Daily News Wrap-Up: UERC Extends Solar Tariff for MSSY Projects by Three More Years

Maharashtra proposes amendments to RPO compliance regulations

August 18, 2023


The Uttarakhand Electricity Regulatory Commission has extended the existing generic tariff of ₹4.64 (~$0.55)/kWh for the financial year 2023-24 for solar power projects allocated under the Mukhyamantri Saur Swarojgar Yojna Program for three years, i.e., until March 31, 2026. The MSSY program intended to allocate 10,000 small solar power projects with capacities of 20/25 kW. A total of 150 solar power projects, with capacities of 20/25 kW, have been successfully installed and commissioned until March 2023.

The Maharashtra Electricity Regulatory Commission has proposed amendments to the  Renewable Purchase Obligation (RPO), its Compliance and Implementation of Renewable Energy Certificate Framework Regulations, 2019. The amendments introduce changes to wind renewable purchase obligation, hydro purchase obligation, and energy storage obligation compliance. It also includes changes to the Other RPO compliance rules. Stakeholders have time until August 25, 2023, to submit their feedback.

Occidental, a U.S.-headquartered global energy company, has announced the acquisition of Carbon Engineering, a company specializing in direct air capture technology, in a deal valued at approximately $1.1 billion. Under the terms of the definitive purchase agreement, a wholly owned subsidiary of Occidental, Oxy Low Carbon Ventures, will acquire all outstanding equity of Carbon Engineering. The transaction will be executed through three equal annual payments, with the initial payment made upon closing.

Germany-based solar energy equipment supplier SMA Solar Technology reported a net income of €51.79 million (~$56.46 million) in the second quarter (Q2) of 2023, a vast improvement from the loss of €13.55 million (~$14.77 million) during Q2 2022. The growth in net income was attributed to increased sales and profitability, which more than doubled during the period. The company reported a revenue of €411.73 million (~$448.88 million) in Q2 2023, an increase of 64% year-over-year.

Clearway Energy Group, a developer and operator of clean energy projects in the U.S., has secured corporate credit facilities totaling $821.5 million. The corporate sustainability-linked credit facilities consist of a $300 million revolving credit facility, a $171.5 million green term loan, and a $350 million letter of credit facility. The financing is expected to help Clearway execute renewable energy projects of over 30 GW of capacity across 28 states.

U.S.-based renewable energy company Origis Energy has closed a $750 million construction warehouse facility to be used for the expansion of solar and energy storage projects with a total capacity of nearly 2 GW. The investment is anticipated to facilitate project development within a three-year timeframe. The establishment of the warehouse facility is expected to bolster the construction of diverse renewable energy projects, including solar installations, energy storage facilities, and combined solar plus storage initiatives.