Daily News Wrap-Up: India’s Wind Installations Surge by 165% YoY in Q2 2023

THDC floats consultancy tender to acquire land for 2 GW solar parks

July 17, 2023


India added 1,139.5 MW of wind power capacity in the second quarter (Q2) of the calendar year 2023, representing a 165% year-over-year increase, according to Mercom India Research. Installations grew 54% quarter-over-quarter from 737.85 MW in Q1 2023. The increase in installations was spurred by enabling policies by the government, such as the implementation of the Renewable Purchase Obligation trajectory until 2029-2030.

THDC India has invited bids to empanel consultants for the acquisition of land to develop 2,000 MW ultra mega renewable energy parks in Rajasthan under the Ministry of New and Renewable Energy’s Solar Park Program. The last date to submit the bids is August 10, 2023. Bids will be opened the following day. The consultants will be empanelled for two years under Class A and Class B categories.

Solar Energy Corporation of India has invited bids to select an agency for conducting a geotechnical study and topography survey for a solar power project at the Mithakari site in South Andaman. The geotechnical investigation will be carried out to provide the designer with sufficiently accurate information about the substrata profile and relevant parameters at the site based on which the foundation for the solar power project and other associated facilities will be designed.

In a move to improve the collection efficiency of distribution companies (DISCOMs), the Ministry of Power has changed the methodology to calculate Aggregate Technical and Commercial (AT&C) losses. The existing methodology was reviewed after weighing the feedback from DISCOMs, who said that it restricted the collection efficiency to 100%, and the efforts of the DISCOMs in realizing the past dues and liquidation of outstanding subsidies were not reflected in the calculation of AT&C losses.

The engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy’s consolidated net loss was reduced by 73% year-over-year (YoY) to ₹950 million (~$11.6 million) for the first quarter of the financial year 2023-24 from a loss of ₹3.56 billion (~$43.4 million) due to higher contribution from the domestic EPC segment. The company posted a YoY decrease of 57% in revenue at ₹5.15 billion (~$62.7 million). This was mainly due to an 84% fall in revenue from its international EPC operations to ₹1.59 billion (~$19.4 million).

Standard Chartered has announced a financial package of €1.29 billion (~$1.45 billion) to support the Angolan Ministry of Finance in constructing 48 hybrid solar power generation systems equipped with energy storage to create autonomous mini-grids. These systems will provide 100% renewable electricity to communities without access to the national electricity grid. The funding will support the expansion of the national grid in Malanje, as well as the construction of new transmission lines and networks connecting other municipalities.

The European Commission has announced the allocation of over €3.6 billion (~$4 billion) from the Innovation Fund for 41 large-scale clean tech projects across Europe. The Innovation Fund, financed by revenues from the auctioning of allowances from the EU Emissions Trading System (EU ETS), is among the world’s largest funding programs for the deployment of net-zero and innovative technologies. With an estimated revenue of €40 billion (~$44.9 billion) until 2030, the fund aims to support businesses investing in clean energy and accelerate the energy transition.

New York Stock Exchange (NYSE) has decided to initiate proceedings to delist Azure Power Global from the stock exchange. The trading of the company’s equity shares has been immediately suspended. NYSE decided that Azure’s equity shares are not suitable for listing because the company is a late filer and has not filed with the U.S. Securities and Exchange Commission its annual report on Form 20-F for the fiscal year ended March 31, 2022, and current report on Form 6-K for the half year ended September 30, 2022.