Daily News Wrap-Up: India Adds 1.8 of Solar Open Access Capacity in Q1

Four companies win GUVNL's wind-solar hybrid auction

June 7, 2024


India added over 1.8 GW of solar open access capacity in the first quarter of the calendar year 2024, a nearly 152% increase year-over-year compared to 722 MW, according to the newly released Q1 2024 Mercom India Solar Open Access Market Report. The installations also represent a two-fold quarter-over-quarter increase from 909.3 MW. Falling module prices drove the rise in installations due to surplus production in China and the suspension of the Approved List of Models and Manufacturers order for projects commissioned until March 2024.

KPI Green EnergyJuniper Green Energy, Hinduja Renewables Energy, and JSW Neo Energy (JSW Energy) were declared winners in Gujarat Urja Vikas Nigam’s auction to procure power from 500 MW grid-connected wind-solar hybrid projects with a 500 MW greenshoe option. KPI Green quoted ₹3.33 (~$0.0399)/ KWh for 50 MW. Juniper won 120 MW at ₹3.34 (~$0.04) /kWh. Hinduja quoted ₹3.39 (~$0.0406)/ KWh for 150 MW.  JSW won 180 MW out of the quoted capacity of 200 MW at 3.39 (~$0.0406)/ KWh under the bucket-filling method.

NTPC has invited bids for implementing a 1,153 kW grid-connected rooftop solar power project in Maharashtra for the Indian Council of Medical Research (ICMR). The last date for submitting bids is June 26, 2024. Bids will be opened the next day. The scope of work includes installing solar photovoltaic systems on the rooftops of various ICMR and other government buildings. These systems should be installed in shadow-free areas to maximize power generation for each building.

The Indian Energy Exchange (IEX) reported a total traded volume of 10,633 million units (MU) in May 2024, a 28.9% increase from the previous year. A volume of 622.2 MU of green energy was traded on the exchange during the month. Electricity volumes reached 9,568 MU, up 21% year-over-year (YoY). Renewable energy certificates (REC) hit 1,055 MU, a 640.3% increase YoY. The REC market recorded an all-time low price of ₹165 (~$1.97) per certificate in the trading session on May 29.

Independent renewable power producer ReNew recorded a total revenue of ₹24.78 billion (~$296.85 million) for the fourth quarter of the financial year 2023-24, a year-over-year decrease of 4.4% compared to ₹25.92 billion (~$310.51 million). The decrease in total income was primarily due to lower revenue recognized for the company’s transmission projects. The net profit for the quarter was ₹609 million (~$7.29 million), up 722.9% YoY from ₹74 million (~$886,491 million).

Lawrence Berkeley National Laboratory researchers have found quantifiable public health and economic benefits of accelerated adoption of solar and wind energy in the U.S. from 2019 to 2022, underscoring the economic and social importance of decarbonization. In a new approach that assessed wind and solar energy benefits beyond their generation costs, subsidies, and electricity market value, LBNL researchers used publicly available data to determine more than three times higher societal costs of transitioning to cleaner energy.


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