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					</table><p><a href="https://www.torrentpower.com/" target="_blank" rel="noopener">Torrent Power</a>, <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew Solar Power</a>, TEQ Green Power XIII (<a href="https://www.o2power.in/" target="_blank" rel="noopener">O2 Power</a>), <a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a>, <a href="https://acmecleantech.in/" target="_blank" rel="noopener">ACME Cleantech Solutions</a>, and <a href="https://www.tatapowerrenewables.com/" target="_blank" rel="noopener">Tata Power Renewable</a> were declared winners in <a href="https://www.remcltd.com/" target="_blank" rel="noopener">REMC Limited</a>’s auction to supply 750 MW of round-the-clock (RTC) power from grid-connected renewable projects with or without storage across India for 25 years.</p>
<p>REMCL is a joint venture of <a href="https://indianrailways.gov.in/" target="_blank" rel="noopener">Indian Railways</a> and <a href="https://www.rites.com/" target="_blank" rel="noopener">RITES</a>.</p>
<p>Torrent Power quoted the lowest tariff of ₹4.25 (~$0.051)/kWh to win 100 MW. ReNew Solar, TEQ Green Power, NTPC Renewable Energy, and ACME Cleantech Solutions quoted ₹4.37 (~$0.052)/kWh and won 200 MW, 100 MW, 200 MW, and 100 MW respectively. Tata Power Renewable quoted ₹4.43 (~$0.053)/kWh and won 50 MW.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-62728 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Screenshot-2024-01-30-143043.png" alt="" width="762" height="337" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Screenshot-2024-01-30-143043.png 762w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Screenshot-2024-01-30-143043-300x133.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Screenshot-2024-01-30-143043-650x287.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Screenshot-2024-01-30-143043-624x276.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Screenshot-2024-01-30-143043-600x265.png 600w" sizes="(max-width: 762px) 100vw, 762px" /></p>
<p>The tender was <a href="https://www.mercomindia.com/railways-750-mw-rtc-renewable" target="_blank" rel="noopener">floated</a> in October 2023.</p>
<p>The project&#8217;s annual availability is initially set at 75% for the first four years, increasing to 85% for the remaining contract years. A minimum project availability of 50% is required for the entire contract tenure on a time-block basis.</p>
<p>In the event of a power supply shortfall, developers are obligated to pay 200% of the applicable tariff for that contract year, calculated annually or on a time-block basis. The power supply, including energy from the storage system, must utilize renewable sources for energy storage.</p>
<p>The parties involved are expected to mutually agree on the tariff, which will be levelized for each year based on a discounting factor of 7.7%.</p>
<p>Integration of energy storage systems (ESS) may involve their inclusion in the project or separate linkage with a third party by the developer.</p>
<p>Renewable generation components and ESS installations can be sited anywhere, either co-located or at separate locations. Various components of RTC power, such as solar, wind, hydro, and others, can be interconnected with the interstate transmission system (ISTS) network at different ISTS substations.</p>
<p>Qualified projects include those currently under construction, projects not yet commissioned, and those already commissioned but lacking long-term power purchase agreements with any agency.</p>
<p>This eligibility extends to projects selling power on a short-term or merchant plant basis, provided they are not already accepted under other government programs and do not have commitments to existing buyers.</p>
<p>REMCL had mandated the use of solar modules from the Approved List of Models and Manufacturers and wind turbines listed in the Revised List of Models and Manufacturers for the projects.</p>
<p>In July last year, REMCL <a href="https://www.mercomindia.com/indian-railways-tender-1-gw-round-the-clock-power" target="_blank" rel="noopener">invited</a> bids to procure 1 GW of RTC power from grid-connected renewable power projects with or without storage across India for 25 years.</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> to stay on top of tender activity in real-time.</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/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</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/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Torrent, ReNew, O2 Power, NTPC, ACME, Tata Power Win REMC’s 750 MW Renewable Auction


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					</table><p><a href="https://www.mercomindia.com/sjvn-sael-coal-india-guvnls-600-mw-solar-auction" target="_blank" rel="noopener"><strong>SJVN Green Energy, SAEL Industries, and Coal India were declared the winners of Gujarat Urja Vikas Nigam’s (GUVNL) auction to supply power from 600</strong></a> MW of grid-connected solar power projects (Phase XXI) to be set up at the Gujarat Industries Power Company’s solar park in Khavda, Gujarat, with a greenshoe option of an additional 600 MW.</p>
<p><a href="https://www.mercomindia.com/torrent-invites-from-wind-solar-hybrid-projects" target="_blank" rel="noopener"><strong>Gujarat-based power company </strong><strong>Torrent Power</strong><strong> has invited bids for the purchase of 300 MW of power from wind-solar hybrid energy projects</strong></a>, with a greenshoe option of up to 150 MW. The last date for the submission of bids is February 7, 2024. Bids will be opened on February 9.</p>
<p><a href="https://www.mercomindia.com/guvnl-300-mw-wind-greenshoe" target="_blank" rel="noopener"><strong>GUVNL</strong><strong> has invited bids for the purchase of power from 300 MW of grid-connected wind projects to be set up anywhere in India (Phase VII) with a greenshoe option</strong></a> of an additional 300 MW. The last date to submit the bids is February 21, 2024. Bids will be opened on February 26.</p>
<p><a href="https://www.mercomindia.com/iex-records-19-400-mu-of-green-energy" target="_blank" rel="noopener"><strong>The Indian Energy Exchange’s profit after tax demonstrated an uptrend, with an 18.9% YoY increase, soaring to ₹918 million (~$11 million) in Q3 of FY 2023-24</strong></a> from ₹772 million (~$9.2 million). The company’s total trading volumes surged by 16.8%, reaching 28.3 billion units compared to 24.2 BU in the same period last year.</p>
<p><strong><a href="https://www.mercomindia.com/sjvn-bos-supply-contract-solar-projects-gujarat" target="_blank" rel="noopener">Solarworld Energy Solutions has signed a contract with SJVN Green Energy, a wholly owned subsidiary of SJVN, to supply balance of system package</a></strong> for two grid-connected solar power projects with a total capacity of 360 MW in Gujarat. The two projects, with 100 MW and 260 MW capacity, will be installed at Mothara village in the Kutch district of Gujarat.</p>
<p><strong><a href="https://www.mercomindia.com/teslas-net-income-in-storage-deployments-surge-125" target="_blank" rel="noopener">U.S.-based electric vehicle maker Tesla reported a net income of $2.4 billion in the fourth quarter of the financial year 2023, a 39% year-over-year (YoY) decline</a></strong>. The company posted a 3% YoY growth in revenue at $25.1 billion for the October-December quarter. Tesla attributed it to increased vehicle deliveries and other business parts, including energy storage.</p>
<p><a href="https://www.mercomindia.com/solar-ev-financing-firm-ecofy-secures-900-million" target="_blank" rel="noopener"><strong>Non-banking financial company </strong><strong>Ecofy</strong><strong> has secured an investment of ₹900 million (~$10.83 million) from </strong><strong>FMO</strong><strong>, a Dutch entrepreneurial development bank</strong></a>, to facilitate product diversification and support its expansion across India. The company provides loans to EVs, rooftop solar projects, and small and medium enterprises providing E2E digital experience.</p>
<p><a href="https://www.mercomindia.com/hero-future-energies-to-modules-from-pixon-green" target="_blank" rel="noopener"><strong>Hero Future Energies (</strong><strong>HFE</strong><strong>), the renewable energy arm of Hero Group, announced the signing of a tolling agreement with </strong><strong>PIXON Green Energy</strong></a>, a domestic module manufacturer, for the supply of 500 MW high-efficiency solar photovoltaic modules annually. Pixon will provide HFE with these modules on a prioritized basis for two years from their fully automated Ecoprogetti line based in Rajkot, Gujarat.</p>
<p><a href="https://www.mercomindia.com/mit-scientists-develop-free-batteries-for-evs" target="_blank" rel="noopener"><strong>A new lithium-ion battery, which includes a cathode based on organic materials instead of metals such as cobalt or nickel, has been designed by researchers</strong></a> at the Massachusetts Institute of Technology. EVs are powered by lithium-ion batteries, which commonly contain cobalt and nickel; the former has been associated with high financial, environmental, and social costs.</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/mercom-staff/" class="vcard author" rel="author"><span class="fn">Mercom Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Daily News Wrap-Up: SJVN Green, SAEL, Coal India Win GUVNL’s 600 MW Auction

<p><a href="https://www.torrentpower.com/" target="_blank" rel="noopener">Torrent Power Limited</a>’s tender for the purchase of up to 300 MW of power from grid-connected solar projects in Gujarat has been oversubscribed, according to Mercom&#8217;s sources.</p>
<p>Adani Green Energy, Torrent Power, ReNew Power, Juniper Green Energy, and Vector Green Energy have placed bids against the tender, the sources said.</p>
<p>Torrent Power had issued an addendum modifying the capacity addition clause to allow for an additional capacity of 300 MW under the greenshoe option.</p>
<p>A greenshoe option is an over-allotment option offered to bidders when bids received exceed the originally tendered capacity.</p>
<p>The company will offer the additional capacity to successful bidders ready to execute a power purchase agreement with Torrent Power&#8217;s Distribution division at the lowest tariff discovered in the competitive bidding process.</p>
<p>Torrent Power will allocate the greenshoe capacity proportionally to the successful bidders&#8217; quoted capacity based on the capacity they quoted in the auction. Bidders who are willing to execute a power purchase agreement (PPA) for the additional projects are expected to give their confirmation within ten days from the end of the reverse auction process.</p>
<p>Torrent Power also said that it reserved the right to lower the overall capacity to less than 600 MW if the prices are too high.</p>
<p>The Gujarat-based electricity distribution company supplying power to cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Dholera SIR had <a href="https://mercomindia.com/torrent-power-reissues-tender/" target="_blank" rel="noopener">reissued</a> the tender in December 2020. It said it would enter into a PPA with the successful bidder for 25 years from the scheduled operation date. The company intends to fulfill its renewable power purchase obligations with the purchase of solar power through this tender.</p>
<p>Torrent Power has a presence in power generation, transmission, distribution and manufacturing, and supply of power cables. As a power generation company, it owns 610.5 MW of renewable energy projects of which 138 MW is solar.</p>
<p>Recently, Torrent Power <a href="https://mercomindia.com/torrent-power-quotes-the-lowest-bid/" target="_blank" rel="noopener">emerged</a> as the lowest bidder in the solar auction conducted by Andhra Pradesh Green Energy Corporation for 6.4 GW of solar projects. It quoted a tariff of ₹2.47 (~$0.033)/kWh for 300 MW of project to be developed at the Kambadur Ultra Mega Solar Park located in Anantapuram district.</p>
<p>Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> for an exhaustive list of large-scale and rooftop solar tenders announced by government agencies, defense, railways, private sector companies, and others.</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/nithin-thomas-prasad/" class="vcard author" rel="author"><span class="fn">Nithin Thomas</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/Nithin-2-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Nithin Thomas,</strong> Staff reporter at Mercom India<br />
<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" target="_blank" rel="noopener">More articles from Nithin Thomas.</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/Nithin-2-1.jpg" width="102" height="102" /><a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">Nithin Thomas</a> is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor&#8217;s Degree in Commerce from Loyola College, Chennai.<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">More articles from Nithin Thomas Prasad</a></div>
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Torrent Power’s 300 MW Gujarat Solar Tender Oversubscribed

<p>The Maharashtra Electricity Regulatory Commission (MERC) has approved the tariff proposed by Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) for long term procurement of 500 MW of wind power under non- solar renewable purchase obligations (RPO).</p>
<p>In <a href="https://mercomindia.com/maharashtra-auctions-500-mw-wind/" target="_blank" rel="noopener">March 2018</a>, MSEDCL had auctioned the 500 MW of grid-connected wind projects to meet its non-solar RPO. The lowest quoted (L1) tariff quoted in the auction was ₹2.85 (~$0.043)/kWh. Two bidders, namely <a href="http://www.adanirenewables.com/" target="_blank" rel="noopener">Adani Green Energy</a> and <a href="http://www.kctgroup.com/" target="_blank" rel="noopener">KCT Renewable Energy Private Limited</a>, had quoted the L1 tariff of ₹2.85 (~$0.043)/kWh to develop 75 MW of wind projects each. <a href="https://www.inoxwind.com/">Inox Wind</a>, <a href="http://www.mytrah.com/">Mytrah Energy</a>, and <a href="http://www.herofutureenergies.com/" target="_blank" rel="noopener">Hero Wind Energy</a> Private Limited quoted a tariff of ₹2.86 (~$0.044)/kWh. While Inox Wind won the bid to develop 50 MW, Mytrah Energy Private won the bid to develop 100 MW and Hero Wind Energy Private Limited won the bid to develop 75.60 MW.</p>
<p>MSEDCL had earlier asked for the Commission’s approval of Torrent Power’s full offered capacity of 146 MW but later went back to request the Commission for approval of Torrent Power’s bucket filling capacity of 124.4 MW only instead of the full offered capacity of 146 MW.</p>
<p>MSEDCL had then filed a petition on July 4, 2018 seeking approval for the adoption of tariff discovered in the e-reverse auction conducted on March 6, 2018.</p>
<p>In its letter dated June 14, 2018, the Commission has given approval to consider the proposed wind power generation towards fulfilment of its non-solar RPO.</p>
<p>It may also be noted that <a href="https://mercomindia.com/l1-tariff-1gw-solar-auction-msedcl/" target="_blank" rel="noopener">in an auction held by MSEDCL in</a> May, lowest (L1) tariff of ₹2.71 (~$0.0401)/kWh was quoted by JLTM Energy India Private Limited to develop 20 MW. The auction was for the development of 1 GW of grid-connected solar photovoltaic (PV) projects in the state. This was the lowest solar tariff for a grid-connected solar PV project in Maharashtra. Mahoba Solar (UP) Private Limited (Adani) also matched the L1 tariff to develop 200 MW.</p>
<p><a href="https://mercomindia.com/msedcl-1gw-tender-oversubscribed/" target="_blank" rel="noopener">Earlier, Mercom reported</a> that (<a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwi3tv6uoJXYAhVD8IMKHepjCLoQFggpMAA&amp;url=http%3A%2F%2Fwww.mahadiscom.com%2F&amp;usg=AOvVaw2QxivFcdTQaLrnZ2QmlQTP" target="_blank" rel="noopener">MSEDCL</a>)’s 1 GW grid-connected solar PV tender had been oversubscribed by 450 MW. The MSEDCL had retendered 1,000 MW of grid-connected solar PV projects to meet its Renewable Purchase Obligation (RPO) in <a href="https://mercomindia.com/msedcl-retenders-1-gw-solar-meet-rpo/" target="_blank" rel="noopener">April 2018</a>.</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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