Daily News Wrap-Up: Solar Corporate Funding Rises 55% YoY in 9M 2023

SJVN floats tender for 18 MW solar projects in Punjab and Himachal Pradesh

October 19, 2023


The total global corporate funding in the solar sector during the nine months (9M) of 2023, including venture capital investments, public market funding, and debt financing, reached $28.9 billion, a 55% year-over-year (YoY) increase from $18.7 billion. The numbers were revealed in Mercom Capital Group’s newly released 9M and Q3 2023 Solar Funding and M&A Report. Despite the surge in funding amounts, there was a 5% YoY decline in the number of deals. During 9M 2023, 124 deals were announced against 131 deals during the corresponding period in 2022.

SJVN Green Energy invited bids for developing grid-connected solar power projects with a cumulative capacity of 18 MW at four locations at Bhakra Beas Management Board, including three years of comprehensive operation and maintenance. The last date for the submission of bids is November 7, 2023. Bids will be opened the same day. The scope of the work includes design, engineering, supply, erection, testing, and commissioning of the solar power projects. Bidders must pay ₹5,000 (~$60.05) +18% GST as the bid document fee. They must also furnish ₹23 million (~$276,268) as an earnest money deposit.

The Cabinet Committee on Economic Affairs has given its approval for the implementation of the Green Energy Corridor Phase-II – Inter-State Transmission System project to facilitate the evacuation of 13 GW of renewable power in the region of Ladakh. The project, scheduled for completion by the financial year 2029-30, comes with an estimated cost of ₹207.74 billion (~$2.4 billion), with Central Financial Assistance covering 40% of the total project cost, amounting to ₹83.09 billion (~$998 million).

THDC India invited bids for the engineering, procurement, and construction of an 11 MW floating solar power project at the Khurja Super Thermal Power Project site at Bulandshahr, Uttar Pradesh. The project must be commissioned within nine months of receiving the work order. The developer must oversee the project’s operation and maintenance for three years. The project’s estimated cost is ₹635.6 million (~$7.6 million). The last day to submit the bids is November 20, 2023. The bids will be opened the next day.

Distribution companies owed power generators ₹799.77 billion (~$9.6 billion) in total dues for the monthly billing cycle in October 2023. The current outstanding dues, excluding the latest monthly dues, are ₹232.62 billion (~$2.8 billion). The overdue before the trigger date is ₹232.46 billion (~$3.3 billion), after which the amount will increase by ₹160.1 million (~$1.9 million) as the late payment surcharge would become applicable. The trigger date is one month after the due date of payment or two and a half months after the presentation of the bill by the generating company, whichever is later.

Small Industries Development Bank of India (SIDBI) launched a “Decarbonization Challenge Fund” (DCF) to support innovative and scalable technologies and projects and solutions that are environment-friendly, clean, and have high impact potential. This competitive mechanism will crowd-source innovative solutions across themes that address industrial decarbonization challenges such as energy efficiency, renewable energy, clean transportation, pollution prevention control, and green buildings. DCF is being launched as part of SIDBI’s Partial Risk Sharing Facility for Energy Efficiency program and is supported by the World Bank.

The Australian Renewable Energy Agency invited an expression of interest from government entities and private companies for availing of funds for large-scale green hydrogen projects under the AU$2 billion (~$1.3 billion) Hydrogen Headstart Program. The program aims to advance Australia’s hydrogen industry, strengthen clean energy, and integrate into global hydrogen supply chains. The deadline for submitting expressions is November 14, 2023. They should encompass a project plan, financial model, budget, and agreements with off-takers.