December 2024

LEAD SPONSORS

Monthly RE
Update
 Table of Contents 01. Tenders

02. Installed Capacity

03. RE Project Updates

04. Monthly RE Generation

TABLE OF Investments and Deals
CONTENTS
05.

06. GDAM Traded Volume

07. Module Price Trends

08. Market Update

09. Policies And Regulations

TENDERS

Monthly RE
Update
 TENDERS ISSUED

KEY TENDERS ISSUED IN DECEMBER 2024

SJVN,6 GWh peak power supply,Pan India, Dec 2024

SJVN, 1352 MW, Solar (Under KUSUM Scheme Component C), Maharashtra, Dec 2024

NHPC, 1200 MW, ISTS Connected Wind Solar Hybrid, Pan India, Dec 2024

PSPCL, 1000 MW, FDRE (Demand Following pattern), Pan India, Nov 2024

RUMSL, 800 MW, Solar, Madhya Pradesh, Dec 2024

JDVVN, 514 MW Solar, (Under KUSUM scheme Component- C, Rajasthan, Dec 2024

SECI, 125 MW/500 MWh Standalone BESS (ESS), Kerala, Dec 2024 ➢ New RFS Issued: 9,563* MW of RE tenders issued
in December 2024.
JDVVN, 44 MW Solar (Under KUSUM scheme Component - C, Rajasthan, Dec 2024 ➢ SJVN issued a 1.5 GW/6 GWh Peak Power supply
Solar
tender.
SECI, 4.125 MW, Solar, West Bengal, Nov 2024 Wind Solar Hybrid
➢ SECI invited bids for 124 MW/500 MWh standalone
Storage
battery energy storage systems in Kerala.
SECI, 2.11 MW, Solar, Pan India Nov 2024 Standalone BESS

0 200 400 600 800 1000 1200 1400 1600

Capacity (MW)

Note: *This capacity includes Project development, EPC and BoS tenders.
Source: JMK Research 7 Monthly RE
Update
 TENDERS ISSUED

Commissioning
Tender Name Technology Tender Scope Capacity (MW) CUF (%) Bid Submission Date
Timeline (Months)

SJVN,6 GWh peak power supply, ESS (Peak Power

Project Development 1500 24 - 24th-Jan-2025
Pan India, Dec 2024 Supply)

NTPC, 1400 MW, solar, BoS,

Utility Scale Solar BoS 1400 - - 13th-Jan-2025
Uttar Pradesh, Dec 2024

SJVN, 1352 MW, Solar (Under

KUSUM Scheme Component C), Small Scale Solar Project Development 1352 24 - 16th-Jan-2025
Maharashtra, Dec 2024

NHPC, 1200 MW, ISTS

Connected WSH, Pan India, Dec Wind Solar Hybrid Project Development 1200 24 30% 16th-Jan-2025
2024

NTPC REL, 1200 MW, BoS, solar, Balance of system

Utility Scale solar 1200 - - 14th-Jan-2025
Gujarat, Dec 2024 (BoS)

PSPCL, 1000 MW, FDRE

(Demand Following pattern), Pan Hybrid (FDRE) Project Development 1000 24 - 10th-Jan-2025
India, Nov 2024

RUMSL, 800 MW, Solar, Madhya

Utility Scale Solar Project Development 800 - - 30th-May-2025
Pradesh, Dec 2024

Source: JMK Research 8 Monthly RE

Update
 TENDERS ISSUED

Commissioning Bid Submission

Tender Name Technology Tender Scope Capacity (MW) CUF (%)
Timeline (Months) Date

JDVVN, 514 MW Solar, (Under

KUSUM scheme Component- C, Small Scale Solar Project Development 514 9 - 16th-Jan-2025
Rajasthan, Dec 2024

DVC,234 MW, Floating

Solar (EPC), Jharkhand, Dec Floating solar EPC 234 18 - 07th-Jan-2025
2024

SECI, 125 MW/500 MWh

Standalone BESS (ESS-3), BESS Project Development 125 15 - 4th-Feb-2025
Kerala, Dec 2024

AVVNL, 94.1 MW, Solar (Under

KUSUM Scheme, Component C) Small Scale Solar EPC 94.1 24 19% 16th-Jan-2025
(EPC), Rajasthan, Dec 2024

AVVNL, 68 MW, Solar (Under

KUSUM Scheme, Component A) Small Scale Solar EPC 68 17% 16th-Jan-2025
(EPC), Rajasthan, Dec 2024

JDVVN, 44 MW Solar (Under

KUSUM scheme Component - C, Small Scale Solar Project Development 44 9 17% 22nd-Jan-2025
Rajasthan, Dec 2024

East Central Railway, 20 MW,

Utility Scale Solar EPC 20 8 - 23rd-Dec-2024
Solar (EPC), Bihar, Nov 2024

Source: JMK Research 9 Monthly RE

Update
 TENDERS ISSUED

Commissioning Bid Submission

Tender Name Technology Tender Scope Capacity (MW) CUF (%)
Timeline (Months) Date

PEDA, 8MW, Solar (EPC),

Solar EPC 8 - - 18th-Dec-2024
Punjab, Nov 2024

SECI, 4.125 MW, Solar, West

Small Scale Solar Project Development 4.125 9 03rd-Jan-2025
Bengal, Nov 2024 CUF : 15%

AUCTIONS COMPLETED
Capacity Capacity Minimum Commissioning
Tender Name Technology Winner Details
Tendered (MW) Allotted (MW) CUF Timeline(Months)

o Reliance Power : 930 MW(INR 3.53/kWh)

o NTPC Renewable energy: 500 MW (INR

3.52/kWh)
SECI,2000 MW ISTS connected
Solar (ISTS XVII) with 1000 MW/4000 ESS 2000 2000 25-27% 24 o Hero solar energy: 270 MW(INR 3.52/kWh)
MWh (ESS), July 2024
o Sembcorp green infra: 150 MW(INR
3.52/kWh)
o Blupine Energy: 150 MW (INR 3.52/kWh)

Source: JMK Research 10 Monthly RE

Update
 AUCTIONS COMPLETED
KEY
KEYANNOUNCEMENTS
ANNOUNCEMENTS
Capacity Capacity Minimum Commissioning
Tender Name Technology Winner Details
Tendered (MW) Allotted (MW) CUF Timeline(Months)

o Rays Power Infra – 150 MW (INR 4.48/kWh)

NHPC, 1200 MW FDRE from ISTS o Avaada – 600 MW (INR 4.56/kWh)

connected RE Projects with ESS FDRE 1200 1200 30% o Acme – 250 MW (INR 4.56/kWh)
(Tranche VI), Pan India, Sep 2024
o Juniper Green Energy – 200 MW (INR
4.56/kWh)

o BPCL – 150 MW (INR 2.55/kWh)

o Onward Solar – 50 MW (INR 2.59/kWh)

NTPC,1200 MW, solar, Greenshoe o ReNew – 300 MW (INR 2.60/kWh)

option up to 600 MW, India, August o Mahindra Susten – 120 MW (INR 2.60/kWh)
2024 Solar 1200 816
o Adyant Enersol – 100 MW (INR 2.60/kWh)

o Dineshchandra R Agrawal – 96 MW (INR

2.70/kWh)

o ReNew – 250 MW (INR 3.04/kWh)

SECI, 1000 MW, ISTS solar Tranche
Solar 1000 600 17% 18 o ACME – 300 MW (INR 3.05/kWh)
(XVIII), Sep 2024
o Adani - 50 MW (INR 3.10/kWh)

Source: JMK Research 11 Monthly RE

Update
 AUCTIONS COMPLETED
KEY
KEYANNOUNCEMENTS
ANNOUNCEMENTS Capacity Commissioning
Capacity Minimum
Tender Name Technology Tendered Timeline Winner Details
Allotted (MW) CUF
(MW) (Months)

o HG Infra Engineering:250 MW /500 MWh (INR 2,25,985/MW/Month)

GUVNL,500 MW/1000 MWh, o Kintech synergy:100 MW/ 200 MWh (INR 2,25,985/MW/Month)
Standalone BESS, Gujarat, BESS 500 500 - -
Oct 2024 o Bhilwara energy:100 MW/200 MWh (INR 2,25,993 MW/Month)

o Advait Infratech: 50 MW/100 MWh (INR 2,26,000 MW/Month)

o Prozeal Green Energy – 100 MW (INR 2.55/kWh)

o Ausom Enterprise – 50 MW (INR 2.55/kWh)

1000 (includes
o *Kintech Synergy – 100 MW (INR 2.55/kWh)
GUVNL, 500 MW, Solar Additional
(Phase XXV), Pan India, Aug Solar 500 Green shoe 22% 24 o *Enertech Fuel Solutions – 243 MW (INR 2.55/kWh)
2024 Capacity – 500
o S.B.B Mouldings – 10 MW (INR 2.55/kWh)
MW)
o *Drashta Green Power – 17 MW (INR 2.55/kWh)

o *SAEL – 480 MW (INR 2.56/kWh)

Coal India, 300 MW, Solar

(EPC), Gujarat, Sep 2024 Solar 300 300 - 12 o KPI Green Energy : 300 MW (Deal value - INR 13.11 billion)
Utility Scale Solar EPC

RUMSL, 170 MW, Solar,

Madhya Pradesh (Neemuch), Solar 170 170 o Waaree energies: 170 MW (INR 2.15/kWh)
Apr 2024

Note: *Capacity allocated to players also includes the additional green shoe capacity.
Source: JMK Research 12 Monthly RE
Update
 WINNER DETAILS

WINNERS DETAILS IN LATEST RE TENDERS ➢ In December 2024, a total of 6286 MW of renewable energy (RE) capacities were allocated to
various RE developers.
➢ Additionally, an EPC tender of 300 MW awarded to KPI Green Energy by Coal India.
➢ Waaree bagged a solar project of 170 MW from RUMSL at INR 2.15/kWh tariff.

600 3.5
Capacity Allotted (MW)

3.05 3.04 3.1 480 3

500
2.7

Tariff (INR/kWh)
2.6 2.55 2.6 2.6 2.59 2.56 2.55 2.55 2.55 2.55 2.55 2.55 2.5
400
300 300 2.15 2
300 250 243
1.5
200 150 170
120 100 96 100 100 1
100 50 50 50 0.5
17 10
0 0

Enertech Fuel Solutions

ReNew

ReNew
ACME

S.B.B Mouldings

Waaree energies
Prozeal Green Energy
Mahindra Susten

Dineshchandra R Agrawal

Kintech Synergy

Ausom Enterprise
Adyant Enersol

Adani

SAEL
BPCL

Onward Solar

Drashta Green Power

NTPC,1200 MW, solar, Greenshoe option up to 600 MW, India, August 2024 SECI, 1000 MW, ISTS solar Tranche (XVIII), Sep 2024
GUVNL, 500 MW, Solar (Phase XXV), Pan India, Aug 2024 RUMSL, 170 MW, Solar, Madhya Pradesh (Neemuch), Apr 2024
Tariff (INR/kWh)
Source: JMK Research 13 Monthly RE
Update
 WINNER DETAILS

WINNERS DETAILS IN LATEST RE TENDERS

1000 930 5
4.48 4.56 4.56 4.56
800 4
Capacity (MW)

3.53 3.52 3.52 3.52 3.52 600

INR/kWh
600 500 3

400 270 2
250 250
200
200 150 150 150 1
100 100
50
0 0

Avaada

Advait Infratech
Hero solar energy

Acme

Kintech synergy
Blupine Energy

HG Infra Engineering
Rays Power Infra

Bhilwara energy
Reliance Power

NTPC Renewable energy

Juniper Green Energy

Sembcorp green infra

SECI,2000 MW ISTS connected Solar (ISTS XVII) with 1000 MW/4000 MWh (ESS), July 2024
NHPC, 1200 MW FDRE from ISTS connected RE Projects with ESS (Tranche VI), Pan India, Sep 2024
GUVNL,500 MW/1000 MWh, Standalone BESS, Gujarat, Oct 2024
Tariff (INR/kWh)

Note: The tariff for GUVNL 500/1000 MWh Standalone BESS is provided in INR/MW/Month
Source: JMK Research 14 Monthly RE
Update
INSTALLED CAPACITY

Monthly RE
Update
 INSTALLED CAPACITY

CUMULATIVE RE INSTALLATIONS AS OF NOVEMBER 30, 2024

➢ From January to November 2024, about 20,849 MW of Solar capacity

Small Hydro and 3,223 MW of Wind capacity were added in the country, taking the
power cumulative RE capacity to 205.5 GW.
Bio Power
2%
6%
➢ In November 2024, a combined total of 2,291 MW of solar and wind
capacity was added.

CAPACITY INSTALLED IN NOVEMBER 2024

2049

Large Hydro 100% 1400

23% = Solar Power 1200

205.5 GW 46%
1000

Capacity (MW)
800

600
Wind
23% 400 242

200

0
Solar Wind
Source: MNRE, JMK Research
Note: Solar includes utility-scale solar, rooftop solar and off-grid/distributed solar segments 16 Monthly RE
Update
 STATE WISE INSTALLED CAPACITY
STATE-WISE SOLAR AND WIND INSTALLED CAPACITY IN NOVEMBER 2024

800

700

600
➢ In November 2024, Madhya Pradesh added
the highest Utility-Scale Solar capacity of 635
500
Capacity (MW)

MW, followed by Gujarat with 324 MW.

400 ➢ In addition, Gujarat installed the highest
307 MW this
rooftop solar capacity of
300 month followed by Rajasthan with 88 MW.
➢ In wind installations, Tamil Nadu installed a
200
maximum capacity of 188 MW.

100

Utility Scale Solar Rooftop Solar Off-grid Solar/ KUSUM Wind

Source: MNRE, JMK Research 17 Monthly RE

Update
RE PROJECT UPDATES

Monthly RE
Update
 RE PROJECTS UPDATES
LIST OF KEY RE PROJECTS COMMISSIONED IN DECEMBER 2024

Developer Name Technology Tender Name Capacity Tariff (INR/kWh) State

SECI 1785 MW Solar

ReNew Power Solar PV 750 MW 2.18 Rajasthan
Rajasthan Mar 2021

RUMSL 500 MW Solar

Tata Power Solar PV Neemuch Madhya Pradesh 431 MWp 2.14 – 2.15 Madhya Pradesh
Jan 2020

SECI 1200MW (300 MW x 4)

Acme Solar Solar 1023 - Rajasthan
ISTS Solar, Pan India

GUVNL 500 MW Solar Phase

NTPC REL Solar 30 2.2 Gujarat
XII Gujarat Jan 2021

Cleantech Solar Solar (open access) - 150 MWp - Maharashtra

GUVNL 500 MW, Solar,

NTPC REL Solar 37.5 1.99 Gujarat
Phase XI, Gujarat, Sep 2020

KPI Green Energy Solar (Captive) - 15 - Gujarat

Source: JMK Research 20 Monthly RE

Update
 RE PROJECTS UPDATES
LIST OF KEY RE PROJECTS COMMISSIONED IN DECEMBER 2024

Developer Name Technology Tender Name Capacity Tariff (INR/kWh) State

Adani Renewable Energy Solar – 112.5

Wind Solar Hybrid - - Gujarat
Forty-Eight Limited Wind - 62.4

Hero Future Energies Solar - 29 Wp - Karnataka

Ambuja Cement Solar - 200 - Gujarat

SECI 1200 MW Solar ISTS-

Adani Green Energy Solar 250 2.5 Rajasthan
Tranche VIII Jan 2020

Solar (Under KUSUM

Bridgeway Power - 1.34 - Rajasthan
scheme)

KEY ANNOUNCEMENT

• NTPC Green Energy Limited (NGEL) has partnered with Chhattisgarh State Power • Godrej Industries will procure RE from Clean Max Kaze, a special purpose vehicle of
12
Generation Company Ltd. (CSPGCL) to develop renewable energy projects totalling Cleanmax, which is setting up a wind-solar hybrid power project in Gujarat. The hybrid
project will supply power to Godrej’s factory in Valia. Godrej has acquired a 26% equity
2,000 MW, including floating solar installations.
stake in Cleanmax kaze. The company plans a further investment of up to INR 7.59 million in
Cleanmax Kaze by January 2025.

Source: JMK Research 21 Monthly RE

Update
 RE PROJECTS UPDATES
KEY ANNOUNCEMENT

• SECI has requested proposals from banks and financial institutions for funding its 300 MW • According to industry experts, India’s renewable energy sector is witnessing significant
solar project in Andhra Pradesh. The Central Public Sector Enterprise (CPSE) has planned delays in the signing of power purchase agreements (PPAs), with 80-90 GW of projects in
to procure a term loan of INR 1000 crore for this. SECI said that the total estimated project the pipeline and approximately 40-45 GW facing setbacks.
cost is INR 1418.65 crore.
o These delays affect all renewable energy projects, including FDRE and RTC
• Hydroelectric Projects have received concurrence from the Central Electricity Authority tenders. Discoms are now showing a preference for projects with higher capacity
(CEA) but are yet to begin construction i.e., approximately 26 hydroelectric projects with a utilization factors, contributing to the lag in PPA signings. Currently, around 40-45
combined capacity of 19,214 MW, along with 5 pumped storage projects of 6,020 MW. GW of renewable energy projects, including REIPs and discom-linked initiatives,
are impacted.
• Haryana has installed 9,609 rooftop solar systems with a total capacity of 45.9 MW with INR
52.54 crore in subsidies to beneficiaries. Additionally, the state highlighted the potential of • Gensol Engineering has secured a Rs 897-core EPC contract from NTPC Renewable
91.78 MW of solar PV installations on government buildings through a survey. Energy Limited (NTPC REL). The project is for the development of 225 MW of grid
connected solar projects at GSECL Solar Park (Stage-III), Khavda located in the Rann of
• The Odisha government has approved seven renewable energy projects worth INR 1,386.09
Kutch, Gujarat. The total bid value for this project, including operations and maintenance
crore. The approved projects include a 99 MW wind power project, five ground-based solar
(O&M) for a duration of three years, amounts to approximately Rs 897.47 crore, inclusive of
projects of 91.77 MW, and one rooftop solar project of 1.64 MW.
taxes and duties.

• 2 GW solar park will be developed in Rajasthan with 30% central assistance, with the o Gensol Engineering secured a 22-megawatt ground mounted solar project (EPC)
central government collaborating with all stakeholders to strengthen the renewable energy from a steel maker in Punjab at an order value of INR 88 crore. The company will
12
sector. With ambitious targets, forward-thinking policies, and recent investments, supply high-efficiency bi-solar modules. The project will be executed over a period
Rajasthan is undoubtedly on the path to becoming a renewable energy powerhouse. of six months on a turnkey basis.

Source: JMK Research 22 Monthly RE

Update
 RE PROJECTS UPDATES
KEY ANNOUNCEMENT

• Punjab government is planning to set up 66 solar power plants, each with a 4 MW capacity • Solidus Techno Power, a solar EPC company, is expanding its footprint beyond Punjab
in the state. The projects is expected to get completed by the end of December 2025. The with a major new of a 29 MWp solar project in Rajasthan. The PV plant is expected to
project will supply 40% of the electricity requirements for the manufacturing facility. generate around 47 million kWh of clean energy annually, helping to offset over 42,300
metric tons of CO2 emissions annually.
• Sembcorp Green Infra has received the Letter of Award (LOA) for a 150 MW solar PV
project coupled with 300 MWh BESS. The project is expected to be ready for commercial • Waaree Energies declared has secured PV module supply orders for two solar projects
operation within 24 months from the date of signing the PPA and will be funded through a totaling 398 MW. "The orders are for projects with capacities of 249 MW and 149 MW,
mixture of internal funds and debt. BESS will provide on-demand power to support daily respectively, from a renowned domestic customer involved in owning, developing, and
peak electricity for four hours, over a 25-year period. operating renewable power projects in India. The supply of solar modules is set to begin in
FY 2025-26.
• Jakson Group has partnered with OMC Power to execute a 50 MW solar rooftop project.
The deal was valued at approximately ₹200 crore, is among India’s largest single solar • Sterling and Wilson has secured an EPC contract worth approximately INR 1,200 crore for
rooftop orders. a 500 MW (AC) solar PV project in Gujarat. The project also involves a three-year
Operations and Maintenance (O&M) contract.
• Gentari has entered into a long-term agreement to supply 650 MW of round-the-clock (RTC)
carbon-free energy to power AMG Ammonia's upcoming green ammonia facilities. Under • Amplus plans to setup solar-wind battery projects in Gujarat by 2025. The company is
this agreement, Gentari will establish 2,400 MWp of renewable energy (solar and wind) in currently in an advanced stage of construction of India's first on-site solar-wind-battery
India, integrated with 350 MW/2,100 MWh of energy storage to deliver firm and project, which is scheduled to be commissioned next year in Gujarat. The plant is a part of
dispatchable green power to AMG Ammonia's plants. The projects are planned to be their 600 MW onsite portfolio and will be a mix of 8.8 MW solar, 22 MW wind, and
12 a 19.5

executed in Andhra Pradesh and Karnataka MWh battery storage system.

Source: JMK Research 23 Monthly RE

Update
 RE PROJECTS UPDATES
KEY ANNOUNCEMENTS

• Sterling and Wilson Renewable Energy Ltd has received the Letter of Award (LOA) for a • JSW Energy has secured several renewable energy (RE) projects in the commercial and
305 MW AC (396 MW DC) solar PV project in Rajasthan, India. The project was awarded by industrial (C&I) market, totaling 20 GW of locked-in generation capacity. Among these,
a private-sector power producer. The scope of work includes the supply, installation, and JSW Renew Energy has signed a power purchase agreement (PPA) with DCM Shriram Ltd
to supply 68 MW of RE power from a wind-solar hybrid project.
commissioning of the PV plant, with a total contract value of approximately INR 504 crore.
o JSW Green Energy Eight has also secured a PPA with Indus Tower to supply 130
• O2 Power has signed a 100 MW Power Purchase Agreement (PPA) with East Central
MW of renewable power from a solar PV plant.
Railways (ECR) to supply renewable energy from its 360 MW installed capacity spread
across Rajasthan, Gujarat, and Karnataka. o JSW Energy’s total locked-in RE C&I capacity is 3.1 GW, including 2,654 MW for
the JSW group and 445 MW for third-party use. The company’s operational C&I
• Suzlon Group has partnered with Jindal Renewables to secure a 302.4 MW wind power capacity currently stands at 488 MW.

project in Karnataka's Koppal region. The latest project increases the total capacity ordered o JSW Neo Energy has been awarded a Letter of Award for establishing a 400 MW
by Jindal Renewables to 702.4 MW, making it Suzlon’s largest commercial and industrial interstate transmission system (ISTS)-connected solar power project, granted by
(C&I) order to date. NTPC. JSW won the project through a tariff-based competitive bid in NTPC's
tender for the development of 1,500 MW of ISTS-connected solar power projects.
• Grew Energy is going to supply 500 MW of solar modules for Jindal Renewables' upcoming
• Coal India has spent a total of INR 1,209 crore on ground-mounted solar power projects
solar power project in Rajasthan. This initiative supports the goal of advancing having a capacity of 661 MW. Coal India has a plan to achieve 3,000 MW solar project
sustainability in the steel industry. Both companies aim to leverage their expertise in capacity by 2027-28 which consists of 211.59 MW in the current fiscal, 697.85 MW in
innovative solar solutions through this partnership. FY2026, 1,235 MW in FY2027 and 785 MW in FY2028.

• Inox Wind has bagged a 60 MW order from Serentica Renewables to supply 3 MW class
wind turbines. This supply order is to be delivered within H1 CY25 and it will be installed at
the hybrid renewable energy project site being developed by Serentica Renewables in
Karnataka.
24 Monthly RE
Update
MONTHLY RE GENERATION

Monthly RE
Update
 MONTHLY RE GENERATION

SOURCE-WISE RENEWABLE ENERGY GENERATION (MU) - INDIA

➢ In December 2024, Renewable energy sources generated 16,393 MUs which is 26.4%
higher than the RE generation in November 2024.
➢ In December 2024, solar and wind energy generation increased by 3.4% and 115%
respectively compared to the previous month’s generation data.

14000
Monthly RE Generation Wind (MU) Solar (MU) Others (MU)

12000

10000

8000
MUs

6000

4000

2000

Source: CEA, JMK Research 26 Monthly RE

Update
 INVESTMENTS AND DEALS

In December 2024, a total of about $2,705 million investments made in the RE sector in India. The key investments during the month were:
o JSW Energy has signed a definitive agreement to acquire a 4,696 MW renewable energy platform from O2 Power. JSW acquired the RE portfolio of 2,259 MW of operational
capacity, with an additional 1.463 GW under construction and 974 MW in the pipeline.
o ACME Solar, has secured $232 million in term loan financing from Power Finance Corporation (PFC) to fund the development of a 300 MW wind solar hybrid renewable energy
project.
o Mahindra Susten has secured a Rupee term loan of INR 1,448 crore from HDFC Bank and Axis Bank for 560 MWp of solar power projects being developed in Gujarat and
Rajasthan.

INVESTMENTS AND DEALS

Company Stake
Deal Type Sector Asset Acquired Investor Deal value Other Details
Name Acquired

• JSW acquired the RE portfolio of

2,259 MW of operational capacity,
O2 Power Acquisition Renewable Energy 4.69 GW JSW Energy $1.47 billion - with an additional 1.463 GW under
construction and 974 MW in the
pipeline
• The company has raised a term loan
for its 300 MW solar wind hybrid
project.
• The project includes solar capacity
Acme Debt Wind Solar Hybrid - PFC $232 million - to be developed in Bikaner,
Rajasthan, and wind project in Bhuj,
Gujarat.
• A Power Purchase Agreement (PPA)
has already been signed with NTPC

Source: JMK Research 27 Monthly RE

Update
 INVESTMENTS AND DEALS
INVESTMENTS AND DEALS

Company Name Deal Type Sector Investor Deal value Stake Acquired

Adani Equity Renewable Energy Total Energies and other promoters $ 581 million -

Mahindra Susten Debt Solar HDFC and Axis Bank $170.6 million -

ReNew Sun Waves

Acquisition Solar Venture capital firms Framework & Union square venture $176 million -
Pvt Ltd

SolarSquare Equity Rooftop Solar Lightspeed $40 million -

Venture capital firms Framework & Union square

Glow Equity Solar $30 million -
ventures

JSW Green Energy Equity Solar Indus Towers $4.4 million 26%

SustVest Equity Renewable Energy Inflection Point Ventures and Antler $1.7 million -

ReNew Equity Renewable Energy Jindal - 31.2%

Source: JMK Research 28 Monthly RE

Update
 INVESTMENTS AND DEALS
KEY ANNOUNCEMENTS

• Mufin Green Finance is planning to finance INR 500 crore worth of solar projects by • Continuum Green Energy has filed preliminary papers with SEBI for an INR 3,650 crore
2026, as part of its strategic entry into the solar financing sector. The company recently IPO, according to its Draft Red Herring Prospectus (DRHP). The IPO comprises INR
completed its first solar financing transaction, worth INR 3.25 crore, enabling the 1,250 crore fresh issue of equity shares and an INR 2,400 crore offer for sale (OFS) by
installation of a rooftop solar unit in Gujarat. The company aims to support 2 lakh solar its promoter, Continuum Green Energy Holdings. The company plans to utilize INR
installations over the next two years. 1,100 crore from the fresh issue to repay loans, including accrued interest, taken by its
subsidiaries.

• NTPC and ONGC are on the verge of finalizing a deal to acquire Ayana Renewable
Power. The acquisition, valued at $700–$750 million and is expected to be concluded • Swelect Energy Systems is planning to raise INR 1.38 billion (~$16.22 million) by
within the next couple of weeks, valuing Ayana Renewable Power at approximately issuing 1,385 non-convertible debentures (NCDs) with a face value of INR 1 million
$1.7–$1.8 billion. (~$11,757) each through private placement. The secured, unlisted, rated, redeemable,
non-cumulative, taxable NCD will have a tenure of 12.5 years and a 9.5% average
interest rate.
• A consortium of ReNew Energy Global promoters has made a non-binding proposal to
buy out the company’s publicly listed shares. Masdar, Canada Pension Plan
Investment Board (CPP Investments), Platinum Hawk (an arm of the Abu Dhabi • JSW Group, Stonepeak Partners LP (Stonepeak Infrastructure Partners) and
Investment Authority, ADIA) and Sumant Sinha (the founder, chairman and CEO of Waaree Energies Limited have submitted binding bids for Enel Group 's renewable
ReNew) have offered to acquire the entire issued and to be issued share capital of energy business in India. The portfolio of Enel Green Power India comprises 760 MW of
ReNew not already owned by members of the Consortium, for cash consideration of operational wind (340MW) and solar power (420 MW) assets and a development
$7.07 per share. The deal values the clean power generator at $2.82 billion. pipeline of 2 GW. It also has power purchase agreements totalling 190MW. The deal is
likely to value the group's portfolio of wind and solar power assets at equity of $350
million - $400 million. The deal is likely to be concluded by financial year end in March
• ONGC is in negotiations with Shell-owned Sprng Energy to acquire its 125 MW 2025.
operating solar energy assets in India. The acquisition is valued at INR 500 crore.

29 Monthly RE
Update
 INVESTMENTS AND DEALS
KEY ANNOUNCEMENTS

• Solarium Green Energy, a solar EPC company, has received market regulator Bombay • Indian Renewable Energy Development Agency (IREDA) has sanctioned over INR
Stock Exchange’s approval to launch its initial public offering (IPO). The company is set to 3,000 crore for renewable energy projects in Odisha as the state targets of achieving 10
open for subscription in January and it plans to issue up to 55,00,000 equity shares, each GW capacity by 2030. Nationally, IREDA has sanctioned INR 2.08 lakh crore and
with a face value of INR 10, in the forthcoming IPO. The company plans to raise funds to disbursed INR 1.36 lakh crore for renewable energy projects. The agency has also
meet working capital requirements and to address general corporate purposes. supported emerging technologies such as ethanol, electric vehicle fleet financing,
pumped storage hydropower, and green ammonia.

• UltraTech Cement will source renewable energy in captive mode from CleanMax’s special
purpose vehicle (SPV), CleanMax Sapphire. The company has entered energy supply, share • Lithium battery and solar panels manufacturer RCRS Innovations Ltd has filed draft
subscription, and shareholders agreements to acquire a 26% equity share in CleanMax papers with NSE Emerge to raise funds through an initial public offering (IPO). The
Sapphire, investing up to INR 457.6 million (~$5.3 million). The SPV will set up a 55 MW wind company proposed an IPO with a fresh issuance of 48.24 lakh equity shares with a face
solar hybrid project on a captive basis in Karnataka to supply power to UltraTech Cement. value of INR 10 each. RCRS Innovations intends to utilise net proceeds from the
The share acquisition will be completed within 180 days. offering to meet its working capital requirement and expand its battery manufacturing
capacity.

• India requires INR 14.5 lakh crore investment to meet 366 GW power demand by 2032.
According to the National Electricity Plan (NEP), India’s electricity demand is expected to
surge to 366 GW by 2031-32, requiring an estimated investment of INR 14.5 lakh crore by
2027 to enhance power generation capacity and modernize infrastructure.

30 Monthly RE
Update
GDAM TRADED VOLUME

Monthly RE
Update
 GDAM TRADED VOLUME

GDAM TRADED VOLUME AND PRICE TREND ➢ The IEX traded a total volume of about 772 MUs in GDAM in December 2024 which is 2% less than the previous
month.

➢ The average trade price in IEX-GDAM for December 2024 is INR 4.22/kWh.

1200 7.00

6.00
1000

5.00
800
Million Units (MUs)

4.00

INR/kWh
600
3.00

400
2.00

200
1.00

0 0.00
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24

IEX GDAM - Traded Volume IEX GDAM - Traded Price

Source: IEX, JMK Research 32 Monthly RE
Update
MODULE PRICE TRENDS

Monthly RE
Update
 MODULE PRICE TRENDS

GLOBAL SOLAR MODULES PRICE TRENDS

0.3
Prices (USD/ Wp)

0.25
0.2
0.15 Comparing on m-o-m basis, price for
0.1 global mono PERC modules have
Mono PERC modules (Global) decreased by 4.5% in December 2024
0.05
0
Jan-22

May-22

Jul-22

Sep-22

Jan-23

May-23

Jul-23
Feb-23

Sep-23

Jan-24

May-24

Jul-24

Sep-24
Mar-22

Nov-22

Mar-23

Nov-23

Nov-24
Feb-22

Aug-22

Aug-23

Mar-24
Feb-24

Aug-24
Oct-22

Oct-23

Oct-24
Apr-22

Apr-23

Apr-24
Jun-22

Jun-23

Jun-24
Dec-22

Dec-23

Dec-24
AVERAGE PRICE TRENDS FOR DOMESTIC MODULES

35
Mono PERC 500 Wp Series Bifacial Module TopCon Module Comparing on m-o-m basis, the prices
for domestic modules continued to rise
30
in December:
INR/ Wp

25 Mono PERC 500 Wp – INR 17.5/Wp (up

by 2.34%).
20 Bifacial Modules – INR 17.6/Wp (up by
2.33%).
15 TopCon Modules – INR 18.1/Wp (up by
2.84%).

Source: PVInfoLink, JMK Research 34 Monthly RE

Update
MARKET UPDATES

Monthly RE
Update
 KEY MARKET UPDATES
SOLAR MANUFACTURING

Dynamic Services to develop 1.8 GW solar module manufacturing facility in RMC switchgear to establish 1 GW solar manufacturing facility in Rajasthan
Maharashtra
• RMC Switchgears plans to establish a 1 GW solar module and mounting structure
• Dynamic Services has received approval from the Maharashtra government to set up a manufacturing facility in Rajasthan, with an estimated investment of INR 100 crore.
solar PV manufacturing facility of 1.8 GW in MIDC Villebhagad, Raigad, with an INR 1,080
• The project will be funded through a combination of internal accruals, equity, and debt.
crore investment.
Both plants are expected to be operational by July 2025, with commercial operations
• The facility will have a production capacity under the state’s Package Scheme of starting in August 2025.
Incentives (PSI) 2019.
Insolation Energy to set up solar cell and module unit in Madhya Pradesh
Airox Nigen develops solar module manufacturing factory in Haryana
• Insolation Energy Limited has received approval to set up a new solar cell, module, and
• Airox Nigen has established a 600 MW solar module manufacturing line in Haryana as part aluminum frame manufacturing unit in Madhya Pradesh.
of its planned 2 GW renewable energy plant in Rohnat.
• The company plans to invest INR 18 billion in this project and will enhance the
• This facility, featuring advanced technology, will produce high-efficiency solar modules company’s capacity to 3 GW for solar cell manufacturing, 4 GW for solar module
for domestic and international markets. With a phased investment of INR 800 crore, the manufacturing, and 24,000 metric tonnes for aluminium frame production.
first phase is set to begin production within five months.
Websol Energy System to start commercial production at 600 MW cell line from
Rays Green Energy plans to set up solar cell and module manufacturing facility in July
Madhya Pradesh
• Websol Energy System Limited has provided an update on the expansion of its cell
• Rays Green Energy is planning to set up a solar module and cell gigafactory in Madhya manufacturing plant at Falta in West Bengal. The company in October intimated about
Pradesh. the additional capacity of a 600 MW mono PERC cell line at the Falta plant with an
investment of about INR 220 crore.
• The facility will have a 1.5 GW solar cell plant and a 3 GW solar module assembly line with
a planned investment of around INR 14 billion (~$168.07 million). • This new line is expected to be installed and commissioned in the first quarter of 2025-
26.
Premier Energies to set up 1 GW solar module manufacturing facility in Telangana
• Premier Energies is planning to set up a 1 GW TopCon solar module manufacturing facility
in Telangana, on leasehold premises owned by the Telangana Industrial Infrastructure
Corporation (TGIIC). The solar module facility is expected to be completed by March 2025. 36 Monthly RE
Update
 KEY MARKET UPDATES
GREEN HYDROGEN

TKIL Industries collaborates with SoHHytec to enter the green hydrogen sector 3 GW electrolyser manufacturing capacity is under development in India

• TKIL Industries has entered the green hydrogen sector through a strategic investment • India is in the process of providing viability gap funding for 3 GW/year electrolyser
in SoHHytec SA. The partnership grants TKIL exclusive rights to manufacture and manufacturing to boost green hydrogen production.
deploy SoHHytec's technology in India, aligning with the nation's goal of producing
• The Hydrogen Mission targets 5 MMT/year of green hydrogen and 125 GW of renewable
7.5 million tonnes of green hydrogen annually by 2030.
energy capacity, with 412,000 tons/year of production already awarded. The mission
• TKIL plans to implement SoHHytec's technology in key industries, including steel, aims to attract INR 8 lakh crore in investments.
fertilizers, cement, bio-chemicals, and transportation.
Airox Nigen installs 125 kW of hydrogen system for NPCIL
Greenzo Energy collaborates with France’s EODev to introduce hydrogen
• Airox Nigen has installed a 125 kW (flow rate -25 Nm3/hr) at Tarapur Nuclear Power
generators in India Plant in Maharashtra.
• Greenzo Energy India has partnered with France's EODev to launch GEH2 hydrogen • The system has an electrolyser of 125 kW with a production capacity of 54 kgs/day (high
fuel cell generators in India and Nepal. purity hydrogen) during daylight hours.
• These emission-free generators aim to replace diesel systems in agriculture, • The green hydrogen will be utilised to stabilise the NPCIL’s grid and to reduce the
telecom, and transportation, supporting India’s Green Hydrogen Mission. The venture emissions associated.
is projected to generate $10 million in its first year.
Government urges sugar industry to diversify into ethanol-diesel, green hydrogen
Ohmium and Spirare Energy announce Green Hydrogen Production at NTPC production
Microgrid
• The government urges the sugar industry to explore multiple avenues for diversification,
• The green microgrid project at NTPC’s Energy Technology Research Alliance (NETRA) including ethanol-diesel blending and green hydrogen production.
campus is powered by a solar PV system combined with a hydrogen energy storage
system. • The government has also emphasized the need for setting up of ethanol and CNG
pumps, including through private sector participation.
• The solar hydrogen microgrid at NTPC NETRA in New Delhi provides continuous,
sustainable power using a solar PV system and hydrogen storage. • There is huge potential for flex engines, ethanol-based engines, and bioCNG as
alternatives to fossil fuels.

37 Monthly RE
Update
 KEY MARKET UPDATES
STORAGE

Government may mandate 10% battery storage for new renewable energy SECI withdraws debarment notice issued to Reliance Power
projects • Reliance Power and its subsidiary were barred by SECI from participating in
• The Union Ministry of New and Renewable Energy (MNRE) may soon mandate the government tenders for three years after SECI accused them of submitting fake
inclusion of battery storage capacity in upcoming solar and wind power plants. financial documents in connection with a battery energy storage tender.

• The move is aimed at addressing the intermittency of renewable energy supply and • Reliance NU BESS (formerly Maharashtra Energy Generation Ltd.) had a bid for a
ensuring round-the-clock power delivery. portion of the 1 GW/2 GWh standalone battery energy storage systems (BESS) tender.
However, SECI has now withdrawn the debarment notice against Reliance Power,
effective immediately. As a result, Reliance Power and its subsidiaries, except Reliance
OTHER MARKET NU BESS, are eligible to participate in all SECI-issued tenders.
UPDATES
Over 9.2 GW of solar power from SECI remains unsold due to lack of off takers
PM Surya Ghar Muft Bijli Yojana receives 1.45 crore registrations • Over 9,200 MW of renewable energy capacity comprising solar, wind-solar hybrid, solar
with battery energy storage systems (BESS), and firm and dispatchable energy (FDRE)
• The government states that around 1.45 crore registrations have been made under the
across 33 projects is stranded for want of off takers.
PM Surya Ghar Muft Bijli Yojana and 6.34 lakh installations completed. The subsidy has
been released to 3.66 lakh applicants. • In the latest list of unsold power (9,296 MW) released by SECI, all projects except those
by NTPC Green Energy are private developers.
• As per official data, Gujarat has seen the maximum solar installations under
the scheme at 2,86,545, followed by Maharashtra with 1,26,344 installations and Uttar • Adani Green Energy accounts for the highest inventory of unsold power at 1,799 GW,
Pradesh at 53,423. with a tariff of INR 2.42/kWh followed by Azure Power with 967 MW (300 MW at a tariff of
INR 2.54/kWh) and 667 MW at IN2.42/kWh.
About 127 GW of renewable energy projects under tendering process
• NTPC Renewable Energy’s projects have a total capacity of 650 MW, waiting for offtakers.
• The government states that around 127 GW of renewable energy projects are under the
tendering process in the country. • Other developers accounting for the unsold capacity include ReNew, Acme, Juniper
Green, Asuari Renewables, Hero Solar, JSW, Avaada and Ampin.
• India currently has a total renewable energy capacity of around 203 GW. The country
also plans to go net-zero by 2070.

38 Monthly RE
Update
 OTHER MARKET UPDATES
India's peak electricity demand is projected to reach 700 GW by 2047 ALMM on solar cells may push tariffs by 40-50 paise per unit: CareEdge Ratings
• A report by EY India and the Confederation of Indian Industry (CII) estimates that India's • The introduction of ALMM-II for domestic cells may result in an increase in the delivered
peak electricity demand will surpass 700 GW by 2047, which is 2.5 times higher than the cost of domestic modules by 6-7 cents/Wp, leading to a rise in solar tariffs by 40-50 paise
current demand. per unit, according to a report by CareEdge Ratings.
• It emphasizes the need to scale up the renewable energy capacity beyond 50 GW • CareEdge Ratings also envisages that implementation of ALMM-II for DCR modules could
annually. push solar tariffs further up to INR 3 per unit levels, which were last seen over 2 years ago, in
• This projection aligns with India’s long-term strategy to achieve net-zero emissions by the short run.
2070 and its goal of becoming a demand-driven economy by 2047.
Regulatory clarity helped GEOA installed capacity grow by 90% between FY2023 and
India’s FDI investment in Renewable Energy sector increased by 50% FY2024

• As per Deloitte, FDI in the renewable sector increased by 50% to $3.76 billion in 2023-24. • The regulatory clarity brought in by the Green Energy Open Access Rules (GEOA), 2022 has
Cumulative disbursements by PFC, REC, and IREDA reached Rs 3,14,200 crore in 2023- led to record annual installations between Fiscal Year (FY) 2023 and FY2024, states a new
24, up 71.1% on year. report by IEEFA and JMK Research.

• India’s power sector has seen significant growth with increase in FDI by 50%, award of • The C&I open access market witnessed a remarkable 90.4% increase in annual installed
contracts for 11.37 crore smart meters under Revamped Distribution Sector Scheme and capacity between the fiscal year (FY) 2023 and FY2024.
reduction of ACS-ARR gap to Rs. 0.21/ kWh in FY24 (vis-à-vis Rs. 0.62/ kWh in FY21).
• By the end of FY2024, cumulative capacity reached 18.7 gigawatts (GW). Gujarat and
Rajasthan have been at the forefront of this growth, adding 1.43GW and 0.98GW in FY2024,
Maharashtra, Jharkhand, and Rajasthan were the largest beneficiaries under the respectively.
PM KUSUM scheme
• According to the latest government data, a total of INR 1,325.77 crore was invested in PMSGMBY Set to Surpass 10 Lakh Installations by March 2025, Targeting One Crore
the PM KUSUM scheme by October 2024, marking a significant increase of INR 325.19 by 2027
crore from last year’s funding of INR 1,000.58 crore.
• By March 2025, the number of rooftop solar installations under the PM Surya Ghar: Muft Bijli
• Maharashtra, Jharkhand, and Rajasthan were the largest beneficiaries of the centrally Yojana (PMSGMBY) is projected to surpass 10 lakhs. The target is to reach 20 lakh
sponsored scheme. Maharashtra’s funding rose from INR 330.21 crore in FY 2024 to INR installations by October 2025, 40 lakhs by March 2026, and one crore by March 2027.
748.81 crore in FY 2025 (till October). A similar trend was observed in Jharkhand saw an
• States such as Gujarat, Maharashtra, Kerala, and Uttar Pradesh have shown exceptional
increase from INR 2.36 crore to INR 49.62 crore, Karnataka from INR 2.38 crore to INR
progress, benefiting from strong infrastructure and active stakeholder collaboration.
81.25 crore, and Rajasthan experienced a substantial jump from INR 49.41 crore to INR
280.01 crore.
39 Monthly RE
Update
POLICIES AND REGULATIONS

Monthly RE
Update
 POLICIES AND REGULATIONS

CENTRAL LEVEL REGULATORY UPDATES

Policy, Order & Regulation Issuing Agency Date of Issue

CERC approves transmission charges for Tumkur-II Renewable Energy Project CERC 27th-Dec-2024

MNRE updated the ALMM list with an enlisted capacity of 63.03 GW MNRE 26th-Dec-2024

CERC issues order for setting up process for scheduling of infirm power before commissioning of project CERC 22nd-Dec-2024

APTEL upholds two Andhra Pradesh wind power companies’ right to terminate PPAs with APSPDCL APTEL 19th-Dec-2024

CERC amends Deviation and Settlement mechanism regulations CERC 17th-Dec-2024

ALMM list II issuance will promote domestic solar cell manufacturing in India MNRE 9th-Dec 2024

India imposes anti-dumping duty on solar glass from China and Vietnam MoF 4th-Dec-2024

MNRE updated the ALMM list with an enlisted capacity of 62.76 GW MNRE 2nd-Dec-2024

APTEL rejects rooftop solar consumer petition bound by revised PPA terms APTEL 28th-Nov-2024

41 Monthly RE
Source: JMK Research Update
 POLICIES AND REGULATIONS

STATE LEVEL REGULATORY UPDATES

Policy, Order & Regulation Issuing Agency Date of Issue

MSERC issued Fees and Charges, Regulations (1st Amendment) MSERC 20th-Dec-2024

Himachal Pradesh issued green energy open access regulations, 2024 HPERC 17th-Dec-2024

HPERC approves the procurement of solar power from SECI at a tariff of INR 2.56/kWh HPERC 17th-Dec-2024

TNERC increased the additional surcharge to INR 0.54/kWh until March 2025 TNERC 12th-Dec-2024

KSERC revised the electricity tariff for the period from December 2024 to March 2027 KSERC 5th-Dec-2024

KERC eases solar rooftop installation rules to promote installation under PM- Surya Ghar scheme KERC 5th-Dec-2024

Meghalaya issues power policy to boost renewable energy Government of Meghalaya 1st-Dec-2024

Gujarat approved a tariff range between INR 2.74/kWh & INR 3.04/kWh for 41 MW solar projects under PM KUSUM GERC 1st-Dec-2024

Rajasthan issued an Integrated Clean Energy Policy 2024 TNERC 1st-Dec-2024

BERC issued a Green Energy Open Access (GEOA) rules in 2024 BERC 25th-Nov-2024

KERC clarifies transmission charges for wind-solar hybrid power plants KERC 25th-Nov-2024

CSERC issues a regulation on tariff determination for Renewable Energy (RE) projects CSERC 5th-Nov-2024

KERC seeks comments in Procurement of Energy from Renewable Sources, Regulations CSERC 05th-Nov-2024

Source: JMK Research 42 Monthly RE

Update
Monthly RE
Update