Daily News Wrap-Up: NTPC REL Tenders 310 MW of Solar Projects

Uttarakhand DISCOM has invited bids to evacuate 15 MW of solar power

February 24, 2023


NTPC Renewable Energy (NTPC REL) has invited bids to develop 310 MW floating and ground-mounted solar projects at Damodar Valley Corporation (DVC) reservoirs. The tender has been issued on behalf of Green Valley Renewable Energy, a subsidiary of NTPC REL, in a joint venture with DVC. Selected bidders must provide three years of comprehensive operational and maintenance services. The last day to submit the bids is March 31, 2023. Bids will be opened on the same day.

Uttarakhand Power Corporation has invited bids for the construction of a 33 kV line from the generator’s switching station at Patlibagad to the 132/33 kV substation at Syalidhar to evacuate 15 MW of power generated by six solar projects in Almora under Package A. The select contractor must also construct a 33 kV line from the 132/33 kV substation at Nani-Ranikhet up to Dugura village to evacuate power under Package B. The last date to submit the bids is March 2, 2023. Bids will be opened on March 3. Bidders will have to submit ₹866,100 (~$10,453) as an earnest money deposit.

Wind energy solutions provider Inox Wind’s loss widened to ₹2.8 billion (~$34.7 million) for the third quarter (Q3) of the financial year (FY) 2023, as against ₹639.5 million (~$7.7 million) year-over-year (YoY). The increase in net loss was attributable to the higher finance costs and other expenses. Inox Wind’s other expenses during the quarter spiked to ₹1.95 billion (~$23.5 million), an increase of 254% YoY. In November 2022, Inox Wind repaid debts of ₹1.61 billion (~$19.46 million) as part of the strategic initiative to deleverage their balance sheets.

Residential solar company Sunrun posted a $63 million net profit in Q4 FY22, compared to a net loss of $38.5 million YoY. The performance was primarily driven by the addition of more solar subscribers during the quarter. The company added 37,359 customers to its portfolio in Q4, up by 25% YoY.  Of the total customer additions, 27,493 were subscriber additions with a net subscriber value of $16,569. For the October-December quarter, the company’s net subscriber value was the highest ever in history and was up 25% quarter-over-quarter.

U.S.-based residential solar company Sunnova posted a net loss of $61.9 million for Q4 of 2022 compared to $31.2 million YoY. The higher net loss was primarily the result of higher operating costs, including general and administrative expenses, and an increase in interest expense of $31.9 million. However, this was partially offset by an increase in interest income of $9.4 million due to the company’s larger customer loan portfolio. The company recorded revenue of $195.5 million, an increase of 200% YoY. This surge was primarily due to an increased number of solar energy systems in service and the sale of inventory to dealers or other parties.

Spain-based independent power producer Iberdrola recorded a net profit of €4.3 billion (~$4.6 billion) in the calendar year 2022, an increase of 11.7% YoY. The company attributed the higher profit to a higher asset base in all its operating geographies and tariff increases in the U.S. and Brazil. Further, the investment made during the year contributed to higher profit. The company invested €10.7 billion (~$11.4 billion), of which €4.9 billion (~$5.3 billion), or 46%, was allocated to renewables. The installed renewable capacity at the end of the year stood at ~40,000 MW.

In partnership with solar module manufacturer Exiom, Spain-based utility company Iberdrola will develop the first large solar module manufacturing facility in Spain and one of the first on an industrial scale in Europe. The facility will be developed in Langreo (Asturias) and is expected to be operational later this year. The project will be developed with an investment of €20 million (~$21.27 million) and create 115 direct jobs. The agreement with Exiom is a result of Iberdrola’s efforts to attract part of the value chain linked to renewable energy to Spain, especially solar energy.

Researchers at Cornell University have found that colors can help measure how energy moves through a specific type of crystal, called a metal-organic framework, in which light-sensitive molecules are arranged. The researchers are looking to develop material that can increase the efficiency of silicon solar cells or any solar cells. The findings were published in the Journal of the American Chemical Society.  To develop more efficient next-generation materials for solar energy harvesting, researchers need to learn to control how molecules interact and their coherence when they absorb light.