Daily News Wrap-Up: Maharashtra Invites Bids to Procure 1.92 GW of Solar Power
MNRE to auction first offshore wind site in February 2024
September 29, 2023
Maharashtra State Electricity Board (MSEB) Agro Solar Power, a wholly-owned subsidiary of MSEB Holding Company, has floated nine tenders to procure 1.92 GW of solar power under the Mukhyamantri Saur Krushi Vahini Yojana in Maharashtra. The tenders have been floated for 197.78 MW in Akola, 289.38 MW in Jalgaon, 116.65 MW in Jalna, 230.49 MW in Pune, 230.72 MW in Ahmednagar, 147 MW in Buldhana, 289.76 MW in the Nashik, 153.29 MW in the Washim, and 265.05 MW in the Nanded districts of Maharashtra. The last date to submit the bids for all the tenders is November 20, 2023. Bids will be opened on the same day.
The Ministry of New & Renewable Energy plans to conduct auctions to allocate offshore wind sites along the Tamil Nadu coastline. These projects will generate power for distribution through various avenues, including open access mode, third-party sale, power exchanges, or internal consumption. The National Institute of Wind Energy will administer these auctions. The first zone (B) is expected to be tendered by February 1, 2023. The other zones (E and G) will be auctioned sometime during the next financial year.
Sterling and Wilson Renewable Energy has received approval from its Board of Directors to raise ₹15 billion (~$180.38 million) through issuing a variety of financial instruments. The company said the fundraising will be via equity shares, global and domestic depository receipts, foreign currency convertible bonds, partly convertible debentures, non-convertible debentures, and other instruments that can be converted into equity shares. The company plans to do this in one or more phases through public or private offerings, including qualified institutional placements.
New Delhi-based solar module manufacturer Gautam Solar has announced it will expand its annual solar module manufacturing capacity to 2 GW. The company hopes to augment the module manufacturing capacity by 2024. In pursuit of this goal, Gautam Solar has committed to investing approximately ₹1.5 billion (~$18 million) in its manufacturing infrastructure during the upcoming year. In a statement, the company said the increased manufacturing capacity will be dedicated to producing cutting-edge N-type TOPCon and Mono-PERC solar modules.
Bengaluru-based Oorja, a tech startup specializing in predictive modeling for clean mobility solutions, has secured $1.5 million in funding to support product development, facilitate market expansion, and make inroads in the European and North American markets. The funding round was led by Micelio Fund and Capita-A Java Capital, Anicut Capital, and Lead Angels also participated in the round. Oorja employs a fusion of physics and machine learning to offer predictive modeling solutions tailored for engineers and designers within the electric vehicle sector. This approach simplifies intricate engineering challenges, expediting the shift towards clean mobility.
Technology in the solar industry is rapidly advancing, with larger solar modules with a power rating of 600W+ becoming the new standard. The shift has prompted upgrades in project designs to accommodate these larger modules, which generate more power and necessitate enhancements in all other associated equipment. The demand for high-capacity string inverters, ranging from 250 kW to 350 kW, has surged to meet these design requirements. The recent Mercom India webinar, “Cutting Edge PV Inverters: Optimizing Generation from Advanced Technology Modules,” highlighted the pivotal role that PV inverters play in maximizing energy generation from advanced technology modules in the Indian solar market.
Solar tracker manufacturer Soltec Power Holdings recorded a net loss of €4.8 million (~$5.05 million) during Q2 2023, a YoY improvement of 50% from a net loss of €9.6 million (~$10.1 million). During the April to June quarter, the consolidated revenues stood at €107.8 million (~$113.5 million), a YoY increase of 40%, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) recorded a loss of €5.6 million (~$5.8 million), a 21.7% YoY improvement. In Q2, revenues from the industrial division amounted to €103.5 million (~$109 million).