Daily News Wrap-Up: No Penalties for Renewable Power Supply Commencement Delays

Tamil Nadu Cements Corporation floats consultancy tender for 20 MW solar project

February 7, 2024


The Ministry of Power has amended the guidelines to the tariff-based competitive bidding process for the procurement of firm and dispatchable renewable power from grid-connected solar, wind, wind-solar hybrid, and renewable energy projects with energy storage. The revised guidelines removed the clause relating to punitive measures for delays in the commencement of power supply.

The Tamil Nadu Cements Corporation has invited bids from consultants to prepare a detailed project report to install a 20 MW solar power project at Alangulam Cement Works in Virudhnagar district. The last date to submit the bids is February 19, 2024. Bids will be opened on the same day. Bidders must furnish an earnest money deposit of ₹10,000 (~$120).

The Indian Energy Exchange traded 1.52 million renewable energy certificates (REC), equivalent to 1,520 million units, in January 2024 at a clearance price of ₹360 (~$4.34) per REC. This is an increase of 285% year-over-year and is the highest REC volume in the current financial year. REC prices on IEX have seen a downward trend and are currently at their lowest level this financial year.

Mahatma Phule Renewable Energy and Infrastructure Technology has invited bids for the selection of a project management consultant for 3.31 MW grid-connected distributed solar power projects with a net metering system for 20 rural, regional water supply programs of Zilla Parishad Chandrapur. The last date for submitting bids is February 20, 2024. Bids will be opened on the same day.

The Maharashtra Electricity Regulatory Commission has directed the Maharashtra State Electricity Distribution Company to reimburse Imagicaa World Entertainment, a theme park owner in Maharashtra, for excess demand penalty charges plus interest incurred due to renewable energy open access levies.

Electric-scooter startup River has raised $40 million (₹3.35 billion) in an oversubscribed Series B funding led by Yamaha Motor. The Bengaluru-based electric vehicle company plans to scale its distribution and service network across India and develop a future line-up of products using the funding. The round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility, taking the total funding raised to $68 million (₹5.65 billion) since River’s inception in March 2021.

The national P25 solar power purchase agreement (PPA) prices in the U.S. in the fourth quarter of 2023 rose 3% compared to Q3, while P25 wind prices increased 5%. LevelTen’s P25 Price Index represents the 25th percentile PPA prices. All PPA price data in LevelTen’s report are based on the prices developers offer for PPA contracts and not the transacted PPA prices.