hydro storage projects providing continuous 5-hour discharge. It won 300 MW by quoting ₹14.75 million (~$178,661). Jul 17

TENDERS & AUCTIONS

SECI Issues Tender for 1 GW of Solar Modules
Solar Energy Corporation of India (SECI) has invited bids for manufacturing, testing, packaging, supply, and transportation of 1,000
MW (DC) of domestically manufactured solar modules using indigenous solar cells under the Central Public Sector Undertaking (CPSU)
Program II (Tranche -III).
The last date to submit the bids is August 17, 2023. Bids will be opened on the same day.
Bidders will have to submit an earnest money deposit of ₹270 million (~$3.29 million) for the 500 MW package and ₹540 million
(~$6.58 million) for the 1,000 MW package. The successful bidder must furnish an amount equivalent to 10% of the contract value as a
performance security.
The solar modules, including mandatory spares under the award, must be supplied by the select contractor during the delivery window of
nine months. Bidders can only quote in multiples of 500 MW, with a maximum capacity of up to 1,000 MW.
To be eligible, the solar module manufacturers should have a manufacturing facility of a minimum 670 MW/annum capacity if they are
submitting a bid for the package capacity of 500 MW or a manufacturing facility of a minimum 1,340 MW/annum capacity if they are
submitting a bid for 1,000 MW.
Alternatively, the solar module manufacturers should be in the process of setting up a solar module manufacturing facility with a minimum
capacity of 670 MW/annum for a bid package capacity of 500 MW, or they should be in the process of setting up a module manufacturing
facility with a minimum capacity of 1,340 MW/annum for the bid package capacity of 1,000 MW.
The net worth of bidders during the last financial year should be positive.
Bidders should have a minimum working capital of ₹3.35 billion (~$40.81 million) as per the last audited financial statement. If the bidder’s
working capital is inadequate, the bidder should supplement this with a letter from the bidder’s bank, having a net worth not less than ₹5
billion, confirming the availability of the line of credit ... READ MORE Jul 18

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Jul 21, 2023

Rajasthan DISCOM Invites Bids for 295 MW of Solar Projects Under KUSUM
The Jodhpur Vidyut Vitran Nigam (JDVVNL) has floated three tenders for installing and commissioning 108 grid-connected solar power
projects with a total capacity of 295.32 MW in various subdivisions of Hanumangarh Circle under Component C of the Pradhan Mantri
Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program for feeder level solarization.
The projects will be developed under the renewable energy service company (RESCO) model.
The successful bidder must take care of the projects’ operation and maintenance (O&M) for 25 years.
The estimated project cost is ₹35 million (~$426,125)/MW.
Bidders must submit ₹100,000 (~$1,218)/MW of the quoted capacity as an earnest money deposit for all the tenders.
The successful bidders must furnish ₹500,000 (~$6,088)/MW of the allotted capacity as a performance bank guarantee.
The project developer will also be responsible for the supply and erection of the associated 33 kV or 11 kV line (as the case may be)
connecting the solar power projects with the concerned 33/11 kV substation, including bay, breakers and metering system at the
substation.
A power purchase agreement (PPA) for a period of 25 years at the levelized tariff approved by the Rajasthan Electricity Regulatory
Commission will be executed between the selected bidder and Rajasthan Urja Vikas Nigam (RUVNL) within seven days of the submission
of the performance bank guarantee.
The projects must be commissioned within nine months of signing the PPA.
Only commercially established and operational technologies can be used to minimize the technology risk and achieve the project’s timely
commissioning.
For landowners, farmers, and any individual possessing the required land for the project, an undertaking certifying the ownership of assets
of at least 20% of the total cost of the quoted capacity must be submitted. ... READ MORE Jul 17

THDC Floats Consultancy Tender to Acquire Land for 2 GW Solar Parks

THDC India has invited bids to empanel consultants for the acquisition of land to develop 2,000 MW ultra mega renewable energy parks in
Rajasthan under the Ministry of New and Renewable Energy’s (MNRE) Solar Park Program.
The last date to submit the bids is August 10, 2023. Bids will be opened the following day.
The consultants will be empaneled for two years under the following categories:
• Class A: Land acquisition consultancy for projects requiring more than 500 acres of land.
• Class B: Land acquisition consultancy for projects requiring 250 to 500 acres of land.
To be eligible, bidders should have experience executing consultancy services for the acquisition of encumbrance and encroachment-free
private or government land on a freehold or lease basis or encumbrance-free private land on an upfront charge basis or a lease basis for a
minimum of 20 years during the last five years.
For Class A empanelment, the bidder should have completed consultancy services for a land parcel of more than 500 acres of land.
For Class B empanelment, the bidder should have completed consultancy services for a land parcel in the range of 250 to 500 acres.
The consultant firm should have at least one such employee, partner, or director with a legal background and experience handling the land
acquisition of at least 250 acres of land for Class-B applicants and at least 500 acres for Class-A applicants against contracts in the last
five years.
Also, the consultancy firm should have at least one such employee, partner, or director with prior experience working for at least 15 years
as an officer in the land revenue department or administrative department of the Government of Rajasthan.
Recently, TUSCO, a joint venture company of THDC India, and the Uttar Pradesh New and Renewable Energy Development Agency
awarded the consultancy contract to prepare a feasibility-cum-detailed project report for an 800 MW ultra-mega solar power park in
Chitrakoot, Uttar Pradesh. ... READ MORE Jul 14

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INDIA CLEANTECH
Jul 21, 2023

NHPC Invites Bids for 200 MW Solar Projects in Gujarat

NHPC Limited has invited bids for the engineering, procurement, and construction (EPC) of 200 MW solar power projects at Khavda
Renewable Energy Park in Gujarat.
The scope of the work includes design, engineering, manufacturing, supply, packing and forwarding, transportation, uploading storage,
installation, testing, and commissioning of the solar project, including the supply of solar modules. The developer must also oversee the
project’s operation and maintenance for five years.
The last date for the submission of bids is August 29, 2023. Bids will open on September 6.
Bidders must submit an earnest money deposit of ₹92 million (~$1.1 million). The successful bidder must submit 3% of the project cost as
performance security within 28 days of receiving the award notification.
Bidders must have developed, designed, erected, commissioned, or supervised these activities for grid-connected solar power projects
with a cumulative capacity of 40 MW or higher. At least one project must be of 10 MW or higher capacity.
Alternatively, bidders should have executed in the last ten years, either as developers or EPC contractors in the process industry or in
infrastructure development, a single work with a minimum value of ₹1.5 billion (~$18.3 million).
Bidders must have experience executing at least one electrical substation of 33 kV or above voltage level that includes equipment such as
33 kV or above voltage level circuit breakers and power transformer and has been successfully operating for at least one year before the
bid opening.
Bidders should have an average annual turnover of at least ₹2.17 billion (~$26.4 million) in the last three years.
Their net worth as of the closing day of any three financial years out of the last five should be positive. ... READ MORE Jul 19

Universal Transformers Bags 22.5 MW of Floating Solar Projects in West Bengal

Indore-based Universal Transformers, a provider of electrical and automation solutions, has bagged the engineering, procurement,
and construction (EPC) contract in the West Bengal Power Development Corporation’s (WBPDCL) auction to set up 22.5 MW of grid-
connected floating solar projects at the Bakreswar, Santhaldih, and Sagardidhi thermal power plants.
Of the total capacity, a 10 MW floating solar project will be developed at Bakreswar thermal power plant, while 7.5 MW and 5 MW will be
developed at Santhaldih and Sagardidhi thermal plants, respectively.
The successful bidder must also take care of the project’s operation and maintenance (O&M) for five years.
10 MW Floating Solar Project
The total contract value approved by WBPDCL to install and commission the 10 MW floating power project at the Bakreswar thermal
power plant is ₹594.59 million (~$7.24 million).
The net minimum guaranteed generation for the first year after the commissioning of the project should be 16.39 MU, reducing at a rate of
0.7% per year for the subsequent years.
7.5 MW Floating Solar Project
The total contract value approved by WBPDCL to install and commission the 7.5 MW floating solar project at the Santhaldih thermal
power plant is ₹445.94 million (~$5.43 million).
The net minimum guaranteed generation for the first year should be 12.5 MU, reducing at a rate of 0.7% per year for the subsequent
years.
5 MW Floating Solar Project
The total contract value approved by WBPDCL to install and commission the 5 MW floating solar project at the Sagardidhi thermal power
plant is ₹297.29 million (~$3.62 million).
The net minimum guaranteed generation for the first year should be 7.6 MU, reducing at a rate of 0.7% per year for the subsequent years.
The tender was first floated in December 2021. However, it was retendered in March 2023. ... READ MORE Jul 17

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 Market Intelligence Report
INDIA CLEANTECH
Jul 21, 2023
FUNDING NEWS
Standard Chartered Commits ₹1.45 Billion for 48 Solar Mini-Grids in Angola
Standard Chartered has announced a financial package of €1.29 billion (~$1.45 billion) to support the Angolan Ministry of Finance in
constructing 48 hybrid solar power generation systems equipped with energy storage to create autonomous mini-grids. These systems
will provide 100% renewable electricity to communities without access to the national electricity grid.
The funding will support the expansion of the national grid in Malanje, as well as the construction of new transmission lines and networks
connecting other municipalities. Introducing this electricity infrastructure will contribute to the diversification of Angola’s energy mix,
potentially reducing up to 7.9 megatons of CO2 emissions.
Led by the Angolan Ministry of Energy and Water, the electrification project will benefit around one million Angolans residing in 60
communities, encompassing provinces such as Moxico, Lunda Norte, Lunda Sul, Bié, and Malanje.
The financing package is backed by the German export credit agency Euler Hermes, with the MCA Group overseeing construction and
project management. Of the total funding, €1.2 billion (~$1.35 billion) is supported by Euler Hermes, while the remaining represents a
commercial loan.
Yoshi Ichikawa, Head of Structured Export Finance for Europe, Standard Chartered Bank, said: “We are thrilled to complete the financing
of this important project for the Angolan government to supply renewable energy-sourced electricity to local communities. It’s another
great example of our collaboration with ECAs and contractors to deliver for our clients.”
Standard Chartered was the sole book runner, original lender, structuring bank, and mandated lead arranger. The bank designed the
financing structure to align with eight of the United Nations’ sustainable development goals and adhere to international best practices for
environmental and social risk management.
Earlier this year, the Export-Import Bank of the United States approved a direct loan exceeding $900 million to support construction of two
solar power projects in Angola. ... READ MORE Jul 14

ACWA Finalizes $2.2 Billion Financing for Two Solar Projects in Saudi Arabia
Saudi Arabia-based energy company ACWA Power has signed financing agreements with a consortium of investors to develop Al
Shuaibah 1 and Al Shuaibah 2 solar projects for a total investment of SAR8.3 billion (~$2.2 billion).
ACWA Power had signed power purchase agreements with the Water and Electricity Holding Company (Badeel) in November last year to
develop these solar projects with a 2,060 MW capacity, expected to begin commercial operations by the fourth quarter of 2025.
The total financing package encompasses SAR6.1 billion (~$1.6 billion) in senior debt. The senior debt includes a SAR1.7 billion (~$453
million) Saudi Riyal-denominated loan secured from the National Development Fund on behalf of the National Infrastructure Fund.
A substantial $1.2 billion commercial facility, denominated in U.S. dollars, has been extended by a consortium of prominent local, regional,
and international banks, which include Bank Saudi Fransi, First Abu Dhabi Bank, Mizuho Bank, Riyad Bank, Saudi National Bank,
Standard Chartered Bank, and Saudi Investment Bank.
The financing structure involves a combination of long-term debt and equity, with ACWA Power, Badeel, and Saudi Aramco forming the
core stakeholders.
ACWA Power holds a 35% equity stake in the projects, reinforcing its commitment to driving sustainable and innovative energy solutions
in Saudi Arabia.
Comprising development, design, permitting, engineering, procurement, construction, commissioning, testing, ownership, operation, and
maintenance, both Al Shuaibah 1 and Al Shuaibah 2 projects will significantly contribute to Saudi Arabia’s renewable energy goals.
Badeel and Saudi National Bank are deemed related parties to ACWA Power under the regulatory definition of such relationships.
In May this year, Badeel and ACWA Power announced an investment of SAR12.2 billion (~$3.25 billion) to develop and operate 4.55 GW
of solar power projects. The companies signed power purchase agreements with the Saudi Power Procurement Company to develop and
operate three new solar power projects in the country.
Earlier this January, Saudi Arabia announced its plans to generate 15.1 TWh of renewable energy annually by 2024, sufficient to meet the
power requirements of 692,557 households. Jul 18

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 Market Intelligence Report
INDIA CLEANTECH
Jul 21, 2023
TECHNOLOGY NEWS
Researchers Develop Perovskite Solar Cells with ~93% Bifaciality
A team of researchers at the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) has claimed to achieve 91%-
93% of bifaciality on a newly developed bifacial perovskite solar cell.
The researchers designed a perovskite bifacial solar cell with a modified thickness and achieved efficiencies under illumination from both
sides, which were very close together.
They utilized optical and electrical simulations to determine the necessary thickness to be constructed into the cell.
The perovskite layer on the front of the bifacial solar cell had to be thick enough to absorb most of the photons from a certain part of the
solar spectrum but not too thick that it would block them. The team also determined the ideal thickness of the rear electrode to minimize
resistive loss.
The simulations guided the team to design the bifacial cell with an accurate thickness of 850 nanometers.
The researchers placed the cell between two solar simulators to evaluate the efficiency gained through bifacial illumination. The direct light
was aimed at the front side, while the rear received the reflected light.
The efficiency of the perovskite cell increased as the ratio of the reflected light to the front illumination increased.
The researchers claimed that the lab-measured efficiency of the front illumination crossed 23%, and from the back illumination, the
efficiency was about 91%-93% of the front side.
The study “Highly efficient bifacial single-junction perovskite solar cells” was published in the journal Joule.
In the past, bifacial perovskite solar cell research developed devices not competent enough compared to monofacial cells with a record
efficiency of ~26%.
The dual nature of bifacial solar cells enables them to capture direct sunlight on the front ... READ MORE Jul 18

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