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					</table><a href="https://www.mercomindia.com/pm-surya-ghar-vendor-registration" target="_blank" rel="noopener">The Ministry of New and Renewable Energy has announced new guidelines for vendor registration under the recently approved PM Surya Ghar: Muft Bijli Yojana</a> rooftop solar program. The program, with an outlay of ₹750 billion (~$9.04 billion), aims to increase residential rooftop solar capacity and empower households to generate their own electricity until the financial year 2026-27. As per the guidelines, vendors must register on the National Portal to be eligible to install rooftop solar projects under the program.
<a href="https://www.mercomindia.com/cerc-compensation-azure-gib" target="_blank" rel="noopener">The Central Electricity Regulatory Commission has issued an order directing Solar Energy Corporation of India and distribution companies to compensate </a>Azure Power’s special purpose vehicle companies, Azure Power Maple and Azure Power Forty One, for the additional expenditure incurred due to the installation of bird diverters on transmission lines. The order comes close on the heels of CERC awarding compensation to Adani Green Energy on the same grounds.
<a href="https://www.mercomindia.com/delhi-high-court-quashes-cbics-revocation" target="_blank" rel="noopener">The Delhi High Court has quashed a Customs Department circular and show cause notices issued by the Central Board of Indirect Taxes and Customs</a> revoking the permission for solar developers to warehouse imported solar modules to defer paying basic customs duty (BCD) on solar cells and modules effective from April 1, 2022. No duty was payable as long as the modules did not leave the bonded premises (project area).
<a href="https://www.mercomindia.com/rerc-approves-solar-pm-kusum" target="_blank" rel="noopener">Rajasthan Electricity Regulatory Commission has approved Jodhpur Vidyut Vitran Nigam’s petition to purchase 2,929.8 MW of power from 1,111 solar projects</a> under Component-C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM KUSUM) program for 25 years. The final levelized tariffs range from ₹2.52 (~$0.03)/kWh to ₹3.527 (~$0.042)/ kWh. The primary objective was to establish grid-connected solar power facilities capable of fulfilling the yearly energy requirements of these feeders.
<a href="https://www.mercomindia.com/waaree-partners-with-ecofy-household-rooftops" target="_blank" rel="noopener">India-based solar module manufacturer Waaree Energies has partnered with Ecofy, a non-banking financial company supported by Eversource Capital</a>, to fund environmentally positive projects. Ecofy is investing ₹ $1 billion (~$11.9 million) in this collaboration. Aligned with the government’s PM Surya Ghar Muft Bijli Yojana and capitalizing on favorable market conditions, Waaree said the alliance will help advance India’s shift towards renewable energy.
<a href="https://www.mercomindia.com/gef-invests-%e2%82%b95-8-billion-ti-clean-mobility-%e2%82%b930-billion-ev" target="_blank" rel="noopener">TI Clean Mobility (TICMPL), a wholly-owned subsidiary of Tube Investments of India, a Murugappa Group company, has raised ₹5.8 billion (~$69.5 million)</a> in equity and convertible preference shares from South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively GEF Capital Partners). TICMPL had first ventured into last mile mobility with electric three-wheeler portfolio under the brand ‘Montra Electric.’
<a href="https://www.mercomindia.com/remc-tender-wind-rajasthan" target="_blank" rel="noopener">Railway Energy Management Company, a joint venture between RITES and the Ministry of Railways, has invited bids to hire consultancy services for conducting</a> a technical condition assessment and health analysis of 13 wind turbine generators at its 26 MW wind power project in Dangri, Jaisalmer district of Rajasthan. The consulting firm must analyze gearbox oil samples, conduct an endoscopy and inspection of gearboxes, and assess blade health through drone imagery.
<a href="https://www.mercomindia.com/meghalaya-green-open-access-100-kw" target="_blank" rel="noopener">Consumers with a minimum contracted demand or sanctioned load of 100 kW can access Green Energy Open Access, according to the Meghalaya</a> State Electricity Regulatory Commission (Terms and Conditions of Green Energy Open Access) Regulations, 2023. There is no maximum power supply limit for captive consumers. The regulations align with the green energy open access rules issued by the Ministry of Power last June. The minimum power scheduled for sale or procurement during any time block must not be less than 100 kW.
<a href="https://www.mercomindia.com/jsw-energy-q4-profits" target="_blank" rel="noopener">Independent power producer JSW Energy reported a net profit of ₹3.43 billion (~$41.07 million), a jump of 22% year-over-year (YoY) in the fourth quarter</a> of the financial year 2023-24 due to a strong performance in the renewables segment. Net generation was up 26% YoY at 6.4 BU, driven by contributions from acquired and greenfield renewable capacity additions and higher thermal generation.
<a href="https://www.mercomindia.com/solid-powers-q1-net-loss-widens" target="_blank" rel="noopener">Solid Power, which develops solid-state battery technology for electric vehicles, reported a net loss for the first quarter of 2024 that widened</a> to $21.2 million from $19.2 million, reflecting an 11% increase year-over-year, primarily driven by increased investments in scaling operations as the company pushes forward with commercializing its technology. Revenue for the quarter came in at $6 million, marking a robust 57% increase from $3.8 million in the first quarter of last year.
<a href="https://www.mercomindia.com/fuel-cell-firm-ballard-proposes-new-3-gw-facility" target="_blank" rel="noopener">Fuel cell manufacturer Ballard Power Systems recorded a net loss from continuing operations in the Q1 of 2024 amounted to $41.1 million, recording an increase</a> of 26.8% YoY compared to a net loss of $32.4 million. The increase in net loss was primarily driven by lower finance and other income of $7.5 million, attributed mainly to higher negative mark-to-market and foreign exchange impacts on long-term financial investments.

Daily News Wrap-Up: Vendor Registration Guidelines for PM Surya Ghar Program

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					</table>TI Clean Mobility (<a href="https://tiindia.com/ti-clean-mobility-private-limited/" target="_blank" rel="noopener">TICMPL</a>), a wholly-owned subsidiary of <a href="https://tiindia.com/" target="_blank" rel="noopener">Tube Investments of India</a>, a Murugappa Group company, has raised ₹5.8 billion (~$69.5 million) in equity and convertible preference shares from South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively <a href="https://gefcapital.com/" target="_blank" rel="noopener">GEF Capital Partners</a>).
TICMPL had first ventured into last mile mobility with electric three-wheeler portfolio under the brand ‘Montra Electric.&#8217;
The company had earlier announced plans to raise ₹30 billion (~$35.93 billion) to fund its multiple verticals of electric vehicles (EV). The overall fundraising would aggregate to ₹25.3 billion (~$299.76 million) with the investment from GEF.
TICMPL aims to develop EV native platforms for commercial vehicles such as three-wheelers, small and heavy commercial vehicles, and tractors. The company also plans to launch electric tractors and small commercial vehicles.
&#8220;We&#8217;re excited to partner with the Murugappa Group and invest in TI Clean Mobility &#8211; its differentiated platform targeting productive sub-segments with a strong focus on electrification,&#8221; said Sridhar Narayan, Co-Founder and Managing Partner of GEF Capital Partners.
<a href="https://investmentbank.kotak.com/" target="_blank" rel="noopener">Kotak Investment Banking</a> was TICMPL&#8217;s financial advisor for the transaction.
In March 2024, the Ministry of Heavy Industries, to make public transportation cheaper and eco-friendly, <a href="https://www.mercomindia.com/government-5-billion-program-electric-mobility" target="_blank" rel="noopener">launched</a> the Electric Mobility Promotion Program 2024. The program targets electric two-wheelers and three-wheelers, including e-rickshaws, e-carts, and L5 category vehicles.
EV sales in India <a href="https://www.mercomindia.com/ev-sales-sustain-growth-momentum-q1-2024" target="_blank" rel="noopener">reached</a> a record 486,669 units in the first quarter of 2024, a jump of over 40% against the 347,676 units sold in 2023. The EV market exceeded the 100,000-unit threshold each month during the quarter. March witnessed the highest-ever monthly sales of 204,337 units.
India is also <a href="https://www.mercomindia.com/ev-policy-pushes-global-players-build-india" target="_blank" rel="noopener">offering</a> international manufacturers a reduced customs duty rate of 15% for five years if they invest at least ₹41.5 billion (~$500 million) to establish EV manufacturing facilities in the country. This relaxation is subject to certain conditions, such as only EVs with a Cost, Insurance, and Freight value of $35,000 or above are eligible for import under this program.

GEF Invests ₹5.8 Billion in TI Clean Mobility to Develop EV Verticals

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