Daily News Wrap-Up: SECI Invites Bids for 500 MW Wind Projects

As temperatures rise in North India, peak power demand scales new high

May 31, 2024


Solar Energy Corporation of India (SECI) has invited bids to select wind power developers to set up 500 MW ISTS-connected wind power projects anywhere in India (Tranche-XVII). The last date for the submission of bids is July 8, 2024. Bids will be opened on July 11. The scope of work requires the wind power developer to establish ISTS-connected wind power projects, including the necessary transmission network up to the interconnection/delivery point, to supply wind power to SECI.

On May 29, 2024, when the temperature in India’s capital, New Delhi, touched a scorching 52.3 degrees Celsius, the peak day-time power demand saw a new high at 246.06 GW. The highest temperature was recorded at one of Delhi’s weather stations, and meteorological officials said they were investigating whether the measuring sensors were working correctly there.

Power transmission company Sterlite Power has achieved financial closure for its Neemrana II Kotputli Transmission project by securing ₹13.73 billion (~$164.85 million) funding from Power Finance Corporation. Sterlite Power acquired the Neemrana II Kotputli Transmission special purpose vehicle in November 2023 to execute the green energy corridor on a build, own, operate, and transfer basis for 35 years.

Electric vehicle company Euler Motors has closed its Series C funding round, securing ₹2 billion (~$23.9 million) and taking the total funding raised so far to ₹5.7 million (~$68,358). The round was led by internal investors such as British International Investment, Blume Venture, and new investor Piramal Alternatives India Access Fund. In the fiscal year 2024, Euler Motors sold 3,700 vehicles and expanded its operations from 5 to 22 cities.

Engineering and consulting firm Gensol Engineering posted a net profit of ₹348.2 million (~$4.1 million) during the fourth quarter (Q4) of 2024, a year-over-year (YoY) increase of 310% from 84.8 million (~$1.01 million). The company’s revenue for the quarter stood at ₹3.78 billion (~$45.3 million), up 155% YoY from ₹1.48 billion (~$17.7 million).

Avaada Energy the renewable energy division of Avaada Group, has secured financing of ₹3.15 billion (~$37.8 million) from Aseem Infrastructure Finance (AIFL) for a solar power project. The financing is for Avaada Energy’s solar project, which is being developed under a long-term captive power purchase agreement with the Karnataka Cooperative Milk Producers’ Federation. The project is located in the Kalaburagi district of Karnataka.