Daily News Wrap-Up: MERC Raises Net Metering Cap for Rooftop Solar to 5 MW
NTPC tenders balance of system package for 1.2 GW wind projects
The Maharashtra Electricity Regulatory Commission has increased the net metering cap for rooftop solar power projects to either 5 MW or the consumer’s contract demand/ sanction load, whichever is lower. Net metering in the state was earlier capped at less than 1 MW. The increase in the net metering cap comes across as an effort to encourage the adoption of commercial and industrial rooftop installations. The Commission has also allowed consumers to opt for group net metering, net billing, or behind-the-meter connection.
NTPC Renewable Energy has floated a tender for a balance of system package for 1,200 MW Inter-State Transmission System-connected wind energy projects with a greenshoe option of up to 300 MW at Kurnool in Andhra Pradesh. The last date for the submission of bids is December 28, 2023. Bids will be opened on the same day. The project’s scope involves the design, engineering, micro-siting, manufacturing, supply, erection, testing, commissioning, and verification of guaranteed performance parameters for installing the proposed wind farm.
REC Power Development and Consultancy has issued a request for selection for solar developers to set up 290 MW grid-connected solar power projects anywhere in India, with a greenshoe option of an additional 290 MW. The projects will be developed on a Build-Own-Operate basis, under the Flexibility in Generation and Scheduling of Thermal/ Hydro Power Stations through bundling with the Renewable Energy and Storage Program notified by the Ministry of Power.
NTPC Renewable Energy has invited bids to supply the balance of system package for 1.2 GW inter-state transmission system-connected wind power projects in Anantapur, Andhra Pradesh, with a 300 MW greenshoe option. The last day to submit the bids is December 27, 2023. Bids will be opened on the same day. Every bid submission should be supported by a bid security declaration. The project’s scope includes design, engineering, micro-siting, manufacturing, supply, erection, testing, commissioning, and proving the guaranteed performance parameters to install 3 MW and above wind projects starting from 33kV internal evacuation lines from unit substation until the ISTS substation.
Independent renewable power producer ReNew recorded a net revenue of ₹28.6 billion (~$345 million) for the second quarter (Q2) of the financial year (FY) 2023-24, a year-over-year increase of 27.8% compared to ₹22.4 billion (~$270 million). The increase in total income was due to higher operational capacity, higher plant load factor, and higher finance income. The net profit for Q2 FY 2024 was ₹3.8 billion (~$45 million) compared to a net loss of ₹986 million (~$ 12 million) in Q2 FY 2023, with the improvement driven by higher operating revenue and lower finance costs quarter on quarter.
NTPC Renewable Energy has floated a tender for a balance of system package of a 1.1 GW Inter-State Transmission System-connected wind energy project in Gujarat (Tranche-II). The last date for the submission of bids is December 20, 2023. Bids will be opened on the same day. The project’s scope involves the design, engineering, micro-siting, manufacturing, supply, erection, testing, commissioning, and verification of guaranteed performance parameters for installing the proposed wind farm. This encompasses the 33 kV internal evacuation lines from the unit substation, pooling substation, central monitoring, control station, wind monitoring mast(s), and external extra-high voltage transmission line to the ISTS substation.
Norway-based renewable energy company Statkraft has completed the acquisition of Enerfin, a Spain-based renewables business and subsidiary of Elecnor Group, in a transaction valued at €1.8 billion (~$1.97 billion), encompassing equity and debt. The transaction, contingent on public approvals in respective countries, is slated for closure in the first half of 2024. Enerfin’s assets include 1.5 GW of operational and under-construction wind and solar capacity, along with an expansive pipeline of projects at various developmental stages.
The UK government has pledged to provide £960 million (~$1.19 billion) for the Green Industries Growth Accelerator to support clean energy manufacturing. This investment will enable the growth of strong, home-grown, clean energy supply chains across the UK, including carbon capture, utilization and storage, electricity networks, hydrogen, nuclear, and offshore wind. The funding will be available from the year 2025 for five years. The funding aims to give long-term assurance to the industry about their investments. Along with the existing manufacturing support and net zero transition, the package aims to open up opportunities for private investors and strengthen energy security.