Daily News Wrap-Up: NTPC, SECI Surpass Renewable Tender Targets for FY24

Solar projects in SEZs catering to green hydrogen plants exempt from ALMM

May 29, 2024

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In the first year after setting renewable energy bidding targets, the implementing agencies designated by the Ministry of New and Renewable Energy exceeded their goal of bidding out 50 GW of solar, hybrid, wind, and round-the-clock projects, moving closer to the 200 GW target by 2028. Solar Energy Corporation of India, NTPC, NHPC, and SJVN collectively issued 53.32 GW of renewable energy tenders, or 6.6% more than the target of 50 GW.

Renewable energy projects located inside a Special Economic Zone or an Export Oriented Unit (EOU) and supplying power exclusively to green hydrogen (or its derivatives) projects, also located in an SEZ or set up as an EOU, will be exempt from the purview of Approved List of Models & Manufacturers for solar PV modules. The exemption from ALMM will apply to all such renewable projects commissioned by December 31, 2030, according to an office memorandum issued by the MNRE.

Gujarat Electricity Regulatory Commission has mandated that the Uttar Gujarat Vij CompanyGujarat Energy Transmission Corporation, and the Energy and Petrochemicals Department should reimburse the amounts that were excessively charged to the solar developers. This was done following provisions pertaining to billing elements, including cross-subsidy surcharge, additional surcharge, wheeling charges, wheeling losses, transmission charge, transmission loss, and the handling of any surplus energy.

Madhav Infra Projects, an engineering, procurement, and construction contractor, has received a letter of acceptance from NTPC-SAIL Power Company, a joint venture of NTPC and SAIL, to develop a 15 MW floating solar photovoltaic project at the Maroda Reservoir-I in Bhilai, Chhattisgarh. The contract, valued at ₹900 million (~$10.8 million), involves the design, engineering, procurement, construction, installation, commissioning, operation, and maintenance of the grid-connected floating solar project.

Engineers India has invited expressions of interest from renewable energy developers to procure 6 million units of renewable power per annum in Gurugram and New Delhi on a long-term basis. The total requirement will be reviewed annually, and EIL may increase or decrease the requirement by 10%. The last day to submit the bids is June 20, 2024. Bids will be opened the next day.

The Agency for New and Renewable Energy Research and Technology has invited bids for a 1.5 MW ground-mounted solar power project with grid connectivity under the RESCO model in the Central University of Kerala, Kasaragod. The last date for the submission of bids is June 15, 2024. The scope of the work includes design, supply, engineering, erection testing, and commissioning of the power project with grid connectivity, along with 15 years of operation and maintenance.

Zypp Electric, an electric vehicle-as-a-service platform, has raised $15 million in its Series C funding round, allowing the company to expand its fleet from 21,000 to 200,000 e-scooters across 15 Indian cities by 2026. The funding round, led by Japanese major ENEOS, comprised $15 million in equity as part of its ongoing $50 million round, which includes $40 million in equity and $10 million in debt.

Maxvolt Energy, a manufacturer of lithium battery packs, has raised $1.5 million from angel investors to introduce fast-charging lithium-ion batteries and build recycling plants. The company said that the capital injection will support Maxvolt’s research and development into lithium battery architectures for electric vehicles such as scooters and rickshaws, energy storage systems, and medical devices.

REnergy Dynamics, a company providing bioenergy and sustainable energy solutions, has been launched with a focus on four main business areas. The company will concentrate on four main areas: developing company-owned large-scale bioenergy projects; providing EPC services to renewable energy developers; aggregating and supplying feedstock for compressed biogas projects; and manufacturing and supplying biogas plant components.

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