SJVN Green Energy, a subsidiary of SJVN, has invited bids to acquire or lease 4,000 acres of land for 28 years with all statutory clearances, including chain link fencing around the periphery of the land. The objective is to establish connectivity with the interstate transmission system, facilitating the development of solar power projects with a capacity of up to 1 GW in Gujarat and Rajasthan. The last date for the submission of bids is December 22, 2023. Bids will be opened the same day.

The Maharashtra Electricity Regulatory Commission (MERC) has directed the Tata Power Company Limited – Distribution, a distribution company, to compensate Tata Power Green Energy (TPGEL) ₹491.2 million (~$5.89 million) against the costs incurred due to the hike in Goods and Service Tax rate for its wind-solar hybrid and wind project. MERC accepted TPGEL’s petition, noting the absence of objections from the TPC-D.

Solar Energy Corporation of India (SECI) has issued a tender to set up 1.35 GW inter-state transmission system-connected wind power projects (Tranche-XVI) with a 700 MW greenshoe option. The projects will be located in Gujarat (1 GW + 500 MW greenshoe), Karnataka (250 MW + 150 MW), and Rajasthan (100 MW + 50 MW). The last date for the submission of bids is January 10, 2023. Bids will be opened on January 15.

Government-owned infrastructure finance company REC Limited’s board of directors has approved an equity investment of ₹142.5 million (~$1.7 million) in Hindustan Power Exchange (HPX). The investment constitutes 19% of the proposed equity share capital of ₹750 million (~$9 million) of HPX. HPX has an authorized capital of ₹1 billion (~$12 million) and a current paid-up capital of ₹552.5 million (~$6.62 million). Incorporated in 2018, the power trading platform reported a total revenue of ₹174.35 million (~$2.09 million) in the fiscal 2022-23.

The Climate Finance Leadership Initiative, India has announced climate finance solutions with the potential to mobilize nearly $6.5 billion to support the country’s low-carbon, climate-resilient development. The announcement was made at the UN Climate Change Conference of Parties (COP28) in Dubai. These solutions are expected to help mobilize private capital towards the $10.1 trillion needed to meet India’s net-zero target by 2070.

Energy storage technology and solutions provider Fluence Energy recorded a net income of $4.82 million for the fourth quarter of the fiscal year 2022-23, a year-over-year (YoY) increase of 91.4%, achieving profitability for the first time. During the quarter from July to September, Fluence recorded a revenue of $673 million, a YoY increase of 52.2%. The company witnessed a strong order intake in the quarter, reaching $737 million, resulting in a total backlog of $2.9 billion as of September 30, 2023.

Global energy conglomerate bp will acquire an additional 50.3% interest in Lightsource bp for a base equity value of £254 million (~$320 million), taking full ownership of the global utility-scale solar and battery storage asset developer. The acquisition allows for both parties to scale up Lightsource bp’s operations and leverage the former’s finance and trading capabilities to target double-digit equity.

SB Energy Global, a U.S.-based integrated renewable energy platform, has secured $2.4 billion to support the development of renewable energy projects focusing on the domestic content utilization provision under the Inflation Reduction Act. The company will utilize part of the funds to develop a 1.3 GW portfolio of four utility-scale solar power projects. Out of the total funding, $800 million was raised in tax equity in a partnership with J.P. Morgan Bank of America, Morgan Stanley Renewables Inc., and Truist Bank for the Orion I, Eiffel, Orion II, and Orion III projects, respectively.