Daily News Wrap-Up: Exclusive Interview with Shirdi Sai Electricals COO

A 1 kW rooftop solar system to cost ₹60,000 in Jharkhand

February 8, 2023


In an exclusive interview with Mercom India, Dr. Balachander Krishnan, Chief Operating Officer, Indosol Solar, special purpose vehicle (SPV) of Shirdi Sai Electricals, talks about the company’s progress after its successful PLI bid. In November 2021, Shirdi Sai Electricals, through its SPV – Indosol Solar, was awarded a PLI of ₹18.75 billion (~$229.03 million) for a capacity of 4 GW. The company is in the process of constructing an integrated photovoltaic manufacturing plant from polysilicon-to-module near Nellore, Andhra Pradesh.

Jharkhand Renewable Energy Development Agency has announced the lowest (L1) bids to install and commission 3 MW of grid-connected rooftop solar systems of various capacities with and without battery packs on government buildings. For rooftop solar systems without battery, under Group A (1 kW to 10 kW), the L1 tariff discovered was ₹60,000 (~$726)/kW; for Part B (11 kW to 50 kW), the L1 price was ₹62,810 (~$760)/kW and for Part C (51 kW to 100 kW), the L1 bid quoted was ₹63,000 (~$762)/kW. For rooftop solar systems with battery, under Group A-1 (1 kW to 10 kW), the L1 bid quoted was ₹119,000 (~$1,439)/kW; for Group B-1 (11 kW to 50 kW), the L1 bid quoted was ₹126,000 (~$1,524)/kW, and for Group C-1 (51 kW to 100 kW), the L1 bid quoted was ₹126,000 (~$1,524)/kW.

Naviya Technologies Renewables, a Mumbai-based solar developer, won the Jharkhand Renewable Energy Development Agency’s auction for the engineering, procurement, and construction (EPC) of a 2 MW grid-connected canal-top solar project at Sikidiri Canal in Ranchi. The company quoted a total cost of ₹153.27 million (~$1.85 million) for EPC works, a total of ₹17.53 million (~$211,956) for the operation and maintenance contract, and ₹27.12 million (~$327,892) for the net electrical energy generation guarantee for ten years. The amounts are exclusive of GST.

The Solar Corporation of India (SECI) has signed a power sale agreement (PSA) with Grid Corporation of Odisha (GRIDCO), a public sector undertaking of the government of Odisha, for 400 MW of wind power from projects connected to the inter-state transmission system (ISTS) in Karnataka and Gujarat. The 400 MW comprises 390 MW of wind power under the ISTS Tranche XII program and 10 MW of wind power from ISTS Tranche XI. GRIDCO will purchase the power at a tariff ranging from ₹2.96 (~$0.0357)/kWh to ₹3.01 (~$0.0363)/kWh.

Maharashtra’s Public Works Department of the Yavatmal Division has invited bids for installing and commissioning a 1 MW grid-connected solar project at Giroli in the Washim district of the state. The last date to submit the bids is March 2, 2023. Bids will be opened on March 6. The estimated project cost is ₹54.27 million (~$656,558). The project must be completed within 300 days from the date of the written order to start the work.

Six months after the U.S. passed the Inflation Reduction Act in August 2022, clean energy companies have announced more than 101,036  new green jobs in 31 states between August 16, 2022 – January 31, 2023, a report by independent strategic communication firm Climate Power said. The report analyzed public announcements from the private sector since the passing of the Act. It said this national plan has been a driving force in the “Made in America” clean energy boom and will reshape the country’s economy for many decades to come.

Tata Power reported a 91% year-over-year (YoY) jump in net profit to ₹10.52 billion (~$127.6 million) for the third quarter (Q3) of the financial year (FY) 2022-2023, primarily due to higher availability at its thermal power station at Mundra, higher sales across distribution companies and increased renewables capacity addition. The company’s consolidated revenue was up 30% YoY to ₹143.39 billion ($1.7 billion) in Q3 from ₹110.15 billion ($1.3 billion). The diversified power company said that its revenue from rooftop solar installations rose by about 41% YoY to ₹5.35 billion (~$64.8 million) in Q3.

Norwegian independent power producer Scatec swung into a net loss of NOK 433 million (~$42 million) in the fourth quarter (Q4) of 2022, compared with a profit of NOK 136 million (~$13.14) year-over-year (YoY). The company said its consolidated quarterly losses were due to reduced income from joint ventures (JVs) impacted by lower power generation from hydropower projects in Laos, Asia. For the October-December quarter, the company posted revenue of NOK 993 million (~$96.2 million), a decrease of 4.5% YoY basis.