Daily News Wrap-Up: MNRE Revokes Blanket Extension for RE Projects in GIB Area
Investments in the Indian solar sector drop by 171% YoY to $1.03 billion
June 6, 2023
The Ministry of New and Renewable Energy has revoked its order granting an extension of 30 days for the commissioning of renewable energy projects, for which the transmission infrastructure lies in the Great Indian Bustard area, and the project commissioning has been delayed due to the non-completion of transmission infrastructure. The Ministry said that the implementing agencies should make decisions based on the merits of the projects, and if there are grounds for extension, such extension will be granted, but only for the necessary period.
Investments in the Indian solar sector in the first quarter (Q1) of the calendar year 2023 totaled $1.03 billion (~₹85 billion), a 171% year-over-year decrease from $2.8 billion (~₹211 billion). Investments were down 37% quarter-over-quarter from $1.63 billion (~₹134 billion). The figures were revealed in Mercom India Research’s latest report, Q1 2023 India Solar Market Quarterly Update. During the last quarter, there was a 30% decline in solar installations compared to the previous quarter.
The Ministry of New and Renewable Energy has granted time extensions for solar and solar-wind hybrid power projects, with bid submission dates falling between March 9 and April 10, 2021. The time extensions have been granted in response to the representations received by the Ministry from state governments and their agencies, which had issued bids with submission dates during that period. The Ministry previously had not granted the extension for such projects considering the central implementing agencies like NTPC, NHPC, and SECI did not have any projects with these bid submission dates.
The Jodhpur Vidyut Vitran Nigam has floated seven tenders for installing and commissioning 531.12 MW of grid-connected solar power projects in various subdivisions of Jalore Circle under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program. Bidders must submit ₹100,000 (~$1,214)/MW of the quoted capacity as an earnest money deposit for all the tenders. The estimated project cost is ₹35 million (~$424,739)/MW.
Oil India Limited has called for expressions of interest to empanel consultants for pre-feasibility reports, detailed project reports, and project management consultancy services for developing 100 MW ground-mounted solar or floating solar and wind power projects. The last date to submit the bids is June 27, 2023. Bids will be opened on the same day. The empanelment will be valid for two years.
NLC India has invited bids for the balance of system package to set up a 50 MW solar power project in the mined-out land of NLC India’s Mine II in Nevyeli, Tamil Nadu. The select contractor will also be responsible for the project’s operation and maintenance of the package for three years. The last date to submit the bids online is July 4, 2023. Bids will be opened on the same day. Bidders must submit ₹4.167 million (~$50,568) as a bid guarantee.
Mahasamruddhi Renewable Energy has invited bids to commission a 4 MW solar project in Buldhana, Maharashtra. The project’s estimated cost of ₹184.8 million (~$2.2 million). The last day to submit the bids is July 5, 2023. The bids will be opened on the next day. Bidders should submit an earnest money deposit of ₹1.85 million (~$22,411). The successful bidder must furnish an amount equivalent to 5% of the total contract amount as a performance bank guarantee.
Military Engineer Services has invited bids to develop a 1 MW solar power project at Gorakhpur Air Force Area In Uttar Pradesh. The project must be completed within a year of receiving the site handover. The project’s estimated cost is ₹61 million (~$739,036). The last day to submit the bids is July 8, 2023. The bids will be opened on July 15. Bidders should furnish an earnest money deposit of ₹630,000 (~$7,632).
The European Union has formally informed the World Trade Organization that it has notified the setting up of the Carbon Border Adjustment Mechanism, which seeks to put a price on emissions during the manufacture of products imported into the EU. In a communication to the WTO’s Committee on Trade and Environment, the EU said that the regulation will come into force from October 1, 2023, with the exception of some of its articles which will take effect on December 31, 2024, and January 1, 2026.
Utility-scale solar and battery storage projects developer Emeren Group’s revenue grew by 271% YoY to $13 million in the first quarter (Q1) of the financial year (FY) 2023, with significant contributions from the company’s IPP (independent power producer) and engineering, procurement, and construction businesses. The company’s net loss narrowed by 89% YoY to $194,000 for Q1 of FY 2023 compared to the loss of $1.7 million in Q1 2022.
The Export-Import Bank of the United States has approved a direct loan exceeding $900 million to support the construction of two solar power projects in Angola. The construction of the two solar projects will generate over 500 MW of renewable energy. The loan marks a substantial milestone in promoting renewable energy and facilitating clean energy access in the Central African country.
A team of researchers from AVANCIS, a solar module manufacturer in Munich, has achieved a new record for thin-film modules using copper indium gallium selenide technology by breaking the 20% efficiency barrier for CIGS thin-film modules measuring 30 cm x 30 cm. The earlier efficiency record, also set by AVANCIS, has been surpassed by 0.5%. The National Renewable Energy Lab has independently certified the record value.