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>From: <a href="https://mercomcapital.com/project-finance-brief-doral-renewables-funding-bend-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Doral Renewables, a utility-scale renewable energy project developer, </strong><a href="https://mercomcapital.com/doral-renewables-secures-funding-for-the-great-bend-solar-project/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> tax equity funding for its Great Bend solar project</strong>. Fifth Third Bank committed to investing up to $30 million of tax equity into the project. Located in Meigs County, Ohio, the 48 MWac project features a ground-mounted, single-axis PV system and is expected to be operational by Q4 2025. Doral Renewables and Fifth Third are also set to receive proceeds from a tax credit transfer transaction that will be finalized later this year.</p>
<p><strong>Stonepeak, an alternative investment firm focused on infrastructure and real assets, has </strong><a href="https://mercomcapital.com/stonepeak-to-acquire-46-3-stake-in-777-mw-solar-and-storage-project-portfolio/" target="_blank" rel="noopener"><strong>agreed</strong></a><strong> to acquire a 46.3% stake in Repsol’s 777 MW operating solar and storage portfolio</strong> in New Mexico and Texas for $340 million. Repsol is a Spanish energy and petrochemical company. The portfolio comprises the Fyre solar project and the Jicarilla solar and storage project. The transaction is expected to close during the third quarter of 2025, subject to customary regulatory approvals.</p>
<p><strong>Cypress C</strong><strong>reek Renewables, a solar and energy storage project developer, <a href="https://mercomcapital.com/cypress-creek-secures-150-million-financing-for-ostrea-solar-project/" target="_blank" rel="noopener">closed</a> $150 million in financing to support the development and construction of the 104 MW</strong> Ostrea solar project in Yakima County, Washington. The company also announced the beginning of construction of the project. The project is expected to reach commercial operation by mid-2026.</p>
<p><strong>Indian Oil Corporation’s board of directors has </strong><a href="https://www.mercomindia.com/indian-oil-invest-subsidiary-renewables-portfolio" target="_blank" rel="noopener"><strong>approved</strong></a><strong> an additional equity investment of ₹10.86 billion (~$129.44 million) in its wholly owned subsidiary</strong>, Terra Clean, to develop 4.3 GW renewable energy capacity. This decision adds to the previously approved 1 GW capacity. Terra Clean was incorporated on March 15, 2023. In April 2024, it received an initial equity investment of ₹13.03 billion (~$155.28 million) to develop its first 1 GW renewable energy capacity.</p>
<p><strong>Voltalia, a renewable energy power producer, </strong><a href="https://mercomcapital.com/voltalia-secures-over-26-million-financing-for-34-mw-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> £20 million (~$26.6 million) in debt financing for the 34 MW Eastgate solar project </strong>from Triodos Bank UK. The funding will support the construction and development of the project. The financial package comprises a senior debt loan of up to £18.9 million (~$25.11 million) and a Debt Service Reserve Facility (DSRF) of £1.1 million (~$1.46 million), which will provide crucial support during the project’s construction phase.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-zelestra-secures-solar-project/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Doral Renewables Closes Funding for the Great Bend Solar Project


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					</table><p>Indian Oil Corporation’s (<a href="https://iocl.com/" target="_blank" rel="noopener">IOCL</a>) board of directors has approved an additional equity investment of ₹10.86 billion (~$129.44 million) in its wholly owned subsidiary, Terra Clean, to develop 4.3 GW renewable energy capacity. This decision adds to the previously approved 1 GW capacity.</p>
<p>Terra Clean was incorporated on March 15, 2023. In April 2024, it received an initial equity investment of ₹13.03 billion (~$155.28 million) to develop its first 1 GW renewable energy capacity.</p>
<p>The company’s <a href="https://www.mercomindia.com/indian-oil-subsidiary-1-gw-renewable" target="_blank" rel="noopener">formation</a> was part of IOCL’s strategy to consolidate its green energy efforts. Terra Clean established a dedicated entity to streamline resources and foster innovation in renewable energy.</p>
<p>IOCL plans to install 1 GW of renewable energy projects, including standalone ground-mounted solar, standalone onshore wind, or wind-solar hybrid systems, at a cost of ₹52.15 billion (~$625.38 million).</p>
<p>The company is integrating its existing green assets and expanding into segments such as biofuels, carbon offset mechanisms, carbon capture, and green hydrogen.</p>
<p>It has a renewable energy portfolio of 238.70 MW comprising 167.6 MW of wind and 71.10 MW of solar capacity. The company plans to install 31 GW of renewable energy capacity by 2030 and achieve net zero operation emissions by 2046.</p>
<p>As part of its long-term targets, IOCL aims to produce 0.6 million metric tons (MMT) biofuel by 2025, 4 MMT biofuel and 1 MMT biogas by 2030, and 7 MMT biofuel and 9 MMT biogas by 2050.</p>
<p>To support this growth, Terra Clean <a href="https://www.mercomindia.com/terra-clean-floats-land-evacuation-bop-tender-for-275-mw-wind-project/" target="_blank" rel="noopener">issued</a> a tender in February this year for land, power evacuation, and balance of plant package for a 275 MW inter-state transmission system-connected wind project.</p>
<p>In December 2024, Terra Clean <a href="https://www.mercomindia.com/terra-clean-invites-bids-for-land-and-connectivity-for-600-mw-solar-projects/" target="_blank" rel="noopener">floated</a> tenders for the land and connectivity approval packages for a cumulative 600 MW of interstate transmission system-connected solar power projects.</p>


Indian Oil to Invest ₹10.86 Billion in Subsidiary for 4.3 GW Renewables Portfolio


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					</table><p>Vadodara Municipal Corporation <a href="https://www.mercomindia.com/vadodara-corporation-3-mw-rooftop-solar-systems" target="_blank" rel="noopener">invited</a> bids to install 3 MW rooftop solar systems on its buildings. Bids must be submitted by February 24, 2025. Selected bidders must oversee the systems’ operation and maintenance for ten years. They must use modules included in the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy (MNRE). The systems must be installed within 240 days of issuing the work order. The estimated work cost is ₹198.66 million (~$2.27 million).</p>
<p>Terra Clean, a subsidiary of Indian Oil Corporation, <a href="https://www.mercomindia.com/terra-clean-floats-land-evacuation-bop-tender-for-275-mw-wind-project" target="_blank" rel="noopener">invited</a> bids for land, power evacuation, and balance of plant (BoP) package for a 275 MW inter-state transmission system-connected wind project. Bids must be submitted by February 28, 2025. Bids will be opened on the same day. The scope of work entails procuring land, setting up a power evacuation system, and completing the BoP package work for the wind project. It also includes operation and maintenance for five years. The project must be completed within 14 months of the award.</p>
<p>Public infrastructure finance company REC Limited <a href="https://www.mercomindia.com/rec-revenue-q3-fy25" target="_blank" rel="noopener">recorded</a> a total income of ₹142.86 billion (~$1.63 billion) for the third quarter of the financial year 2025, an 18% year-over-year (YoY) increase. REC’s net profit for the quarter rose 23% YoY to ₹40.76 billion (~$465.35 million). The company’s earnings per share came in at ₹15.48 (~$0.18) compared to ₹12.56 (~$0.14) in the corresponding quarter last year. REC approved loans totaling ₹848.08 billion (~$9.68 billion) during the quarter, a 36% decrease YoY. The generation, and infrastructure and logistics sectors received the highest share at 26% each, followed by renewables (24%) and distribution (16%).</p>
<p>India’s installed solar capacity <a href="https://www.mercomindia.com/indias-installed-solar-capacity-surpasses-100-gw-joshi" target="_blank" rel="noopener">surpassed</a> 100 GW, the MNRE has announced. As of January 31, 2025, the installed solar capacity has reached 100.33 GW, Minister for New and Renewable Energy, Pralhad Joshi said. According to an MNRE release, 84.10 GW of solar installations are under implementation, and 47.49 GW are under tendering. Solar now contributes 47% of the total renewable energy capacity. Rajasthan, Gujarat, Tamil Nadu, Maharashtra, and Madhya Pradesh contributed most to India’s total utility-scale solar installations.</p>


Daily News Wrap-Up: Vadodara Invites Bids for 3 MW Solar Rooftop Systems


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					</table><p>Terra Clean, a subsidiary of <a href="https://iocl.com/" target="_blank" rel="noopener">Indian Oil Corporation</a>, has floated tenders for the land and connectivity approval packages for a cumulative 600 MW of interstate transmission system (ISTS)-connected solar power projects.</p>
<p>Separate tenders have been issued for a 300 MW captive solar project and a 300 MW non-captive solar project to be developed anywhere in India.</p>
<p>Bids for both the tenders must be submitted by January 16, 2025. Bids will be opened on the same day.</p>
<p>Bidders must submit a bid fee of ₹20,000 (~$235.416).</p>
<p><span style="font-weight: normal !msorm;"><strong>Captive Project Tender</strong></span></p>
<p>Bidders must pay an Earnest Money Deposit (EMD) of ₹2.8 million (~$32,958.2) and a bid document fee of ₹26,550 (~$311.926).</p>
<p><span style="font-weight: normal !msorm;"><strong>Non-</strong></span><strong>C<span style="font-weight: normal !msorm;">aptive </span>P<span style="font-weight: normal !msorm;">roject </span>T<span style="font-weight: normal !msorm;">ender</span></strong></p>
<p>Bidders must pay an EMD of ₹400,000 (~$4,708.32)</p>
<p>and a document fee of ₹26,550 (~$311.926).</p>
<p>Other details can be downloaded from <a href="https://www.tcil.net.in/" target="_blank" rel="noopener">TCIL</a> website.</p>
<p>Earlier this year, Indian Oil <a href="https://www.mercomindia.com/indian-oil-subsidiary-1-gw-renewable" target="_blank" rel="noopener">established</a> Terra Clean to consolidate green initiatives, optimize resource allocation, and enhance innovation with an equity investment of ₹13.04 billion (~$15.63 million). The subsidiary company aims to offer a diverse portfolio of renewable energy projects with an initial 1 GW installed capacity.</p>
<p>Recently, Indian Oil’s Refineries Division <a href="https://www.mercomindia.com/iocl-floats-om-tender-for-4-36-mw-rooftop-solar-systems" target="_blank" rel="noopener">invited</a> bids for the annual operation and maintenance contract of the 4,360 kW rooftop solar systems installed at IOCL, Paradip Refinery &amp; Township, in Odisha.</p>
<p>In April 2024, Indian Oil <a href="https://mercomindia.com/indian-oil-tenders-solar-project-in-karnataka" target="_blank" rel="noopener">issued</a> a tender for the engineering, procurement, and construction of a 1 MW grid-connected open access captive solar power project at its Northern Region Pipelines in Kurukshetra, Haryana. The project also includes one year of complete operation and maintenance (O&amp;M) services following construction and an additional nine years of extended operation and maintenance support.</p>
<p>In January 2024, IOCL <a href="https://mercomindia.com/indian-oil-tenders-solar-project-in-karnataka" target="_blank" rel="noopener">invited</a> bids for the O&amp;M of an existing 1.1 MW solar power project at Indane Bottling Plant, Devanagonthi village in Bengaluru Rural district in Karnataka. The project is valued at ₹1.3 million (~$16,172) for one year.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of tender activity in real-time.</p>


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