Company Highlights

Key developments in the past 12 months

India is betting big on renewables with a target to set up 175 GW of capacity by 2022. Both domestic and international players have joined hands with the government to achieve this target. But it hasn’t been all smooth sailing for the industry. Established independent renewable energy producers with access to low-cost funds are competing with private equity (PE)-backed players, diversified players, new entrants and strategic in-vestor led-companies to win projects in the competitive bidding regime, thus driving down tariffs to record low levels. According to industry experts, the cost to develop a renewable energy project is almost twice the tariff bid by developers. This trend ultimately could lead to a compromise on the quality of renewable energy projects.

A snapshot of recent developments pertaining to key developer, manufacturer, and engineering, procurement and construction (EPC) companies during 2018…

ACME Cleantech Solutions Limited

  • Incorporated in 2003, ACME Cleantech Solutions has expanded its portfolio significantly. It operates in the solar segment through ACME Solar Holdings Limited and has a project portfolio of around 2 GW while projects aggregating 700 MW are under construction. The company intends to take its solar portfolio to 5.5 GW by 2019.
  • In December 2017, ACME Solar Holdings Limited signed a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) for its 200 MW solar project at the Bhadla Solar Park.
  • In February 2018, ACME Solar won the bid to develop 106 MW of solar projects across Karnataka by quoting tariffs ranging from Rs 2.94 per kWh to Rs 3.15 per kWh. The tender was floated by Karnataka Renewable Energy Development Limited (KREDL).
  • In April 2018, ACME Solar Holdings announced its plan to downsize its proposed initial public offering (IPO) from Rs 22 billion to Rs 10 billion-Rs 15 billion.
  • In May 2018, the company won the bid to develop 250 MW of solar capacity across Maharashtra at a tariff of Rs 2.72 per kWh. The tender was floated by Maharashtra State Electricity Distribution Company Limited (MSEDCL).
  • In June 2018, ACME Solar Holdings won a 75 MW solar power project in the auction conducted by SECI for the development of 275 MW of solar capacity at the Parasan Solar Park in Uttar Pradesh. The bids were won at a tariff of Rs 3.32 per kWh.
  • In July 2018, the company won 600 MW of capacity in the auction conducted by SECI for 2,000 MW of interstate transmission system (ISTS)-connected solar projects by quoting the lowest tariff of Rs 2.44 per kWh. Also, ACME Solar emerged as the lowest bidder to develop 600 MW of solar projects in SECI’s 3 GW solar tender by quoting a tariff of Rs 2.44 per kWh. In the same month, ACME Solar won the bid to develop 150 MW of capacity across Uttar Pradesh at a tariff of Rs 3.54 per kWh and another 150 MW of capacity at Rs 3.55 per kWh. Meanwhile, the company won 30 MW of solar projects at Rs 3.20 per kWh in a 200 MW auction conducted by the Grid Corporation of Odisha.
  • In September 2018, ACME Solar Holdings filed preliminary papers with the Securities and Exchange Board of India (SEBI) to raise Rs 22 billion through an IPO. In the same month, the company won a bid to develop 600 MW of solar projects of the total 2 GW ISTS-connected solar projects auctioned by NTPC Limited.
  • In October 2018, ACME Solar Holdings commissioned a 200 MW solar power plant at the Bhadla Solar Park located in Rajasthan. ACME also made provisions for the waterless cleaning of modules to maintain the generation output.

Adani Power

  • Adani Power Limited, a part of the Adani Group, is involved in conventional and renewable power generation. It has installed the world’s largest single-location solar photovoltaic (PV) manufacturing plant. Adani Green Energy, a subsidiary of the Adani Group, develops renewable energy projects while Adani Solar manufactures solar modules.
  • In March 2018, Adani Green Energy won 250 MW of wind capacity in an auction conducted by SECI for 2 GW of ISTS-connected wind projects (Tranche III). The company quoted a tariff of Rs 2.45 per kWh. In the same month, Adani Green Energy won 75 MW of the 500 MW capacity auctioned by MSEDCL by quoting the lowest tariff of Rs 2.85 per kWh.
  • In April 2018, Adani Green Energy won bids to develop 300 MW of wind capacity in an auction conducted by SECI for 2 GW of ISTS-connected wind power projects (Tranche IV) by quoting a tariff of Rs 2.51 per kWh.
  • Mahoba Solar UP, a wholly owned subsidiary of Adani Green Energy, won 200 MW of solar projects, to be developed across Maharashtra, by quoting the lowest tariff of Rs 2.71 per kWh in May 2018. The tender was floated by MSEDCL for the development of 1,000 MW of grid-connected solar power projects in the state.
  • In July 2018, Mahoba Solar UP submitted bids for 500 MW of solar capacity but was allotted only 50 MW in an auction conducted by SECI for 2,000 MW of ISTS-connected solar power projects. In the same month, Adani Green Energy won 300 MW of the 3 GW solar capacity auctioned by SECI by quoting a tariff of Rs 2.71 per kWh.
  • In September 2018, the Adani Group submitted technical bids to develop 300 MW of the total 1,200 MW of ISTS-connected wind power capacity tendered by SECI. The group also submitted technical bids to develop 200 MW of the 500 MW grid-connected solar power projects tendered by Gujarat Urja Vikas Nigam Limited (GUVNL) under Phase II.
  • In October 2018, Adani Green Energy Limited won 300 MW of capacity by quoting the lowest tariff of Rs 2.76 per kWh for SECI’s 1,200 MW ISTS-connected wind tender (Tranche V).

Aditya Birla Group

  • Aditya Birla Renewables Limited, a subsidiary of Aditya Birla Nuvo Limited, was incorporated in 2015. The company develops and operates solar power plants. Meanwhile, Aditya Birla Finance Limited (ABFL) is a non-banking finance company under Aditya Birla Capital Limited.
  • In February 2018, the International Finance Corporation (IFC) announced its plan to invest $150 million in ABFL. The loan will be utilised by ABFL to fund solar projects in select states. IFC’s investment will be made through non-convertible debentures (NCDs) issued by ABFL or through external commercial borrowings in Indian currency.
  • In September 2018, Aditya Birla Renewables emerged as the L1 bidder by quoting a tariff of Rs 2.44 per kWh for the development of 100 MW of solar projects in Gujarat.

Amplus Energy Solutions Private Limited

  • Amplus Energy Solutions Private Limited owns a portfolio of 350 MWp operational and under-construction plants. It is backed by I Squared Capital, a global private equity (PE) fund, focused on developing long-term sustainable infrastructure assets. The company specialises in rooftop solar power plants and operates on a build-own-operate-transfer basis.
  • In February 2018, YES Bank signed a letter of intent (LoI) with Amplus Solar for co-financing projects up to 1 GW till 2023. Yes Bank made the announcement at the International Solar Alliance (ISA) conference in Abu Dhabi.

Azure Power India Private Limited

  • Azure Power India Private Limited operates in the solar utility-scale and rooftop solar segments with a portfolio of over 2 GW.
  • In November 2017, Azure Power emerged as the lowest bidder by quoting a tariff of Rs 3.14 per kWh to develop 250 MW of solar projects tendered by NTPC Limited under the domestic content requirement (DCR) category. This tender was, however, cancelled in January 2018 for not meeting the norms set by the World Trade Organization.
  • Azure Power became one of the seven companies to jointly receive Rs 23.2 billion in credit facilities from the State Bank of India (SBI) and the World Bank under the SBI-World Bank Grid Connected Rooftop Solar Programme. The funds will be used for developing 575 MW of grid-connected rooftop solar projects in the country.
  • In December 2017, Azure Power won an engineering, procurement AND construction (EPC) contract from the Jharkhand Renewable Energy Development Agency for the development of solar mini- and microgrids, which will be used to electrify 320 households across 11 villages in Jharkhand.
  • In January 2018, Azure won the bid to develop 200 MW of capacity at the Bhadla Solar Park by quoting the lowest tariff of Rs 2.48 per kWh.
  • In February 2018, Azure Power commissioned a 100 MW grid-connected solar project in Telangana. The project, spread across an area of 500 acres, was tendered by NTPC under the National Solar Mission (NSM). Azure Power entered into a 25-year PPA with NTPC at a tariff of Rs 4.67 per kWh for the project.
  • In May 2018, Azure Power won 130 MW of grid-connected solar projects across Maharashtra at a tariff of Rs 2.72 per kWh.
  • In June 2018, Azure Power raised funds worth $135 million through debt financing to facilitate the development of about 200 MW of rooftop solar projects in the country. The funds were raised through a consortium of development finance institutions led by IFC. The consortium includes the Netherlands Development Finance Company, Société de Promotion et de Participation pour la Coopération Economique (the French development finance institution), and Oesterreichische Entwicklungsbank AG –(the development bank of Austria).
  • In July 2018, Azure Power won 600 MW of capacity in an auction conducted by SECI for 2,000 MW of ISTS-connected solar power projects at a tariff of Rs 2.53 per kWh. In the same month, the company won 300 MW of capacity in SECI’s 3 GW tender by quoting a tariff of Rs 2.64 per kWh.
  • In August 2018, Azure Power won 5 MW of the 15 MW solar rooftop projects tendered by the New and Renewable Energy Development Corporation of Andhra Pradesh at a tariff of Rs 3.69 per kWh.
  • In September 2018, Azure Power won 300 MW in the 2 GW ISTS-connected solar tender rolled out by NTPC Limited by quoting the lowest tariff of Rs 2.59 per kWh. In the same month, the company quoted Rs 2.45 per kWh to develop 500 MW of capacity but was awarded only 100 MW through the bucket filling method in GUVNL’s 500 MW (Phase I) tender.
  • In October 2018, Azure Power won rooftop solar plants to be set up at government medical colleges in the Madhya Pradesh government’s 8.6 MW RESCO (renewable energy service company) II rooftop solar tender by quoting Rs 1.86 per kWh. Meanwhile, for setting up rooftop solar plants on government buildings, the company quoted Rs 1.97 per kWh. In the same month, the company won a 6 MW grid-connected solar power project to be set up at the Hindustan Aeronautics Limited complex in Sunabeda, Odisha. For this, the company quoted a tariff of Rs 3.13 per kWh.

Bharat Heavy Electricals Limited

  • Bharat Heavy Electricals Limited (BHEL), which was set up in 1964, has over three decades of experience in solar PV manufacturing. It is also involved in the EPC of solar projects.
  • In January 2018, BHEL developed 65 MW of solar projects for the Neyveli Lignite Corporation (NLC). The projects are located in Neyveli, Tamil Nadu, and are connected to 33/110 kV pooling substations.

Canadian Solar India Private Limited

  • Canadian Solar India Private Limited is the Indian arm of Canadian Solar, a manufacturer of solar PV modules.
  • In July 2018, Rutherford Solar Farms, a subsidiary of Canadian Solar, submitted technical bids to develop 200 MW of solar capacity by quoting a tariff of Rs 2.70 per kWh under SECI’s 3 GW solar tender.

Central Electronics Limited

  • An enterprise of the Government of India, Central Electronics Limited (CEL) was established in 1974 to commercially exploit indigenous technologies developed by national laboratories, and research and development (R&D) institutions in the country. CEL works independently as well as in collaboration with premier national and international laboratories, including defence laboratories.
  • In January 2018, CEL released an EPC tender for the development of 120 MW of grid-connected solar projects across Gujarat, Telangana and Maharashtra.
  • CEL issued another EPC tender in April 2018 to develop 12 MW of grid-connected solar power projects in Maharashtra.
  • In June 2018, CEL invited bids for the development of 100 MW of grid-connected solar capacity in Maharashtra, on a turnkey basis.

Energy Efficiency Services Limited

  • Energy Efficiency Services Limited (EESL) is a joint venture (JV) of four public sector enterprises – NTPC, the Power Finance Corporation, the Rural Electrification Corporation and Power Grid Corporation of India Limited. EESL was founded under the Ministry of Power in 2001 and operates as an energy service company (ESCO). It also serves as the resource centre for capacity building for state distribution companies, electricity regulatory commissions, state development authorities, upcoming ESCOs, financial institutions, etc.
  • In November 2017, EESL and the Global Environment Facility (GEF) jointly launched a $454 million project, “Creating and Sustaining Markets for Energy Efficiency”, to mitigate 60 million tonnes of CO2 emissions and enable energy savings of 38.3 million gigajoule (GJ) by 2022 and 137.5 million GJ by 2032. The funding for the project will comprise a GEF grant of $20 million and co-financing of $434 million in the form of loans and equity, including a $200 million loan from the Asian Development Bank (ADB). EESL also proposed the formation of an energy efficiency revolving fund as part of the project.
  • In December 2017, EESL issued a tender to purchase 10 million prepaid electricity meters to be set up in Uttar Pradesh.
  • In March 2018, EESL issued a tender to procure 5 million smart electricity meters to be set up across India.
  • In April 2018, EESL and BSES Rajdhani Power Limited signed an agreement to develop smart solutions and other developing technologies to promote energy efficiency in South and West Delhi.
  • In July 2018, EESL signed MoUs with the Uttar Haryana Bijli Vitran Nigam and Dakshin Haryana Bijli Vitran Nigam to install 1 million smart meters across Haryana.
  • In August 2018, EESL signed MoUs with the North Bihar Power Distribution Company and South Bihar Power Distribution Company to set up smart electricity meters in 130 towns covering 1.8 million consumers in Bihar.

Essel Infraprojects Limited

  • Essel Infraprojects Limited, a subsidiary of the Essel Group, operates across the solar, wind and hydropower segments. The company’s current portfolio comprises 12 solar projects (six operational), one hydropower project under implementation and six wind projects. Its total project portfolio comprises 685 MW of solar, 163 MW of hydro and 560.5 MW of wind power. The company has an order book value of Rs 17 billion.
  • In July 2018, Essel Infraprojects submitted technical bids for the development of 100 MW of solar projects across Odisha.

First Solar

  • First Solar is a vertically integrated company, which manufactures solar modules and constructs solar projects. The company also provides operations and maintenance services for solar projects.
  • In January 2018, First Solar commissioned two 20 MW solar power projects in Gadag and Belagavi districts of Karnataka using in-house thin-film CdTe modules. The plants are expected to generate 82.83 MWh of combined energy each year with plant performance ratios of approximately 81 per cent. Oriano Solar, a Mumbai-based EPC firm, was responsible for the construction of the projects.

Greenko Group

  • The Greenko Group’s renewable energy portfolio comprises wind, biomass and run-of-the-river hydro projects as well as conventional energy projects, including those based on natural gas. The company has a portfolio of more than 90 projects aggregating 4.5 GW.
  • In November 2017, Greenko raised Rs 30 billion through the sale of onshore rupee-denominated bonds set to mature in 2027. The bonds have a 10-year tenor and a coupon rate of 8.75 per cent. Moreover, the bonds have a call option after five years and the interest payment will be calculated semi-annually. The sale was made through Greenko’s special purpose vehicles (SPVs) operating solar projects in India. The SPVs will develop and operate a 500 MW solar power project at the Kurnool Solar Park in Andhra Pradesh.
  • In June 2018, Greenko Energy Holdings signed an agreement to raise equity amounting to $447 million from an affiliate of Singapore-based GIC and a wholly owned entity of the Abu Dhabi Investment Authority (ADIA). Under the agreement, GIC will invest $316.1 million, ADIA $79.3 million and Greenko Ventures $52 million.
  • In October 2018, Greenko Energy Holdings signed a definitive purchase agreement with Skeiron Green Renewables to acquire 385 MW of the latter’s wind power projects at an enterprise value of about Rs 35 billion. The deal is expected to add approximately $200 million to Greenko’s earnings before interest, taxes, depreciation and amortisation in the first year post closure. In addition, Greenko acquired around 907 MW of operational projects and 500 MW of assets under development from Orange Renewable Power Private Limited. The combined transaction of Orange and Skeiron will add 1,300 MW of capacity and increase Greenko’s overall operational capacity to about 4,500 MW across a portfolio of wind, solar and hydro power projects.

Hero Future Energies Private Limited

  • The Hero Group entered the Indian renewable energy market with Hero Future Energies Private Limited (HFE) in 2013. Its total installed capacity stands at 360 MW. The company has a project pipeline of over 1,000 MW in the wind segment and 500 MW in the solar segment. In addition, 200 MW of wind projects are under construction and another 250 MW are under development. In the solar segment, 300 MW of projects are under construction and over 200 MW of projects are under development.
  • In January 2018, HFE emerged as the lowest bidder in the 500 MW Bhadla Solar Park auction by quoting a tariff of Rs 2.47 per kWh for 300 MW of capacity. The tender had 10 participating companies and was oversubscribed by six times.
  • In May 2018, HFE commissioned a brownfield hybrid power project in Raichur, Karnataka. Under the project a new 28.8 MW solar plant was set up alongside an existing 50 MW wind power plant, which was commissioned two years ago. Siemens Gamesa was the project contractor for both the solar and wind projects. It also provided turbines for the wind projects. While the plant has a total capacity of 78.8 MW, the transmission line connected to it is capable of evacuating only up to 50 MW.
  • In July 2018, HFE won 250 MW in SECI’s 2,000 MW ISTS-connected tender by quoting Rs 2.53 per kWh.
  • In September 2018, HFE submitted technical bids to develop 200 MW of wind projects under the 1,200 MW ISTS-connected tender rolled out by SECI.

IL&FS Energy Development Company Limited

  • IL&FS started its energy business in 2008 through its subsidiary, IL&FS Energy Development Company Limited (IEDCL), with the objective to develop, own and operate power generation and transmission assets in India and abroad. Maintaining a 50:50 balance between renewable and thermal energy, IEDCL has over 3,000 MW of capacity in operation across diverse fuel sources. An additional 15,000 MW of capacity is at various stages of development.
  • In February 2018, IEDCL sold 40 MW of grid-connected solar power projects in Madhya Pradesh to Vector Green Energy, a wholly owned subsidiary of IDFC Alternatives.
  • In June 2018, IL&FS partnered with SB Energy Holdings Limited to develop more than 20 GW of grid-connected solar parks across India by 2025. As per the agreement, IL&FS will develop solar park infrastructure such as substations, provide grid connectivity and make arrangements for long-term power evacuation.
  • In September 2018, IL&FS and its subsidiaries filed a petition before the National Company Law Tribunal, Mumbai, seeking to restructure their debts. The subsidiaries, including IEDCL, may be up for a stake sale as the group tries to address its debt woes.

Inox Wind Limited

  • The company operates primarily in the wind turbine manufacturing space. It is part of the $3 billion Inox Group, which is a diversified conglomerate operating in the industrial gases, chloromethanes, refrigerants, fluoropolymers, multiplexes, wind turbine manufacturing and cryogenic engineering segments.
  • In December 2017, Inox Wind won 250 MW of wind capacity in SECI’s 1,000 MW ISTS-connected tender at Rs 2.65 per kWh.
  • In March 2018, Inox Wind won 200 MW of wind capacity in SECI’s 2 GW ISTS tender (Tranche III) at a tariff of Rs 2.44 per kWh. In the same month, the company won 50 MW of grid-connected wind projects in MSEDCL’s 500 MW tender at a tariff of Rs 2.86 per kWh.
  • In April 2018, Inox Wind Infrastructure Services Limited won bids in SECI’s 2 GW ISTS-connected wind tender (Tranche IV) to develop 100 MW of capacity.

Jakson Engineering

  • Power solutions company Jakson Engineers Limited entered the solar segment in 2011. The company is an EPC contractor, an independent power producer (IPP) and a manufacturer of solar products such as PV modules and inverters. The company owns three power plants with a total installed capacity of 60 MW. It currently has the capacity to manufacture 70 MW of monocrystalline and polycrystalline modules in Noida and 500 MW of module mounting structures. The company has plans to increase its solar manufacturing capacity to 1.5 GW by 2020.
  • In January 2018, Jakson Engineers developed a 65 MW solar project for NLC. The projects are located in Neyveli, Tamil Nadu, and are connected to 33/110 kV pooling substations.
  • In February 2018, YES Bank signed LoI with the Jackson Group for co-financing projects up to 1 GW till 2023. The announcement was made by YES Bank at the ISA conference in Abu Dhabi.

Larsen & Toubro

  • Larsen & Toubro (L&T) operates in the solar segment through its solar EPC company L&T Construction. The company has an indigenous capability to design solar PV systems, balance of systems and power evacuation systems. It operates in the grid-connected PV, concentrating solar power, microgrid and mega rooftop segments.
  • In January 2018, L&T Infra Debt Fund, along with IndusInd Bank, raised long-term non-recourse financing for Vector Green Energy to help the latter refinance two solar projects with a combined capacity of 223 MW in Telangana.
  • In February 2018, L&T Construction received a contract for two grid-connected solar power projects worth Rs 5.9 billion to be developed in Tamil Nadu and Rajasthan. The company is developing two 100 MW solar projects, one for NLC India Limited in Tamil Nadu and the other for SB Energy at the Bhadla Solar Park (Phase III) in Rajasthan.
  • In May 2018, L&T Finance along with TATA Cleantech Capital and cKers Finance raised zero-collateral-based debt capital worth $2.2 million for Sunsure Energy, an EPC company. The funds will be used as working capital to develop solar projects with capacities up to 100 MW in 2018-19.

Mahindra Susten Private Limited

  • Mahindra Susten Private Limited, the solar energy arm of the Mahindra Group, is a solar EPC company that offers extensive expertise in energy solutions and engineering. The company started operations in 2011 by offering turnkey EPC services for solar projects. So far, it has commissioned over 1,210 MW of solar projects while about 1,990 MW of projects are under execution.
  • In March 2018, Mahindra Susten emerged as the lowest bidder to develop two 10 MW solar projects with battery energy storage systems (BESS) on the Andaman & Nicobar Islands.
  • In July 2018, Mahindra Susten won 250 MW of solar capacity in SECI’s 2,000 MW ISTS-connected tender by quoting Rs 2.53 per kWh.

Mytrah Energy Limited

  • Mytrah Energy Limited (MEL) operates as an IPP in both the solar and wind energy segments. The company currently has 1,000 MW of operational wind capacity. It executes and maintains projects across 10 states.
  • In March 2018, MEL quoted a tariff of Rs 2.86 per kWh to develop 100 MW of wind capacity under MSEDCL’s 500 MW tender.
  • In April 2018, Mytrah Energy won 300 MW of projects under SECI’s 2 GW ISTS-connected wind tender (Tranche IV) by quoting a tariff of Rs 2.52 per kWh.
  • In April 2018, MEL commissioned three solar power projects of 15 MW each in Karnataka. The projects are located in the towns of Raibag, Hungund and Sindagi. The company had quoted an average tariff of Rs 5.50 per kWh to develop the projects. The Bangalore Electricity Supply Company, Hubli Electricity Supply Company and Gulbarga Electricity Supply Company will offtake power from the Sindagi, Hungund and Raibag projects respectively.

NHPC Limited

  • NHPC Limited was incorporated in 1975 for the integrated and efficient development of hydroelectric power. Later, NHPC expanded its scope to include the development of power through conventional and non-conventional sources in India and abroad.
  • In March 2018, NHPC Limited commissioned a 50 MW solar PV project in Theni and Dindigul districts of Tamil Nadu at a cost of about Rs 2.87 billion under the viability gap funding mechanism. The EPC work for the project was done by L&T.
  • In October 2018, the Odisha government approved NHPC Limited’s plan for setting up a 40 MW solar power project in Ganjam district of the state. The project will be developed at an estimated cost of Rs 1.96 billion on 180 acres of land to be allotted by the Odisha Industrial Infrastructure Development Corporation. The power produced will be evacuated by Odisha Power Transmission Corporation Limited.

NTPC Limited

  • NTPC Limited is one of India’s largest power producers. It has set a target to diversify its fuel mix, in line with the country’s clean energy generation targets. By 2032, non-fossil fuel-based generation capacity will make up nearly 30 per cent of NTPC’s portfolio. The company had a very successful year in terms of tendering and implementing wind and solar power projects.
  • In January 2018, at the ISA’s ninth monthly Get Together and Stakeholders Meet held in New Delhi, NTPC announced its plans to roll out tenders for 20 GW of grid-connected solar power projects in the coming years.
  • NTPC has tendered a significant solar PV capacity during the past year. In November 2017, NTPC SAIL Power Company Limited released an EPC tender to develop solar projects aggregating 25 MW in Paschim Bardhaman district of West Bengal. In March 2018, the company released two solar tenders, a 750 MW tender for the Ananthapuramu ultra mega solar park and a 2 GW ISTS tender. In April 2018, it retendered two solar projects aggregating 25 MW with energy storage systems in the Andaman & Nicobar Islands (8 MW in Chidiyatapu and 17 MW in Manglutan).
  • In June 2018, NTPC released tenders for 21 MW of solar PV projects in Gandhar, Gujarat, and 15 MW of projects in Ramagundam, Telangana.
  • In October 2018, it won 160 MW of projects in UPNEDA’s 500 MW solar auction. It also announced the auction results for the development of 500 MW of solar projects in the state.
  • NTPC rolled out only one wind tender of 2 GW in 2018. However, it reduced the same to 1.2 GW after deliberations with bidders. The lowest tariff seen in this auction was Rs 2.77 per kWh, quoted by Spring Vayu Vidyut for a 200 MW wind plant.
  • NTPC has also signed power sale agreements (PSAs) with state agencies during the past year. In December 2017, it signed a PSA at the rate of Rs 3.15 per kWh with Southern Power Distribution Corporation of Andhra Pradesh Limited for the power generated from its 250 MW project at the Kadapa Solar Park, Andhra Pradesh. In May 2018, it signed an MoU with the Kerala State Electricity Board (KSEB) for setting up a 15 MW ground-mounted solar plant in the NTPC complex in Kayamkulam, Kerala, and selling the power to KSEB.
  • NTPC is one of the first agencies to develop a solar-wind hybrid pilot project in India. NTPC’s 3.375 MW solar-wind hybrid pilot power project in Bijapur district, Karnataka, was commissioned by Siemens Gamesa in September 2018. In October 2018, it invited bids for a 190 MW solar-wind hybrid power project (60 MW wind and 130 MW solar) in Kudgi, Karnataka, on a turnkey basis.
  • In July 2018, NTPC Limited invited bids to develop a 22 MW floating solar PV project at the Rajiv Gandhi combined cycle power plant in Kayamkulam, Kerala. In October 2018, the company tendered a project worth 70 MW to be developed at the same location. In September 2018, the NTPC Energy Technology Research Alliance and the Central Institute of Plastics Engineering and Technology signed an MoU for the development of a technological framework for the production of floaters for floating solar power plants.

Ostro Energy

  • In April 2018, Ostro Energy was acquired by ReNew Power at a value of around Rs 106,000 million. Prior to the acquisition, Ostro had a solar and wind project of over 1.1 GW, including 850 MW of commissioned capacity. The company’s assets are spread across Andhra Pradesh, Karnataka, Telangana, Rajasthan, Madhya Pradesh and Gujarat.
  • In August 2018, Ostro commissioned a partial capacity of 126 MW of the 250 MW wind project in Bhuj, Gujarat. The project is a part of the first batch of SECI’s ISTS-connected wind projects and the energy generated from it will be purchased by Bihar, Odisha, Jharkhand and Uttar Pradesh.

PTC India

  • PTC India was established in 1999 as a public-private partnership to develop a commercial power market in the country.
  • In July 2018, PTC India was selected as a power provider by the Haryana Power Purchase Centre (HPPC) for the procurement of non-solar renewable energy to fulfil its renewable purchase obligation. Earlier, PTC India had provided 290 MW of renewable energy to HPPC at a tariff of Rs 4.80 per kWh.
  • In September 2018, PTC India along with the Bombay Stock Exchange and ICICI Bank filed a petition with the Central Electricity Regulatory Commission for the grant of licence to set up a new power exchange.

Rays Power Infra Private Limited

  • Rays Power Infra is an integrated solar power company. It has a presence in key solar states in the country, and has set up over 620 MW of solar capacity, as of June 2018.
  • In February 2018, it won 30 MW of solar capacity in KREDL’s 760 MW solar tender in Karnataka by quoting tariffs in the range of Rs 3.16-Rs 3.20 per kWh.
  • In May 2018, the company announced the commissioning of three solar PV projects in Karnataka, under the state’s open access scheme. These were set up in Jhamkhandi (40 MW), Bijapur (45 MW) and Kustagi (45 MW) districts.
  • In June 2018, Rays Power Infra announced a target to set up 1,200 MW of solar power capacity by end-2020, and its plans to expand to international markets.

ReNew Power Ventures

  • Established in 2011, ReNew Power Ventures owns and operates utility-scale solar and wind projects as well as distributed solar projects across India. The company has clean energy assets aggregating 5.85 GW of capacity, of which more than 3.9 GW is commissioned while 1.9 GW is under development.
  • ReNew Power’s investor base consists of Goldman Sachs, ADB, JERA, Inc., ADIA, the Global Environment Fund and the Canada Pension Plan Investment Board (CPPIB), among others.
  • The company has been actively raising funds in India and overseas to finance its current and upcoming renewable energy projects and acquire key renewable energy companies. In January 2018, it raised $352 million through NCDs to fund its expansion plans and loan repayment. In February 2018, the CPPIB acquired a 6.3 per cent stake in ReNew Power from ADB for $144 million. Reportedly, CPPIB is also planning to invest about $200 million in the company in the form of compulsory convertible preference shares that will convert to equity shares at the time of an IPO.
  • In May 2018, ReNew Power filed draft papers with SEBI to float an IPO, which is expected to raise over $1 billion.
  • In December 2017, it acquired a 100 per cent stake in KCT Renewable Energy Private Limited (KCTREPL) from the Karam Chand Thapar Group for Rs 10 billion. With this, ReNew Power became the owner of KCTREPL’s three fully operational wind power projects in Andhra Pradesh with a total capacity of 103 MW. Later, in May 2018, it acquired a 100 per cent stake in Indian Energy Limited (IEL) at a price of Rs 364 million. IEL owns and operates 41.3 MW of wind projects installed at two sites in Karnataka and Tamil Nadu.
  • Power signed an MoU with the Maharashtra government for a proposed investment of Rs 140 billion to commission renewable energy projects in the state. It announced its plans to invest Rs 60 billion each in the development of solar and wind projects, and Rs 20 billion in the waste-to-energy segment.
  • In November 2017, the company won 250 MW under NTPC’s DCR solar tender. In January 2018, it won a 50 MW project to be developed at the Bhadla Solar Park by quoting Rs 2.49 per kWh. In February 2018, it won 99 MW of capacity in KREDL’s 760 MW solar auction by quoting tariffs in the range of Rs 3.15-Rs 3.28 per kWh. In May 2018, ReNew Power won 250 MW under MSEDCL’s 1 GW solar auction at a tariff of Rs 2.72 per kWh. However, in a setback for the company, it was fined Rs 119.5 million by the Supreme Court during the same month for the delay of over 210 days in the commissioning of a 51 MW solar power project in Madhya Pradesh. In June 2018, it won 500 MW of solar projects at Rs 2.71 per kWh in SECI’s 3 GW ISTS solar auction.
  • In March 2018, ReNew won 400 MW of capacity in SECI’s 2 GW tender (Tranche III) by quoting the lowest ever wind power tariff of 2.44 per kWh. It also won 265 MW of capacity in SECI’s Tranche-VI wind auction by quoting Rs 2.52 per kWh in April 2018. In October 2018, it won 10 MW of wind capacity by quoting a tariff of Rs 2.77 per kWh in SECI’s 1.2 GW auction (Tranche V).

SB Energy

  • Incorporated in June 2015, SB Energy is a three-way JV between Bharti Enterprises Limited, the Foxconn Technology Group and the SoftBank Corporation.
  • In May 2018, it won the bid to develop a 250 MW project at the Ananthapuramu Solar Park in Andhra Pradesh by quoting a tariff of Rs 2.73 per kWh.
  • In June 2018, the company announced a partnership with IL&FS to develop 20 GW of grid-connected solar parks across India by 2025.
  • In July 2018, SB Energy was awarded 1,100 MW under SECI’s 3 GW solar tender at a tariff of Rs 2.71 per kWh. In September 2018, the company won 600 MW of capacity at a tariff of Rs 2.60 per kWh under NTPC’s 2 GW solar auction.

Solar Energy Corporation of India

  • In November 2017, SECI released a tender for the development of support services for facilitating power trading at SECI in New Delhi. In the same month, it issued a 100 MW wind tender for central public sector enterprises.
  • In December 2017, it signed PSAs with seven discoms for 1,000 MW of ISTS-connected wind projects under its second tender. These were discoms of Uttar Pradesh, Bihar, Jharkhand, Assam, Punjab, Goa and Odisha. During the same month, SECI issued a tender for setting up 2 GW of ISTS-connected wind projects under Tranche III. In February 2018, it issued a 2 GW tender (Tranche IV), which was amended in March 2018.
  • In June 2018, SECI invited bids for the development of 2 GW of ISTS-connected wind power projects under Tranche V. However, the tender was undersubscribed by 800 MW and thus cancelled. Later, in August 2018, SECI retendered 1.2 GW of the Tranche V capacity.
  • In the solar space, SECI has rolled out over 8 GW of utility-scale solar tenders in the past year. In January 2018, it released two global EPC tenders for 950 MW of grid-connected solar capacity in the states of Karnataka and Andhra Pradesh. Of this, 200 MW of capacity will be developed at the Pavagada Solar Park in Tumkur, Karnataka, under NSM Phase II Batch IV Tranche XIV, while the remaining 750 MW will be developed at the Kadapa Solar Park in Andhra Pradesh under NSM Phase II Batch IV Tranche XV. During the same month, SECI released tenders for setting up 275 MW of solar capacity near Varanasi, Uttar Pradesh, under NSM Phase II Batch IV.
  • In February 2018, SECI issued a tender for 70 MW of solar PV capacity to be developed at the Amguri Solar Park in Sivasagar, Assam, and a 2 GW ISTS-connected solar tender.
  • In March 2018, it tendered 3 GW of ISTS-connected solar PV projects to be developed across the country on a build-own–operate (BOO) basis. In July 2018, it issued a tender on behalf of the Military Engineer Services for setting up 1.5 MW of solar PV capacity with BESS at Tangtse and Durbuk in Leh district, Jammu & Kashmir.
  • In August 2018, SECI tendered 750 MW of solar capacity projects to be developed on a BOO basis across Rajasthan. In the same month, it issued a domestic EPC tender on behalf of Singareni Collieries Company Limited (SCCL) for 150 MW of solar capacity to be set up on SCCL’s premises.
  • In September 2018, SECI issued a request for selection (RfS) tender for 250 MW (5×50 MW) of solar PV capacity to be developed in the Dondaicha Solar Park (Phase I) in Dhule district, Maharashtra.
  • In December 2017, SECI released the final list of successful bidders in its 500 MW rooftop solar auction, the largest rooftop solar PV capacity tender in India. In the same month, it awarded Chloride Power Systems and Solutions Limited an 8 MW rooftop solar project to be developed on the campus of Banaras Hindu University.
  • In January 2018, SECI invited expressions of interest (EoIs) from project developers to set up 10 GW of floating solar power plants. In April 2018, it released an EPC tender for developing 150 MW of grid-connected solar PV projects on the Rihand dam in Sonbhadra district of Uttar Pradesh.
  • In February 2018, SECI invited an EoI from global EPC contractors for developing a 160 MW solar-wind hybrid power project with an energy storage system in Ramagiri district of Andhra Pradesh. After receiving a positive response, it rolled out a tender for this project in September 2018.
  • In July 2018, SECI invited RfS bids for the development of 2,500 MW of ISTS-connected wind-solar hybrid power projects under Tranche I. However, in October 2018, it amended the RfS and reduced the tendered capacity to 1,200 MW.
  • To promote the manufacturing of solar cells and modules in India, in May 2018, SECI invited RfS bids for developing a 5 GW solar manufacturing plant linked with PPAs for ISTS-connected solar PV projects (for an aggregate capacity of 10 GW) on a BOO basis under Phase I. However, after consulting with developers, in September 2018, the manufacturing capacity component was reduced to 3 GW.

Sembcorp Green Infra

  • In July 2018, Sembcorp Green Infra submitted an EoI to the National Institute of Wind Energy for the development of 1,000 MW of commercial offshore wind farms in India, off the coast of Gujarat.
  • In October 2018, Sembcorp commissioned a 249.9 MW wind power project in Chandragiri district, Tamil Nadu, in partnership with Suzlon Energy Limited. This is the first fully commissioned project under Tranche I of SECI’s ISTS wind scheme.

Senvion

  • Senvion is a German wind turbine manufacturing company, which was formerly a subsidiary of Suzlon Energy.
  • In July 2018, Senvion formed three JVs, with Greenko Clean Energy, Alfanar and SembCorp to submit bids for the 1,000 MW offshore wind tender.
  • In September 2018, it won an EPC contract from Continuum Wind Energy Limited for a 250 MW wind power project in Bhuj, Gujarat.

Siemens Gamesa Renewable Energy

  • Siemens Gamesa Renewable Energy is involved in the engineering, design and production of wind turbines. The company engages in the development and construction of wind projects as well.
  • In February 2018, Siemens Gamesa won two EPC contracts for the development of 160 MW of grid-connected wind projects. Of this, a 100 MW project is to be developed in Tamil Nadu and a 60 MW project is to be developed for an IPP in Karnataka.
  • In July 2018, Seimens Gamesa along with Greenko Wind formed a JV to submit EoIs for the 1,000 MW offshore wind project.
  • In September 2018, Siemens Gamesa commissioned a 3.375 MW solar-wind hybrid pilot power project in Bijapur district of Karnataka for NTPC Limited. The project consists of an SG 2.0-114 wind turbine and 1.375 MW high efficiency HiT solar panels. The company also designed the plant infrastructure and was responsible for its EPC works.

Sterling & Wilson

  • Sterling & Wilson, part of the Shapoorji Pallonji Group, is one of the leading solar EPC firms in India as well as globally.
  • In December 2017, the company commissioned a 15 MW grid-connected solar power project on the premises of the Netaji Subhas Chandra Bose International Airport in Kolkata, West Bengal, under the Airports Authority of India’s green initiative.
  • Sterling & Wilson is expecting revenues of around Rs 100 billion in 2018-19.

Suzlon Energy Limited

  • Suzlon is a vertically integrated organisation with an international presence across 18 countries in Asia, Australia, Europe, Africa and Americas and a cumulative installed wind capacity of over 17.5 GW.
  • In February 2018, it received an order from ReNew Power for the development of a 96.6 MW wind power project in Karnataka.
  • The company has formed several JVs to expand in the wind power segment in India. In September 2018, Suzlon signed an agreement with CLP India for the development of 70 MW of solar PV capacity in Maharashtra.
  • In October 2018, the company commissioned a 249.9 MW wind power project with Sembcorp in Chandragiri district, Tamil Nadu.
  • Suzlon reported a net loss of Rs 5.75 billion in the first quarter (ended June) of 2018-19. A shortfall in the working capital facilities, a high interest burden and notional forex losses (due to the depreciating rupee) of approximately Rs 2 billion were some of the major reasons for the loss. However, Suzlon stated that it delivered 155 MW of wind projects in the same quarter while 1,134 MW of projects are in the pipeline.

Tata Power Renewable Energy Limited

  • Tata Power Renewable Energy Limited (TPREL) is a leading renewable energy developer, which has set an ambitious target for the growth of renewables in the coming years.
  • In December 2017, Tata Power Solar successfully commissioned a rooftop solar carport at the Unity One Mall in Rohini, Delhi, under the state’s net metering mechanism.
  • In January 2018, the company commissioned two solar PV projects of 100 MW and 50 MW capacity at the Pavagada Solar Park in Karnataka. It has also signed 25-year PPAs with NTPC for the projects.
  • The company is an early mover in the electric vehicle (EV) charging segment. In January 2018, it set up EV charging stations at Lower Parel area’s Palladium Mall and at Kurla’s Phoenix Market City in Mumbai. Meanwhile, it announced plans to set up additional charging stations at the Bandra Kurla Complex and the Western Express Highway at Borivali in Mumbai.
  • In June 2018, TPREL was awarded a letter of award (LoA) to set up a 150 MW solar project under MSEDCL’s 1 GW tender at a tariff of Rs 2.72 per kWh. In the same month, it received an LoA from KREDL to set up 250 MW of solar PV capacity at the Pavagada Solar Park.
  • In November 2018, the company commissioned two projects with a combined capacity of 55 MW in Maharashtra and Gujarat, under the DCR category.

Tehri Hydro Development Corporation (THDC) India Limited

  • THDC India Limited, a JV of the Government of India and the Uttar Pradesh government, is a Mini Ratna Category-I company.
  • The company’s initial objective was to develop, operate and maintain the 2,400 MW Tehri Hydro Power Complex and other hydro projects. However, it has diversified its business and is now looking to set up solar projects. To this end, in March 2018, THDC rolled out an EPC tender to develop up to 100 MW of solar power projects in Uttar Pradesh.

Ujaas Energy

  • In November 2017, Ujaas Energy won an EPC contract from the Assam Energy Development Agency for the development of a 2 MW grid-connected rooftop solar project in the state under the RESCO model.

 

Vestas Wind Systems

  • Vestas Wind Systems is a Danish company founded in 1898 with headquarters in Aarhus, Denmark. It is involved in the design, manufacture and installation of wind turbines.
  • In December 2017, Vestas received an order from Atria Brindavan Power for the supply and installation of 18, V110-2.2 MW turbines for the Basavane Bagewadi wind project (Phase II) in Bijapur district, Karnataka. The order also included a 15-year full-scope Active Output Management 5000 service agreement and the Vestas Online Business supervisory control and data acquisition solution for data-driven monitoring and preventive maintenance.

Vikram Solar

  • In March 2018, Vikram Solar commissioned three rooftop solar projects with an aggregate capacity of 450 kWp. A 350 kW project was developed for the Ordnance Factories unit in Kolkata and two projects of 50 kWp each were set up at Bikaner and Jhunjhunu for IOCL’s offices in Rajasthan.
  • In the same month, the company signed a pact with French Alternative Energies and the Atomic Energy Commission for R&D in the solar and energy storage technology space.
  • In September 2018, the company completed EPC works and commissioned a 10 MW solar project for Oil and Natural Gas Corporation in Gujarat. It also completed a 1.4 MW rooftop solar project for Century Plyboards (India) Limited in Gujarat.

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