NEWS

SGEL secures close to 2 GW solar energy projects; CIL & RUVNL to explore 4.1 GW solar & other power projects; GP Eco Solutions files DRHP for IPO; NLC MoU with Rajasthan & Jakson MoU with SECI; Tata & Union Bank offer solar financing; Rays Power contracted for 520 MW PV. 

600 MW solar contracts: Indian hydropower utility SJVN Limited has announced a long-term power usage agreement (PUA) for 500 MW of solar power from its 1 GW Bikaner Solar Power Project for a tariff of INR 2.57 ($0.031)/kWh. Touted as the country’s largest single-location project, it is being developed by the company’s subsidiary SJVN Green Energy Limited (SGEL) in Rajasthan under the Central Public Sector Units/Undertaking (CPSU) Scheme Phase II, Tranche 3. It is scheduled to be commissioned by September 30, 2024. SGEL says it has now tied up the full project capacity of the 1 GW plant with 200 MW to be supplied to the Uttar Pradesh Power Corporation Limited (UPPCL) and 300 MW to Jammu and Kashmir Power Corporation Limited (JKPCL) (see India Solar PV News Snippets). 

SGEL has also signed a power purchase agreement (PPA) for 100 MW solar power at a tariff of INR 2.62 ($0.032)/kWh, also sited in Rajasthan. Developed on 387.56 acres of Sambhar Salts Limited land at Nawa, the land was leased to SGEL for 28 years. It will be built for around INR 5.5 billion ($66.5 million) on a build-own-operate (BOO) basis. The letter of award (LOA) for this project was issued to the SGEL in October 2023 by the Rajasthan Urja Vikas and IT Services Limited (RUVITL). 

SGEL has also received LOA for 1.352 GW solar power projects in Maharashtra. This capacity is planned to be established across various districts of Nashik, Solapur, Ahmednagar, and Pune under the Mukhya Mantri Saur Krishi Vahini Yojana (MMSKVY) 2.0. It won this capacity under a competitive procurement round for 7 GW floated by the MSEB Agro Power Limited, Maharashtra. The MMSKVY is aimed to contribute towards the implementation of the largest feeder-level solarization scheme in India under component C of the PM-KUSUM Scheme. SGEL said this Maharashtra win is its 1st contribution towards the scheme. For this capacity, it will be eligible for central financial assistance (CFA), covering up to 30% of the total project cost. 

CIL’s JV with RRUVNL: State-owned coal miner Coal India Limited (CIL) has signed a memorandum of understanding (MoU) with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RVUNL) to form a joint venture (JV). It will explore the possibility to set up 4.1 GW capacity across 5 projects. These are solar projects at solar parks, solar projects at existing thermal power plants (TPP), wind projects, pumped storage, and pit-head thermal power. They may expand the collaboration to other additional opportunities in the future. For now, CIL will undertake pre-feasibility studies to establish viability of the projects. In a stock exchange filing, CIL said this partnership aims to explore various opportunities to secure power to meet the growing energy demand of Rajasthan. 

GP Eco IPO: Integrated solar energy solutions provider GP Eco Solutions India Limited has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge. It aims to issue 32.76 lakh (3.276 million) equity shares through this initial public offering (IPO), each with a face value of INR 10. The Noida-headquartered company is a distributor of solar inverters and panels, and also an EPC and O&M service provider to commercial and residential consumers. GP Eco sells hybrid solar inverters under its own brand called Invergy, and lithium ferro phosphate batteries. It also calls itself the authorized distributor of Sungrow India, Saatvik Green Energy and LONGi Solar Technology for solar panels in North India. The company aims to use INR 124.5 million ($1.5 million) to meet the working capital requirements, and invest INR 76 million ($0.92 million) in its subsidiary Invergy India Private Limited (IIPL) to procure plant, machinery and set up a new fab. Remaining funds will be put to use for general corporate purposes. It aims to assemble solar inverters in its proposed assembling fab being set up at Gautam Buddha Nagar in Uttar Pradesh. It is scheduled to complete trial runs and commence commercial production in Q3/FY 2024-25. 

NLC India’s RE MoUs: NLC India has signed an MoU with the Government of Rajasthan to form a joint venture (JV) for a 1 GW solar power plant and 125 MW lignite-based power project. Worth over INR 70 billion ($846 million), the MoU has been signed with RUVNL. Additionally, NLC India’s green energy arm NLC India Green Energy Limited (NIGEL) has won a 600 MW solar power plant in the GSECL Khavda Solar Park of the Gujarat Urja Vikas Nigam Limited (GUVNL). The duo has also signed a PPA for the solar plant at a tariff of INR 2.705 ($0.033)/kWh. 

Jakson PPA with SECI: Jakson Green has announced its 1st PPA with Solar Energy Corporation of India (SECI) for a utility-scale solar power plant of unidentified capacity. It won the project under SECI’s tranche XI auction for grid-connected solar power projects with inter-state transmission system (ISTS) connectivity. Power generated will be supplied to SECI once the project is online within 18 months of signing the PPA. SECI will sell this power to different discoms in India. 

Solar finance partnership: Tata Power Solar Systems Limited (TPSSL), the wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has renewed and expanded its partnership with the state-owned Union Bank of India (UBI) to offer financing solutions for solar power. It will be open to residential solar customers in-line with the PM Surya Ghar Muft Bijli Yojana (see India Eyeing 30 GW Rooftop Solar Capacity With New Scheme). Financing will also be available for commercial and industrial (C&I) customers. Under this financing partnership, loans will be available for a maximum limit of INR 1.5 million for residential and INR 1.6 million for C&I customers. It will provide financing up to 80% and 85% for the respective categories. Customers in both the categories will have access to collateral-free financing options with the total loan tenure being up to 10 years. TPSSL and UBI have renewed their agreement for 3 years. In the previous collaboration, the focus was only on the C&I segment that led to a financing of INR 1.65 billion ($20 million). 

Over 500 MW solar contracts for Rays: Indian solar EPC Rays Power Infra has secured contracts for 3 solar power projects with a combined 520 MW capacity. Of these, 2 projects have been awarded from a renowned CPSU and another from a global renewable energy developer, both of which were not identified. It says these projects mark its entry into the local markets of Gujarat and Assam. Rays is also eyeing opportunities in Mauritius, Liberia, Bangladesh and Sierra Leone as it targets international expansion.