Daily News Wrap-Up: MEDA Tenders 10 MW of Rooftop Solar Systems

POWERGRID to raise up to ₹9 Billion through bonds

March 14, 2023


Maharashtra Energy Development Agency (MEDA) has invited bids for installing and commissioning 10 MW of grid-connected rooftop solar systems under the capital expenditure (CAPEX) model on government buildings at various locations in the state. The successful bidder is required to undertake the project’s operation and maintenance for five years. The last date to submit the bids is March 15, 2023. Bids will be opened the following day.

The board of Power Grid Corporation of India (POWERGRID) has approved raising unsecured, non-convertible, non-cumulative, redeemable, and taxable bonds for ₹9 billion (~$109.73 million) through private placement. The funds will be raised through the securitization of cash flows of its special purpose vehicle — POWERGRID Mithilanchal Transmission – until the financial year (FY) 2033. The base issue size of the bonds will be ₹3 billion (~$36.58 million), whereas the greenshoe option will be ₹6 billion (~$73.15 million). The bonds will be redeemable at par in 40 equal installments, and the interest payment will be quarterly.

The Punjab Energy Development Agency (PEDA) has invited bids to commission 8.7 MW of solar projects at 970 rural piped water supply systems in the state. The projects must be commissioned within 150 days from the issuance of the work order. The successful bidder is required to oversee the project’s operation and maintenance for five years. The last date to submit the bids online is April 10, 2023. Bids will be opened on April 12.

Bhopal Municipal Corporation has invited bids from nationalized banks, private banks, financial institutions, and non-banking financial companies to secure long-tenure term loans of ₹900 million (~$10.97 million). The funds would be used to install 20 MW solar projects (Phase I), 21 MW solar projects (Phase II), 15 MW wind energy projects, and 1 MW rooftop solar systems. The payment of interest and repayment of the loan will be adequately secured by the escrow mechanism on the corporation’s revenue stream. No other collateral security, as well as state guarantee, will be provided.

Independent power producer BrightNight and ACEN Corporation, through ACEN Renewables International and ACEN International, will jointly develop BrightNight’s first 1.2 GW renewable energy portfolio in India, utilizing multiple technologies. The partnership would invest $250 million in equity and performance guarantees. The parties will construct hybrid wind-solar projects incorporating energy storage to function round-the-clock. The projects would cater to the specific needs of high credit-rated central and state utilities and commercial and industrial offtakers.

Researchers have engineered a new composite solid-electrolyte by introducing a new material that they claim provides thermal stability to solid-state lithium-ion batteries while achieving higher energy density. Vilas Pol, a Purdue University professor leading a team of engineers, studied the two categories of solid electrolytes—ceramic electrolytes composed of sulfide and oxide and polymer electrolytes. Polymer electrolytes have attracted the attention of many material experts, given attributes like flexibility and ease of processing. Unlike liquid electrolytes used in commercial batteries, solid electrolytes are less prone to overheating, fire, and loss of charge.

Chinese cell and module manufacturer Jinko Solar‘s adjusted net income for the fourth quarter (Q4) of the financial year (FY) 2022 rose to RMB312.4 million ($45.3 million), a 33% jump year-over-year (YoY). The company’s net income for the same period last year was RMB234.6 million (~$34.07 million). The quarterly module shipments globally were 16,802 MW (16,020 MW solar modules and 782 MW cells and wafers), up 73.3% YoY and 54.8% sequentially. Shipments of N-type modules increased to ~7 GW in Q4, and by the end of 2022, the company shipped over 10 GW of N-type products globally. For the September-December period, the company’s revenue rose to RMB30.4 billion (~$4.41 billion), an 85.5% surge YoY.