CERC Approves Tariffs for SECI’s 600 MW Wind-Solar Hybrid Projects

MNRE Issues Guidelines for Installation of Prototype Wind Turbines 

Rajasthan Issues Draft Intrastate Transmission System Connectivity Regulations

ANERT Invites Proposals for Green Energy Demonstration Projects

Daily News Wrap-Up: Utility Solar Project Costs Up Slightly in Q1 2025

SECI Tenders 2 GW Solar Projects with 4 GWh Energy Storage Systems

Torrent Green Energy Wins SECI’s 600 MW Wind Auction

Power Ministry Proposes Sale, Lease, Renting of Energy Storage Systems

NHPC Issues Tender for 2.5 MW Rooftop Solar Projects in Nagaland

NTPC Raises $750 Million via External Commercial Borrowing


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					</table><p>Global Renewable Synergy Company (GRSC), a subsidiary of Bangkok-headquartered Global Power Synergy Company (<a href="https://www.gpscgroup.com/en/business/project?category=3" target="_blank" rel="noopener">GPSC</a>), has divested 3% of its shares in India-based green energy solutions company Avaada Energy (<a href="https://avaada.com/" target="_blank" rel="noopener">AEPL</a>), valued at $79 million (~₹6.66 billion).</p>
<p>The transaction is part of GPSC’s strategic plan to support the expansion of renewable energy and related business, and improve the efficiency of power management in India, said the company in a regulatory filing.</p>
<p>Prior to the divestment, GRSC held 42.93% of Avaada’s total issued and paid-up shares.</p>
<p>Avaada Ventures, a shareholder of AEPL, has acquired the 47.81 million divested shares.</p>
<p>The transaction is expected to be completed within the third quarter of 2025.</p>
<p>In 2021, GPSC <a href="https://www.mercomindia.com/ptt-group-acquires-stake-avaadas-solar" target="_blank" rel="noopener">invested</a> in Avaada with a total committed capacity of 3.7 GW. As of March 2025, the company’s committed capacity reached 20.6 GW.</p>
<p>Avaada aims to install 30 GW of renewable energy capacity, with a $20 billion asset base by 2030. It also has plans to set up green hydrogen and green ammonia projects.</p>
<p>In March this year, Avaada <a href="https://www.mercomindia.com/avaada-opens-1-5-gw-solar-module-manufacturing-plant-in-uttar-pradesh" target="_blank" rel="noopener">inaugurated</a> a 1.5 GW solar module manufacturing gigafactory in Dadri, Noida. It also laid the foundation for a 5 GW solar manufacturing unit at Ecotech, Greater Noida.</p>
<p>In the same month, Avaada Energy <a href="https://www.mercomindia.com/welspun-avaada-sael-win-guvnls-250-mw-solar-auction" target="_blank" rel="noopener">won</a> Gujarat Urja Vikas Nigam’s auction to supply power from 250 MW grid-connected solar power projects anywhere in India with a greenshoe option of 250 MW. The company was awarded a capacity of 100 MW.</p>
<p>In October 2024, Avaada <a href="https://www.mercomindia.com/avaada-energy-secures-%E2%82%B96-billion-refinancing-for-solar-projects" target="_blank" rel="noopener">closed</a> a ₹5.97 billion (~$71 million) refinancing deal with NIIF Infrastructure Finance for its commercial and industrial solar projects in Karnataka and Maharashtra.</p>
<p>In April 2024. Avaada Energy <a href="https://www.mercomindia.com/avaada-refinancing-deal-solar-rajasthan" target="_blank" rel="noopener">closed</a> a ₹44.71 billion (~$535.3 million) refinancing deal with the National Bank for Financing Infrastructure and Development for four interstate transmission system-connected solar projects with a combined capacity of 1.7 GW in Rajasthan.</p>


Global Renewable Synergy Company Divests 3% Shares in Avaada Energy


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					</table><p>Oil and Natural Gas Corporation (<a href="https://ongcindia.com/" target="_blank" rel="noopener">ONGC</a>) is set to acquire PTC Energy Limited (PEL), a wholly-owned subsidiary of <a href="https://www.ptcindia.com/" target="_blank" rel="noopener">PTC India</a>, at a transaction valued at ₹9.25 billion (~$111.18 million).</p>
<p>Through PEL, its subsidiary formed in 2008, PTC has commissioned seven wind power projects spread across Andhra Pradesh, Karnataka, and Madhya Pradesh with a generation capacity of 288.8 MW.</p>
<p>PTC Energy was incorporated with the aim of developing an asset base to expand its business to generation, supply, distribution, transmission, and dealing in all forms of energy. This included importing and exporting coal, converting coal or fuels into electricity, fuel linkages, and providing advisory services in the energy sector. Following the adverse situation in the coal trading business, the company decided to turn its focus on the renewable energy sector.</p>
<p>The company has entered into long-term power purchase agreements with state distribution companies for the entire wind portfolio.</p>
<p>This transaction is subject to the fulfillment of conditions precedent and other terms and conditions as per the share purchase agreement to be executed between the parties. It may also need approvals under applicable laws and will be subject to shareholders’ approval of PTC India.</p>
<p>ONGC has announced <a href="https://www.mercomindia.com/ongc-to-invest-%e2%82%b91-trillion-achieve-net-zero-by-2038" target="_blank" rel="noopener">plans</a> to invest over ₹1 trillion (~$12 billion) to increase and accelerate its renewable energy portfolio by 2030.</p>
<p>Last November, PTC India’s tender to <a href="https://www.mercomindia.com/ptc-india-bids-procure-1-gw-wind-solar-hybrid" target="_blank" rel="noopener">procure</a> 500 MW of hybrid renewable energy (wind and solar) Tranche-I, with a greenshoe option of 500 MW, <a href="https://www.mercomindia.com/ptc-indias-eoi-1-gw-hybrid-power-overwhelming-response" target="_blank" rel="noopener">received</a> a strong response, with bids amounting to 3,500 MW from 14 renewable energy generators.</p>
<p>This aligns with PTC’s plans to procure clean energy power renewable power of up to 5,000 MW in tranches of 500- 1,000 MW each in the next two or three years.</p>
<p>In November 2021, SJVN <a href="https://www.mercomindia.com/daily-news-wrap-up-sjvn-rtc-renewable-power" target="_blank" rel="noopener">signed</a> a pact with PTC India to develop products for supplying round-the-clock renewable energy. The two companies will jointly develop products for renewable power supply from SJVN’s projects bundled with available market capacity.</p>


ONGC to Acquire PTC India’s Renewable Energy Subsidiary for ₹9.25 Billion


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					</table><p>Inox Green Energy Services (<a href="https://inoxgreen.com/" target="_blank" rel="noopener">IGESL</a>), an Inox Wind subsidiary, has signed a term sheet to divest its 100% stake in Nani Virani Wind Energy, a special purpose vehicle operating a 50 MW wind farm in Gujarat, aiming to cut its debt and enhance profitability.</p>
<p>The divestment, amounting to ₹3 billion (~$36 million) that IGESL had borrowed to develop the Nani Virani wind project, is expected to help IGESL transition to an asset-light operation and maintenance business.</p>
<p>The transaction is contingent on securing regulatory and banking approvals.</p>
<p>Kailash Tarachandani, CEO of Inox Wind, while emphasizing mutual benefits for both companies, said, “We remain focused and committed to strengthening Inox Wind’s performance on all fronts and improving our profitability as we proceed on our exciting journey ahead.”IGESL’s subsidiary, I-Fox Windtechnik India, recently <a href="https://www.mercomindia.com/inox-green-energy-bags-om-wind-project-portfolio" target="_blank" rel="noopener">clinched</a> a five-year, ₹400 million (~$4.8 million) O&amp;M contract for NLC India&#8217;s 51 MW wind turbine generators in Tamil Nadu, marking a milestone on the company’s journey towards achieving a 6 GW wind turbine generator (WTG) operation and maintenance portfolio by financial year 2025-26.</p>
<p>Inox Wind, under the INOXGFL Group, focuses on renewable energy and chemicals. With projects in several Indian states, it has a renewable energy capacity of 1,600 MW. The company also has four WTG manufacturing facilities in Gujarat, Himachal Pradesh, and Madhya Pradesh.</p>
<p>The company continues its divestment efforts, signaling a shift towards future renewable energy investments, mainly in the renewable energy sector&#8217;s O&amp;M services.</p>
<p>In August,  Inox Wind’s financial strength was <a href="https://www.mercomindia.com/inox-wind-raises-%e2%82%b95-billion-through-share-sale-free" target="_blank" rel="noopener">reinforced</a> with a ₹5 billion ($60 million) investment from its main promoter and group entities, contributing to its debt reduction strategy, which already lowered liabilities by settling ₹1.61 billion ($19.56 million) and ₹2.5 billion ($30.37 million) in loans. This has reduced the company&#8217;s interest-bearing liabilities to over ₹11 billion ($132.7 million) in Q3 FY 2023.</p>


Inox Green to Divest its Full Stake in Nani Virani Wind Energy SPV

<p>In a major development, the Infrastructure Leasing &amp; Financial Services Ltd <a href="https://www.ilfsindia.com/" target="_blank" rel="noopener">(IL&amp;FS)</a> has announced that it is going to achieve the resolution of the IL&amp;FS group through certain measures, including asset divestments.</p>
<p>As a first step towards this end, to ascertain market interest, and to examine feasibility of maximization of value in an orderly and transparent manner, the board of IL&amp;FS has initiated the process of exploring the sale of controlling stakes held by IL&amp;FS in renewable energy sector.</p>
<p>The board of IL&amp;FS has decided to publicly solicit Expressions of Interest (EoI) to assess the interest for a sale of its stake in the renewable energy assets. The deadline for responding to the EoI is December 10, 2018.</p>
<p>Arpwood Capital Pvt. Ltd. and JM Financial Ltd. have been appointed as financial and transaction advisors, and Alvarez and Marsal have been appointed as resolution consultants.</p>
<p><strong>IL&amp;FS Renewable Energy Assets</strong></p>
<ul>
<li>Operating wind power generating projects with aggregate capacity of 873.5 MW, as well as under construction wind power projects with total capacity of 104 MW.</li>
<li>Asset management services for the operating wind power projects as well as the business division conducting project development and implementation of wind power projects.</li>
<li>Special Purpose Vehicle (SPV) which has developed, operates and maintains solar power projects against fixed cash flows</li>
<li>Businesses relating to project development and implementation of solar power projects under development of approximately 300 MW solar photovoltaic (PV) for corporates.</li>
</ul>
<p>The proposed sale of stakes held by IL&amp;FS can be carried out as a basket/individually or in any other combination.</p>
<p>Speaking to Mercom, an IL&amp;FS official said, “Once we have responses to the EoI, we will share more details with the interested parties regarding the assets. Upon receiving further communication from the participants, we will be able to put our finger on a figure.”</p>
<p>According to IL&amp;FS Board, these steps are required to advance the process for putting together resolution plans for the IL&amp;FS group, based on market interest and price discovery for various assets. Any binding transaction for the sale of assets, as well as the resulting resolution plans, will be subject to approvals before the transactions are implemented.</p>
<p>In India, inorganic growth is common in the renewable energy sector. <a href="https://mercomindia.com/clp-india-acquisition-suzlons-tornado/" target="_blank" rel="noopener">Recently</a>, <a href="https://www.clpindia.in/" target="_blank" rel="noopener">CLP India</a> and <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon</a> were also in the news as Suzlon executed a deal for the sale of Tornado Solarfarms Limited to CLP for ₹324.9 (~$4.61) million.</p>
<p>Image Credit: IL&amp;FS</p>


IL&FS Offers to Sell Stakes in its Renewable Energy Assets of Solar and Wind Projects

<p>Canadian Solar, a global module supplier and solar project developer, has sold its 80 MW (108 MW DC) grid-connected solar project in Maharashtra.</p>
<p>The sale of the project by Canadian Solar is in line with the company’s policy of developing few projects to showcase their module capabilities and then selling them off.</p>
<p>According to Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a>, Canadian Solar won bid to develop the 80 MW grid-connected solar project by participating in a 450 MW solar tender by Solar Energy Corporation of India (SECI) under the viability gap funding (VGF) program under National Solar Mission (NSM) Phase-II, Batch-IV, Tranche-III. In <a href="https://mercomindia.com/seci-auctions-450-mw-of-solar-capacity-in-maharashtra-average-vgf-bids-fall-by-62/" target="_blank" rel="noopener">September 2016</a>, Canadian Solar quoted a VGF of ₹1.999 million (~$30,561)/MW along with a fixed tariff of ₹4.43 (~$0.068)/kWh to develop the project. Mercom <a href="https://mercomindia.com/canadian-solar-signs-ppa-seci-80-mw-solar-maharashtra/" target="_blank" rel="noopener">previously reported</a>, Canadian Solar entered into power purchase agreement (PPA) with SECI for a 25-year period.</p>
<p>The company is involved in developing build-to-sell projects across the globe. According to the company, total revenue for the fourth quarter of 2017, which includes revenue from both of solar module sales and from energy business, is expected to be in the range of $1.77 billion to $1.81 billion. Revenue will be affected if some of the project sales slip to 2018.</p>
<p>This sale points to a growing trend of consolidation activity in Indian solar sector.</p>
<p>In the first three quarters of 2017, the Indian solar sector saw almost <a href="https://mercomindia.com/financing-activity-indian-solar-sector/" target="_blank" rel="noopener">$4.2 billion (~₹272 billion)</a> in announced corporate, project funding, and M&amp;A deals, according to the recently released <a href="http://store.mercom.mercomcapital.com/product/q3-2017-solar-funding-and-ma-report/" target="_blank" rel="noopener">Solar Funding and M&amp;A Report</a> by Mercom Capital Group. By comparison, $2 billion (~₹129 billion) was reported in the same period in 2016.</p>
<p>Image credit: Mercom India</p>


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