Daily News Wrap-Up: Subsidy Delays Plague PM Surya Ghar Program

NTPC Renewable Energy invites bids for 960 MW wind project in Karnataka

July 4, 2024


The PM Surya Ghar Program, which aims to install 10 million rooftop solar projects across India, continues to grapple with challenges ranging from subsidy disbursements to incomplete information on the Jan Samarth Portal used for processing loans. Glitches have plagued the PM Surya Ghar National Portal for the past two months. With an outlay of ₹750 billion (~$9.04 billion), the program aims to increase residential rooftop solar capacity and empower households to generate electricity until 2026-27, but the sputtering rollout has cast a shadow on the target.

NTPC Renewable Energy has invited bids to supply and install wind turbine generators (WTG) for a 960 MW interstate transmission system-connected wind energy project in Karnataka (Tranche III). The invitation for bids encompasses two separate blocks. Block I will have 164 WTGs for a capacity of 492 MW, and Block II will have 156 WTGs for 468 MW. The last day to submit the bids is August 6, 2024. Bids will be opened on the same day. The cost of the bidding documents is ₹22,500 (~$269).

The Indian Energy Exchange (IEX) traded 744 million units (MU) of green energy in June 2024, a 173.4% year-over-year (YoY) increase from 272 MU. The segment recorded a volume of 1,768 MU during the first quarter of the financial year (FY) 2025, a growth of 94.3 % YoY. The Exchange achieved an electricity volume of 10,185 MU in June, marking a 24.7% YoY increase. The total monthly volume including certificates, was 10,677 MU, an increase of 19.4% YoY. In Q1 FY 2025, IEX recorded an electricity trading volume of 28,178 MU, a 19% YoY. Including certificates, the total volume for the quarter reached 30,354 MU, showing a 20.8% YoY.

Mahasamruddhi Renewable Energy, a special-purpose vehicle of Maharashtra State Road Development Corporation, has invited bids to select a consultant for 9 MW solar power projects along the Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg. The scope of work includes peer review of the existing detailed project report (DPR), preparation of revised DPR, bid process management, carbon credit trading, and project management for the solar projects. The last day to submit the bids is July 16, 2024. Bids will be opened on July 18.

ACME Solar, an India-based renewable energy developer, has filed its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering (IPO) worth ₹30 billion (~$360 million) at ₹2 (~$0.024) per share. The proposed IPO consists of a fresh issue of shares up to ₹20 billion (~$240 million) and an offer for sale of up to ₹10 billion (~$ 12 million). The company may also consider a pre-IPO placement of up to ₹4 billion (~$48 million), which would reduce the size of the fresh issue.

To accelerate the adoption of rooftop solar, the Odisha Electricity Regulatory Commission (OERC) has announced that as of July 2, 2024, installations of rooftop solar photovoltaic systems up to 10 kW in capacity will no longer require a technical feasibility study for approval. This decision, communicated by the OERC to distribution companies in Odisha, aligns with the recent amendments to the Electricity (Rights of Consumers) Rules, 2024, issued by the central government. Under the new guidelines, applications for smaller systems that are complete in all respects will be accepted automatically.

The Gujarat Electricity Regulatory Commission has adopted the tariffs discovered under the competitive bidding process conducted by Gujarat Urja Vikas Nigam to procure 200 MW of wind-solar hybrid power from projects to be set up anywhere in India. The Commission approved a tariff of ₹2.99(~$0.036)/kWh for 50 MW for KPI Green Energy and ₹3.04(~$0.037)/kWh for 150 MW for  Juniper Green Energy. The Commission also authorized GUVNL to sign the power purchase agreements with the developers.

The U.S. has announced plans for an offshore wind energy lease sale in the Central Atlantic region in a push for clean energy development along America’s coasts. The auction, scheduled for August 14, 2024, could generate up to 6.3 GW of renewable energy, according to the Department of the Interior. This is enough to power approximately 2.2 million homes. The lease sale will offer two areas: one offshore Delaware and Maryland and another offshore Virginia. The Delaware/Maryland area covers 101,443 acres and is located about 26 nautical miles from Delaware Bay. The Virginia area encompasses 176,505 acres and sits roughly 35 nautical miles from the mouth of the Chesapeake Bay.


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