Saatvik Green Energy Acquires 80% Stake in Transformer Manufacturer

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EMERAM Acquires Stake in Home Energy Management Firm Solar Manager

Maharashtra Forms Panel to Review Electricity Duty on Rooftop Solar

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EIE Renewables to Acquire 150 MWh Battery Storage Project in Bihar

MERC Approves 60 MW Wind-Solar PPA Withdrawal, Citing High Tariff


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					</table><p><a href="https://d.docs.live.net/cfa1b15774841d91/Desktop/Sept.13/Essar%20Renewables,%20Juniper%20Green%20Energy,%20Serentica%20Renewables,%20Hexa%20Climate%20Solutions,%20and%20Avaada%20Energy%20are%20winners%20in%20NHPC’s%20auction%20to%20supply" target="_blank" rel="noopener">Essar Renewables, Juniper Green Energy, Serentica Renewables, Hexa Climate Solutions, and Avaada Energy are winners in NHPC’s auction to supply</a> 1,200 MW of firm and dispatchable power from Interstate Transmission System (ISTS)-connected renewable power projects coupled with an energy storage system (Tranche II). Essar, Juniper, and Serentica were awarded 300 MW, 200 MW, and 150 MW each at a tariff of ₹4.37 (~$0.0521)/kWh. Hexa quoted ₹4.38 (~$0.0522)/kWh to win 80 MW. Avaada won 470 MW out of the quoted capacity of 600 MW at a tariff of 4.38 (~$0.0522)/kWh under the bucket-filling method. The tender was issued in March this year.</p>
<p><a href="https://www.mercomindia.com/average-cost-of-large-scale-solar-projects-dropped" target="_blank" rel="noopener">The average cost of large-scale solar projects in India fell 2% quarter-over-quarter (QoQ) and 25.7% year-over-year in the second quarter (Q2) of 2024.</a> Since Q1 2023, large-scale solar project costs have dropped for six straight quarters, with an average fall of 6% per quarter. In Q2 2024, the fall in project costs was primarily driven by the fall in module prices. Module costs accounted for 46.8% of the solar project cost in the quarter and witnessed a 3.6% per MW drop QoQ. The findings were published in Mercom India Research’s recently released Q2 2024 India Solar Market Quarterly Update.</p>
<p><a href="https://www.mercomindia.com/msedcl-issues-new-guidelines-for-green-energy-open-access-in-maharashtra" target="_blank" rel="noopener">Maharashtra State Electricity Distribution has introduced new guidelines for the state to implement Green Energy Open Access.</a> These rules apply to both existing and new consumers. The Green Open Access Rules, 2022 allows consumers to generate, purchase, and consume green energy, including energy from waste-to-energy plants, through open access. Under the new guidelines, consumers with a contract demand or sanctioned load of 100 kW or more can access green energy through open access, provided they meet specific metering requirements. This equitable approach, mandating a Special Energy Meter for High Tension Consumers and a ToD meter for Low Tension Consumers, ensures fairness for all.</p>
<p><a href="https://www.mercomindia.com/andhra-regulator-framework-for-power-sector" target="_blank" rel="noopener">The Andhra Pradesh State Electricity Regulatory Commission has unveiled a comprehensive draft of new Demand-Side Management (DSM)</a> Regulations for 2024. These regulations aim to improve energy efficiency and reduce overall electricity costs in the state. These proposed regulations outline a series of objectives for DSM implementation, which include integrating DSM as a fundamental component of distribution licensees’ operations, exerting control over and reducing electricity demand, encouraging consumers to modify their consumption patterns, and complementing supply-side strategies to avoid costly capacity additions. A key feature of the draft regulations is creating a DSM Cell within one month of notification.</p>
<p><a href="https://www.mercomindia.com/attractive-financing-options-for-ci-rooftop-solar-with-rates-as-low-as-7-5" target="_blank" rel="noopener">With a surge in rooftop solar interest among commercial and industrial (C&amp;I) consumers, banks and other financial institutions are offering loans</a> at interest rates as low as 7.5% to promote green energy adoption. Rooftop solar projects hold significant financial promise, as they can effectively reduce energy costs and generate a reliable income stream if surplus energy is generated. Rooftop solar projects can be financed in multiple ways, such as CAPEX mode (a business model requiring capital expenditure) and EMI/lease model. Banks can fund up to 75% of the cost when the consumer invests the capital entirely. At the recent Mercom India C&amp;I Clean Energy Meet in Coimbatore, Deputy General Manager of IDBI Arulraj said the bank finances all solar and rooftop solar projects. He noted that the Coimbatore region is seeing a lot of interest in small solar projects.</p>
<p><a href="https://www.mercomindia.com/lupin-to-buy-solar-sunsures-21-mw-project" target="_blank" rel="noopener">Lupin, an Indian pharmaceutical firm, and independent power producer Sunsure Energy have announced a new 21 MW (31.5 MWp) open-access solar power</a> purchase agreement, which is capped at ₹105.53 million (~$1.2 million) and will be executed in two phases. Under this agreement, Lupin will acquire up to 42.61% of the equity in Sunsure Solarpark Seventeen, a subsidiary of Sunsure that will provide solar power to Lupin’s Tarapur facility in India, drawing from its 100 MW (150 MWp) solar project in Solapur. The move aligns with Lupin’s strategy to source renewable energy through open access, and the investment is part of Lupin’s broader sustainability goals, including achieving decarbonization targets. Sunsure Solarpark Seventeen is a renewable energy company focused on aiding corporations in transitioning to renewable energy sources, particularly achieving RE100 targets.</p>
<p><a href="https://www.mercomindia.com/inox-epc-equity-sale" target="_blank" rel="noopener">Resco Global Wind Services, the engineering, procurement, and construction (EPC) arm of Inox Wind, has raised ₹3.5 billion (~$41.68 million) through</a> an equity investment from prominent investors. In exchange for the funds, Resco issued securities to the participating investors, which included Valrado Venture Partners Fund II, Anchorage Capital Scheme I, JM Financial Products, Founders Collective Fund, One Up Financial Consultants, Authum Investments &amp; Infrastructure, and Capri Global Holdings. Resco provides comprehensive EPC services for wind energy projects, covering everything from initial conceptualization to project commissioning. The company also constructs transmission infrastructure for power evacuation, offering developers turnkey, plug-and-play solutions.</p>
<p><a href="https://www.mercomindia.com/thermax-partners-green-hydrogen-technology-in-india" target="_blank" rel="noopener">Energy and environment solutions company Thermax has announced a strategic collaboration with Ceres Power to manufacture, sell, and service</a> stack array modules (SAM) based on Ceres’ advanced solid oxide electrolysis cell technology. This collaboration also includes developing, commercializing, and selling SAM balance of modules (SBM) and multi-megawatt SOEC electrolyzer modules. Ceres Power is a subsidiary of Ceres Power Holdings, a  UK-based developer of clean energy technology.Under this non-exclusive, global license agreement, Thermax will leverage its expertise in heat integration and waste heat recovery to manufacture the first pressurized SAM. The company will also design and develop SBM, a key component for scaling up multi-MW SOEC electrolyzer modules.</p>
<p><a href="https://www.mercomindia.com/north-eastern-railway-rooftop-solar-systems" target="_blank" rel="noopener">The North Eastern Railway has invited bids for installing grid-connected rooftop solar systems of a total capacity of 1.94 MW at railway stations</a>, service buildings, residential quarters, and level crossings under Phase II in the Lucknow Division. The last date for the submission of bids is October 4, 2024. The scope of the work includes the design, supply, installation, testing, and commissioning of grid-connected solar photovoltaic projects without battery backup. The project’s estimated cost is ₹115.9 million (~$1.3 million). Bidders must furnish an earnest money deposit of ₹729,500 (~$8,688) and complete the project within six months. Financial credentials are not required for tenders valued up to ₹5 million (~$59,550).</p>
<p><a href="https://www.mercomindia.com/south-western-railway-invites-bids" target="_blank" rel="noopener">The Hubli Division-Electrical of the South Western Railway has invited bids for grid-connected rooftop solar projects with a cumulative capacity</a> of 62.99 MW at railway stations, residences, and level crossing gates. The last date to submit bids is October 3, 2024. The projects will have a net-metering arrangement. The successful bidder must maintain the projects for five years. The comprehensive maintenance contract will commence after the initial 36-month maintenance period is completed. The projects must be completed within 12 months. Bidders must pay an earnest money deposit of ₹9.43 million (~$112,303). The tender has an advertised value of ₹158.5 million (~$18.87 million).</p>
<p><a href="https://www.mercomindia.com/gensol-matrix-green-hydrogen-valley-pune" target="_blank" rel="noopener">A consortium of engineering and consulting firm Gensol Engineering and hydrogen infrastructure developer Matrix Gas &amp; Renewables has been selected</a> to set up India’s first Green Hydrogen Valley in Pune, Maharashtra, on a build-and-operate basis. The project, supported by the Department of Science &amp; Technology and National Chemicals Laboratories, aims to supply green hydrogen to Pune’s specialty chemicals sector. In April, the Department of Science and Technology invited bids to establish hydrogen valley innovation clusters. The initiative is part of The National Green Hydrogen Mission, approved by the Union Cabinet in January 2023, to promote hydrogen energy technology development.</p>


Daily News Wrap-Up: NHPC’s 1.2 GW FDRE Auction Results


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					</table><p><a href="https://www.lupin.com/" target="_blank" rel="noopener">Lupin</a>, an Indian pharmaceutical firm<span style="box-sizing: border-box; margin: 0px; padding: 0px;">, and independent power producer <a href="https://sunsure-energy.com/" target="_blank" rel="noopener">Sunsure Energy</a> have announced a new 21 MW (31.5 MWp) open-access solar power purchase agreement (PPA), which is capped at ₹105.53 million (~$1.2 million) and will be executed in two phases.</span></p>
<p><span style="box-sizing: border-box; margin: 0px; padding: 0px;">Under this agreement, Lupin </span>will acquire up to 42.61% of the equity in Sunsure Solarpark Seventeen, a subsidiary of Sunsure that will provide solar power to Lupin’s Tarapur facility in India, drawing from its 100 MW (150 MWp) solar project in Solapur.</p>
<p>The move aligns with Lupin&#8217;s strategy to source renewable energy through open access and the investment is part of Lupin&#8217;s broader sustainability goals, including achieving decarbonization targets.</p>
<p>Sunsure Solarpark Seventeen is a renewable energy company focused on aiding corporations in transitioning to renewable energy sources, particularly achieving RE100 targets.</p>
<p>The company is in the process of establishing a solar power plant. Sunsure Solarpark, incorporated on December 7, 2023, and based in Gurugram, Haryana, reported no revenue for the fiscal year ending March 31, 2024.</p>
<p>By investing in Sunsure Solarpark, Lupin aims to leverage renewable energy for its operations, thus contributing to environmental conservation and reducing its operational carbon footprint.</p>
<p>The transaction will be completed within six months.</p>
<p>The investment will be made through a cash consideration, with no governmental or regulatory approvals required for the acquisition.</p>
<p>Recently,  Sunsure Energy<a href="https://www.mercomindia.com/sunsure-2-billion-tata-capital"> secured</a> ₹2.26 billion (~$26.92 million) in long-term debt financing from Tata Capital to bolster its portfolio of solar open access projects in Uttar Pradesh, with a total operational capacity of 75 MW.</p>
<p>At Mercom India&#8217;s recent C&amp;I Clean Energy Meet in Coimbatore, Santhosh T, Senior Manager-BD, Sunsure<a href="https://www.mercomindia.com/what-ci-units-should-know-before-choosing-open-access-solar">, highlighted</a> three key aspects that C&amp;I consumers must consider before opting for solar open access: regulatory alignment, business needs, and a streamlined process facilitated by a renewable energy developer.</p>
<p>Mercom India C&amp;I Clean Energy Meet event will be held in <a href="https://www.mercomindia.com/event/c-and-i-clean-energy-meet-2024-pune">Pune</a> on September 20, 2024. You can register <a href="https://www.mercomindia.com/event/c-and-i-clean-energy-meet-2024-pune/contact">here</a>.</p>
<p><a href="mailto:sales@mercomindia.com?subject=Seeking%20Solar%20Installation%20Guidance%20and%20Vendor%20Recommendations%20for%20Business">Contact us</a> if you plan to install solar and need guidance or vendor recommendations.</p>


Lupin to Buy Solar Power Via Open Access from Sunsure’s 21 MW Project

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