Daily News Wrap-Up: Rajasthan’s Net Metering Cap Increased to 1 MW

SJVN’s 1.5 GW solar auction results

February 9, 2024


The Rajasthan Electricity Regulatory Commission increased the cap on net metering from 500 kW to 1 MW for rooftop solar installations. In a suo motu order, the Commission said the net metering ceiling increase is to encourage the penetration of rooftop solar installations. The Commission observed that lately, there has also been a power shortage in the state, forcing DISCOMs to purchase costly power from exchanges.

Solarcraft Power India 8 (BluPine Energy), GRT Jewellers, Furies Solren (Mahindra), JSW New Energy, and NTPC Renewable Energy were declared winners in SJVN’s auction to develop 1,500 MW of inter-state transmission system-connected solar power projects anywhere in India. Solarcraft and GRT quoted ₹2.52 (~$0.0304)/ kWh to win 300 and 150 MW, respectively.

The Gujarat Urja Vikas Nigam announced the allocation of the 500 MW grid-connected solar power projects in Phase XXII auction under the greenshoe option at the lowest quoted tariff of ₹2.63 (~$0.0316)/kWh. The projects were awarded to the successful bidders who won in the initial auction, and the capacities remained the same. SJVN Green Energy, a wholly owned subsidiary of SJVN, secured 100 MW through the greenshoe option.

The Electricity Department of Puducherry invited bids to fix rates for design, supply, erection, testing, and commissioning, including warranty, operation, and maintenance of 225 MW of grid-connected rooftop solar power projects of various capacities atop residential buildings. The last day to submit the bids is February 19, 2024. Bids will be opened the next day.

The Maharashtra Electricity Regulatory Commission proposed a generic tariff for rooftop solar projects and variable charges for existing biomass and non-fossil fuel-based co-generation power projects for the financial year 2024-25. However, tariffs for other new renewable energy projects, as well as for repowering existing projects, will be determined only through competitive bidding as per the Renewable Energy Tariff Regulations, 2019.

HDFC Bank raised $300 million through its first-ever sustainable bond issue, with the proceeds to be used to finance electric vehicles and green loans. The bond, which has a three-year tenure with 95 basis points over the U.S. treasury, is part of an overall raise of $750 million through Regulation S bonds. The bank said the remaining $450 million has been raised for a tenure of five years with over 108 basis points over the U.S. Treasury.

Norway-based polysilicon manufacturer REC Silicon reported a revenue of $40.5 million in the fourth quarter (Q4) of 2023, a 28% year-over-year rise from $31.6 million, driven by strong performance in the semiconductor business. The company had posted lower YoY revenues for all other quarters in 2023, signaling a recovery in a market battered by excess inventories.