Mufin Green Raises ₹500 Million via Private Placement of NCDs

MENA Weekly Round-Up: Saudi Arabia Awards 4.9 GWh Energy Storage Contracts

Serentica to Acquire Statkraft’s Indian Solar Business

Shifting Guidelines Disrupt Technology Choices and Investments in Clean Energy

Daily News Wrap-Up: GST Reduction May Reduce Project Costs and Tariffs

MNRE Proposes ALMM for Wafers, Ingots in Solar Backward Integration Push

US Solar Installations Fall 28% in Q2 2025 Amid Challenges from Policy Shifts

Transmission System Delay Stalls Evacuation of 8.1 GW Renewables in Rajasthan

Sterling and Wilson Secures Letter of Intent for BoS of 300 MW Solar Project

MERC Approves DISCOM’s Power Sale Agreement for 300 MW Hybrid Power


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					</table><p>The <strong>Saudi Electricity Company (SEC)</strong> <a href="https://news.daleel.gov.sa/energy/battery-energy-storage-breakthrough-in-saudi-arabia" target="_blank" rel="noopener">secured</a> two major battery energy storage projects in the northern region of the country with a combined capacity of 4.9 GWh. The projects’ installation costs will range between $73/kWh and $75/kWh. The contracts were awarded to a <strong>China</strong>-based manufacturer, <strong>HiTHIUM</strong>, and a <strong>Saudi Arabia</strong>-based engineering, procurement, and construction contractor, <strong>Alfanar Projects</strong>. The project sites, spread across the Tabuk and Hail provinces, will comprise a 500 MW, four-hour system, with a 2.45 GWh storage system for each project. The storage systems will include a five-year degradation buffer. Contracts for equipment supply will be worth $179 million for the Tabuk project and $183 million for the project in Hail. Engineering and construction costs are expected to reach $116 million and $118 million, respectively.</p>
<p><strong>Oman</strong>-based consultancy firm <strong>Five Elements Environmental Services</strong> <a href="https://www.alcircle.com/news/oman-and-the-netherlands-launch-a-strategic-partnership-to-boost-renewable-energy-development-115440" target="_blank" rel="noopener">announced</a> a strategic collaboration with <strong>Netherlands</strong>-headquartered <strong>Pondera Consult</strong> for supporting investors in Oman’s renewable energy and green hydrogen projects. The collaboration aims to offer advanced technical, engineering, environmental, social, and climate risk assessments for Oman’s projects.</p>
<p>The <strong>Turkish Ministry of Energy and Natural Resources</strong> <a href="https://taiyangnews.info/tenders/turkey-officially-announces-2-gw-renewable-energy-tender" target="_blank" rel="noopener">announced</a> the timelines for its planned 2 GW renewable energy tender. Bids for 850 MW of solar capacity will be accepted on November 4, 2025, and for 1.15 GW of wind capacity on November 18, 2025. Of the total 16 planned projects across the two technologies, 10 will focus on solar energy, and the remaining six on wind energy. The solar projects will be divided into capacities of 100 MW, 150 MW, 85 MW in Erzurum, 40 MW each in Van, Mardin, and Kahramanmaraş, 50 MW each in Elazığ and Bolu, 260 MW in Eskisehir, and a 35 MW floating project in Demirköprü. The largest wind project will be an onshore system in Sivas with a planned capacity of 500 MW. The winning solar projects would be able to sell the generated electricity on the free market for 60 months. Selected wind projects would be able to do so for 72 months. Projects would enter a 20-year power purchase agreement with the government post the tender.</p>



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					</table><p><strong><a href="https://www.mercomindia.com/greenko-acme-reliance-winners-secis-green-hydrogen-auction" target="_blank" rel="noopener">Reliance Green Hydrogen and Green Chemicals (Reliance), ACME Cleantech Solutions, Greenko ZeroC (Greenko), HHP Two (Hygenco), and Bharat Petroleum Corporation were among the winners of Solar</a> </strong>Energy Corporation of India’s tender to set up 450,000 metric tons/annum production facilities for green hydrogen, according to Mercom sources. The tender floated in July invited proposals under the Technology Agnostic Pathways bucket (Bucket I) and Biomass-based Pathways bucket (Bucket II).</p>
<p><strong><a href="https://www.mercomindia.com/alfanar-juniper-green-and-edf-mw-wind-auction" target="_blank" rel="noopener">Alfanar Projects, Juniper Green Energy, and RIH Renewables (EDF Renewables) were declared winners in Gujarat Urja Vikas Nigam’s auction to set up 500 MW of grid-connected wind</a></strong> power projects anywhere in India (Phase VI) with a greenshoe option of an additional 500 MW. Alfanar quoted the lowest tariff of ₹3.42 (~$0.0411)/kWh to win 50 MW, followed by Juniper Green Energy, which quoted a tariff of ₹3.44 (~$0.0413)/kWh and won 90 MW. RIH Renewables, with a bid of ₹3.45 (~$0.0414)/kWh, secured 24 MW out of the 40 MW it had bid for.</p>
<p><a href="https://www.mercomindia.com/electric-vehicle-sales-2023" target="_blank" rel="noopener"><strong>Electric vehicle (EV) sales in India reached a record 1.53 million units in 2023, a jump of over 50% year-over-year against the million units sold in 2022</strong>.</a> EVs accounted for 6.4% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard. The numbers do not include data for Telangana and Lakshadweep. Consistently surpassing the 100,000-unit mark on a monthly basis, the EV market witnessed remarkable peaks.</p>
<p><strong><a href="https://www.mercomindia.com/tamil-nadu-milk-cooperative-43-8-gwh-renewable-power" target="_blank" rel="noopener">The Tamil Nadu Cooperative Milk Producers’ Federation (TCMPF) has invited bids to procure 5 MW of power per day from solar or wind projects or as surplus power from generators through open access.</a> </strong>The procured power will be supplied to TCMPF’s metro dairies, product dairy, and dairy-cum-powder plants in Ammapalayam, Madurai Ice Cream plant, and various district co-operative milk producers&#8217; unions. The selected developer will have to sign a ten-year power purchase agreement with TCMPF.</p>
<p><a href="https://www.mercomindia.com/sjvn-%E2%82%B9100-billion-fund-construction-renewable-projects" target="_blank" rel="noopener"><strong>In a first-of-its-kind transaction undertaken by a public sector undertaking, SJVN, a joint venture between the Government of India and the state of Himachal Pradesh, secured ₹100 billion </strong>(~$1.2</a> billion) construction financing facility to fund its upcoming renewable energy projects. The financing was raised by Deutsche Bank, State Bank of India, Punjab National Bank, Bank of India and, Mitsubishi and United Financial of Japan Financial Group (MUFG) Bank. The construction financing request is said to have received tremendous response from lenders and was over-subscribed.</p>
<p><strong><a href="https://www.mercomindia.com/nlc-100-mw-solar-projects" target="_blank" rel="noopener">NLC India has invited bids for the engineering, procurement, and construction of 100 MW inter-state transmission system-connected solar power projects on a pan-India basis.</a></strong> The projects must be completed within 15 months from the date of the letter of award. The successful bidder must undertake the operation and maintenance of the projects for three years. The last day to submit the bids is January 18, 2024. Bids will be opened on the same day. Bidders must furnish a bid security of ₹24.63 million (~$295,620). The successful bidder must submit 5% of the project value as a contract performance guarantee.</p>
<p><strong><a href="https://www.mercomindia.com/dvc-invites-bids-solar-project-in-jharkhand" target="_blank" rel="noopener">Damodar Valley Corporation (DVC) has invited bids for the design, engineering, supply, construction, erection, testing, commissioning, and five-year operation and maintenance of an 8 MW grid-tied</a> </strong>ground-mounted solar power project at the DVC plant at Konar village in Hazaribagh District, Jharkhand. The last date for the submission of bids is February 5, 2024. Bids will be opened on February 6. Bidders must submit a tender fee of ₹25,000 (~$300) and an earnest money deposit of ₹4.2 million (~$50,660.9).</p>
<p><strong><a href="https://www.mercomindia.com/top-developments-wind-hybrid-market-2023" target="_blank" rel="noopener">After the Wind Energy Purchase Obligation in the Renewable Purchase Obligation rules was introduced, wind installations saw a surge in 2023, adding 2.56 GW of new capacity in the first nine</a></strong> months of 2023, up from 42 GW at the end of 2022. According to recent data from the Ministry of New and Renewable Energy (MNRE), the cumulative wind energy capacity, as of November 2023, stood at 44.56 GW. The country installed 1.93 GW of new wind projects from April to November. Read the top developments that influenced the wind and hybrid power market in 2023.</p>
<p><strong><a href="https://www.mercomindia.com/major-events-solar-sector-2023" target="_blank" rel="noopener">India installed 5.6 GW of new solar capacity during the first nine months of 2023, a decrease of 47% year-over-year, according to Mercom India Research’s Q3 2023 India Solar Market Update.</a></strong> India’s cumulative installed solar capacity stands at over 69 GW as of September 2023. The article lists the top developments that significantly impacted the Indian solar sector in 2023.</p>
<p><strong><a href="https://www.mercomindia.com/top-developments-that-shaped-industry-in-2023" target="_blank" rel="noopener">As of September 2023, EV sales in India totaled 371,214 units, indicating a year-over-year increase of 40% compared to the 264,781 units sold in the corresponding period the previous year.</a> </strong>Although there was a minor drop in sales during the last quarter (371,340 units), EVs made their presence felt on Indian roads, accounting for 7.3% of the overall automobile sales. In January, EV sales in India soared to one million units, a 300% surge from the 322,877 units sold the previous year. Read top developments that shaped the electric vehicle industry in 2023.</p>
<p><strong><a href="https://www.mercomindia.com/mercom-indias-most-read-news-stories-2023" target="_blank" rel="noopener">Read Mercom’s collection of the most-read news stories and in-depth articles of 2023.</a> </strong>Most of the top stories this year were from the rooftop solar segment. Other popular themes among readers included articles on auctions, policy changes, green energy trading, and module manufacturing.</p>
<p><strong><a href="https://www.mercomindia.com/most-impactful-interviews-2023-clean-energy-experts" target="_blank" rel="noopener">Mercom India conducted a series of exclusive interviews with top executives from the renewable energy sector and government agencies, bringing out their insights on the industry and the way</a> </strong>forward. Here is a look back at some impactful interviews covering the renewable energy loan landscape, DISCOM performances, green bonds, project financing, and the impact of the suspension of the Approved List of Models and Manufacturers regulation on the solar sector.</p>
<p><strong><a href="https://www.mercomindia.com/top-states-utility-scale-solar-2023-infographics" target="_blank" rel="noopener">The cumulative utility-scale solar installations in India stood at 59.1 GW at the end of September 2023, according to Mercom India’s latest available data.</a> </strong>The full-year installation numbers for 2023 will be released in February. India’s top five states for utility-scale solar installations are Rajasthan, Karnataka, Gujarat, Tamil Nadu, and Andhra Pradesh.</p>


Daily News Wrap-Up: SECI’s Green Hydrogen Manufacturing Auction

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