November 2024

LEAD SPONSORS

Monthly RE
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Monthly RE
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Monthly RE
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Monthly RE
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 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

NEW RE TENDERS

TGREDCO, 1 GW, Rooftop Solar, Telangana

RVUNL, 500 MW/1000 MWh, BESS, Rajasthan

JDVVNL,333.5 MW, Solar (Under KUSUM Component A),

Rajasthan

RRECL,282 MW, Rooftop solar, Rajasthan

AVVNL, 269 MW, Solar (Under KUSUM Component A),

Rajasthan
Hindustan Petroleum Corporation (HPC),105 MW, solar,
➢ New RFS Issued: 2,716 MW of RE tenders issued in
Maharashtra November 2024.
➢ TGREDCO issued a 1 GW Rooftop solar tender in
SJVN, 100 MW, Wind, Gujarat
Telangana.
➢ RUVNL invited bids for 500 MW/1000 MWh standalone
OPGC, 50 MW solar, EPC, Odisha
battery energy storage systems along with additional
Solar
Coal India, 40 MW, Solar (EPC), Madhya Pradesh Wind green shoe option of 500 MW/1000 MWh with viability
BESS gap funding support.
DHBVN, 26.75 MW, Solar (Under KUSUM, Component A),
Haryana

CMPDI, 10 MW, Solar, Odisha

0 200 400 600 800 1000 1200

Capacity (MW)

Source: JMK Research 7 Monthly RE

Update
 TENDERS ISSUED
Commissioning Bid
Capacity
Tender Name Technology Tender Scope Minimum CUF timeline from PPA Submission
(MW)
signing (months) Date

10th-Dec-
TGREDCO, 1 GW, Rooftop Solar, Telangana, Nov 2024 Rooftop Solar - 1000 - 6
2024
RVUNL, 500 MW/1000 MWh, BESS, Rajasthan, Nov Project 02nd-Jan-
Standalone BESS 500/1000 MWh - 18
2024 Development 2025
JDVVNL,333.5 MW, Solar (Under KUSUM Component Project 14th-Dec-
Small Scale Solar 333.5 17% 9
A), Rajasthan, Nov 2024 Development 2024

RRECL,282 MW, Rooftop solar, Rajasthan, November Project 26th-Nov-

Rooftop Solar 282 15% 12
2024 Development 2024
AVVNL, 269 MW, Solar (Under KUSUM Component A), Project
Small Scale Solar 269 17% 9 9th-Dec-2024
Rajasthan, Nov,2024 Development
Hindustan Petroleum Corporation (HPC),105 MW, 27th-Nov-
Utility Scale Solar EPC 105 - 11
solar, Maharashtra, Nov 2024 2024
Project 09th-Dec-
SJVN, 100 MW, Wind, Gujarat, Nov 2024 Wind 100 - 16
Development 2024
30th-Dec-
OPGC, 50 MW Solar (EPC), Odisha, Nov 2024 Utility Scale Solar EPC 50 - -
2024
Coal India, 40 MW, Solar (EPC), Madhya Pradesh, Nov 11th-Dec-
Utility Scale Solar EPC 40 23.54% 12
2024 2024

DHBVN, 26.75 MW, Solar (Under KUSUM, Component Project 25th-Nov-

Small Scale Solar 26.75 20% 15
A), Haryana, Nov 2024 Development 2024

Project 16th-Dec-
CMPDI, 10 MW, Solar, Odisha, Nov 2024 Utility Scale Solar 10 - -
Development 2024

Source: JMK Research 8 Monthly RE

Update
 AUCTIONS COMPLETED
KEY
KEYANNOUNCEMENTS
ANNOUNCEMENTS

Commission
Capacity
Capacity Minimum ing
Tender Name Technology Allotted Winner Details
Tendered (MW) CUF Timeline(Mo
(MW)
nths)

• Hexa Climate Solutions - 300 MW (INR 4.69/kWh)

NTPC, 1200 MW, RE Power (FDRE),
Hybrid 1200 760 - - • Acme Solar Holdings - 400 MW (INR 4.70/kWh)
May 2024
• Avaada Energy - 60 MW (INR 4.70/kWh)

• Datta Infra - 70 MW (INR 3.19/kWh)

• Gentari Renewables - 400 MW (INR 3.19/kWh)
SJVN, 1200 MW, ISTS Connected
• Juniper Green - 300 MW (INR 3.19/kWh)
Wind Solar Hybrid, Pan India, July Wind Solar Hybrid 1200 1200 30% 24
• EG Green (Enfinity Global) - 300 MW (INR
2024
3.19/kWh)
• Sunsure Energy - 130 MW (INR 3.19/kWh)

Source: JMK Research 9 Monthly RE

Update
 WINNER DETAILS

WINNERS DETAILS IN LATEST RE TENDERS

➢ In November 2024, a total of 1960 MW of renewable energy (RE) capacities were allocated to various RE
developers.

➢ Gentari Renewables, EG Green and Sunsure Energy were the new entrants in the wind solar hybrid
segment this month.

450 4.7 5
4.69
400 4.5
4.7
350 4
3.19 3.19 3.19 3.19 3.19 3.5

Tariff (INR/kWh)
300
Capacity (MW)

3
250
2.5
200
2
150
1.5
100 1
50 0.5
0 0
Hexa Climate Acme Solar Avaada Energy Datta Infra Gentari Juniper Green EG Green Sunsure Energy
Renewables
NTPC, 1200 MW, RE Power (FDRE), May 2024 SJVN, 1200 MW, ISTS Connected Wind Solar Hybrid, Pan India, July 2024 Tariff (INR/kWh)

Source: JMK Research 10 Monthly RE

Update
INSTALLED CAPACITY

Monthly RE
Update
 INSTALLED CAPACITY

CUMULATIVE RE INSTALLATIONS AS OF OCTOBER 31, 2024

➢ From January to October 2024, about 18,800 MW of Solar capacity

Small Hydro and 2,980 MW of Wind capacity were added in the country, taking the
power cumulative RE capacity to 203.21 GW.
Bio Power
3%
6%
➢ In October 2024, a combined total of 1711 MW of solar and wind
capacity was added.

CAPACITY INSTALLED IN OCTOBER 2024

1357

Large Hydro
100% 1400

23% = Solar Power 1200

45%
203.21 GW 1000

Capacity (MW)
800

600
Wind 354
23% 400

200

0
Solar Wind
Source: MNRE, JMK Research
Note: Solar includes utility-scale solar, rooftop solar and off-grid/distributed solar segments 12 Monthly RE
Update
 STATE WISE INSTALLED CAPACITY
STATE-WISE SOLAR AND WIND INSTALLED CAPACITY IN OCTOBER 2024

700.00

600.00

500.00 ➢ In October 2024, Maharashtra added the

highest Utility-Scale Solar capacity of 357
Capacity (MW)

400.00 MW, followed by Rajasthan with 318 MW.

➢ In wind installations, Karnataka installed a
300.00 maximum capacity of 160 MW.

200.00

100.00

0.00

Utility Scale Solar Rooftop Solar Off-Grid Solar Wind

Source: MNRE, JMK Research 13 Monthly RE

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Monthly RE
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RE PROJECT UPDATES

Monthly RE
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 RE PROJECTS UPDATES
LIST OF KEY RE PROJECTS COMMISSIONED IN NOVEMBER 2024

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

TATA Power Floating Solar - 126 MW - Madhya Pradesh

RUMSL 450 MW Solar

NTPC Solar Shajapur Madhya Pradesh 55 MW 2.35 Madhya Pradesh
Jan 2020

Roofsol energy Rooftop Solar (Open Access) - 1 MWp - Uttarakhand

Note: NTPC commissioned the first part capacity of 55 MW out of 105 MW Shajapur Solar Project (Unit-I) in Madhya Pradesh

KEY ANNOUNCEMENT

• Gensol Engineering has secured a turnkey EPC contract worth INR 780 crore to develop a • Tata Power has entered into a 25-year strategic partnership with Noida International
150 MWac ground-mounted solar power plant in Maharashtra for a major public sector Airport (NIA) to supply 23.8 MW of renewable energy, combining wind and solar
utility. The project is expected to be completed within a 15-month period. sources. The partnership, valued at INR 550 crore, was established through two Power
Purchase Agreements (PPAs)..
• Additionally, the contract covers the development of power evacuation infrastructure
connected to the State Transmission Utility (STU) substation. Post-commissioning, Gensol 12
will provide operations and maintenance (O&M) services for three years.

Source: JMK Research 15 Monthly RE

Update
 RE PROJECTS UPDATES
KEY ANNOUNCEMENTS

• Tembo Global has secured an INR 595 crore contract by Maharashtra State Electricity • AMPIN Energy Transition and Copenhagen Infrastructure Partners (CIP) partners to
Distribution Company Limited (MSEDCL) for developing 124 MWac of solar photovoltaic develop 2 GWp of renewable energy projects in India. The focus will be on diverse
power stations. This Power Purchase Agreement (PPA), under the Mukhyamantri Saur renewable technologies, including solar, wind, hybrid, and storage solutions. The
Krushi Vahini Yojana 2.0 and PM-KUSUM scheme, aims to advance feeder-level agreement facilitates joint equity investments exceeding $300 million, to establish a
solarisation. The project is set to begin execution following the signing of the contract, clean energy asset base valued at $1.5 billion. This initiative represents a substantial
with a completion timeline of 18 months. upscaling from the original partnership formed in 2021, which began with a $200m
investment commitment.
• Servotech Power Systems has secured a contract from the Uttar Pradesh New and
Renewable Energy Development Agency (UPNEDA) to develop a 2 MW on-grid solar • Hyundai Motor India collaborated with Fourth Partner Energy Limited (FPEL) to procure
photovoltaic power plant. This project includes designing, supplying, installing, testing, 75 MW of solar and 42.9 MW of wind power in Tamil Nadu under a group captive model for
and commissioning solar power systems across 67 locations in Uttar Pradesh. 25 years. Under this partnership, Hyundai Motor India will invest INR 38 crore towards
setting up a solar and wind power plant in Tamil Nadu. Hyundai Motor India will hold 26%
o The company has also secured a 5.6 MW on-grid rooftop solar project from
and FPEL will hold 74% equity stake in the project.
Uttarakhand New and Renewable Energy Development Agency (UREDA), valued at
INR 30.2 crore. The project involves installing rooftop solar plants ranging from 1 • NTPC plans to prioritize gigawatt-scale solar power projects and limit wind and battery
kW to 1,500 kW across government offices, colleges, hospitals, and institutions in storage projects to 10% of its green portfolio. The company aims to nearly double its
Uttarakhand. current renewable energy capacity from 3.5 GW to 6 GW by 2025 and further expand it to
19 GW by 2027. NTPC has also partnered with Chhattisgarh State Power Generation
• Equinix Inc. has signed its first PPA in India with CleanMax to build a 33 MW captive Company Ltd. (CSPGCL) to develop renewable energy projects with a combined capacity
renewable power plant in Maharashtra. The project will consist of 26.4 MWp solar and 6.6 of up to 2,000 MW, including floating solar installations.
MW of wind capacity, supplying clean energy to Equinix’s data centers in Mumbai and
• Sunsure Energy has started solar power supply to RACL Geartech's Gajraula
supporting India's renewable energy goals.The plant, scheduled to become operational in
manufacturing site, with an annual supply target of 6 million units from its Mahoba plant.
phases by 2025. Under a Power Purchase Agreement (PPA) signed in July 2023, this initiative will fulfill over
• Sunkind has been awarded a 570 MW solar EPC energy project by Maharashtra State 40% of RACL's energy requirements, reducing CO₂ emissions by around 4,300 metric
Power Generation Company Limited (Mahagenco) under the Mukhyamantri Saur Krushi tonnes annually.
Vahini Yojana (MSKVY 2.0 scheme). The project includes a 10.4 MWp ground-mounted,
grid-interactive distributed solar PV system for agricultural feeder solarisation, which will
be implemented in Nashik. 16 Monthly RE
Update
 RE PROJECTS UPDATES
KEY ANNOUNCEMENTS

• The Haryana Renewable Energy Development Agency (HREDA) will install rooftop • K.P. Energy has received engineering, procurement, and construction (EPC) orders of
1,003.7 MW from its parent company, KPI Green Energy. These projects comprise of 86.8
solar power plants on 1,070 government buildings in Gurugram, with a planned capacity
MW and 641.9 MW hybrid setups (combining solar and wind capacities) and a 275 MW
of 50 MW. Citizens will receive subsidies of INR 30,000 for installing a solar plant of 2-
solar project. The projects were awarded under various Gujarat Urja Vikas Nigam Ltd
kW capacity and INR 78,000 for installing a solar plant of 3 kW or more capacity. (GUVNL) tenders.

• Waaree Renewable Technologies has secured an order worth INR 1,233.47 crore to
develop a ground-mounted solar PV project with a capacity of 2,012.47 MWp. The • SJVN Limited has signed an MoU with Rajasthan's Energy Department to establish 7
project was awarded by a domestic renewable energy development firm. GW of renewable energy projects, including 5 GW of pumped storage and 2 GW of
floating solar. The projects align with SJVN’s goal of achieving 25,000 MW of capacity by
2030 and 50,000 MW by 2040.
• CleanMax has signed a PPA with APM Terminals Pipavav for a hybrid wind-solar energy
project in Gujarat to support the port's sustainability goals. The project will be implemented
in two phases, comprising 3.50 MW wind and 1.06 MWp of solar capacity. This partnership
will help APM Terminals Pipavav in achieving its net-zero target by 2040, as well as reduce
its scope 1 and 2 emissions by 65% by 2030, relative to 2022 levels.

17 Monthly RE
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MONTHLY RE GENERATION

Monthly RE
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 MONTHLY RE GENERATION

SOURCE-WISE RENEWABLE ENERGY GENERATION (MU) - INDIA

➢ In November 2024, Renewable energy sources generated 12,984.72 MUs which is

7.3% lesser than the RE generation in October 2024.
➢ In November 2024, solar energy generation decreased by 7.5%, while wind energy
generation fell by 6.7% 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 19 Monthly RE

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INVESTMENTS AND DEALS

Monthly RE
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 INVESTMENTS AND DEALS

In November 2024, a total of about $925 million was raised in the RE sector in India. The key investments during the month were:
o NTPC Green Energy, has raised $467.6 million from anchor investors ahead of its initial public offering (IPO). Foreign Institutions that participated in the anchor included
Capital World, Goldman Sachs, GIC, T. Rowe Price, Abu Dhabi Investment Authority, Morgan Stanley, Allianz Global, and many others.

o ACME Sun Power, a subsidiary of ACME Solar Holdings, secured a $444.7 million term loan from REC Ltd. The loan will support the development of a 320 MW FDRE project
with SJVN in Rajasthan and Gujarat, boosting renewable energy generation and ensuring reliable power supply.

INVESTMENTS AND DEALS

Company Name Deal Type Sector Investor Deal value

NTPC Equity Renewable Energy Anchor Investors $467.6 million

Acme Solar Debt Renewable Energy REC Ltd $444.7 million

Solarworld Energy IPO Solar Manufacturing Various investors including ValueQuest Investment Advisors $12.9 million

Source: JMK Research 21 Monthly RE

Update
 INVESTMENTS AND DEALS
KEY ANNOUNCEMENTS

• HeidelbergCement India signed an agreement with Continuum MP Windfarm • Gentari Sdn Bhd, the clean energy division of Malaysia’s Petronas, has agreed to
Development to acquire 63,77,800 shares and debentures worth INR 6.34 crore. The acquire a 2.2 GW renewable energy portfolio from Brookfield Asset Management in
investment will support the sourcing of 5.5 MW of hybrid wind-solar power for its plants India for $900 million. This acquisition includes both operational and under-
in Damoh. Therefore, the total cumulative investment of the company now amounts to construction projects.
INR 15.62 crore, equivalent to 3.51% of the fully diluted equity share capital of the • Insolation Energy has raised about INR 402 crore from investors through preferential
Continuum MP Windfarm Development. allotment of equity shares.
• Waaree Energies Limited has approved an Investment of INR 6,000 crore to develop a • Rajesh Power Services Ltd has received approval from the BSE SME Exchange for its
renewable power infrastructure and expand its bidding pipeline as part of its green upcoming IPO, expected to raise around INR 150 to 160 crore. The company intends to
energy strategy. The company reported a profit after tax of INR 3,756.59 crore in Q2 utilize INR 25.10 crore of the total IPO proceeds for capital expenditures, setting up a
FY25, marking a 17% year-on-year increase, with total income rising to INR 36,634.63 DC Solar power plant with a capacity of 1300 kW (INR 4.16 crore), and developing
crore, up 2.95% YoY. technical expertise in the production of green hydrogen and associated equipment
• NTPC and ONGC Green Energy bid $650 million to acquire Ayana Renewable Power. such as electrolysers in-house (INR 3 crore).
Ayana Renewable Power, owned by the National Investment and Infrastructure Fund
(NIIF), British International Investment Fund, and Green Growth Equity Fund, operates
1,600 MW of renewable energy capacity and has 2,500 MW of projects currently under
construction.

22 Monthly RE
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GDAM TRADED VOLUME

Monthly RE
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 GDAM TRADED VOLUME

GDAM TRADED VOLUME AND PRICE TREND ➢ The IEX traded a total volume of about 790 MUs in GDAM in November 2024 which is 4% less than the previous
month.

➢ The average trade price in IEX-GDAM for November 2024 is INR 3.81/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

IEX GDAM - Traded Volume IEX GDAM - Traded Price

Source: IEX, JMK Research 24 Monthly RE
Update
MODULE PRICE TRENDS

Monthly RE
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 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 4.3% in November 2024
0.05
0

Sep-24
Jan-22

May-22

Jul-22

Sep-22

Jan-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

May-24

Jul-24
Mar-22

Nov-22

Mar-23

Mar-24

Nov-24
Feb-22

Aug-22

Feb-23

Aug-23

Feb-24

Aug-24
Oct-23

Oct-24
Apr-22

Jun-22

Oct-22

Apr-23

Apr-24
Jun-23

Jun-24
Dec-22

Dec-23
AVERAGE PRICE TRENDS FOR DOMESTIC MODULES

35
Mono PERC 500 Wp Series Bifacial Module TopCon Module Comparing on m-o-m basis, prices for
domestic modules have increased in
30
November:
INR/ Wp

25 Mono PERC 500 Wp – INR 17/Wp (up by

1.8%).
20 Bifacial Modules – INR 17.1/Wp (up by
1.79%).
15 TopCon Modules – INR 17.5/Wp (up by
2.3%).

Source: PVInfoLink, JMK Research 26 Monthly RE

Update
MARKET UPDATES

Monthly RE
Update
 KEY MARKET UPDATES
SOLAR MANUFACTURING

Indian solar PV exports surging Grew, Jakson, Jupiter Renewables, and Saatvik to set up solar factories in Odisha

• India is rapidly transitioning from a net importer to a net exporter of photovoltaic (PV) • The Odisha government has approved several solar and energy storage initiatives to
products. In FY 2024, Indian PV manufacturers exported nearly US$2 billion worth of PV strengthen the state’s renewable energy sector. Notable projects include Jupiter
modules, a 23-fold increase from FY 2022. Renewables’ facility for manufacturing solar PV cells and modules in Khurda, which
involves an investment of INR 2,005 crore, and Grew Energy’s ingot-to-module
• The contributing factors include reduced domestic demand due to delays in the Approved
manufacturing unit in Ganjam, with an investment of INR 4,530.34 crore.
List of Models and Manufacturers, India's growing appeal in the "China Plus One"
strategy, and the opportunity for manufacturers to earn higher profit margins abroad, • Additionally, Saatvik Solar Industries will establish a solar cell and module factory in
despite increased logistics costs. Domestic producers can earn 40-60% higher profits Khurda with INR 1,366.56 crore, and Jakson Engineers Ltd will set up a solar cell factory in
from selling in developed markets like the US. the same district for INR 1,354.40 crore.

Cliantech secures multi-gigawatt equipment order from INA Solar

Orient Solar plans to expand manufacturing capacity to 2 GW by mid-2025
• Cliantech Solutions has bagged a multi-gigawatt order from INA Solar. The partnership
between Cliantech Solutions and INA Solar aims to enhance production capabilities and • Orient Solar aims to increase its solar panel manufacturing capacity from 800 MW to 2 GW
meet the growing demand for solar energy solutions by mid-2025. Of this capacity, 65% will target utility-scale solar projects, while 35% will
cater to commercial, industrial, and rooftop installations, including solar streetlights and
• The company recently raised INR 402 crore through preferential equity allotment to support
pumps.
these expansion efforts.
• The company currently operates at 1 GW capacity and is focused on utility-scale projects.

28 Monthly RE
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 KEY MARKET UPDATES
GREEN HYDROGEN

NTPC to generate green hydrogen from waste using Plasma Oxy-Gasification SECI partners with H2Global Stiftung for green hydrogen collaboration
technology
• Solar Energy Corporation of India Ltd (SECI) has signed an MoU with Germany's H2Global
• NTPC embarks on setting up a green hydrogen production plant using Plasma oxygen Stiftung to strengthen green hydrogen initiatives through knowledge sharing and international
gasification of MSW/Agri-Waste technology. Upon setting up, it shall be a unique collaboration. The partnership aims to develop joint tenders to support India's goal of
plant globally, wherein plasma-assisted ‘oxy gasification’ of MSW-RDF/Agri-Waste becoming a leading exporter of green hydrogen and its derivatives.
shall be carried to produce ‘very high-quality syn-gas’, from which high purity • By fostering cooperation with hydrogen-importing nations, the agreement will enhance
hydrogen (>99.9%) shall be separated using a novel configuration of ‘gas membrane’ understanding of global market dynamics, trade logistics, and stakeholder engagement. This
and ‘pressure swing adsorption’. collaboration aligns with India's vision to advance its green hydrogen ecosystem and expand
• This demonstration plant will produce about 1 Tonne per day of green hydrogen by its presence in the global hydrogen market.
gasifying about 25 Tonne per day MSW/Agri-Waste. Besides ‘Carbon-Mono-Oxide’
NTPC launches green hydrogen mobility project in Leh
separated from the ‘Hydrogen Recovery System’ shall produce electricity using a
low-calorie gas engine.
• NTPC has inaugurated a Green Hydrogen Mobility Project in Leh, featuring a 1.7 MW solar
plant, an 80 kg/day green hydrogen filling station, and five hydrogen buses capable of
Jakson Green collaborates with NTPC to produce methanol captured from traveling 300 km per fill. Located at 3,650 meters above sea level, it is the world’s highest-
CO2 altitude green hydrogen project, designed for extreme conditions like low-density air and sub-
zero temperatures.
• Jakson Green has partnered with NTPC to produce synthetic methanol from captured
CO₂ at NTPC’s Vindhyachal Thermal Power Plant in Madhya Pradesh. • The station can fill hydrogen at 350 bar pressure, reducing carbon emissions by
approximately 350 MT annually. NTPC is expanding hydrogen mobility projects across India
• This project, led by NETRA, NTPC's R&D division, captures CO₂ directly from flue gas
while scaling renewable energy capacity and planning a hydrogen hub in Andhra Pradesh.
emissions and converts it into methanol, which can be utilized in power generation
and transportation.

29 Monthly RE
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 KEY MARKET UPDATES
GREEN HYDROGEN

NTPC NETRA develops seawater-based green hydrogen project ACME Cleantech partners with BASF for green ammonia supply to Europe

• NTPC's R&D center, NETRA, is establishing a 1 tpd seawater-to-green hydrogen plant • ACME Cleantech has signed agreements with BASF to supply green ammonia to Europe and
at NTPC Simhadri in Andhra Pradesh. The project includes a low-carbon desalination explore further collaboration in the green ammonia sector. The partnership aims to foster
facility using waste heat from thermal power plant flue gas to produce hydrogen- cross-border cooperation, support decarbonization efforts, and accelerate green hydrogen
grade water cost-effectively. and ammonia adoption.

• With the significant water demand for hydrogen production, the initiative aligns with • ACME is developing a green ammonia project in Oman with a phased capacity of 900,000
India's focus on leveraging low-grade water sources like seawater and wastewater for tonnes per annum. By 2030, the company aspires to become a global leader in green energy,
green hydrogen. NTPC Green Energy Limited is advancing these efforts to support the targeting an annual production of 10 million tonnes of green ammonia and hydrogen.
National Green Hydrogen Mission targets.

Green hydrogen adoption faces cost challenges

Amara Raja Infra completes India's first green hydrogen fueling station in Leh
• The levelized cost of green hydrogen (LCOH) remains 1.75 times higher than grey hydrogen
• Amara Raja Infra has successfully constructed India's first green hydrogen fueling and 1.50 times higher than brown hydrogen, posing a significant barrier to its widespread
station in Leh, with a production capacity of 80 kg per day. Completed in two years, adoption, even with ISTS waivers for renewable power. Producing 1 MMT of green hydrogen
this station will support emission-free transportation in and around Leh, positioning requires an estimated capex of INR 2.40 lakh crore, with renewable energy generation and
India as a leader in green mobility. electrolyser costs accounting for 48% and 34% of the total, respectively.
• The project is expected to pave the way for large-scale green hydrogen mobility and • Refineries, which currently meet 43% of India's hydrogen demand, are expected to lead early
storage initiatives under the National Hydrogen Energy Mission. This milestone aligns adoption, with a potential demand of 2.70-3.00 MMT by FY27-FY30. Furthermore, green
with India's efforts to advance sustainable energy and green transportation solutions. ammonia could add 3.75-4.25 MMT of demand if it achieves cost parity with conventional
ammonia.

30 Monthly RE
Update
 KEY MARKET UPDATES
GREEN HYDROGEN

Jakson Green Infinity Ships 3.8 MW Electrolysers for India’s First Green Hydrogen India’s energy storage sector targets to reach 60 GW by FY32
Refueling Station
• India's energy storage capacity is projected to grow by over twelve times to 60 GW by FY32,
• Jakson Green Infinity, an electrolyser manufacturer, announced the shipment of its first driven by a massive increase in variable renewable energy (VRE) and the need to maintain
batch of 3.8 MW electrolysers for India’s first green hydrogen refueling station in the grid stability demands.
National Capital Region (NCR). Produced at the company's advanced facility in Greater • Battery Energy Storage Systems (BESS) are expected to dominate this growth, by expanding
Noida, the electrolyser will support the generation of clean hydrogen fuel for vehicles and 375 times to 42 GW, while Pumped Storage Projects (PSP) will grow four times to 19 GW
other green applications. over the same period.
• Investment opportunities in the sector are estimated at INR 3.5 trillion by FY32, driven by
STORAGE the government’s incentives like the Production Linked Incentive (PLI) scheme, which aims
to boost advanced battery production to 55 GWh.

THDCIL commissions India’s first variable-speed pumped storage plant

• THDCIL has operationalized India's first variable-speed pumped storage plant (PSP) with a
capacity of 250 MW, connecting it to the national grid. This innovative PSP, part of the Tehri
Hydropower project in Uttarakhand, is designed to recycle water and eventually generate
1,000 MW of power.
• The Tehri project currently produces 1,400 MW from its total capacity of 2,400 MW.
Developed over 13 years at a cost of over INR 7,000 crore, the full PSP is expected to be
completed by the end of 2025.

31 Monthly RE
Update
 OTHER MARKET UPDATES

DGTR Recommends Anti-Dumping Duty on Textured Tempered Glass Imports PM Surya Ghar: Muft Bijli Yojana boosts rooftop solar by 50% in six months
from China and Vietnam
• Since its launch in February, the PM Surya Ghar: Muft Bijli Yojana has driven a notable
• The commerce ministry has recommended the imposition of an anti-dumping duty of up increase in residential rooftop solar installations, adding approximately 1.8 GW of new
to USD 677 per tonne on imports of a certain type of solar glass from China and Vietnam, capacity. Approved with a budget of INR 75,021 crore, the program has already facilitated
with an aim to guard domestic producers. around 4 lakh rooftop solar connections.
• The Directorate General of Trade Remedies (DGTR), has concluded that 'Textured • This rapid expansion represents a more than 50% growth in rooftop solar capacity within
Toughened (Tempered) Coated and Uncoated Glass' have been exported to India at a just six months. The scheme highlights the government’s commitment to increasing
price below the normal value, resulting in dumping. renewable energy adoption in residential areas.
• The notification of the directorate said that the imports from these countries have caused
material injury to the domestic industry. India’s short-term power market sees 12% growth in 2023-24
• The DGTR conducted the probe following applications regarding the same from Borosil
• In 2023-24, the short-term power market accounted for 12.5% of India’s total electricity
Renewables on behalf of the domestic industry.
generation, with the remaining 87.5% procured mainly by distribution companies through
long-term contracts. The short-term market and Deviation Settlement Mechanism (DSM)
Government approved 50 solar parks with a targeted capacity of 37.5 GW volume rose by 12% to 218.22 billion units (BU), up from 194.35 BU in 2022-23.

• The government has approved 50 solar parks with a combined capacity of approximately • The financial size of this market segment grew by 19% year-on-year, reaching INR 100,729
37.5 GW. crore in 2023-24. Open Access industrial consumers purchased 11.03 BU, representing
12.8% of the total volume in collective transactions on power exchanges, encompassing
• Additionally, the government has identified sites to develop offshore wind energy,
day-ahead and real-time markets.
targeting to reach 30 GW goal by 2030.

32 Monthly RE
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 OTHER MARKET UPDATES

Government to launch INR 1,000 crore scheme for energy efficiency in MSMEs India's renewable energy capacity is set to reach 250 GW by March 2026
energy efficiency
• India's renewable energy capacity is projected to grow from 201 GW in September 2024 to
• The Ministry of Power plans to launch the Assistance in Deploying Energy Efficient 250 GW by March 2026, driven by an 80 GW project pipeline and increased tendering
Technologies in Industries & Establishment (ADEETIE) scheme in December 2024 to activity. Solar energy will dominate this growth, with installations expected to rise from 91
promote energy-efficient technologies in MSMEs, backed by INR 1,000 crore. Managed by GW in September 2024 to 132 GW by March 2026, supported by favorable solar PV
the Bureau of Energy Efficiency (BEE), the scheme offers interest subsidies of 5% for module prices.
small enterprises and 3% for medium enterprises on loans for energy-efficient
• The renewable project pipeline and the favorable solar PV cell and module prices are
technologies.
expected to improve the RE capacity addition to over 26 GW (including 22 GW of solar) in
• MSMEs, contributing 40% of industrial output and nearly 38% of GDP, are vital to India’s FY 2025 from 19 GW in FY 2024. This will further scale up to 32 GW (including 27.5 GW
energy-saving goals. The initiative aims to reduce energy costs and carbon footprints solar) in FY2026, mainly driven by the solar power segment, and given the impending
while enhancing global competitiveness for MSMEs. expiry of the waiver on inter-state transmission system (ISTS) charges in June 2025.

Residential solar installations under PM Suryaghar have crossed 6 lakhs Cabinet approves INR 3689 crore to set up Hydro projects in Arunachal Pradesh
• The Cabinet has approved an investment of INR 3,689 crore for constructing the 186 MW
• As per data from MNRE, over 6 lakh residential solar systems have been installed under Tato-I and 240 MW Heo hydroelectric projects in Arunachal Pradesh, with a combined
the PM Suryaghar Muft Bijli Yojana. This platform enables users to negotiate installation annual energy generation of 1,802 MUs.The projects are expected to be completed within
costs, secure approvals, and benefit from subsidies directly transferred to their bank 50 months.The Cabinet has approved an investment of INR 3,689 crore for constructing
accounts. Gujarat leads with 2,81,769 installations, followed by Maharashtra with the 186 MW Tato-I and 240 MW Heo hydroelectric projects in Arunachal Pradesh, with a
1,20,696 installations. combined annual energy generation of 1,802 MUs. The projects are expected to be
completed within 50 months.

33 Monthly RE
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POLICIES AND REGULATIONS

Monthly RE
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 POLICIES AND REGULATIONS

CENTRAL LEVEL REGULATORY UPDATES

Policy, Order & Regulation Issuing Agency Date of Issue

MNRE Clarifies PM-Surya Ghar Muft Bijli Yojana (PMSG: MBY) for the CFA to Residential consumers MoP 19th-Nov 2024

MoEFCC Exempts Environmental Clearance for Renewable Energy Projects Below 25 MW MNRE 12th-Nov-2024

MNRE mandates that Unverified DCR modules will not be accepted in government projects MNRE 11th-Nov-2024

CERC approved the tariffs for SECI’s 900 MW wind-solar hybrid project CERC 11th-Nov-2024

MNRE Issues Scheme Guidelines for Pilot Projects on Green Hydrogen Production and Use in Residential, Commercial, and
MNRE 08th-Nov-2024
Decentralized Applications

CERC Proposes Withdrawal of Intraday Contracts from Power Exchanges CEA 05th-Nov-2024

MNRE invited proposals to establish Centres of Excellence (CoEs) under the National Green Hydrogen Mission's (NGHM) R&D
MNRE 04th-Nov-2024
scheme

CERC approves a tariff of INR 3.41 to INR 3.47/kWh for NTPC’s 1000 MW wind-solar hybrid Power Project CERC 01st-Nov-2024

CERC issues a draft for selling & purchasing carbon credit certificates (CCCs) CERC 01st-Nov-2024

35 Monthly RE
Source: JMK Research Update
 POLICIES AND REGULATIONS

STATE LEVEL REGULATORY UPDATES

Policy, Order & Regulation Issuing Agency Date of Issue

RERC Rejects Star Cotspin's Plea on INR 3.2 Million Fixed Charges Imposed by AVVNL for Solar Project RERC 25th-Nov-2024

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

CSERC issues a regulation on tariff determination for Renewable Energy (RE) projects CSERC 05th-Nov-2024

Gujarat Removes DCR Requirement for Solar Projects up to 5 MW, Allows Direct Procurement Without Bidding GERC 01st-Nov-2024

TNERC amended the RPO regulations to address the increasing additional costs of power purchases TNERC 01st-Nov-2024

GERC approves 259 MW solar projects under PM KUSUM Scheme C GERC 29th-Oct-2024

Source: JMK Research 36 Monthly RE

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