Daily News Wrap-Up: PFC’s 1.25 GW ISTS-Connected Solar Auction

CERC approves compensation to a solar developer in a change in law case

December 26, 2023


NTPC Renewable Energy (NTPC REL), ACME Cleantech Solutions, and Solarcraft Power India 12 (Blupine Energy) won PFC Consulting’s auction to develop 1,250 MW of interstate transmission system connected to solar power projects anywhere in India. NTPC REL and ACME quoted the lowest tariff at ₹2.53 (~$0.0304)/kWh to win 900 MW and 300 MW capacity, respectively. Solarcraft Power India 12 won 50 MW under the bucket-filling method by quoting ₹2.54 (~$0.0305)/kWh. The projects will be developed on a build-own-operate basis under the program for flexibility in generating and scheduling thermal-hydropower by bundling with renewable energy and storage.

The Central Electricity Regulatory Commission has approved a plea by ReNew Sun Waves (RSWPL) to receive compensation, both before and after the commercial operation date, to offset the financial impact of safeguard duty on solar cells or modules and increased customs duty on solar inverters. The compensation will be disbursed at a discount rate of 9%, and the annuity period is set at 15 years. RSWPL will also be entitled to carrying costs from the date of actual payments made to the authorities until the issuance of this order.

The Rajasthan Electricity Regulatory Commission has allowed the annual change in tariff for biomass projects in the state based on the increase or decrease in variable charges like fuel costs. Under the proposed “Rajasthan Electricity Regulatory Commission (Terms and Conditions for Tariff determination from Renewable Energy Sources) (Second Amendment) Regulations, 2023,” the tariff for biomass projects determined in the financial year (FY) 2023-24 will apply for the FY 2024-25 and FY 2025-26. The stakeholders referred to the prevailing increase of 5% in tariffs and sought to be upheld by the Commission.

The Parliamentary Standing Committee on Industry has recommended that the government formulate a consistent and stable national policy on electric mobility to create a promising environment for the electric vehicle (EV) industry to thrive. The committee thinks that frequent changes in the policies relating to EVs create uncertainties in the market and the EV industry. It also creates doubt in the minds of end users about the government’s actions.

KPI Green Energy, a renewable energy solutions provider, has raised ₹3 billion (~$36.08 million) through Qualified Institutions Placement. The company’s board approved the issuance and allotment of 2.54 million equity shares to qualified institutional buyers at the issue price of ₹1,183 (~$14.23) per equity share against the floor price of ₹1,245 (~$14.97). Post the allotment, the company’s paid-up equity share capital rose from ₹376.52 million (~$4.53 million) to ₹401.88 million (~$4.83 million) consisting of 40.19 million equity shares each.

Oil India has invited bids to establish a 1 MW green hydrogen project in Himachal Pradesh, with a 17 Kg/hr generation capacity. The project must be commissioned within 18 months of receiving the award letter. The last day to submit the bids is January 15, 2024. Bids will be opened the same day. Bidders must submit an earnest money deposit of ₹13.5 million (~$162,369). Selected bidders must furnish 10% of the contract value as performance security. The unit must be designed to run at least 8,000 hours per year at 100% capacity.

The Australian Department of Climate Change, Energy, the Environment and Water has invited bids to develop up to 600 MW of four-hour equivalent or 2,400 MWh energy storage projects in South Australia or Victoria. The Capacity Investment Scheme South Australia-Victoria tender seeks to set up energy storage projects with a continuous discharge capability for a minimum duration of 2 hours at their nameplate capacity and a minimum size of 30 MW. Eligible projects must be situated in South Australia or Victoria.

The U.S. has taken a step towards standardizing Tesla charging technology across public networks by earmarking $7.5 billion to establish a nationwide EV charging network. This has been allocated from the $1.2 trillion Bipartisan Infrastructure Law signed into effect in November 2021. With the implementation of J3400, a new standard for charging EVs published by the Society of Automotive Engineers, any supplier or manufacturer can now use and deploy the Tesla-developed North America Charging Standard connector.