Adani Energy Solutions, a power transmission and distribution company, has secured a letter of intent to acquire Halvad Transmission from PFC Consulting. Halvad Transmission was established to evacuate 7 GW of renewable energy from the Khavda RE park in Gujarat. AESL will invest approximately ₹30 billion (~$360.6 million) in the transmission project. The company will undertake the responsibility of building, owning, operating, and maintaining the over 301 km (656 ckm) transmission project for 35 years.

Solalite Power (O2 Power), Sprng Energy, ACME Cleantech Solutions, Juniper Green Energy, and Avaada Energy were declared winners in NTPC’s auction to set up 1,500 MW of interstate transmission system -connected wind-solar hybrid power projects anywhere in India. Solalite Power and Sprng Energy quoted the lowest tariff of ₹3.35 (~$0.0402)/kWh to win 300 MW and 250 MW, respectively. ACME and Juniper Green won 300 MW and 230 MW by quoting ₹3.36 (~$0.0404)/kWh.

India installed over 1.3 GW of rooftop solar capacity in the first nine months (9M) of the calendar year 2023, an increase of 12% year-over-year (YoY), according to Mercom India Research’s newly released Q3 2023 Mercom India Rooftop Solar Market Report. The top five states for cumulative rooftop solar installations as of Q3 2023 are Gujarat, Maharashtra, Rajasthan, Kerala, and Karnataka.

The top five funding deals in the solar sector in India during 2023, according to Mercom’s Q3 2023 India Solar Market Update report, included Adani New Industries securing $394 million in trade finance, CleanMax raising $360 million in equity from Brookfield Renewable, Tata Power Renewable Energy receiving ₹20 billion ($260 million) from GreenForest New Energies, Amp Energy India obtaining $250 million from Sumitomo Mitsui Banking Corporation, and Juniper Green Energy securing a $150 million investment from AT Capital Group and Vitol for operational expansion.

In 2023, approximately 51 GW of solar tenders were initiated in India. Key tenders include NHPC’s 3,000 MW interstate transmission system-connected solar projects, SECI’s 2 GW ISTS-connected solar projects (Tranche XI), NTPC’s 1,500 MW ISTS-connected solar projects (Tranche-I), SJVN’s 1,500 MW ISTS-connected solar projects, and PFC Consulting’s 1,250 MW ISTS-connected solar projects.

In 2023, India witnessed robust solar auction activity with 14.65 GW across 26 auctions. The lowest discovered tariff was ₹2.51 ($0.030)/kWh, marking a 10% increase from 2022. Notable wins include Sprng Energy securing 200 MW in Gujarat Urja Vikas Nigam’s auction, Solairedirect (ENGIE) winning a 250 MW project in NHPC’s auction, and Avaada Energy, Sprng Energy, and ReNew Solar Power winning capacities in SECI’s auction. Additionally, Solairedirect Energy India (ENGIE) and ReNew Solar Power secured capacities in REC Power Development and Consultancy’s auction, while SAEL, ReNew, Eden, Jakson, Mahindra Susten, and Sunfree Energy won in various auctions with tariffs ranging from ₹2.55 to ₹2.61 ($0.031-$0.032)/kWh.