August 2024

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

NTPC,1200 MW, ISTS connected solar

ONGC,1000 MW, ISTS connected Wind Solar Hybrid ➢ New RFS Issued: 5927 MW of RE tenders issued in
GUVNL, 500 MW, Solar (Phase XXV), Pan India
August 2024.
➢ NTPC issued a tender for setting up of 1200 MW ISTS
UPCL,300 MW/1200 MWh, Standalone BESS, UP connected solar power projects anywhere in India
MSEDCL, 300 MW/ 600 MWh Standalone BESS, Maharashtra with “greenshoe option” of additional capacity up to
PEDA, 264 MW, Solar (Under KUSUM Scheme Component C) 600 MW.
(EPC), Punjab ➢ ONGC invited bids for a 1000 MW captive ISTS
Solar
NVVN, 100.7 MW, Rooftop Solar, Pan India connected, co-located Wind-Solar Hybrid tender.
Wind Solar Hybrid
SJVN, 75 MW, Solar (EPC), Bihar BESS ➢ GUVNL floated a 500 MW solar tender with greenshoe
option of additional capacity up to 500 MW.
EESL,70 MW, Solar (EPC), Maharashtra

0 500 1000 1500 2000 2500

Capacity (MW)
MODULE SUPPLY TENDER
GIPCL invites bids for the supply
of 625 MWp Solar PV Modules
(bifacial technology) for 500 MW (AC)
GIPCL,625 MWp,Bifacial Module supply, Gujarat
solar power project in Gujarat.

0 100 200 300 400 500 600 700

Capacity (MW)
Source: JMK Research 6 Monthly RE
Update
 TENDERS ISSUED

Commissioning Bid
Capacity
Tender Name Technology Tender Scope Minimum CUF timeline from PPA Submission
(MW)
signing (months) Date
NTPC,1200 MW, solar, Greenshoe option up to 600 MW,
Utility Scale Solar Project Development 1200 - - 9th-Oct-2024
India, August 2024

1000 (500 MW
ONGC,1000 MW, Wind Solar Hybrid, India, Aug 2024 Wind-Solar Hybrid Project Development Solar + 500 MW - 36 23rd-Oct-2024
wind)

GIPCL,500 MW /625 MWP,Bifacial Module supply, Solar Module Supply of DCR

500 - - 9th-Sep-2024
Gujarat, Aug 2024 Manufacturing Modules

GUVNL, 500 MW, Solar (Phase XXV), Pan India, Aug 2024 Utility Scale Solar Project Development 500 22% 24 17th-Sep-2024

UPCL,300 MW/1200 MWh, Standalone BESS, UP, August 22nd-Sep-

BESS Project Development 300 - 18
2024 2024

MSEDCL, 300 MW/ 600 MWh Standalone BESS, 300 MW/600

BESS Project Development - 18 16th-Sep-2024
Maharashtra, Aug 2024 MWh

PEDA, 264 MW, Solar (Under KUSUM Scheme

Small Scale Solar EPC 264 19% 12 23rd-Sep-2024
Component C) (EPC), Punjab, Aug 2024
3rd-Sep-2024
NVVN, 100.7 MW, Rooftop Solar, Pan India, Aug 2024 Rooftop Solar RESCO 100.7 - 8 to 16th-Sep-
2024

SJVN, 75 MW, Solar (EPC), Bihar, Aug 2024 Utility Scale Solar EPC 75 - - 10th-Sep-2024

EESL,70 MW, Solar (EPC), Maharashtra, Aug 2024 Utility Scale Solar EPC 70 - - 20th-Sep-2024

Source: JMK Research 7 Monthly RE

Update
 AUCTIONS COMPLETED
KEY
KEYANNOUNCEMENTS
ANNOUNCEMENTS

Commission
Capacity
Capacity Minimum ing
Tender Name Technology Allotted Winner Details
Tendered (MW) CUF Timeline(Mo
(MW)
nths)

• Acme Solar (300 MW-INR 2.52/kWh)

• SAEL Industries (300 MW-INR 2.52/kWh)
SJVN, 1200 MW, Solar, PAN India, Apr
Utility Scale Solar 1200 1200 19% 24 • Essar Renewables (300 MW-INR 2.52/kWh)
2024
• NTPC (200 MW-INR 2.53/kWh)
• Onward Solar (100-INR 2.52/kWh)

• SAEL Industries (250 MW-INR 2.48/kWh)

SECI, 500 MW, Solar (ISTS-XVI), PAN
Utility Scale Solar 500 500 - - • NTPC (200 MW-INR 2.48/kWh)
India, May 2024
• Blupine Energy (50 MW-INR 2.49/kWh)

Source: JMK Research 9 Monthly RE

Update
 WINNER DETAILS
➢ In July 2024, about 1700 MW of utility scale solar capacities were allotted to various RE developers.
WINNERS DETAILS IN LATEST RE TENDERS
➢ Onward Solar was the new entrant in the solar segment this month.
➢ SAEL Industries and NTPC have won the capacities in both the solar tenders auctioned in August 2024.

350 2.54

300 2.53 2.53

250 2.52 2.52 2.52 2.52 2.52

Tariff (INR/kWh)
Capacity (MW)

200 2.51

150 2.5

100 2.49 2.49

50 2.48 2.48 2.48

0 2.47
Acme Solar SAEL Industries Essar Renewables NTPC Onward Solar SAEL Industries NTPC Blupine Energy

SJVN, 1200 MW, Solar, PAN India, Apr 2024 SECI, 500 MW, Solar (ISTS-XVI), PAN India, May 2024 Tariff(INR/kWh)

Source: JMK Research

10 Monthly RE
Update
 WINNER DETAILS
WINNER’S DETAILS FOR ELECTROLYSER MANUFACTURING TENDER UNDER SIGHT
WINNER’S
SCHEME DETAILS FOR ELECTROLYSER MANUFACTURING TENDER UNDER SIGHT SCHEME TRANCHE-II
TRANCHE-II
➢ SECI announced the results of its second electrolyser manufacturing tender, which was fully subscribed by multiple players. The bidding capacity surpassed the actual tender capacity of 1500
MW, reaching 2762 MW.
➢ Except for Adani, Ohmium, and Advait Infratech, all other participants are new entrants in the electrolyser manufacturing segment. Additionally, Newage Green Electro won capacities under
Bucket 1 & 2A, while Adani secured capacities under Bucket 2A & Bucket 2B.

350 Bucket 1 Bucket 2A Bucket 2B

300 300 300 300 300
300

250 237 237

228.5
Capacity (MW)

200 200
200

150 137 137

105 105 101.5
100 71.5 71.5
49.5
50 30 30 30 30 30 30 30
10
0

Source: JMK Research Capacity Tendered Capacity Allotted

10 Monthly RE
Update
INSTALLED CAPACITY

Monthly RE
Update
 INSTALLED CAPACITY

CUMULATIVE RE INSTALLATIONS AS OF JULY 31, 2024

➢ From January to July 2024, about 13,889 MW of Solar capacity and
Small Hydro 2,339 MW of Wind capacity were added in the country, taking the
power cumulative RE capacity to 197.2 GW.
Bio Power
2%
6%
➢ In July 2024, a combined total of 2153 MW of solar and wind
capacity was added.

CAPACITY INSTALLED IN JULY 2024

1734

Large Hydro
100% 1400

24% = Solar Power

44%
1200
197.2 GW 1000

Capacity (MW)
800

600
419
Wind
24% 400

200

0
Solar Wind
Source: MNRE, JMK Research
Note: Solar includes utility-scale solar, rooftop solar and off-grid/distributed solar segments 12 Monthly RE
Update
 STATE WISE INSTALLED CAPACITY
STATE-WISE SOLAR AND WIND INSTALLED CAPACITY IN JULY 2024

600.00

500.00 ➢ In July 2024, Maharashtra added the highest

Utility-Scale Solar capacity of 404 MW,
followed by Rajasthan with 400 MW. In
400.00 addition, Gujarat added the maximum
rooftop solar capacity of 208.93 MW,
Capacity (MW)

followed by Maharashtra, which had

109.12 MW.
300.00
➢ Regarding off-grid solar installations,
Haryana installed a maximum capacity of
144.43 MW, followed by Maharashtra
200.00
with 52.11 MW.
➢ Regarding wind installations, Gujarat
installed a maximum capacity of 280
100.00
MW.

0.00
Maharashtra Gujarat Rajasthan Tamil Nadu Haryana Karnataka Uttar Others
Pradesh

Utility Scale Solar Rooftop Solar Off-Grid Solar Wind

Source: MNRE, JMK Research 13 Monthly RE

Update
 TENDERS ISSUED

Commissioning Bid
Capacity
Tender Name Technology Tender Scope Minimum CUF timeline from PPA Submission
(MW)
signing (months) Date
NTPC,1200 MW, solar, Greenshoe option up to 600 MW,
Utility Scale Solar Project Development 1200 - - 9th-Oct-2024
India, August 2024

1000 (500 MW
ONGC,1000 MW, Wind Solar Hybrid, India, Aug 2024 Wind-Solar Hybrid Project Development Solar + 500 MW - 36 23rd-Oct-2024
wind)

GIPCL,500 MW /625 MWP,Bifacial Module supply, Solar Module Supply of DCR

500 - - 9th-Sep-2024
Gujarat, Aug 2024 Manufacturing Modules

GUVNL, 500 MW, Solar (Phase XXV), Pan India, Aug 2024 Utility Scale Solar Project Development 500 22% 24 17th-Sep-2024

UPCL,300 MW/1200 MWh, Standalone BESS, UP, August 22nd-Sep-

BESS Project Development 300 - 18
2024 2024

MSEDCL, 300 MW/ 600 MWh Standalone BESS, 300 MW/600

BESS Project Development - 18 16th-Sep-2024
Maharashtra, Aug 2024 MWh

PEDA, 264 MW, Solar (Under KUSUM Scheme

Small Scale Solar EPC 264 19% 12 23rd-Sep-2024
Component C) (EPC), Punjab, Aug 2024
3rd-Sep-2024
NVVN, 100.7 MW, Rooftop Solar, Pan India, Aug 2024 Rooftop Solar RESCO 100.7 - 8 to 16th-Sep-
2024

SJVN, 75 MW, Solar (EPC), Bihar, Aug 2024 Utility Scale Solar EPC 75 - - 10th-Sep-2024

EESL,70 MW, Solar (EPC), Maharashtra, Aug 2024 Utility Scale Solar EPC 70 - - 20th-Sep-2024

Source: JMK Research 7 Monthly RE

Update
RE PROJECT UPDATES

Monthly RE
Update
 RE PROJECTS UPDATES
LIST OF KEY SOLAR PROJECTS COMMISSIONED IN AUGUST 2024

Developer Name Technology Tender Name Capacity Tariff State Consumer

SECI 1070 MW Solar

NTPC Solar Tranche III Rajasthan Jul 160 MW 2.01 Rajasthan -
2020

Sprng Energy Solar - 150 MW - Rajasthan -

Amara Raja Infra Pvt Ltd Solar - 90 MW - Rajasthan -

RUMSL 600 MW Floating

SJVN Floating Solar Solar Madhya Pradesh 90 MW 3.26 Madhya Pradesh -
Nov 2021

Avaada Solar (Open access) - 70 MW - Uttar Pradesh -

SunSource Energy Solar (Open access) - 21 MWp - Tamil Nadu -

Ciel & Terre India and

Floating Solar (Captive) - 4.1 MWp - Maharashtra UltraTech Cement
Amplus KN One Power
12

Monthly RE
Source: JMK Research
Update
 RE PROJECTS UPDATES
KEY ANNOUNCEMENTS

• Gujarat State Electricity Corporation Limited (GSECL) has secured a power purchase • IndiGrid has partnered with British International Investment (BII), the Norwegian
agreement with Gujarat Urja Vikas Nigam Ltd (GUVNL) for a 35 MW solar PV with 57 MWh Climate Investment Fund (Norfund), and Techno Electric for new greenfield Interstate
battery energy storage system (BESS) project. Transmission System (ISTS) projects.
o This fiscal year, IndiGrid successfully operationalized its first greenfield ISTS
project, Kallam Transmission Limited, and secured five additional projects
• Waaree Energies has secured an order to supply 90 MW of bifacial modules for Juniper across ISTS and BESS sectors, with an anticipated capital expenditure of
Green’s solar project in Bikaner, Rajasthan. Under the contract, Waaree will provide approximately INR 2,000 crores slated for the next 12-24 months.
540Wp/545Wp dual-glass modules.

• RMC Green Energy Pvt Ltd, a subsidiary of RMC Switchgears Limited, has secured
• The Uttar Pradesh government plans to install solar power plants along both sides of the approval from the Rajasthan Renewable Energy Corporation to establish a 50 MW
296-km Bundelkhand Expressway, with an estimated capacity of 450 MW. The project Renewable Energy Park in Rajasthan.
costs around INR 1,800 crore, with electricity prices ranging from INR 4 to 4.50 per kWh. o RMC is actively pursuing additional tenders exceeding 600 MWp and is engaging
GEAPP is assisting the Uttar Pradesh Expressways Industrial Development Authority with both public and private sector entities to achieve the ambitious goal of
(UPEIDA) in bidding for the project, aiming for commissioning within the next 15 months. securing 1 GWp in EPC contracts over the next 18 months.
o Uttar Pradesh is setting up nine solar parks with a capacity of 3,840 MW with 528
MW of power already in production. These solar parks are primarily located in
• KPI Green Energy has received letters of intent (LOI) to develop 13.30 MW solar power
Bundelkhand, UP. projects through its subsidiary, Sun Drops Energia. These projects will be executed
under the company's Captive Power Producer (CPP) business segment. The projects are
slated for completion in the financial year 2024-25 in multiple tranches.
• Inox Wind Limited (IWL) has secured a 51 MW equipment supply order from Everrenew
Energy for its latest 3 MW Wind Turbine Generators in Tamil Nadu.

16 Monthly RE
Update
 RE PROJECTS UPDATES

KEY ANNOUNCEMENTS

• ReNew has secured a green attribute sale contract of 437.6 MW with Microsoft, aiming • Bondada Engineering has secured a LOA to develop 170.40 MW (DC) grid-connected
to generate over one million units of green electricity attributes annually. This deal aligns distributed solar power plants in Maharashtra under the Mukhya Mantri Saur Krushi
with Microsoft's goal to achieve carbon-negative status by 2030. Vahini Yojana 2.0. Paradigm IT Technologies and Metalcraft Forming Industries, both
Indian software companies were awarded the projects. The projects entails a total value
of INR 575.74 crore.
• JSW Neo Energy has received a Letter of Award (LOA) from NTPC for a 300 MW ISTS
connected wind solar hybrid power project. This project was secured through a
competitive bidding process in NTPC's 1 GW auction (NTPC-Tranche-VI). • GameChange Solar signed a contract to provide Sterling and Wilson Renewable Energy
Ltd solar trackers for a 750 MWp solar PV project at Khavda Solar Park in Gujarat. The
o Additionally, JSW Energy’s arm, JSW Renew Energy Twenty Limited, signed a
Khavda Renewable Energy Park is poised to become the largest renewable energy facility
power purchase agreement (PPA) with Bangalore Electricity Supply Co. Ltd
globally, with a planned capacity of 30 GW.
(BESCOM) for a 300 MW solar project in Karnataka, at a tariff of INR 2.89/kWh.
The project is expected to be commissioned within 18 months. This adds to JSW
Energy's growing solar pipeline, now at 3.2 GW, with PPAs signed for 1.3 GW. • Candi Solar India plans to develop 200 MW of renewable energy projects by June 2025 in
o JSW Neo Energy has received a LOA for an additional 400 MW of wind-solar India and South Africa. In India, these projects will focus on the commercial and
hybrid power project from Maharashtra State Electricity Distribution Co. Ltd industrial (C&I) sectors, while in South Africa, they will cater to the food industry and
(MSEDCL). This capacity was secured through the greenshoe option. With this, agriculture. About two-thirds of the capacity will be in India, with the remainder in South
JSW Neo has now secured 600 MW of capacity under MSEDCL’s Phase-III Africa. The company has secured approximately $38 million in funding to expand its
auction. portfolio.

• Prozeal Green Energy has won the contract to build a 50 MWp ground-mounted solar • NLC India has signed a 200 MW solar power purchase agreement (PPA) with the state-
power plant in Tamil Nadu for ARS Steel and Alloys International Pvt Ltd. This project will owned electricity distribution companies of Telangana. Under this agreement, NLC will
be developed under the Group Captive model. supply 200 MW of solar power to the Discoms at a competitive rate for 25 years. The
project is scheduled for commissioning by June 2025.
17 Monthly RE
Update
 RE PROJECTS UPDATES

KEY ANNOUNCEMENTS

• Brookfield is planning to invest INR 50,000 crore in the wind and solar sector in Andhra • Zelestra (earlier known as Solarpack) has signed a 25-year power purchase agreement
Pradesh over the next three to five years. The company aims to install 1,380 MW of solar (PPA) with India’s NTPC for a 450 MWp solar project in Rajasthan. This project was
power capacity and 1,640 MW of wind power capacity by 2026. awarded in January 2024 under NTPC’s 1500 MW ISTS connected solar (ISTS-I) tender.

• The Tamil Nadu government has granted three renewable energy policies to set up 20 • Gensol Engineering has secured a 16 MW rooftop solar project from a textile company in
GW of power generation by 2030. The approved policies include a pump storage policy, a Madhya Pradesh. The repeat order has been secured under commercial and industrial
small hydel policy, and a wind repowering and life extension policy for the energy sector. (C&I) segment of the company. The project will get commissioned in six months.
The Tamil Nadu government also approved 15 investment proposals worth INR 44,125
crore.
• Sunsure will supply solar power to Apollo Pipes and Apollo Metalex from its PV plant in
Mahoba, Uttar Pradesh. This will enable companies to meet over 50% of their power
• The construction of a 60 MW solar power plant in Khargone, Madhya Pradesh, is requirements with clean, renewable energy.
expected to be completed by the end of the year at an estimated cost of INR 308 crore.

17 Monthly RE
Update
MONTHLY RE GENERATION

Monthly RE
Update
 MONTHLY RE GENERATION

SOURCE-WISE RENEWABLE ENERGY GENERATION (MU) - INDIA

➢ In August 2024, Renewable energy sources generated 17,870.4 MU, which is 24%
less than the RE generation in July 2024.
➢ Solar & wind energy generation decreased by 10% and 36% respectively on a month-on-
month basis in August 2024.

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

12000

10000

8000
MUs

6000

4000

2000

Source: CEA, JMK Research 19 Monthly RE

Update
INVESTMENTS AND DEALS

Monthly RE
Update
 INVESTMENTS AND DEALS
In August 2024, about $848 million was raised in the RE sector in India. The key investments during the month were:
o Fourth Partner Energy secured a $275 million investment from global impact investors IFC, ADB, and DEG. The company plans to utilize these funds for
business expansion, including a target portfolio of 3.5 GW renewable energy assets by 2026.
o Power Finance Corporation secured a loan of 25.5 billion Japanese yen ($173 million) from the Japan Bank for International Cooperation (JBIC). The funds will
finance a 300 MW wind energy project in Karnataka.
o Blueleaf Energy secured $170 million from Axis Bank to fund its 200 MW hybrid wind-solar power plant in Madhya Pradesh.

INVESTMENTS AND DEALS

Company Name Deal Type Sector Investor Deal value Stake Acquired

Fourth Partner Energy Equity Renewable Energy World Bank IFC, ADB, DEG $275 million -

Power Finance JPY 25.5 billion ($

Debt Wind Japan Bank for International Corporation (JBIC) -
Corporation (PFC) 173 million)

Blueleaf Energy Debt Wind-Solar Hybrid Axis Bank $170 million -

Continuum Green
Equity Renewable Al Gore’s Generation Investment Management $150 million -
Energy

Renom Energy
Equity Wind Suzlon Energy $78.67 million 76%
Services

Artha Impact, Echoing Green Signal, PG Impact,1 to 4

Oorja Equity Solar Farming $1.5 million -
foundation and Swiss Re Foundation
Source: JMK Research 21 Monthly RE
Update
 INVESTMENTS AND DEALS
KEY ANNOUNCEMENTS

• IREDA has approved a proposal to raise INR 4,500 crore. The funds will be secured in • Evren, a clean energy platform launched by Brookfield and Axis Energy in India, plans to
one or more phases through a further public offer (FPO), qualified institutional invest $5 billion in Andhra Pradesh. The investment will develop 3.5 GW of solar and 5.5
placement (QIP), rights issue, preferential issue, or other approved approaches or GW of wind projects, with 3 GW set to be operational by 2026. Evren is also exploring
combinations. opportunities in solar module manufacturing, pumped storage, battery storage, e-
mobility, and green ammonia. The company aims to build over 6 GW of renewable
energy assets across India's resource-rich states in 2-3 years.
• India Grid Trust (IndiGrid) has announced a share issue at INR 136.43 ($1.62) each to
raise around INR 6.95 billion ($82.7 million). This follows a successful Offer-for-Sale
managed by KKR, which cut KKR’s stake from 21.17% to 3.85% and was nearly twice • Ayana Renewable Power, an independent power producer managing a 5 GW RE
oversubscribed. Alberta Investment Management Corporation (AIMCo) and HDFC Life portfolio, is open to selling up to 100% of its stake. Oil and Natural Gas Corporation
have pledged INR 5.67 billion ($67.5 million) and INR 1 billion ($11.9 million), (ONGC), JSW Neo Energy, and Singapore’s Sembcorp Industries Ltd have been
respectively. shortlisted to submit binding bids for a majority stake in Ayana Renewable Power Pvt
Ltd in a deal valued at approximately $800 million.

• BPCL plans an INR 1.7 lakh crore investment plan for the next five years. This initiative
focuses on enhancing oil refining and fuel marketing and exploring petrochemicals and • Ruloans, a credit distribution company, has signed an agreement with UGRO Capital, a
green energy growth. Key projects include an INR 49,000 crore ethylene cracker facility, DataTech MSME-lending platform, to enter the renewable energy finance market.
expanded refining capacity, and net-zero carbon goals by 2040. Ruloans is the first among direct sales agents (DSA) to include rooftop solar finance
products in its loan portfolio.

• Tata Power Solar Systems partnered with ICICI Bank to provide residential and
corporate clients with affordable financing options for solar panel purchases, allowing • Shell Plc plans to sell 1 GW of operational renewable energy assets from its Sprng
loans of up to INR 90 lakh without collateral for up to 5 years. For larger loans, collateral Energy unit in India, with an enterprise value of $1.1 billion. The deal has garnered
can be secured with extended terms of up to 20 years. The partnership also includes interest from global and domestic companies, including ArcelorMittal, Sembcorp,
flexible down-payment options of 20-25% to make solar investments more accessible. CPPIB, and JSW Neo Energy.

22 Monthly RE
Update
 INVESTMENTS AND DEALS
KEY ANNOUNCEMENTS

• Indian state-run companies are set to raise approximately INR 50 billion ($595.61 • O2 Power, a major renewable energy platform in India, has attracted non-binding offers
million) through long-term securities, taking advantage of declining government bond from seven of the 13 prospective buyers, with the deal valued at $1 billion. Selected
yields and lower state debt supply. Companies like THDC India, NHPC, India bidders are expected to submit binding offers by October 19, and the deal could be
Infrastructure Finance, and the Indian Renewable Energy Development Agency plan to finalized by January 2025.
issue bonds with tenors ranging from 10 to 15 years. The drop in government bond
yields, with long-tenor yields now below 7%, has attracted interest from insurance
companies looking for highly rated long-duration investments.

22 Monthly RE
Update
GTAM TRADED VOLUME

Monthly RE
Update
 GTAM TRADED VOLUME

GTAM TRADED VOLUME AND PRICE TREND ➢ The IEX traded a total volume of about 16.42 MUs in GTAM in August 2024, which is 11.6
% higher than the volume traded in the previous month.
➢ The average trade price in IEX-GTAM for August 2024 is INR 7.95/kWh.

400 12.00

350
IEX GTAM - Traded Volume IEX GTAM - Traded Price 10.00

300

8.00
Million Units (MUs)

250

INR/kWh
200 6.00

150
4.00

100

2.00
50

0 0.00

Source: IEX, JMK Research 24 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) remained same in August 2024

0.1
Jan-22

May-22

Jul-22

Sep-22

Jan-23

May-23

Jul-23

Sep-23

Jan-24

May-24

Jul-24
Mar-22

Nov-22

Mar-23

Nov-23

Mar-24
Feb-22

Aug-22

Feb-23

Aug-23

Feb-24

Aug-24
Oct-22

Oct-23
Apr-22

Apr-23

Apr-24
Jun-22

Jun-23

Jun-24
Dec-22

Dec-23
AVERAGE PRICE TRENDS FOR DOMESTIC MODULES

35
Mono PERC 500 Wp Series Bifacial Module TopCon Module
Comparing on m-o-m basis, prices for
30 domestic modules have decreased in
August:
INR/ Wp

25 Mono PERC 500 Wp – INR 17.1/Wp

(down by 1.72%).
20 Bifacial Modules – INR 17.2/Wp (down
by 1.71%).
15 TopCon Modules – INR 17.7/Wp (down
by 1.11%)

Source: PVInfoLink, JMK Research 26 Monthly RE

Update
MARKET UPDATES

Monthly RE
Update
 KEY MARKET UPDATES
Solar Manufacturing

Foxconn Plans to Establish Battery Energy Storage Manufacturing Unit in India

Reliance plans to set up its first solar giga factory in 2024
• Foxconn (Hon Hai Technology Group) plans to establish a battery energy storage system
• Reliance plans to commission its first solar giga factory this year as part of a pivot towards
(BESS) manufacturing unit in India, with potential plans for an electric vehicle unit as well.
green energy and this factory includes the manufacturing of PV Modules, cells, wafers and
ingots, polysilicon, and glass at a single location. • The company focuses on future industries like electric vehicles, digital health, and
robotics alongside key technologies like AI, semiconductors, and next-gen
• The first phase of 20 GW solar PV manufacturing will be installed by the end of this year.
communications.

STORAGE Greenko collaborates with Tamil Nadu Government for 3.3 GW Pumped Storage
Projects

India identifies 176.28 GW of Pumped hydro storage potential • Greenko has signed an MoU with the Tamil Nadu government to develop three pumped
storage projects totaling 3.3 GW in the state. These projects will be located in Tirupathur,
• According to the Central Electricity Authority (CEA), India has identified a potential of Salem, and Tiruvannamalai districts. Greenko is also building over 100 GWh of connected,
133,410 MW for large hydroelectric projects and 176,280 MW for pumped storage digitized cloud storage across India, including the country's largest pumped storage
potential (PSP). project in Madhya Pradesh.

• Over the past decade, the CEA report indicates that 24 hydroelectric schemes, including • The company currently has a renewable energy capacity of 7.5 GW and plans to have 50
PSPs, with a combined capacity of 15.56 GW have been approved. GWh of storage operational by 2025, with an additional 50 GWh planned in subsequent
• Currently, 17 hydroelectric projects with a total capacity of 11.37 GW and 38 PSPs with a years
capacity of 55.33 GW are under survey and investigation for Detailed Project Report (DPR)
preparation.

29 Monthly RE
Update
 KEY MARKET UPDATES
STORAGE

India aims to achieve the target of 40 GW Battery Storage and 90 GW Pumped

Tata Power collaborates with Maharashtra Government to set up 2.8 GW of
Storage by 2030
Pumped hydro projects
• India plans to significantly advance its energy transition by deploying 40 GW of battery
• Tata Power and the Government of Maharashtra have signed an MoU to develop two large
storage and 90 GW of pumped storage capacity by 2030, focusing on Andhra Pradesh,
pumped hydro storage projects (PSPs) in the state, with a total capacity of 2.8 GW. Tata
Tamil Nadu, and Gujarat. The country’s installed power capacity has surpassed 440 GW,
Power will invest an estimated INR 13,000 crore ($1,549.41 million) in these projects,
and an additional 350 GW is expected by 2030.
which will be located in Shirawta, Pune (1.8 GW) and Bhivpuri, Raigad (1 GW).
• India aims to source 50% of its power from non-fossil fuels by 2030, including 85 GW of
Avaada Group collaborates with Maharashtra Government to set up 2.75 GW of solar capacity. Key states like Andhra Pradesh, Tamil Nadu, and Gujarat will play a crucial
Pumped hydro projects role in this green energy push.

• Avaada plans to invest around INR 14,000 crore in pumped storage projects over the next India's RE storage capacity set to rise to 6 GW by FY 2028
five to seven years. Avaada Group has signed a Memorandum of Understanding (MoU)
• Crisil forecasts a significant increase in India's renewable energy (RE) storage capacity,
with the Government of Maharashtra to develop two PSPs with a total capacity of 2.75
expecting it to surge to 6 GW by fiscal 2028 from less than 1 GW operational as of March
GW. The projects include the 1.5 GW Pawana Falyan PSP in the Pune & Raigad districts
2024. Despite slow project implementation, this growth is attributed to a strong pipeline of
and the 1.25 GW Kumbhavade PSP in the Kolhapur and Ratnagiri districts.
projects and increased auctions.
• The government is actively promoting the deployment of standalone storage systems and
GEAPP plans 2 GWh battery storage capacity in India
storage-linked projects to manage the growing share of solar and wind in the power
• Rockefeller Foundation-backed Global Energy Alliance for People and Planet (GEAPP) generation mix. By May 2024, about 6 GW of storage capacity was already in the pipeline,
plans to support the development of 2 GWh of cumulative utility-scale battery storage crucial for increasing RE's share to 20-22% of total power generation.
capacity.
• GEAPP, in partnership with IndiGrid, is expected to commission the country’s first
commercial utility-scale project by the end of this year or the start of 2025.

29 Monthly RE
Update
 KEY MARKET UPDATES
GREEN HYDROGEN

NISE seeks proposals for funding green hydrogen testing infrastructure Sembcorp signs green ammonia export pact with Japan’s Kyushu Electric

• The National Institute of Solar Energy (NISE) has invited proposals to develop testing • Sembcorp Industries has signed an agreement with Kyushu Electric Power Co. to export
facilities, infrastructure, and institutional support to develop standards and regulatory green ammonia from its India facility to Japan.
frameworks under the National Green Hydrogen Mission.
• Kyushu will use ammonia to reduce coal consumption at its thermal power plants. This
• The main objective of the call for proposal is the development of new testing agreement represents the first such collaboration between the two nations.
Infrastructure for the various components/ technologies/ processes in the production,
storage, transportation & utilization of Green Hydrogen & its derivatives.
Advait Infratech partners with Guofu Hydrogen for Alkaline Electrolyser
• Government entities can avail funding of up to 100% of the capital cost for equipment, Technology in India
installation, and commissioning of the equipment. Non-Government entities can avail of
up to 70% funding. • India’s Advait Infratech Ltd (AIL) has announced a technology licensing
• The last date for the bid submission is 14 September 2024. agreement with China’s Guofu Hydrogen Energy Equipment. Under this deal,
Guofu Hydrogen will provide AIL with essential technical documentation,
AM Green Ammonia B.V. greenlights 1-million-ton green ammonia project in expertise, and training for alkaline-based electrolyser technology.
Andhra Pradesh
• AIL plans to use this technology to manufacture and assemble equipment for
• AM Green Ammonia B.V. has reached Final Investment Decision (FID) for its first million- green hydrogen production locally, starting with a production capacity of 300
ton green ammonia project located in the Kakinada, Andhra Pradesh. MW/year. The agreement also outlines plans to expand capacity to 1,000
• The company aims to achieve a green ammonia production capacity of 5 million ton per MW/year and include a broader range of hydrogen-related products, such as
annum (mtpa) by 2030 - equivalent to about 1 mtpa of green hydrogen. hydrogenation machines and station integration.

29 Monthly RE
Update
 OTHER MARKET UPDATES
India generated 61.8 billion units (BU) of renewable energy in the FY2025 Government released a total of INR 3,135 crore in the last 3 years to
(Till May 2024) support rooftop solar

• India produced 61.84 billion units (BU) of renewable energy (RE) from May 2024 to • A total of INR 3,135.4 crore has been allocated over the past three years for
the end of FY2025, accounting for 19.19% of the total generation mix. In 2023-25, installing grid-connected rooftop solar systems in households under Phase II of
India generated 364.6 billion units (BU) of clean energy, representing 20.9% of the the grid-connected rooftop solar program. As of 26 July 2024, the scheme’s
total generation. National Portal has received 1.29 crore registrations and 15.27 lakh applications.

• Schemes such as PM-KUSUM, the Revamped Distribution Sector Scheme, and • The PM-Surya Ghar Muft Bijli Yojana, launched on 13 February 2024, aims to install
Deen Dayal Gram Jyoti Yojana aim to increase renewable energy's share in the total rooftop solar plants in one crore households, subsuming the previous Phase-II
generation mix by supporting solar power plants, electrifying households and grid-connected rooftop solar program.
villages, and improving rural distribution networks.
High GST rates and tax inconsistencies are hindering renewable energy growth in
ReNew Energy aims to install a 21 GW Renewable Energy Portfolio in the next 5 India
years
• The government has raised the GST on solar energy equipment from 5% to 12%. It would
• ReNew Energy surpassed the 10 GW renewable energy capacity milestone in FY24 and be better to reduce it to zero to encourage more people to buy solar equipment.
aims to double its portfolio to 21 GW over the next five years. • The Paris Agreement aims for 500 GW of renewable energy, but we currently have 200 GW.
• Their first Annual Integrated Report highlights their commitment to expanding renewable To reach 500 GW, we need to add 50 GW per year, but we are only adding 15 GW annually,
energy projects to meet the growing demand for clean, sustainable power solutions. including solar, wind, hydro, and biogas.
• The government charges market-rate interest under the PM Surya Ghar Muft Bijli Yojana,
25,086 consumers installed rooftop solar under PM Surya Ghar Muft Bijli Yojana
but the scheme falls s`hort. The actual cost of a 1 KW solar project is around INR 50,000
in Maharashtra
to INR 60,000. Although there is a subsidy of INR 1.5 lakh, it is still charged at 7% interest,
• Under the PM Surya Ghar Muft Bijli Yojana, 25,086 consumers in Maharashtra have which is the market rate.
installed rooftop solar (RTS) plants with a total capacity of 101.18 MW.
• For these consumers, a subsidy worth INR 160 crore is being directly transferred to their
accounts and This scheme is implemented by the Maharashtra State Electricity
Distribution Company (MahaVitaran). 31 Monthly RE
Update
 OTHER MARKET UPDATES

Maharashtra scheme plans to boost solar power production to 12.8 GW in 14 India achieves Renewable Energy Capacity has grown by 165% since 2014
months
• India's installed renewable energy capacity has reached 203.1 GW, a 165% increase since
• Maharashtra, which took 17 years to reach a solar energy capacity of 3.6 GW, is now set to 2014, positioning the country as the fourth largest globally in total renewable energy
dramatically increase its capacity by 9.2 GW in the next 14 months. capacity.

• Work orders for agricultural pump projects have been issued, which will help lower power • Over the last decade, solar power capacity has expanded from 2.82 GW in March 2014 to
purchase costs and reduce the cross-subsidy burden on industrial and commercial 85.47 GW in June 2024, and wind power capacity has increased from 21.04 GW to 46.66
consumers. This move will also cut the government’s subsidy burden by at least INR 4500 GW. Consequently, the share of non-fossil fuel in the total installed capacity has risen
crore, paving the way for sustainable solarization in agriculture. from 32.30% to 45.54%.

• The main advantage of this scheme is that it eliminates the need for long transmission India aims to install 856 GW Solar Capacity by 2047
lines to transport solar energy from distant locations or other states to agricultural fields
• NITI Aayog predicts that solar energy will make up 46% of India's power capacity, reaching
in Maharashtra. By generating solar energy close to farmland and supplying it via nearby
856 GW by 2047. This forecast, part of the Business-As-Usual scenario, highlights a major
feeders, the scheme will significantly reduce transmission and distribution losses and
shift toward sustainable energy.
improve power supply reliability.
• Rapid advancements in solar technology are expected to improve efficiency and
India Invests Up to INR 30 Lakh Crore to Achieve 500 GW Renewable Energy integration, though the exact land requirements for solar parks by 2050 are still uncertain
Target by 2030 due to ongoing technological changes.

• An investment of up to INR 30 lakh crore is projected to achieve India’s 500 GW renewable Waaree Renewable aims for 15.5 GW in new RE Project Bids
energy capacity goal by 2030. This is underscored by the fact that this year’s budget
• Waree Renewable Technologies, part of the Waree Energies group, aims to build a 15.5
allocation for the sector has more than doubled to over INR 20,000 crore.
GW bidding pipeline for FY25. Last year, the company's existing order book stood at 800
• Over the past decade, from 2014 to 2024, India's installed renewable energy capacity has MW, growing to 2.1 GW this year.
grown by 165%, rising from 76.38 GW to 203.1 GW. The country has already invested
• The company aims to leverage opportunities in round-the-clock renewable projects, rising
approximately ₹7 lakh crore in this period.
energy storage needs, and falling solar panel costs to enhance competitiveness and lower
capital expenses.

35 Monthly RE
Update
 OTHER MARKET UPDATES

India Struggles to Meet Wind Energy Targets by 2030 Solar and Wind Capacity added in H12024 Outpaced CY2023 Installations

• According to the Ember report, India aims to achieve 509 GW of renewable energy • In the first half of 2024, India added approximately 12,156 MW of solar capacity and 1,920
capacity by 2030, with 110 GW coming from wind power. However, progress is lagging, as MW of wind capacity, representing a 78.9% increase in solar installations and a 2.3%
only 2.8 GW of wind capacity was added in 2023, falling short of the 9.3 GW required increase in wind installations compared to the same period in 2023. The total capacity
annually from 2024 to 2030. added in H1 India added 1.8 GW of new rooftop solar capacity in H1 2024, a 19.6%
decrease from H1 2023.
• Global wind capacity is expected to double to 2,157 GW by 2030, but this is still 585 GW
short of the amount needed to triple current capacity and meet climate targets. Industry • However, the Government of India approved the PM Surya Ghar: Muft Bijli Yojana in
forecasts indicate that China will triple its wind capacity by 2030, continuing to lead by February 2024, with an allocation of Rs 75,021 crore, aiming to add over 2 GW of new
contributing more than half of the world's new wind capacity annually from 2024 to 2030. rooftop solar capacity in H2 2024. In the wind sector, 1.9 GW of new capacity was added
in H1 2024, slightly up from 1.87 GW in H1 2023. Karnataka (874 MW) and Gujarat (629
NTPC set to sell 100,000 carbon credits MW) led the wind capacity additions, accounting for about 80% of the new wind capacity
in H1 2024.
• NTPC Green Energy Limited (NGEL) has announced the sale of 100,000 carbon credits
Tata Power Solar Partner with ICICI Bank to Offer Low-cost Solar Panel Loans
(Verified Emission Reductions, VERs) from its wind and solar projects, which are
with Easy Financing Options
registered under the Verified Carbon Standard (VCS) program.
• The sale will be conducted through domestic competitive bidding, open to all credible • Tata Power Solar Systems has teamed up with ICICI Bank to offer residential and
domestic companies operating under current laws. Interested organizations can submit corporate clients cost-effective financing options for solar panel purchases. ICICI Bank
their techno-commercial bids starting August 23, 2024, with the final deadline for Stage-I will provide tailored financial solutions with competitive rates, allowing loans up to INR 90
bids set for September 12, 2024, at 15:00 IST. lakh without collateral for up to 5 years.
• Larger loans can be secured with collateral and extended up to 20 years. The partnership
includes flexible down-payment options of 20-25% to make solar investments more
accessible.

34 Monthly RE
Update
POLICIES AND REGULATIONS

Monthly RE
Update
 POLICIES AND REGULATIONS

CENTRAL LEVEL REGULATORY UPDATES

Policy, Order & Regulation Issuing Agency Date of Issue

MNRE updated the ALMM list with a cumulative capacity of about 55 GW MNRE 28th-August-2024

MNRE Issues Clarification on Onshore Wind Power Project Guidelines and Amendments MNRE 23rd-August-2024

APTEL overturns KSERC order on multi-state electricity dispute APTEL 13th-August-2024

Ministry of Power issued amended guidelines for Gas based plants to export electricity from India MoP 12th-August-2024

MNRE issued operational guidelines for implementation of component “Model Solar Village” under PM-Surya Ghar: Muft Bijli
MNRE 9th-August-2024
Yojana

MNRE amended regulation for Approved Models and Manufacturers of Solar Photovoltaic Modules (Requirement for
MNRE 7th-August-2024
Compulsory Registration) Order, 2019

Central Electricity Regulatory Commission (CERC) issued a Deviation Settlement Mechanism (DSM) and Related Matters
CERC 5th-August-2024
Regulations, 2024

Source: JMK Research 37 Monthly RE

Update
 POLICIES AND REGULATIONS

STATE LEVEL REGULATORY UPDATES

Policy, Order & Regulation Issuing Agency Date of Issue

Tamil Nadu Imposes INR 5 Million/MW Resource Charge on CTU-Connected Wind Projects to Boost State Transmission
TNGCEL 21st-August-2024
Development

APERC rejects wind project developer's claim for deemed generation losses APERC 20th-August-2024

Odisha Electricity Regulatory Commission (OERC) issued a draft regulation for Renewable purchase obligations (RPO) OERC 13th-August-2024

KERC issued a regulation for peer-to-peer (P2P) solar energy transactions to promote RE & Innovative technologies KERC 6th-August-2024

Gujarat Electricity Regulatory Commission (GERC) issues Multi Year Tariff (MYT) Regulations,2024 GERC 5th-August-2024

Source: JMK Research 37 Monthly RE

Update
Monthly RE
Update
Monthly RE
Update