Daily News Wrap-Up: SECI Pays ₹7.3 Billion to Solar and Wind Developers
MSEDCL invites bids for 500 MW of solar projects
February 16, 2023
The Solar Energy Corporation of India has released ₹7.3 billion (~$88.6 million) in payments to solar and wind developers for the power purchased in December 2022. The disbursal accounted for nearly 95.8% of the total amount paid by the nodal agency during the month. The agency had released ₹7.9 billion (~$96.6 million) against power purchases in November, which is 8% higher than the payment made for December.
Maharashtra State Electricity Distribution Company has invited bids to procure 500 MW of power from intrastate grid-connected solar projects with a greenshoe option of an additional 500 MW. The last date to submit the bids online is March 17, 2023. Bids will be opened on the same day. Bidders will have to submit ₹300,000 (~$3,623) as the bid processing fee. They must also submit ₹400,000 (~$4,831)/MW as an earnest money deposit.
Tamil Nadu plans to attract ₹500 billion ($6.04 billion) in investments in the electric vehicle (EV) manufacturing segment and create 150,000 new jobs in the next five years, the state government’s EV Policy 2023 said. Further, the policy would facilitate the manufacturing of EVs, EV components, and charging infrastructure in the state with an EV special manufacturing package. The policy will be valid for five years.
Assam Power Distribution Company has issued a request for selection to procure 50 MW of power from a ground-mounted solar photovoltaic project for a period of 25 years. The solar power developer will have to install the project in Sitalmari Village under Borsola Revenue Circle, Dhekiajuli, Assam, under the “Build-Own-Operate” model. The developer will also be responsible for power evacuation from the project to the nearest substation/delivery point.
Electric buses (e-buses) as a service are now the most cost-effective approach to urban public transport with or without subsidy, the bidding process conducted by the Convergence Energy Service Limited has shown. The bidding for what is said to be the largest global tender to procure 5,450 e-buses through the Grand Challenge process has opened up a critical pathway for the future of public transport in India.
Gujarat-based power company Torrent Power posted a profit of ₹6.94 billion (~$83.7 billion) for the third quarter (Q3) of the financial year 2023, a year-over-year (YoY) growth of 88%. The rise in profit was fuelled by the reduction in transmission and distribution losses and an increase in the cost of power. The company recorded a YoY growth of 71% in revenue at ₹64.43 billion (~$777.2 million) for Q3. Torrent said the revenue increase was driven by its licensed distribution businesses in the Union Territory of Dadra and Nagar Haveli and Daman and Diu.
The profit of solar glass manufacturer Borosil Renewables slumped by 52% year-over-year (YoY) to ₹223.8 million (~$2.7 million) for the third quarter of the financial year 2023. The financial performance was impacted due to increased input costs. The cost of materials for Borosil in the quarter increased 30% YoY to ₹406 million (~$4.8 million). For the October-December quarter, the total expenses jumped by 31% YoY to ₹1.4 billion (~$17 million).
The European Commission has proposed a detailed new framework for green hydrogen producers within the EU and from other countries exporting to the region to ensure it is produced using renewable electricity. The Commission has defined what constitutes renewable hydrogen in the EU region with the adoption of two delegated acts required under the Renewable Energy Directive. The Acts will ensure that all renewable fuels of non-biological origin (RFNBOs), such as hydrogen used for industry and transport, are produced using renewable electricity.
The European Parliament has approved a law that effectively bans the sales of new petrol and diesel cars in Europe from 2035 to accelerate measures to cut 100% of carbon emissions produced by new passenger vehicles and light commercial vehicles or vans. The EU Parliament approved the new law under the Fit for 55 package and ruled that the intermediate emission reduction targets for 2030 would be 55% for cars and 50% for vans compared with the level recorded in 2021. The European Parliament members hailed the legislation that aligns with Europe’s climate-centric measures.