Month in a Minute: Top Headlines From the Indian Renewable Energy Sector in October 2017
Here is a list of important headlines, developments and data points from India’s renewable energy sector during October 2017.
ACME Solar Holdings announced that it is looking to raise $337 million in an initial public offering (IPO). The company filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for a ₹22,000 million (~$336.86 million) IPO at a face value of ₹10 (~$0.15) per share.
ENACT Systems, a developer of software platforms for solar projects, is partnering with building solutions provider Everest Industries to launch a solar project management solution in India.
Tata Motors won a bid to supply 10,000 electric vehicles (EVs) to Energy Efficiency Services Limited. Tata Motors will supply the EVs in two phases – the first 500 e-cars will be delivered in November 2017 and the remaining 9,500 EVs will be delivered during the second phase of the project.
An anti-dumping tariff and consistent tendering are both needed to support solar manufacturing in India, Sunil Rathi, director of sales and marketing for Waaree Energies, told Mercom in an interview.
The new Minister of Power R.K. Singh called a meeting with solar project developers and manufacturers in order to gain a better understanding of the state of the solar industry in India.
The four-tier Rewa payment security mechanism was responsible for the low bids received in the Rewa auction.
Module suppliers backed out of supply agreements by increasing prices or delaying supplies, Umakant Shende, chief operating officer of CleanMax Solar, told Mercom in an interview.
The wind power tariff in India dropped below ₹3/kWh, making it competitive with solar power.
Fortum, a renewable energy project developer, signed a memorandum of understanding with NBCC, a Government of India Navratna Enterprise, to develop EV charging infrastructure across India.
The total number of non-solar renewable energy certificates sold in India jumped by 32 percent in September, rising to 382,007 from just 289,505 sold during the previous month.
Confusion surrounding GST rates, PPA renegotiations, delayed subsidy reimbursements, and scuttled tenders is troubling the solar sector and need to be changed, Karunesh Chaturvedi of Vikram Solar told Mercom in an interview.
The Indian Energy Exchange (IEX) launched an initial public offering by issuing 6,065,009 equity shares at a face value ₹10 (~$0.15) each.
In September 2017, solar auction activity increased in India. Compared to the 76 MW auctioned in August, 602 MW of solar was auctioned in September.
The maturation of solar markets in China, India, and the U.S. is increasing demand for reliable and durable solar materials, according to Mark Ma, global marketing manager for DuPont Photovoltaic Solutions.
TUV Rheinland India expanded its footprint in India with the opening of a €2.5 million (~₹192.6 million) facility in Bangalore that will test solar PV and other technologies.
The Indian Renewable Energy Development Agency (IREDA) said it will provide a loan to the tune of ₹3 billion (~$45.7 million) to Reliance Money, a brand by Reliance Commercial Finance Limited, a subsidiary of Reliance Capital Limited, for renewable energy and energy efficiency projects.
Mahindra Susten emerged as the lowest (L1) bidder in the 20 MW solar with battery energy storage system (BESS) auction conducted by Neyveli Lignite Corporation India. The company quoted a project cost of ₹2.988 billion (~$45.6 million) to develop the 20 MW solar project along with the required BESS of 28 MWh.
Finnish power conglomerate Wartsila announced its entry into the Indian energy storage market.
Azure Power quoted a tariff of ₹3.14/kWh to develop 250 MW of solar under India’s domestic content requirement (DCR) category to emerge as the lowest (L1) bidder in the recently conducted 250 MW solar auction by NTPC.
The Indian Green Building Council – Confederation of Industry (IGBC-CII) has certified Secunderabad Railway Station as India’s first Green Railway Station. The Secunderabad Railway Station has received an IGBC – CII Silver Rating which will be valid for three years.
The tariff for solar projects developed under India’s DCR category declined by 35 percent during the past year due to aggressive bidding.
A 51 MW solar project developed by ReNew Power in Vijaypur, Madhya Pradesh, is in jeopardy after the Supreme Court of India issued a stay order on the Jabalpur High Court’s ruling pertaining to a PPA problem between ReNew Power, the solar project developer, and Madhya Pradesh Power Management Company Limited (MPPMCL), the off-taker.
Clean Energy Access Network (CLEAN) has issued a request for proposal inviting lithium-ion technology providers and mini-grid developers to develop a pilot project to demonstrate the use of lithium-ion technology for mini-grids in India.
ITI Limited quoted a price of ₹2,503 (~$38.50) per single-phase smart meter to emerge as the lowest bidder in the second round of auctions conducted by Energy Efficiency Services Limited (EESL) – a joint venture company of the Public Sector Units of the Ministry of Power and the Government of India – to procure 5,000,000 smart meters.
The Appellate Tribunal for Electricity (APTEL) issued an order directing the Haryana Electricity Regulatory Commission (HERC) and the Haryana Power Purchase Centre (HPPC) to allow the injection of electricity generated from a 1 MW solar power project owned by Balarch Renewable Energy.
Gujarat Urja Vikas Nigam Limited (GUVNL) expressed confidence that it will be able to successfully conduct a 500 MW wind auction for which it issued a tender notice in June 2017 even after the Gujarat High Court issued a stay order asking it to put the auction on hold.
The Union Bank of India approved Indosolar’s proposal for a one-time settlement.
Fortum, a clean energy company from Finland, appointed Barclays to serve as its banking partner in order to facilitate the sale of a stake in its operational Indian solar assets.
Trading activity in non-solar renewable energy certificates (RECs) is on the rise in India. In the October REC trading session, a total of 487,105 non-solar RECs were sold. This is 21.57 percent higher than the 382,007 non-solar RECs sold in the September trading session and almost twice the 289,505 non-solar RECs traded in August 2017.
The Supreme Court of India passed an order rescinding an earlier order by the Gujarat Electricity Regulatory Commission that extended the control period of a solar project.
The electric vehicle market in India is slowly beginning to gain momentum after three years of relative inaction.
Maruti Suzuki and Nissan, two carmakers that many Indians are familiar with, are making separate plans to enter India’s electric vehicle market.
The National Thermal Power Corporation revealed that it is seeking a pan India license to construct and set up charging stations for electric vehicles across India.
Lightsource Renewable Energy and UK Climate Investments, a part of the Green Investment Group within Macquarie Infrastructure and Real Assets (MIRA), have entered into an agreement to form a partnership platform that will fund the development, acquisition, and ownership of large-scale solar power generation assets in India.