Company Highlights: Key developments in the past 12 months

The year 2023 saw some interesting developments in India’s renewable energy sector. On the one hand, em­e­rging renewable energy segments such as corporate green power procurement, gr­een hydrogen, energy storage, bioCNG and offshore wind received a fillip. On the other hand, policy flip-flops and supply chain issues hindered capacity deployme­nts, falling short of industry expectations. Nevertheless, several projects were anno­un­ced and a few were commissioned during this time period as independent power producers (IPPs), engineering, procurement and construction (EPC) companies and manufacturers focused on expan­ding their portfolios and securing more ca­pacity. Renewable Watch presents a snapshot of the key developments in 2023, covering leading renewable energy developers, manufacturers and EPC companies…

ACME Group

• The ACME Group was set up in 2003 and has solar power projects across 12 states. The company has diversified into the green hydrogen and green ammonia se­gments.
• In December 2022, the ACME Group ventured into the wind power business and signed a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) for a 50 MW grid-connected wind power project.
• In January 2023, ACME announced that it had signed a framework agreement with Norwegian investment fund Norfund to invest in developing new greenfield renewable power projects in India.
• ACME emerged as one of the winners of the Solar Energy Corporation of India’s (SECI’s) auction Tranche V for 1,200 MW of interstate transmission system (ISTS)-connected solar-wind hybrid projects with energy storage and assured peak power supply across India. The company won 380 MW of capacity at Rs 4.73 per kWh in the auction held in April 2023. In August 2023, the company secured 500 MW at a tariff of Rs 6.69 per kWh in Rajasthan Urja Vikas Nigam Limited’s (RUVNL) 1,200 MW auction for solar with energy storage.
• In February 2023, the ACME Group and IHI Corporation announced the signing of an MoU to explore the potential business opportunities in green hydrogen. The agreement allows IHI to participate as an investor in, or offtake, one or more projects of ACME in Oman, India, the US or Egypt. ACME also signed a land agreement with Tata Steel Special Economic Zone Limited for 343 acres of land for its green hydrogen and green ammonia project at the Gopalpur Industrial Park in Odisha, in August 2023.
• The company signed an MoU with city gas distribution company Indraprastha Gas Limited (IGL) to explore the opportunity of setting up hydrogen generation plants as well as electrolysers to blend green hydrogen in IGL’s existing pipeline networks supplying gas to households, industrial and commercial setups and CNG for vehicles.
• In July 2023, the ACME Group achieved financial closure of the Rs 40 billion debt secured for the first phase of the green hydrogen and ammonia project in Oman from REC. It also signed an MoU worth Rs 210 billion with REC to fund a 380 MW round-the-clock (RTC) project, the first phase of Odisha and Tamil Nadu green ammonia projects, and 600 MWh of pumped hydro storage projects.

Adani Green Energy Limited

• Adani Green Energy Limited (AGEL), a subsidiary of the Adani Group, develops renewable energy projects while Adani Solar manufactures solar modules. Overall, AGEL has a total renewable energy portfolio of 20 GW, of which around 8.3 GW is operational. It targets 45 GW renewable energy capacity by 2030.
• The company commissioned a 130 MW wind power plant in Kutch in May 2023, and a 250 MW wind-solar hybrid plant and a 700 MW hybrid project in Jaisalmer in December 2022 and March 2023 respectively.
• AGEL and TotalEnergies are planning to create a new joint venture (JV), equally owned by both, with a 1,050 MW portfolio that will comprise a mix of already operational (300 MW), under-construction (500 MW) and under-development (250 MW) renewable power assets. While AGEL will contribute assets, Total Energies will bring an equity investment of $300 million.
• In December 2022, Adani New Industries signed a development and licensing agreement with Melbourne-based Cavendish Renewable Technology (CRT) to develop alkaline electrolysers, polymer exchange membranes, anion exchange membranes, and CRT’s C Cell technology for mass-scale production.
• In January 2023, Adani Renewable Energy Two Limited signed a binding ag­reement to acquire a 50 per cent equity stake in Rajasthan’s Essel Saurya Urja Company.
• In August 2023, Mundra Solar Energy, a stepdown subsidiary of Adani Enter­prises, announced the commissioning of its 2 GW solar cell and module manufacturing facility in Mundra, Gujarat.
• Adani Global has also formed an equal JV with Kowa Holdings Asia for the sale and marketing of Adani’s green hydrogen and ammonia in Japan, Taiwan and Hawaii.

AmpIn Energy Transition

• Founded in 2016, AmpIn Energy Transition has a portfolio of about 3 GWp plus spread across 17 states in the country, catering to both commercial and industrial (C&I) and utility customers. The company, previously Amp Energy India, rebranded itself as AmpIn Energy Transition Private Limited this year.
• The company entered into partnerships with Varroc for the supply of 33.1 MWp of solar power to Varroc’s manufacturing plants in Maharashtra, the Allana Group to provide 4.5 MW of solar power to its plant in Aligarh, Uttar Pradesh, and Jamshedpur Continuous Annealing and Processing Company Private Limited to supply 2.8 MWp of solar energy for its plant in Jamshedpur. It also started supplying 10 MWp of solar power from its 30 MWp solar plant in Mishrikh, Uttar Pradesh, to JK Cement and commissioned a 5 MW solar open access project supplying power to Bharat Serum and Vaccines Limited in Osmanabad, Maharashtra.
• Its subsidiary, AMPIN Solar One won 1 GW of capacity for integrated cell and module manufacturing under SECI’s performance-linked incentive programme Tranche II in April 2023, and it is eligible to receive a maximum incentive of Rs 1.4 billion. Further, in October 2023, the company announced its strategic partnership with Jupiter International Limited to establish a JV, which will set up a state-of-the-art manufacturing facility that can manufacture up to 1.3 GW of high quality solar cells and modules.
• The company, in April 2023, secured its second solar project from L&T Metro Rail (Hyderabad) Limited. The project has a capacity of 4 MW and will be installed across 13 stations and depots.
• In May 2023, Amp Energy India won CESC’s 150 MW wind-solar hybrid auction at a tariff of Rs 3.07 per kWh.
• It also secured investments of up to $250 million from Sumitomo Mitsui Banking Corporation, Intermediate Capital Group and Asian Infrastructure Investment Bank.

Amplus Solar

• A member of the Petronas (Petroliam Nasional Berhad) Group, Malaysia, Amplus Solar has a portfolio of more than 1.5 GWp of operational and under-construction projects spread across 24 states in India. It primarily caters to C&I customers and serves more than 300 clients across diverse verticals.
• In February 2023, the company signed a PPA in February 2023 to supply 56 MW of solar power to JK Lakshmi Cement’s cement facility in Durg, Chhattisgarh.
• It also announced an association with Everrenew to set up a 200 MWp open access solar-wind hybrid power plant in Tuticorin, Tamil Nadu. The project comprises about 108 MW of wind power capacity and 100 MW of solar power capacity.
• On the green hydrogen side, it entered into an MoU with the Andhra Pradesh government in March 2023 to set up multiple decentralised green hydrogen production plants in the state. Amplus aims to set up 7.5 kilotonnes per annum distributed green hydrogen plants for industrial consumption in Andhra Pradesh with an investment of Rs 15 billion.

Apraava Energy

• Founded in 2002, Apraava Energy is a diversified power company, jointly owned by the CLP Group and Caisse de dépôt et placement du Québec. The company’s portfolio comprises 3,150 MW of installed capacity, which includes 924 MW of wind energy and 250 MW of solar energy projects across seven states.
• The company secured two interstate transmission projects in Rajasthan in Au­gust 2023. The projects have been won under a tariff-based competitive bidding process and will be constructed on a build-own-operate-transfer basis.
• Further, Apraava Energy signed an MoU with REC Limited and Power Finance Corporation Limited (PFC) to raise Rs 91.2 billion for its transmission, wind and advanced metering infrastructure projects in August 2023.

Avaada Group

• Avaada Energy is an integrated energy platform with business interests ranging from manufacturing solar cells, modules and electrolysers to renewable power generation, green hydrogen and green ammonia production. The firm plans to reach an installed renewable energy capacity of 11 GW by 2026.
• In April 2023, it won a 421 MW (DC) ISTS-connected solar bid in an auction conducted by RECPDCL on behalf of the Damodar Valley Corporation (DVC), at a quoted tariff of Rs. 2.70 per kWh. In the same month, it won a 560 MW (DC) solar project bid in Maharashtra State Electricity Distribution Company Limited’s (MSEDCL) auction with a quoted tariff of Rs 2.88 per kWh. The company went on to win another bid in April 2023, this time a 200 MW (DC) solar power project from GUVNL at a tariff of Rs 2.75 per kWh.
• In May 2023, it won the 280 MW (DC) project under Rajasthan Urja Vikas Nigam Limited’s (RUVNL’s) auction at a tariff of Rs 2.62 per kWh. Further, in November 2023, it secured a 1,400 MWp solar project through an e-reverse auction hosted by NHPC Limited at a tariff of Rs 2.53 per kWh.
• In June 2023, Avaada announced the successful closure of a $1.3 billion funding round. Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF), committed to invest up to $1 billion in Avaada Ventures Private Limited. Global Power Synergy Public Company Limited pledged to invest $233 million, in addition to the previously committed $68 million. In July 2023, Avaada signed an MoU with REC with an investment quantum of Rs 200 billion to fund its multiple projects over the next five years.
• In October 2023, the company signed an MoU with Gopalpur Port Limited for a cutting-edge storage facility dedicated to storing green ammonia at the port. It also signed an MoU with Tata Steel Special Economic Zone Limited as it plans to develop a green hydrogen and ammonia manufacturing unit at the Gopalpur Industrial Park.

Ayana Renewable Power

• Founded in 2017, Ayana is a majority-owned company of the National Investment and Infrastructure Fund. The British International Investment (formerly CDC Group) and Eversource Capital-managed Green Growth Equity Fund are the other shareholders in the company. By 2025, its goal is to develop a 10 GWac portfolio and it is currently involved in the development and management of around 5 GWac of solar, wind and hybrid power projects.
• In May 2023, Ayana secured a tender to provide RTC supply of renewable energy to Railway Energy Management Company Limited. Ayana was allocated 300 MW of capacity at a levelised pricing of Rs 4.10 per kW.
• In August 2023, Ayana signed a PPA with Hindalco Industries Limited for the supply of 100 MW of RTC renewable energy to Hindalco’s smelter plants in Odisha.

BHEL

• Set up in 1964, Bharat Heavy Electricals Limited (BHEL) has over three decades of experience in solar photovoltaic manufacturing and is also involved in the EPC of solar projects. The company recently announced its plans to venture into the green hydrogen space.
• BHEL issued a tender in August 2023 to design, supply and assemble a floating system, together with anchor and mooring parts, for a 300 MW floating solar project. The project will be set up at the Rengali reservoir in Angul district, Odisha.
• In September 2023, BHEL released a tender to purchase 90 MUs of RTC clean power per year on a long-term basis. The purchased power will be delivered to the ex-bus periphery of the company’s units located in Haridwar (54 MUs), Bhopal (12 MUs), Trichy (12 MUs) and Hyderabad (12 MUs).
• The company also released various tenders for the operations and maintenance (O&M) of solar projects, including for 12.5 MW of solar projects at its Trichy facility, a 5 MW solar power project at its Haridwar heavy electrical equipment plant and a 65 MW solar power facility in Tamil Nadu for NLC India. The last tender for O&M of a 65 MW solar project was awarded to Hyderabad-based Jayram Industries India Private Limited.

BluPine Energy

• BluPine Energy is supported by an investment of $800 million from Actis’ Energy Fund 5. It is committed to creating an advanced renewable energy portfolio of over 4 GW within India.
• The company won many auctions this year. It won 50 MW at Rs 2.52 per kWh and 60 MW at Rs 2.74 per kWh in GUVNL’s 500 MW solar auction – Tranche XVIII and Tranche XIX respectively. In May 2023, it won 150 MW at a tariff of Rs 2.61 per kWh as a part of RUVNL’s auction to supply 1 GW of power from state transmission utility-connected solar power projects. In August 2023, the company secured a 100 MW solar project at a tariff of Rs 6.68 kWh as a part of RUVNL’s 1,200 MW solar power with storage auction. In addition, the company won 150 MW at a tariff of Rs 4.39 per kWh as a part of SJVN Limited’s auction to supply 1.5 GW of power from ISTS-connected renewable energy with energy storage (November 2023).

CleanMax

• Founded in 2012, CleanMax operates in the C&I solar segment and has successfully installed projects for more than 350 corporates. It has a total operating capacity of over 1,000 MWp.
• In December 2022, CleanMax partnered with Meta to invest in 33.8 MW of new renewable energy projects in India, comprising 21.6 MW of wind and 12.2 MW of solar projects. CleanMax will own and operate these projects, while Meta will purchase 100 per cent of the environmental attributes from the projects.
• In February 2023, CleanMax signed a PPA with JK Cement for the supply of 6.42 MW of wind-solar generation capacity from its project in Jagalur, Karnataka, to JK Cement’s Muddapur factory.
• In June 2023, the company closed an equity fund raise of $360 million from Brookfield Renewable, through BGTF.
• In June 2023, CleanMax signed a PPA with Michelin for the supply of green energy at its factory in Thervoykandigai, Tamil Nadu. It also commissioned a 400 MW wind-solar hybrid project in Babra, Gujarat, in July 2023.

Cleantech Solar

• Headquartered in Singapore, Cleantech Solar has approximately 1 GWp of assets in operations, construction and development stages across India and Southeast Asia. It is primarily focused on the C&I solar segment.
• It commissioned 42 MWp of solar projects for a global metal components manufacturer at its 300 MWp solar parks in Maharashtra in December 2022.
• In January 2023, it commissioned 40 MWp of solar projects for a global industrial manufacturing company at its 280 MWp solar park in Tamil Nadu. In the same month, it commissioned 37 MWp of solar projects for a global industrial manufacturing giant at its solar parks across Maharashtra, with a total capacity of 300 MWp.
• In April 2023, Cleantech Solar announced the signing of 25 MW of wind projects for global industrial manufacturers at its upcoming wind parks in Maharashtra and Tamil Nadu.
• The company announced the signing of long-term PPAs with leading C&I customers in Tamil Nadu to develop 60 MWp of open access solar projects in July 2023.
• Cleantech Solar announced the commercial operation of its maiden virtual PPA in September 2023. The electricity generated by the operational solar power facility in India is sold to the energy exchange after being dispossessed of its renewable attributes.

EDF Renewables

• EDF Renewables, the global renewable energy arm of the EDF Group, operates in over 20 countries. The company engages in the development, construction and operation of renewable power facilities.
• GUVNL announced results in January 2023 for its 300 MW of grid-connected wind projects (Phase IV) with an additional 300 MW greenshoe option. EDF Renewables won 100 MW by quoting Rs 3 per kWh in this auction.

ENGIE

• ENGIE is a global energy player, which operates in around 70 countries across five continents and has a net zero carbon target by 2045.
• ENGIE India was incorporated in 2014 and has about 1 GW capacity under execution in India. It is looking at close to 2 GW of operational capacity before the end of 2025.
• Waaree Energies Limited secured a contract from ENGIE India for the supply of 200 MW of solar modules for a solar power project in Sayla village in Surendranagar district of Gujarat in Oc­tober 2023.
• In November 2023, RenewSys signed a 100 MW solar module supply agreement with ENGIE India. The company will deliver monocrystalline bifacial glass-backsheet modules for ENGIE India’s GUVNL 2 project.
• In the same month, GUVNL awarded a 400 MW solar project to ENGIE as a part of its 750 MW, Phase XVI, auction process.

Everrenew

• Everrenew serves as a comprehensive project management solution provider for wind, solar and hybrid projects, in addition to offering asset management services. The company provides end-to-end services for the wind and solar energy segments, encompassing wind resource assessment, solar energy assessment, design, land acquisition, land conversion, land development, foundation casting, transportation of wind turbine and solar components, as well as erection and commissioning.
• Amplus Solar announced a collaboration with Everrenew in March 2023 to set up a 200 MWp open access solar project at Thoothukudi in Tamil Nadu. Everrenew is responsible of the development and is the BoP contractor as well.
• In July 2023, Suzlon bagged an order from Everrenew to set up a 100.8 MW wind project. Suzlon will deploy 48 wind turbine generators as a part of the order.

First Solar

• Founded in 1999, First Solar is a leading American solar technology company, which manufactures solar modules and constructs solar projects. It also provides O&M services for solar projects.
• First Solar has been allotted Rs 11.7 billion of incentives under the government’s production-linked incentive scheme tranche II.
• First Solar started manufacturing at its first Indian 3.5 GW production unit in Chennai to produce thin-film modules, with an investment of $684 million, in September 2023.

Fourth Partner Energy

• Fourth Partner Energy is a distributed solar energy developer for commercial, industrial and government institutions. It was founded in October 2010. Its offerings include capex, renewable energy service company plants and open access-based plants. The firm currently manages a portfolio of 1.35 GW and is aiming an asset base of 3.5 GW by 2025.
• In July 2023, it commissioned a 70 MW wind-solar facility in Gujarat’s Gondal city to provide clean energy to its corporate clients in New Delhi and Hyderabad.
• The company announced in August 2023 that it has raised Rs 3.5 billion in equity funding from Norwegian Inves­t­ment Fund Norfund, in August 2023. In the same month, the Asian Develop­ment Bank and Fourth Partner Energy entered into a long-term loan agreement, am­oun­ting to a maximum of Rs 1.2 billion to facilitate the construction and operation of a 25 MW solar power plant in Tamil Nadu.

Gautam Solar

• Founded in 1998 in New Delhi, Gautam Solar is a manufacturer of solar modules and operates four factories located in Haridwar.
• In November 2022, the company expanded its G2X series with the launch of high efficiency and high performance 450 Wp solar modules with bigger M10 cells. In January 2023, it unveiled its 545 Wp series of 10BB monocrystalline passivated emitter and rear cell solar panels. In September 2023, it launched UL-certified N-type tunnel oxide passivated contact (TOPCon) solar modules in three different sizes. First, there is the 435 Wp module with 108 cells, second is a 475 Wp module with 120 cells, and third is a 580 Wp module with 144 cells.
• Gautam Solar delivered 10BB mono half-cut solar panels for a solar energy facility at the Raja Bhoj International Airport in Bhopal, Madhya Pradesh, in April 2023.
• In May 2023, the company announced its partnership with Jinchen, which supplies high efficiency solar cell and module manufacturing equipment.

GE Renewable Energy

• Incorporated in 2015, GE Renewable Energy is a division of GE, focused on the production of renewable energy. It has a broad portfolio across the renewable energy industry. It offers onshore and offshore wind, blades, hydro, storage, utility-scale solar, grid and hybrid renewable solutions, as well as digital services. The company has installed over 400 GW of clean renewable energy and equipped more than 90 per cent of utilities worldwide with its grid solutions. GE announced plans to combine GE Renewable Energy, GE Power and GE Digital into one business, GE Vernova.
• Amplus Solar selected GE Vernova as its onshore wind turbine supplier for Amplus’s first 108 MW wind farm in June 2023. To be located in Tamil Nadu, India, GE Vernova would be responsible for supplying and commissioning 40 units of 2.7-132 onshore wind turbines.

Gensol Engineering Limited

• Incorporated in 2012, Gensol Engineering Limited is a part of the Gensol gro­up of companies, which offers EPC and solar advisory services.
• It was declared a winner in December 2022, in SECI’s auction to develop 30 MW floating solar projects, with a bid of Rs 2.32 billion. The projects would be developed at three thermal power plants across Jharkhand and West Bengal.
• The company received purchase orders in February 2023 for over 247 MWp of solar power capacity across 11 states. These projects would be developed in Andhra Pradesh, Haryana, Gujarat, Jharkhand, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Uttarakhand and West Bengal by the company in February 2023.
• In March 2023, Gensol Engineering Limited announced the acquisition of Scorpius Trackers for Rs 1.35 billion.
• It secured a grid-connected 62 MW AC solar project from Maharashtra State Power Generation Company Limited in October 2023. The project is valued at Rs 3.02 billion and would be located in the Akola district of Maharashtra.
• In November 2023, Gensol Engineering Limited won an EPC contract from NHPC Limited for a green hydrogen-based mobility station in Kargil, Ladakh.

Greenko Group

• Founded in 2004, the Greenko Group is a renewable energy development firm with a diverse portfolio of clean energy assets spread across 15 states in India. It has an installed capacity base of 7.3 GW across the solar, wind and hydropower segments. The company has a green molecule production arm called Greenko ZeroC.
• The company won NTPC Renewable Energy Limited’s auction in December 2022 to establish 3 GWh of ISTS-connected energy storage systems, after quoting Rs 2.79 million per MWh per year.
• In January 2023, Greenko ZeroC formed a strategic alliance with Granules India Limited to work on green molecule solutions and their broader applications in pharmaceuticals in Kakinada, Andhra Pradesh. In the same month, the Greenko Group announced a Rs 100 billion investment in a pumped storage project (PSP) near Gandhi Sagar in Madhya Pradesh’s Neemuch district.
• The company signed an agreement to purchase 28 units of 5 MW alkaline electrolysers from the Belgium-based John Cockerill, for developing a green ammonia plant in Una, Himachal Pradesh, in February 2023. In the same month, Greenko ZeroC and Uniper signed an MoU for Uniper to enter into exclusive negotiations for the offtake of green ammonia from Greenko’s Phase I ammonia production facility in Kakinada, Andhra Pradesh.
• In March 2023, Greenko Energy Hol­d­ings announced the signing of official contracts for a primary equity raising of $700 million from the GIC sovereign wealth fund of Singapore, Abu Dhabi Investment Authority and Orix Corporation of Japan. In the same month, Power Company of Karnataka Limited awarded 1 GW of pumped hydro storage projects and Greenko won a capacity of 700 MW by quoting Rs 14.76 million. In the same month, NTPC Renewable Energy Limited signed a term sheet with Greenko ZeroC Private Limited to supply 1,300 MW RTC renewable power for powering Greenko’s upcoming green ammonia plant at Kakinada.
• Serentica Renewables announced in July 2023 that it has signed a standalo­ne energy storage capacity offtake contract with the Greenko Group to utilise a cumulative 1,500 MWh capacity from its upcoming energy storage projects in Andhra Pradesh and Madhya Pradesh.
• In September 2023, REC Limited extended Rs 60.75 billion to Greenko for the development of 1,440 MW stand-alone PSPs.

Hartek Solar

• Established in 1991, the Hartek Group is an EPC firm actively involved in various aspects of the power sector value chain.
• Hartek Solar commissioned a floating solar project of 2 MWp capacity in Chandigarh in January 2023. The project was tendered by the Chandigarh Renewal En­ergy and Science and Technology Pro­motion Society to Hartek Solar.
• In March 2023, it won a contract from SJVN Green Energy Limited to build a 22 MW DC floating solar PV power project at Nangal Pond in Bilaspur district, Himachal Pradesh.
• In November 2023, Hartek Solar completed the installation and commissioning of a 2 MW rooftop solar project for SML ISUZU Limited. The project has been executed in Ropar, Punjab.

Hero Future Energies

• Established in 2012, Hero Future Ener­gies (HFE), an IPP, currently has 2.2 GW of grid connected wind, solar and ro­of­top solar power generating assets operating in India and Europe, and another 2 GW of projects in the pipeline across India, Vietnam, Bangladesh and the UK.
• HFE signed an agreement with the Andhra Pradesh government to invest Rs 300 billion in the state through various renewable energy projects.
• In April 2023, the company successfully bid for 120 MW (AC) of capacity in the SECI Tranche VI reverse auction for 1.2 GW of wind-solar hybrid projects with energy storage.
• In July 2023, HFE signed MoUs with PFC and REC Limited to raise Rs 31 billion in debt from each, over the next five years.

Hinduja Renewables Limited

• Hinduja Renewables Limited is a part of the global conglomerate Hinduja Group, with over 270 MWp of projects operational and more than 1 GW under construction. The company aims to scale up its offerings in the C&I market and achieve a gigawatt-scale portfolio in the next few years.
• The company was one of the winners in GUVNL’s January 2023 auction to deliver power from 500 MW of grid-connected solar power projects (Tranche XVIII). It won 120 MW, with a quote of Rs 2.52 per kWh.
• In August 2023, Hinduja Renewables secured a contract from Rewa Ultra Mega Solar Limited for the development of an 80 MW floating solar park at the Omkareshwar reservoir in Khandwa, Madhya Pradesh.
• In November 2023, Hinduja Renewables Limited was awarded 250 MW of solar capacity in NHPC’s auction for 3,000 MW of ISTS-connected solar power. The company had quoted a tariff of Rs 2.53 per kWh.

Husk Power

• Established in 2008, Husk Power Sys­tems is a net zero energy enterprise catering to rural areas in Asia and Africa. It possesses and manages an extensive fleet of community solar minigrids spanning both continents.
• The company received a loan worth $750,000 from German investment corporation Deutsche Investitions- und Entwicklungsgesellschaft, in January 2023, to support its expansion in India and the construction of eight new community solar microgrids in Nigeria.
• In October 2023, it concluded its Series D funding round with a total of $43 million in equity and $60 million in debt to develop 1,400 solar mini grids in rural Africa and Asia.

Inox Wind  

• Inox Wind is a fully integrated player in the wind energy market, with a cumulative manufacturing capacity of 1,600 MW.
• In December 2022, Inox Green Energy Services acquired a majority stake in an independent wind power O&M company with over 230 MW of operating capacity, primarily in south India.
• In May 2023, Inox Wind secured an order for a 150 MW wind power project from NTPC REL in Gujarat. It will supply and install wind turbine generators and provide O&M services for the project.
• In October 2023, the company raised Rs 8 billion by selling 11.77 per cent equity to reduce its external debt. It also raised Rs 5 billion through equity sales by its main promoter in August 2023.
• The company has announced its plans to infuse $1 billion across the battery chemicals and green hydrogen sectors over the next three to four years. It plans to set up a battery chemicals factory in Gujarat.

Jakson Group

• Established in 1947, the Jakson Group has diversified from a conventional energy products manufacturer to a fully integrated energy solutions company, developing projects in the fields of solar power, battery energy storage systems (BESSs), green hydrogen, distributed energy and also providing EPC and O&M services. The group currently owns a module manufacturing facility in Greater Noida.
• In December 2022, Jakson Green, the group’s energy transition platform, secured a 121 MWp solar EPC order from Amplus Solar. The project is coming up in Bikaner, Rajasthan.
• In March 2023, it signed an MoU with Rail Vikas Nigam Limited to form a global JV for clean energy EPC projects.
• In April 2023, Jakson Green announced its decision to build a green hydrogen fuelling station in Badarpur, New Delhi, for a major Indian power firm to generate, compress, store and dispense gr­een hydrogen using green energy produced on site by a hybrid renewable energy plant. The company also won a first-of-its-kind project from NTPC Limi­ted to build a 10 tonne per day methanol synthesis facility in Vindhyachal, Madhya Pradesh.
• In October 2023, Jakson Green won the EPC bid for NTPC’s 40 MW solar PV plant in Ayodhya, Uttar Pradesh. During the same month, the company also signed an MoU with the Deendayal Port Authority for developing a green ammonia facility at Kandla port, Gujarat.

JinkoSolar

• JinkoSolar is a leading solar module manufacturer with over 14 manufacturing plants spread globally.
• In November 2023, the company announced that it has achieved a landmark, with 200 GW of panel deliveries this year, driven by its newly introduced series of n-type modules.
• Earlier this year, JinkoSolar had introduced its second-generation Tiger Neo panel family built with n-type TOPCon technology that delivers up to 23.23 per cent efficiency.

JSW Energy

• JSW Energy Limited is a division of the JSW Group. The Maharashtra-based company operates in several power sectors, including generation, transmission and trading, as well as renewable energy.
• JSW Renew Energy Five Limited received a letter of award from SECI in Jan­uary 2023 for 500 MW/1,000 MWh of standalone BESSs with two projects of 250 MW/500 MWh each.
• In March 2023, JSW Neo Energy won 300 MW by quoting Rs 14.75 million in Power Company of Karnataka Limited’s 1 GW pumped hydro storage project au­c­­tion. In the same month, it completed the acquisition of 1,753 MW of renewable energy generation capa­city in Mytrah Energy’s 28 special purpose vehicles.
• In May 2023, JSW Renew Energy Three Limited signed a 25-year PPA with SECI to supply power at the rate of Rs 2.94 per KWh in Maharashtra as part of its 300 MW of ISTS-connected wind power projects, Tranche XII.
• In October 2023, the Uttarakhand government and JSW Neo Energy signed MoUs worth Rs 150 billion at the global investor summit roadshow. Under the MoU, two 1,500 MW pumped storage projects would be set up in Almora in the next five to six years. In the same month, Envision Energy secured a contract from JSW Energy to set up a wind energy park of 653.4 MW capacity in Karnataka and Maharashtra. The project is anticipated to be completed in phases by the end of 2024.

Juniper Green Energy

• Delhi NCR-based Juniper Green Energy initiated its operations in October 2018 and has since undergone rapid expansion. Currently, it has an operational portfolio of around 800 MW, an under-construction capacity exceeding 500 MW, and a development pipeline of more than 3 GW in solar, wind and hybrid projects. The company has in-house EPC and O&M capabilities.
• In January 2023, it won 50 MW by quoting Rs 2.91 per kWh under GUVNL’s auction for 300 MW of grid-connected wind projects (Phase IV) with an additional 300 MW greenshoe option. The company also won a capacity of 75 MW at a tariff of Rs 3.27 per kWh as part of Tata Power’s auction to develop 225 MW of grid-connected wind-solar hybrid projects (September 2023).
• In July 2023, Juniper Green Energy Private Limited and PFC signed an MoU for Rs 50 billion to support 1,200 MW of renewable energy projects.
• The company has secured 190 MW of wind and 105 MW of solar projects from GUVNL and MSEDCL respectively.
• In September 2023, it secured $350 million from the AT Capital Group and Vitol for its operational capacity expansion.
• In October 2023, Juniper Green Energy awarded a contract to the Suzlon Group for its 3 MW series of wind turbines to establish a 50.4 MW wind power project.

Larsen & Toubro

• Larsen and Toubro (L&T) is an integrated solutions, systems and equipment supplier with capabilities to design, manufacture and execute power projects across various power segments in India. The group has positioned itself as a gre­en energy major, with plans to expand across the green energy value chain.
• In December 2022, L&T Construction secured an EPC order to establish a 90 MW floating solar project at the Omkareshwar reservoir, in the Khandwa district of Madhya Pradesh.
• In January 2023, L&T signed an MoU with Norway-based H2Carrier to cooperate on the development of floating green ammonia projects for industrial-scale applications. In the same month, it also secured an order to build a 112.5 MW solar power plant in West Bengal.
• The company signed an electrolyser manufacturing binding agreement with France-based McPhy Energy in March 2023 to grant an exclusive licence of its pressurised alkaline electrolyser technology to L&T. L&T plans to set up a GW-scale electrolyser manufacturing facility based on this technology.
• L&T has also received a large contract for the green hydrogen plant being built by NEOM Green Hydrogen Company at Oxagon in Saudi Arabia. It will engineer, procure and construct a 2.2 GWac solar plant, 1.65 GW wind generation balance of plant and a 400 MWh BESS under the power elements package.

LONGi

• LONGi Green Energy Technology Limited is a solar cell and module manufacturer that supplies globally. It has also recently ventured into the green hydrogen sector.
• In July 2023, Longi signed a cooperation agreement with Zetwerk, a managed marketplace for contract manufacturing across the consumer and industrial segments. The strategic partnership aims to further the collaboration on C&I and open access markets in India.
• LONGi launched its Hi-Mo 7 PV module for large-scale and C&I applications. The new product is based on TOPCon cells, M10 wafers and high performance hybrid passivity dual junction technology.
• LONGi Hydrogen launched alkaline electrolysed water hydrogen production eq­uipment ALK Hi1, with an estimated power consumption of 4.3 kWh per Nm3.

Mahindra Susten

• Mahindra Susten is a renewable IPP green energy solutions company with an over 1.5 GWp project portfolio in India and 500 MW of projects in the pipeline. The company had partnered with Ontario Teachers’ Pension Plan for the infusion of $300 million in exchange for 30 per cent equity.
• The company emerged as a winner in RUVNL’s 1 GW solar auction in May 2023 and won 200 MW at a tariff of Rs 2.61 per kWh.
• In August 2023, Mahindra Susten signed a PPA with GUVNL after winning 100 MW of capacity and an additional greenshoe option capacity of 100 MW at a tariff of Rs 2.72 per kWh.

NHPC Limited

• NHPC Limited was incorporated in 1975 for the development of hydroelectric power. Later, it expanded its scope to include the development of power through conventional and non-conventional sources in India and abroad. In June 2020, NHPC Limited’s board of directors approved a proposal to diversify the company’s business to include solar power projects. According to the company, it will act as an intermediary procurer from solar power developers.
• The company issued various tenders this year. These include a 300 MW floating solar plant near the Rengali reservoir in Angul, Odisha (April 2023), a 75 MW solar EPC tender (May 2023), a pilot project for a green hydrogen-based mobility station in Kargil, Ladakh, a 3,000 MW ISTS-connected solar tender (June 2023), and a 200 MW solar EPC tender for the Khavda Solar Park (July 2023). It also issued a tender for the selection of project developers to deliver firm and despatchable power from 1,500 MW of ISTS-connected renewable projects, including energy storage systems, and a tender for 1,500 MW of ISTS-connected wind-solar hybrid projects (October 2023).
• In June 2023, NHPC Limited and the Department of Energy, Government of Maharashtra, signed an MoU for the development of 7,350 MW of pumped storage and other renewable energy source projects. In the same month, NHPC Limited and the Kerala State Electricity Board (KSEB) signed an MoU under, which NHPC would provide consultancy services to KSEB as its owner’s engineer for vetting the design of KSEB’s ongoing projects as well as its projects in the pipeline. In the same month, NHPC Limited signed an MoU with GRIDCO Odisha for the development of at least 1,200 MW of pumped storage projects and 1,000 MW of renewable energy projects.
• NHPC Limited and RITES signed an MoU in August 2023 to build railway siding for Dibang’s multipurpose project. This includes setting up NHPC’s 2,800 MW project at Pasighat, Arunachal Pradesh. In the same month, an MoU was signed between NHPC Limited and Andhra Pradesh Power Generation Cor­po­ration Limited for setting up renewable energy and pumped hydro storage projects in Andhra Pradesh.
• In November 2023, NHPC declared the winners of its auction to set up 3 GW of ISTS-connected solar power projects. ENGIE won 250 MW by quoting Rs 2.52 per kWh. Meanwhile, all the other winners, including Avaada Energy (1,000 MW), Jakson Limited (400 MW), Green Infra Wind Energy (300 MW), Mahindra’s arm Hazel Hybren (300 MW), Apraava Energy (250 MW), Hinduja Renewable En­ergy (250 MW) and Sprng Energy (250 MW), quoted a tariff of Rs 2.53 per kWh.

NLC India Limited

• NLC India has lignite-, coal- and renewables-based generation with a total ins­t­alled power generation capacity of 6,071 MW, of which renewable energy constitutes 24 per cent. The company pl­ans to increase its share of renewable energy to approximately 35 per cent by 2030, which is about 6 GW in the total capacity of 17 GW. Currently, the company has renewable energy projects of around 2,060 MW, which are under implementation in various parts of the country. NLC has also launched a new subsidiary for its renewable energy business, NLC India Green Energy Limited.
• It released various tenders this year, in­clu­ding one for the development of 200 MW of ISTS-connected solar projects across India (April 2023), a tender to purchase solar modules with a capacity of 70.5 MW for a project set up on the mined-out land in Neyveli (Mine-II area) in Tamil Nadu (August 2023) and a tender for the balance of system package for 600 MW of grid-connected solar projects at Khavda, Gujarat (September 2023).
• The company collaborated with WAPCOS, in May 2023, for the development of pumped storage and hydropower projects.
• In August 2023, NLC announced its plan to supply 300 MW of solar power to RUVNL and signed a long-term power usage agreement for the same. The pro­ject is located at Barsingsar, in Bikaner and is a part of a 510 MW project awarded to NLC India by the Indian Renewable Energy Development Agency (IREDA) under the second phase of the central public sector undertaking (CPSU) sche­me, Tranche III.
• In October 2023, NLC secured an 810 MW solar power project from Rajasthan Rajya Vidyut Nigam Limited at a rate of Rs 2.64 per kWh. It won the entire capacity of the 810 MW tender, which is part of the 2,000 MW Ultra Mega Solar Park in Pugal Tehsil, Bikaner.

NTPC Limited

• NTPC Limited is one of the country’s largest power utilities, with an installed capacity of more than 73 GW and a dierse portfolio of thermal, hydro, solar and wind power plants. The company has a plan to install 60 GW of renewable power capacity by 2032.
• In December 2022, the Greenko Group won NTPC Renewable Energy’s (NTPC REL) auction to establish 3 GWh of ISTS-connected energy storage systems. In the same month, NTPC Limited completed the installation of 162.27 MW of solar capacity in Tamil Nadu. The plant is the first phase of NTPC’s 230 MW solar project at Ettayapuram in Thoothukudi district of Tamil Nadu.
• NTPC Limited commissioned India’s first green hydrogen blending project in January 2023. Green hydrogen blen­ding has started in the piped natural gas network of the NTPC Kawas township in Surat.
• The company released a slew of tenders this year for its upcoming Khavda Renewable Energy Park in Gujarat’s Kutch region, for the supply of BESSs for solar power projects (June 2023), EPC of two 200 MW solar power projects (July 2023), setting up 110 MW of ISTS-connected wind power projects and supply of crystalline bifacial solar modules, with a cumulative capacity of 1,584.6 MW (August 2023).
• Other key tenders issued by the company included a 500 MW ISTS-connected solar project to be set up anywhere in India and 310 MW of floating and grund-mounted solar projects at DVC reservoirs (February 2023), establishing 1.5 GW of solar power projects that can be built anywhere in India (July 2023), setting up a 120 MW ground-mounted and a 56 MW floating solar project at NTPC’s Ramagundam super thermal plant (September 2023), commissioning a 56 MW floating solar project at NTPC’s North Karanpura thermal power station in Jharkhand, EPC of 650 MW of grid-connected solar projects in Bikaner (October 2023), and the selection of clean power generators for 3,000 MW of ISTS-connected firm and despatchable power (November 2023).
• In July 2023, NTPC REL received a letter of intent for a 550 MW solar project. The project is part of a 1,250 MW ISTS-connected solar tender awarded by REC Power Development and Con­sultancy Limited at a tariff of Rs 2.56 per kWh.
• In August 2023, NTPC REL secured an 80 MW floating solar project at a ceiling tariff of Rs 3.80 per kWh. The project is located in the Omkareshwar reservoir, Khandwa, Madhya Pradesh. Furthermore, NTPC Limited announced the es­tablishment of a hydrogen fuelling station and a solar power plant that would deliver five fuel cell buses to be operated on Leh’s intra-city routes.
• In November 2023, NTPC REL declared the commercial operation of its first project, a 50 MW wind power project, located in Dayapar, Gujarat. It also issued a tender for the supply and installation of up to 370 wind turbine generators for a 1,000 MW grid-connected wind power project in Gujarat.

O2 Power

• EQT Infrastructure IV and Temasek jointly established O2 Power in January 2020 to develop utility-scale solar, wind and hybrid projects.
• In December 2022, O2 Power emerged as a winner in SECI’s wind auction (Tranche XIII) for 1.2 GW of ISTS-connected projects and won 200 MW of capacity at a tariff of Rs 2.95 per kWh.
• In May 2023, the Sami-Sabinsa Group entered into a long-term mutual agreement with O2 Renewable Energy to purchase 150 MUs of renewable power over a 25-year period.
• In August 2023, Teq Green Power XI Private Limited, a part of O2 Power Private Limited, awarded the Suzlon Group a 201.6 MW wind turbine supply contract for its 3 MW series of wind turbines.
• In September 2023, O2 Power partnered with Gateway Terminals India Private Limited to supply 10.65 MW of captive solar power from its plants in Maharashtra.

Praj Industries

• Praj is an industrial biotech company, with capabilities across the environment, energy and agri-process segments.
• In February 2023, Axens and Praj signed an MoU to work jointly on projects for the production of sustainable aviation fuel (SAF) from low-carbon alcohols through the alcohol-to-jet pathway.
• In May 2023, Indian Oil Corporation Limited (IOCL) and Praj Industries Limited partnered with AirAsia India and flew India’s first-ever commercial passenger flight powered by a blend of indigenous SAF.
• In July 2023, IOCL and Praj Industries signed a term sheet to advance plans to strengthen biofuel production capacities in India. Various biofuels covered under this MoU include SAF, ethanol, compressed biogas, biodiesel and bio-bitumen.

Rays Power Infra

• Rays Power Infra, established in 2011, is a solar developer and EPC management company with 1,300 MW plus of installed capacity.
• Rays Power Infra signed an MoU with the Rajasthan government to build an avant-garde solar park with 1,800 MW of capacity, comprising three 300 MW projects and a 900 MW project. The entire project is estimated to be worth Rs 91.4 billion.
• In September 2023, it signed an EPC term sheet with Serentica Renewables for a 283 MW solar project.

Reliance Industries Limited

• Reliance Industries Limited (RIL) is venturing into the renewable energy sector in a big way. Its target is to enable renewable energy installation of 100 GW and achieve green hydrogen costs of $1 per kg by 2030. The company, through its subsidiary Reliance New Energy Limited, has made many investments and acquisitions in the clean energy space.
• In February 2023, RIL launched India’s first hydrogen internal combustion engi­ne technology solution for heavy duty trucks.
• In October 2023, RIL announced its plan to install 20,000 solar-powered battery swapping stations across its 18,000 retail outlets and 2,000 Jio BP centres.

ReNew

• Established in 2011, ReNew owns and operates utility-scale solar and wind pro­jects as well as distributed solar projects across the country. The company has also diversified in the solar manufacturing, transmission, storage and green hy­drogen segments. ReNew has a total portfolio of 13.8 GW of re­newable energy projects, both commissioned and committed, across the country. The company, previously ReNew Power, made a strategic decision to rebrand itself as ReNew this year.
• In December 2022, Jindal Stainless signed an agreement with ReNew to establish a utility-scale captive renewable energy project for power supply to its facility in Jajpur, Odisha. In the same month, ReNew Power announced the signing of a renewable energy agreement with Microsoft India for 150 MW.
• In April 2023, ReNew’s wholly owned subsidiary, Diamond II Limited, raised $400 million through the issue of senior secured green bonds.
• In June 2023, it announced the commissioning of two clean energy projects in Karnataka’s Vijayanagar district for Toyota Kirloskar Motor and Sandur Mang­anese and Iron Ores. The company set up a 27.2 MW renewable energy project for Toyota to support the renewable energy requirements of its car manufacturing plant in Bidadi. It also set up a 43 MW power project for Sandur.
• In July 2023, ReNew Power and Gentari Renewables India announced plans to set up an equal JV to develop 5 GW of wind, solar and energy storage projects. In the same month, ReNew sig­ned MoUs totalling Rs 640 billion with REC Limited and PFC for green energy projects.
• In November 2023, ReNew announced the commissioning of its first ISTS project, the Koppal Transmission Scheme in Karnataka. The project will help facilitate the transmission of 1,500 MW of clean energy in the Koppal area.

Sembcorp India

• Sembcorp India is an IPP with a presence across 18 states and a portfolio consisting of over 3 GW of wind and solar assets. It is part of Sembcorp In­dustries of the Singapore-based Sembcorp Group.
• In April 2023, Sembcorp awarded a contract to the Suzlon Group for developing a 50.4 MW wind power project in Karnataka, which is expected to be commissioned in 2024.
• In November 2023, Sembcorp Industries Limited signed agreements to acquire 428 MW of wind energy assets in China and India through its subsidiaries, Sembcorp Energy and GIWEL.

Serentica Renewables

• Serentica Renewables offers RTC renewable energy solutions with a focus on industrial decarbonisation, aiming to establish renewables as the primary energy source for the C&I segment.
• In May 2023, the company announced the signing of definitive agreements under which leading global investment firm KKR would invest an additional $250 million in the company. In the same month, it awarded an order to the Suzlon Group for its 3 MW series of wind turbines for its 204 MW wind power project coming up at Koppal, Karnataka. The project is expected to be commissioned by early 2024. In the same month, Sterlite Copper partnered with Serentica Renewables India to develop a captive hybrid renewable energy project to supply 16 MW of green power to its Silvassa unit. The project is slated for commissioning in August 2024.
• In June 2023, it announced the successful placement of contracts worth Rs 100 billion for its planned renewable energy projects. The projects are scheduled to be commissioned by 2024-25. In the same month, Serentica Renewables si­gned a 350 MW wind energy contract with Envision Energy. The project would be established in Maharashtra and is scheduled to be operational by Dec­ember 2024.
• In July 2023, the company announced that it has signed over 1.25 GW of new power delivery agreements with multiple industrial customers. In the same month, it signed a standalone energy storage capacity offtake contract with the Greenko Group.
• In September 2023, Serentica Renewables secured Rs 26 billion financing from PFC Limited for its upcoming hybrid clean energy projects in Karnataka. In the same month, REC Limited extended Rs 30.81 billion financing to Serentica Renewables for its greenfield solar-wind hybrid project of 560 MWp in Gadag district, Karnataka. In the same month, it secured Rs 30 billion from REC Limited in debt funding for the development of its upcoming hybrid clean energy projects.

Siemens Gamesa Renewable Energy

• Siemens Gamesa has been operating in India since 2009 and the base capacity installed by the company recently surpassed the 8 GW mark in India.
• In April 2023, it signed a supply agreement with ArcelorMittal’s subsidiary to su­pply 46 SG 3.6-145 wind turbines for a 166 MW project in Andhra Pradesh.

SJVN Limited

• SJVN Limited is an Indian PSU that was incorporated in 1988 as a JV between the Government of India and the Himachal Pradesh government. At present, the total project portfolio of SJVN is 58,145 MW, out of which 2,091 MW is under operation, 4,438 MW is under construction and 12,998 MW is under pre-construction and S&I stages across renewable, thermal and hydropower.
• In December 2022, IREDA signed a loan agreement for Rs 44.44 billion with SJVN Green Energy Limited (SGEL) for a 1,000 MW solar power project in Bikaner, Rajasthan. Furthermore, SJVN issued tenders for a 125 MW grid-connected solar power project in Jamui, Bihar, and a 100 MW grid-connected solar power project in Goliwada, Gujarat. It also emerged as a winner in SECI’s wind auction (Tranche XIII) for 1.2 GW of ISTS-connected projects and won 100 MW at a tariff of Rs 2.90 per kWh.
• In May 2023, SGEL issued a tender to produce and supply 140.4 MWp of solar modules for the Pojewal and Rurki Chandpur solar power plants in Nawashahar, Punjab.
• SJVN Limited signed an MoU with Maharashtra State Power Generation Company Limited for the development of 5,000 MW of renewable energy projects in Maharashtra in June 2023.
• SJVN’s proposal for overhead transmission lines for its 1,000 MW solar power project in Bikaner was accepted by the Ministry of Power in July 2023. In the same month, SGEL signed a PPA with MSEDCL for 200 MW of solar projects and another with SECI for 100 MW of wind power. Furthermore, a contract worth Rs 70 billion has been awarded to SJVN by Punjab State Power Corpo­ration Limited for the establishment of 1,200 MW of solar projects.
• In August 2023, SGEL secured the Omkareshwar floating solar project with a capacity of 90 MW at a tariff of Rs 3.79 per kWh. In the same month, SGEL won an order from Assam Power Distribution Corporation Limited to set up three solar power plants with a cumulative capacity of 320 MW.
• In September 2023, SJVN issued a tender for developers to set up ISTS-connected 1,500 MW of wind-solar hybrid projects in India.
• SJVN Limited conducted an auction in November 2023 to supply 1.5 GW of power from ISTS-connected renewable energy plants with energy storage, which was won by seven bidders. The winning tariffs were in the range of Rs 4.38-Rs 4.39 per kWh and 1.18 GW of capacity was allocated out of the total tendered capacity of 1.5 GW. The tender for the same was released in June 2023. It then issued another tender for the development of 1,500 MW of ISTS-connected solar projects.

Sterling & Wilson Renewable Energy

• Sterling & Wilson Renewable Energy Limited (SWREL) provides EPC services for utility-scale solar, floating solar, hybrid and energy storage solutions with a total portfolio of approximately 16 GWp. It also manages an O&M portfolio of around 7 GWp of solar power projects, including those constructed by third parties.
• In August 2023, SWREL received a letter of award to build a 600 MW AC solar PV project in Khavda, Gujarat. The company secured the project from Gujarat Industries Power Company Limited. The project consists of two blocks, each with a capacity of 300 MW AC.
• In September 2023, SWREL secured an EPC order from NTPC REL to establish a 300 MWac solar PV project at the Khavda Solar Park in Gujarat.

SunSource Energy

• SunSource Energy is a leading provider of solar-based energy and storage solutions to C&I customers. The company has a portfolio of over 400 MW of solar power projects, deployed, contracted and under development, across 24 states in India and Southeast Asia. It is a subsidiary of SHV Energy.
• In February 2023, it announced the commissioning of its 392.4 kWp solar plant on the rooftop of Max Hospital in Vaishali, Ghaziabad.
• The company announced the commissioning of a 9 MW DC solar project for Varun Beverages in April 2023. As per the PPA, Lone Cypress Ventures, an SPV incorporated by SunSource Energy, will supply 9 MW of DC solar power to two bottling plants of Varun Beverages, located in Sandila in Hardoi and Kosi in Mathura.

Suzlon

• Established in 1995, Suzlon is an Indian wind turbine manufacturer. It has a presence in 17 countries across the globe.
• The company secured various wind project contracts, including a 39 MW project in Tuticorin, Tamil Nadu, from Thermax Group subsidiary First Energy (April 2023), a 204 MW project from Serentica Renewables and a 300 MW project from Torrent Power Limited, both in Karnataka (May 2023), a 47.6 MW project from the KP Group at Vagra in the Bharuch district of Gujarat (July 2023), a 201.6 MW project from Teq Green Power XI (August 2023), a 29.4 MW project from BrightNight as part of the 100 MW wind-solar hybrid project (September 2023), and a 50.4 MW contract from Juniper Green Energy (October 2023).

Tata Power Renewable Energy Limited

• Tata Power Renewable Energy Limited (TPREL) is a wholly owned subsidiary of Tata Power Company Limited. Its total renewable energy capacity is 7,961 MW, including 3,755 MW of projects at various stages of implementation. Its operational capacity is 4,206 MW, which includes 3,200 MW of solar and 1,006 MW of wind projects.
• In March 2023, TPREL signed a PPA with Tata Power Delhi Distribution Limited for 510 MW of hybrid projects. The projects, located in Karnataka, will be commissioned within 24 months from the PPA execution date.
• Credit Fair partnered with Tata Power Solar Systems Limited in April 2023 to provide cheap financing alternatives for solar rooftop installations.
• TPREL’s subsidiary, TP Saurya Limited signed a 25-year PPA with Tata Power Trading Company in May 2023 for its 200 MW AC solar project in Rajasthan. The facility is scheduled to be operational by March 2024.
• In June 2023, the company commissioned a 110 MW solar power project in Bikaner, Rajasthan, to supply power to KSEB. In the same month, the Princeton Digital Group signed a renewable power consumption agreement with a subsidiary of TPREL. Under the agreement, PDG’s MU1 data centre in Airoli, Mumbai, will consume power generated by a solar project located in Nanded district, Maharashtra. In the same month, it received a letter of award to build a 966 MW hybrid renewable po­wer plant for Tata Steel through its subsidiary, TP Vardhaman Surya Li­mited. The project will be commissioned by June 1, 2025.
• The company emerged as one of the winners in Tata Power’s auction to develop 225 MW of grid-connected wind-solar hybrid projects. It won a capacity of 150 MW at a tariff of Rs 3.28 per kWh in September 2023. In the same month, it signed a power supply agreement with Chalet Hotels Limited for a group captive plant with a capacity of 6 MW AC.
• In November 2023, the company also won 200 MW at a tariff of Rs 4.38 per kWh as a part of SJVN Limited’s auction to supply 1.5 GW of power from ISTS-connected renewable energy with energy storage.

Torrent Power

• Gujarat-based Torrent Power Limited, promoted by the Torrent Group, is an in­tegrated power utility operating in the areas of power generation, transmission, distribution, and manufacturing and supply of power cables.
• In May 2023, Torrent Power awarded the Suzlon Group a contract for its new 3 MW series wind turbines to establish a 300 MW wind power project.
• In July 2023, Torrent Power announced the commissioning of a 115 MW wind project through Torrent Solargen Limited in Dwarka district of Gujarat. In the same month, it initiated the implementation of a pilot project focused on green hydrogen, aiming to blend it with natural gas within the city gas distribution network.
• In August 2023, Torrent Urja 8 Private Limited signed a power transfer agreement with Shapoorji Pallonji and Com­pany Private Limited’s subsidiaries to deliver power from a 132 MW solar project for desalination facilities in Gujarat.

Vestas

• Vestas is a Danish wind turbine manufacturer. With a presence in 87 countries, the company has installed over 164 GW of wind turbines.
• In March 2023, Vestas and Vibrant Ener­gy signed agreements for two wind projects to deliver 36 V155-3.6 MW turbines in India.

Vikram Solar

• Vikram Solar is a renewable energy company based in Kolkata, with specialisation in solar PV module manufacturing and EPC solutions. It has an EPC capacity of over 1.42 GW (commissioned and under construction), and a production capacity of 3.5 GW.
• Vikram Solar announced a partnership with two investors to create a $1.5 billion vertically integrated solar manufacturing operation in the US.

Waaree Energies

• Waaree Energies Limited is the flagship entity of the Waaree Group, with an extensive solar PV module manufacturing capacity of 12 GW and operating in multiple countries worldwide.
• In July 2023, Waaree Renewable Tech­no­logies Limited announced that it has commissioned 87.5 MW out of its 150 MW EPC solar power project for Masaya Solar Energy Private Limited in Khandwa district, Madhya Pradesh.
• The company raised Rs 10 billion in Au­gust 2023 in its second round of equity funding led by ValueQuest for the ex­pa­nsion of another 6 GW of capacity for the production of cells, wafers, modules and solar ingots.
• It secured a contract from ENGIE India in October 2023 for the supply of 200 MW of solar modules for a solar power project in Sayla village in Surendranagar district of Gujarat.
• In November 2023, it partnered with NTPC Limited to supply over 135 MW of solar modules for a solar project located in Anta, Baran district, Rajasthan.