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Weekly
Newsletter
December 16, 2024

Policy, Reforms, and Programmes

Financial Insights
Central Sector
State Sector
Private Sector
International
Weekly Specials

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Policy, Reforms &
Programmes

India's Ministry of Finance has

imposed an anti-dumping duty
on solar glass imports from
China and Vietnam to protect
the domestic industry. The duty
ranges from $565 to $677 per
metric tonne. >>

The Ministry of New and

Renewable Energy (MNRE) has
added solar PV cells to the List-
II under the Approved List of
Models and Manufacturers
(ALMM), effective June 1, 2026,
requiring projects to use solar
cells listed under the new
category alongside List-I
modules. >>

The Ministry of New and

Renewable Energy is
implementing the Green
Energy Corridor scheme across
ten states to improve
renewable energy
infrastructure, including
projects to evacuate 13 GW
from Ladakh. >>
Financial Insights

Continuum Green Energy Limited has filed a draft red herring

prospectus (DRHP) with the Securities and Exchange Board
of India (SEBI) for an initial public offering (IPO) to raise Rs
36.5 billion. >>

India surpassed China in clean-technology funding with $2.4

billion in deals in Q3 2024, positioning it as the second-largest
market after the US. >>

Tata Power plans to invest Rs 1.46 trillion to double its

capacity to 32 GW by 2030, focusing heavily on renewable
energy, transmission, and distribution growth. It has also
committed Rs 43 billion to its solar plant. >>

Premier Energies will invest Rs 52.92 billion in Telangana to

build manufacturing plants for solar cells, modules, ingots,
silicon wafers, and aluminium extrusions, with 200 acres
allocated. >>

Solar91 Cleantech has received BSE approval for its SME IPO,
aiming to raise Rs 1 billion by issuing up to 5.43 million shares.
>>

Serentica Renewables plans to invest Rs 500 billion

in developing 10,000 MW of renewable energy
capacity in Rajasthan. >>

Tata Power has committed Rs 1.2 trillion in

Rajasthan for renewable energy projects, including
solar, wind, and EV infrastructure. >>

Avaada Group has committed Rs 1

trillion to develop a renewable energy
hub in Rajasthan. >>
Adani Group plans to invest
over Rs 7 trillion in Rajasthan,
including the development of
100 GW of renewable energy
capacity. >>

Serentica Renewables plans

to invest Rs 500 billion in
Rajasthan to set up 10,000
MW of renewable energy
projects. >>

Martial Solren, a Mahindra

Susten subsidiary, has
secured Rs 14.48 billion in
financing for its 400 MW/560
MWp solar projects in Gujarat
and Rajasthan. >>

The Government of India has

requested a USD 186 million
loan from the Asian
Infrastructure Investment
Bank (AIIB) for Phase II of the
Assam Intra-State
Transmission System
Enhancement Project. >>

SolarSquare has raised $40

million in a Series B funding
round led by Lightspeed to
expand its rooftop solar
business to over 50 cities. >>
 3

Central Sector

The Ministry of Environment, Forest, and Climate Change (MoEFCC) has

reviewed the expansion of major thermal power projects, including
Raigarh Thermal Power and NLC Talabira Phase-II. >>

The Ministry of Coal has launched the 11th round of commercial coal
mine auctions, offering 27 blocks across six states. >>

NTPC Group achieved 300 billion units of power generation on

December 8, 2024, in just 252 days, marking the fastest milestone. >>

PFC Consulting Limited (PFCCL) has established a special purpose

vehicle (SPV) named NER Expansion Transmission Limited for
developing the North-Eastern Region Expansion Scheme-XXV Part-A
(NERES-XXV Part-A). >>

The Central government has approved a 2,000 MW solar park in

Rajasthan, with 30% financial assistance, to be developed by Rajasthan
Solar Development Corporation. >>

The National Committee on

Transmission has recommended the
tariff-based competitive bidding
(TBCB) route with PFC Consulting
Limited (PFCCL) as the bid process
coordinator (BPC) for the Transmission
system for proposed Green Hydrogen /
Green Ammonia projects in Kakinada
area (Phase-I). >>

The Expert Appraisal Committee (EAC)

of the MoEFCC has recommended
granting Terms of Reference for the
1,200 MW Sikaser Open Loop Pumped
Storage Hydro Project in Chhattisgarh.
>>
Power Grid Corporation of India
Limited (PGCIL) has
commissioned the
"Augmentation of ISTS for
Interconnection of HVPNL
Transmission Schemes" project,
worth Rs 11.7 billion. >>

Chenab Valley Power Projects

has begun dam concrete works
for the 540 MW Kwar Hydro
Electric Project, located on the
Chenab River in Jammu, at an
estimated cost of Rs 49.49
billion. >>

NTPC Green Energy plans a 20,000

MW transmission project in Andhra
Pradesh to support its green
hydrogen hub in Pudimadaka,
connecting its Anantapur solar project
to the hub's renewable energy system.
>>

NHPC Limited has concluded its

tranche VI auction, awarding 1,200
MW of renewable energy projects
integrated with energy storage. >>

NLC India (NLCIL) has begun

commercial operations of the first 660
MW unit at its 3×660 MW Ghatampur
Thermal Power Plant (GTPP) in Uttar
Pradesh. This marks the first fossil
fuel-based thermal power plant
commissioned in India during the
current financial year. >>
 6

State Sector
Assam and Bihar lead smart meter installations under the Revamped
Distribution Sector Scheme, with 7.54 million meters installed across
India. >>

The Karnataka Electricity Regulatory Commission (KERC) has

simplified rooftop solar rules for consumers with loads up to 10 kW,
allowing automatic approvals and infrastructure upgrades. >>

The Kerala government has approved a 16 paise per unit electricity

tariff increase for 2024-25, with an additional 12 paise hike planned for
2025-26. Solar consumers and low-income households are exempt. >>

The Uttar Pradesh Power Corporation Limited (UPPCL) has cleared

legal hurdles to privatise Dakshinanchal and Purvanchal DISCOMs
under the Public-Private Partnership (PPP) model. >>

Maharashtra Electricity Regulatory Commission (MERC) and Global

Energy Alliance for People and Planet (GEAPP) have signed a
Statement of Intent focusing on grid management, renewable
integration, and energy efficiency. >>
The Government of Rajasthan has
signed an agreement with
BrightKnight to develop wind-solar
hybrid projects. BrightKnight will
invest Rs 150 billion to establish over
2,000 MW of capacity. >>

The Government of Telangana has

inaugurated Unit 2 of the
Damaracherla (Yadadri) Power
Project. The Rs 299.65 billion project
will feature five 800 MW units in
Nalgonda district. >>

The Government of Odisha has

approved seven renewable energy
projects worth Rs 13.86 billion,
totalling 192.41 MW. >>

The Government of Nagaland has

launched a 2032 Intra-State
Transmission Plan to bridge a 510
MVA capacity gap. The project
involves nine substations and 476 km
of transmission lines, with an
investment of Rs 11.5 billion. >>

Mizoram has launched a new

initiative under PM-Surya Ghar Muft
Bijli Yojana, offering subsidies for
rooftop solar installations. The
scheme supports households with
good payment records and facilitates
installations through authorised
vendors. >>
 7

Private Sector

Greenko Group has appointed AFRY to provide detailed design

engineering services for Rajasthan’s 1.8GW Shahpur pumped hydro
energy storage project. >>

Bondada Engineering has secured a Rs 1.08 billion contract from the

Bihar Renewable Energy Development Agency (BREDA) for
installing smart solar streetlights in rural Bihar under the
Mukhyamantri Gramin Solar Streetlight Yojana. >>

ReNew has commissioned 750 MW of its 1 GW solar project in

Rajasthan, with the remaining 225 MW set to be operational by
January 2025. >>

Gautam Solar has filed a patent for an AI-based system designed

to detect defects in solar panels. The system combines
electroluminescence (EL) and visual imaging with AI to automate
defect detection. >>

Kalpataru Projects International has secured orders worth Rs 2.17

billion for projects for elevated metro rail projects, transmission
and distribution projects, and a residential building project. >>
JSW Energy’s subsidiary, JSW Neo Energy, has
received a letter of award (LoA) from NTPC for a 400
MW ISTS-connected solar power project. >>

Waaree Energies has secured a 1 GW solar module

supply order from an Indian renewable energy
company, with deliveries scheduled for 2024-25 and
2025-26. >>

AM Green Ammonia India has signed a PPA with

Gentari for 650 MW of RTC, carbon-free energy to
power its green ammonia facilities. >>

Hitachi Energy has launched Nostradamus AI, an AI-

powered energy forecasting solution that provides
highly accurate predictions for utilities, operators,
and traders. >>

Airox Nigen has launched a 600 MW solar module

manufacturing line in Haryana, marking the first
phase of a 2 GW renewable energy project. >>

Fujiyama Power Systems has acquired 24.89

hectares in Ratlam, Madhya Pradesh, for a 2 GW
solar manufacturing facility. The Rs 6.5 billion
investment will produce solar panels, batteries, and
related products. >>

JSW Renew Energy Thirty Two Limited has

partnered with DCM Shriram for a 68 MW wind-solar
hybrid project in Kota, Rajasthan to replace DCM's
40 MW thermal power supply. >>

GE Vernova T&D India has secured a Rs 4 billion

contract from Sterlite Power for the supply and
supervision of 765 kV transformers and reactors for
the Khavda project. >>

Teerth Gopicon has received a Rs 2.37 billion LoA

from Rajasthan Renewable Energy Corporation
Limited (RRECL) to install 37 MW of rooftop solar PV
systems on government buildings in Baran and Pali
districts. >>
Waaree Renewable Energy has won bids to set up 170 MW under Unit-III
of the Neemuch Solar Power Park in Madhya Pradesh, quoting a tariff of
Rs 2.15 per kWh. >>

The Competition Commission of India (CCI) has approved JSquare

Electrical Steel Nashik’s acquisition of thyssenkrupp India. >>

Five firms have won bids under SECI’s Tranche-XVII for 2,000 MW solar
and 1,000 MW energy storage projects, with the projects to be completed
within 24 months at a tariff of Rs 3.52–3.53 per kWh. >>

Juniper Green Energy has signed an agreement with First Solar to procure
1 GW of advanced Series 7 PV modules, to be deployed across projects in
Rajasthan, Gujarat, and Maharashtra. >>

INOXGFL Group has launched Inox Solar, targeting 5 GW of solar module

capacity and 2.5 GW for solar cells by 2026. >>

Schneider Electric has launched EcoConsult in India, a service to optimize

electrical and automation systems, enhancing safety, reliability, and
sustainability. >>

Rays Green Energy Manufacturing, a subsidiary of Rays Power Infra, will

invest Rs 14 billion to set up a solar module and cell facility in Madhya
Pradesh. >>

Adani Green Energy Twenty Five has commissioned a 250 MW solar power
plant in Jodhpur, Rajasthan, increasing AGEL’s total operational
renewable energy capacity to 11,434 MW. >>

Reliance Power Limited has incorporated Reliance NU Energies Private

Limited, a special purpose vehicle, to develop renewable energy projects.
>>

Bajel Projects has been awarded a contract by Solapur Transmission for

the 400/220 KV Solapur pooling station in Maharashtra. >>

Tivolt Electric Vehicles has partnered with Tata Power Renewable Energy
to develop an electric vehicle charging ecosystem. >>
 11

International

Meta Platforms has signed

environmental attributes
purchase agreement with
Invenergy for 760 MW of solar
power, surpassing 1 GW of total
clean energy procurement. >>

Denmark's 10GW offshore wind

tender received no bids due to
high costs, inflation, and
market risks. The government
plans to engage stakeholders
to reassess its strategy. >>

CVC DIF has sold its 169 MW

Uruguayan wind farm portfolio
to Pluspetrol, marking the
latter's entry into renewables.
>>
Corio Generation plans staff cuts affecting less than 10% of its
workforce, citing rising costs in offshore wind. >>

The UK government is pursuing new investors for the £20bn Sizewell C

nuclear plant. A final investment decision is delayed to spring 2025,
with the process reportedly oversubscribed. >>

The ISA and USAID have partnered under the OSOWOG initiative to
enhance grid interconnections and expand renewable energy
transmission across South Asia, Africa, and other regions. >>

CPS Energy and OCI Energy are developing a 120MW/480MWh battery

storage system in Bexar County, Texas, set to be operational by 2026. >>

Pine Gate Renewables has received final approval from Oregon’s EFSC
to construct the 2.4GW Sunstone solar project, set to be the largest
solar-storage project in the U.S. >>
EliTe Solar has opened a solar cell production facility in Indonesia,
focusing on high-efficiency cells and modules. >>

The European Bank for Reconstruction and Development (EBRD) has

signed an MoU with Romania to support renewable energy
development, including upcoming auctions for 3,500 MW of capacity.
>>

Construction has begun on the Rs 69 billion Khorlochhu Hydropower

Project in Bhutan, a 600 MW plant set to be commissioned by 2029.
Tata Power and DGPC are partnering on this project. >>

The National Grid Corporation of the Philippines (NGCP) has completed

the energisation of the 230 kV Cebu–Bohol interconnection, enhancing
grid stability in Central Visayas. >>

VNG AG, its subsidiary VNG Handel & Vertrieb GmbH (VNG H&V), and
Dutch hydrogen company HyCC are planning to jointly develop a 500
MW electrolyser for green hydrogen production in Lutherstadt
Wittenberg, Germany. >>

Citicore Renewable Energy Corporation (CREC) has signed a supply and

services agreement with Sungrow for 1.5 GWh of Battery Energy
Storage Systems (BESS) for its solar projects. >>

The African Development Bank (AfDB) has been named the lead
arranger for the $340 million Moyi Power project in the DRC, to provide
electricity to one million people across three cities. >>
The Canadian government has
allocated C$1 billion for clean
electricity projects in New
Brunswick, focusing on
Indigenous-led wind projects
and small modular reactors. >>

BP and JERA have formed a 50-

50 joint venture, JERA Nex bp, to
create one of the largest offshore
wind operators, targeting 13 GW
of generation capacity with
plans to invest $5.8 billion by
2030. >>

The EU plans to promote

geothermal energy as a
replacement for Russian gas,
with a strategy to cut emissions,
simplify permitting, and mitigate
investment risks. >>

Jacobs has partnered with Terra Solar Philippines for a $3.3 billion
project featuring a 3.5 GW solar plant and 4.5 GW battery storage, aimed
at meeting 12% of the Philippines' energy demand. >>

Tenaga Nasional Bhd (TNB) and Sembcorp Power Private Limited have
signed an agreement for Malaysia’s first renewable energy export to
Singapore, supplying 50 MW of electricity. >>

Arevon Energy has begun operations at its 384 MWdc Eland 1 Solar plus
Storage Project in California. The project’s second phase, Eland 2, will be
operational by 2025. >>

Iberdrola has secured a production licence for a 274 MW wind project in

Portugal, marking the country’s first hybrid wind and hydro project, with
an investment of $369 million. >>

Davidson Kempner Capital Management and Nature Infrastructure

Capital (NIC) have jointly acquired Greencells Group’s Netherlands-
based solar and storage project development platform. >>

The European Commission has approved a €2.6 billion ($2.7 billion)

scheme to support Estonia’s offshore wind energy sector. >>
California Resources Corporation, Carbon TerraVault, and Net Power
have signed an MoU to integrate low-carbon power plants with
carbon capture infrastructure in California, targeting up to 1 GW of
capacity. >>

SSEN Transmission plans to invest £22 billion in grid infrastructure by

2031, with an additional £9.4 billion in potential expenditures. >>

Recurrent Energy has signed a 10-year PPA for its 300MW Tordesillas
solar project in Spain, set to power 188,000 households by 2026. >>

Nextracker has delivered its first US-manufactured solar trackers with

100% domestic content under the Inflation Reduction Act (IRA). The
trackers will be used in SB Energy's 570MW Pelican’s Jaw project. >>

Intersect Power, Google, and TPG Rise Climate are investing $20
billion in renewable energy and storage by 2030. >>

Technip Energies, GE Vernova, and Balfour Beatty have secured the

EPC contract for the Net Zero Teesside Power project, the first gas-
fired plant with carbon capture in UK. >>

Solar Landscape has raised $847 million in financing to support 200+

rooftop solar installations across the US. >>

Acadia Infrastructure Capital, alongside Microsoft, has launched the

$9 billion Climate and Communities Investment Coalition (CCIC) to
develop 5GW of renewable energy by 2029. >>

Zimbabwe’s IEUG has secured $250 million from Afreximbank for a

floating solar project at Kariba Dam. >>

RWE and TotalEnergies have selected the port of Eemshaven for the
assembly and construction of their 3 TWh OranjeWind offshore wind
project. >>

Eurelectric, CEFIC (European chemicals), and European Aluminium

have proposed six measures to enhance Europe's industrial
competitiveness and support decarbonization, including reducing
energy costs. >>

Major investors in ReNew Energy Global, including the Canada

Pension Plan Investment Board and Masdar, have proposed a $2.82
billion deal to take the company private, offering $7.07 per share. >>
Ørsted has agreed to sell a 50% stake in its 583 MW Greater Changhua
4 offshore wind farm to Cathay Life Insurance for $1.6 billion. >>

Solar N Plus New Energy Technology has secured a 500 MW supply

order for its advanced N-type solar products. >>

The Asian Development Bank has approved

a $200 million loan to modernise Pakistan’s
power distribution. >>

Ofgem has proposed reforms to tackle

rising household energy debts, including
tariffs without standing charges and
standardized assessments of payment
abilities. >>

Hygreen Energy has delivered a 25 MW

electrolyser system to Huadian Weifang
Power, capable of producing 3.6 tonnes of
hydrogen daily. >>

TotalEnergies has partnered with OQ

Alternative Energy to develop 300 MW of
renewable energy projects in Oman,
including solar and wind farms. >>

Ofgem has approved funding for

transmission infrastructure projects in
Scotland, enabling SSEN Transmission's pre-
construction activities. >>

Iberdrola is considering selling its UK smart

metering business for £1 billion as part of a
broader £24 billion investment plan for its
ScottishPower division. >>

Kansai Electric Power has agreed to acquire

a 49% stake in Iberdrola’s Windanker
offshore wind project in Germany, marking
its fifth international offshore wind farm. >>
Montenegro plans to shut down the Pljevlja coal plant by 2041
under its draft National Energy and Climate Plan (NECP), aiming
for a 55% reduction in emissions by 2030. >>

Albania has passed a law allowing solar and wind farms on

pastureland, enabling dual-use for renewable energy and
grazing. >>

Greece has become a net exporter of electricity, supplying up to

2 GW daily to neighbouring countries. >>

Serbia's 2025 Budget Law introduced a Green Budget annex

with EUR 1 billion for 64 environmental and energy efficiency
projects. >>

Angola has amended its General Electricity Law, ending the

state’s monopoly on electricity transmission. >>
 Weekly Specials

Global Shipping Industry Embraces Renewable Energy for a

Sustainable Future

The global shipping industry, responsible for 3% of global

greenhouse gas emissions, is undergoing a significant
transformation as it seeks to reduce its carbon footprint. With
renewable energy options like biofuels, hydrogen, and
ammonia emerging as viable alternatives, the industry is
exploring ways to decarbonize while maintaining operational
efficiency. However, the transition is not without challenges,
including the need for substantial investment, infrastructure
upgrades, and new safety protocols.

To read more about the complexities and opportunities in the

global shipping industry’s green transition, visit the full article.
>>