IREDA CMD Calls for ₹30 Lakh Crore Investment in Renewable Energy at World Bank Webinar
In a recent international webinar hosted by The World Bank’s Geneva office, Shri Pradip Kumar Das, CMD of the Indian Renewable Energy Development Agency Ltd. (IREDA), stressed the urgent need for substantial investments to meet India’s NDC goals by 2030, estimating ₹30 lakh crore required between FY 24-30. He highlighted initiatives like the “PM Surya Ghar Mu Bijli Yojana,” aiming to solarize 1 crore households and propel the rooftop solar sector. Emphasizing India’s global leadership in renewables, he outlined governmental schemes and IREDA’s role in nurturing the sector for 37 years.
ENERPARC AG Secures Bridge Financing for 325 MW Solar PV Portfolio with Battery Storage
ENERPARC AG has successfully obtained bridge financing for a diverse project portfolio comprising solar PV and hybrid projects, along with battery storage (BESS) facilities, totaling 325 MW in capacity. The financing was secured through a collaboration with the esteemed French investment firm, Eiffel Investment Group, with Capcora serving as ENERPARC’s exclusive financial advisor throughout the process.
Tata Power Renewable Energy Inks ₹105 Crore Agreement with Tata Communications for 18.75 MW AC Group Captive Solar Plant
Tata Power Renewable Energy Limited (TPREL) has signed a power delivery agreement with Tata Communications Limited (Tata Communications), a leading player in communications technology, for an 18.75 MW AC group captive solar power plant. The project, facilitated through a special purpose vehicle (SPV) called Nivade Windfarm Limited, has an estimated order value of ₹105 crore. Situated in Aachegaon, Maharashtra, the plant is expected to generate around 40 million units of power while offsetting over 30,000 tonnes of CO2 emissions annually.
Maharashtra’s Generic Renewable Energy Tariff Insights for 2024-25 and Beyond
The Maharashtra Electricity Regulatory Commission (MERC) recently issued guidelines for the Generic Renewable Energy Tariff for FY 2024-25, under the MERC (Renewable Energy Tariff) Regulations, 2019. These regulations establish a framework for determining tariffs for various renewable energy technologies. While competitive bidding is mandated for most projects, tariffs for Solar Rooftop PV and Biomass-based projects are set by the Commission. The Commission adopted the grid-scale solar tariff as the Generic Tariff for Rooftop PV due to the absence of competitive bidding. Variable charges for Biomass projects are determined based on a study by TERI, with stakeholder input sought for finalizing the tariff order, promoting transparency and renewable energy growth in Maharashtra.
Indian Government’s Renewable Energy Initiatives Propel Battery Storage Capacity to 4 GW by 2028
The Indian government’s proactive support for renewable energy infrastructure is poised to notably enhance battery storage capacity, with an estimated 4 GW operational by fiscal 2028. Initiatives like viability gap funding (VGF) aim to reduce project costs by up to 40%, boosting returns for developers. Falling battery prices, around $140 per kWh in November 2023, and supportive policies contribute to this growth. The surge in renewable capacity, particularly solar and wind, highlights the need for effective energy storage to manage grid instability. Despite early traction with over 1 GW auctioned, adoption pace depends on VGF clarity and macroeconomic factors.
KBTL Pursues Transmission License For Gujarat Renewable Energy Project
KBTL, a subsidiary of PFC Consulting Limited, pursues a separate transmission license for the Khavda renewable energy zone in Gujarat. AESL acquired KBTL to implement a 7 GW transmission system. Though initially licensed for 3 GW, KBTL seeks RTM mode approval for Phase-IV. Projected at ₹216 crore, it awaits transmission charge determination post-completion. Despite regulatory concerns, CTUIL backs KBTL, awaiting Ministry of Power clearance. The Commission, recognizing the project’s national significance, relaxes regulations. This decision, subject to public input, underscores India’s renewable energy drive. KBTL’s licensing marks a milestone in India’s energy transition, heralding a greener, sustainable future.
Assam’s Green Revolution: Budget 2024-25 Propels Growth with Electric Buses and Over 1000 MW Renewable Energy
Chief Minister Himanta Biswa Sarma lauds the Rs 2.9 lakh crore Assam budget for FY 2024-25, designed by Finance Minister Ajanta Neog sans new taxes, featuring a Rs 774.47 crore deficit. It aims to elevate Assam among India’s top five states, emphasizing sustainable growth and job creation. The budget prioritizes record capital expenditure exceeding Rs 20,000 crore, pledges support for entrepreneurship, women empowerment, green initiatives, and tea garden community welfare. Notable infrastructural projects include the Maa Kamakhya corridor. Sarma’s endorsement reflects the budget’s holistic approach toward Assam’s sustainable development and economic advancement.
SECI Secures Approvals For Tariffs Through Competitive Bidding On 600 MW Solar PV Power Projects
SECI petitioned under the Electricity Act, 2003, for tariff adoption for 600 MW solar PV projects connected to ISTS, Tranche-XI. Following competitive bidding, SECI issued PPAs to SAEL SOLAR MHP1 Private Limited, SAEL SOLAR MHP2 Private Limited, and Gujarat Urja Vikas Nigam Limited at ₹2.60/kWh with a ₹0.07/kWh trading margin. Urging an expedited listing by June 30, 2025, SECI stressed ISTS charge waiver eligibility. GUVNL and SIL expressed no objections. The Commission’s ruling favored tariff adoption for the secured 600 MW capacity, pending finalized agreements. SECI’s request for a trading margin of ₹0.07/kWh is contingent upon adequate security mechanisms outlined in PPAs and PSAs.
Rajasthan Commission Approves Solar Power Projects Under PM-KUSUM Scheme with Revised Tariff
AVVNL petitioned under Section 63 of the Electricity Act, 2003, for tariff determination via bidding for solar power projects in PM-KUSUM’s Component-C. MNRE’s guidelines facilitated Feeder Level Solarization (FLS) near Discom substations. AVVNL’s tender attracted bids for 20 out of 30 substations/plants. The Commission approved power purchase for 20 solar PV plants, setting a ₹3.55/kWh ceiling tariff. Discoms must file petitions for tariff adoption post-bid and monitor market conditions. The Commission stressed timely capacity addition and urged Discoms to address pump size-related subsidy limitations with MNRE for effective solar project implementation.
Rajasthan Regulatory Commission Expands Rooftop Solar Opportunities To Accelerate Renewable Energy Goals
The Rajasthan Electricity Regulatory Commission (RERC) adjusts regulations to boost rooftop solar adoption, aligning with national and state renewable energy targets. With Rajasthan aiming for 90 GW by 2030, RERC raises net-metering capacity from 500 kW to 1 MW. This supports larger establishments and addresses power shortages while promoting sustainability. The move incentivizes rooftop solar investment, reducing reliance on traditional power sources. It also aligns with PM Suryodaya Yojana goals. While Discoms propose withdrawal restrictions and charges, RERC deems them premature, open to future considerations. Overall, RERC’s decision fosters renewable energy adoption and advances sustainability in Rajasthan.
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