JSW Energy’s Q4 Profits Up 22% as Renewable Generation Surges by 124%

Solid Power’s Q1 Net Loss Widens as Battery Tech Commercialization Nears

Delhi High Court Quashes CBIC’s Revocation of Duty Deferment for Solar Projects

Waaree Partners with Ecofy to Solarize 10,000 Household Rooftops

PM Surya Ghar Program: MNRE Announces New Vendor Registration Guidelines

RERC Approves Purchase of 3 GW of Solar Power Under PM KUSUM

Fuel Cell Firm Ballard Posts $14.5 Million Revenue, Proposes New 3 GW Facility

CERC Orders Compensation to Azure for Bird Diverters Installed in GIB Region

REMC Floats Tender for Health Assessment of 26 MW Wind Project in Rajasthan

Meghalaya Allows Green Open Access for Consumers with 100 kW Load


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					</table><p><strong>From: <a href="https://mercomcapital.com/project-finance-brief-enfinity-secures-195-million-for-70-mw-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Enfinity Global, a renewable energy project developer, </strong><a href="https://mercomcapital.com/enfinity-global-secures-financing-for-70-mw-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $195 million in long-term project financing for a 70 MW solar project</strong> in Japan. Nomura Securities International, a financial institution, acted as the initial lead arranger/sole bookrunner, and Aozora Bank, a Japanese commercial bank, acted as the lead arranger/agent. The project is located in Aomori Prefecture in northern Japan. It was recently completed and is expected to produce more than 75 GWh of clean energy annually.</p>
<p><strong>Globeleq, an independent solar power producer, </strong><a href="https://mercomcapital.com/globeleq-acquires-stake-in-solar-project-in-egypt/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of a 48.3% equity stake in the 25 MW Winnergy solar project</strong> in Egypt. The solar project was acquired from Enerray, Enerray Global Solar Opportunities, and Desert Technologies. The solar project is already operational and is located in Egypt’s flagship Benban Solar complex, near Aswan, and is adjacent to Globeleq’s 66 MW ARC solar project.</p>
<p><strong>Matrix Renewables, the TPG Rise-backed renewable energy platform, </strong><a href="https://mercomcapital.com/matrix-renewables-secures-financing-for-solar-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €179 million (~$191.54 million) in non-recourse project financing</strong> with Banco Sabadell to develop 239 MW solar projects in Spain. The portfolio comprises five solar projects in the Palencia province of Castilla León and Badajoz province of Extremadura, Spain. The construction phase of the solar projects commenced in December 2023, and the projects are expected to generate approximately 430 full-time jobs.</p>
<p><strong>BW Solar, a solar and storage project developer, </strong><a href="https://mercomcapital.com/bw-solar-sells-community-solar-project-portfolio-to-catalyze/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of 12 community solar projects with a total capacity of 76.7 MW in New York to Catalyze</strong>, a clean energy transition company that finances, builds, owns, and operates solar and battery storage systems. The portfolio consists of projects in the range of 6~38.2 MW, currently under pre-construction, and another group of projects in the range of 6~38.5 MW, which are in the early stage of development and are all located in upstate New York.</p>
<p><strong>Renewable energy company BluPine Energy has </strong><a href="https://www.mercomindia.com/blupine-energy-secures-solar-project-in-gujarat" target="_blank" rel="noopener"><strong>secured</strong></a><strong> debt financing of ₹4.18 billion (~$50.1 million) from HDFC Bank for its 120 MW solar power project</strong> in Sadla, Gujarat. The company won the project in Gujarat Urja Vikas Nigam’s auction to supply solar power projects (Tranche XVIII) in January 2023. BluPine had won 50 MW in the initial auction for 500 MW solar projects at ₹2.52 (~$0.0302)/kWh and later received additional greenshoe capacity.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-origis-secures-solar-project" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Enfinity Secures $195 Million for 70 MW Solar Project


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					</table><p><strong><a href="https://www.mercomindia.com/ntpc-renewable-energy-260-mw-solar-rajasthan" target="_blank" rel="noopener">NTPC Renewable Energy has invited bids for the engineering, procurement, and construction package for a 260 MW grid-connected solar power project in Bikaner, Rajasthan</a></strong>. The scope of work includes design, engineering, manufacturing, supply, packing and forwarding, transportation, unloading storage, installation, testing, and commissioning of the projects, including the supply of solar modules. The selected developer will also be responsible for a three-year operation and maintenance of the project.</p>
<p><a href="https://www.mercomindia.com/dvc-invites-bids-for-project-in-jharkhand" target="_blank" rel="noopener"><strong>Damodar Valley Corporation has invited bids for demarcating the boundary of land owned by it near Barhi, Hazaribagh district, Jharkhand</strong></a><strong>,</strong> and conducting a topographical survey and geotechnical investigation to establish a ground-mounted solar power project. With 6,687 MW from thermal and hydropower and 13.9 MW from solar, Damodar Valley Corporation plans to expand with 5,500 MW in renewables and 3,720 MW in supercritical and ultracritical thermal generation.</p>
<p><strong><a href="https://www.mercomindia.com/sunpower-shutter-residential-direct-sales" target="_blank" rel="noopener">U.S.-based solar firm SunPower Corp will wind down its SunPower Residential Installation locations, close SunPower Direct sales, and reduce its workforce by about 1,000 employees to rein in costs, according to an internal memo</a>.</strong> “I’m writing to share difficult news with you as we implement changes across our organization in the days and week to come,” wrote executive chairman of the board Tim Werner in the memo. Werner, who had previously served as CEO for nearly two decades, attributed the restricting to prolonged market recovery and improving financial controls.</p>
<p><strong><a href="https://www.mercomindia.com/global-solar-manufacturing-1-3-tw-2028" target="_blank" rel="noopener">Global solar manufacturing capacity under construction indicates an increase of 330 GW in 2023 to almost 800 GW – triple the 2021 level, according to the International Energy Agency</a></strong>. This surplus in capacity is projected to more than double the forecast installations for 2023, creating a significant supply surplus.</p>
<p><strong><a href="https://www.mercomindia.com/india-third-market-utility-batteries-iea" target="_blank" rel="noopener">India could become the world’s third-largest market for utility-scale batteries, with capacity additions expected to rise to 9 GW by 2030</a>,</strong> fuelled by the cost competitiveness for solar photovoltaics coupled with battery storage, according to a recent report from the International Energy Agency. The rapidly declining cost of utility-scale batteries is a driving force behind the solar-plus-storage surge.</p>
<p><strong><a href="https://www.mercomindia.com/blupine-energy-secures-solar-project-in-gujarat" target="_blank" rel="noopener">Renewable energy company BluPine Energy has secured the debt financing of ₹4.18 billion (~$50.1 million) from HDFC Bank for its 120 MW solar power project</a> </strong>in Sadla, Gujarat. The company won the project in Gujarat Urja Vikas Nigam’s auction to supply solar power projects (Tranche XVIII) in January 2023. BluPine had won 50 MW in the initial auction for 500 MW solar projects at ₹2.52 (~$0.0302)/kWh and later received additional greenshoe capacity.</p>
<p><strong><a href="https://www.mercomindia.com/adaniconnex-green-financing-data-centers" target="_blank" rel="noopener">AdaniConneX, a data center solutions provider and a joint venture between Adani Enterprises and EdgeConneX, has established sustainability-linked financing</a> </strong>to raise $1.44 billion to fund its renewable-powered data centers and enable digital infrastructure growth in the country. The company said the upcoming data center facilities would leverage technologies and renewable energy solutions to minimize the ecological footprint while optimizing operational efficiency.</p>
<p><a href="https://www.mercomindia.com/researchers-develop-fast-charging-sodium-battery" target="_blank" rel="noopener"><strong>Researchers have developed a high-energy, high-power hybrid sodium-ion battery that can be a viable alternative to lithium-ion batteries</strong></a>. Led by Jeung Ku Kang, a team from the Korea Advanced Institute of Science and Technology and Lawrence Berkeley National Laboratory has found a way to enhance sodium-ion hybrid energy storage systems through an innovative hybrid energy storage system that integrates anode and cathode materials.</p>


Daily News Wrap-up: NTPC’s 260 MW Solar EPC Tender


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-primergy-secures-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Primergy Solar, a developer, owner, and operator focused on distributed and utility-scale solar PV and battery storage projects, </strong><a href="https://mercomcapital.com/primergy-solar-secures-financing-408-mw-solar-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closure</strong> of its $588 million commitments in debt financing for the 408 MW Ash Creek solar project in Hill County, Texas. The company has also signed a long-term power purchase agreement with Microsoft for the plant’s total capacity.</p>
<p><strong>Longroad Energy, a U.S.-based renewable energy project developer, </strong><a href="https://mercomcapital.com/longroad-energy-secures-financing-serrano-solar-storage-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the financial close of 220 MW solar and 214 MW/855 MWh storage project</strong> in Pinal and Pima Counties, Arizona. The Serrano project is under construction and is expected to reach commercial operations by mid-2025. The output of the Serrano project will be purchased by Arizona Public Service via a long-term power purchase agreement.</p>
<p><strong>Lightsource bp, a solar project developer, has </strong><a href="https://lightsourcebp.com/us/news/barclays-and-lightsource-bp-agree-140-million-tax-equity-deal-for-solar-project-in-st-landry-parish-louisiana/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $140 million tax equity commitments from Barclays</strong> to construct the Prairie Ronde 180MWdc solar project in St. Landry Parish, Louisiana. Once completed, the project holds significant benefits for the St. Landry Parish community. Lightsource bp has committed to dedicating $250,000 in funds to philanthropic activities and charity donations to local St. Landry Parish organizations.</p>
<p><strong>ONDE, a renewable energy contractor involved in developing solar and wind projects, <a href="https://mercomcapital.com/onde-sold-solar-projects-sachsenenergie/" target="_blank" rel="noopener">sold</a> a 23.1 MW portfolio of three solar projects</strong> for PLN19 million (~$4.8 million) to German municipal utility SachsenEnergie. Out of three solar projects sold, two are under construction with a total capacity of 18.7 MW, and another is under development with a potential capacity of 4.4 MW.</p>
<p><strong>India-based BluPine Energy has </strong><a href="https://www.mercomindia.com/blupine-energy-financing-wind-project-gujarat"><strong>secured</strong></a><strong> ₹12.6 billion (~$152.1 million) for its 198 MW wind project situated in Gujarat, which it had won under Gujarat Urja Vikas Nigam’s</strong>  auction to purchase power from 500 MW of grid-connected wind power projects (Phase-III) in 2022. Standard Chartered Bank and TATA Capital will act as underwriters for the green loan financing, the company said.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-x-elio-financing-solar-projects/">brief</a>.</p>


Project Finance Brief: Primergy Secures $588 Million for 408 MW Solar Project


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					</table><p><a href="https://www.mercomindia.com/sjvn-meil-avaada-winners-maharashtras-solar-tender/" target="_blank" rel="noopener"><strong>SJVN Green Energy, Megha Engineering &amp; Infrastructures, and Avaada Energy were amongst the winners of MSEB Solar Agro Power’s (MSAPL) auction</strong></a> to procure over 7 GW solar power under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program. The projects tendered by MSAPL, a wholly-owned subsidiary of Maharashtra State Electricity Board MSEB Holding Company, will be developed under the second phase of the Mukhyamantri Saur Krushi Vahini Yojana program.</p>
<p><a href="https://www.mercomindia.com/government-5-billion-program-electric-mobility/" target="_blank" rel="noopener"><strong>The Ministry of Heavy Industries has launched the Electric Mobility Promotion Program 2024 with a funding of ₹5 billion (~$60.34 million).</strong></a> The program is scheduled from April 1, 2024, to  July 31, 2024, and targets electric two-wheelers and three-wheelers, including e-rickshaws, e-carts, and L5 category vehicles. The program will offer incentives only to vehicles equipped with advanced batteries to promote the use of cutting-edge technology. A majority of the budget, ₹4.93 billion (~$59.61 million), is allocated for subsidies and demand incentives for buyers of these vehicles.</p>
<p><a href="https://www.mercomindia.com/maharashtra-invites-bids-grid-connected-solar-projects/" target="_blank" rel="noopener"><strong>Maharashtra State Electricity Distribution Company has invited bids for the procurement of power on a long-term basis through a competitive bidding process</strong></a> from 5,000 MW grid-connected solar photovoltaic power projects. The last date for submission of bids is April 24, 2024. Bids will be opened the next day. Bidders have to pay ₹25,000 (~$301.64) as cost of the tender document and ₹1.5 million (~$18,097.89) + GST as processing fee. Bidders must also furnish an earnest money deposit of ₹100,000 (~$1,206.50)/MW + GST.</p>
<p><a href="https://www.mercomindia.com/adani-mumbai-top-discom-rankings-fy23/" target="_blank" rel="noopener"><strong>The Ministry of Power has released the twelfth annual integrated ratings and rankings report for the financial year (FY) 2023,</strong></a> which assessed the financial and operational performance of 55 power distribution companies (DISCOMs). The top DISCOM was Adani Electricity Mumbai (AEML), which sold 9,033 MU, generating revenue of ₹ 80.26 billion (~$968.64 million). AEML’s net profit for FY23 was ₹10.78 billion (~$130.1 million). Torrent Power Surat and Torrent Power Ahmedabad were the other top DISCOMs.</p>
<p><a href="https://www.mercomindia.com/uttar-pradesh-million-tons-green-hydrogen/" target="_blank" rel="noopener"><strong>The Uttar Pradesh government aims to produce one million metric tons of green hydrogen annually by 2028 to replace the grey hydrogen used in its fertilizer and refinery industries.</strong></a> The current demand for hydrogen in the state is around 0.9 million metric tons per annum. The project’s overall capital investment size will determine the subsidy level. The first five investments (barring the Meerut division) will receive financial incentives of up to 40% of the total investment. During the policy period, this subsidy is capped at ₹2.25 billion (~$27 million) per project per annum.</p>
<p><a href="https://www.mercomindia.com/avaana-capital-secures-funding-gcf/" target="_blank" rel="noopener"><strong>Avaana Capital, a climate-technology investor, has received an investment of $120 million, including $24.5 million from  the Green Climate Fund (GCF),</strong></a> in the “Avaana Climate and Sustainability.” The investment is expected to support the company’s efforts to foster climate innovation and sustainability in India. GCF is dedicated to supporting developing countries in implementing climate action projects. It commits financial resources for the adaptation and mitigation of climate change effects, targeting key areas such as energy transition and mobility.</p>
<p><a href="https://www.mercomindia.com/blupine-energy-financing-wind-project-gujarat/" target="_blank" rel="noopener"><strong>Gurgaon-based BluPine Energy has secured ₹12.6 billion (~$152.1 million) for its 198 MW wind project situated in Gujarat, which it had won under Gujarat Urja Vikas Nigam’s auction</strong></a> to purchase power from 500 MW of grid-connected wind power projects (Phase-III) in 2022. Standard Chartered Bank and TATA Capital will act as underwriters for the green loan financing, the company said. BluPine had initially won 100 MW capacity at ₹3.05 (~$0.037)/kWh, along with six other companies.</p>
<p><a href="https://www.mercomindia.com/cerc-approves-tariff-for-wind-power-projects/" target="_blank" rel="noopener"><strong>The Central Electricity Regulatory Commission has approved a tariff of ₹2.69 (~$0.0325)/kWh (300 MW, 180 MW, 150 MW) and ₹2.70 (~$0.0326)/kWh (450 MW, 120 MW),</strong></a> in addition to a trading margin of ₹0.07 (~$0.00084)/kWh for 1,200 MW ISTS connected wind power projects (Tranche-XI) on a “build-own-operate” basis. The Commission acknowledged the increase in GST rates on renewable energy devices, following the Ministry of Finance’s notification post-July 6, 2021, as a Change in Law event.</p>
<p><a href="https://www.mercomindia.com/indian-rooftop-solar-inflection-point-interview/" target="_blank" rel="noopener"><strong>The Indian government is working to accelerate rooftop solar installations in the country through various programs with a focus on the residential segment.</strong></a> In an exclusive interview with Mercom India, Shreya Mishra, Co-Founder of SolarSquare, a residential rooftop solar solutions firm, explained how the recent programs will help drive the installations in the country and what policy modifications in certain states could help for wider adoption of rooftop solar. Mishra elaborated on the installation process and the factors customers should consider when installing a rooftop solar system.</p>
<p><a href="https://www.mercomindia.com/string-inverters-perform-better-save-costs/" target="_blank" rel="noopener"><strong>High-power string inverters can significantly reduce the balance of system costs compared to central inverter solutions as they require fewer inverters per block</strong></a> and have a better DC-to-AC conversion ratio, a panel of industry experts at a webinar hosted by Mercom India said. The impact of inverters on project performance, stability, and the levelized cost of energy is substantial. The webinar, titled “How to Save Costs with High Power String Inverters in Large Scale Projects,” highlighted how high-capacity string inverters could help save costs for large-scale solar projects.</p>
<p><a href="https://www.mercomindia.com/ftc-solar-q4-2023-net-loss-to-11-2-million/" target="_blank" rel="noopener"><strong>U.S.-based solar tracker systems provider FTC Solar’s net loss for the fourth quarter (Q4) in 2023 amounted to $11.2 million, an improvement of 45.3% year over year</strong></a> (YoY) compared to a net loss of $20.5 million as operating expenses declined in light of lower product volume. Total Q4 revenue reached $23.2 million, declining by 11.5% YoY due to reduced logistics volumes. After experiencing a period of restricted purchase orders spanning 18 months, resulting in decreased revenue levels, the company has seen a surge in closing purchase orders.</p>


Daily News Wrap-Up: Maharashtra’s 7.78 GW Solar KUSUM Auction Results


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-funding-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Recurrent Energy, a global developer, owner, and operator of solar and energy storage, </strong><a href="https://mercomcapital.com/recurrent-energy-secures-funding-for-119-mw-horus-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> financial closure on the 119 MW Horus Solar project</strong> in Mexico. The solar project was closed under a non-recourse financing of $51 million provided by Korea Eximbank, South Korea’s official export credit agency, and KEB Hana Bank, one of South Korea’s largest banks.</p>
<p><strong>ENGIE North America, a U.S.-based electric utility, </strong><a href="https://mercomcapital.com/engie-secures-1-billion-financing-for-1-3-gw-renewable-projects/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the completion of more than $1 billion in tax equity financing for 1.3 GW of renewable energy projects</strong> in the U.S. The financing was secured through separate agreements with three banks, including J.P. Morgan, Goldman Sachs, and BNP Paribas. The financing pertains to a portfolio of recently commissioned renewable projects in the U.S. The overall portfolio consists of 6 projects across ERCOT, MISO, and SPP, including 950 MW of solar and 353 MW of wind capacity.</p>
<p><strong>The European Bank for Reconstruction and Development and French asset manager Eiffel Investment Group extended a joint <a href="https://mercomcapital.com/ebrd-and-eiffel-provide-loan-solar-projects-poland/" target="_blank" rel="noopener">loan</a> of €45 million</strong> (~$48.83 million) to PL-SUN for the construction of a portfolio of solar power plants.</p>
<p><strong>India-based BluPine Energy has expanded its renewable energy portfolio by </strong><a href="https://www.mercomindia.com/blupine-energy-acquires-369-mw-of-solar" target="_blank" rel="noopener"><strong>acquiring</strong></a><strong> 369 MW of solar power assets from the ACME Group</strong>. The deal covers 14 special-purpose vehicle solar projects located across Uttarakhand, Punjab, and Karnataka. With this acquisition, BluPine’s total renewable capacity has grown to 2.4 GW.</p>
<p><strong>Elawan Energy, a developer and operator in the renewable energy industry, has </strong><a href="https://mercomcapital.com/elawan-energy-secures-163-million-for-renewable-project-portfolio-in-spain/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> €150 million (~$162.76 million) in debt financing</strong> for a portfolio of renewable projects in Spain. The project is financed by ING, Banco Sabadell, Banco Santander, and Unicaja. Watson Farley &amp; Williams provided legal assistance to Elawan Energy through the transaction, while Clifford Chance advised the financers.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-strata-clean-energy-secures-storage-project/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Recurrent Energy Secures Funding for 119 MW Solar Project


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					</table><p>In an exclusive interview with Mercom India, Rahul Mishra, Senior VP and Head of Commercial &amp; Industrial (C&amp;I) at <a href="https://blupineenergy.com/" target="_blank" rel="noopener">BluPine Energy</a>, shared his views on the recent trends in the green energy open access market and the C&amp;I energy transition in India.</p>
<p>BluPine Energy is a renewable energy solutions provider to the C&amp;I segment, with a development portfolio of over 4 GW in solar, wind, and storage assets.</p>
<p>The company has earmarked ~1 GW of its capacity specifically for the C&amp;I segment consumers, with the remaining to be allocated to utility-scale developments, greenfield initiatives, energy storage, and potential mergers and acquisitions.</p>
<p>Mishra spoke about the current opportunities and challenges the C&amp;I segment consumers must consider when transitioning to renewables.</p>
<p>Here are the excerpts from the interview:</p>
<p><strong>In which industrial segments has the green energy demand grown over the past few years and why?</strong></p>
<p>The surge in green energy demand spans various industrial segments, driven by capacity expansion, economic growth, and evolving environmental targets. Notably, large process industries like steel and cement have witnessed a significant rise in green energy demand across all states. This increase is attributed to the capacity expansions these industries undergo and the stringent emission targets they must meet. As they expand, these industries require more energy and face heightened pressure to reduce environmental impact, leading to a shift towards renewable energy sources.</p>
<p>Another crucial area of growth is seen among new-age hyperscale consumers, particularly those managing data centers. These facilities require massive amounts of energy to operate, and as data usage and storage needs grow exponentially, so does their energy consumption. Recognizing the importance of sustainability and the need to mitigate their environmental impact, these data centers are actively transitioning towards green energy. In the foreseeable future, they are expected to be among the largest buyers of renewable energy.</p>
<p><strong>What are the criteria a C&amp;I consumer must consider when opting for open-access renewables in India?</strong></p>
<p>When opting for open-access renewables in India, C&amp;I consumers consider a few key factors to make informed decisions. This is crucial, especially with the notable expansion of C&amp;I open access capacities in states like Tamil Nadu, Karnataka, Maharashtra, and Gujarat, collectively contributing significantly to India’s total capacities in this sector.</p>
<p>The regulatory landscape for open-access renewable energy differs considerably among Indian states. C&amp;I consumers should comprehensively grasp how the power they plan to procure will be consumed or offset against their overall consumption. Energy settlement is pivotal for both the generator and the off-taker, necessitating a thorough understanding of regulatory intricacies and compliance requirements in the specific state in which they are operating.</p>
<p>choice of the energy generator is paramount. C&amp;I consumers must evaluate factors such as the generator’s size, financial stability, and adeptness in navigating and complying with the Indian regulatory framework. Businesses must align with a generator boasting a proven track record of successful development and execution of renewable energy projects, as well as a demonstrated history of structuring complex solutions.</p>
<p>Open-access renewable energy projects typically entail enduring commitments. C&amp;I consumers should anticipate engaging in extended contracts, potentially lasting for decades. Recently, there has been a trend towards more prolonged commitments, with some consumers now open to signing contracts spanning up to 25 years, a shift from the previous norm of 10-15 years. This extended partnership guarantees energy security and price stability and fosters sustainable project development for the consumer.</p>
<p><strong>What are the usual challenges that stop C&amp;I consumers from transitioning to green energy?</strong></p>
<p>A primary obstacle hindering the transition to green energy is the regulatory framework, which frequently restricts the amount of energy sourced from renewable sources. These regulations differ among states and can substantially impact the extent to which C&amp;I consumers can embrace renewable energy.</p>
<p>The energy market is slowly embracing hybrid solutions, where real-time settlement of renewable energy displaces a significant portion (around 70-80%) of current consumer consumption. However, the advancement and acceptance of these solutions are ongoing. The key to this evolution lies in the increased execution of power purchase agreements (PPAs) and the stabilization of energy exchange market volumes.</p>
<p>Achieving 100% displacement faces challenges without supportive banking regulations and economically viable energy storage solutions. Nevertheless, it is anticipated that in the next 2-3 years, advancements in energy storage technology will pave the way for a substantial shift towards renewable sources, allowing for a more significant displacement of conventional energy consumption.</p>
<p><strong>How does BluPine plan to manage the RTC renewable energy demand for C&amp;I consumers?</strong></p>
<p>BluPine Energy has a strategic approach to managing the Round-the-Clock (RTC) renewable energy demand for C&amp;I consumers.</p>
<p>To ensure a reliable energy supply, we intend to integrate solar + wind energy solutions. The complementary nature of these sources enhances stability and provides a continuous supply of energy, effectively meeting the real-time and continuous (RTC) energy demands of C&amp;I consumers.</p>
<p>Recognizing the pivotal role of energy storage in managing RTC loads, BluPine Energy is committed to incorporating storage solutions into the energy mix in the future. Technologies like batteries will store excess energy generated during peak production, ensuring a consistent energy supply even during periods of low renewable energy generation, thus bolstering reliability and providing firmness of supply.</p>
<p>BluPine Energy aims to meet the energy needs of C&amp;I consumers efficiently by optimizing our operating assets and actively engaging in the exchange market. This combined strategy enables us to address a significant portion (80-100%) of our clients&#8217; energy consumption. By harmonizing energy generation from our assets and complementing it through market participation, we offer a flexible and responsive energy supply that meets the diverse demands of C&amp;I consumers.</p>
<p><strong>What is your take on the Open Access market outlook in the coming year?</strong></p>
<p>The C&amp;I market has rapidly evolved, witnessing significant capacity additions by independent power producers in the last 3-4 years. This growth trajectory is expected to persist, with an estimated 30-40 GW of C&amp;I open access capacities projected to be added in the next 4-5 years.</p>
<p>This expansion is driven by an increased focus on climate change commitments. Corporations and their management teams are increasingly prioritizing the implementation of net-zero commitments, contributing to a substantial scale-up in renewable energy adoption.</p>
<p>Additionally, national-level policies in this domain are encouraging. Optimism surrounds expectations that regulations will become more streamlined and markets will increasingly support RTC load-following renewable energy projects tailored for C&amp;I consumers.</p>
<p><strong>How do you see merchant power projects evolve in India, and does BluPine plan to install more projects?</strong></p>
<p>The development of merchant power projects in India is closely tied to the expansion of the C&amp;I segment and the maturity of exchange markets. As the scale of the C&amp;I business grows, the merchant power market is anticipated to become a significant by-product. The evolution of exchange markets, particularly in terms of volumes (currently at 6-8%), will be a crucial factor. When volumes rise towards the 20-25% range, the landscape for merchant power projects is expected to gain prominence.</p>
<p>In response to these market dynamics, BluPine Energy strategically plans to integrate corporate merchant power projects into our portfolio. Specifically, we aim to allocate about 10-15% of our total portfolio to merchant exposure. This decision aligns with our broader strategy to capitalize on market opportunities, diversify our offerings, and mitigate risks associated with the evolving energy landscape.</p>
<p><strong>What is the most significant difference you see in developing utility-scale projects for DISCOM offtake vs projects under the open access model?</strong></p>
<p>Developing utility-scale projects for DISCOM offtake compared to those under the open access model primarily varies in three aspects: regulatory understanding, influencing project planning and requirements; approvals and timelines, with DISCOM projects often facing more complex and lengthier processes; and the power settlement mechanism, involving distinct approaches in terms of approvals and operational processes. Navigating these differences requires a careful understanding of the regulatory environment and strategic planning for successful project implementation. Additionally, the timelines to execute open access projects once the PPAs with C&amp;I customers have been executed are also more shorter compared to utility-scale projects.</p>


30-40 GW of Open Access Green Energy Could be Added in 4-5 Years: Interview


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					</table><p><a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN Green Energy</a>, <a href="https://www.hindujarenewables.com/" target="_blank" rel="noopener">Hinduja Renewables Energy</a>, <a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Energy</a>, and Solarcraft Power India 5 (<a href="https://blupineenergy.com/" target="_blank" rel="noopener">BluPine Energy</a>) won Gujarat Urja Vikas Nigam’s (<a href="https://www.guvnl.com/" target="_blank" rel="noopener">GUVNL</a>) auction to purchase power from 500 MW of grid-connected solar power projects (Phase XXII) to be set up anywhere in India, with a greenshoe option of an additional 500 MW.</p>
<p>SJVN won 100 MW, quoting ₹2.63 (~$0.0316)/ kWh. Hinduja won 140 MW at ₹2.64 (~$0.0317)/ kWh. Avaada won 100 MW and BluPine 50 MW, respectively, both quoting ₹2.65 (~$0.0319)/ kWh.</p>
<p>The bid by Sprng Energy for 150 MW for ₹2.66 (~$0.0320)/ KWh did not qualify as it was above the L1+1% tariff cut-off criteria mentioned in the tender.</p>
<p>Only 390 MW out of the total tendered capacity was auctioned.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-61605" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/GUVNL-500-MW-Solar-Phase-XXII-Auction.png" alt="GUVNL 500 MW Solar Phase XXII Auction" width="655" height="295" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/GUVNL-500-MW-Solar-Phase-XXII-Auction.png 655w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/GUVNL-500-MW-Solar-Phase-XXII-Auction-300x135.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/GUVNL-500-MW-Solar-Phase-XXII-Auction-650x293.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/GUVNL-500-MW-Solar-Phase-XXII-Auction-624x281.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/GUVNL-500-MW-Solar-Phase-XXII-Auction-600x270.png 600w" sizes="(max-width: 655px) 100vw, 655px" /></p>
<p>The tender was <a href="https://www.mercomindia.com/guvnl-500-mw-solar-projects-greenshoe/" target="_blank" rel="noopener">floated</a> in November.</p>
<p>Projects that are under construction, those that are not yet operational, and those that are already operational but lack a long-term power purchase agreement (PPA) with any agency and sell power on a short-term or merchant basis were eligible under the tender. However, this applies only to projects that have not been accepted under any other central or state programs and have no obligations to existing buyers.</p>
<p>The successful bidders must sign PPAs with GUVNL within 30 days from the date of issuance of the letter of intent or within ten days from the adoption of the tariff by the Gujarat Commission, whichever is later.</p>
<p>Only commercially established and operational technologies can be used to minimize the technology risk and to achieve the timely commissioning of the projects.</p>
<p>The projects’ declared annual capacity utilization factor (CUF) should not be less than 17%. The successful bidder must maintain generation to achieve annual CUF within + 10% and -15% of the declared value until the end of ten years from the commercial operation date, subject to the annual CUF remaining a minimum of 15% and within +10% and – 20% of the declared value of the annual CUF after that until the end of the PPA duration of 25 years.</p>
<p>The solar modules to be used for the projects must be warranted for peak output wattage, which should not be less than 90% at the end of ten years and 80% at the end of 25 years from the project’s commercial operation date.</p>
<p>GUVNL has mandated the use of solar modules from the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders issued by various agencies in India.</p>


SJVN Green, Hinduja, Avaada and BluPine Win GUVNL’s 500 MW Solar Auction


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					</table><p>NTPC Renewable Energy (<a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC REL</a>), <a href="https://www.acme.in/" target="_blank" rel="noopener">ACME Cleantech Solutions</a>, and Solarcraft Power India 12 (<a href="https://blupineenergy.com/" target="_blank" rel="noopener">Blupine Energy</a>) won <a href="https://www.pfcclindia.com/" target="_blank" rel="noopener">PFC Consulting</a>’s auction to develop 1,250 MW of interstate transmission system (ISTS) connected solar power projects anywhere in India.</p>
<p>NTPC REL and ACME quoted the lowest tariff at ₹2.53 (~$0.0304)/kWh to win 900 MW and 300 MW capacity, respectively. Solarcraft Power India 12 won 50 MW under the bucket-filling method by quoting ₹2.54 (~$0.0305)/kWh.</p>
<p>The projects will be developed on a build-own-operate basis under the program for flexibility in generating and scheduling thermal-hydropower by bundling with renewable energy and storage.</p>
<p>The other participants who qualified but did not win any capacities were ReNew Solar Power and Avaada Energy, who quoted ₹2.55 (~$0.0306)/kWh and ₹2.58 (~$0.0310)/kWh, respectively, for 300 MW capacity.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-61521" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/PFC-Consulting-1.25-GW-Solar-Auction-Table.png" alt="PFC Consulting 1.25 GW Solar Auction Table" width="748" height="266" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/PFC-Consulting-1.25-GW-Solar-Auction-Table.png 748w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/PFC-Consulting-1.25-GW-Solar-Auction-Table-300x107.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/PFC-Consulting-1.25-GW-Solar-Auction-Table-650x231.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/PFC-Consulting-1.25-GW-Solar-Auction-Table-624x222.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/PFC-Consulting-1.25-GW-Solar-Auction-Table-600x213.png 600w" sizes="(max-width: 748px) 100vw, 748px" /></p>
<p>PFC Consulting <a href="https://www.mercomindia.com/pfc-consulting-ists-connected-solar-projects">floated</a> the tender for the project in September 2023.</p>
<p>The selected bidders will have to enter into a 25-year power purchase agreement (PPA) with NTPC. Power procured from these projects has been provisioned to replace thermal power through existing PPAs of NTPC with various distribution companies.</p>
<p>The selected bidders will have to set up transmission systems for the projects.</p>
<p>They are required to use only the modules from the Approved List of Models and Manufacturers list notified by the Ministry of New and Renewable Energy. The projects must be commissioned within 18 months of the PPA coming into force.</p>
<p>The solar project developers must maintain an annual capacity utilization factor of a minimum of 22%.</p>
<p>In a recently <a href="https://www.mercomindia.com/avaada-sprng-renew-blupine-win-secis-1-gw-solar-auction" target="_blank" rel="noopener">concluded</a> auction by Solar Energy Corporation of India for 1 GW ISTS-connected solar power projects Tranche XII, Blupine Energy won 150 MW capacity by quoting ₹2.53 (~$0.0304)/kWh.</p>
<p>Earlier this month, REC Power Development and Consultancy <a href="https://www.mercomindia.com/recpdcl-invites-bids-projects-with-greenshoe-option" target="_blank" rel="noopener">floated</a> a tender to set up 250 MW ISTS-connected solar power projects anywhere in India with an additional greenshoe option of 250 MW under the program for flexibility in generating and scheduling thermal or hydropower by bundling with renewable energy and storage.</p>
<p>In June this year, PFC Consulting <a href="https://www.mercomindia.com/pfc-bids-evacuate-1-5-gw-renewable-power-maharashtra" target="_blank" rel="noopener">invited</a> bids to develop an interstate transmission system to evacuate 1,500 MW of power from renewable energy projects in Maharashtra’s Solapur special economic zone.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of the real-time tender activity.</p>


NTPC REL, ACME and Blupine Energy Win PFC’s 1.25 GW Solar Auction


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					</table><p><strong>From: <a href="https://mercomcapital.com/project-finance-goldenpeaks-acquires-solar-projects-poland/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>GoldenPeaks Capital Energy, a Malta-headquartered green power producer, has </strong><a href="https://mercomcapital.com/goldenpeaks-capital-acquires-solar-projects-poland/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> 283 MW ready-to-build solar power projects in Poland</strong>, located mostly in the country’s western and northwestern regions. The portfolio comprises a mix of projects with capacities of up to 10 MW. With the latest acquisition, the company aims to strengthen its solar market in Poland and close in on its target of 1 GW of solar assets in Poland by 2024.</p>
<p><strong>Greenbacker Capital Management, a renewable energy asset manager, through an affiliated investment vehicle, </strong><a href="https://mercomcapital.com/greenbacker-secures-storage-solar-portfolio/" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into a $92 million financing agreement</strong> with BMO, who served as both the lender and the administrative agent for the deal.  The proceeds from the construction, comprising of construction and tax equity bridge loans, will be used to finance the construction of the 30 MW Holtville battery energy storage project. The term loan will support the construction of a portfolio of community solar projects in the northeastern U.S.</p>
<p><strong>Lightsource bp, a global utility-scale solar project developer, </strong><a href="https://www.mercomindia.com/lighsource-bp-to-sell-five-australia-for-547-million" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of five of its utility-scale solar photovoltaic projects</strong> to clean energy generation company Beijing Jingneng Clean Energy Australia for A$813 million (~$546.68 million). The five solar power projects, located across New South Wales, Queensland, and Victoria, have a cumulative capacity of 1,036 MWdc.</p>
<p><strong>Renewable energy company BluPine Energy has </strong><a href="https://www.mercomindia.com/blupine-loan-120-mw-solar-project" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the financial closure of ₹5.11 billion (~$61.3 million) for its 120 MW solar project</strong> in Gujarat, India. The green loan financing for the project was secured from Standard Chartered.</p>
<p><strong>Adapture Renewables, a utility-scale solar and energy storage project developer, </strong><a href="https://mercomcapital.com/adapture-renewables-acquires-solar-projects/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of three solar power projects</strong> totaling 450 MW<sub>dc</sub>/ 333 MW<sub>ac</sub> in MISO territory in Illinois and Arkansas from Tyr Energy Development Renewables. All three acquired projects are currently in the pre-notice-to-proceed stage, with anticipated commercial operation dates slated for 2025 and 2026.</p>
<p><strong>Standard Solar, a solar energy company specializing in developing and financing solar electric systems, </strong><a href="https://mercomcapital.com/standard-solar-acquires-solar-project-in-texas/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of a 9.9 MW</strong> behind-the-meter solar project named ‘Bluebonnet’ in Texas from EDF Renewables North America. The Bluebonnet project is slated for completion in Q2-2024, with construction efforts underway.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week&#8217;s project finance <a href="https://mercomindia.com/project-finance-brief-kyon-energy-storage-projects" target="_blank" rel="noopener">brief</a>.</p>


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