Daily News Wrap-Up: Solar Tenders Surge and Auctions Decline in Q1 2023
IEX traded 5,206 MU of renewable energy during FY23
April 6, 2023
Solar tenders floated by various agencies in India rose 43% quarter-over-quarter to 13.8 GW in the first quarter (Q1) of 2023, according to Mercom India Research. The preceding quarter (Q4 2022) saw tenders worth 9.7 GW. The average quarterly capacity tendered over the last year is similar to the trend in the two years (2018-2019) prior to Covid. However, the number of large tenders (>500 MW) in Q1 2023 increased compared to the preceding quarter.
The Indian Energy Exchange (IEX) traded 5,206 million units (MU) of renewable energy during the financial year 2023, a 7.3% year-over-year (YoY) increase. The exchange traded 391 MU of renewable energy in March 2023, a decline of 0.26% YoY and a growth of 15% month-over-month compared to 341 MU traded in February 2023.
TP Saurya Bandita, a Tata Power Renewable Energy subsidiary, will build a 40 MW captive solar project for the industrial and medical gases producer Inox Air Products to provide electricity to its air separation units in Dhule, Maharashtra. The project will help INOX reduce its carbon footprint by 48,000 tons annually.
India-based two-wheeler maker TVS Motor Company said that its Singapore-based subsidiary would purchase a 25% ownership interest in Killwatt GmbH, a German startup engaged in manufacturing electric mobility products and components. The total cost of the acquisition is approximately €2 million (~$2.1 million) and is expected to be completed by April 24, 2023.
The United States Treasury Department will provide incentives to developers under the Inflation Reduction Act for building clean energy projects and facilities in communities with a historical connection to energy production. The developers would be entitled to up to a ten percentage point on top of the Investment Tax Credit and an increase of 10% for the Production Tax Credit.
Pakistan’s Alternative Energy Development Board has issued tenders to install 600 MW of solar photovoltaic power capacity in Kot Addu and Muzaffargarh districts in the province of Punjab. The projects will be developed on a build, own, operate, and transfer basis for a concession term of 25 years. The last date for submitting bids has been extended to May 8, 2023. Bids will be opened the same day.
Nanyang Technological University Singapore has partnered with Se-cure Waste Management, a Singapore-based battery recycling and processing firm, to recycle spent lithium-ion batteries using biomass. The pilot project has a processing capability of 2,000 liters of shredded spent batteries mixed with solvents extracted from fruit peels. The team claims the project can help extract electrode materials, including cobalt, lithium, nickel, and manganese.