Daily News Wrap-Up: IREDA Approves Loans of ₹373.54 Billion in FY24

IOC invites bids for a 1 MW open access captive solar project

April 3, 2024


Government-owned lender Indian Renewable Energy Development Agency approved loans amounting to ₹373.54 billion (~$4.48 billion) and disbursed ₹250.89 billion (~$3.01 billion) in loans during the financial year (FY) 2023-24. The approved and disbursed amounts were the highest-ever annual figures recorded by the lender. The loan approvals were up 14.63% year-over-year (YoY) from ₹325.87 billion (~$3.91 billion), and the disbursements increased by 15.94% from ₹216.39 billion (~$2.59 billion) at the end of FY 2022-23.

Indian Oil Corporation has issued a tender for the engineering, procurement, and construction of a 1 MW grid-connected open access captive solar power project at its Northern Region Pipelines in Kurukshetra, Haryana. In addition to commissioning the project, the contract will encompass one year of complete operation and maintenance services following construction and an additional nine years of extended operation and maintenance support. The last date for bid submission is April 29, 2024, and the bid opening is scheduled for the next day.

The Asansol Division of Eastern Railway in West Bengal has invited bids from solar developers to install 1 MW grid-connected rooftop solar projects on a design, build, finance, operate, and transfer basis. The last date to submit the bids is April 18, 2024. Bids open on the same day. The scope of work includes designing, building, financing, operating, and long–term maintenance and transfer of roof-mounted solar projects at selected locations of Eastern Railways.

Power sector infrastructure investment trust IndiGrid has operationalized its first greenfield project, Kallam Transmission, in Beed, Maharashtra.  The project will evacuate 1 GW of power from renewable energy projects in the state’s Dharashiv area. The project consists of one substation of 2 x 500 MVA capacity with 400/220 kV voltage and ten bays with a line-in line-out circuit line of 18 kilometers. Developed on a build-own-operate-maintain basis for 35 years, the project received approval for energization in February this year.

The Central Electricity Regulatory Commission has approved a tariff of ₹2.90 (~$0.034)/kWh [100 MW] and ₹2.95 (~$0.035)/kWh [500 MW] plus a trading margin of ₹0.07 (~$0.0008)/kWh for SECI’s 600 MW wind power projects (Tranche-XIII). The projects will be connected to the interstate transmission system and project developers were selected through a competitive bidding process.

China has formally petitioned the World Trade Organization (WTO) for dispute consultations with the U.S. regarding certain tax credits under the country’s Inflation Reduction Act (IRA) to promote the production of electric vehicles and renewable energy projects. The request was circulated to WTO members last week, and China has contended that U.S. tax credits are contingent on the use of domestic over imported goods or discrimination against goods of Chinese origin. This, it has argued, violates the provisions under the General Agreement on Tariffs and Trade 1994, the Agreement on Trade-Related Investment Measures, and the Agreement on Subsidies and Countervailing Measures.

NTPC Renewable Energy has invited bids for the balance of the system package (excluding land and transmission system) of a 500 MW state transmission utility-connected solar power project in Bhadla, Rajasthan. The last date for submitting bids is May 1, 2024. Bids will be opened on the same day. The scope of the work includes design, engineering, manufacturing, supply, packing and forwarding, transportation, unloading, storage, installation, testing, and commissioning of a solar photovoltaic project.

The Australian Renewable Energy Agency (ARENA) has unveiled a significant initiative with AUD$1 billion (~$651.2 million) investment aimed at enhancing domestic solar photovoltaic (PV) manufacturing. The initiative, known as the Solar Sunshot program and introduced by the Australian Government, is poised to boost the country’s solar manufacturing landscape by stimulating growth and providing a clear pathway for commercialization. ARENA is set to lead the implementation of the Solar Sunshot program by collaborating closely with the Department of Climate Change, Energy, the Environment, and Water.

A team of scientists from CSIRO, the Australian National Science Agency, have reported a new record efficiency in roll-to-roll fully printed solar cells. In a paper published in Nature Communications journal, the team demonstrated performances for solar cells of 15.5% efficiency on a small scale and 11% for a 50 cm2 module, a record for fully printed solar cells containing perovskite. While silicon solar panels are rigid and heavy, printed solar cells are highly flexible and portable and have a wide range of applications ranging from urban construction, mining operations, emergency management, disaster relief, and space to defense and personal electronics.