Solar Energy Corporation of India (SECI) has invited bids for the design, engineering, supply, construction, erection, testing, commissioning, and operation and maintenance (O&M) of a 25 MW solar power project with a 20 MW/50 MWh battery energy storage system at Taru, Leh, UT of Ladakh, India.

The last date for the submission of bids is May 13, 2025. Bids will be opened on the same day.

Bidders must pay ₹29,500 (~$355) as a tender processing fee.

Bidders must pay an earnest deposit of ₹74.1 million (~$888,610).

Bidders are encouraged to visit the proposed site to assess the current conditions and review the plans/drawings related to the specified scope of work, including the power evacuation system and capacities for ground-mounted projects.

SECI  intends to finance the package through domestic funding and own resources.

Only modules from the Ministry of New and Renewable Energy’s Approved List for Models and Manufacturers must be used for the project.

For Crystalline Silicon Technology, the entire process, from making wafers to assembling solar cells into modules, must be carried out at the facilities of PV Manufacturers in India, including all steps and quality checks.

Bidders may choose to qualify through one of the following routes. Technical eligibility criteria will be deemed fulfilled if the bidder meets the requirements of Route I or Route II.

For the first route, bidders should have experience in engineering, procurement, and construction (EPC) or as a developer executing ground-mounted solar projects on a turnkey basis. This includes design, supply (modules/inverters may be included or excluded from the bidder’s scope in past experiences), installation, and commissioning of grid-connected solar power projects with a cumulative capacity of at least 12.5 MW over the past seven financial years, as of the bid submission deadline.

Additionally, these solar power projects must have been operating satisfactorily for at least six months before the bid submission deadline.

Under Route II, bidders should have experience in the EPC execution or developing ground-mounted solar projects on a turnkey basis, including design, supply (modules/inverters may be included or excluded from the bidder’s scope in past experiences), installation, and commissioning of at least two grid-connected solar power projects, each with an individual capacity of 2.5 MW or more, over the past seven financial years, as of the bid submission deadline.

These projects must have been operating satisfactorily for at least six months before the bid submission deadline.

Bidders must provide a list of projects commissioned at least six months before the bid submission deadline, specifying if the project is grid-connected, along with scanned copies of the Commissioning certificate and relevant contractual documents from the Client (or Owner) to support the criteria mentioned above.

They must demonstrate a minimum average annual turnover of ₹1.48 billion (~$17.7 million) over the last three financial years (FY 2020-21, 2021-22 & 2022-23).

Bidder should possess a minimum working capital of ₹620 million (~$7.4 million).

Recently, SECI invited bids to set up a 300 MW ground-mounted solar project at Ramagiri in Andhra Pradesh.

Subscribe to Mercom’s India Solar Tender Tracker to stay on top of tender activity in real time.

Maxeon Solar Technologies, a Singapore-based solar solutions provider, has filed infringement claims against Canadian Solar, REC Solar, and Hanwha for violating three patents relating to the TOPCon (tunnel oxide passivated contact) technology it holds.

It has alleged that the three companies were manufacturing, importing, and selling N-type solar panels using TOPCon cells.

In lawsuits filed in the federal district court in Texas, Maxeon has sought damages from the three companies and injunctions to stop making or selling N-type panels using TOPCon cells.

“Intellectual property infringement sits alongside injurious dumping and subsidy-driven excess global production capacity as an unfair trade practice that distorts markets and tilts what should be a level playing field for global solar manufacturing,” said Marc Robinson, Maxeon’s Associate General Counsel.

According to Norton Rose Fulbright, lawsuits are not expected to affect the solar projects that use or have received the panels. “However, the lawsuits could create near-term market turmoil by making it more expensive for panel manufacturers to supply n-type panels with TOPCon cells and drive up prices for such panels. Aggrieved patent holders sometimes also ask the International Trade Commission to block imports of infringing products.”

Maxeon has a global portfolio of over 1,650 granted patents and over 330 pending patent applications protecting the innovations underpinning its IBC (Interdigitated Back Contact), Shingled Hypercell, and TOPCon technologies.

In India, solar module manufacturers have been leaning towards the latest TOPCon module technology over its other mainstream rival, HJT (Heterojunction).

Last August, Maxeon Solar announced that a 3 GW TOPCon photovoltaic-silicon cell and shingled-cell performance line solar module manufacturing facility would be established in Albuquerque, New Mexico. The facility was expected to serve the utility-scale power project sector and the distributed generation rooftop solar applications.

The solar sector secured $8.1 billion in corporate funding through 41 transactions in the first quarter (Q1) of 2024, marking a 4% decrease from the $8.4 billion raised in 42 deals during the same period in 2023. However, there was a 47% increase in funding compared to Q4 2023, which saw $5.5 billion raised in 37 deals. The numbers were revealed in Mercom Capital Group’s newly released Q1 2024 Solar Funding and M&A Report.

Telangana-based solar cell and module manufacturer Premier Energies has filed the draft red herring prospectus with the Securities and Exchange Board of India to raise over ₹15 billion (~$179.91 million) through an initial public offering (IPO). The IPO would consist of a fresh issue of equity shares with a face value of ₹1 (~$0.012) aggregating up to ₹15 billion (~$179.91 million) and an offer for sale of up to 28.2 million shares by the selling shareholders.

Swelect Energy Systems, Grew Energy, and ReNew Photovoltaics (ReNew) were declared winners in Solar Energy Corporation of India’s auction to manufacture, test, package, forward, supply, and transport 400 MW domestically manufactured solar modules. Swelect was awarded 100 MW capacity, Grew Energy won 200 MW, and ReNew won 100 MW at an evaluated bid value of ₹ 22.66 (~$0.272)/Wp. The per MWp evaluated value for all the bidders was ₹22.66 million (~$271,597).

Government-owned lender Indian Renewable Energy Development Agency has reported a 45.9 % year-over-year (YoY) increase in profit after tax for the fourth quarter (Q4) of the financial year (FY) 2024 to ₹373.76 million (~$4.4 million) from ₹256.16 million (~$3.07 million). The profit growth was primarily driven by the consistent growth in the company’s loan book and a significant reduction in its net non-performing assets.IREDA’s total income in Q4 was recorded at ₹13.92 billion (~$166.9 million), a 34.3% YoY increase from ₹10.36 billion (~$124.2 million).

BluWheelz, a tech-enabled logistics firm with an electric vehicle (EV) fleet, received $1 million in a bridge funding round led by Venture Catalysts, an integrated incubator. The other participants in the investment round included FAAD, LetsVenture, and Chakra Growth Fund. The company expects to utilize the funds to expand its EV-fleet offerings for logistics across India. Operating in 18 cities and providing logistic companies with fleet management services, including 2-wheelers, 3-wheelers, and 4-wheelers, BluWheelz plans to integrate 6-wheelers, pioneering EV fleet as a service in India.

Amara Raja Infra (ARIPL) has secured the balance of system (BoS) supply contract for a 500 MW solar power project in Andhra Pradesh’s Kurnool district from renewable energy company Greenko. The project, spanning over 2,200 acres near Uyyalavada town, would be ARIPL’s largest contracted solar capacity project to date. The scope of work involves engineering, procurement, and construction of the entire BoS for the 500 MW solar project, which comes under Greenko’s integrated solar, wind, and pumped storage project.

The engineering, procurement, and construction arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy, reported a net profit of ₹10 million (~$120,000) in the fourth quarter (Q4) of the financial year (FY) 2024. The company turned positive after nearly 12 quarters, boosted by strong performance in domestic EPC operations. It had reported a net loss of ₹4.21 billion ($54.9 million) in Q4 of FY 2023. The company’s revenue from operations surged more than 12-fold to ₹11.78 billion (~$154 million) in the quarter, from ₹880 million (~$11.5 million) last year.

The pace of global transition to low-carbon technologies could be adversely impacted with the ‘zero era’ for interest rates ending, a Wood Mackenzie report has said. Higher interest-rate scenarios have increased the cost of capital and raised the cost and pace of the transition to net zero, which will likely require $75 trillion in investments by 2050. The report recommends that policymakers should focus on efficient subsidies (targeted and non-discriminatory) that can minimize nationalistic subsidy battles that are counterproductive to global emissions targets.

India’s solar exports success story could run into trouble if the U.S. entertains petitions from domestic manufacturers to impose anti-dumping (AD) and countervailing duties (CVD) on module imports. While the four Southeast Asian countries of Malaysia, Vietnam, Thailand, and Cambodia are more likely the focus for the AD/CVD petitions from U.S. manufacturers, there is a possibility that Indian exports could also be covered, according to investment banking firm ROTH Capital Partners.

Enphase Energy has formed a strategic partnership with Octopus Energy Group which expects to focus on deploying Enphase’s IQ8 Microinverters and IQ Battery 5P in the U.K. 

Octopus Energy’s U.K. retail customers can integrate Enphase’s home solar and BESS in their energy plans with the company also using Enphase’s Kraken management software platform.

“Our innovative home energy systems paired with Octopus Energy’s intuitive tariffs and intelligent management of DERs can unlock huge potential for the energy grid,” says Marco Krapels, vice president of worldwide business development at Enphase Energy. 

“Together, we can provide flexible and cost-effective energy usage across more than seven million households in the United Kingdom, and accelerate the broader energy transition. We look forward to continuing to grow our relationships with leading energy providers like Octopus Energy across the world and helping homeowners maximize the value of their solar and battery investments.”

Enphase Energy is also a participant in the Octopus Energy GridBoost battery program in Texas. 

The post Enphase Energy Partners with Octopus Energy Group in the U.K. appeared first on Solar Industry.

Government-owned lender Indian Renewable Energy Development Agency (IREDA) has reported a 45.9 % year-over-year (YoY) increase in profit after tax for the fourth quarter (Q4) of the financial year (FY) 2024 to ₹373.76 million (~$4.4 million) from ₹256.16 million (~$3.07 million).

The profit growth was primarily driven by the consistent growth in the company’s loan book and a significant reduction in its net non-performing assets (NPA).

IREDA’s total income in Q4 was recorded at ₹13.92 billion (~$166.9 million), a 34.3% YoY increase from ₹10.36 billion (~$124.2 million).

At the end of the quarter, the lender’s loan book recorded a 27% YoY increase to ₹596.98 billion (~$7.1 billion) from ₹470.76 billion (~$5.6 billion).

IREDA’s net worth saw a 44% YoY increase to ₹85.59 billion (~$ 1.02 billion).

Full Year 2024

The company’s net profit for FY 2024 was ₹12.52 billion (~$150.1 million), a 44.7% YoY increase from ₹8.65 billion (~$103.7 million).

The total income for the year was ₹49.65 billion (~$595.5 million), a 42.5% increase from ₹34.83 billion (~$417.8 million) recorded during the same period last year.

The solar sector accounted for the highest share of outstanding loans by IREDA as of March 2024, at 27%. Wind and Hydropower followed at 18% and 12% respectively.

The manufacturing sector accounted for 6% of the outstanding loan composition, whereas ethanol stood at 5% each, and the hybrid (wind and solar) segment was at 2%. The electric vehicle segment constituted 2% of the outstanding loans.

IREDA reported a 67% YoY increase in profit after tax for Q3 of FY 2024 to ₹3.36 billion (~$40.28 million) from ₹2.01 billion (~$24.1 million). The profit growth was driven by the consistent growth in the company’s loan book and a significant reduction in net non-performing assets to 1.52% in Q3 from 2.03% in the same period last year.

Last year, the company launched its retail division with an emphasis on providing loans in the Business-to-Consumer (B2C) sector. The strategic initiative is expected to target borrowers under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program, rooftop solar consumers and other B2C segments.

BluWheelz, a tech-enabled logistics firm with an electric vehicle (EV) fleet, received $1 million in a bridge funding round led by Venture Catalysts, an integrated incubator. The other participants in the investment round included FAAD, LetsVenture, and Chakra Growth Fund.

The company expects to utilize the funds to expand its EV-fleet offerings for logistics across India.

Operating in 18 cities and providing logistic companies with fleet management services, including 2-wheelers, 3-wheelers, and 4-wheelers, BluWheelz plans to integrate 6-wheelers, pioneering EV fleet as a service in India.

“We are delighted to support BluWheelz in their mission to redefine logistics through sustainable mobility solutions. Their innovative approach, combining cutting-edge technology with a commitment to environmental responsibility, aligns perfectly with our investment philosophy,” said Apoorva Ranjan Sharma, Co-founder and Managing Director of Venture Catalysts.

BluWheelz’s initiatives, such as low-cost, high-impact franchise models, technology integration and advancements, strategic alliances for charging and parking infrastructure, and partnerships with vehicle OEMs like Eicher-Volvo and Tata Motors, highlight the company’s commitment to operational efficiency, cost-effectiveness, and sustainability.

“This is more than an expansion; it’s a commitment to redefine mobility and logistics through sustainability and innovation. We stand at the forefront, ready to steer the electric revolution in logistics, building not just a company, but an ecosystem that propels us towards a future where progress and the planet move forward together,” said Sanjiv Gupta, Founder and Chairman of BluWheelz.

The company claims that the Indian EV market is flourishing and is expected to take over 40% of the automotive market, generating more than $100 billion by 2030, and BluWheelz is set to drive forward the adoption of electric vehicles in India.

The sale of EVs in India reached a record 486,669 units in the first quarter of 2024, compared to 347,676 units sold in the same period of 2023.

In March 2024, the Ministry of Heavy Industries launched the Electric Mobility Promotion Program 2024 with a funding of ₹5 billion (~$60.34 million). The program, which starts from April 1, 2024, to July 31, 2024, targets electric two-wheelers and three-wheelers.

Telangana-based solar cell and module manufacturer Premier Energies has filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise over ₹15 billion (~$179.91 million) through an initial public offering (IPO).

The IPO would consist of a fresh issue of equity shares with a face value of ₹1 (~$0.012) aggregating up to ₹15 billion (~$179.91 million) and an offer for sale of up to 28.2 million shares by the selling shareholders.

Premier Energies proposes to utilize the net proceeds of the fresh issue to invest ₹11.68 billion (~$140.09 million) in its subsidiary, Premier Energies Global Environment, for part-financing the establishment of a 4 GW Solar TOPCon cell and 4 GW solar TOPCon module manufacturing facility in Hyderabad, Telangana, and the rest towards general corporate purposes.

Under the offer-for-sale component,  South Asia Growth Fund II Holdings is offering up to 23,846,400 equity shares of face value ₹1 (~$0.012) each. The weighted average acquisition cost per equity share for this entity is ₹15.81 (~$0.19).

South Asia EBT Trust is offering up to 153,600 equity shares of face value ₹1 (~$0.012) each, with a weighted average cost of acquisition per equity share of ₹15.81 (~$0.19).

Chiranjeev Singh Saluja, Executive Director at Premier Energies, intends to sell up to 4.2 million equity shares of face value ₹1 each. The weighted average acquisition cost per equity share is ₹0.25 (~$0.003).

In consultation with the booking running lead managers, Premier Energies may consider issuing specified securities with an aggregate value of up to ₹3 billion (~$35.98 million) before filing the Red Herring Prospectus. If the pre-IPO placement is completed, the amount raised will be deducted from the fresh issue.

The booking running lead managers for the transactions are Kotak Mahindra Capital Company, J.P. Morgan India, and ICICI Securities.

Premier Energies was India’s fifth largest solar module supplier, with a 4.3% market share in the first half (1H) of the calendar year 2023, according to Mercom’s India Solar Market Leaderboard 1H 2023.

Recently, Mumbai-based solar module manufacturer Waaree Energies filed draft papers with the market regulator to raise ₹30 billion (~$361 million) in an IPO.

Amara Raja Infra (ARIPL), a subsidiary of battery maker Amara Raja Group, has secured the balance of system (BoS) supply contract for a 500 MW solar power project in Andhra Pradesh’s Kurnool district from renewable energy company Greenko.

The project, spanning over 2,200 acres near Uyyalavada town, would be ARIPL’s largest contracted solar capacity project to date. The scope of work involves engineering, procurement, and construction of the entire BoS for the 500 MW solar project, which comes under Greenko’s integrated solar, wind, and pumped storage project.

The companies did not disclose the final contract value.

The solar project is a part of Solar Energy Corporation of India’s (SECI) 1.2 GW of solar, wind, and energy storage projects that Greenko won back in January 2020. Greenko was awarded 900 MW at a peak power tariff rate of ₹6.12 (~$0.086)/ kWh.

“This project is a testament to our efforts in the renewable energy space and the credibility we enjoy with major customers like Greenko,” said Vikramadithya Gourineni, Executive Director of ARIPL, adding that the company has been able to scale significantly in a short amount of time.

The company claims this project will help boost its revenue of ₹17.56 billion (~$210 million) for the financial year 2024.

ARIPL has a 2 GW solar portfolio and has evacuated over 7 GW of renewable energy through substations and lines constructed over the last five years. Its order book stands at ₹32.32 billion (~$389 million) in financial year 2024.

Greenko has a 6.8 GW operating capacity, constituting solar, wind, and hydropower projects across India.

In August 2019, SECI issued the tender for setting up 1.2 GW of renewable projects connected with the ISTS and with a guaranteed peak power supply (ISTS-VII). Projects were expected to have at least two components – an energy storage system component and a renewable energy generating component.

Last year, public infrastructure finance company REC Limited approved a funding of ₹60.75 billion (~$730.8 million) for Greenko to develop a 1,440 MW standalone pumped storage project.

Subscribe to Mercom’s India Solar Tender Tracker for timely updates on all solar tenders issued by various agencies in India.