Daily News Wrap-Up: SJVN Green, SAEL, Coal India Win GUVNL’s 600 MW Auction

Torrent invites bids to procure 300MW from wind-solar hybrid projects

January 29, 2024


SJVN Green Energy, SAEL Industries, and Coal India were declared the winners of Gujarat Urja Vikas Nigam’s (GUVNL) auction to supply power from 600 MW of grid-connected solar power projects (Phase XXI) to be set up at the Gujarat Industries Power Company’s solar park in Khavda, Gujarat, with a greenshoe option of an additional 600 MW.

Gujarat-based power company Torrent Power has invited bids for the purchase of 300 MW of power from wind-solar hybrid energy projects, with a greenshoe option of up to 150 MW. The last date for the submission of bids is February 7, 2024. Bids will be opened on February 9.

GUVNL has invited bids for the purchase of power from 300 MW of grid-connected wind projects to be set up anywhere in India (Phase VII) with a greenshoe option of an additional 300 MW. The last date to submit the bids is February 21, 2024. Bids will be opened on February 26.

The Indian Energy Exchange’s profit after tax demonstrated an uptrend, with an 18.9% YoY increase, soaring to ₹918 million (~$11 million) in Q3 of FY 2023-24 from ₹772 million (~$9.2 million). The company’s total trading volumes surged by 16.8%, reaching 28.3 billion units compared to 24.2 BU in the same period last year.

Solarworld Energy Solutions has signed a contract with SJVN Green Energy, a wholly owned subsidiary of SJVN, to supply balance of system package for two grid-connected solar power projects with a total capacity of 360 MW in Gujarat. The two projects, with 100 MW and 260 MW capacity, will be installed at Mothara village in the Kutch district of Gujarat.

U.S.-based electric vehicle maker Tesla reported a net income of $2.4 billion in the fourth quarter of the financial year 2023, a 39% year-over-year (YoY) decline. The company posted a 3% YoY growth in revenue at $25.1 billion for the October-December quarter. Tesla attributed it to increased vehicle deliveries and other business parts, including energy storage.

Non-banking financial company Ecofy has secured an investment of ₹900 million (~$10.83 million) from FMO, a Dutch entrepreneurial development bank, to facilitate product diversification and support its expansion across India. The company provides loans to EVs, rooftop solar projects, and small and medium enterprises providing E2E digital experience.

Hero Future Energies (HFE), the renewable energy arm of Hero Group, announced the signing of a tolling agreement with PIXON Green Energy, a domestic module manufacturer, for the supply of 500 MW high-efficiency solar photovoltaic modules annually. Pixon will provide HFE with these modules on a prioritized basis for two years from their fully automated Ecoprogetti line based in Rajkot, Gujarat.

A new lithium-ion battery, which includes a cathode based on organic materials instead of metals such as cobalt or nickel, has been designed by researchers at the Massachusetts Institute of Technology. EVs are powered by lithium-ion batteries, which commonly contain cobalt and nickel; the former has been associated with high financial, environmental, and social costs.