Monthly RE

Update
Monthly RE
Update
Monthly RE
Update
 Table of Contents 01. Tenders

02. Installed Capacity

03. RE Project Updates

04. Monthly RE Generation

TABLE OF Investments and Deals
CONTENTS
05.

06. GTAM Traded Volume

07. Module Price Trends

08. Market Update

09. Policies And Regulations

TENDERS

Monthly RE
Update
 TENDERS ISSUED
NEW RE TENDERS ISSUED IN MAY 2024

RUVNL, 8000 MW, Solar, Rajasthan, May 2024

NTPC, 1200 MW, RE Power (FDRE), May 2024 ➢ New RFS Issued: 13124 MW of RE tenders issued in May 2024
➢ RUVNL floated a Solar - 8000 MW tender in Rajasthan
NHPC, 1200 MW, ISTS Connected Solar, PAN India, May 2024
➢ NTPC and NHPC invited bids of 1200 MW each for Hybrid
and Solar tenders respectively.
SECI 1200 MW, ISTS (XVI), Solar, PAN India, May 2024
➢ SECI issued Solar - 1200 MW and Wind - 500 MW
tenders across India
SECI,500 MW, ISTS (Tranche XVII), Wind, India, May 2024
➢ SJVN floated a tender to manufacture and supply 376.60 MWp
domestic modules for the GUVNL(Phase-XIV) solar power project in
SJVN, 376.6 MWp, Solar, GUVNL(Phase XIV), Gujarat, May 2024 Gujarat.

NTPC, 225 MW, Solar, Khavda (Stage III) (EPC), Gujarat,May 2024

NHPC, 200 MW, Solar (EPC), Gujarat, May 2024 Solar

Wind
RECPDCL 200 MW, Solar (EPC), Uttar Pradesh, May 2024 Hybrid
PV Module Manufacturing
Travancore Cochin Chemicals, 22 MW, Solar, Kerala, May 2024

0 1000 2000 3000 4000 5000 6000 7000 8000

Source: JMK Research Capacity (MW) 4 Monthly RE
Update
 TENDERS ISSUED

Commissioning Bid
Minimum
Tender Name Technology Tender Scope Capacity (MW) timeline from PPA Submission
CUF
signing (months) Date

RUVNL, 8000 MW, Solar, Rajasthan, May 2024 Utility Scale Solar Project Development 8000 17% 30 24th-Jun-2024

NTPC, 1200 MW, RE Power (FDRE), May 2024 Hybrid Project Development 1200 - - 23rd-Jul-2024

NHPC, 1200 MW, ISTS Connected Solar, PAN India, May 2024 Utility Scale Solar Project Development 1200 21% 24 29th-Jun-2024

SECI 1200 MW, ISTS (XVI), Solar, PAN India, May 2024 Utility Scale Solar Project Development 1200 17% 24 17th-Jul-2024

SECI,500 MW, ISTS (Tranche XVII), Wind, India, May 2024 Wind Project Development 500 22% 24 8th-Jul-2024

SJVN, 376.6 MWp, Solar, GUVNL(Phase XIV), Gujarat, May Solar Module PV Module
376.60 MWp - - 11th-Jun-2024
2024 Manufacturing Manufacturing

NTPC, 225 MW, Solar, Khavda (Stage III) (EPC), Gujarat,May

Solar EPC 225 - - 4th-Jul-2024
2024

NHPC, 200 MW, Solar (EPC), Gujarat, May 2024 Utility Scale Solar EPC 200 - 12 11th-Jun-2024

RECPDCL 200 MW, Solar (EPC), Uttar Pradesh, May 2024 Utility Scale Solar EPC 200 21% 18 6th-Jun-2024

Travancore Cochin Chemicals, 22 MW, Solar, Kerala, May

Utility Scale Solar Project Development 22 - - 19th-Jun-2024
2024

Source: JMK Research 5 Monthly RE

Update
 TENDERS ISSUED
KEY
KEYANNOUNCEMENTS
ANNOUNCEMENTS

Apart from the tender issued this month, THDC India has invited bids for the development of 600 MW to 2000 MW on/off stream pumped storage projects on a turnkey basis with operation
and maintenance for 15 years in various states of India. Bidders must pay an earnest money deposit of INR 100 million.

AUCTION COMPLETED
Capacity Tendered Capacity
Tender Name Technology Winner Details
(MW) Allotted (MW)

• Apraava Energy – 50 MW (INR 2.68/kWh)

• Avaada Energy – 750 MW (INR 2.69/kWh)
NTPC,1500 MW, Solar(ISTS-III), Pan India, Feb 2024 Utility Scale Solar 1500 1500
• JSW Energy – 400 MW (INR 2.69/kWh)
• Renew – 300 MW (INR 2.69/kWh)

• Emmvee- 795.4 MW
NTPC,1584.6 MWp, Bifacial Solar, Pan India, May Domestic
1584.6 1584.6 • Vikram Solar- 397.7 MW
2024 Manufacturing (DCR)
• Renew- 391.5 MW

Source: JMK Research 6 Monthly RE

Update
 WINNER DETAILS

WINNERS DETAILS IN LATEST RE AND ➢ In May 2024, NTPC’s 1500 MW - Solar Capacity was auctioned and allotted to various RE developers.
MANUFACTURING TENDERS
➢ In addition, NTPC concluded the auction of its supply of Solar PV Modules for 1255 MW Khavda
Solar Project in Gujarat.

800 2.692
2.69
700 2.69 2.69 2.69 900

2.688 800
600
2.686 700

Tariff (INR/kWh)
Capacity (MW)

500
600

Capacity (MWp)
2.684
400 500
2.682
300 400
2.68 2.68
300
200
2.678 200
100 2.676 100

0 2.674 0
Apraava Energy Avaada Energy JSW Energy Renew Emmvee Vikram Solar Renew

NTPC,1500 MW, Solar(ISTS-III), Pan India Traiff (INR/kWh)

NTPC,1584.6 MWp, Bifacial Solar, Pan India

Source: JMK Research 7 Monthly RE

Update
INSTALLED CAPACITY

Monthly RE
Update
 INSTALLED CAPACITY

CUMULATIVE RE INSTALLATIONS AS OF APRIL 30, 2024

➢ From January to April 2024, 9,319 MW Solar capacity and 1,426
Small Hydro MW of Wind capacity were added to the country, taking the cumulative
power
Bio Power RE capacity to 191.67 GW.
3%
6%
➢ In April 2024, a combined total of 1099 MW of solar and wind
capacity was added.

CAPACITY INSTALLED IN APRIL 2024

100% 1400
Large Hydro
24% = Solar Power
43% 1200
191.67 GW
1000 824

Capacity (MW)
800

600
Wind
24% 275
400

200

0
Source: MNRE, JMK Research Solar Wind
Note: Solar includes utility-scale solar, rooftop solar and off-grid/distributed solar segments 9 Monthly RE
Update
 STATE WISE INSTALLED CAPACITY
STATE-WISE SOLAR AND WIND INSTALLED CAPACITY IN APRIL 2024

400

350

➢ In April 2024, Gujarat added the highest

300
Utility-Scale Solar & Rooftop Solar

250 capacities, with about 197 MW and 50

Capacity (MW)

MW, respectively.
200

➢ In terms of wind installations, Karnataka

150
installed the maximum capacity of 205
100 MW followed by Gujarat with 61 MW.

50

Utility Scale Solar Rooftop Solar Off-Grid Solar Wind

Source: MNRE, JMK Research 10 Monthly RE

Update
RE PROJECT UPDATES

Monthly RE
Update
 RE PROJECTS UPDATES

LIST OF KEY RE PROJECTS COMMISSIONED IN MAY 2024

Developer Name Technology Capacity State

Amplus Solar Solar 73.4 MW Uttar Pradesh

NTPC Solar 57 MW Rajasthan

Avaada Energy Solar 50 MW Bihar

Orb Energy Solar 35 MW Karnataka

KEY ANNOUNCEMENTS

Other key announcements that were made during this month were:

• Tata Power Renewable Energy Limited (TRPEL) has signed a PPA with SJVN for a 460 • SJVN’s 15 MW Nangal Pond floating solar project in Himachal Pradesh has suffered a
MW FDRE project comprising solar, wind, and battery storage to deliver continuous setback due to weather-related damage to already installed modules. SJVN won the
power during peak demand. It also boosts the RPO (Renewable Purchase Obligation) and project bid with a competitive offer of INR 3.26/kW and had aimed to commission the
Energy Storage Obligations (ESO) targets of Discoms and is set to produce 3000 MUs of project by August, but the setback may delay this timeline.
power annually and offsets 2.2 billion Kg of CO2 each year.

• KPI Green Energy secures orders worth 74.3 MW solar projects, out of which 27 MW
• Waaree Energies Ltd, has secured a Letter of Intent to supply 400 MW for bifacial PV capacity (wind -solar hybrid) includes 20 MW of solar power, 30 MW capacity includes
modules from Gujarat Industries Power Co. Ltd (GIPCL) for the 2375 MW RE park near KPark Sunbeat Private Limited, and 17.3 MW capacity includes Sun Drops Energia
12

Great Rann of Kutch. The project scope includes manufacturing, testing, packing, and Private Limited, subsidiaries of KPI Green under captive power producer.
transportation of PV modules along with spares of 2 MW.

Monthly RE
Source: JMK Research
Update
 RE PROJECTS UPDATES

KEY ANNOUNCEMENTS

• SunSource Energy has successfully commissioned a solar power project for CtrlS. The • Larsen & Toubro's Power Transmission & Distribution (PT&D) secures multiple orders
project is located in Gursarai, Jhansi district of Uttar Pradesh to provide clean power to both in India and abroad valued between INR 5,000 crore to INR 10,000 crore. The
CtrlS's Noida Data Center. Generating approximately 100 GWh of clean energy, the projects include two floating solar plants in India with a combined capacity exceeding
project is expected to offset over 94,640 tonnes of CO2 emissions throughout its 150 MWac alongside a ground mounted Solar PV capacity of 120 MWac. Additionally,
technical lifetime and aids CtrlS in fulfilling 60% of its annual energy requirement PT&D has secured contracts for 765 kV transmission lines and a gas-insulated
through renewable sources. substation in Rajasthan and Karnataka, facilitating the integration and evacuation of
renewable energy to various load centers across the country.

• Gujarat Toolroom announced its acquisition of a 65-acre land parcel in Gujarat for the
development of a green energy project, with an investment of INR 572 crore. The project • ReNew has signed 5 significant PPAs of 2.2 GW capacity to increase its portfolio to 15.6
is expected to be completed between 3 to 5 years and will establish a hybrid power plant GW. Additionally, ReNew has secured Letters of Award for an additional 5.8 GW of
contributing 97.5 MW of clean electricity to the grid. Of the acquired land, 60 acres will renewable energy capacity. These agreements comprise 3 solar PPAs totaling 800 MW
be dedicated to solar panel installation, while the rest will accommodate essential with NTPC Limited, Damodar Valley Corporation, and SECI, at a weighted average tariff of
power management infrastructure, including transformer stations and high-voltage line INR 2.59 per kWh, along with a 1 GW Firm and Dispatchable Renewable Energy (FDRE)
terminals. The project's layout plan also includes provisions for 15 on-shore wind PPA with SJVN Limited at a tariff of INR 4.39 per kWh. Furthermore, the company has
turbines, each expected to generate 2.5 MW/hour. added a 438 MW PPA with a multinational commercial and industrial customer. The
combined projects will involve the development of 1,500 MW of solar and 688 MW of
wind projects, expected to be commissioned within the next 24 months.
• Juniper Green Energy has signed a PPA with SJVN securing a 320 MW firm and
dispatchable renewable energy (FDRE) contract. This deal paves the way for the
development of nearly 1 GW of capacity across Gujarat and Rajasthan. The 25-year PPA,
achieved at a tariff of INR 4.38 with state utility SJVN also increases Juniper Green
Energy’s operational and under-construction capacity to 2.5 GW.

13 Monthly RE
Update
 RE PROJECTS UPDATES

KEY ANNOUNCEMENTS

• TANGEDCO has signed a PPA with SECI for procuring 500 MW, with INR 2.72 per unit for • Onix Trans Stellar has secured 187 MW of solar projects across 60 locations in Gujarat
200 MW and INR 2.73 per unit for 300 MW of solar power to meet its RPO. The 500 MW is under the PM KUSUM Scheme. The projects, awarded through auctions conducted by the
set to be available within 18 months after PPA is signed. Government of Gujarat, will have PPA with Paschim Gujarat Vij Co. Ltd. These feeder-
level solarization projects, tendered under Component C of the PM KUSUM Scheme, are
expected to become operational by the end of December this year.
• The Bhilai Steel Plant (BSP) operated by Steel Authority of India Limited (SAIL), is set to
establish Chhattisgarh's first floating solar power plant to supplement the plant's power
requirements. The floating solar plant is expected to be installed on the water reservoir • Sineng Electric has supplied 2,887 units of its 275 kW string inverters (SP-275K-INH) for
located within the BSP premises with an estimated capacity of 5 MW and is set to a 641 MW solar project in Gujarat, India, developed and owned by Adani. This project is
produce 34.26 million units annually. The deadline is set for next year and is executed by part of the 30 GW Khavda Solar Park, the world’s largest renewable energy installation
NTPC-SAIL Power Supply Company Limited. The EPC contract is expected to be awarded which will power 16.1 million Indian homes.The 641 MW project is expected to generate
shortly. around 1,900,000 MWh of clean energy annually offsetting approximately 913,428 tons
of CO2 emissions per year equivalent to planting 4,567,124 trees.

• Vikram Solar has secured an order to supply 397.7 MWp solar modules for NTPC's
Khavda Solar Project in Gujarat. The project, expected to have a total capacity of 1,255 • Madhav Infra Projects Ltd has secured a letter of award to develop a 15 MW floating
MW, aligns with India's Domestic Content Requirement (DCR) and emphasizes the solar PV project at Maroda Reservoir-I for NTPC-SAIL Power Co. Ltd (NSPCL) in Bhilai,
promotion of domestic solar manufacturing. The order received was for bifacial DCR Chhattisgarh. The project, valued at INR 90.35 crore, encompasses design, engineering,
modules with a minimum capacity of 540 Wp. procurement, construction, installation, commissioning, and operation and
maintenance. The EPC work is expected to be completed within 12 months.

13 Monthly RE
Update
 RE PROJECTS UPDATES

KEY ANNOUNCEMENTS

• Paschim Gujarat Vij Company Ltd. (PGVCL) has awarded 479 MW of solar projects to • Suzlon Group has secured a 551.25 MW wind power project order from the Aditya Birla
multiple developers as part of the PM KUSUM scheme, focusing on feeder-level Group, to be executed across two sites in Rajasthan and Gujarat. The project will involve
solarization to enhance renewable energy infrastructure.Tendered under Component C the development of 368.55 MW in the Barmer district of Rajasthan by Suzlon and 182.70
of PM KUSUM, these projects are set to be operational across 170 locations in Gujarat MW in the Bhuj district of Gujarat. The generated power will be used for captive
by the end of 2024. Onix Renewable secures the largest portion with 187.4 MW across 60 consumption within Aditya Birla Group companies.
locations, followed by Indian Infrastructure and Project India covering 47.5 MW across
12 locations. Quoted tariffs range from INR 2.87/kWh to INR 3.00/kWh, ensuring o The company has announced that it has secured orders to develop 402 MW wind
competitive pricing, with successful power purchase agreements signed with PGVCL. energy projects from Juniper Green Energy, involving the installation of 134 wind
turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a 3 MW
capacity at the Fatehgarh site in Rajasthan.
• Havells India Ltd plans to expand its solar power capacity to approximately 16 MW by
installing a 4.6 MW solar plant at its Alwar facility in the upcoming fiscal year, aiming to
meet 67% of its total electricity demand through renewable energy and significantly
reduce Scope 2 emissions. Currently, the company has a solar power generation
capacity of 11.26 MW, covering about 8.4% of its electricity consumption and offsetting
7,971 tons of CO2 emissions.

• Oriano Clean Energy has secured an EPC contract for a 50 MW AC/75 MWp solar power
project from a leading Indian developer, encompassing the solar plant's balance-of-
systems (BOS) with a 132 KV transmission line and switchyard, with a commissioning
timeline of 7 months. Earlier this year, Oriano commissioned 155 MWp of captive open
access capacity for Hira Group in Chhattisgarh, involving three projects connected to a
132 KV infrastructure.

13 Monthly RE
Update
Monthly RE
Update
MONTHLY RE GENERATION

Monthly RE
Update
 MONTHLY RE GENERATION

SOURCE-WISE RENEWABLE ENERGY GENERATION (MU) - INDIA

➢ In May 2024, Renewable energy sources generated 20,673 MU, which is 27.4% higher
than the RE generation in April 2024.
➢ Solar and Wind energy generation increased by 6% and 73.8% respectively on a month-
on-month basis in May 2024.

14000
Monthly RE Generation Wind (MU) Solar (MU) Others (MU)

12000

10000

8000

6000

4000

2000

Source: CEA, JMK Research 15 Monthly RE

Update
INVESTMENTS AND DEALS

Monthly RE
Update
 INVESTMENTS AND DEALS
In May 2024, a total of about $829 million was raised in the RE sector in India. The key investments during the month were:
o Adani Green Energy has secured $400 million green loan for its under-construction solar projects in Gujarat and Rajasthan. The lenders include DBS Bank, Intesa
Sanpaolo, MUFG Bank, Rabobank, and Sumitomo Mitsui Banking.
o Avaada Energy secured a $142.5 million loan from SBI for a solar project in Gujarat.
o Enfinity Global Inc has secured $135 million in financing from the Canada Pension Plan Investment Board (CPP Investments) for the development of 1.2 GW of
solar and wind projects in India.

INVESTMENTS AND DEALS

Asset Stake
Company Name Deal Type Sector Investor Deal value
Acquired Acquired
Adani Green Cooperative Rabobank, DBS Bank, Intesa Sanpaolo,
Debt Solar - - $400 million
Energy MUFG Bank, and Sumitomo Mitsui Banking

Avaada Energy Debt Solar SBI - - $142.5 million

Enfinity Global - Solar and Wind Canada Pension Plan Investment Board - - $135 million

Blupine Energy Debt Solar HDFC Bank - - $50.1 million

Avaada Energy Debt Solar Aseem Infrastructure Finance Ltd - - $38 million

Ampin Energy Equity Renewable responsAbility - - $35 million

Reliance - 100% $22 million
Industries (REC Acquisition Renewable Elkem ASA
Solar)
Jakson Green Equity Renewable HSBC India - - $7.2 million

Fortum Acquisition Solar Gentari Renewables India 185 43.75% -

Source: JMK Research
Note: The remaining stake of Fortum of 56.25% have been acquired by UK Climate Investments Lakeside Limited and a fund managed by Evli Fund Management Ltd 17 Monthly RE
Update
 INVESTMENTS AND DEALS
KEY ANNOUNCEMENTS

• Neyveli Lignite Corporation (NLC) is set to make an investment of $3.4 billion in • REC Power Development & Consultancy Ltd (RECPDCL) is seeking bids for the
expanding renewable energy capacity by 394% to 7GW. This investment forms a acquisition of 200 MW operational solar, wind, and hybrid projects without storage.
significant portion of NLC's overall $11 billion plan to bolster core mining and thermal Each bidder may submit bids for up to two projects. RECPDCL intends to acquire 100%
generation capacities by 2030. shareholding in the project.

• Mahindra Susten along with its partner Ontario Teachers' Pension Plan, is planning to • Adani Enterprises is planning to spend INR 80,000 crore across businesses in FY 2024-
invest INR 21,000 crore over the next five years to develop a renewable energy asset 25. Adani New Industries Limited (ANIL) aims to establish factories capable of
portfolio of nearly 5.5 GW, including storage and round-the-clock (RTC) power projects. producing 10 GW of solar modules and 3 GW of wind turbines, with further expansion
plans for green hydrogen production.
o In addition, Adani Energy Solutions plans to raise INR 12,500 crore through a
• SAEL Ltd. is planning its maiden dollar bond sale targeting up to $500 million and aims
Qualified Institutional Placement (QIP) or other permissible modes, as
to launch solar plant constructions by the end of June. Proceeds from the bond sale will
approved by the company's Board of Directors. The issuance will involve equity
be utilized for business expansion and debt refinancing. SAEL is currently in
shares with a face value of INR 10 each and is subject to necessary approvals.
discussions with a group of foreign banks to arrange the bond sale, seeking a tenor in
the range of 5-7 years.
• Radiance plans to raise $150 million in equity for ambitious expansion to 2 GW over
the next 3 years. The funds will be used for securing land and connectivity for new
• REC is planning to raise funds from overseas through a loan of $1 billion from the Asian
projects, with 800 MW of land already secured and provisions made for an additional
Development Bank (ADB) and Export-Import Bank of Korea (Korea Eximbank) alongside
1.2 GW. Radiance aims to diversify its energy portfolio by integrating wind energy,
a term loan of $500 million from KfW development bank. The company aims to reduce
targeting 20-35% of its portfolio to come from wind. An innovative move by Radiance
its cost of funds by 12 basis points to around 7% in FY25 and is targeting a total
involves using robotic cleaning for solar modules, saving water and enabling more
fundraising of $8 billion including $2 billion via green bonds followed by $6 billion
frequent cleaning cycles.
subsequently. Additionally, REC plans to infuse INR 500 crore into its newly approved
subsidiary in GIFT city, Gujarat, with the potential to increase it up to INR 5,000 crore
aiming to finance green hydrogen and green ammonia projects.
19 Monthly RE
Update
 INVESTMENTS AND DEALS
KEY ANNOUNCEMENTS

• Societe Generale has committed up to $1 billion in financing for ReNew Global's • GP Eco Solutions India (GPES) plans to raise INR 30-35 crore through an initial public
energy transition projects over the next 3 years, supporting the Indian company's offering (IPO) on NSE Emerge for expansion in the solar power sector. Out of the raised
expansion in green power and decarbonization both domestically and internationally. funds, INR 12.45 crore will be for working capital and expansion, INR 7.6 crore for a new
The MoU between the two entities encompasses collaboration on solar, wind, complex solar inverter assembly facility in Noida via subsidiary Invergy India, and the remainder
renewables, green hydrogen, energy storage, and solar module manufacturing. for general corporate purposes. The IPO will involve selling 38.52% of GPES's stake by
promoters, leaving them with a 61.48% stake post-IPO.

• Jakson Green announced a significant investment of INR 3,500 crore through private
equity investors and non-recourse financing to develop its renewable portfolio, • Ircon International’s board has approved the investment of INR 88.92 crores in form of
including solar utility projects and green hydrogen, methanol, and ethanol. optionally convertible debentures in Ircon Renewable Power. The investment is set to
be in single or multiple tranches.

• InoxGFL Group is set to launch a renewable energy platform in collaboration with

leading private equity players, producing over 1.5 GW of wind and solar power. Notable • Orient Green Power Company plans to raise up to INR 250 crore through equity shares
foreign investors such as APMoller Capital, I Squared Capital, and Actis are expected to to its existing shareholders. The equity shares, each with a face value of INR 10, are
hold a 51% stake, with the Jains holding 49%. This platform is projected to generate INR proposed to be offered for a total amount not exceeding INR 25,000 lakh (INR 250
10,000-12,000 crore in additional revenues for Inox Wind over the next 3-4 years and crore). The rights issue allows existing shareholders to buy additional shares at a
INR 150-200 crore in annual contracts for Inox Green. discount, thereby raising funds for the company without involving new investors.

• KPI Green Energy announced that its board has approved a proposal to raise up to INR • Juniper Green Energy is in discussions with investment banks to explore the possibility
1,000 crore through the issuance of shares via qualified institutional placement (QIP). of launching an initial public offering (IPO), aiming to raise approximately $200-250
The board approved raising funds through the issuance of equity shares or other equity- million or potentially more. If successful, the funds raised from the IPO will finance the
linked securities or convertible/exchangeable securities via QIPs in one or more development of its portfolio of renewable energy projects.
tranches.

19 Monthly RE
Update
 INVESTMENTS AND DEALS
KEY ANNOUNCEMENTS

• IREDA is planning to raise funds of INR 24,200 crore this fiscal year through a follow-on • Greenko’s plea to Competition Commission of India is cleared and is set to acquire
public offer (FPO) and perpetual debt to meet future capital needs, support renewable Sikkim Urja through additional shares. Sikkim Urja is a special-purpose vehicle for
energy projects within 4-6 months. implementing a 1200 MW hydropower project in North Sikkim.
o IREDA also plans to issue bonds under a new subsidiary, IREDA Global Green
Energy Finance IFSC, in GIFT City, Gujarat, to secure competitive offshore
• Tata Power is negotiating with lenders including the State Bank of India, IndusInd Bank,
funding and reduce hedging costs.
Axis Bank, and ICICI Bank to secure up to $1 billion in loans for its clean energy
projects. This would be the largest local currency loan in India this year, supporting Tata
Power's $1.6 billion investment in pumped hydro storage projects in Maharashtra. The
• JSW Energy is evaluating over half a dozen deals in the renewable energy sector,
loan, which may be structured as a bilateral agreement or syndicated facility, will be
targeting projects with capacities between 500 MW and 3,000-4,000 MW as financial
disbursed in stages and priced above benchmarks like the RBI's repo rate.
investors seek exits. Recently, JSW raised INR 5,000 crore through a qualified
institutional placement for renewable investments and plans to invest INR 15,000 crore
in FY25 for ongoing and new projects. Additionally, JSW signed an MOU to build 6,200
• NTPC proposed an INR 10,000 crore initial public offering (IPO) for its green energy
MW of green power for JSW Steel by 2030, with a 1,000 MW PPA expected soon. The
business, aiming to enter the primary market by FY2025. The proceeds from the IPO will
company will not pursue new greenfield thermal projects due to uncertain PPAs.
be used to fund ongoing and future projects in solar, green hydrogen, and green
o JSW Neo Energy and Sekura Energy are among the five bidders who have ammonia.
submitted non-binding offers to acquire a controlling stake in Ayana Renewable
Power. Other bidders include Masdar, Sembcorp, and Macquarie. NIIF which
holds 51% stake in Ayana will shortlist suitors in the coming weeks. British • Siemens Energy AG is selling its India wind turbine business which generates annual
International Investment (formerly CDC Group) owns 32% and the Green revenues of $700 million and is valued at $1 billion. Barclays is managing the sale, with
Growth Equity fund of Eversource Capital holds 17% in Ayana. While some potential buyers including Adani Renewable Energy, TPG Rise, Brookfield Energy
bidders have proposed acquiring a 51% stake others aim for a full buyout Transition Funds, Macquarie, and Masdar.
offering flexibility in deal structuring.
• Siemens Energy aims to fully integrate Siemens Gamesa and address ongoing quality
and operational issues, targeting a break-even by 2026 after an anticipated 2 billion
euro loss for fiscal 2024.
19 Monthly RE
Update
GTAM TRADED VOLUME

Monthly RE
Update
 GTAM TRADED VOLUME

GTAM TRADED VOLUME AND PRICE TREND ➢ The IEX traded a total of 47 MUs in GTAM in May 2024, which is ~3.4X higher than the
volume traded in the previous month. The reason for the significant increase is the high demand for power
during the summer months.
➢ The average trade price in IEX-GTAM for May 2024 was INR 8.89/kWh.
400 12.00

350
IEX GTAM - Traded Volume IEX GTAM - Traded Price 10.00
Million Units/ GWh

300

8.00
250

INR/kWh
200 6.00

150
4.00

100

2.00
50

0 0.00

Source: IEX, JMK Research 22 Monthly RE

Update
MODULE PRICE TRENDS

Monthly RE
Update
 MODULE PRICE TRENDS

GLOBAL SOLAR MODULES PRICE TRENDS

0.3
Prices (USD/ Wp)

0.25

0.2 Comparing on m-o-m basis, price for

global mono PERC modules have
0.15 Mono PERC modules (Global) decreased by 8.6% in May 2024

0.1
Jan-22

May-22
Jun-22
Jul-22

Sep-22

Jan-23

May-23
Jun-23

Sep-23

Jan-24
Dec-23

May-24
Mar-22
Apr-22

Aug-22

Oct-22
Nov-22
Dec-22

Mar-23
Apr-23

Jul-23
Aug-23

Oct-23
Nov-23

Mar-24
Apr-24
Feb-22

Feb-23

Feb-24
AVERAGE PRICE TRENDS FOR DOMESTIC MODULES

33
31 Mono PERC 500 Wp Series Polycrystalline 330 Wp Series Bifacial Module
Comparing on m-o-m basis, prices for
29 domestic modules have decreased in
27 May:
INR/ Wp

25 Mono PERC 500 Wp – INR 18.8/Wp

23 (down by 5.1%).
21
Polycrystalline 330 Wp – INR 18.1/Wp
19 (down by 5.2%).
17
Bifacial Modules – INR 18.9/Wp (down
15
by 5.9%).

Source: PVInfoLink, JMK Research 24 Monthly RE

Update
MARKET UPDATES

Monthly RE
Update
 KEY MARKET UPDATES
SOLAR MANUFACTURING

Grew Energy is building 3.2 GW solar module factory in Jammu and Kashmir Adani begins commercial output of wafers, ingots for solar power

• Grew Energy is investing INR 4,500 crore in building a fully backward integrated solar • Adani Group commences commercial production of wafers and ingots for solar
module manufacturing unit in Jammu & Kashmir, aiming to produce 3.2 GW of high- power cells and modules at its Gujarat factory and aims to generate 45 GW of
efficiency modules and 2.8 GW of ingots, wafers, and cells annually. renewable power by 2030, primarily from its $18.01 billion Khavda renewable
energy park in Gujarat. Adani’s manufacturing hub in Mundra, Gujarat will see
Solex Energy invests INR 700 million to expand the Solar module investments exceeding INR 300 billion ($3.60 billion) to expand solar cell and wind
production capacity turbine capacities. The 4 GW solar cells and modules produced are exported to the
U.S. and is planned to increase the capacity to 10 GW. Adani New Industries Ltd
• Solex Energy has signed an MoU with GMEE Solar and Wuxi Tidewinner Industrial (ANIL) aims to increase wind turbine output from 1.5 GW to 5 GW by March 2027.
International Co Ltd for an 800 MW solar module capacity expansion, with an
investment of INR 700 million. GREEN HYDROGEN
• This partnership will boost Solex Energy’s module production capacity to 1.5 GW
by the end of September this year. Reliance Industries partners with Nel ASA for alkaline electrolysers

• Reliance Industries Ltd has signed an agreement with Norway's Nel ASA to source
Tata Power Tirunelveli gears up for solar cell production from next month and manufacture alkaline electrolyzers for green hydrogen production as a part of
Reliance’s $75 billion investment in renewable energy.
• Tata Power is gearing up for the commissioning of its 4 GW solar cell
manufacturing facility in Tamil Nadu's Tirunelveli district, expected to begin next • The agreement grants Reliance an exclusive license for Nel's technology in India and
month and reach peak production capacity within 3 months. allows global manufacturing for captive purposes.

• The company has already operationalized its 4 GW PV module manufacturing

facility in the same location, with both facilities aimed at meeting Tata Power's
requirements for projects with domestic content requirement (DCR) obligations.

26 Monthly RE
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 KEY MARKET UPDATES

Asahi India Glass signs hydrogen off-take with INOX Air products for 20 years GAIL (India) Ltd. Commissions India’s First Green Hydrogen Plant
• GAIL (India) Ltd has commissioned its first green hydrogen plant at Vijaipur, Madhya
• Asahi India Glass (AIS) and INOX Air Products (INOXAP) signed a 20-year green
Pradesh, marking its entry into alternate energy.
hydrogen offtake agreement, with INOXAP supplying green hydrogen to AIS's float
glass facility in Chittorgarh, Rajasthan. • The 10 MW proton exchange membrane electrolyzer will produce approximately 4.3
tonnes of green hydrogen daily with 99.999% purity using solar energy.
• INOXAP's plant will generate up to 190 tons of green hydrogen annually through
• GAIL is also developing 20 MW solar power plants at Vijaipur to support green
solar-powered electrolysis, offsetting around 1,250 MT of carbon emissions per year hydrogen production.
and 25,000 MT over the agreement's duration.
Nayara announces foray into ethanol production with investment of INR 600
crore
Larsen & Toubro to commission electrolyzer factory this fiscal

• Larsen & Toubro (L&T) is set to commission its giga-scale electrolyzer factory in
• Nayara Energy has announced a INR 600 crore investment to establish two ethanol
Gujarat within the next 9 months. manufacturing plants in Andhra Pradesh and Madhya Pradesh, each with a capacity
of 200 thousand liters per day (KLPD) to support India's goal of achieving a 20%
• The factory which will produce electrolyzers up to 4 MW in size is established under ethanol blending target by FY 2025-2026.
the subsidiary L&T Electrolysers Ltd and focuses on manufacturing pressurized
alkaline electrolyzers using technology from McPhy Energy, France.The project has • Nayara Energy plans to expand its ethanol production capacity to approximately
1,000 KLPD by eventually setting up 5 plants and providing around 8% of the
an approved investment of around INR 500 crore and is located at the A M Naik Heavy
country's refining output.
Engineering Complex in Hazira, Gujarat.

27 Monthly RE
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 KEY MARKET UPDATES

Yara Clean and Greenko ZeroC sign term sheet for renewable ammonia
supply
• Yara Clean Ammonia and Greenko ZeroC have signed a term sheet for the supply of
renewable ammonia from Phase 1 of AM Green's ammonia production facility in
Kakinada, India, and encompasses the long-term supply of up to 50% of renewable
ammonia.

• It is expected to produce and export renewable ammonia generated from round-the-

clock carbon-free energy by 2027.

STORAGE

Energy Storage Systems important for India’s renewable energy expansion

• A report by credit rating agency ICRA forecasts that India's renewable energy
generation, including large hydro projects, is set to surge to 40% of the nation's
electricity generation by 2030, up from the current 25.

• Declining battery prices have accelerated the adoption of battery energy storage
systems (BESS) with multiple bids for BESS projects have been initiated with tariffs
in these bids experiencing a significant decrease from Rs. 10.84 lakh/MW/month to
Rs. 4.49 lakh/MW/month between August 2022 and March 2024.

• While BESS costs have declined to Rs. 6.0-7.0 per unit, they still exceed pumped
hydro storage (PSP) costs at around Rs. 5.0 per unit. However, the shorter gestation
period and lower execution risks for BESS projects compared to PSP hydro are
expected to drive their increased adoption in the future.

27 Monthly RE
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 OTHER MARKET UPDATES

India achieves record power demand of 250 GW on May 30, 2024 India sees a rise in the power exchange market and declining PPAs

• India achieved a record maximum power demand of 250 GW on May 30, 2024, with • PPAs are diminishing in importance in India's power market with the short-term
the northern and western regions reaching new highs as well. market now constituting 15% of the sector, up from 10% in FY 17. Power exchanges
are gaining prominence with a 16.4% CAGR from FY2020 to FY2024 and
• This surge is attributed to hot weather and rising power consumption. Thermal representing 8% of total electricity consumption.
power generation also hit a record high of 176 GW due to the strategic use of
imported coal and gas. Renewable energy sources like solar and wind also played a • Demand Side Management (DSM) is declining due to the introduction of the Real-
role. Time Market (RTM). Bilateral transactions and DSM have grown at much lower
rates (3.4% and 2% CAGR respectively) compared to power exchanges.
A report by IEEFA and JMK Research recommends reducing GST for
• Renewable energy generation is increasing at 8.2% CAGR over the last 5 years with
hydropower and wind projects
installed capacity growing at 10.6% CAGR aiming to reach 500 GW by 2030.

• To ease the financial strain on developers and increase affordability, a report by • India's electricity consumption in FY 24 rose by 7.6% year-over-year with additions
IEEFA and JMK Research recommends reducing the GST on hydropower in thermal capacity and 27 GW under construction, 50 GW planned. Coal
components from 18-28% to 12% and wind projects from 12% to 5%. production increased by 10% year-over-year in Q4 FY 24, with dispatch to the
power sector growing by 8.1%.
• It also suggests maintaining a GST rate below 5% on Battery Energy Storage
Systems (BESS) and their components for the next 5 years.

• Recommendations include extending the 100% exemption on inter-state

transmission system (ISTS) charges until 2030, eliminating reverse auctions for
wind tenders, and introducing financing structures like an InvIT.

• It also proposes a pilot power exchange-based Contract for Difference (CfD)

project to improve the power exchange market and urges expedited visa approvals
for skilled Chinese technicians to facilitate the expansion of solar manufacturing in
India.
29 Monthly RE
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 OTHER MARKET UPDATES

India overtakes Japan and becomes third largest solar power generator in India’s tender target reaches a record of 70 GW renewables in FY 24
2023
• Renewable energy tender issuances in India hit a record 69 GW in FY 2024,
• India overtakes Japan in 2023 to become the world's third-largest solar power surpassing the government's target of 50 GW. Solar and wind tenders comprised
generator with solar accounting for 5.8% of its electricity production up from 0.5% in 57% of the total, with the remainder being wind-solar hybrid and renewable energy
2015. Solar energy deployment in India has rapidly increased to a record 18 TWh combined with energy storage systems (ESS).
added in 2023 and ranks fourth behind China, the United States, and Brazil.
• Innovative tenders included India's first large-scale offshore wind tender for 4 GW
• Globally, solar power has maintained its status as the fastest-growing electricity and a 500 MW concentrated solar + thermal storage tender. There's a significant rise
source for the 19th consecutive year. It contributes more than twice as much new in tenders for energy storage system (ESS) projects, reflecting the importance of
electricity as coal in 2023. The global solar generation in 2023 was over 6 times storage in India's renewable energy infrastructure.
larger than in 2015 to reach a record of 5.5% of global electricity production.
• State-level tendering authorities, like Gujarat Urja Vikas Nigam Ltd (GUVNL) and
• The International Energy Agency (IEA) projects solar to account for 22% of global Rajasthan Urja Vikas Nigam Ltd (RUVNL), play a crucial role in the tendering
electricity generation by 2030 under the Net Zero Emissions scenario. ecosystem. Location wasn't a constraint for 80% of tenders, indicating developers'
flexibility with inter-state transmission system (ISTS) connectivity.
India can potentially achieve its 30 GW Offshore wind target but faces • Despite challenges like 40% import duties on solar modules and requirements for
several challenges
local component purchases, the market remains on track to achieve its 2030 target
• JMK Research suggests India can potentially achieve its 30 GW offshore wind of 500 GW. Stakeholders anticipate tendering capacity to surpass the 50 GW
capacity target by 2030, but several challenges need to be addressed. The country national target again in FY 2025, with accelerating allotments from unawarded
aims for this capacity as part of its broader 500 GW renewable energy goal, with an tenders in FY 2024.
estimated offshore wind potential of 70 GW, split between Gujarat (36 GW) and Tamil
Nadu (35 GW).

• Currently, India has no installed offshore wind capacity, but MNRE has outlined three
development models and plans to auction 37 GW by 2030. The first 4 GW tender was
issued in February 2024.

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 OTHER MARKET UPDATES

A report by IEEFA and JMK Research recommends reducing GST for India aims to boost wind energy capacity by 25 GW with the help of INR 2
hydropower and wind projects lakh crore investment

• To ease the financial strain on developers and increase affordability, a report by • According to Crisil Ratings, India is set to significantly boost its wind energy
IEEFA and JMK Research recommends reducing the GST on hydropower capacity by nearly 25 GW between fiscal years 2025 and 2028, up from 9 GW
components from 18-28% to 12% and wind projects from 12% to 5%. added between 2021 and 2024, with capital expenditures ranging from INR 11.8
lakh crore to INR 22 lakh crore.
• It also suggests maintaining a GST rate below 5% on Battery Energy Storage
Systems (BESS) and their components for the next 5 years. • Despite a slowdown from 1.7 GW annual additions (2018-2023) compared to 3.0
GW annually (2014-2018) due to site and return challenges, government policies
• Recommendations include extending the 100% exemption on inter-state now aim to auction 50 GW of renewable projects annually, including 10 GW for
transmission system (ISTS) charges until 2030, eliminating reverse auctions for standalone wind.
wind tenders, and introducing financing structures like an InvIT.
• From fiscal 2023, 5 GW of standalone wind projects and 18 GW of hybrid and
• It also proposes a pilot power exchange-based Contract for Difference (CfD) storage-linked projects were auctioned, up from 3 GW and 4 GW respectively in
project to improve the power exchange market and urges expedited visa approvals fiscal 2021 and 2022. Average tariffs stabilized at INR 3.2 per unit in 2023-2024,
for skilled Chinese technicians to facilitate the expansion of solar manufacturing in expected to continue into 2025, making projects viable for developers.
India.

29 Monthly RE
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 OTHER MARKET UPDATES

India’s Solar module exports rose 91% in FY 2024

• India’s solar module exports increased by 91% to $1.97 billion in fiscal year 2023-
24, with the USA being the largest destination, accounting for $1.94 billion (98.5%)
of the total exports. Exports to South Africa amounted to $4.73 million.

• India imported $4.35 billion worth of solar modules in FY 2024, a 361% increase
from $943.52 million in FY 2023. China was the largest supplier, with shipments
totaling $2.85 billion (66% of India’s total imports). Vietnam was the second
largest supplier, with imports totaling $935.05 million.

• India's imports of non-assembled solar cells rose significantly in FY 2024,

reaching $1.85 billion a 41% increase from $1.31 billion in FY 2023. China
remained the largest supplier, with imports nearly doubling to $1.04 billion from
$581.45 million in FY 2023. Malaysia and Thailand followed, with imports totaling
$311.81 million and $248.75 million, respectively.

29 Monthly RE
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POLICIES AND REGULATIONS

Monthly RE
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 POLICIES AND REGULATIONS

CENTRAL LEVEL REGULATORY UPDATES

Tender Name Issuing Agency Date of Issue

ALMM & RLMM exemption for RE plants in Special Economic Zones (SEZ) or Export Oriented Units (EOU) supplying green
MNRE 27th-May-2024
hydrogen production facilities

MNRE updated the ALMM list with an enlisted capacity of 48.14 GW in May 2024 MNRE 24th-May-2024

MNRE issues clarification on ALMM order for solar projects MNRE 20th-May-2024

CERC declares compensation for Azure Power for installing bird diverters CERC 3rd-May-2024

STATE-LEVEL REGULATORY UPDATES

Tender Name Issuing Agency Date of Issue

Gujarat Electricity Regulatory Commission(GERC) issued draft regulation for Net metering Rooftop Solar PV (4th Amendment)
GERC 18th-May-2024
Regulation,2024

CSERC issued a draft order for determination of tariff for various renewable and non-fossil fuel-based co-generation plants for
CSERC 15th-May-2024
FY 2025

CSERC issued proposals for new banking, settlement charges for renewable energy CSERC 14th-May-2024

HPERC issued a draft (Third Amendment) for Rooftop Solar PV Grid Interactive System Regulations, 2024 HPERC 13th-May-2024

Delhi High Court rules in favor of solar sector and grants duty-free imports Delhi High Court 8th-May-2024

Source: JMK Research 32 Monthly RE

Update
 POLICIES AND REGULATIONS

STATE-LEVEL REGULATORY UPDATES

Tender Name Issuing Agency Date of Issue

CERC declares compensation for Azure Power for installing bird diverters CERC
3rd-May-2024

Himachal Pradesh approves Power purchase agreement (PPA) for 5 MW Solar project HERC 3rd-May-2024

Andhra Pradesh Electricity Regulatory Commission (APERC) issues Green Energy Open Access(GEOA) Regulation 2024 APERC 2nd-May-2024

BYPL secures PPA with SECI for 100 MW of Wind-Solar Hybrid power DERC 1st-May-2024

DERC provides regulatory approval for India's first utility scale BESS project of 20 MW/40 MWh capacity DERC 1st-May-2024

RVUNL sets the stage for 810 MW solar project at INR 2.64 per kWh RVUNL 1st-May-2024

UERC (Tariff and Other Terms for Supply of Electricity from Renewable Energy Sources and non-fossil fuel based Co-
UERC 31st-Apr-2024
generating Stations) (First Amendment) Regulations, 2024 (Principal Regulations, 2023)

AP Green Energy Corporation Ltd (APGECL) to procure 7000 MW power from SECI through Adani Renewables and Azure
APERC 12th-Apr-2024
Power India

Joint Electricity Regulatory Commission for Manipur and Mizoram issues (Methodology for determination of Green Energy
JERC 9th-Apr-2024
Open Access Charges) Regulations, 2024

Meghalaya State Electricity Regulatory Commission(MSERC) issues Green Energy Open Access Rules MSERC 3rd-Apr-2024

33 Monthly RE
Source: JMK Research Update
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Monthly RE
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