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					</table><p>In 2022, a total of 4 GW of wind-solar hybrid tenders were floated by various implementing agencies, out of which 2.2 GW were auctioned, according to <a href="https://mercomindia.com/research-2/" target="_blank" rel="noopener">Mercom India Research</a>.</p>
<p>Here is a list of the top wind-solar hybrid tenders issued in 2022:</p>
<p><strong>#1</strong> Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) <a href="https://mercomindia.com/seci-floats-tender-for-ists-connected-wind-solar-hybrid-projects/" target="_blank" rel="noopener">issued</a> the largest hybrid tender for setting up 1,200 MW of interstate transmission system (ISTS)-connected wind-solar hybrid power projects (Tranche-VI) with energy storage and assured peak power supply across India.</p>
<p>According to Mercom&#8217;s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a>, SECI has issued a total of 5.52 GW of wind-solar hybrid tenders under Tranche I to V, out of which the entire capacity has been auctioned.</p>
<p><strong><a href="https://mercomindia.com/wp-content/uploads/2022/12/SECI-1200-MW-hybrid-tender.jpg"><img decoding="async" loading="lazy" class="aligncenter wp-image-46854 size-full" src="https://mercomindia.com/wp-content/uploads/2022/12/SECI-1200-MW-hybrid-tender.jpg" alt="SECI 1200 MW hybrid tender" width="1379" height="247" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/SECI-1200-MW-hybrid-tender.jpg 1379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/SECI-1200-MW-hybrid-tender-300x54.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/SECI-1200-MW-hybrid-tender-768x138.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/SECI-1200-MW-hybrid-tender-650x116.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/SECI-1200-MW-hybrid-tender-624x112.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/SECI-1200-MW-hybrid-tender-600x107.jpg 600w" sizes="(max-width: 1379px) 100vw, 1379px" /></a></strong></p>
<p><strong>#2 </strong>The second largest tender was <a href="https://mercomindia.com/ptc-india-bids-procure-1-gw-wind-solar-hybrid/" target="_blank" rel="noopener">floated</a> by PTC India to procure 500 MW of hybrid renewable energy (Tranche-I), with a greenshoe option for an additional 500 MW, on a long-term basis for 25 years. PTC said it planned to procure renewable power to the tune of 5,000 MW in the next 2-3 years in tranches of 500-1,000 MW each. The tender was floated to assess the market potential and procure power from interested hybrid renewable energy suppliers. At a later stage, based on the response, PTC may also sign a bilateral power purchase agreement (PPA) with the most competitive source.</p>
<p><strong><a href="https://mercomindia.com/wp-content/uploads/2022/12/PTC-India-1000-MW-Hybrid-Tender.jpg"><img decoding="async" loading="lazy" class="aligncenter wp-image-46856 size-full" src="https://mercomindia.com/wp-content/uploads/2022/12/PTC-India-1000-MW-Hybrid-Tender.jpg" alt="PTC India 1000 MW Hybrid Tender" width="1379" height="247" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/PTC-India-1000-MW-Hybrid-Tender.jpg 1379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/PTC-India-1000-MW-Hybrid-Tender-300x54.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/PTC-India-1000-MW-Hybrid-Tender-768x138.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/PTC-India-1000-MW-Hybrid-Tender-650x116.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/PTC-India-1000-MW-Hybrid-Tender-624x112.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/PTC-India-1000-MW-Hybrid-Tender-600x107.jpg 600w" sizes="(max-width: 1379px) 100vw, 1379px" /></a></strong></p>
<p><strong>#3 </strong>Rewa Ultra Mega Solar Limited (<a href="http://rumsl.mp.gov.in/" target="_blank" rel="noopener">RUMSL</a>), on behalf of Madhya Pradesh Power Management Company, <a href="https://mercomindia.com/rumsl-750-mw-hybrid-tender/" target="_blank" rel="noopener">issued</a> a request for proposal for the development of 750 MW grid-connected wind-solar hybrid power projects in Madhya Pradesh.</p>
<p><strong><a href="https://mercomindia.com/wp-content/uploads/2022/12/RUMSL-750-MW-Hybrid-Tender.jpg"><img decoding="async" loading="lazy" class="aligncenter wp-image-46860 size-full" src="https://mercomindia.com/wp-content/uploads/2022/12/RUMSL-750-MW-Hybrid-Tender.jpg" alt="RUMSL 750 MW Hybrid Tender" width="1379" height="247" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/RUMSL-750-MW-Hybrid-Tender.jpg 1379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/RUMSL-750-MW-Hybrid-Tender-300x54.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/RUMSL-750-MW-Hybrid-Tender-768x138.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/RUMSL-750-MW-Hybrid-Tender-650x116.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/RUMSL-750-MW-Hybrid-Tender-624x112.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/RUMSL-750-MW-Hybrid-Tender-600x107.jpg 600w" sizes="(max-width: 1379px) 100vw, 1379px" /></a></strong></p>
<p><strong>#4 </strong>The fourth tender in the list was <a href="https://mercomindia.com/bids-255-mw-wind-solar-hybrid-greenshoe-option-india/" target="_blank" rel="noopener">floated</a> by Tata Power Delhi Distribution (<a href="https://www.tatapower-ddl.com/" target="_blank" rel="noopener">TPDDL</a>) to set up 255 MW of wind-solar hybrid power projects with a greenshoe option of an additional 255 MW across India. The projects were to be developed on a build, own, and operate basis. TPDDL will enter into a PPA with the successful bidders for 25 years from the scheduled commissioning date or from the date of full commissioning of the projects, whichever is earlier.</p>
<p><strong><a href="https://mercomindia.com/wp-content/uploads/2022/12/TPDDL-510-MW-Hybrid-Tender.jpg"><img decoding="async" loading="lazy" class="aligncenter wp-image-46863 size-full" src="https://mercomindia.com/wp-content/uploads/2022/12/TPDDL-510-MW-Hybrid-Tender.jpg" alt="TPDDL 510 MW Hybrid Tender" width="1379" height="247" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/TPDDL-510-MW-Hybrid-Tender.jpg 1379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/TPDDL-510-MW-Hybrid-Tender-300x54.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/TPDDL-510-MW-Hybrid-Tender-768x138.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/TPDDL-510-MW-Hybrid-Tender-650x116.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/TPDDL-510-MW-Hybrid-Tender-624x112.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/TPDDL-510-MW-Hybrid-Tender-600x107.jpg 600w" sizes="(max-width: 1379px) 100vw, 1379px" /></a></strong></p>
<p><strong>#5 </strong>The fifth largest tender was <a href="https://mercomindia.com/msedcl-bids-procurement-500-mw-wind-solar-hybrid/" target="_blank" rel="noopener">issued</a> by the Maharashtra State Electricity Distribution Company (<a href="https://www.mahadiscom.in/en/home/" target="_blank" rel="noopener">MSEDCL</a>) for the procurement of 500 MW of wind-solar hybrid power on a long-term basis from grid-connected intrastate projects. MSEDCL would sign PPAs with the selected bidders to purchase wind-solar hybrid power for 25 years from the project’s scheduled commercial operation date.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2022/12/MSEDCL-500-MW-Hybrid-Tender.jpg"><img decoding="async" loading="lazy" class="aligncenter wp-image-46864 size-full" src="https://mercomindia.com/wp-content/uploads/2022/12/MSEDCL-500-MW-Hybrid-Tender.jpg" alt="MSEDCL 500 MW Hybrid Tender" width="1379" height="247" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/MSEDCL-500-MW-Hybrid-Tender.jpg 1379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/MSEDCL-500-MW-Hybrid-Tender-300x54.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/MSEDCL-500-MW-Hybrid-Tender-768x138.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/MSEDCL-500-MW-Hybrid-Tender-650x116.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/MSEDCL-500-MW-Hybrid-Tender-624x112.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/MSEDCL-500-MW-Hybrid-Tender-600x107.jpg 600w" sizes="(max-width: 1379px) 100vw, 1379px" /></a></p>
<p>Subscribe to Mercom&#8217;s <a href="https://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>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a>
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Top Wind-Solar Hybrid Tenders in 2022 [Infographics]


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					</table><p><a href="https://www.ptcindia.com/" target="_blank" rel="noopener">PTC India’s</a> expression of interest (EoI) to procure 500 MW of hybrid renewable energy (wind and solar) (Tranche-I), with a greenshoe option for an additional 500 MW, has received a strong response, according to Mercom sources. The power procurement is for the long term (25 years).</p>
<p>PTC has received bids totaling 3,500 MW from 14 top renewable energy generators.</p>
<p>The developers who have shown interest include Tata Power Renewable Energy, Torrent Power, ReNew Power, Enel Green, and Engie, among others.</p>
<p>The tender was <a href="https://mercomindia.com/ptc-india-bids-procure-1-gw-wind-solar-hybrid/" target="_blank" rel="noopener">floated</a> in September this year.</p>
<p>PTC plans to procure renewable power of up to 5,000 MW in the next 2-3 years in tranches of 500 – 1,000 MW each.</p>
<p>Power generated from hybrid (wind-solar) renewable power projects must be supplied for the term specified in this EoI.</p>
<p>The delivery point will be the nearest central transmission utility interconnection point from the project.</p>
<p>PTC has stated that an adequate payment security will be provided to the supplier. The payment security will be in the form of a standby revolving ‘Letter of Credit’ with a value of an estimated two months of average monthly billing valid for the term of the power purchase agreement.</p>
<p>Last November, SJVN had <a href="https://mercomindia.com/daily-news-wrap-up-sjvn-rtc-renewable-power/" target="_blank" rel="noopener">signed</a> a pact with PTC India to develop projects to supply 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. PTC will provide market information regarding the availability of the merchant power capacity from various sources under the pact. In addition, PTC will also study, explore, prepare and submit a detailed report regarding the supply of power from proposed renewable energy projects of SJVN to potential beneficiaries across India.</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>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a>
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PTC India’s EoI to Procure 1 GW of Hybrid Power Receives Overwhelming Response


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					</table><p><a href="https://www.ptcindia.com/" target="_blank" rel="noopener">PTC India</a> has invited expressions of interest (EoI) from developers to procure 500 MW of hybrid renewable energy (wind and solar) (Tranche-I), with a greenshoe option for an additional 500 MW, on a long-term basis for 25 years.</p>
<p>PTC plans to procure renewable power to the tune of 5,000 MW in the next 2-3 years in tranches of 500 – 1,000 MW each.</p>
<p>The EoI has been floated to assess the market potential and procure power from interested hybrid renewable energy suppliers. At a later stage, based on the EoI response, PTC may also sign a bilateral power purchase agreement (PPA) with the most competitive source.</p>
<p>The last date to submit the bids is October 20, 2022.</p>
<p>To be eligible, bidders should have executed commercially operational renewable energy (solar/wind/hybrid) projects with a cumulative capacity of at least 250 MW within India or abroad.</p>
<p>The net worth of the bidders should be at least ₹2.5 billion (~$30.77 million).</p>
<p>The suppliers should supply power generated from the hybrid (wind-solar) renewable power project for the term specified in this EoI. The hybrid project should mean a project comprising at least two components &#8211; one solar and one wind power project.</p>
<p>The delivery point will be the nearest central transmission utility (CTU) interconnection point from the project.</p>
<p>The minimum capacity that a bidder can bid under this tender is 50 MW, and the expected capacity utilization factor has been set as 50%.</p>
<p>The late payment surcharge will be applicable at the rate of the marginal cost of funds based lending rate (MCLR) for one year of the State Bank of India, as applicable on the April 1 of the financial year, plus 5%, and in the absence of MCLR, any other arrangement that substitutes it.</p>
<p>PTC has stated that an adequate payment security will be provided to the supplier. The payment security will be in the form of a standby revolving ‘Letter of Credit’ with a value of an estimated two months of average monthly billing valid for the term of the PPA.</p>
<p>Last November, SJVN <a href="https://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>
<p>Subscribe to Mercom&#8217;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>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a>
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PTC India Invites Bids to Procure 1 GW of Wind-Solar Hybrid Power

<p>The Central Electricity Regulatory Commission (<a href="http://www.cercind.gov.in/" target="_blank" rel="noopener">CERC</a>) proposes to grant registration to Pranurja Solutions to establish and operate a power exchange. The Commission said that it would invite suggestions and comments on its proposal.</p>
<p>It will be the third power exchange in India after India Energy Exchange (IEX) and Power Exchange India (PXIL).</p>
<p>Pranurja had filed a petition before the Commission seeking to establish and operate as a power exchange. In the interim period, it had requested the Commission to grant provisional registration to align its structure, management, and activities per CERC regulations 2010.</p>
<p><strong>Background</strong></p>
<p>Pranurja Solutions was incorporated by a consortium of PTC India, BSE Investments, and ICICI Bank with a fully paid share capital of ₹100,000 (~$1,372) and shareholding pattern of 49%, 41.10%, and 9.90%, respectively.</p>
<p>In 2018, BSE Investments, ICICI Bank, and PTC India <a href="https://mercomindia.com/bse-icici-ptc-appeal-cerc-power-exchange/" target="_blank" rel="noopener">filed</a> a petition with CERC to grant a license to set up a new power exchange. Later, on April 26, 2019, the company executed the shareholder agreement and share subscription agreement with its consortium members. The members infused an equity share capital of ₹255 million (~$3.5 million).</p>
<p>In its earlier order, the Commission had observed that the shareholding pattern was 49.02%, 41.08%, and 9.90% for PTC India, BSE Investments, and ICICI Bank, respectively. The matter was further heard on May 28, 2019, and it was observed that the company was yet to comply with the requirement of the shareholding pattern.</p>
<p>Later, Pranurja Solutions submitted a list of proposed investors for the grant of registration, which included PTC India (25%), BSE Investments (25%), ICICI Bank (9.90%), Greenko Energies (5%), Subrashi Vinimay (5%), Jindal Power (2%), Chamaria (3.1%), Tollman International (5%), Lord Dholakia (5%), and Meenakshi Power (5%). The company also said that its paid-up share capital was expected to increase to ₹500 million ($6.86 million).</p>
<p>In its order dated July 31, 2020, the Commission had observed that the company met the requirements of power market regulations for granting registration. The Commission had directed the company to comply with Regulation 19 of the power market regulations.</p>
<p>Pranurja Solutions, in its board meeting held on September 21, 2020, approved the allotment of further equity shares to new investors and the original shareholders.</p>
<p style="text-align: center;"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-24581" src="https://mercomindia.com/wp-content/uploads/2021/02/Current-Shareholding-Pattern-of-Pranurja-Solutions-Limited-Complying-With-Power-Market-Regulations.png" alt="Current Shareholding Pattern of Pranurja Solutions Limited Complying With Power Market Regulations" width="721" height="634" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/02/Current-Shareholding-Pattern-of-Pranurja-Solutions-Limited-Complying-With-Power-Market-Regulations.png 721w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/02/Current-Shareholding-Pattern-of-Pranurja-Solutions-Limited-Complying-With-Power-Market-Regulations-300x264.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/02/Current-Shareholding-Pattern-of-Pranurja-Solutions-Limited-Complying-With-Power-Market-Regulations-650x572.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/02/Current-Shareholding-Pattern-of-Pranurja-Solutions-Limited-Complying-With-Power-Market-Regulations-624x549.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/02/Current-Shareholding-Pattern-of-Pranurja-Solutions-Limited-Complying-With-Power-Market-Regulations-600x528.png 600w" sizes="(max-width: 721px) 100vw, 721px" /></p>
<p>The company noted that its current shareholding pattern had confined each investor&#8217;s holdings to 25% or less in line with Regulation 19 of the power market regulations.</p>
<p><strong>Commission&#8217;s Analysis</strong></p>
<p>The Commission observed that the company had fulfilled the net worth requirement of ₹250 million (~$3.4 million) and that its net worth was ₹500 million (~$6.86 million). The promoter companies, i.e., PTC India, BSE Investments, and ICICI Bank, were 25%, 25%, and 9.99% of shares. Also, there were 11 other shareholders, each of whom had a shareholding of 5% or less.</p>
<p>The existing two power exchanges have introduced trading in renewable energy, given the increased focus on green energy. In December 2020, Mercom reported that IEX had launched green daily and green weekly <a href="https://mercomindia.com/iex-launches-daily-weekly-contracts/" target="_blank" rel="noopener">contracts</a> on its green market trading platform with contracts for both solar and non-solar power.</p>
<p>Subscribe to Mercom&#8217;s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates </a>to ensure you don&#8217;t miss any critical updates from the renewable industry.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a>
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India to Soon Get Another Power Exchange

<p>Mumbai-based rooftop solar energy company, <a href="https://cleanmaxsolar.com/" target="_blank" rel="noopener">CleanMax</a>, has announced that its subsidiary CleanMax IPP has received ₹1.58 billion ($22.6 million) in <u>a loan</u> from PTC India Financial Services to refinance loans from <a href="http://www.kkr.com/nbfc" target="_blank" rel="noopener">KKR Financial Services</a> (KKR NBFC).</p>
<p>KKR NBFC is a non-banking finance arm of private equity company KKR. It had provided the loan to CleanMax IPP in January 2018. CleanMax is also expected to deploy the funds to meet the capital expenditure for the development of its Bellary project which consists of a 32 MW solar project owned by CleanMax IPP.</p>
<p>Gravitas Legal was the adviser to PTC India Financial Services, a lender to the power sector financier promoted by power trading services company PTC India.</p>
<p>“While the transaction was in itself a routine project finance deal, the refinancing and the fact that this was a project where electricity was distributed through open access made it stand out. Further, customization of documentation and presenting due diligence findings at the promoter level also contributed to making it a noteworthy transaction,” said Tanuj Sud, a partner at Gravitas Legal, who led the transaction advisory team.</p>
<p>Until April 2018, CleanMax claims to have successfully installed more than 300 rooftop projects for over 100 companies, with an on-site operating capacity of more than 170 MW. According to <a href="https://mercomindia.com/product/mercoms-india-solar-market-share-report-1h-2018" target="_blank" rel="noopener"><em>India Solar Market Leaderboard 1H 2018</em></a>, CleanMax was the top rooftop installer in India in 1H 2018.</p>
<p>In <a href="https://mercomindia.com/cleanmax-solar-raises-ifc/" target="_blank" rel="noopener">November 2017</a>, CleanMax raised $15 million (~₹964.52 million) investment from the International Finance Corporation (<a href="http://www.ifc.org/" target="_blank" rel="noopener">IFC</a>), a member of the World Bank Group. IFC invested in convertible debentures in of the company. This was the first time IFC acquired equity stake in a distributed-generation firm.</p>
<p>CleanMax has also <a href="https://mercomindia.com/cleanmax-solar-raises-100-million-funding-warburg-pincus/" target="_blank" rel="noopener">raised</a> $100 million (₹6.5 billion) in equity financing from Warburg Pincus, a New York-based private equity firm in 2017.</p>
<p>&nbsp;</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/shaurya/" class="vcard author" rel="author"><span class="fn">Shaurya Bajaj</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="wp-image-13448 alignleft" src="https://mercomindia.com/wp-content/uploads/2019/05/Screenshot-2019-04-17-at-4.26.41-PM-e1556814659545.png" alt="" width="118" height="124" /><span style="font-family: Calibri"><span style="color: #000000"><span>Shaurya is a staff reporter at MercomIndia.com with experience working in the Indian solar energy industry for the past four years in various roles. Prior to joining Mercom, Shaurya worked with a renewable energy developer and a consulting company. Shaurya holds a Bachelors Degree in Business Management from Lancaster University in the United Kingdom. </span></span></span></p>
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Rooftop Solar Developer CleanMax Secures ₹1.6 Billion Loan from PTC India

<p>The Delhi Electricity Regulatory Commission (<a href="http://www.derc.gov.in/" target="_blank" rel="noopener">DERC</a>) has approved two power sale agreements (PSAs) between BSES Rajdhani Power Limited (<a href="https://www.bsesdelhi.com/web/bses" target="_blank" rel="noopener">BRPL</a>) and PTC India Ltd for the procurement of 100 MW of wind power. This will help BRPL meet its non-solar renewable purchase obligation (RPO).</p>
<p>BRPL had petitioned the Delhi commission seeking adoption of tariff for purchase of 100 MW of wind power from PTC India Limited and for the approval of the PSAs dated July 21, 2017, entered by BRPL and PTC India Limited.</p>
<p>The tariff of the PSA will be ₹3.53 (~$0.050)/kWh; ₹3.46 (~$0.049)/kWh (tariff quoted by developer), along with PTC India Limited’s trading margin of ₹0.07 (~$0.00099)/kWh.</p>
<p>Back in June 2016, the MNRE had approved a program to set up 1,000 MW of interstate transmission system (ISTS)-connected wind projects. Then in October 2016, the Solar Energy Corporation of India, (SECI) on behalf of PTC India Limited, tendered 100 MW of ISTS-connected wind power projects.</p>
<p>Green Infra Wind Energy Ltd. and Inox Wind Infrastructure Services Ltd. both won the bid to develop 50 MW of wind projects each by quoting tariff of ₹3.46 (~$0.049)/kWh. PTC India Limited had entered power purchase agreements with the winning bidders.</p>
<p>While examining the petition and submissions made, the commission observed that PTC India Limited has made two agreements in respect of each transaction, one power purchase agreement with the generator and then back to back PSA with BRPL for the supply of power.</p>
<p>The Delhi commission also observed that the tariff has been determined through a competitive bidding process as per the guidelines issued by the Ministry of New and Renewable Energy (MNRE). The DERC found the PSAs dated July 21, 2018, entered by PTC India Limited and BRPL to be in order and therefore approved them.</p>
<p><a href="https://mercomindia.com/delhi-discom-agreement-100-mw-wind-rpo/" target="_blank" rel="noopener">In July 2018</a>, BSES Yamuna Power Limited (<a href="https://www.bsesdelhi.com/web/bypl/home" target="_blank" rel="noopener">BYPL</a>) had entered PPA to procure 100 MW of wind to meet its non-solar RPO.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2018/03/saumy-edited-1.png" alt="Saumy Prateek" /> Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University. <a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></p>
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Delhi Commission Approves 100 MW of Wind Power Sale Agreements

<p>The Bombay Stock Exchange (BSE), ICICI bank, and PTC India have filed a petition with the Central Electricity Regulatory Commission (CERC) for grant of license in order to set up a new power exchange.</p>
<p>The new power exchange, subject to necessary regulatory approvals, would draw on the expertise of its stakeholders. BSE has the experience of setting up and running various exchanges and platforms in India, whereas ICICI bank has the knowledge of the power sector and funding of power projects and associated infrastructure. PTC India Limited has been offering the market participants a credible power trading platform since 1999.</p>
<p>PTC India Ltd., formerly known as Power Trading Corporation of India Limited, was established by Government of India through the initiative of four central public sector units of Ministry of Power. These were &#8211; National Thermal Power Corporation (NTPC), Power Grid, Power Finance Corporation (PFC), and National Hydroelectric Power Corporation (NHPC). Its trading volumes reached ~57,018 MUs in FY 2017-18 and it has a market share of around 40 percent.</p>
<p>CERC is the key regulator of India’s power sector and if approved by the body, this will be a significant development that will give market participants a new and credible power trading platform.</p>
<p><a href="https://mercomindia.com/cerc-granting-category-i-license-refex-energy/" target="_blank" rel="noopener">Recently</a>, Mercom reported that CERC proposed granting a Category I trading license to Refex Energy Limited. The proposal came after the company requested CERC to grant it a Category I license for inter-state trading of electricity across India.</p>
<p><a href="https://mercomindia.com/nlc-india-announces-foray-power-trading-business/" target="_blank" rel="noopener">Earlier</a>, Mercom reported that the state-owned Neyveli Lignite Corporation India Limited (<a href="https://www.nlcindia.com/new_website/index.htm">NLCIL</a>) also announced its foray into power trading business and it has received Category I licence from the CERC for power trading in the country.</p>
<p>Rajasthan Urja Vikas Nigam Limited and NTPC had also petitioned CERC for the grant of a Category I license for inter-state trading in electricity in India but have not been successful yet.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nitin/" class="vcard author" rel="author"><span class="fn">Nitin Kabeer</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft wp-image-9822" src="https://mercomindia.com/wp-content/uploads/2018/04/nitin-2.png" alt="" width="99" height="105" /><span style="font-family: Calibri"><span style="color: #000000"><span>Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism &amp; Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. <a href="https://mercomindia.com/author/nitin/">More articles from Nitin Kabeer</a></span></span></span></p>
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Bombay Stock Exchange, ICICI Bank and PTC India Appeal to CERC for a New Power Exchange

<p>The Haryana Electricity Regulatory Commission (<a href="https://herc.gov.in/" target="_blank" rel="noopener">HERC</a>) has approved a petition for the procurement of power from green energy sources other than solar with the purpose of fulfilling the stipulated renewable purchase obligation (RPO).</p>
<p>The petition, filed by the Haryana Power Purchase Centre (HPPC), Panchkula, sought permission for the letter of intent (LoI) for the procurement of non-solar renewable energy to fulfil their RPO.</p>
<p>The procurement of power will be done on a short-term basis. The firms have been selected in line with the guidelines for the procurement of power by distribution licensees through tariff based bidding process in the short-term (i.e. for a period of more than one day to one year). These guidelines have been issued by the Ministry of Power.</p>
<p>In its petition, HPPC mentioned, “There would a shortfall of 1,248 million units (MUs) to fulfill the non-solar RPO targets fixed by HERC.” The HPPC conducted e-reverse auction based competitive bidding to meet the expected shortfall of non-solar renewable power from May 1, 2018, to October 31, 2018, under short-term arrangement.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2018/07/tarherc.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-10656" src="https://mercomindia.com/wp-content/uploads/2018/07/tarherc.png" alt="Haryana Approves Petition for Power Procurement from Non-Solar Sources for RPO" width="681" height="302" srcset="https://cms.mercomindia.com/wp-content/uploads/2018/07/tarherc.png 681w, https://cms.mercomindia.com/wp-content/uploads/2018/07/tarherc-600x266.png 600w, https://cms.mercomindia.com/wp-content/uploads/2018/07/tarherc-300x133.png 300w, https://cms.mercomindia.com/wp-content/uploads/2018/07/tarherc-650x288.png 650w, https://cms.mercomindia.com/wp-content/uploads/2018/07/tarherc-624x277.png 624w" sizes="(max-width: 681px) 100vw, 681px" /></a></p>
<p>PTC India Ltd and Tata Power Trading Company were selected as the providers of power by HPPC. In its order, the HERC observed that the tariff discovered by HPPC has been determined through a transparent process of bidding in accordance with the guidelines issued by the central government.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2018/07/tarherc2.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-10657" src="https://mercomindia.com/wp-content/uploads/2018/07/tarherc2.png" alt="Haryana Approves Petition for Power Procurement from Non-Solar Sources for RPO" width="685" height="221" srcset="https://cms.mercomindia.com/wp-content/uploads/2018/07/tarherc2.png 685w, https://cms.mercomindia.com/wp-content/uploads/2018/07/tarherc2-600x194.png 600w, https://cms.mercomindia.com/wp-content/uploads/2018/07/tarherc2-300x97.png 300w, https://cms.mercomindia.com/wp-content/uploads/2018/07/tarherc2-650x210.png 650w, https://cms.mercomindia.com/wp-content/uploads/2018/07/tarherc2-624x201.png 624w" sizes="(max-width: 685px) 100vw, 685px" /></a></p>
<p>The HERC also found that the effective rate of renewable power is less than the rate of high cost power being scheduled.</p>
<p>According to <em><a href="https://mercomindia.com/product/solarinstallations-q1-2018/" target="_blank" rel="noopener">Q1 2018 Mercom India Quarterly Market Update</a></em>, Haryana has a totaled installed power capacity of 11,242 MW.</p>
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<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2018/03/saumy-edited-1.png" alt="Saumy Prateek" /> Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University. <a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></p>
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