Daily News Wrap-Up: End of the Road for Polycrystalline Solar Modules?

SJVN invites bids for 1,500 MW wind-solar hybrid power projects

September 21, 2023


The recent ‘Approved List of Models and Manufacturers’ (ALMM) rules published by the Ministry of New and Renewable Energy set 19% as the minimum efficiency for the modules to be listed. The minimum efficiency for modules used in utility/grid-scale power projects is set at 20%; for rooftop solar and solar pumping projects, it is 19.5%, and for solar lighting, 19%. Although it does not directly ban, it effectively eliminates polycrystalline modules, whose efficiencies have peaked at 17-18% from being listed in the ALMM going forward.

SJVN, a joint venture between the Government of India and the Government of Himachal Pradesh, has invited bids from developers to set up 1,500 MW Inter-State Transmission system (ISTS)-connected wind-solar hybrid power projects in India. The last date for the submission of bids is November 7, 2023. Bids will be opened on November 8. Bids will be valid for 12 months from the last date of submission of bids. SJVN will enter into a Power Purchase Agreement with the successful bidder for 25 years.

Nuclear Power Corporation of India has issued an engineering, procurement, and construction tender for a 1.7 MW grid-connected ground-mounted solar power project in Gorakhpur, Haryana. The work must be completed within six months of receiving the work order. The contractor also must oversee the project’s operation and maintenance for five years. The last day to submit the bids is October 24, 2023. Bids will be opened the next day.

The Jharkhand State Electricity Regulatory Commission recently allowed the Jharkhand Bijli Vitran Nigam (JBVNL) to procure 100 MW of power from a floating solar power project to be installed at the Getalsud dam in Ranchi to fulfill its renewable purchase obligation. The Commission added that JBVNL should procure power from the project at a ceiling price of ₹3.50 (~$0.042)/kWh or lower.

Bharat Heavy Electricals has invited bids to procure 90 million units (MUs) per annum of round-the-clock  renewable power on a long-term basis. The procured power will be supplied to the ex-bus periphery at the company units located in Haridwar (54 MUs), Bhopal (12 MUs), Trichy (12 MUs), and Hyderabad (12 MUs) on a long-term basis. The last date to submit the bids is September 30, 2023. Bids will be opened on October 2.

TotalEnergies, a French oil and gas major, will invest $300 million to form a new 50:50 joint venture with Adani Green Energy. The Board of Directors of Adani Green Energy approved the execution of the binding term sheet to be entered into between Adani Green Energy, Adani Green Energy Twenty-Three (AGE23L), and TotalEnergies.The purpose of the binding term sheet is to provide for further investment of $300 million by Total and modify certain terms of its investments in AGE23L.

Battery manufacturer LG Energy Solution has raised $1 billion through its inaugural global green bonds. The funds raised will be used to expedite investments in the company’s global battery production network. The bond issuance consists of a three-year bond worth $400 million and a five-year bond valued at $600 million. The three-year bond attracted orders from 114 institutional investors, while the five-year bond saw interest from 186 investors, resulting in a total order volume five times greater than the bond issuance size.

Credit rating agency ICRA has projected that green power will account for approximately 40-42% of the total power mix of major cement companies in India by March 2025, a significant increase from around 35% as of March 2023. ICRA anticipates that the proportion of blended cement in the portfolios of major cement companies will rise to 80-82% in the medium term, up from 77-79% in fiscal year 2023. Moreover, these companies are actively increasing the utilization of Portland Slag Cement within their blended cement offerings.