Page 2 - Solar Projects

IndiGrid acquires solar power plant at an enterprise value of Rs 1,550 cr

Infrastructure investment trust IndiaGrid on Friday said it has completed the acquisition of 300 MW solar project at an enterprise value of Rs 1,550 crore. With this asset addition, IndiGrid's portfolio now consists of 19 solar projects across eight states of the country with a total generation capacity of 1.1 GWp. IndiGrid's total Assets Under Management now stands at Rs 28,200 crore, an IndiGrid statement said. "IndiGrid, India's first and largest listed power sector infrastructure investment trust (InvIT), today announced that it has consummated transaction of 300 MW AC solar asset for an enterprise valuation of around Rs 15,500 million, exclusive of net working capital and cash adjustments, in line with the share purchase agreement that was signed in January 2024," it said. This acquisition has been funded through a combination of equity, internal accruals, and debt and will add Rs 80 crore of net distributable cash flow, to IndiGrid, every year. The net debt/AUM will be 63 pe

SJVN gets LoI for 200 MW solar project form Gujarat Urja Vias Nigam

State-owned SJVN Ltd on Wednesday said it has received a letter of intent from Gujarat Urja Vias Nigam Ltd to set up a 200 megawatt (MW) solar power project. The tentative cost of construction and development of this project is Rs 1,100 crore, SJVN CMD Geeta Kapur said in a company statement. "SJVN has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for 200 MW Solar Power Project in GUVNL Phase XXII," it said. The ground-mounted solar project shall be developed by SJVN subsidiary SJVN Green Energy Limited (SGEL) anywhere in India through an EPC contract. The Power Purchase Agreement (PPA) shall be executed with GUVNL after the adoption of the tariff by GERC (Gujarat Electricity Regulatory Commission), it said. The project shall be commissioned in a period of 18 months from the date of signing of PPA. This PPA shall be signed between GUVNL and SGEL for 25 years, SJVN added. The project is expected to generate 508.4 million units in the first year

Pinewood Systems, Braithwaite partner to develop 500 MW solar project

Pinewood Systems on Wednesday announced that it has plans to develop a 500 MW solar power project in Maharashtra in partnership with state-owned Braithwaite & Co. While Pinewood Systems is an active investor in the renewable energy sector in India, Braithwaite & Co comes under Ministry of Railways. In a statement, Pinewood Systems said it has formed an executive team to develop the project. "We are dedicated to delivering a sustainable and impactful solution to meet the renewal energy demands of Maharashtra, in line with our commitment to clean and renewable energy sources," Pinewood Systems Chairman Satish Jha said. According to the statement, the primary objective is to adhere to the timeline set by Maharashtra State Electricity Distribution Company Ltd (MSEDCL).

Hinduja Renewables bags 140-MW solar project from Gujarat Urja Vikas Nigam

Hinduja Renewables on Wednesday announced that it bagged a 140-MW solar power project from Gujarat Urja Vikas Nigam (GUVNL). The contract is part of the Solar Tender Phase -XXII issued by GUVNL for selection of solar power developers for setting up 500 MW Solar Power Projects anywhere in India, a company statement said. According to the statement, the Hinduja Renewables was one of the four winning developers under this tender which saw participation from leading independent power producers. Hinduja Renewables has won a bid to set up 140-MW solar power capacity in a tender issued by GUVNL at a tariff rate of Rs 2.64/kWh, it stated. This has a potential to increase to 280 MW as GUVNL may allow an additional capacity of 140 MW by exercising the green shoe option. Sumit Pandey, CEO of Hinduja Renewables, said in the statement, "This is a welcome addition to the recent tenders we have won this year across different central and state tenders such as NHPC and GUVNL. With this achievement

Alpex Solar eyes over two-fold growth in revenues by FY26: MD Sehgal

Solar panel maker Alpex Solar is aiming for more than two-fold jump in its revenues to Rs 1,000 crore by financial year 2025-26, the company's Managing Director Ashwani Sehgal said. The company has set a revenue target of Rs 400 crore for the ongoing 2023-24 fiscal, Sehgal said in a company statement on Wednesday. "Our revenue is projected to reach Rs 400 crore in FY24. We aim to surpass the Rs 1,000 crore revenue threshold by 2026, representing a 2.5-fold growth over the forecast in FY2024," the MD said in the statement. The company had clocked in a revenue of Rs 180 crore in preceding FY 2022-23. UP-based Alpex Solar is a leading solar panel manufacturing company in India. To achieve the revenue targets, the company said it "is banking on its ambitious expansion plan increasing its capacity from 450 MW to 2 GW to capitalise on the robust policy support by the government and rising demand for domestic solar installations".

Tata Power arm inks pact to build 43.75 MW solar project for Mukand Ltd

Tata Power Renewable Energy Ltd (TPREL) on Friday said it has inked a pact for building a 43.75 MW captive solar project for Mukand Ltd, a Bajaj Group firm. Located at Jamkhed in Maharashtra, the installation will generate 99.82 MUs (million units) annually and is expected to offset 54,687 tonne CO2 emissions per year. As per the Power Delivery Agreement (PDA), TPREL will undertake the construction, operation, and maintenance of the captive solar power plant, Tata Power said in a BSE filing. The project is scheduled for commissioning by March 2024. The plant's primary objective is to fulfil Mukand's energy needs while promoting environment-friendly practices within their stainless-steel manufacturing operations. Shashibhushan Upadhyay, President, Mukand Ltd said with this addition, the total renewables capacity of TPREL reaches 7,946 MW, including 3,755 MW projects under various stages of implementation, and its operational capacity is 4,191 MW, which includes 3,185 MW solar and 1

NLC India signs pact with Rajasthan govt for 300 MW solar power supply

The NLC India on Thursday inked a pact with Rajasthan Urja Vikas Nigam for supply of 300 MW solar power for the next 25 years. A central PSU, the NLC secured 510 MW solar project capacity in the CPSU Scheme Phase-II Tranche-III floated by Indian Renewable Energy Development Agency (IREDA) through competitive bidding. In a statement, the NLC said 300 MW solar project capacity is under execution at Barsingsar, Bikaner District of Rajasthan. The EPC (Engineering, procurement and construction) contract for the project has been awarded to TATA power solar systems. The Power Usage Agreement (PUA) for the 300 MW solar project was signed between NLC India Limited (NLCIL) and Rajasthan Urja Vikas Nigam Limited (RUVNL) on August 17 at Jaipur. The pact is for supply of solar power to Rajasthan for the next 25 years. Power to the tune of 750 Million Units is to be generated annually from the project and total green power generated will be supplied to Rajasthan. "The project will help Rajastha

After launching solar projects, Meghalaya scraps thermal power plans

The Meghalaya cabinet has approved a proposal to scrap a 500 MW thermal power project after the North Eastern Electric Power Corporation Limited (NEEPCO) expressed its interest in green energy, Power Minister AT Mondal said on Saturday. The minister said that following the cabinet clearance, an MoU signed with the company will now stand scrapped, though the government will continue to pursue the project with other interested parties in the future to bridge the huge power deficit. The NEEPCO has written to us saying that they don't want to continue with this power project and they want to scrap it, Mondal told PTI. The NEEPCO had told the Meghalaya government they will not invest in thermal projects and they projected themselves as a "green" company, a senior power department official said. On Friday, Chief Minister Conrad K Sangma launched the Rs 500 crore CM Solar Mission aimed at minimising the power crisis in this northeastern hill state. "The people-centric CM Solar Mission wi

Tata Power Renewable Energy signs pacts with MSEDCL for two solar projects

The solar installations are expected to be commissioned by mid-2025 and will generate a substantial amount of clean energy annually, said the company

Powergrid board okays Rs 555 cr investment proposal for 85 MW solar project

State-owned Power Grid Corporation board on Monday approved an investment proposal of Rs 554.91 crore for an 85 MW solar power project at Nagda in Madhya Pradesh. "Board of Directors of POWERGRID in their meeting held on 31st July 2023 have accorded Investment Approval for implementation of 85 MW Solar PV Power Project at Nagda (MP) at an estimated cost of Rs 554.91 crore with an implementation schedule of 10 months from the date of award and O&M (operation and maintenance) phase of five years for Solar Plant," a BSE filing said.

Avaada Energy bags 400 MW solar project from Gujarat Urja Vikas Nigam

Avaada Energy on Thursday said it has bagged a 400 MW solar project from Gujarat Urja Vikas Nigam Ltd. The company did not disclose the financial details of the project. "Avaada Energy, an arm of Avaada Group India's leading integrated energy group with business interests in renewable power generation, solar module manufacturing, electrolyser manufacturing and Green Ammonia production, has received the Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Limited (GUVNL) to set up 400 MW (DC) solar project," a company statement said on Thursday. The company has won 200 MW under base capacity at a tariff of Rs 2.75/kWh and another 200 MW under a green shoe option at a tariff of Rs 2.71/kWh from GUVNL under a tariff-based competitive bidding process followed by an e-Reverse auction. Post commissioning, the plant will produce 740 million units of green electricity per year, leading to a reduction of approximately 6,88,940 tonnes of CO2 equivalent emissions, annually. "This is another

Lack of clear-cut policies slow down solar rooftop projects, say experts

Discoms feeling uncomfortable with increasing solar footprint, policies governing solar energy sector being unclear, and slow uptake of rooftop solar power systems -- these are some of the issues holding back the growth of solar energy in the country. In a webinar organised by the Centre for Science and Environment (CSE) on Wednesday to better understand net metering for consumers in India, which is considered crucial for increasing private investments in solar energy, experts discussed the various problems affecting the sector and the way forward. Explaining the concept of net metering while moderating the online discussion, Maitreyi Karthik, deputy programme manager of renewable energy at CSE, said it applies to consumers who have a grid connection with enough rooftop space and load available at a particular location. One of the participants, bureaucrat Manu Srivastava pointed out that power consumers are currently facing a number of problems that has slowed down the growth of sol

Avaada Energy bags 280 MW solar project from Rajasthan Urja Vikas Nigam

Avaada Energy on Tuesday said it has bagged a 280 megawatt (MW) solar project from Rajasthan Urja Vikas Nigam Limited (RUVNL). The project, bagged through a bidding process, will be commissioned within 18 months, the Avaada Group company said. As per the bid terms, the solar power generated from the project will be supplied to RUVNL for 25 years at a tariff of Rs 2.62 per kWh (kilowatt hour), it said in a statement. Avaada Energy CEO Kishor Nair said, "This is another feather in our cap as we expand our presence in Rajasthan. I am certain that such ambitious projects, built with collaborations with the government, will lead India to a greener future." The plant will generate about 500 million units per annum which will help to reduce 4,65,500 tonnes of CO2 equivalent emissions annually. The solar project can potentially power 3.6 lakh households with green energy.

Vibrant Energy gets over Rs 2,200 cr for its 300MWac wind-solar projects

Vibrant Energy has tied up over Rs 2,200 crore of project financing from state-run Power Finance Corporation (PFC) to build 300 MWac wind-solar hybrid projects in Madhya Pradesh and Karnataka. Vibrant Energy (Vibrant), which develops corporate renewable energy solutions, in a statement said that the financing will stand out as one of the largest project financing deals in the Indian Renewables Industry in 2023. Srinivasan Viswanathan, CEO of Vibrant Energy, said that the company is hopeful of enabling more green energy solutions for corporate India.

Jindal Stainless to invest Rs 120 cr to set up two rooftop solar projects

Jindal Stainless Ltd (JSL) on Tuesday said it will invest Rs 120 crore to set up rooftop solar capacities at its Jajpur and Hisar facilities. While a project of 21 megawatt peak (MWp) will be set up in Jajpur, another 6 MWp rooftop solar capacity will be installed at company's unit in Hisar, JSL said in a statement. "The two rooftop solar plants will be generating about 795 million units of electricity, with a carbon abatement potential of 5,64,450 tonnes in a span of 25 years," it said. Both the projects are scheduled to be completed by March 2024, the company said, adding that the energy generated will be for captive usage. JSL managing director Abhyuday Jindal said: "This is an important step towards achieving our net zero target. Our commitment is responsible business practices and dedication to reducing carbon footprint. We will continue this practice." The company's Hisar unit has already commissioned rooftop solar projects of 4.1 MWp, which is capable of generating 110.7 ..

Reliance, Tata Power, others bid for Rs 19,500 cr solar incentives

The financial assistance is part of PM Modi's aim to turn the nation into a manufacturing powerhouse, creating more jobs in the economy and reducing imports that can drain foreign exchange

Himachal Pradesh targets to be first 'green energy state' by 2025: CM Sukhu

The Himachal Pradesh government intends to make the state as the first Green Energy State by the end of 2025 by harnessing hydro, hydrogen and solar energy and switching to green products, Chief Minister Sukhvinder Singh Sukhu said on Friday. Presiding over a meeting of senior officers of the energy department and HPSEBL, he directed all the concerned departments including HPSEBL, HIMURJA, Himachal Pradesh Power Corporation Limited (HPPCL) and the Department of Energy to initiate action in this direction and make policy changes, wherever required. He said that refurbishing the present system is essential and the departments should focus on harnessing green energy in the best interest of the State. To ease the norms, the Chief Minister directed the officers to make necessary amendments to the existing power policy and open all the solar projects up to 5 MW capacity for allotment. The state government would also invest in solar plants and will install 500 MW solar projects during the

Govt allows agencies to extend commissioning date of solar, hybrid projects

In a bid to provide relief to renewable energy players, the government has allowed the implementing agencies to extend the commissioning date of solar PV and solar PV-wind hybrid power projects till March 31, 2024. "Solar PV power developers/associations have represented to MNRE that there is a supply chain disruption in the solar PV sector and have requested appropriate reliefs to tackle the same," the Ministry of New and Renewable Energy (MNRE) said in a notification on Thursday. "This issue has been examined in the Ministry and it has been decided that implementing agencies SECI/NTPC/NHPC may extend the scheduled commissioning date (SCD) till 31.03.2024 and commensurately extend other associated intermediate milestones of such solar PV/Solar PV-wind hybrid power projects, wherein the last date of bid submission was on or after 10.04.2021 and whose SCD, including time-extensions, already granted, if any, is before 31.03.2024, and who wish to avail such time-extension," it said. Th

SJVN bags Maharashtra discom's 200-MW solar project worth Rs 1,200 crore

State-owned SJVN Ltd on Saturday said that its arm SJVN Green Energy has bagged a 200 MW solar project worth Rs 1,200 crore from Maharashtra State Electricity Distribution Company Ltd. "Company through its wholly-owned subsidiary SJVN Green Energy Limited has bagged 200 MW solar power project on Build Own and Operate (BOO) basis from Maharashtra State Electricity Distribution Company Limited (MSEDCL) through e-RA (Reverse Auction) conducted on December 2, 2022," a BSE filing said. The tentative cost of this project is around Rs 1,200 crore and the project is expected to generate 455.52 Million Units (MUs) in the 1st Year and the cumulative energy generation over a period of 25 years would be about 10,480.82 MUs, it said. The commissioning of the project is expected to reduce 5,13,560 tonnes of carbon emission and would contribute to the government of India's mission of reduction in carbon emission. Currently the company's renewable portfolio stands at 4,320.5 MW, out of which 179.5

SJVN, Grid Corporation of Odisha to form JV for hydro, solar projects

State-run SJVN Ltd on Thursday said its arm SJVN Green Energy and Grid Corporation of Odisha (GRIDCO) will form a joint venture to develop a 1,000 MW hydro electric project and 2,000 MW solar project entailing an investment of Rs 20,000 crore. The two companies signed a Memorandum of Understanding (MoU) at Bhubaneswar for developing hydro and solar projects by incorporating a joint venture company, SJVN said in a statement. "This MOU will pave a way for formation of Joint Venture between SGEL and GRIDCO for generating green power, new direct & indirect employment opportunities, boost to local businesses, carbon emission reduction, sustainable and overall development of the state. This will also enhance green generation capacity and will help in meeting the Renewable Purchase Obligation target of Odisha," SJVN Chairman & Managing Director Nand Lal Sharma said. The development of 1000 MW Hydro Electric Project and 2000 MW Solar Power Project will attract an investment of Rs ...