RECPDCL Invites Bids for 223 MW ISTS-Connected Solar Projects

Clean Energy Tech Firm Ecozen Raises $30 Million for Global Expansion

SJVN Green Energy Invites Bids to Source Land for 200 MW Solar Projects in Assam

Avaada Inks ₹45 Billion Refinancing Deal for Four Solar Projects in Rajasthan

Daily News Wrap-Up: Application Process for ALMM Inclusion and Renewal

Australia Adds 5.9 GW of Renewable Capacity to the Grid in 2023

POWERGRID Wins Contracts to Evacuate 18 GW of Renewable Energy

MNRE Seeks Feedback on Guidelines for PM-Surya Ghar Rooftop Solar Program

Apple Partners with CleanMax to Power India Operations with Renewable Energy

Explainer: Application Process for ALMM Inclusion and Renewal


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					</table><p>In a first-of-its-kind transaction undertaken by a public sector undertaking, <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a>, a joint venture between the Government of India and the state of Himachal Pradesh, secured ₹100 billion (~$1.2 billion) construction financing facility to fund its upcoming renewable energy projects.</p>
<p>The financing was raised by <a href="https://www.db.com/index?language_id=1&amp;kid=sl.redirect-en.shortcut" target="_blank" rel="noopener">Deutsche Bank</a>, <a href="https://bank.sbi/" target="_blank" rel="noopener">State Bank of India</a>, <a href="https://www.pnbindia.in/" target="_blank" rel="noopener">Punjab National Bank</a>, <a href="https://bankofindia.co.in/" target="_blank" rel="noopener">Bank of India</a> and, Mitsubishi and United Financial of Japan Financial Group (<a href="https://www.bk.mufg.jp/global/" target="_blank" rel="noopener">MUFG</a>) Bank.</p>
<p>SJVN undertook the initiative to secure the funding through its subsidiary SJVN Green Energy, with State Bank of India Capital Markets (<a href="https://www.sbicaps.com/" target="_blank" rel="noopener">SBI CAPS</a>) acting as the sole advisor and arranger for the transaction.</p>
<p>The construction financing request is said to have received tremendous response from lenders and was over-subscribed.</p>
<p>The facility will be of a revolving nature and would allow SJVN to draw down funds on an ongoing basis as per the construction requirements of its projects. This is expected to enable the fast-tracking of its under-construction renewable energy projects and contribute to India’s target of achieving 500 GW of renewable energy by 2030.</p>
<p>“We are exhilarated to have secured this facility from five leading banks, which underscores the financial community&#8217;s recognition of our commitment to a greener and more sustainable future,&#8221; said Nand Lal Sharma, Chairperson and Managing Director.</p>
<p>He said the construction financing facility will be deployed strategically to develop solar and wind energy projects across India. These projects will create employment opportunities, boost the local economy, and contribute significantly to harnessing renewable energy.</p>
<p>The company’s renewable energy portfolio stands at 5,090.5 MW, out of which 179.5 MW is under operation, 1,860 MW is under construction, and 3,051 MW is under various stages of implementation.</p>
<p>SJVN Green Energy also received the go-ahead to form a joint venture with Maharashtra State Power Generation Company to develop 5,000 MW renewable energy projects. This is in addition to another joint venture between the company, the Government of Arunachal Pradesh, and Navyuga Engineering Company to execute the development of the 1,878 MW Oju Hydro Electric Project in Arunachal Pradesh.</p>
<p>The company is also in joint ventures with Nepal Electricity Authority &amp; GMR Energy and Assam Power Development Company to implement the 900 MW Upper Karnali Hydro Electric Project and 1,000 MW renewable energy projects, respectively.</p>
<p>Last month, SJVN <a href="https://www.mercomindia.com/sjvn-bids-to-acquire-solar-projects-in-assam" target="_blank" rel="noopener">invited</a> bids to purchase or lease up to 1,000 acres of land in Assam for 28 years to develop 200 MW of solar power projects.</p>
<p>In June, the company also <a href="https://mercomindia.com/sjvn-bids-1-5-gw-renewable-energy-storage" target="_blank" rel="noopener">invited</a> bids to select renewable developers for the supply of 1,500 MW of power from interstate transmission system-connected renewable energy projects with energy storage capacities across India.</p>
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SJVN Secures ₹100 Billion to Fund the Construction of Renewable Projects


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					</table><p>Small Industries Development Bank of India (<a href="https://www.sidbi.in/" target="_blank" rel="noopener">SIDBI</a>) has launched a &#8220;Decarbonization Challenge Fund” (DCF) to support innovative and scalable technologies and projects and solutions that are environment-friendly, clean, and have high impact potential.</p>
<p>This competitive mechanism will crowd-source innovative solutions across themes that address industrial decarbonization challenges such as energy efficiency, renewable energy, clean transportation, pollution prevention control, and green buildings.</p>
<p>DCF is being launched as part of SIDBI’s Partial Risk Sharing Facility for Energy Efficiency (PRSF) program and is supported by the World Bank.</p>
<p>The Fund was launched to address the need for innovative initiatives that do not fit into regular financing programs and thus do not have access to funds from mainstream lending ecosystems. DCF aims to bridge this funding gap.</p>
<p>The Fund will offer financial support to village entrepreneurs, micro, small, and medium enterprises (MSMEs), nonprofit organizations, and educational institutions focused on curating sustainable, efficient climate change technologies.</p>
<p>DCF expects impact-oriented projects/ideas that address the problems of the bottom of the pyramid, which target village-level enterprises, micro-enterprises, and unprivileged or underserved segments of society as beneficiaries.</p>
<p>Applicants will be assessed on parameters based on their proposal containing the proposed action, project budgeting, inclusivity of benefits, impact-oriented innovation, sustainability impact, and presentation. The projects are expected to demonstrate a substantial potential in energy saving and GHG emission reduction.</p>
<p>The period of implementation should be between 3 and 12 months, with additional validity of withdrawal up to 3 months after the project’s completion.</p>
<p>SIDBI has been <a href="https://www.mercomindia.com/sidbi-financing-rooftop-solar-reasonable-interest-rate" target="_blank" rel="noopener">offering</a> 100% loans for rooftop solar installations that allowed MSMEs to substantially reduce their power costs. The loans cover the cost of equipment, any machine, or electric vehicles.</p>
<p>Early this year, it also <a href="https://www.mercomindia.com/sidbi-electric-vehicles-affordable" target="_blank" rel="noopener">launched</a> a lending program that made the purchase of electric two and four-wheelers more affordable. The pilot program has two components- direct lending and indirect lending.</p>
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SIDBI Launches Fund to Support Scalable Green Technology Solutions


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					</table><p>The drive towards energy security and cleaner power sources has led to robust renewable energy capacity additions in India. Among renewables, solar and wind energy  &#8211; both intermittent sources have been added at a larger scale and must ensure reactive power (grid inertia) compensation and voltage stability for grid safety.</p>
<p>The solar and wind capacity in the total installed power capacity has risen from less than 10% at the end of 2013 to about 25.5% as of December 2022, according to <a href="https://www.mercomindia.com/research" target="_blank" rel="noopener">Mercom India Research</a>.</p>
<p>When renewable energy penetration in the power grid was much lower, it could be connected or disconnected without impacting grid stability significantly. However, with the increased renewable integration, any deviation seriously affects the stability and reliability of the grid.</p>
<p>Reactive power services are used to make sure voltage levels remain within a mandated range. The voltage support physically moves power from generation sources to the load. Reactive power significantly affects grid security as it impacts voltages in the system.</p>
<p>The government during the year has implemented measures after various energy loss incidents put the national grid at risk.</p>
<p>The Central Electricity Authority (<a href="https://cea.nic.in/?lang=en" target="_blank" rel="noopener">CEA</a>) recently reported 28 incidents where grid frequency deviated outside the prescribed limits, involving the loss of over 1,000 MW of renewable energy since January 2022. This has added to worries about more frequent power outages.</p>
<p>Most of the reported incidents were categorized under overvoltage during the switching operation, low-frequency oscillations of renewable energy, and faults near the renewable energy complex.</p>
<p>An analysis of these incidents revealed that inadequate reactive power support from variable renewable energy was one of the contributing factors both in static and dynamic conditions.</p>
<p>Solar and wind energy projects, which <a href="https://www.mercomindia.com/solar-share-installed-power-capacity-q2-2023" target="_blank" rel="noopener">account</a> for almost 63% of the country&#8217;s installed renewable capacity, defy CEA&#8217;s requirement of reactive power capability of 33% of the project&#8217;s generation capacity, particularly in the northern region. India <a href="https://www.mercomindia.com/indias-solar-generation-up-21-yoy-q2-2023" target="_blank" rel="noopener">generated</a> 30 billion units of solar energy alone during the second quarter of 2023.</p>
<p>Following this, the CEA has <a href="https://www.mercomindia.com/renewable-developers-must-comply-connectivity-rules" target="_blank" rel="noopener">directed</a> all renewable energy developers applying for connectivity until April 30, 2023, to comply with CEA Connectivity Regulations by September 30 or face disconnection.</p>
<p>According to the regulations, it is necessary to have dynamically varying reactive power support during low voltage ride through (LVRT) and high voltage ride through (HVRT).</p>
<p>This is because fixed capacitor banks can only provide reactive support during steady-state conditions and deliver support in steps after a time delay. Therefore, providing dynamically varying reactive power support is crucial to ensure grid stability and security.</p>
<p>Dynamic support allows injection or drawal of reactive power within milliseconds to prevent outage during current/voltage overloads.</p>
<p>Speaking to Mercom, a system operator at <a href="https://posoco.in/" target="_blank" rel="noopener">GRID Controller of India</a>, said, &#8220;A reason for the occurrence of low voltage, even 85% or below the nominal value, is the inability of the solar or wind generators to provide dynamic reactive support. In the case of solar projects connected to a pooling station, as the power injection to the grid increases with solar irradiation, the load on the outgoing high-capacity transmission lines also increases. This, in turn, causes the voltage at the pooling substation/connection point of the renewable generators to fall and even go below 85% of the nominal voltage.&#8221;</p>
<p>&#8220;Solar and wind projects that fail to comply with the CEA standards may then trip, leading to significant generation loss. Again, the unloading on outgoing lines may, in turn, trigger high voltage conditions. In this case, the wind and solar generator&#8217;s inability to provide adequate dynamic reactive power support is responsible for the voltage dip,&#8221; he said.</p>
<p>The higher the renewable energy generation, the greater the requirement for reactive power support.</p>
<p>According to a renewable energy project developer Mercom spoke to, the fluctuations and the tripping issues happen when there is no grid inertia or reactive power, which is created in most regions by the thermal or hydropower projects that have the capability of supplying the reactive power support as well as drawing it from the grid as and when required.</p>
<p>He said, &#8220;The issue particularly stems from regions like Rajasthan, where there is 66 GW of renewable capacity in the pipeline, and Gujarat, where 25-30 GW capacity is planned in Khavda region alone, and there are not many thermal or hydropower plants available to maintain the reactive power supply to avoid the grid from failing. Most renewable power projects built in the past never factored it in, which is why the Rajasthan grid collapses now and then, particularly in the renewable energy areas.&#8221;</p>
<p>In the absence of grid inertia from thermal or hydropower projects, it becomes necessary to install a variable compensator that can supply reactive power to the grid and draw it whenever required.</p>
<p>The System Operator explained, &#8220;For renewable projects, 0.95 power factor is fairly reasonable; generators located far from the load centers should have the capability to operate from 0.90 power factor lagging to 0.95 power factor leading, while those close to the load centers should be capable to operate from +0.85 lagging to -0.95 leading. For renewable generators, the 0.95 power factor translates to 33% of the active power, which is the reactive power capability that should be available up to the rated active power.&#8221;</p>
<p>To solve this pressing issue, developers have been advised to install a FACTS (flexible alternating current transmission system) device, like a static var compensator or a static synchronous compensator (STATCOM). These devices can vary their reactive power output at a faster rate, depending on their controller action. They use an Insulated Gate Bipolar Transistor (IGBT) and other thyristor control, supporting faster conversion capability.</p>
<p>Without clear instructions under CEA Connectivity Regulations to install these devices, many project developers have failed to factor in this obligation of providing reactive power support and hence consider its cost while bidding through the years.</p>
<p>Existing renewable projects without such devices are required to have a reserve capacity of inverter installed within the system. This ensures that even if they generate at full load, they still have the margin to provide some lagging or leading reactive power support to prevent that point of interconnection voltage from going outside the acceptable limits. The only other way is to go for external compensation at the plant terminal, a type of dynamic compensation device.</p>
<p>However, even with just capability, inverters go into sleep mode whenever the grid goes off, thus making a static or variable dynamic reactive power compensator necessary.</p>
<p>Another renewable energy project developer said, &#8220;The developers never had to worry about these factors previously because it was mostly taken care of at the substation level or by Grid India. With the rising renewable energy injection into the grid, it has become mandatory for developers to install such devices. For a 100 MW project on average, we would need to install 10 MVAr STATCOMs, which could easily cost around ₹3 to ₹4 billion (~$36.15 million to $48.2 million) and is a heavy price to factor into project costs.&#8221;</p>
<p>He added, &#8220;These additional requirements for existing projects were expected to be dealt with under the change in law clause in the PPAs. When the Grid Code came into existence in 2017, there were deliberations on what had to be installed &#8211; static capacitor banks, or a dynamic reactor, and then the STATCOM. All these equipments are capable of compensating the reactive power requirement of the grid. Developers are not saying no to installing this equipment, but the cost is a concern. This cost has not been factored into the tariffs bid earlier and hence has to come under the law change; otherwise, it will make the project unviable.&#8221;</p>
<p>A senior official at a government implementing agency agreed that installing devices for dynamic reactive power support would definitely impact the project costs and ultimately reflect in the tariffs in the future.</p>
<p>He said, &#8220;Previously, STATCOM devices were installed under the CTU scope. However, the CEA has recently enforced its connectivity regulations, insisting project developers install these devices at the power generating stations. For projects with finalized tariffs, the developers can approach the Central Electricity Regulatory Commission with requests to consider a &#8216;Change in Law&#8217; condition for such cases and claim compensation. It will ultimately be up to the CERC to decide whether they want to grant it or not. As far as the government implementing agencies are concerned, we hold grid safety as the utmost priority and will ensure such devices are in place to avoid any grid failures.&#8221;</p>
<p>With grid security being a significant factor in managing the increasing renewable energy capacity, there seems to be no other alternative but to install the required STATCOM devices for projects in operation, ultimately leading to increased project costs, which may or may not be compensated under the change in law clause.</p>
<p>In the future, project developers will have to factor in these costs when bidding. Clean energy is bound to get more expensive, but the upside is that India can expect more disciplined and stable grid management, enabling effective injection of renewables into the system.</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/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</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/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
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Reactive Power Support for Renewables Key to Prevent Blackouts, But Who Pays?

<p>Compared to the previous month, there was a lull in India’s renewable energy sector mainly due to the long festive season in October. However, there were some important highlights and developments in the month.</p>
<p><em>Here are some of the major news headlines from October:</em></p>
<p>India’s power supply <a href="https://mercomindia.com/north-east-india-highest-power-supply-deficit/" target="_blank" rel="noopener noreferrer">deficit</a> stood at 0.5% during the six months between April and September 2019, according to the Central Electricity Authority (CEA). During these six months, 683,389 million units (MUs) of energy was supplied against a demand of 687,107 MUs, leading to a deficit of 3,719 MUs. The supply deficit and peak power deficit for the six months stood at 0.5% and 0.7%, respectively.</p>
<p>The National Solar Energy Federation of India (NSEFI) has <a href="https://mercomindia.com/nsefi-rk-singh-solar-generators-andhra-renewable-feud/" target="_blank" rel="noopener noreferrer">requested</a> the Union Power Minister R.K. Singh to bail out solar generators from the ongoing renewable energy dispute in Andhra Pradesh. The federation has underlined in the letter that solar projects in Andhra Pradesh have been suffering due to rampant curtailment of solar generation since July 2019.</p>
<p>The Appellate Tribunal for Electricity (APTEL) has <a href="https://mercomindia.com/aptel-stalls-derc-from-imposing-penalty-tata-power-discom-rpo-non-compliance/" target="_blank" rel="noopener noreferrer">provided</a> relief to Tata Power Delhi Distribution Limited (TPDDL) after it was penalized by the Delhi Electricity Regulatory Commission (DERC) for not meeting its renewable purchase obligation. The DISCOM has argued that the commission imposed a penalty due to misinterpretation of facts which, according to the company, “is absolutely an erroneous assumption.”</p>
<p>A new analysis by the World Economic Forum and the Ola Mobility Institute <a href="https://mercomindia.com/india-could-global-ev-hotspot-adoption-slow-wef-ola-report/" target="_blank" rel="noopener noreferrer">shows</a> there are ten states and union territories that are building momentum for EV usage in three sectors: manufacturing, infrastructure, and services.  The report, <em>EV Ready India – Part 1: Value Chain Analysis of State EV Policies</em>, examines programs and policies in Andhra Pradesh, Bihar, Delhi, Karnataka, Kerala, Maharashtra, Tamil Nadu, Telangana, Uttarakhand, and Uttar Pradesh. It highlights the opportunities for the sector and builds a common framework for analyzing state EV policies through trend analysis of value chains.</p>
<p>In another major development, the Andhra Pradesh High Court <a href="https://mercomindia.com/andhra-high-court-stays-center-order-relief-discoms/" target="_blank" rel="noopener noreferrer">issued</a> a stay order on the central government’s proceedings against electricity distribution companies in the state for not providing letters of credit to power generators in line with the order from the center. In June 2019, the central government approved a proposal to make it mandatory for distribution licensees to open and maintain adequate letters of credits as the payment security mechanism under power purchase agreements.</p>
<p>Avyan Renewable Solar will <a href="https://mercomindia.com/avyan-renewable-solar-acquisition-sunedison/" target="_blank" rel="noopener noreferrer">acquire</a> 13,91,896 equity shares representing 31% of the equity share capital of SunEdison, according to a recent corporate filing by SunEdison with the Bombay Stock Exchange.</p>
<p>The National Institute of Solar Energy (NISE) <a href="https://mercomindia.com/nise-cst-manufacturers-mandatory-testing/" target="_blank" rel="noopener noreferrer">wrote a letter</a> to domestic manufacturers, state nodal agencies, and concerned stakeholders regarding the mandatory testing of concentrated solar thermal products.</p>
<p>The recent launch of the Kisan Urja Suraksha Evam Utthaan Mahabhiyan (KUSUM) program to solarize India’s agriculture industry has met with <a href="https://mercomindia.com/industry-recommends-modifications-kusum-solar/" target="_blank" rel="noopener noreferrer">mixed responses</a>. While some are lauding the government’s initiative, some are pointing out clauses and conditions that might affect the domestic solar industry adversely. The latest response to the program has come from the National Solar Energy Federation of India that has written to Union Power Minister R.K. Singh, suggesting several modifications that should be incorporated in the KUSUM program for smoother implementation.</p>
<p>The Ministry of Power (MoP) <a href="https://mercomindia.com/indias-discom-ratings-show-improvement/" target="_blank" rel="noopener noreferrer">released</a> its seventh annual integrated ratings for the state distribution companies. The Investment Information and Credit Rating Agency (ICRA) and Credit Analysis and Research (CARE) were the designated rating agencies. This year DISCOMs saw a significant increase in rating upgrades; there were 20 upgrades and only one downgrade.</p>
<p>The Government of India has <a href="https://mercomindia.com/mnre-target-date-renewable-power/" target="_blank" rel="noopener noreferrer">clarified</a> that the target date for achieving the cumulative 175 GW renewable power installed capacity is December 31, 2022. According to the letter issued by the Ministry of New and Renewable Energy (MNRE), the clarification was issued after the date for achieving the stated target was being mentioned differently (by the year 2022 or by the year 2021-22) in various sources.</p>
<p>Adani Green Energy Limited <a href="https://mercomindia.com/adani-green-issuance-green-bonds/" target="_blank" rel="noopener noreferrer">announced</a> that its subsidiaries, Adani Renewable Energy Limited, Wardha Solar (Maharashtra), and Kodangal Solar Parks Private Limited, have approved the issuance of dollar-denominated 20-year senior secured green bonds amounting to $362.5 million.<strong> </strong>In a filing with the Bombay Stock Exchange, Adani Green added that the companies intend to use the proceeds from the issue to repay their respective foreign currency loans and rupee borrowings. Further, the balance of the net proceeds is expected to be used for capital expenditure and other project related liabilities.</p>
<p>Domestic solar module manufacturers <a href="https://mercomindia.com/safeguard-duty-created-market-domestic-manufacturers/" target="_blank" rel="noopener noreferrer">expressed</a> their discontent months after the imposition of the safeguard duty. In an interaction with Mercom, they stated that the policy had failed to achieve the desired objectives of protecting domestic manufacturers from a sudden surge of imports since the safeguard duty was imposed for only two years, and the implementation period of utility-scale solar projects is 18 to 24 months.</p>
<p>Image credit: juwi</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/anjana/" class="vcard author" rel="author"><span class="fn">Anjana Parikh</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2019/06/Anjana2.png" width="112" height="121" />Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.</p>
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Month in a Minute: News Highlights from India’s Renewable Sector in October 2019

<p><a href="http://urjaglobal.in/projects" target="_blank" rel="noopener noreferrer">Urja Global Limited</a> has announced that it has received the approval to raise green bonds of up to $500 million (₹35.64 billion) to finance renewable projects and electric vehicles (EVs).</p>
<p>The company can now list the bonds overseas at platforms like the London Stock Exchange, Singapore Stock Exchange, NASDAQ or any other foreign exchange, according to the company’s regulatory filing.</p>
<p>The approval for the issue of green bonds of up to $500 million for financing renewable energy projects and e-vehicles, was granted during the 27<sup>th</sup> annual general meeting of the company held on September 30, 2019, said the filing.</p>
<p>Urja Global is engaged in designing, consultancy, integration, supply, installation, commissioning, and maintenance of off-grid and grid-connected solar power projects. Its current products also include lithium-ion batteries, e-rickshaws batteries, and automotive energy storage systems.</p>
<p>Meanwhile, in May 2019, it was reported that Urja Global and Andhra Pradesh Economic Development Board (APEDB), signed a memorandum of understanding (MoU) for <a href="https://mercomindia.com/andhra-pradesh-2-billion-ev-manufacturing-ecosystem/" target="_blank" rel="noopener noreferrer">setting up a manufacturing unit</a> of lithium-ion batteries and electric vehicles for the development of electric mobility ecosystem.</p>
<p>Under the MoU, Urja Global agreed to invest ₹2 billion (~$28.55 million) to create 250 direct and 1,000 indirect job opportunities. The manufacturing unit was slated to be set up at Anantapur, Nellore, and Chittoor in Andhra Pradesh.</p>
<p>The green bond principles were <a href="https://mercomindia.com/bse-green-bond-platform/" target="_blank" rel="noopener noreferrer">established in 2014</a> by a consortium of investment banks: Bank of America Merrill Lynch, Citi, Crédit Agricole Corporate and Investment Bank, JPMorgan Chase, BNP Paribas, Daiwa, Deutsche Bank, Goldman Sachs, HSBC, Mizuho Securities, Morgan Stanley, Rabobank, and SEB. ICMA is monitoring and providing development guidelines for green bond principles.</p>
<p>Interestingly, India now has its own green bond trading platform. Earlier this year, the Bombay Stock Exchange (BSE)’s international arm, India International Exchange (India INX), announced its exclusive green listing and trading platform called Global Securities Market (GSM). GSM Green serves as a platform for fundraising and trading green, social, and sustainable bonds exclusively.</p>
<p>Over the past few years, several Indian renewable companies have announced their plans to launch green bonds. For instance, recently, Azure Power Solar Energy Private Limited announced that it would issue a <a href="https://mercomindia.com/solar-developer-azure-power-green-bond/">green bond</a> offering of $350 million (~₹25 billion). The bond is expected to mature in 2024 with an expected US Dollar coupon of 5.65%</p>
<p>In June this year, <a href="https://mercomindia.com/adani-green-500-million-green-bonds/" target="_blank" rel="noopener noreferrer">Mercom</a> had reported that Adani Green Energy Limited (AGEL), the renewable energy arm of Adani Group, also announced it would raise $500 million through green bonds.</p>
<p>The bonds would be listed on the Singapore Exchange Securities Trading Limited (SGX- ST) and India International Exchange (IFSC) Limited.</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/anjana/" class="vcard author" rel="author"><span class="fn">Anjana Parikh</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2019/06/Anjana2.png" width="112" height="121" />Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.</p>
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Urja Global to Issue Green Bonds of up to $500 Million to Finance Renewable Projects & EVs

<p>The Karnataka Electricity Regulatory Commission (<a href="http://www.karnataka.gov.in/kerc/Pages/home.aspx" target="_blank" rel="noopener">KERC</a>) has reduced the banking period of renewable energy projects from one year to six months.</p>
<p>“In partial modification of the KERC order dated July 4, 2014, the banking period for the non- renewable energy certificate (REC) route based renewable energy projects, opting for wheeling, is reduced from the existing one year to six months,” the order issued by KERC stated.</p>
<p>While KERC has specified January to June as the banking period for wind projects, for mini-hydel power projects the banking period has been set from July to December. For solar power projects, April to September and October to March have been set as the banking period.</p>
<p>For wind and mini-hydel projects, the new regulation will be in effect from July 1, 2018. The amount of energy banked under the existing banking facility from April to June 2018 will be carried forward to the July to December period. For solar power projects, the new regulation will be applicable from April 1, 2018.</p>
<p>Any unutilized banked energy remaining at the end of six months will be considered to have been purchased by the distribution company (DISCOM) in that area. For this, the DISCOM will pay at the rate of 85 percent of the applicable generic tariff during the period.</p>
<p>The energy banked by the non-REC route based renewable energy projects during the peak Time of Day (ToD) hours can only be drawn during the peak ToD hours.</p>
<p>Mercom <a href="https://mercomindia.com/kerc-revises-wheeling-charges/" target="_blank" rel="noopener">previously reported</a> that KERC released a discussion paper that called for increasing the wheeling and banking charges for solar, wind and other renewable energy projects developed under a non-REC route in Karnataka. KERC has proposed levying a 25 percent tariff on normal transmission charges and/or wheeling charges.</p>
<p><a href="https://mercomindia.com/kerc-benchmark-solar-tariff/" target="_blank" rel="noopener">Recently</a>, the KERC also proposed a tariff of ₹2.79 (~$0.043)/kWh for new, MW-scale, grid-connected solar photovoltaic (PV) projects developed across the state.</p>
<p>Image credit: Flickr</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"><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/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>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></div>
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Karnataka Reduces Banking Period for Solar and Other Renewable Energy Projects

<p>The Tamil Nadu Generation and Distribution Corporation (TANGEDCO) has revealed plans to tender 3 GW of renewable energy capacity soon. The capacity will consist of 1.5 GW of solar projects and 1.5 GW of wind power projects.</p>
<p>Tamil Nadu is already one of the top solar states in India with over 1.7 GW of installed solar capacity, according to <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener"><em>Mercom’s India Solar Project Tracker</em></a>. The planned tenders are poised to further strengthen the state’s strong project development pipeline of approximately 2.4 GW .</p>
<p>TANGEDCO has laid the groundwork for tendering the capacity by seeking approval from the Tamil Nadu Electricity Regulatory Commission (TNERC) for the procurement of 1.5 GW of power from wind projects with a minimum capacity of 25 MW each using the reverse auction process, with ₹2.65/ (~$0.04) kWh set as the upper tariff limit.</p>
<p>TANGEDCO has also asked TNERC to grant permission to float a tender for the procurement of 1.5 GW of solar power from solar project developers also using the reverse bidding process, with ₹3.00 (~$0.046)/kWh set as the upper tariff limit.</p>
<p>TNERC is set to make a decision on the requests on March 13, 2018.</p>
<p>The planned tenders come as TNERC is struggling to meet its Renewable Purchase Obligation (RPO) target of 5 percent for the current financial year.</p>
<p>Mercom <a href="https://mercomindia.com/mnre-tangedcos-solar-park-tamil-nadu/">reported</a> in December 2017 that the Ministry of New and Renewable Energy (MNRE) had granted in-principle approval to TANGEDCO for the development of a 500 MW solar park in Ramanathapuram. The solar park is also expected to help TANGEDCO move closer to achieving its RPO target.</p>
<p>In June 2017, another state agency called the Tamil Nadu Energy Development Agency (TEDA) also tendered a 500 MW solar park in Tamil Nadu, Mercom <a href="https://mercomindia.com/teda-searching-solar-park-developer-establish-500-mw-solar-park-tamil-nadu/">reported</a>.</p>
<p>Image credit: By Changyang1230 (Own work) [<a href="https://creativecommons.org/licenses/by-sa/3.0" target="_blank" rel="noopener">CC BY-SA 3.0</a>] via Wikimedia Commons</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"><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/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>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></div>
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