The UK government has pledged to provide £960 million (~$1.19 billion) for the Green Industries Growth Accelerator to support clean energy manufacturing. This investment will enable the growth of strong, home-grown, clean energy supply chains across the UK, including carbon capture, utilization and storage, electricity networks, hydrogen, nuclear, and offshore wind.

The funding will be available from the year 2025 for five years. The funding aims to give long-term assurance to the industry about their investments.

Along with the existing manufacturing support and net zero transition, the package aims to open up opportunities for private investors and strengthen energy security.

Since 2010, this strategy has brought £198 billion (~$246.7 billion) in public and private funding for implementing low-carbon energy. This investment will help the UK capitalize on growth potential as it moves forward to net zero, leveraging its strong deployment portfolio and industry-leading decarbonization record.

Energy Security and Net Zero Secretary Claire Coutinho said: “Today we are announcing nearly £1bn to back our green industries. While we’ve already attracted £200 billion (~$249.2 billion) in low carbon investment since 2010, with another £100 billion (~$124.6 billion) expected by 2030, this will unlock even more. We have long been energy pioneers in advanced manufacturing, and this will allow us to carry on that great British tradition.”

The UK government has also planned a hydrogen industry task force in partnership with the Hydrogen Innovation Initiative and Innovate for the UK. The task force aims at maximum investment opportunities for hydrogen propulsion manufacturing in the UK.

In 2022, the UK government introduced its Energy Security Strategy, supported by a £100 billion (~$124.6 billion) investment in the renewables sector and improved electricity supply efficiency.

The UK’s transformation to clean energy is expected to draw £100 billion (~$124.6 billion) in private investment and support the nation’s journey towards sustainable energy and job creation.

REC Power Development and Consultancy (RECPDCL) has issued a request for selection (RfS) for solar developers to set up 290 MW grid-connected solar power projects anywhere in India, with a greenshoe option of an additional 290 MW.

The projects will be developed on a Build-Own-Operate basis, under the Flexibility in Generation and Scheduling of Thermal/ Hydro Power Stations through bundling with the Renewable Energy and Storage Program notified by the Ministry of Power.

RECPDCL is acting as the bid coordinator on behalf of the Prayagraj Power Generation Company (PPGCL), the thermal power generating company in Uttar Pradesh. The selected bidder will have to enter into a power purchase agreement with PPGCL for 25 years.

The power purchased by PPGCL has been provisioned to replace thermal power through the existing power purchase agreements with various distribution companies.

The last date to submit the bids is December 12, 2023. Bids will be opened on December 15.

Bidders must submit a non-refundable document fee of ₹29,500 (~$353.87) and a bid processing fee of ₹1.5 million (~$17,993) plus 18% GST.

They must also submit an earnest money deposit of ₹900,000 (~$10,796) per MW of the quoted capacity. The selected bidder must submit a performance bank guarantee of ₹1.75 million (~$20,992) per MW of the allotted capacity seven days before signing the power purchase agreement.

They must also pay ₹100,000 (~$1,200)/MW/ project + 18% GST to RECPDCL towards administrative overheads as success charges.

The projects must be designed per the Central Electricity Regulatory Commission and/or Uttar Pradesh Electricity Regulatory Commission regulations for delivery of power at the state periphery.

For projects that would be located outside of Uttar Pradesh, connected either to the Central Transmission Utility (CTU) or State Transmission Utility (STU) of their home states, the delivery point must be the Uttar Pradesh periphery point where the CTU network is connected to the intra-state transmission network of Uttar Pradesh.

For projects in Uttar Pradesh connected to the state’s transmission utility, the delivery point must be where the interconnection point of the solar project developer is connected to the low voltage bus bar of the Uttar Pradesh Power Transmission Corporation sub-station.

For projects in Uttar Pradesh but connected to the CTU, the delivery point must be the state’s periphery point where the CTU network is connected to the intra-state transmission network of Uttar Pradesh.

The solar project developer will bear all the charges and losses related to transmission setup.

The tender allows for the project to consist of any number of blocks. The minimum size of the block must be 5 MW or higher.

The developer must use only solar modules listed in the Ministry of New and Renewable Energy’s updated Approved List of Models and Manufacturers. The project selection would be technology agnostic within the photovoltaic technology, and crystalline silicon, thin film, or concentrator photovoltaics can be installed with or without trackers.

The declared annual capacity utilization factor (CUF) of the project must, in no case, be less than 22%. The solar project developer must maintain the generation to achieve the annual CUF within +10% and -15% of the declared value till the end of the first ten years, subject to annual CUF remaining minimum of 19% and within +10% and -20% of the declared value of the annual CUF thereafter till the end of the PPA period.

The projects must be commissioned within 18 months from the effective date of the PPA.

Bidders from countries who share a land border with India will be eligible to bid in the tender, condition that they are registered with the competent authority.

Bidders should have commissioned solar power projects with at least 500 MW capacity, out of which a single project must have a minimum of 200 MW capacity in the last five years.

The net worth of the bidders should be equal to or greater than ₹10 million (~$119,951) per MW of the quoted capacity as of the last date of the previous financial year.

Bidders must demonstrate one of the following as proof of funds required to execute the projects:

Earlier this month, RECPDCL issued a tender to select a transmission service provider to establish an inter-state transmission system to evacuate 5.5 GW of power from the Rajasthan Renewable Energy Zone Phase IV.

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

Independent renewable power producer ReNew recorded a net revenue of ₹28.6 billion (~$345 million) for the second quarter (Q2) of the financial year (FY) 2023-24, a year-over-year (YoY) increase of 27.8% compared to ₹22.4 billion (~$270 million).

The increase in total income was due to higher operational capacity, higher plant load factor (PLF), and higher finance income.

The net profit for Q2 FY 2024 was ₹3.8 billion (~$45 million) compared to a net loss of ₹986 million (~$ 12 million) in Q2 FY 2023, with the improvement driven by higher operating revenue and lower finance costs quarter on quarter.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter was ₹21.3 billion (~$256 million), as compared to ₹18.2 billion (~$219 million) in Q2 FY23.

The company’s weighted average PLF for wind assets was 41.3%, compared to 32.7% YoY. The PLF for solar assets was 23.1% compared to 21.8% for Q2 FY 2023.

Electricity sold from wind assets was 3,801 million kWh, an increase of 36.4%YoY. Electricity sold from solar assets was 2,071 million kWh, an increase of 16% over Q2 FY 2023.

Total electricity sold in Q2 FY 2024 was 6,055 million kWh, an increase of 27.4% YoY.

First Half (1H) 2024

ReNew recorded net revenue of ₹53.3 billion (~$641 million) for 1H FY24, a 12.4% YoY increase from ₹47.4 billion (~$571 million). The increase in total income was due to higher operational capacity, PLF, and finance income.

The net profit for 1H FY 2024 was ₹6.7 billion (~$81 million) compared to a net loss of ₹1.1 billion (~$ 13 million) 1H FY 2023, with the improvement driven by higher operating revenue and lower finance costs year on year.

Adjusted EBITDA for the April to September period was ₹39.9 billion (~$480 million), compared to ₹38.4 billion (~$462 million) in 1H FY 2023.

ReNew’s weighted average PLF for the period for wind assets was 35.7%, compared to 33.7% YoY. The PLF for solar assets was 25.3% compared to 24.5%.

Electricity sold from wind assets was 6,436 million kWh, an increase of 13.4% YoY. Electricity sold from solar assets was 4,447 million kWh, an increase of 11.9% YoY.

Total electricity sold in 1H FY 2024 was 11,169 million kWh, an increase of 12.3% YoY.

As of September 30, 2023, the company’s total portfolio consisted of 13.8 GW, an increase of 3% YoY, and commissioned capacity was 8.3 GW, an increase of 8% YoY, of which 4.2 GW was wind, 4.1 GW was solar, and 99 MW were hydro based.

ReNew recorded a net profit of ₹2.98 billion (~$35.86 million) for Q1 FY 2024, from a net loss of ₹104 million (~$1.25 million) YoY.

In July, ReNew signed a 50:50 joint venture agreement with clean energy solutions provider Gentari to develop solar, wind, and energy storage assets to achieve a clean power capacity target of 5 GW in India.

NTPC Renewable Energy has floated a tender for a balance of system package for 1,200 MW Inter-State Transmission System (ISTS)-connected wind energy projects with a greenshoe option of up to 300 MW at Kurnool in Andhra Pradesh.

The last date for the submission of bids is December 28, 2023. Bids will be opened on the same day.

The project’s scope involves the design, engineering, micro-siting, manufacturing, supply, erection, testing, commissioning, and verification of guaranteed performance parameters for installing the proposed wind farm. This encompasses the 33 kV internal evacuation lines from the unit substation, pooling substation, central monitoring, control station, wind monitoring mast(s), and external extra-high voltage transmission line to the ISTS substation.

The supply, civil works, and installation of wind turbine generators, unit substations, and Supervisory Control and Data Acquisition are not within the scope.

Bidders must demonstrate a successful track record in executing wind projects with a cumulative capacity of 40 MW or more. Among these, at least one project should have a capacity of 10 MW or higher, and bidders should have experience securing land and micro-siting wind turbines.

Alternatively, bidders can qualify as developers of grid-connected wind projects with a total capacity of 40 MW or more. In this case, at least one project should have a capacity of 10 MW or higher at a single location, and it must have operated for a minimum of six months before the bid opening date.

Bidders who have executed an industrial project in the power, steel, oil and gas, petrochemical, fertilizer, cement, or any other process industry in the past decade are also eligible to bid. The industrial project, developed or executed as an engineering, procurement, and construction contractor, should have been operational for at least six months before the bid opening date.

Bidders must have completed at least one 33 kV or higher electrical substation, including circuit breakers and power transformers. This substation should operate for at least one year (for non-renewable energy projects) or six months (for renewable energy projects) before the bid opening date.

Bidders should have a minimum annual turnover of ₹450 million (~$5.3 million) for a quoted capacity of 50 MW- 300 MW and ₹1.5 million (~$17,991)/ MW for over 300 MW quoted capacity.

Bidders should have a positive net worth on the last day of the preceding financial year.

Earlier, NTPC Renewable Energy invited bids for a BoS package for a 1,080 MW ISTS-connected wind energy project in Karnataka.

Recently, NTPC Renewable Energy floated two land and power evacuation package tenders to develop ISTS-connected solar projects in Andhra Pradesh with greenshoe options.

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

The Maharashtra Electricity Regulatory Commission (MERC) has increased the net metering cap for rooftop solar power projects to either 5 MW or the consumer’s contract demand/ sanction load, whichever is lower. Net metering in the state was earlier capped at less than 1 MW.

The increase in the net metering cap comes across as an effort to encourage the adoption of commercial and industrial rooftop installations.

The Commission has also allowed consumers to opt for group net metering, net billing, or behind-the-meter connection.

The amendments are a part of the latest Maharashtra Electricity Regulatory Commission (Grid Interactive Rooftop Renewable Energy Generating Systems) (First Amendment) Regulations, 2023.

According to the proposed amendments, an eligible consumer is an electricity consumer within the distribution company’s (DISCOM) service area who uses or intends to use a renewable energy generation system. The system can be situated on its rooftop or another support structure on its premises. This definition encompasses consumers who collectively utilize a shared load, such as those within a housing society.

Grid Support Charges

The Commission has clarified that grid support charges will not be imposed until the total installed rooftop capacity in the state reaches 5 GW. However,  DISCOMs can approach the Commission to seek approval or clarification regarding charges associated with energy banking.

Gross Metering

Under the amended regulation, the Commission has allowed gross metering. According to the amendment, gross metering involves setting up a renewable energy generation system to sell all the electricity generated to DISCOM through a power purchase agreement.

However, if the renewable energy generation system is linked to the consumer’s side of the meter, the existing meter must be replaced with a net meter.

Under the gross metering arrangement, all the electricity recorded by the generation meter will qualify for meeting the DISCOM’s renewable purchase obligations (RPO).

Group Net Metering

The Commission has introduced group net metering through the new amendment. It involves surplus units injected into the grid from a rooftop system or any other mounting structure in the consumer’s premises that will be adjusted against the energy consumed in the monthly bill of service connections based on a priority list and sharing ratio.

The adjustment priority begins after accounting for units at the service connection where the rooftop system is located.

The consumer can revise the priority list and share ratio for surplus energy adjustment against other electricity connections at the start of every financial year, with a two-month advance notice.

The electricity consumption in any time block will first be compensated with the electricity generation in similar time blocks in the same billing cycle of the consumer where the rooftop system is located.

Surplus units are then adjusted against the energy consumed in other service connections based on the priority list and ratios provided by the consumer. If the surplus generation/ energy credits occurred during the off-peak time block for the time of day (TOD) consumers and the normal time block for non-TOD consumers. If, during a billing period, exported units exceed imported units, the surplus units are carried forward as energy credits to the next billing period.

The unadjusted net credited units of electricity at the end of each financial year will be purchased by DISCOM at the generic tariff approved by the Commission for that year within the first month of the following year. However, at the beginning of each settlement period, the injected electricity carried forward will be reset to zero.

If the accumulated credit amount keeps increasing for three consecutive financial years, 50% of that amount will be paid in cash to the consumer within 60 days at the end of the third financial year. The remaining 50% will be credited to the second electricity bill after the end of the third financial year.

If there is a delay in payment or crediting beyond 60 days, the DISCOM must pay simple interest on the outstanding amount. The interest rate is determined by the prevailing one-year Marginal Cost of Lending Rate of the State Bank of India plus 150 basis points to the eligible consumer.

Wheeling charges and losses for surplus energy wheeling to other premises under group net metering are exempted until the installed rooftop capacity in Maharashtra reaches 5 GW.

Net Billing Arrangement

The Maharashtra Commission has amended the net billing arrangement. In this setup, surplus energy injected into the grid by a rooftop system is purchased by the DISCOM. The DISCOM then raises the bills on the consumer for his consumption from the grid at the approved grid tariff after giving credit for energy injected into the grid at a pre-determined tariff.

The accounting of electricity exported and imported by the consumer will become effective from the date of connectivity of the rooftop system with the distribution network. According to the regular metering cycle, the DISCOM must undertake a meter reading of both the renewable energy generation meter and the net meter for all eligible consumers.

For each billing period, the DISCOM must furnish the eligible consumer with specific information on the electricity bill. This includes details of the renewable energy generated, with an account of opening and closing balances recorded by the renewable energy generation meter. The bill must specify the quantity of electricity units consumed by the consumer, including opening and closing balances.

Information regarding the amount of energy injected into and drawn from the grid by prosumers is also to be included. The bill should detail the renewable energy generation units the DISCOM utilizes for RPO compliance.

Last December, MERC highlighted certain crucial amendments required to rooftop solar and green energy open access regulations. The changes included leasing rooftops or premises to install a solar system and use the power through open access.

Subscribe to Mercom’s real-time Regulatory Updates to ensure you don’t miss any critical updates from the renewable industry.

NTPC Renewable Energy invites bids to develop balance of system (BoS) package for 1.2 GW inter-state transmission system (ISTS)-connected wind power projects in Anantapur, Andhra Pradesh, with a 300 MW greenshoe option.

The last day to submit the bids is December 27, 2023. Bids will be opened on the same day.

Every bid submission should be supported by a bid security declaration.

The project’s scope includes design, engineering, micro-siting, manufacturing, supply, erection, testing, commissioning, and proving the guaranteed performance parameters to install 3 MW and above wind projects starting from 33kV internal evacuation lines from unit substation until the ISTS substation.

Supply, civil works and installation of wind turbine generators, unit substations, and SCADA are not in the package’s scope.

Bidders should have arranged land or micro-sited wind turbines for wind power projects with a cumulative installed capacity of 40 MW or higher. At least one project must have had a capacity of 10 MW or more, and this project should have been in operation for at least six months before the bid opening date.

Alternatively, bidders should have executed an industrial project in the last ten years as either a developer or an engineering, procurement, and construction (EPC) contractor in the power, steel, oil, gas, petrochemical, fertilizer, cement, coal mining, or any other process industry.

These projects should have the required financial value as mentioned below:

Bidders should have executed at least one electrical substation with a 33 kV or higher voltage level, including equipment like 33 kV or above voltage level circuit breakers and power transformers, either as developers or EPC contractors.

The average annual turnover of the bidders for any three financial years out of the preceding five financial years, as of the bid opening date, should not be less than the specified financial figure below:

Bidders should have a positive net worth on the last day of the preceding financial year.

Only wind turbine generator models listed in the Revised List of Models and Manufacturers issued by the Ministry of New and Renewable Energy must be deployed.

Recently, NTPC Renewable Energy floated two land and power evacuation package tenders to develop ISTS-connected solar projects in Andhra Pradesh with greenshoe options.

Earlier, NTPC Renewable Energy invited bids for BoS package for 1,080 MW ISTS-connected wind energy project in Karnataka.

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

Norway-based renewable energy company Statkraft has completed the acquisition of Enerfin, a Spanish-based renewables business and subsidiary of Elecnor Group, in a transaction valued at €1.8 billion (~$1.97 billion), encompassing equity and debt.

The transaction, contingent on public approvals in respective countries, is slated for closure in the first half of 2024.

Enerfin’s assets include 1.5 GW of operational and under-construction wind and solar capacity, along with an expansive pipeline of projects at various developmental stages.

The acquisition unlocks opportunities for wind farm repowering, hybridization, and battery storage while complementing Statkraft’s solar portfolio.

Statkraft said the acquisition strengthens its footprint in Spain and Brazil.

“This is a milestone acquisition for Statkraft. Enerfin is a solid, well-run company with a highly competent organization and an attractive portfolio that fits well with Statkraft’s current activities. The deal will create further value for the customers, our owner, and society as it constitutes a major contribution to the green energy transition towards zero emissions,” said Christian Rynning-Tønnesen, CEO of Statkraft.

In the third quarter of 2023, Statkraft reported net operating revenues of NOK10.6 billion (~$985.16 million), a decline from NOK13.2 billion (~$1.28 billion) in the comparable quarter of 2022, attributed to an 84% decrease in Nordic power prices. Despite this, the company signed long-term contracts, maintained a profit after tax of NOK4.4 billion (~$409.12 million), and acquired renewable energy projects, including two early-stage Swedish wind projects in October, with a substantial onshore and offshore wind portfolio.

In September, Statkraft acquired 39 wind farms from Breeze Two Energy for NOK4.7 billion (~$443.2 million), doubling its wind capacity in Germany and nearly in France. The strategic acquisition, encompassing 337 MW of capacity, focuses on wind farms located in Germany and France.

Last year, Statkraft commissioned its 55 MW Nellai solar project in Tamil Nadu, India, set to generate 120 GWh of power annually.