EQ Magazine May 2022 - RenewX Hyderabad Special Edition by EQ Int'l Solar Media Group

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CONT EN T

VOLUME 14 Issue #05

Disclaimer,Limitations of Liability While every efforts has been made to ensure the high quality and accuracy of EQ international and all our authors research articles with the greatest of care and attention ,we make no warranty concerning its content,and the magazine is provided on an>> as is <<basis.EQ international contains advertising and third –party contents.EQ International is not liable for any third- party content or error,omission or inaccuracy in any advertising material ,nor is it responsible for the availability of external web sites or their contents

FEATURED

BREAKING NEWS: AZURE POWER ANNOUNCES RESIGNATION OF RANJIT GUPTA AS CHIEF EXECUTIVE OFFICER AND MURALI SUBRAMANIAN AS CHIEF OPERATING OFFICER

16 FEATURED

RENEWABLE ENERGY SECTOR IS RAMPING UP. HOW TO ENSURE GRID STABILITY USING PPC (POWER PLANT CONTROLLER)?

15 FEATURED

JAKSON GROUP WON BID FOR O&M OF NTPC BHADLA SOLAR POWER PLANT

The data and information presented in this magazine is provided for informational purpose only.neither EQ INTERNATINAL ,Its affiliates,Information providers nor content providers shall have any liability for investment decisions based up on or the results obtained from the information provided. Nothing contained in this magazine should be construed as a recommendation to buy or sale any securities. The facts and opinions stated in this magazine do not constitute an offer on the part of EQ International for the sale or purchase of any securities, nor any such offer intended or implied Restriction on use The material in this magazine is protected by international copyright and trademark laws. You may not modify,copy,reproduce,republish,post,transmit,or distribute any part of the magazine in any way.you may only use material for your personall,NonCommercial use, provided you keep intact all copyright and other proprietary notices. want to use material for any non-personel,non commercial purpose,you need written permission from EQ International.

FEATURED

THE TRENDING GOVERNMENT POLICIES IN SOLAR SECTOR

FEATURED DECARBONIZATION OF THE ENERGY SECTOR IS MOTIVATION FOR MOST CLEAN ENERGY ORGANIZATIONS, THIS IS INDEED ONE OF THE REASONS FOR INCORPORATION OF ENPOSSIBILITIES PVT LTD.

FEATURED WAAREE EMERGES AS THE BEST EXPORTER OF THE YEAR

ACHIEVEMENT LONGI SOLAR ACHIEVES A SIGNIFICANT MILESTONE WITH OVER 7GW OF HIGHEFFICIENCY SOLAR PANELS SUPPLIED TO THE INDIAN MARKET, THE HIGHEST FOR MONO-CRYSTALLINE

FEATURED

GROWATT RESHAPES PORTABLE POWER SOLUTIONS WITH INFINITY 1500 DEBUTED

EQ NEWS Pg. 08-31 EQ iSEARCH Pg. 32-82

BUSINESS & FINANCE

SJVN AWARDS 1000 MW SOLAR PROJECT FOR RS 5500 CRORE EPC CONTRACT IN RAJASTHAN

Waaree Energies is one of the major players in the solar energy industry in India focused on PV module manufacturing... The company currently operates four manufacturing facilities comprising of five factories in India at Surat, Chikhli, Tumb and Nandigram. The company over the years has developed a track record of manufacturing high quality and technologically advanced PV modules. As of June 30, 2021, the company had 388 franchisees in 25 states and two Union Territories across India.

FEATURED WAAREE EMERGES AS THE BEST EXPORTER OF THE YEAR

WAAREE Energies Ltd., one of India’s leading solar PV panel manufacturer, is recognized as the best exporter of the year, for FY 2021-22. The award ceremony was organised by the office of the development commissioner, and evaluated by The SURSEZ unit holders Association.

JAKSON GROUP BAGS ANOTHER TWO O&M PROJECTS OF NTPC Continuing the winning streak, the Jakson Group, one of India’s fastestgrowing energy companies, won a bid for comprehensive Operation and Maintenance (O&M) for a 250 MWp Solar PV Project in Ananthapuram, Andhra Pradesh and a 5 MWp Solar PV Plant in Andaman & Nicobar Islands.

TPC invited these bids for the Annual Maintenance Contract of both the plants on February 14, 2022, for three years. The Jakson Group will be responsible for regularly monitoring both sites for all kinds of maintenance works with various plant components and equipment, warranty claims, spare parts inventory and various other onsite ground services in these territories to ensure smooth & optimum power generation. The services will commence from 1st June 2022 for the 250 MWp Ananthapuram plant and from 1st December 2022 for the 5 MWp Andaman plant. The project is expected to generate local employment opportunities & build livelihoods for many. The Ananthapuram project was constructed on one of the toughest terrains of Anantapur (an area consisting of heavy undulations), and the land contained natural streams, dense vegetation and hillocks and was untouched by the solar power plant to maintain the natural ecosystem. Ananthapuram Ultra Mega Solar Power Project (250 MWp), situated at NP Kunta Solar Park in District Satyasai, Andhra Pradesh, spread across an area of 1298.27 acres, was commissioned in May 2016. The 5 MWp Grid-connected Solar PV Plant situated at Garacharma in Port Blair, Andaman & Nicobar Islands, is spread across 25 acres & was commissioned in April 2013. With a 100% average performance rating in 75+ operational sites, Jakson O&M business has a strong presence in more than 16 states, and from 60 MW in 2014, its portfolio has grown up to 1.6 GW in 2022.

MAY 2022

AAREE currently manufactures high efficiency, premium quality solar modules with a capacity up to 660Wp, in Mono, Cutcell, Bifacial and HJT cells. WAAREE Solar modules are exported in more than 19 countries. With numerous tests performed at various stages of manufacturing, WAAREE maintains its quality at par with global standards. WAAREE has maintained its position as a Tier-1 module manufacturer by Bloomberg New Energy Finance for the last four years. WAAREE’s module manufacturing facility, houses IEC-CB-CTF, a laboratory for reliability testing and certification.

WAAREE has also been recognised as the India’s greatest brand by Asiaone and the Best brand by Economic times. WAAREE believes that it will be able to bridge the ever growing demand – supply gap of electricity, by making solar accessible to all and inch towards a viable indigenous ecosystem.

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MAY 2022

FEATURED FLOATING SOLAR IS EMERGING AS THE THIRD PILLAR OF SOLAR INDUSTRY This webinar was held by EQ Magazine Pro on 19th April 2022, powered by Goldi Solar. In this webinar, various schemes and policies were discussed. It was moderated by Mr. Prabi Prasad, Technical Director & Partner, Maxwell Solar Private Limited. Mr. Paresh Naik, Senior GM, Goldi Solar introduced Goldi Solar, “This 11-year-old company has a rich history and has been one of the prominent players in the industry. We have a total of 2.5 GW capacity and export to more than 20 countries. We also plan to foray into solar cell manufacturing with our third facility by FY22-23 and set up 5 GW by 2025. The workforce is more than 1200. We have 32 distributors across the country and 45 dealers. Today, Goldi Solar is synonymous with Quality Products and Quality People making us India’s Most Quality Conscious Brand. Goldi is poised to take on the energy challenges of the future with an eye on upcoming module technologies & manufacturing practices. As we continue to explore global export opportunities further, strengthen our production, technological and marketing capabilities, we intend to further consolidate our leadership position in the Indian solar industry.

Mr. R Harikumar, Director, Energy Management Centre, Kerala said, “I am very thankful for the industry partnering with the state’s initiatives for increasing its solar capacity. We have crossed 500 MW of solar capacity and around 230 MW is from rooftop solar out of a target of 1000 MW in 2022. Seeing this immense support from the industry and the increasing customer preferences towards solar, the government of Kerala has a plan to add 3000 MW of capacity by the end of this 5-year plan. Now, when we talk about the battery storage as a requirement for grid stability, the subsidy should be given as a viability gap funding towards behind the meter storage solutions. When we consider Kerala being a disaster-prone area with floods and cyclones, we should think about the meter battery storage which has a great relevance. Also, we should consider the applications like solar water purifiers and solar dryers. Such solar products also need to be promoted.”

MAY 2022

Mr. Naushad S, Assistant Executive Engineer, Soura Nodal Officer, KSEB said, “We introduced a programme in the name and style of Saudi and this has been widely accepted by the public of Kerala. In November 2020, the addition was 160 megawatts in the grid of Kerala state, then we sum up the addition 31st of March 2022, the figure has come up to 518 megawatts, which we had published on various media platforms. So, from 160 MW to 518 MW, in the span of 1 ¼ years, this is the investment and effort by all the stakeholders and the electricity board. As a front runner KSEB has already introduced a programme before launching the subsidy scheme by MNRE. We did this to encourage the green energy concept. We introduced a scheme which we named phase one and the electricity board has invested the amount for this project. In this, 100% investment was from the board and 10% of the energy was given on the lease to the households for the rooftop. According to the scheme we had completed almost 28 megawatts and the scheme ended last March. MNRE has allocated 200 megawatts in the second scheme, which we call phase 2. MNRE subsidy scheme can be executed only by Kerala State Executive. We have 25 electrical circuits throughout the state and 776 electrical sections.”

Mr Srikanth Suresh Kumar, AGM, BD, Amp Energy India said, “Kerala market throws a lot of new challenges and opportunities which are innovative. There are a lot of opportunities for floating solar since the land area is quite limited in Kerala. This has been one major key focus from the policymakers in Kerala. On the floating solar front, a lot of water bodies exist and there are floating solar projects already implemented around Kochi. So, we hope to see a lot more of such projects which are innovative and also showing the way to the industry, how to implement such projects. While KSEB is working on getting its right mix of power procurement from the utility grid through the NPPC schemes and on the other hand very vigorously and successfully having implemented the MNRE’s programmes related to the residential segment. There is sufficient opportunity in Kerala, to promote the commercial industrial segment whether it is rooftop or ground or floating solar or within the premises.”

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FEATURED Mr Nithyanandam Yuvaraj Dinesh Babu, Executive Director, EY said, “Kerala has been the only state in the entire country to promote these kinds of utility led models, which are very limited. The Utility led model is the best option for any state to understand, test and validate to move forward in terms of accelerating the rooftop solar implementation. Also, in terms of the penetration aspect, the commercial impact assessment has become a prerequisite for all utilities across the country. Still, many discoms have not understood this. The impact assessment has to be dynamic and discoms should have enough tools, data and access to the resources to continuously assess how rooftop solar penetration is affecting the technical aspect. In the financial aspect, there’s a huge difference in terms of the impact on discoms revenues. Another aspect is how rooftop solar penetration is making a difference in the deferred investment on the infrastructure by discoms, which is understated by many discoms.”

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Mr M R Narayanan, Managing Director, Floatels India Private Limited talked about floating solar. He said, “Just like the ground mounted solar and rooftop solar are the two pillars of the solar industry, then the third pillar will be the floating solar system. The advantage, especially in a state like Kerala, floating solar can be a solution. In floating solar, dust is not a major problem. Also, when the floating solar covers a large area of the water body, the evaporation losses can be minimised. Unlike the ground mounted solar or rooftop solar, there is no one size fit all for the floating solar. One has to spend a lot of time and effort initially in analysing the site because of the variable conditions at the site.”

MAY 2022

FEATURED

GROWATT RESHAPES PORTABLE POWER SOLUTIONS WITH INFINITY 1500 DEBUTED

Growatt, a global top brand in battery storage technologies, officially expands into the portable power station market. Catering to the growing demand for clean and efficient solar generators, the company debuts its first portable power station – Infinity 1500 to the public.

s an eco-friendly alternative to the noisy and polluting gas generators, Infinity 1500 provides clean, quiet and efficient power supply for manifold application scenarios. For expedition lovers such as campers, RVers and vanlifer. Infinity 1500 can be easily packed into their vehicles and used wherever they are. It is also a top choice for emergency preppers that require reliable and efficient backup power support. Infinity 1500 has a battery capacity of 1,554Wh and an AC output of 2,000W, which can power nearly 95% of outdoor and home appliances, with its 12 outlets available for diverse electric needs. In terms of charging efficiency, it has an impressive AC charging speed which takes only 1.6 hours for a full charge. As a solar generator, it features 800W solar input and has an outstanding MPPT efficiency of up to 99%. Besides, Growatt’s leading Battery Management System (BMS) technology is adopted to guarantee higher battery safety. Features such as Uninterruptible Power Supply (UPS), multi-unit expansion and App remote control are also supported to meet the further needs of extended scenarios.

MAY 2022

As battery storage technology advances and consumer demand surges, research shows that investment in the portable power sector sees a good momentum with a CAGR of 4.9% and the market size is projected to double by the year 2030. “Customers crave portable clean energy solutions, and we are proud to be able to utilize our technical strength in portable power solutions to make clean and sustainable power more accessible to them globally,” said Lisa Zhang, global marketing director at Growatt. “Our team aims to empower customers to live a green and sustainable lifestyle with all-scenario decarbonization tools. Looking to the future, we will continue to develop advanced portable power products to satisfy market demand,” Zhang concluded. Growatt notes that Infinity 1500 will be firstly launched in the US market, and afterwards, the product will be made available across Europe, Asia Pacific and other regions.

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MAY 2022

FEATURED BREAKING NEWS: AZURE POWER ANNOUNCES RESIGNATION OF RANJIT GUPTA AS CHIEF EXECUTIVE OFFICER AND MURALI SUBRAMANIAN AS CHIEF OPERATING OFFICER Azure Power Global Limited (NYSE: AZRE) (“Azure” or “the Company”), a leading independent sustainable energy solutions provider and power producer in India, announced that its Board of Directors have accepted the resignations of Ranjit Gupta, Chief Executive Officer (CEO), and Murali Subramanian, Chief Operating Officer (COO). Both will relinquish their roles with the Company and its subsidiaries, and Mr Gupta will resign from the Board of Directors (“the Board”) with immediate effect in order to pursue other opportunities.

Alan Rosling, Chairman of the Board of Azure, will oversee the Company in the interim. The Board has already embarked on a search process to select a new CEO who will lead the Company into its next phase of growth and the announcement of the appointment will be made as early as possible.

Mr. Rosling stated, “I would like to thank both Ranjit and Murali for their service and their efforts to navigate a challenging market environment. We wish them well for the next stage in their careers. As we look ahead, with the 4.5 GW of pipeline, we have a tremendous runway for growth in the next three to four years. I look forward to working with the executive leadership team, our employees, and the other members of the Board in strengthening Azure’s position as a leader in the renewable energy space.”

MAY 2022

Mr Gupta said, “Murali and I have been privileged to have had the opportunity to steer this great Company at a challenging time and lay the path forward. We leave the Company with a great team and are confident in its future.” Azure builds and operates some of the largest grid-scale renewable power projects in India, supplying renewable power to government utilities, and independent industrial & commercial customers. The Company has a panIndia portfolio of over 7.4 GWs, with over 2.9 GWs of operational capacity and 4.5 GWs of pipeline.

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FEATURED

JAKSON GROUP WON BID FOR O&M OF NTPC BHADLA SOLAR POWER PLANT

To strengthen its legacy as an energy solution provider, Jakson Group, one of the India’s fastest-growing energy companies, won a bid for comprehensive Operation and Maintenance (O&M) for 260 MW Bhadla Solar PV Plant located at Bhadla Solar Park in BAP, Rajasthan.

akson Group will have the responsibility to continuously monitor the site for all kinds of preventive and corrective maintenance issues including plant performance, and regular upkeep of various plants components and equipment, warranty claims, spare parts inventory and various other onsite ground services. With the help of technologically advanced methods, the company will commence the Operation and Maintenance services on May 13, 2022. This will generate employment opportunities & improve the livelihood of locals.

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The solar plant, spread over a total area of 525.39 acres, comprises 4 sections of 65 MW each. It was initially installed and commissioned by Jakson Group along with TATA Power Solar and Vikram Solar. The plant was commissioned on March 25, 2017, and has been under commercial operation since then. NTPC invited online bids of O&M on December 29, 2021, for three years, and Jakson Group takes pride in sharing the achievement of its O&M team, which competed with multiple technically qualified companies and emerged as a winner. With a bunch of experienced industry professionals, Jakson currently manages over 750 MW of solar assets in India.

MAY 2022

FEATURED

RENEWABLE ENERGY SECTOR IS RAMPING UP. HOW TO ENSURE GRID STABILITY USING PPC (POWER PLANT CONTROLLER)? The Indian Central Govt launched the National Solar Mission in January 2010, under which the total installed capacity target of 20 GW by 2022. Later in August 2021, the govt increased the target to 300 GW for 2030. Integrating a large amount of renewable energy such as wind or solar PV power adds several challenges as they depend on the availability of natural resources that fluctuate constantly, making them unpredictable. To promote renewable power integration, it is important that renewable power plants contribute positively to the grid stability, especially during system disturbances.

WHAT IS GRID STABILITY? “There needs to be a balance in production and consumption within an electrical grid”. In other words, energy generation must be equal to energy consumption. For the stability of the grid, there must be a balance between the demand and supply of electricity at all points of time. If the demand is more than the supply, the frequency and voltage would dip and vice versa. In extreme cases, it may lead to tripping of the entire grid unless load shedding is carried out. Normally The Indian grid has two peaks. A smaller peak in the morning between 9 to 11 am when the offices and factories start functioning, and a higher peak in the evening between 7 to 9 pm when the domestic & commercial lighting demand kicks in. The demand reaches its lowest point sometime in between 1AM-4AM in the night, depending upon industrial development and with variations in weather. For optimum, economical, and efficient operation of the grid, the Electrical energy generation should vary based on the peaks.

MAY 2022

HOW DOES RENEWABLE ENERGY IMPACT ON GRID STABILITY?

The generation from renewable energy is highly dependent on the weather conditions and as it the asset owner or maintenance team has no control. Variations and uncertainty in the generation lead to instability on the grid.

MAINTAINING GRID CODES:

Individual state electricity boards define their grid codes, and all the power producers must adhere and comply with the same. A huge penalty is levied on the power producers of non-adherence and it can lead to isolation from the grid. Power Plant Controller [PPC] is mandatory to be implemented to meet this requirement. While there’s no standardized capacity threshold, it is completely under state electric judiciary. But normally any solar power plant hits 10MWp+, the requirement for a plant controller becomes important. Some of the states in India insist even on 5MW+.

WHAT PPC DOES AND WHAT ARE ALL TYPES OF PPC IN MARKET? www.EQMagPro.com

FEATURED PPC is a combination of Software Logic and Hardware which continuously monitor the healthiness of the grid and automatically acts in case of any abnormality. There are two types of PPC: 1. PLC Hardware based PPC which controls the field devices based on the pre-programmed logic in it. 2. IoT Based PPC, which is the latest Software logic based PPC which can monitor and control the field devices with pre-programmed logic as well as support manual inputs. EnerMAN In-house developed IoT based Power Plant Controller [ETi-PPC] can be installed on a server or PC compared to expensive PLC hardware’s and complex logic.

WHAT ALL CONTROL ENERMAN ETI-PPC DOES? 1. Active Power Curtailment. 2. Reactive Power Control. 3. Power factor Control. 4. Reactive power Control at night.

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5. Automatic Voltage Regulation (AVR). 6. Zero Export Control.

DOES ETI-PPC ENSURE GRID STABILITY DURING NON-GENERATION HOURS? Yes. ETi-PPC’s intelligent Reactive power Control logic monitors the grid data 24x7 and during night, it controls the inverters and makes work as Capacitor Bank or Inductive Bank as on requirement. EnerMAN ETi-PPC can be installed on any Solar PV plant regardless of the type of SCADA which has been already installed. It allows users to:

1. Change the Set Point. 2. Control the inverters at the Plant lever, block level and individually. 3. Schedule the control operation. 4. Analyze the trend and download the data. 5. User-Defined Performance Monitoring. 6. Monitor Data Locally and Remotely. EnerMAN PPC can be deployed not only to Solar Power Plant. It can be deployed to Hybrid Power plants like Solar-Wind, Solar-Storage Etc.

MAY 2022

FEATURED RELIABILITY: MOST IMPORTANT ASPECT OF AN INVERTER The webinar was held by EQ Magazine Pro on 20th April 2022. In this webinar optimization and costing of inverter design were discussed. It was moderated by Mr Ravindran Sundersingh, Chief Technical Officer, Renewablez, ACME Group. Mr Sachin Kumar Borisa, General Manager, Hitachi Hirel described the role of inverters in the solar scenario. He said, “The inverter’s role in the solar power plant is very crucial as it is the only bridge to convert the power from DC to AC. I would say it is the heart of the project. And the technology which was bought in India by the 1990s, there were many innovations and upgradation in inverters, from central to string and microgrid. There are different kinds of topologies that have been innovated and upgraded periodically. This is the only component in the overall solar power plant which has the main job of the power conversions.” Further, he added, “There is a very thin line between cost and optimising of the design. Throughout the 80s, 90s and late 90s, we have seen the inverter topology and technology getting enhanced. The overall system is enhanced and new parameters and technology have come. Talking about the compromise from a design point of view by reducing the cost, we need to be very keen. There are few criteria to select the components while we’re committing for the warranty and 25 years life availability. So, there are two things we need to understand. For the last 10 to 15 years, there have been multiple technology changes and voltage insulation levels also got changed considering the cost optimizations, it is not only the inverter cost optimization but also the overall system cost optimization which got reduced from ₹17 per Watt to ₹2.3 per Watt. At a certain level considering the life span, their failure rates, their quality and the processes can be improved and reduced the cost by doubling the quantity or the bulk procurement of the raw materials.”

Mr Sanjay Kumar, Head, Global Strategic Sourcing and SCM, Renewables BU, Larsen & Toubro put his thoughts in front of the panellists. He said, “Quality is related to reliability and performance and also, there are elements of safety and protection. Safety concerning personal as well as with equipment and the entire system. And when it comes down to optimization, it is not only cutting costs right is cutting costs. Now, speaking about the cost break up, around 30% of the cost is IGBT which is a black box, the DC section which is around 13% approximately, the AC section on 20%, the cooling system is 6%, the others around 11 to 12% and then other accessories which is the remaining 5%. So, this is a major break up on the cost.”

MAY 2022

Mr Arup Hazra, Head, Business Development C&I, SolarSquare Energy commented about the sourcing of raw materials. He said, “India has a huge dependency on China in terms of the material sourcing. The Indian inverters we know are being white labelled inverters which have OEM from China. So, in terms of indigenous manufacturing, India does lag behind the manufacturing capabilities. India is gaining an edge from the manufacturing perspective as a result of Make In India, but still there’s a huge gap due to the ongoing semiconductor shortage and the sourcing which is dominated by China.”

Mr Deepak Saxena, Business Unit Head, International Renewable Energy, Kalpataru Power talked about the quality process for an inverter Anne and new testing requirements are necessary. He said, “If we see the database study which many organisations have done, solar panels are the 60% of the cost but they are responsible only for the 45% of the losses in a solar plant. When it comes to the inverter which is only 10% of the cost, it accounts for 40 to 45% losses in the generation. And, as we are all operating in a commercial organisation and cannot ignore the costing part. It does make an impact on the capex model of a plant because ultimately a solar plant is a front-loaded capex model. The quality process does make an impact and it is not the quality process in the manufacturing line but it is the quality process in the inverter selection criteria. In an inverter, everybody is talking about the losses, the higher the voltage, the more will be losses. When we talk about loading, loading is not a function of an inverter, it is a system function and it depends upon the system designers how to load it. The efficiency of an inverter is not only a function of simple efficiency, it is also driven by the system design. When a designer is designing a system of an inverter, he needs to consider all the aspects. In an integrated system it is not only the inverter which makes the effect, it is the complete system. And when we see the testing process, today with the new grid regulations which have come into effect in India, it is not only the inverter response or how the inverter works with PPC but also the primary response of the inverter is important.

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FEATURED As far as the other testing processes are concerned, we have seen huge amounts of individual equipment losses. Installation is also very important, most of their failure sentences are because we are not able to control the temperature of certain parts of the inverter and the cross effect of the temperature rises, then we start losing components because of the temperature rise. So, how the inverter is installed, and how the air flows in the inverter affects the ambient temperature inside the inverter that needs to be studied carefully. All these things together make an inverter system a successful installation.”

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Mr Rajesh Tiwari, Lead, Central Design and Engineering, Hero Future Energies was asked about the IPP’s expectations in terms of reliability. He said, “Firstly, we check if the system which we are taking is already placed or not, to ensure if there is a possibility to have a pilot project or else the third party who is going to validate and witness the factory inspection. If the guarantee of the inverter is of 5 years then the parts should be available after the guarantee period. It should not be limited because the voltage is 1000 to 1500 volts and can go upto 2000 volts. So, reliability is the service ability in the meantime. If the product is available, then the service should be available. In some of the central inverters, they have proactive guidelines or software which tells about the operational time of the equipment.”

MAY 2022

FEATURED DECARBONIZATION OF THE ENERGY SECTOR IS MOTIVATION FOR MOST CLEAN ENERGY ORGANIZATIONS, THIS IS INDEED ONE OF THE REASONS FOR INCORPORATION OF ENPOSSIBILITIES PVT LTD. enPossibilities, is a first generation, boot strapped, DIPP listed, green energy, start-up organization which is co-founded by Mr. Manish Asija and Dr. Ruchika Asija at Bengaluru in March 2017. It is one of the leading solar products distribution companies in the country. enPossibilities primary business is the distribution of two of the most critical components of solar power plant, i.e., solar inverters and solar modules.

anish is a professional with entrepreneurial flair and brings with him the experience of seventeen years in the Indian power sector. He is a seasoned professional in developing electrical infrastructure, especially in power transmission & distribution, smart grids, advanced metering infrastructure, solar power projects and has also executed multiple allied consulting services projects. He is the CEO and the growth propeller at enPossibilities. Dr. Ruchika is an Information Technology enthusiast and PhD in Computer Sciences. Her areas of expertise are Data Security and Confidentiality. She is an ardent lover of green energy initiatives. Till she cofounded enPossibilities, she was best known for her numerous research publications and presentations in reputed National as well as international conferences and journals like IEEE, IGI Global, GSTF, MEDRECON etc. At enPossibilities she is the guiding lamp for the entire sales and marketing team. She has acquired over 450+ happy customers in a short period of 5 years. She is enabling a vibrant organisational culture at enPossibilities where, possibilities blossom, people thrive, clients have cared and success flourish.

MAY 2022

The founding purpose of enPossibilities is to bring energy consumers closer to solar power. It offers a range of premium solar products from the best global brands like Sungrow, JA Solar and Saatvik Green Energy. enPossibilities is known in the industry for the exceptional customer service support it provides while ensuring the availability of quality products always at affordable prices. Over the last 5 years, multiple times enPossibilities has been in the news, always for good reasons. This is mainly because of their in-house service support, round the clock to EPC players and the best-in-class solar products. The cumulative knowledge, experience, and passion of enPossibilities team has led the company to become one of the fastest-growing and most respected solar products distribution companies in the country. The business model of the company is based upon one simple philosophy, “Strategic Collaborations with the Best in Industry”. The working model of enPossibilities is to act as a bridge between EPC clients and the globally renowned OEMs, on an exclusive basis. Solar EPCs and Developers are the most vulnerable entities in the solar energy value chain. They are the most affected party and mostly the victims of policy uncertainties resulting in cost and time over runs. They deserve a supplier partner who can be trusted beyond words, who can deliver on time, and offers a value proposition that differentiates them against their competition. enPossibilities has filled this gap of EPCs and Developers quite well in the last 5 years.

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FEATURED In addition to solar products, the company offers free of cost, add on services like design optimization, engineering validation, pre commissioning support and post-commissioning support. This is where it differentiates itself from others. As a distributor, it believes in proactively responding to clients' needs on real-time basis through localized teams across south India. Multiple warehouses in south India also enable Just-in-Time (JIT) deliveries as and when required by the EPCs players. EnPossibilities has exclusively partnered with the World leader in solar inverter technology, SUNGROW to promote its sales in south India. Company’s portfolio also includes the most bankable Tier-1 solar module OEM, JA SOLAR in the country as an authorized distributor. To meet the need of India, make high quality solar modules, it offers ALMM approved, SAATVIK GREEN ENERGY solar modules, north India’s biggest manufacturing facility.

A major differentiator of enPossibilities from other similar business is the professional businesses leaders, who are building this organisation with sustainable growth while focusing on strengthened internal processes and an environment of learning & growth for the team. The company believes in delivering personalized service experiences to all clients. A high level of commitment is the core trait of enPossibilities team. enPossibilities adheres to core values like Accountability, Excellence, Integrity, Customer Orientation, Up-Skilling & Growth and Respect for all stakeholders. These core values are the DNA that guides team members at each stage of business decision making. Few testimonials provided to enPossibilities its customers sums up in short what the company is known for:

ORB ENERGY PVT LTD: “At Orb Energy, we are impressed with the dedicated services provided by your team. enPossibilities has been supplying Sungrow inverters to us since 2017 and they have consistently done a great job in providing Just-in-Time deliveries, pre-commissioning and postcommissioning support. We are happy with the kind of attention we are getting from the team and look forward to working with them in the future.”

RAVINDRA ENERGY LIMITED “We appreciate the efforts of your team in ensuring Just in Time deliveries of Sungrow inverters to our multiple projects. We also wish to acknowledge the support provided by your technical team in design optimization and installation support. Wish you good luck.”

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BUDDING LEAF INFRATECH PVT LTD “EnPossibilities has supplied Saatvik Green Energy Modules and Sungrow string inverters to our various project sites over the last 3 years. We appreciate enPossibilities team for their readiness of stocks at Hyderabad at all times and their competitive pricing with no Minimum Order Quantity (MOQ) constraints. We are impressed with the quality of products and the knowledge of their service. Wish you all the best for your works.”

ARGO SOLAR PRIVATE LIMITED “Argo solar congratulate enPossibilities team for their excellent services. They have supplied JA 540Wp modules and Megawatts of Sungrow inverters to our project sites at the most competitive prices in Hyderabad. The post-sales service support of the enPossibilities team is commendable. “

KALLAM TEXTILES LTD “We put on record the excellent work done by the enPossibilities team in supplying Sungrow inverters to our 5 MW captive solar project sites. enPossibilities team had been pro-active in conducting the entire transaction. The level of technical details shared with us, the accountability observed while dispatching inverters and unconditional support provided in pre-commissioning has highly impressed us. We are satisfied with your services and look forward to do business with enPossibilities again.” Though the company proudly serves over 450+ happy customers and is growing at a CAGR of 200% since inception, the company is happy with what they have achieved and looks to enable new possibilities. The company has laid clear objectives for the next 8 years, these are: • To be recognised as one of the most respected, integrated solar products distribution companies in India • Growing business profitably • 10000+ delighted customers • 15+ Warehouses • Core team of 100 passionate professionals • Preferred and trusted partner to customers, business associates and employees • Operations in India and countries in which we chose to operate • Ensuring care for the community and environment

MAY 2022

OPINION

THE TRENDING GOVERNMENT POLICIES IN SOLAR SECTOR The Indian Government’s huge target is to install 500 GW of Renewable Energy by 2030. There are various policies of Indian Government, which are levied in solar market. In this article, we will discuss about the policies and how they affect the stakeholders.

PLI The Indian government has taken initial steps towards creating self-reliance by introducing the Production-Linked Incentive (PLI) scheme, which encourages the setting up of a complete ecosystem to manufacture solar PV cells and modules in-house. The PLI scheme offers funding support to bidders who commit to setting up to produce everything from polysilicon to PV modules in India. In the Union budget 2022-23, FM Nirmala Sitharaman had allocated Rs. 19500 Cr under (PLI) scheme for manufacturing high efficiency modules. To facilitate domestic manufacturing to achieve the ambitious goal of installing 280 GW solar by 2030, this is a priority to fully integrate manufacturing units into solar PV modules. Some of the regional programs or solar tenders mandate the use of domestically produced solar cells, modules and products that also encourages domestic players.

BCD

The Indian solar market is currently dominated by Chinese suppliers because of the prices offered by them. The demand supply gap in solar module manufacturing exists because Indian module manufacturers are 22

MAY 2022

unable to match the price offered by their Chinese counterparts. Therefore, the Indian Government has levied Basic Customs Duty (BCD) that will eliminate the price advantage of imported modules from china. The Ministry of Finance approved the imposition of BCD 25% on solar cells and 40% on solar modules from April 1st, 2022. However, the imposition of BCD has received a mixed response from different stakeholders in the solar market. The domestic manufacturers are in favor of the decision as it will reduce the imports and encourage the domestic manufacturing. It is an inspirational opportunity for the domestic manufacturers not only to be self-sufficient but they can also leave their footprint in the global solar market. The imposition of BCD is not favoured by some of the solar developers. Solar developers are doubtful about the ability of domestic manufacturer to fulfil the demand. To meet this huge target of the Indian Government to install 500 GW by 2030, the domestic solar manufacturers are supposed to manufacture 30 GW every year but presently the domestic solar manufacturers are able to manufacture until 11 GW. This supply demand mismatch will lead solar developers to purchase costly imported modules. As the developers are bound to finish their contractual projects on time, they have to rely on expensive imports.

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OPINION

ALMM The Ministry of New and Renewable Energy (MNRE), through its ‘Approved List of Models and Manufacturers (ALMM) of Solar Modules Order, 2019’ states that only the models and manufacturers included in the ALMM list would be eligible to be used in utility-scale solar projects implemented by government agencies, open access, and net metering projects installed in the country. According to solar manufacturers, the buying pattern must be changed. It is a high time to think about self-sufficiency and not rely on only Chinese imports. The pandemic has taught us in a very harsh way to become independent. Solely depending on Chinese imports is harmful to the Indian Solar market. The supply chain issue during the pandemic time has almost destroyed the solar market. Domestic solar manufacturers have enough potential to manufacture against the demand. Moreover, nowadays most of the Indian module manufacturers are producing higher wattage modules. According to Solar developers, ALMM is the biggest limitation for project development. The main concern is that the demand of higher wattage modules (400 watts or more) are increasing day by day. However, the current capacity to manufacture higher wattage modules is only about 3 GW from the ALMM listed manufacturers. According to developers, it will take several years for the domestic manufacturers to match the capacity and so applying ALMM right now is not good for them. Solar developers say that it is a challenge to execute solar projects with ALMM restrictions and low tariffs. The prices of modules given from ALMM listed domestic manufacturers are 20% higher than imported Chinese modules which will increase overall cost of solar project.

PM KUSUM YOJANA Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM KUSUM) Yojana was launched by the Government of India to increase the income of farmers and provide sources for irrigation and de-dieselising the agricultural sector. The scheme was launched by the Ministry of New and Renewable Energy (MNRE) to replace agriculture diesel pumps with solar water pumps and to solarise grid connected agriculture pumps & to set up new renewable power plants across the country. It is one of the largest initiatives in the world to provide clean energy to more than 3.5 million farmers by solarising their agriculture pumps and allowing distributed solar projects. The government will provide 60% subsidy to the farmers and 30% of the cost will be given by the government in the form of loan. Farmers will only have to pay 10% of the total cost of the project. The scheme plans to set up 30.8 GW of solar capacity by December 31, 2022, through financial assistance of INR 340.35 billion. It has 3 components:

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Component A Under this component, renewable energy based power plants (REPP) of capacity 500 kW to 2 MW will be setup by individual farmers/ group of farmers/ cooperatives/ panchayats/ Farmer Producer Organisations (FPO)/Water User associations (WUA) on barren land. The target is to set up of 10,000 MW of Decentralized Grid Connected Renewable Energy Power Plants on barren land. Component B Under this component, farmers will be supported to install stand-alone solar agriculture pumps up to 7.5 HP for the replacement of existing diesel agriculture pumps/ irrigation systems in off-grid areas where grid supply is not available. The capacity can be higher than 7.5 HP but financial support will only be provided until 7.5 HP capacity. Component C This component is for solarisation of Grid Connected agriculture pumps. Individual farmers will be supported to solarize pumps those having grid-connected pumps and extra solar power will be sold to Distribution Companies of India (DISCOMs) at a pre-fixed tariff. Farmer’s irrigation needs shall be met by using the generated solar power. The target is solarisation of 10 Lakh Grid Connected Agriculture Pumps.

In addition, there are many policies available in storage, transmission, development of solar parks and ultra-mega solar power projects, Central Public Sector Undertaking (CPSU) scheme for solar power projects, Atal Jyoti Yojana and many more. The Government of India (GoI) is levying many policies to encourage the use of Renewables so that as a nation we can reduce the dependency on fossil fuel imports and reduce the carbon emission as well. There may be different views on the policies but together as a nation, we should contribute to achieving the huge goal of government to become Net Zero by 2070.

Author

Vineet Mittal

Director & Co-Founder Navitas Solar

MAY 2022

ACHIEVEMENT

LONGI SOLAR ACHIEVES A SIGNIFICANT MILESTONE WITH OVER 7GW OF HIGHEFFICIENCY SOLAR PANELS SUPPLIED TO THE INDIAN MARKET, THE HIGHEST FOR MONO-CRYSTALLINE With India on track to achieve its renewable energy targets, LONGi Solar, the largest supplier of solar panels globally has been instrumental in serving the country’s need for reliable, affordable, and innovative solar panels.

MAY 2022

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ONGi Solar, a world-leading solar technology company announced that it has achieved a significant milestone in India by shipping over 7GW of high efficiency solar panels, the highest in monocrystalline category. On 6th May, LONGi India team celebrated this achievement with its customers at the Pride Plaza hotel in New Delhi. LONGi is arguably the most important player in the PV industry today, being the world’s largest manufacturer of solar panels with the highest market share since 2021 and the largest technology company with the highest market value in China’s A-share market. According to its 2021 financial report, the company shipped a massive 38.5GW of its monocrystalline solar panels, an increase of 57% year on year. LONGi is also the only Chinese solar energy company to join the “RE100”, “EV100” and “EP100” initiatives and the global SBTi (Science Based Targets initiative), actively and progressively working on transforming the energy supply globally.

In India, the company has been present for more than five years and has now consolidated its position as the largest exporter with the highest market share. The company’s steep progress in recent years has been owing to its steadfast focus on innovation and quality, which has progressively differentiated itself from the competition on technology and reliability of its products. With over 1387 authorised patents and an investment of more than600 million USD in research and development, LONGi has been leading on the technology front with an efficient R&D system, accounting for 5.43% of its operating income last year.

LONGi has also been increasingly focusing on creating value for its customers with the technical expertise it has accumulated over the past two decades. Based on the company’s brand concept of 'Customer Value First', 'LONGi Lifecycle Quality' was established last year to guarantee that its products perform reliably and efficiently throughout their lifespan, allowing clients to achieve a high return on investment throughout the entire lifecycle of a PV plant.

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ACHIEVEMENT

Talking about this, Pradeep Kumar, Managing Director for LONGi India, mentioned, “LONGi has been a truly transformational company in its strategy with a keen focus on technology leadership along with providing the best value for investment for its customer. Indian developers can discern this differentiation and value our commitment to quality above everything else. Along with this our partnership approach with our customers has been the key reason for this success in the Indian market.”

Luke LU, Head of APAC region & Vice President for LONGi Solar said “LONGi is committed to the Indian market, and we would be keenly exploring the possible synergies bringing our technical expertise to the thriving Indian manufacturing segment in the near future. It gives us immense joy that we have been a trusted partner for all the leading Indian solar developers for the last 5 years as India strides towards achieving its energy transformation and achieving energy independence.”

MAY 2022

ACHIEVEMENT

Solis Achieves An Astounding 2GW Shipment Milestone Solis has achieved a remarkable milestone of 2GW shipments. Also, Solis has recently emerged victorious with a 29.18% market share out of the entire share of 2196 MW capacity of inverters supplied in 2021. To mark this achievement, the company hosted a celebration on May 6th in Bangalore. More than 160 esteemed guests joined the celebration.

t the event, Idrish Khan, Solis's Chief Technical Officer in India, summarized the sales and service of Solis over the years. “As a global leader in inverters, Solis is highly focused on the Indian market. Since entering India in 2016, the company has continuously introduced industry-leading products and solutions. It has also set up an Indian branch with a responsive marketing and service team, which has improved its localization operations. Now as we enter the sixth generation of inverter technology platform, this has undoubtedly established a solid foundation for achieving good market sales results.” Top representatives from Fourth Partner Energy, Amplus Solar, Tata Power Solar, Hero Future Energies, and other well-known Indian players attended the event. K.L.H. Raya, Secretary, Karnataka Renewable Energy System Manufacturers Association graced the occasion with a speech. K.L.H. Raya, congratulating the Solis team for this feat, added, "I believe after-sales service plays a critical role in the success of a company. Deepa Solar has been using Solis inverters for 2 years now. Their customer care and service backup are very good and make them stand out as compared to others. " 26

MAY 2022

Sunil Kumar MD of Urban Engineer Consultancy Pvt Ltd congratulated the Solis team on this major milestone and mentioned that Solis inverters have added a lot of value to their projects. He further said, "Solis’s innovation contributes to a project's being very economical and costeffective and makes it very viable for an end customer." Manav Virdi, Head of Rooftop Procurement from Tata Power Solar said that their association with Solis started as an experiment that has been tremendously successful. He further quoted, "Instead of working on a transactional basis, Solis has been like a partner, working hand in hand throughout the journey. With their innovative techniques and regular interactions, they brought all the difference. " Solis has the widest installed base of string inverters globally, with its inverters converting DC to AC power and interacting with the utility grid, thus reducing the carbon footprint and helping to enrich society around the world. Solis has achieved rapid growth in revenue and profit for many years in a row because of its leading technology and its dedication to product quality. This achievement of 2GW shipments is a testimony to the same. This achievement represents a significant milestone for the company, after years of deep cultivation of the Indian market. It will encourage Solis to explore more of the Indian market and promote sustainable development of lowcarbon and green energy in India. Solis is committed to a global vision built on product-centered engineering, putting customers at the center of our most critical decisions, and ensuring that we play our role in the transition to clean energy by helping make it more efficient, safe, and dependable.

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MAY 2022

BUSINESS & FINANCE

INDIA’S RELIANCE TO PURCHASE 4.8 GW HETEROJUNCTION CELL PRODUCTION EQUIPMENT CAPACITY FROM CHINA’S MAXWELL

RIL has chosen HJT solar cell technology to step into solar production with Maxwell announcing an order from the company. According to Letter of Commitment signed, Maxwell will supply its 8 HJT cell production lines, each with 600 MW capacity. Altogether it represents 4.8 GW capacity; Maxwell did not disclose purchase price of the contract.

ndia’s Reliance Industries Limited (RIL) has contracted Chinese solar cell equipment supplier Suzhou Maxwell Technology to deliver 8 complete lines of heterojunction (HJT) cell production equipment representing a total capacity of 4.8 GW. Each of the 8 lines will have a manufacturing capacity of 600 MW according to the Letter of Commitment signed, Maxwell stated in a stock exchange announcement. The company has not revealed the purchase price of the RIL contract terming it a commercial secret as disclosure may lead to ‘inappropriate competition’. However, the Chinese supplier did share that the total purchase amount exceeds 50% of the company’s audited operating income in 2021, but not 100%. Maxwell believes the order will have a positive impact on its operating performance in the future. It did not disclose delivery and installation timeline.

The Chinese company recently announced 25.62% power conversion efficiency for its silicon HJT cell with reduced amount of indium and use of silver coated copper grid lines. Maxwell has signed the letter of commitment through its wholly owned subsidiary Maxwell Technology PTE Ltd of Singapore.

MAY 2022

Headed by billionaire Mukesh Ambani, RIL emerged as a formidable player in India’s solar market in June 2021 when it revealed plans to build integrated solar PV module, energy storage, electrolyzer and fuel cell fabs as 4 gigafactories in the country. It followed up by taking over Norway’s HJT cell & module maker, and polysilicon producer REC Group. REC Group already has a 600 MW cell/module line based on HJT technology in Singapore. It had previously placed an order for 400 MW HJT cell line equipment for its Singapore location. RIL has also announced plans to use Germany’s silicon solar wafer producer NexWafe technology in India. HJT technology is fast emerging as a competition for PERC, the current workhorse for the global PV industry, which was discussed at length by participants during TaiyangNews Virtual Conference on High Efficiency Solar Technologies in December 2021 (to view the presentations check our YouTube channel). Specifically, day 2 of the conference focused on HJT technology. Source: taiyangnews

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BUSINESS & FINANCE

SJVN AWARDS 1000 MW SOLAR PROJECT FOR RS 5500 CRORE EPC CONTRACT IN RAJASTHAN The project will generate 2454.55 MU of electricity in 1st year and approximately 56838.32 MU over a period of 25 years.

h. Nand Lal Sharma, Chairman & Managing Director, SJVN informed that today, SJVN issued LOA (Letter of Award) for Engineering, Procurement and Construction (EPC) of 1000 MW Solar Project in Bikaner, Rajasthan to M/s Tata Power Solar Systems Limited. Sh. Nand Lal Sharma apprised that this is India’s biggest Solar EPC Contract that has been awarded till date. The composite cost for the construction & development of the project is Rs 5491.89 Crore. The project will generate 2454.55 MU of electricity in 1st year and approximately 56838.32 MU over a period of 25 years.

The commissioning of this project is expected to reduce approximately 27,85,077 tonnes of carbon emission in 25 years. The project will be commissioned by May 2024. Sh. Nand Lal Sharma said “This Project further consolidates our commitment towards achieving Government of India’s target of 500 GW non-fossil energy capacity and reduction of total projected carbon emissions by one billion tonnes by 2030.

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The recent securing of new solar projects is also paving the way for achieving SJVN’s Shared Vision of 5000 MW by 2023, 25000 MW by 2030 & 50000 MW by 2040.” Sh. Nand Lal Sharma further stated that the scope of this EPC Contract includes end to end delivery of the commissioned Solar Plant to SJVN including arrangement of land on outright purchase basis, power evacuation system up to the ISTS Sub Station and Operation and Maintenance of the Solar PV Plant for three years.

The 1000 MW Solar Power Project was secured by SJVN through competitive Bidding Process under CPSE Scheme of GOI. Under the dynamic leadership of Prime Minister Sh. Narendra Modi and guidance of Union Power Minister Sh. R. K Singh, SJVN is adding significant capacities to its portfolio. Presently, SJVN has a portfolio of around 31,000 MW. Besides generating power through hydro, thermal, wind and solar, SJVN has also diversified & ventured into Power Transmission and Power Trading. Source: psuconnect

MAY 2022

BUSINESS & FINANCE

TATA MOTORS AND LITHIUM URBAN TECHNOLOGIES TO DEPLOY 5000 XPRES-T ELECTRIC CARS IN INDIA

Tata Motors has announced a partnership with Lithium Urban Technologies, an EV-based urban transportation service provider which will deploy 5000 XPRES T Electric Sedans, across the country, for employee transportation.

ata Motors will commence deliveries in phases and will complete the deployment by next year. In July 2021, Tata Motors launched the ‘XPRES’ brand, exclusively for fleet customers and the XPRES-T EV is the first vehicle under this brand. The new XPRES-T electric sedan comes with 2 range options – 213km and 165km (ARAI certified range under test conditions). It packs a high energy density battery of 21.5 kWh and 16.5 kWh and can be charged from 0- 80% in 90 mins and 110 mins, respectively, using fast charging or can also be normally charged from any 15 A plug point, which is easily available and convenient. It comes with zero tail-pipe emission, single-speed automatic transmission, dual airbags, and ABS with EBD as standard across variants. The black theme interior with standard automatic climate control and Electric Blue accents across its interior and exterior are also offered. Tata Motors has a commanding market share of 87% in FY’22 and over 24,000 Tata EVs on road to date in the personal and fleet segments.

Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd. said, “Targeted at mobility services, corporate and government fleet customers, the XPRES-T EV offers an optimal battery size, captive fast charging solution, which will ensure outstandingly low cost of ownership in addition to safety and passenger comfort, making it a comprehensive and attractive proposition for fleet owners and operators. This MOU is a big leap toward faster adoption of EVs in the shared mobility space and we are delighted to take forward our long-term partnership with Lithium Urban Technologies, which is on the path to providing mobility solutions with a focus on sustainability and supporting India’s e-mobility mission.”

MAY 2022

Sanjay Krishnan, Founder & CEO of Lithium Urban Technologies said, “Our relationship with Tata Motors dates back to 2019 when we placed the first order for 500 vehicles. We are delighted that Tata Motors has brought to market a portfolio of vehicles that cater to the entire application spectrum of Corporate and Business travel needs. The order of 5000 vehicles is indeed a momentous occasion for Lithium, Tata Motors, and the entire EV ecosystem. It is a testament not only to the demand for Lithium’s services but also the quality of the products from Tata Motors.” Tata Motors is also working with other Tata Group companies including Tata Power, Tata Chemicals, Tata Auto Components, Tata Motors Finance, and Croma, to contribute to the faster adoption of EVs in India through its EV ecosystem called the ‘Tata uniEVerse’. Source: PTI

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HYDROGEN

GREENKO, JOHN COCKERILL TO SET UP 2 ELECTROLYSER GIGA FACTORIES FOR GREEN HYDROGEN

Greenko Group and John Cockerill to jointly develop India’s largest green hydrogen electrolyser Gigafactory. Joint venture to hasten creation of domestic green hydrogen supply chain.

reenko ZeroC (GZC), a subsidiary of Greenko Group, a leading Indian cleantech company, and John Cockerill, a world-leading designer and manufacturer of high-capacity alkaline electrolyzers in Belgium, have signed an exclusive agreement to jointly manufacture green hydrogen electrolyzers in the Indian sub-continent. The two companies will build a hydrogen electrolyser Gigafactory targeting capacity of two gigawatts which will substitute 8% of India LNG imports. GZC and John Cockerill will combine their strengths to collaborate in all spheres of market development for green hydrogen electrolysers, which convert clean energy into carbon free hydrogen. Pressurized alkaline technology provided by John Cockerill is well adapted to “large scale” hydrogen applications and, combined with Greenko’s low cost RE-RTC (round the clock) solutions, will enable the lowest Levelized Cost of Hydrogen (LCOH) necessary for the implementation of a large H2 ecosystem on the Indian subcontinent. The Gigafactory will comprise the full manufacturing electrolyser value chain, including state of the art nickel coating and will produce electrolysers delivering H2 at 30 bars at the outlet at the highest purity level. Greenko, which is based in Hyderabad, southern India, is already building capacity to cater to the rapidly evolving green hydrogen market globally by leveraging India’s ample and diversified base of renewables generation alongside its own long-duration storage projects to provide round the clock renewable energy, Greenko aims to deliver internationally cost-competitive green hydrogen and associated green molecules. John Cockerill is, among other technologies, developing the world’s highest capacity electrolysers (6.5 MW commercial with envisioned engineering to go upto 20 GW) and manufacturing facilities across the globe. This partnership will facilitate the production of the lowest cost green hydrogen by enabling delivery of electrolysers at scale in India, within the next few years, in turn, supporting faster adoption of a green molecule-related ecosystem in the country. These developments in the H2 industry will help large local industries (such as refineries, fertilizer plants, steel), the implementation of a large-scale energy ecosystem focused on renewable energies (PV, wind, hydro) and the development of H2 mobility in India.

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Mr. Anil Chalamalasetty, Greenko’s CEO & MD said: “Greenko is working towards re-industrialization solutions for a low-carbon economy. We are partnering with a worldclass technology partner in John Cockerill and will jointly develop large-scale green molecule projects in India, which will accelerate the creation of a hydrogen economy. This partnership will not only help curtail India’s energy imports; it will also facilitate a turnaround to enable energy exports. And it will strengthen India’s green hydrogen ambitions as part of a wider renewable energy program that will see India run the world’s largest energy transition program.”

Mr. Raphael Tilot, John Cockerill Renewables’ CEO, said: “The fight against climate change is part of our mission, and this partnership with Greenko will enable us to contribute to India’s sub-continent emergence as a new green energy hub. India and neighbouring countries have abundant natural resources, a large domestic market and the potential to cater to the growth of this market regionally and globally. On the human side, collaboration between Indian and Belgian team have made good progress and we are very confident on the future developments.”

MAY 2022

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T ABLE O F C O N T E NT

ABBREVIATIO N

Introduction ………………………………………………………………………………………48 Solar Installations in India by Year …………………………………………………..49 Utility-scale Solar Installations …………………………………………………….....51 Market Scenario …………………………………………………………………………….....52 Solar Rooftop Installation …………………………………………………………….....53 Installed Power Capacity from Different Sources ……………………….....54 Discom Dues to Power Generator ………………………………………………......57 RE Generation in India ……………………………………………………………….......57 Solar Power Generation by State ……………………………………………….......58 Annual Growth in Power Generation ………………………………………….....60 State-Wise Solar Energy Generation ………………………………………….....60 Solar PV Installation by State …………………………………………………….....62 India achieves 100 GW Milestone ………………………………………………....63 SECI Monthly Payment ………………………………………………………………....64 Solar Energy Electricity Potential & Achievements by State ……….65 Transmission and Distribution Losses ………………………………………….66 Electricity Market …………………………………………………………………….......67 Recent Solar Auction …………………………………………………………………....69 Recent Solar Tender …………………………………………………………………....69 Quarterly Results ………………………………………………………………………...71 Funding and M&A Updates …………………………………………………….....73 Policy & Regulatory Updates …………………………………………………......76 IREDA Voyage in Renewable Sector ………………………………………......80 Funds Release for Renewable ………………………………………………….....81 FDI Inflow in Renewable Energy …………………………………………….....82 Solar Parks in India ………………………………………………………………….....83 Solar Water Pump ……………………………………………………………………....85 Renewable Energy Certificate Trading …………………………………......85 Tariff Cost of Solar Energy ………………………………………………………....86 Installed Capacity Trends …………………………………………………………...88 Approved List of Models and Manufacturers (ALMM) ……………….88 Tariff Trend in India (Wind/Solar) …………………………………………90-91 Scheme for Solar Energy ……………………………………………………………..92 Hydrogen Updates ……………………………………………………………………….92 EV Updates ……………………………………………………………………………………93 Conclusion and Suggestions ………………………………………………………..96

ALMM Approved List of Models and Module manufacturers ASP Average Selling Price BCD Basic Custom Duty BOM Balance of Material BU Billion Unit CEA Central Electricity Authority CERC Central Electricity Regulatory Commission CFA Central Finance Assistance cKM Circuit kilometer CPSU Central Public Sector Unit CY Calendar Year DISCOM Distribution Company EV Electric Vehicle GW Gigawatt GWh Gigawatt Hour IREDA Indian Renewable Energy Development Agency ISTS Inter-State Transmission System JNNSM Jawaharlal Nehru National Solar Mission KV Kilo volt kW Kilowatt kWh Kilowatt Hour LC Letter of Credit M&A Merger and Acquisition MNRE Ministry of New and Renewable Energy MoU Memorandum of Understanding MSME Ministry of Micro, Small and Medium Enterprise MU Million Unit MVA Mega Volt Amp MW Megawatt PM-KUSUM Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan PPA Power Purchase Agreement PV Photovoltaic RE Renewable Energy REC Renewable Energy Certificate RPO Renewable Purchase Obligation RTS Rooftop Solar System T&D Transmission and Distribution

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MAY 2022

INTRODUCTION

ndia’s quarterly Solar capacity additions grow exponentially by 53 percent in Q1 2022 over the previous quarter with around 4.5GW installed

in the starting quarter of 2022, a decent increase compared to around 2.62 GW installed in Q1 2021. Installations were up by 74 percent YoY compared to Q1 2021. In Q1 2022, large-scale installations to taled around 4.16GW compared to around 2.28 GW installed in the previous quarter. YoY, large-scale installations increased by over 147 percent compared to 1.68GW installed in Q1 2021. The large-scale Solar PV project installation figures were the highest of all the previous quarters since 2010 as 31st March 2022 was the last date of the duty-free window for foreign modules, also many under-development projects were there were stuck due to restrictions and higher module prices. In the second half of FY 2021-22, more than 7.5 GW of SolarPV projects got commissioned (utility & rooftop). Even the installations might be more in the second quarter of the calendar year 2022 as developers procured the panels before the duty been imposed on the module, but there was a supply chain disruption in China due to which the prices in the domestic country in China were itself high, it’s a wait and watch the situation as to how developers are reacting in the Q2 2022 and commissioned the projects to get the benefit of the extra cost of duty on modules. Rooftop Solar installations accounted for around 388 MW installed in Q1 20221, adecline of 43 percent compared to 684 MW installed in Q4 2021. In a YoY comparison, rooftop Solar installations decline by 59 percent, with around 934 MW added in Q1 2021. The lockdown has been lifted across the country, movement of the workforce has been improved, transportation of Solar PV equipment at the factory location become easy, and developers are commissioning the projects at full speed, due to which the installation in the second half of 2021-22 was above 7.5 GW, also the installations in Q1 CY 2022 were around 4.5 GW. The market has substantially improved since Q4 of 2020 due to which the Solar PV installations crossed 4 GW in the first quarter of 2022. The government had set a target for setting up 100 GW of Solar power capacity by December 2022 in the country. Against this, a total of around 54 GW (utility, rooftop, off-grid) of Solar power capacity has been installed as of 31st March 2022, 44.27 GW capacity is at various stages of implementation and 13.86 GW capacity is under bidding stage as per the Lok Sabha update. The market has recovered from a pandemic, and projects are getting commissioned which were stuck in 2021 but one issue of rising in the Solar PV modules continues in the Indian Solar industry, the price of Solar PV modules has increased by 15 percent for both Poly and Mono Perc comparison with the previous quarter. India installed SolarPV capacity has crossed the 50 GW line with the installed capacity of 52.4 GW (utility & rooftop) as of 31stMarch 2022. Of the total SolarPV installed capacity, most of the installation comes from utility-scale projects of more than 45.7 GW, while the rest comes from rooftopSolar. In Q1 2022, the pace of Solar rooftop installations has reduced but the installations ona utility-scale have increased by 53 percent over the previous quarter of 2021. Many of the industrial and commercial customers are coming forward to go forSolarinstallations which were not available a few months back, especially in the second wave restriction. The year has started ona good note for the Indian Solar industry and will end with maximum installations, as 2022 is the last year for the JNNSM target of 100 GW by December 2022. The share of utility-scale in the total Solar PV installations as of March 2022was around 87 percent, while in CY Q1 2022, it exponentially increased to 92 percent. While the share of rooftop Solar as of March 2021 was having around 13 percent of the country's total Solar PV installations, it has gaineda 6% share in the first quarter ofCY 2022over the previous quarter's cumulative capacity. The share of the rooftop especially in the commercial and industrial space will grow substantially as the net-metering policy which was pending fora few months has been approved by the Ministry of Power where the new amendment allows the net metering users to go for loads up to 500 kW or up to the sanctioned load, whichever is lower. In Q1 2022, the PV supply chain saw substantial price fluctuations. Polysilicon shortages affect production output across the supply chain, whilst energy intensity and consumption control, and power rationing imposed in China since September2021 affected overall raw material supply. Also, there is an outbreak of COVID-19 in the country again in 2022 which are affecting the transport, as there is a lockdown in a few of the important province of the country, due to which there is a halt in the movement of goods inside the country, which create shortage from the bubble demand of Solar PV modules and the price of the panels got an increase. In overseas markets, prices stabilize for the time being, with small fluctuations in the dollar. Still, the Asia-Pacific region seals some orders for the second and third quarters at $0.265-0.27/W (FOB). In Europe, prices continue rising on robust demand and fluctuating exchange rates. For now, prices for glass-backsheet modules rated beyond 500 W sit at $0.27-0.28/W, reaching beyond $0.28-0.30/W on the spot market. Residential projects see prices coming in at $0.285-0.315/W. Prices for modules with black backsheet stand at $0.295-0.35/W. Under pressure from production costs, India sees the high-price range for mono-Si modules advance further, coming in at $0.35-0.37 this week, with rising momentum persisting next week as per the PV info link.

MAY 2022

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CUMULATIVE SOLAR PV INSTALLED CAPACITY (MW)

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SOLAR INSTALLATIONS IN INDIA BY YEAR The growth rate of Solar PV installations inthe first quarter of 2022 was the highest, as India's capacity addition in the quarter was around 4.5 GW(utility & rooftop) compared to the installations in Q4 2021 were 2.96 GW. There wastremendous growth in the Indian SolarPV installations from 2016 to 2019, but due to COVID-19, the installations have slowed down. In CY 2021, the installations havetaken a U-turnand shown a growth of 279 percent over 2022, but India needs more projects to be commissioned in the coming quarters as the target is huge, and left with only three quarterswhere the country has to achieve 100 GW of Solar PV installations by December 2022. Utility-scale installations were on track and left with just 14.2 GW to achieve the 60 GW of JNNSM target for ground-mount Solar PV installations. After the Paris agreement, there is a positive growth in the SolarPV installations in the country, and India became one of the top Solarmarkets globally after China & the USA. The total renewable energy capacity (excluding Hydro Power) already crossed the 109 GW mark in March 2022. The 175 GW installed RE capacity by 2022 announced in 2015 by the Hon’ble Prime Minister of India surpassed the 110 GW milestone (excluding large hydro) in 2022. India has only tapped a fraction of the vast potential for renewable energy and, therefore, India has raised the target to 450 GW RE installed capacity by 2030 with 280 GW of Solar. India will install the maximum capacity of yearly Solar PV installation in the Calendar year 2022, which already started with more than 4.5 GW of installations in Q1 2022, the developers have procured the modules before the imposition of BCD, and commissioned the projects with the duty-free module in the first quarter. Even, though India has tier-1 panel manufacturers who can provide quality panels at an affordable rate, also many huge announcements are having where top domestic manufacturers are announcingan expansion, and trying to match the capacity of Chinese module manufacturers so that they can get the benefit of economies of scale and supply the modules at a competitive rate.

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MAY 2022

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Installations in Indian Solar Industry might be slow in the coming quarter due to BCD on modules and cells, in the first quarter of 2022 installations were all-time high as there was a rush to commission the projects before BCD, also many projects due date have already crossed due to COVID restrictions. The raw materials price is at the highest due to supply disruptions in China, also the new COVID outbreak is going to further affect the prices of the module. India’s renewable capacity (excluding Hydro Power) has crossedthe 109 GW mark, of which Wind and Solar Power contribute most of the installation with a market share of 36.7 percent and 49.1 percent as per March 2022 CEA (Central Electricity Authority) updates.

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MAY 2022

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UTILITY-SCALE SOLAR INSTALLATIONS In CY Q1 2022, around4.16 GW of SolarPVhas been installed in the country under utility-scale installations. This quarter was considered one of the highest Solarprojects commissioned capacity in the country since 2018 with 4.649 GW (utility, rooftop & off-grid). The developers commissioned the maximum projects in March 2022 before the implementation of BCD on the Solar PV module & cell.

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MAY 2022

In Q1 2022, utility-scale projects accounted for 91 percent of the total Solar PV installed capacity, which was up by 82.3 percentover Q4 2021, where the installations were around 2.28 GW. The installations in CYQ1 2022would have been more but due to an increase in the raw materials, the price of the modules has increased many folds, also the availability of modules in the short-term is difficult due to global demand. Many Chinese suppliers were not able to supply the panels due to a shortage of raw materials in China. Even Q2 2022 is going to be a difficult quarter due to the recent outbreak of COVID-19, there was a fresh lockdown in a few of the major provinces due to which many containers were floating idle in the coastal region. This will result in inflation in the Solar PV upstream segment.

MARKET SCENARIO The installations for Solar PV in the first quarterof 2022 were around 4.54 GW (utility-scale & rooftop), there was a growth of 53 percentcompared to the previous quarter's installations. The installations are at a higher scale but due to the increase in the module price, it becomes a difficult task for the developers to execute the projects at the pre-determined price. Lots of negotiations are happening between the project developers and module suppliers. The major reason for the increase in the modules price wasSupply chain disruptions, after July 2020, polysilicon price increased from $6.8/kg to $37/kg in Q1 2021. The impact and influence of the rise in polysilicon price over the module price are clear. Other disrupting factors include increases in the priceof commodities such as glass and metals and scarcity of containers. Such disruptions become more worst due to various Covid-19 lockdowns across the world which resulted in the halting of manufacturing activity in the past. Another major reason was the augmentation of demand – supply and demand mismatch were another major factor foran increase in Solar module prices. Over the past two years since the Covid-19 outbreak, the demand and acceptance for Solar worldwide have exploded. The demand for cheaper and cleaner sources of energy, with corporates globally setting up their own Net Zero plans, is further driving the growth of Solar energy across the world. In such a scenario of demand outstripping supply, the price of the Solar PV commodity increases. BCD is applied on importedSolarPV modules (40%) and cells (25%). Additionally, the government-mandated Solar developers to use only ALMM enlisted modules for all government projects, government-assisted projects, which come under government schemes and programs (such as Component A of PM-KUSUM scheme) as well as open access and rooftop net metering projects. ALMM as of April 2022, included only domestic manufacturers with 12.874 GW consisting of 58 companies of all Indian origin. Anticipating an upsurge in demand for domestically manufactured Solar modules due to the above factors, the leading domestic Solar manufacturers have increased their prices by 3-4 cents (3-4 percent) in the first quarter of 2022. During the third quarter of the calendar year 2021, several countries including China faced an energy crisis. The main reasons were the shortage of coal due to supply chain disruptions in coal supply. The Solar manufacturing industry, still highly concentrated in China, was affected by the rolling blackouts implemented by the government of the energy-intensive industries. This crisis added an extra burden toan already difficult situation and resulted in an increase in module prices in short term. With covid cases surging again in China in Q1 2022, the Chinese government has imposed another strict lockdown across major provinces. Thus, this drawback to Solar manufacturing in China is affecting Solar module prices. 2022 will be a good year for the Indian Solar industry, and installations for the 2022 calendar year will surpass 12 GW. As many underdevelopment projects are accumulated due to COVID 19 restrictions, supply chain disruption as well as overpricing of the Solar PV module. Even at the current time, Global trendscontinue to favor the Solar industry, which particularly benefits the polysilicon sector. We are beginning to witness significant policy shifts to accelerateclean energy adoption and de-carbonization around the world. In March 2022, the European Union announced its RePowerEU initiative, whichcalls for an acceleration of clean energy transition under the European GreenDeal. Germany, in particular, has announced an ambitious program tosignificantly accelerate its clean energy transition, with plans to deploy 22GWof Solar installations per year starting in 2026, a two-fold increase from 2021installations of 10.4GW. So, one thing is clear the price of the panels is not going to come down, over that the government has imposed BCD on cells and modules this resulted in extra money developers have to spare for their projects. The JNNSM target of 100 GW Solar PV installed capacity by December 2022 will fall short of around 30 GW plus, as per the current scenario, the future project for 2025 and further 2030 will alsochange. With the domestic factors of BCD, ALMM as well asa supply-demand mismatch, it can be seen that SolarPV module and cell prices are not expected to go downbefore 2023 end or Q1 2024 in the period when we may finally estimatea downward trajectory in Solar module prices again.

MAY 2022

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SOLAR ROOFTOP INSTALLATION

RooftopSolar installations declined by 43 percentin Q1 2022 reaching around 388 MW compared to Q4 2021. There was a year-over-year decline of 59 percent compared to Q1 2021. Rooftop Solar contributes just 9 percent of the total Solar PV installations in the first quarter of 2022. The installations in the quarterwere slow due to a recent outbreak in a few pockets of the country, but overall, the installations were normal without any restrictions. One of the major reasons for the decline in the overall installations of rooftops in the first quarter was the lack of panels availability, as C&I consumers don’t want to install the projects with higher panels price, which went down to the lowest a few quarters back. The good days were gone for the C&I consumers as they have to pay extra costs for the procurement of modules due to the imposition of BCD.

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Cumulative rooftop Solar installations have reached 6.645GW as per MNRE monthly updates and still makeup just 13 percent of the total SolarPV installations in the country, the target for Solarrooftops by December 2022 is 40 GW, still,a long way to go to reach the target, it is impossible to install 40 GW of Solar rooftop projects. We can estimate that India can achieve below 10GW of rooftop Solarinstallations by 2022. The rooftop consumer’s major objective for a Solar system is to reduce their electricity bills as installing a Solar system for large consumers is beneficial, but due to BCD, their payback period will go up. Rooftop Solarinstallations will grow exponentially in 2022 as the demand in commercial and industrial are increasing every year. Also, the recent update on the Coal shortage will kick up the Solar rooftop installation in the coming quarters as the C&I consumer's dependence ondistribution companies (discoms) will reduce, this will help them smooth flow of their day-to-day operation which is getting disrupted due to load shedding.

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MAY 2022

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India installed around 388 MW of Solarrooftop projects in the quarter first of 2022. But the good daysare over by the end of Q1 2022 (31st March 2022) whengovernment-imposed BCD on Solar modules and cells, the installations started falling again as rooftop installations always go for higher wattage imported panels from Chinese companies such as Mono Perc, Bifacial, now this panels costs 40 percent extra, the installers will suffer a huge loss as the cost of projects for rooftop Solar become very competitive from the past few quarters and negotiation for the higher price will be very difficult for the installers.

INSTALLED POWER CAPACITY FROM DIFFERENT SOURCES Renewable capacity additions continue to increase at a rapid pace in India, accounting for approximately 27.5 percent of India’s power capacity mix at the end of March 2022. India’s total installed power capacity stood at over 399.5 GW at the end of the financial year ending 2021-22 from all the sources, with renewables accounting for 109.88 GW making up 27.5 percent, compared to cumulative renewable energy installations of 104.87GW at the end of December 2021, which represented a 1.6 percent growth quarter-over-quarter.

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MAY 2022

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Solar power accounted for approximately 54 GW of installations, which is 13.5 percent of the total installed power capacity. The share of Solar power in the installation mix grew from 13 percent in December 2021 to 13.5 percent in March 2022. Among the renewables (excluding Hydro), Solar accounted for approximately 49.1 percent of the installed capacity. Wind accounted for 40.35 GW of the total installed capacity and nearly 10.1 percent of the overall power capacity mix and 36.7 percentof the renewable mix capacity as of March 2022. As the restrictions across the country have been uplifted, the overall installed capacity in the country has been increased by 1.6 percent which is 6.1 GW quarter over quarter from Q1 2022 over Q4 2021. Among the renewable, Solar Power has shown the highest growth quarter-over-quarter at9.4 percent, while Wind Power has grown by just 0.7 percent, and Bio-Power by 0.7 percent. Hydro power’s cumulative installations stood at 46.722 GW, making up 11.7 percent of India’s total installed capacity.

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Small hydro had installed over 4.8 GW and represented1.2 percent of the overall power mix capacity at the end of March 2022. The share of nuclear remains constant during the first quarter of 2022 which represents1.7 percent of the total power mix installed capacity by March 2021, with no capacity added since the first quarterof 2021.Nuclear power is not only clean and environmentally friendly, but it is also a source of base load power available 24x7 like thermal power. As the other segment in the power mix were adding their capacities which results in a decrease in the share of nuclear in the overall power mix. The actual commercial generation has increased from 34,162 million units in the calendar year 2014 to 43,918 million units in the calendar year 2021 for nuclearpower. Thermal power (which includes coal, lignite, gas, and diesel) is still the significant source of energy in the country - with its cumulative installations reaching 235.59 GW, representing 59 percent of the total installed power capacity. Coal accounted for a dominant share of the mix, with 51.1 percent of the total installed power capacity, followed by natural gas at 6.2 percent, lignite at 1.7 percent, and diesel with a 0.13 percent share.However, thermal power’s share in the overall power mix is gradually declining as the government is shutting down old thermal plants, especially coal, and moving toward a non-conventional source of energy. Butin the recent past, the country suffers outages across the country due to a shortage of coal in the thermal power coal unit, it’s a long way when renewable power generation will be able to dominate the country's electricity demand as mainstream renewable energy is intermittent.

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MAY 2022

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70 Hydro Electric Projects (HEP) (above 25 MW capacity) aggregating to a capacity of 29,336.5 MW have been envisaged during the period 2021-22 to 2029-30. This includes 36 HEPs (12,663.5 MW) that are under construction and 2 HEPs (213 MW) commissioned in 2021-22. Out of 36 HEPs (above 25 MW capacity) with an aggregate installed capacity of 12,663.5 MW that are under construction in the country, 27 projects (11,427.5 MW) are under active construction and 9 projects (1,236 MW) are held up. 29 HEPs with an aggregate installed capacity of 22,768 MW were concurred by the CEA and are yet to be taken up for construction for various reasons. The DPR of 2 HEPs with an aggregate installed capacity of 1,700 MW is yet to receive the concurrence of the CEA. While no large HEP as well as thermal power project has been installed during the last three years and in the current year,2021-22 in the State of Jharkhand and also no large Hydroelectric Power project is currently under construction in that state as per MNRE question and answer session in Lok Sabha.

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MAY 2022

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DISCOM DUES TO POWER GENERATOR

There was an overdue amount that needs to be paid by discoms at the start of March 2022 was ₹ 102,673 crore ($13.57 billion), which was ₹6,039 crore($798.332 million) higher than December 2021and ₹1,128crore ($149.117million) higher by March 2021. In March 2022, the total amount billed to discoms was ₹19,305crore ($2.552billion). Discom paid around ₹64,620crore($8.54 billion) in Q1 2022 for both current and overdue. Discom revenue losses are reducing slowly, which were quite high in the past years due to a reduction in theft, fewer transmission & distribution losses, also the introduction of smartmeters. But the dues are increasing on regular basis over distribution companies which need to be paid to the generators.

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RE GENERATION IN INDIA

Total renewable energy generations in March 2022 reach 15,643.06 million units, there is anincrease of RE generators by 22.6 percent over December 2021, where the RE generations were 12,754.4 million units, also there is an increase of over 19.8 percent quarter over quarter from Q4 2021 to Q1 2022 where the generation from RE was 35.16 billion units in Q4 2021 to 42.12 billion units in Q1 2022.

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MAY 2022

Solar Power generation is having the largest percentage in terms of the generation behind Wind Power with 8,338.23 million units and contributes53.3 percent of the total renewable generation share in March 2022, Wind Power with 25.61 percent market by generating 4,006.84 million units in March 2022. Other sources such as Bagasse, small Hydro, and Biomass contribute 13.47 percent, 4.09 percent, and 2.17 percent respectively. Solar and Wind Power together contributed 78.92 percent of the total renewable energy generation in March 2022. There is a growth of around 23 percent in the total renewable generation from March 2021 to March 2022. While there is an exponential growth of 23.45 percent in Solar power generation from March 2021, Wind Power has increased by 13.45 percent in the generation in the same period.

SOLAR POWER GENERATION BY STATE Rajasthan overtake Gujarat and shows the largest SolarPower installed capacity among the top Solar PVinstalled states byMarch 2022, While Rajasthan also overtook Karnataka to become the largest Solar PV generation state and shows a tremendous growth rate of 150 percentyear over year comparison for Solar generation as the state has installed a huge amount of Solar power projects since March 2021

Name of State/UT

Solar Power Generation (MU) March’2021

Solar Power Generation (MU) March’2022

Growth (%)

Rajasthan

987.16

2469.9

150%

Karnataka

1307.01

1305.3

Andhra Pradesh

794.43

764.52

-4%

Tamil Nadu

654.88

763.9

17%

Gujarat

531.71

760.42

43%

Telangana

654.41

671.68

Madhya Pradesh

414.97

441.02

Uttar Pradesh

257.81

348.38

35%

Maharashtra

779.38

299.08

-62%

Punjab

126.22

169.36

34%

Odisha

55.25

65.98

19%

Haryana

34.78

63.04

81%

Kerala

36.29

54.58

50%

Chhattisgarh

34.95

48.89

40%

Uttarakhand

24.63

27.65

12%

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Rajasthan and Karnataka have crossed over 1,000 million units each of Solar power generation as the states have installed 12.56 GW and 7.59 GW of SolarPV installation as of March 2022 as per MNRE monthly updates. Even though Gujarat has installed more than Tamil Nadu and Andhra Pradesh, butby generation through Solar projects, these two states have more generations in terms of million units which shows the quality of generations and the irradiation level in southern states, as per the March 2022 data, Tamil Nadu has installed more Solar capacity but has generated less than Andhra Pradesh and is also the 6th largest Solar PV states with an installed capacity of 4.38 GW as of March 2022.

MAY 2022

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MAY 2022

ANNUAL GROWTH IN POWER GENERATION The overall generation (including generation from grid-connected renewable sources) in the country has been increased from 1,110.458 BU during 2014-15 to 1,173.603 BU during the year 2015-16, 1,241.689 BU during 2016-17, 1,308.146 BU during 2017-18, 1,376.095 BU during 2018-19, 1,389.121 BU during 2019-20 and 1,381.855 BU during 2020-21. The performance of category wise generation during the year 2020-21 was as follows:Thermal Reduced by 0.98 % Hydro Increased by 3.51 % Nuclear Increased by 7.41 % Bhutan Import Increased by 51.27 % Solar, Wind & Other RES 6.44 % Overall Growth rate recorded by 0.52 %

Growth (%)

Year Growth in Fossil Fuel Generation

Renewable Generation (Including Hydro)

Non-Fossil Fuel (RE + Nuclear) Generation

Total Generation

2011-12

6.6

17.5

18.3

9.14

2012-13

7.3

-5.9

-4.78

4.46

2013-14

4.2

9.05

5.23

2014-15

10.8

1.3

1.91

8.84

2015-16

7.5

-1.8

0.97

5.69

2016-17

5.3

8.9

7.68

5.8

2017-18

4.3

11.1

9.55

5.35

2018-19

3.4

14.3

12.09

5.19

2019-20

-2.7

12.7

13.99

0.95

2020-21

-1

2.1

0.86

-0.52

2021-22*

7.5

7.8

Source: Ministry of Power (*Provisional (upto March 2022))

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STATE-WISE SOLAR ENERGY GENERATION Solarenergy production has increased from 39.27 BU (billion units) in 2018-19 to 73.48 BU in 2021-22 registering an increase of 87 percentor 34.21 BU. There is tremendous growth ina different region of the country from 2018-19 to 2021-22, such as the North Eastern Region showed a growth of 479 percent, followed Northern Region by 176 percent, Western by 82 percent, Southern by 56 percent, and Eastern Region by 75 percent in the same period. North Eastern Region has been improved in recent years as the growth of Solar installations is increasing year after year due to the imposition of Solar RPO in those states which was not there earlier, from 2019-20 to 2020-22, this region had shown a growth of 176 percent, which is quite positive for the country as a whole. In 2021-22, Northern Region hasgained market share in terms of power generation of the country which shows 31 percent, while the Western Region has 20 percent, but the maximum shares still come from the Southern region which has more than 48 percent of the total Solar power generation in the country in 2021-22. Eastern Region is still the neglected region in the country where the share of power generation was just 1 percent followed by the North Eastern Region by 0.13 percent share.

MAY 2022

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State-Wise and Year-Wise Solar Energy Generation Installed (in MU) 2018-19 2019-20 2020-21 13.51 13.33 10.16 10.83 136.3 189.99 72.47 125.14 162.95 0 11.66 36.52 0 0 9.42 0 0 0 1492.9 1358.22 1356.48 5109.35 7776.56 10384.24 1235.08 1447.05 1856.19 318.29 341.51 329.64 8252.45 11209.77 14335.59 335.15 326.42 370.8 2410.32 3631.86 4633.81 2982.29 3496.23 4202.03 2206.62 2372.68 3089.46 5.76 6.19 11.96

Name of State/UT Chandigarh Delhi Haryana HP J&K Ladakh Punjab Rajasthan Uttar Pradesh Uttarakhand Northern Region Chhattisgarh Gujarat Madhya Pradesh Maharashtra Dadra and Nagar Haveli Daman & Diu Goa Western Region Andhra Pradesh Telangana Karnataka Kerala Tamil Nadu Lakshadweep Puducherry Southern Region Andaman Nicobar Bihar Jharkhand Orissa Sikkim West Bengal Eastern Region Arunachal Pradesh Assam Manipur Meghalaya Mizoram Nagaland Tripura North Eastern Region All India Total

18.94 0 7959.08 4965.96 6312.26 7575.83 110.84 3554.5 1.11 2.58 22523.09 13.86 179.89 19.15 263.03 0 40.65 516.58 1.2 6.67 1.88 0 0.12 0 7.14 17 39268.2

21.83 0.82 9856.02 5855.11 6263.92 11221.2 143.59 4946.63 0.66 4.15 28435.26 11.6 160.16 17.47 362.29 0 64.29 615.81 1.6 6.14 2.63 0 0.44 0 3.43 14.24 50131.1

2021-22 14.19 225.84 572.85 44.29 1.71 0 1473.41 17219.88 2900.41 301.6 22754.17 436.56 6774.5 4006.7 3187.18 49.16

29.52 1.46 12339.03 6956.1 6351.04 13238.86 275.44 6115.48 0.45 6.39 32943.75 24.82 160.63 17.16 476.26 0 73.89 752.78 1.54 13.37 7.71 0 2.45 0 6.04 31.11 60402.25

35.35 15.93 14505.37 7832.51 6536.94 13169.43 496.93 7172.88 0.3 12.24 35221.23 21.51 163.08 18.21 603.71 0 98.24 904.75 1.72 81.64 6.72 0.47 1.68 0 6.18 98.41 73483.94

Source: Lok Sabha Update, CEA

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MAY 2022

SOLAR PV INSTALLATION BY STATE

India installed around54 GW of SolarPV installations as of March 2022 as per the MNRE update. Rajasthan, Karnataka, Gujarat, Tamil Nadu, Telangana,and Andhra Pradesh, were the top state who have installed grid-connected utility-scale Solarprojects of above 4 GW and cover 81.1 percent of the total installed capacity. The top ten states installed a cumulative Solar PV capacity of around 50 GW (utility-scale, rooftop& offgrid) and cover a market share of more than 92.6 percent by the end of March 2021.

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By the end of Q1 2022, India installed over6.645 GW of grid-connected Solar rooftop installations and had a market share of 13 percent, while the rest 87 percent comes from the utility-scale project. The top Solarrooftop installations states were Gujarat, and Maharashtra, followed by Rajasthan. Rajasthan installing more rooftop projects which push the state to one of the top Solar rooftop installation destinations in the country. The maximum number of utility-scale projects were installed, in the first quarter of 2022, as BCD on Solar PV modules and cells was imposed from 1st April 2022, and many developers were in a rush to execute the project before 31st March 2022.For rooftop Solarinstallation, many C&I consumers who want to go for Solar to reduce their electricity cost were also moving forward and commissioned the projects before Q2 2022, as the C&I consumers go for tier-l modules to get maximum generation from the projects, installers don’t want to pay 40 percent duty on modules to reduce their profit margin. For the utility-scale developers, construction is at an all-time high, developers were very aggressive to execute their projects and commissioning before the due date. SolarPV installations under the utility-scale segment were around 4.16 GW in the first quarter of CY 2022. Rajasthan overtook Karnataka to become the largest Solar installer (utility, rooftop & off-grid) across the country with an installed capacity of 12.56 GW, followed by Karnataka with 7.59 GW. The installations in Rajasthan are picking up as there are GWs of under-construction projects which are commissioning in the second half of the financial year 2021-22.

MAY 2022

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INDIA ACHIEVES 100 GW MILESTONE

The total installed renewable energy capacity in India, excluding large hydro, has crossed the mile-stone of 109.89 GW by the end of March 2022. Today India stands at 4thposition in the world in terms of installed RE capacity, 5th in SolarPower,and 4th in Wind Power in terms of installed capacity. India has set an ambitious target for itself in the area of Renewable Energy, which the Ministry of New and Renewable Energy is committed to achieving. India has also enhanced its ambition to install 450 GW of Renewable Energy capacity by 2030 of that 280 GW comes from Solar.If large hydro is included the installed RE capacity increases to 156.6 GW by the end of March 2022. India had committed to achieving 40.1% of its installed electricity capacity from non-fossil energy sources by 2030. The country has achieved around 39.2 percent of the total installed power capacity. The country’s installed Renewable Energy capacity stands at 156.6 GW while its nuclear energy-based installed electricity capacity stands at 6.78 GW. The Government is committed to achieving 500 GW of installed power capacity from non-fossil fuel sources by the year 2030. ICRA estimates the outlook for the capacity addition in the renewable energy sector remains strong with a large project pipeline of over 55 GW and the highly competitive tariffs offered by these projects. The commitment to climate change goals announced by the Prime Minister at the recent COP26 summit, including increasing the non-fossil power capacity to 500 GW and meeting 50% of energy requirement from renewable sources by 2030, further strengthens the investment prospects in the renewable energy sector.

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MAY 2022

SECI MONTHLY PAYMENT

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Solar Energy Corporation of India (SECI) paid ₹16.491 billion (~$218.005 million) for Solar and Wind power purchased in the first quarter of 2022 from ₹15.65 billion (~209.4899 million) in Q4 2021, there is an increase of over 5.34 percent over the previous quarter. The disbursed amount was highest in the third quarter of 2021. There weremany ups and down in the payment to generators from April2021 to March 2022. During the financial year 2021-22, SECI has made a payment of around ₹67.849 billion ($896.938 Million). The payment toSolar and wind generators started increasing in 2022, as lots many projects are coming online in the coming quarters. SECI is the major power purchaser for Solar in the country, and monthly payments to power generators are increasing year on year basis. Recently, SECI has issued RfS for setting up pilot projects of 500 MW/1000MWh standalone battery Energy Storage Systems in India under Tariff-Based Global Competitive Bidding (ESS-I). The government has recently approved the infusion of additional ₹1000 Crore ($133.7 million) equity into SECI, a Schedule-A CPSE under the MNRE. The additional equity will strengthen the company's balance sheet and enable SECI to undertake critical investments in the Renewable Energy (RE) sector.

MAY 2022

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SOLAR ENERGY ELECTRICITY POTENTIAL AND ACHIEVEMENTS BY STATE Solar Energy Electricity Potential by State in India

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MAY 2022

Of all the renewable energy, Solarpower has the potential of around 750 GW across the country. India has tapped just 7 percent of the actual potential for the Solar PV project, as per the available data.Punjab achieved the maximum potential capacity of 39 percent, out of the total potential of Solar power followed by Karnataka with 31 percent. JNNSM's target of Solar power by 2022 is 100 GW of this around 54 GWhas already been achieved by the first quarter of the calendar year 2022. Since the signing of the Paris Agreement, Solar installations in the country have increased exponentially, many schemes such as Ultra Mega Solar Power Park, PM-KUSUM, and Grid Connected Solar Rooftop Programme have been launched to promote Solar PV, the results of which Solar became the highest growing sector among the power. The share of Solar PV installed capacity among the total power installed capacity was around 13.5 percent. The Solar PV installed capacity was around 5 GW by 2015, now India has installed around54 GW as per the CEA update. India is set to achieve 450 GW renewable energy installed capacity by 2030 of that 280 GW comes from Solar.

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Region

Availability GWh

Consumption GWh

T&D Losses GWh

T&D Losses

NER

16069

11475

4594

28.59%

146615

110339

36276

24.74%

407581

320056

87525

21.47%

385100

303565

81535

21.17%

352320

292083

60237

17.10%

Source: Niti Aayog Dashboard (2019)

MAY 2022

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ELECTRICITY MARKET The entities showing aggressiveness in buying Renewable Energy Certificates (REC) to meet their renewable purchase obligation (RPO), there is a decline of 2.38 percent quarter over quarter from Q1 2022 over Q4 2021. In March 2022, Power Market trades the highest monthly volume of 9,605 MU in the first three months of 2022. In Q1 2022 of the calendar year, the electricity market achieved 27,017 MU volume resulting in 16 percent YoY growth across market segments.

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MAY 2022

The green ahead market traded the highest volume of 453 MU during February2022 in the firstquarter of 2022,the market registered a cumulative trade of 27,017 MU in the quarter. According to the power demand data published by the National Load Dispatch Center, the energy consumption at 126 BU saw 2.5% YoY growth on a high base while the national peak demand at 199.29 GW saw 7.2 percent YoY growth during March2022. Cumulatively for the fiscal year 2022, the Exchange Market achieved an all-time high volume of 102,035 MU leading to 38 percent YoY growth. The growth in electricity volumes on the exchange platform underlines the value delivered by the exchange platform to the generators, distribution utilities, and the industrial consumers in facilitating the most competitive, flexible, and efficient power trade. As per the government data for the fiscal year 2022, the national peak demand for electricity at 200.5 GW saw 5.5 percent growth while electricity consumption at 1371.7 BU saw about 8 percent YoY growth. Cumulatively for the Fiscal Year 2022, the Renewable Energy Certificate Market at IEX achieved 60.78 lakh RECs equivalent to 6,078 MU. During the financial year 2022, the Energy Saving Certificates Market at the exchange accomplished a cumulative trade of 286,142 ESCerts equivalent to 286 MU volume.

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MAY 2022

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RECENT SOLAR AUCTION Winner Ayana Renewable Power Fortum Ayana Renewable Power Fortum SJVN Fortum UPC Renewables Hinduja Renewables L&T Amar Raja Jakson Solar

Capacity (MW) Tariff (₹/kWh) Solar PV Auctions in Q1 2022 300 2.36 SECI Karnataka T-X ISTS, Solar 600 MW (Koppal Substation) 300 2.37 SECI Karnataka T-X ISTS, Solar 600 MW (Koppal Substation) 300 2.35 SECI Karnataka T-X ISTS, Solar 1200 MW (Gadag Substation) 300 2.36 SECI Karnataka T-X ISTS, Solar 1200 MW (Gadag Substation) 100 2.29 GUVNL Solar P-XIII, 500 MW 200 2.29 GUVNL Solar P-XIII, 500 MW 80 2.29 GUVNL Solar P-XIII, 500 MW 120 2.29 GUVNL Solar P-XIII, 500 MW 245 735 MW BoS Nokh Solarprojects in Rajasthan 245 735 MW BoS Nokh Solarprojects in Rajasthan 245 735 MW BoS Nokh Solarprojects in Rajasthan EQ isearch

RECENT SOLAR TENDER Issuer NTPC REL Maharashtra State Electricity Distribution Company Madhya Gujarat Vij Company Ltd.

Gujarat Urja Vikas Nigam Ltd. NTPC REL NTPC REL

Capacity (MW) 1,000 865 700

500 500 500

Maharashtra State Electricity Distribution Company (MSEDCL)

445

Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL)

440

NTPC REL

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300

Project Type

Solar PV Tenders in Q1 2022

Utility

BoS Package with Land forISTS Connected Solar Projects (Upto 1000MW) Anywhere in India RfS Document for Procurement Of 865 MW (Ac) Solar Power in Maharashtra Through Competitive Bidding Process Empanelment Of Vendors for Design, Supply, Erection, Testing, And Commissioning Including Warranty of Various Capacities Under the Phase-Ilof Grid Connected Rooftop Solar Scheme ofMore /Surya Gujarat Scheme During the Year (2021-22) For Residential Consumers in Urban Area For Purchase of Power Through Competitive Bidding Process From 500 Mw Grid Connected Solar Projects (Phase Xiii) Selection Of Developers for ISTS Connected Energy Storage Solutions Of 3000mwh with 500MW (Min) Capacity Anywhere in India. Invitation For Bids for Land and Transmission System Package for Development Of 500MW Stu Connected Solar Pv Projects in Rajasthan. For Procurement of Cumulative 445 MW (Ac) Solar Power from Decentralised Solar Projects of Minimum 0.5 MW To Maximum 2 MW Capacity Under Component-A Of Pm Kusum Scheme Developed in Maharashtra Setting Up of Grid Connected Solar Pv Based Power Plants (SPP) Of Capacity 500 KW To 2 MW Under Pm Kusum - A Scheme for Sale of Power To MPPMCL Balance Of System Package with Land For 300mw ISTS Connected Solar Project(S) Anywhere in India.

Utility Rooftop

Utility Utility Utility Rooftop

Utility Utility

MAY 2022

tribution Company (MSEDCL)

445

Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL)

440

NTPC REL Madhya Gujarat Vij Company Ltd.

300 300

GUVNL

220

Coal India Limited

200

GSECL/Gujarat

131

Maharashtra State Road Development Corporation

120

SECI

100

Neyveli Lignite Corporation Limited Navi Mumbai Municipal Corporation

100

Convergence Energy Services Limited

GIPCL (Gujarat)

BREDA

Military Engineer Services BESCOM

Military Engineer Services

TSREDCO

SECI

GSECL/Gujarat

GSECL/Gujarat 56 EQ MAY 2022

100

52 50

Decentralised Solar Projects of Minimum 0.5 MW To Maximum 2 MW Capacity Under Component-A Of Pm Kusum Scheme Developed in Maharashtra Utility Setting Up of Grid Connected Solar Pv Based Power Plants (SPP) Of Capacity 500 KW To 2 MW Under Pm Kusum - A Scheme for Sale of Power To MPPMCL Utility Balance Of System Package with Land For 300mw ISTS Connected Solar Project(S) Anywhere in India. Rooftop Empanelment Of Vendors for Design, Supply, Erection, Testing, And Commissioning Including Warranty of Various Capacities Under the Phase-Ilof Grid Connected Rooftop Solar Scheme of MNRE /Surya Gujarat Scheme During the Year (2021-22) For Residential Consumers in Rural Area Utility EPC Package with Land & Connectivity for Development of Ac Grid Connected Solar Pv Up-To Capacity Of 220 MW Anywhere in Gujarat Under GUVNLRfsGUVNL/500 MW /Solar (Phase Xiii), O&M For 10 Years Utility/Float- Request For EOIfor Empanelment of Epc-Cum-O&M Contractors ing Solar for Development of Ground Mounted/Floating Solar Pv Power Projects of CIL And Its Subsidiaries Utility Bid For Design, Engineering, Supply & Procurement, Construction, Erection, Testing, Commissioning, O&M Of 131 MWSolar Grid Connected at Various Locations Around GETCO Substations ofSurendra Nagar& Morbi Districts in Gujarat. Utility EOI For Development of Cumulative 120 MW Of Solar Projects on Lands Available Across 701 Km Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg Floating Solar Design, Engineering, Supply, Construction, Erection, Testing & Commissioning Of 100 MW (Ac) Floating Solar Pv Project Having 10 Years Plant O&M At Getalsud Dam, Ranchi, Jharkhand, India Utility Setting Up Of 100 MW ISTS Connected Solar Power Project on Pan India Basis With O&M For 3 Years Floating/utility Navi Mumbai Municipal Corporation (NMMC) Has Issued a Request for Proposal (RfP) For Commissioning A 1.5 MW Hydroelectric Power Project and A 100 MW Floating Solar Project at Morbe Dam in Raigad, Maharashtra Utility Design, Engineering, Supply, Construction, Erection, Testing, Commissioning, And O&M For 25 Years Of 86 MW (Ac) Of Solar Power Generating System Ranging From 0.3 MW To 10 MW At Various PSPCL Substations in Punjab Utility Bid For Design, Engineering, Supply & Procurement, Construction, Erection, Testing,Commissioning, O&M Of Solar Photovoltaic Grid-Connected Power Plant Of 75MW (Ac) Near Surat Lignite Power Plant of GIPCL, Surat, Gujarat Rooftop Empanelment Of Bidders for Design, Supply, Installation, Testing & Commissioning with Comprehensive Maintenance (5 Years) Of Grid Connected Rooftop Solar Pv Systems Under Capex Model for Estimated Capacity of Category-A 40 MW& Category-B 20 MW At Various Government Building in Bihar Rooftop Provision Of Solar Pv Plant of Capacity 40 Kw at Ins Dweeprakshak And 12 Kw at ND Androth Under Ge Navy Lakshadweep

Rooftop

Design, Supply, Erection, Testing, And Commissioning Including Warranty, Comprehensive O&M Of Grid Connected Rooftop Plant of Various Capacities Under the Phase-Ilof Grid Connected Rooftop Solar Scheme of MNRE In BESCOM Jurisdiction Under Soura Gruha Yojane (Sgy)

Rooftop

Provision Of Additional 50kw On Grid SPVSolar Generation System at PCDA Complex Building Sector-9c Under Ge Chandigarh

Utility

Design, Supply, Erection, Testing, And Commissioning Including Warranty, Comprehensive O&M Of Grid-Connected Rooftop Solar Plant of Various Capacities Under the Phase-Ilof Grid Connected Rooftop Solar Scheme of MNRE In Telangana

Utility

Nit For the Design, Engineering, Supply, Construction, Erection, Testing & Commissioning Of 44 MW (Ac) Ground-Based Solar Pv Power Plant at Different Sites Including 10 Years Plant O&M At SCCL, Telangana

Utility

Design, Engineering, Supply & Procurement, Construction, Erection, Testing, Commissioning, O&M Of 40 MWSolar Photovoltaic Grid Connected Power Plant at Manjal & Junachay of Kutchh District Around Substation of GETCOin Gujarat

Utility

Bid For Design, Engineering, Supply & Procurement, Construcwww.EQMagPro.com tion, Erection, Testing, Commissioning, O&M Of 35 Mw Solar

TSREDCO

SECI

GSECL/Gujarat

Kerala State Electricity Board

GSECL/Gujarat

Central Electronics Limited

Coal India Limited

Central Coalfileds Limited Bhopal Municipal Corporation

20 20

West Bengal Power Development Corporation

TP Central Odisha Distribution Limited

Utility

Bid For Design, Engineering, Supply & Procurement, Construction, Erection, Testing, Commissioning, O&M Of 35 Mw Solar Grid Connected Power Plant at Lakadiya of Bhachau Taluka of Kutchh District Around Substation of GETCOin Gujarat

Utility

Selection Of Rpgs Through Tariff Based Bidding for Setting Up Of 0.5 MW To 2 MW(Ac) Aggregating to Total 34.5 MW Capacity on The Land of Farmers Falling Within a Radius Of 5 Km From The Substations of Ksebl

Utility

Design, Engineering, Supply & Procurement, Construction, Erection, Testing, Commissioning, O&M Of 30 MWSolar Grid Connected Power Plant at Hadala, Moviya & Dhrangadhra of Amreli, Rajkot & Surendranagar Districts Around Substation of GETCOin Gujarat/P&P Deptt.

Utility

Design, Engineering, Supply & Procurement, Construction, Erection, Testing, Commissioning, O&M Of 27 MWSolar Photovoltaic Grid Connected Power Plant at Sitagadh & Kuntalpur of Surendranagar District Around Substation of GETCOin Gujarat/P&P Deptt.

Utility

Design, Engineering, Supply, Construction, Erection, Testing, Commissioning, And O&M Of Decentralised Solar Power Generating System (Spgs) Ranging From 2 Mw To 10 MW (Ac) For A Cumulative Capacity Of 25 MW (In 2 Lots) At Various Sub-Stations/ Locations in Maharashtra

Utility

Design, Engineering, Procurement, And Supply, Construction and Erection, Testing, Commissioning, Associated Transmission System, And Comprehensive O&M For 5 Years Of 25 MW (Ac) Solar Pv Power Plant at Bhojudih Coal Washery, BCCL, Purulia Wb

Utility

Development Of 20 MWSolar Pv Project at Central Coalfields Limited (CCL) CHP/CPP Piparwar, Jharkhand

Utility

Bhopal Municipal Corporation Issue EoI Tender For 20 MW

Utility

E-Tender Cum Reverse Auction for Design,Engineering,Procurement, Supply Etc Of 2 X 10 MW Ac Phase I, Phase Il Ground Mounted Solar Pv Plants at Steps Including 5 Years O&M

Rooftop

Source: iSearch

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QUARTERLY RESULTS JINKO SOLAR

In the fourth quarter of 2021, shipments were 9,693 MW (9,024 MW for Solar modules, 669 MW for cells and wafers), total shipments up 94.1percentsequentially, and up 67.9 percent year over year. Total revenues were RMB16.39 billion (US$5.57 billion), up 91.2 percentsequentially and up 73.9 percent year over year. The sequential increase was mainly attributable to an increase in the shipment of Solar modules. While, net income was RMB239.5 million (US$37.6 million), compared with RMB194.2 million sequentially and a net loss of RMB377 million year over year.

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MAY 2022

Annual shipments were 25,242 MW (including 22,233 MW for Solar modules), up 18.4 percentyear over year for Solar modules shipments. In the first quarter of 2022, the principal operating subsidiary, Jiangxi Jinko successfully listed on the Shanghai Stock Exchange Science and Technology Innovation Board, raising RMB10 billion. This historic milestone will create greater momentum for the advancement of our stateof-the-art technology and business expansion. Jinko has roughly 16 GW of N-type cell capacity operational in the first quarter of 2022 and currently are steadily ramping up our production capacity.In Vietnam, a 7GW monocrystalline silicon wafer plant commenced production in the first quarter of 2022. This nearly 7 GW of integrated mono wafer-cell-module manufacturing capacity overseas is significantly improving our global supply chain advantage.

DAQO NEW ENERGY

In the first quarter of 2022, Daqo produced 31,383 metric tons (MT) of polysilicon compared to 23,616 MT in Q4 2021. Polysilicon's average total production cost was $10.09/kg in Q1 2022, compared to $14.11/kg in Q4 2021, while Polysilicon's average selling price (ASP) was $32.76/kgin Q1 2022, compared to $33.91/kg in Q4 2021. Revenue was $1,280.3million in Q1 2022. Polysilicon's average cash cost was $9.19/ kg in Q1 2022, compared to $13.32/kg in Q4 2021. Net income attributable to Daqo New Energy Corp. shareholders was $535.8 million in Q1 2022, compared to $141.3 million inQ4 2021. Daqo'sfirst-quarter polysilicon ASP was $32.76/kgin Q1 2022, compared to $33.91/kg in Q4 2021, a significant sequential decline of 3.39 percent. For thequarter, Daqo achieved a polysilicon sales volume of 38,839 MT, more than 3 times of sales volume for the fourth quarter of 2021. The company recorded $1.3 billion inrevenue, also more than 3 times the revenue for the fourth quarter of 2021, andrecorded operating income of $797 million, net income attributable to DaqoNew Energy shareholders of $536 million, earning per share (“EPS”) of $7.17 pershare and EBITDA of $827 million, all representing substantial sequential andyear-over-year growth. The company continues to see a very strong demand for Solar PV productsboth in China and overseas. The Company expects to produceapproximately 32,000MT to 34,000MT of polysilicon in the second quarter of 2022and approximately 120,000MT to 125,000MT of polysilicon in the full year of 2022,inclusive of the impact of the Company’s annual facility maintenance.

FIRSTSOLAR

In the fourth quarter, Net sales were $0.9 billion, an increase of $0.3 billion from the prior quarter. The increase was primarily a result of international project sales and increased module sales in the fourth quarter.The Company reported fourth-quarter net income per diluted share of $1.23, and full-year net income per diluted share of $4.38. While, 11.8 GW DC since the third-quarter earnings call, Company is in advanced stage discussions to sell Japan project development and O&M platform. Forecasted net sales for 2022 are $2.4 billion to $2.6 billion. Operating income is forecasted to be $55 million to $150 million, which includes production start-up expenses of $85 million to $90 million, under-utilization losses related to factory upgrades of $10 million to $15 million, and a pre-tax gain related to the potential sale of the Japan project development and O&M platform of approximately $270 million to $290 million. Forecasted net income per diluted share is $0.00 to $0.60. The year-end 2022 ending net cash balance is projected to be in the range of $1.1 billion to $1.35 billion.

CANADIAN SOLAR

Solar module shipments of 3.8 GW in the fourth quarter of 2021, in line with guidance of 3.7 GW to 3.9 GW. Revenue increased 47 percent YoY to $1.53 billion, in line with guidance of $1.5 billion to $1.6 billion. The company hasachieved 2.1 GWp in project sales, including a 1.4 GWh battery storage project, which was one of the world's largest.Canadian Solar hasa global energy Solar project pipeline of 24 GWp and a storage pipeline of 27 GWh as of January 2022.Net foreign exchange gain in the fourth quarter of 2021 was $1 million, compared to a net loss of $14 million in the third quarter of 2021 and a net gain of $4 million in the fourth quarter of 2020. Total debt was $2.4 billion, as of December 31, 2021, compared to $2.3 billion, as of September 30, 2021. The increase was mainly driven by an increase in working capital facilities. Non-recourse debt used to finance Solar power projects decreased to $515 million as of December 31, 2021, from $558 million as of September 30, 2021.As of January 31, 2022, the Company's total project pipeline was 24.4 GWp, including 1.6 GWp under construction, 4.2 GWp of backlog, and 18.6 GWp of the earlier-stage pipeline. The global energy segment has been actively developing utility-scale Solar plus energy storage projects, as well as stand-alone battery storage projects. Since the first quarter of 2021, the Company has been co-hosting energy storage facilities with Solar power plants on the same piece of land for nearly all projects under development. By using one interconnection point per project, the Company expects to significantly enhance the efficiency of its development and the value of its assets under development. In addition, Canadian Solar has already signed several storage totaling agreements with a variety of power purchasers, including community choice aggregators, investor-owned utilities, universities, and public utility districts. The Company has also signed development services agreements to retrofit operational Solar projects with battery storage, many of which were previously developed by the Companyline.

MAY 2022

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FUNDING AND M&A UPDATES RENEW POWER RAISES $400 MILLION VIA DOLLAR BONDS ReNew Power has raised $400 million from global debt investors, making it the second issue from the country after Reliance Industries’ mop-up of $4 billion. The money was raised by Mauritius-based Clean Energy Holdings, a wholly-owned subsidiary of Renew Energy Global Plc that is the parent of the operating firm ReNew Power.It offered a coupon of 4.5 percent to the $400million 5.25years senior secured dollar notes. The money will be used to refinance existing high-cost debt and fund capital expenditure, among other uses, the company said.

EV START-UPEVAGE RAISES $28 MILLION, WILL BUILD ELECTRIC VANS Indian EV start-up EVage raised an amount of $28 million from a US-based venture capital firm RedBlue Capital.The EV company is the first start-up to create an electric van in India from the ground up.EVageis developing electric delivery vans for e-commerce and logistics companies including Amazon has raised $28 million from a US-based venture capital firm RedBlue Capital. The company is the first start-up to create an electric van in India from the ground up. The company’s founder and CEOsaid that the money will help EVage complete its factory in northern India as well as help in starting the delivery of thousands of vehicles that are on order.

EVERSOURCE CLOSES INDIA’S LARGEST CLIMATE IMPACT FUND AT $741 MILLION EverSource Capital (EverSource) has completed the final close of India’s largest climate impact fund, Green Growth Equity Fund (GGEF), at $741 million, making GGEF one of the largest single-country funds focused on Climate change, Mitigation, and Adaptation in the emerging markets.EverSource is investing to combat climate change by focusing on the decarbonization of energy and resource efficiency while generating superior investment returns. The Fund actively invests in and builds innovative, digitally empowered, rapidly scalable climate-positive businesses and platforms spanning renewable energy, energy efficiency, e-mobility, resource conservation, waste and water management, and associated value chains.

CABINET APPROVES INFUSION OF ₹1,500 CRORE IN IREDA The Cabinet Committee on Economic Affairs, chaired by the Prime Minister approved the equity infusion of ₹1,500 crore ($201.94 Million) in the Indian Renewable Energy Development Agency Limited (IREDA).This equity infusion will help in employment generation of approximately 10,200 jobsa year and CO2 equivalent emission reduction of approximately 7.49 million Tonnes of CO2/year. This additional equity will help to lend an additional ₹12000 crore approximately ($1.61 billion) to the RE (Renewable Energy) sector, thus facilitating the debt requirement of RE of an additional capacity of approximately 3,500-4,000 MW.

FLUENCE AND RENEW POWER TO SET-UP LOCAL JV TO BOOST THE ENERGY STORAGE SECTOR IN INDIA Fluence, a global market leader in energy storage products, services, and digital applications for renewables and storage, and ReNew Powerannounced an agreement to form a new company to meet the needs of local customers across India that will address the fast-developing energy storage market in India.ReNew Power and Fluence’s 50:50 JV will cater to a market projected to reach 27GW/108GWh by 2030, according to Central Electricity Authority, from just a few MWh. Managed and operated by an independent management team and board, the JV aims to bring market-leading energy storage technology and global experience to Indian customers by localizing and integrating Fluence’s energy storage products and packages in India.

RENEW POWER SELLS ROOFTOP PORTFOLIO TO FOURTH PARTNER ReNew Power has sold 117MW/138 MWp of its distributed rooftop Solar portfolio to Fourth Partner Energy, for ₹6.72 billion (~$89.9 million). Fourth Partner is an investee company of TPG and Norfund.After accounting for an outstanding debt of ₹1.37 billion (~$18.3 million), the cash proceeds fromthe sale are ₹5.35 billion (~$71.6 million).The sale reaffirms ReNew’s commitment to creating greater shareholder value through capitalreallocation into higher-return opportunities and being more efficient by focusing more on largeutility-scale projects. This allows the company to fully leverage its competitive advantages of scale,strong asset management, digital analytics, and financing innovation

SECI GETS GOVERNMENT APPROVAL FOR ADDITIONAL EQUITY INFUSION OF ₹1000 CRORE The government has approved the infusion of an additional ₹1000 Crore ($133.19 million) equity into Solar Energy Corporation of India (SECI), a Schedule-A CPSE under the Ministry of New and Renewable Energy (MNRE). The additional equity will strengthen the company's Balance Sheet and enable SECI to undertake critical investments in the Renewable Energy (RE) sector.The equity infusion comes at a time when the government is prioritizing a shift of India's Energy generation towards Clean Energy sources, and focusing on harnessing renewable energy, such as Solar and wind, which are abundantly available in the country.

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MAY 2022

AZURE POWER ANNOUNCES FINAL RESULTS OF RIGHTS OFFERING Azure Power Global announced the final results of its previously announced rights offering. By the end of the subscription period on January 24,78.4 percent of the rights had been exercised, and, accordingly, 12,404,282 newly issued equity shares of the Company were subscribed. The remaining 3,424,635 unsubscribed shares will be purchased at the rights offering subscription price by CDPQ Infrastructures Asia Pte Ltd. (CDPQ) and OMERS Infrastructure Asia Holdings Pte. Ltd. (OMERS) under the Backstop Commitment Agreement with the Company (the “Backstop Agreement”).Under the Backstop Agreement, CDPQ will purchase 2,054,781 of the unsubscribed equity shares and OMERS will purchase 1,369,854 of the unsubscribed equity shares.

SBI LAUNCHES ‘SURYA SHAKTI CELL’; PARTNERS WITH TATA POWER FOR FINANCING SOLARPROJECTS State Bank of India (SBI) has launched a dedicated centralized processing cell - ‘Surya Shakti Cell’. The Bank has entered into an agreement with Tata Power Solar Systems for financing Solar projects. Setup in the Ballard Estate in Mumbai, the Surya Shakti Cell will process all the loan applications for Solar Projects (capacity up to 1 MW) sourced from across India, for installation by business entities as well as households. The Bank aims to provide an end-to-end platform for a digital and hassle-free journey to the loan applicants for financing Solar projects.With this digital initiative, SBI will offer a complete solution at competitive rates for Solar projects.

ADANI GREEN ENERGY RAISES ₹612 CRORE FOR DEBT REFINANCING Three subsidiaries of Adani Green Energy– Adani Green Energy (UP) Ltd, Prayatna Developers Pvt Ltd, and Parampujya Solar Energy Pvt Ltd, collectively housing 930 MW of operational Solar power projects – have raised ₹612.30 crore($81.8 million) by their maiden domestic bond issuance, on private placement basis.The Rated, Listed, Secured, Redeemable, Non-Convertible Debentures (NCDs) of the face value of ₹10,00,000 ($13,360) each, in multiple series, have an average annualized coupon rate of 7.83 percent p.a. (fixed) and a tenure upto ~12 years. The proceeds from the NCDs will be utilized to part-refinance existing rupee term loans bearing higher interest costs.

CIPLA TO BUY 32.49% STAKE IN AMP ENERGY GREEN ELEVEN Drug major Ciplahas entered into a shareholder’s agreement along with the power purchase agreement to acquire up to 32.49 percent stake on a fully diluted basis in AMP Energy Green Eleven. The acquisition is in line with the commitment to enhance the share of renewable power sources in its operation and to comply with regulatory requirements for being a captive user under Indian electricity laws.

KKR BACKED VIRESCENT RENEWABLE ENERGY TRUST ISSUES ₹650 CRORE VIA DOMESTIC BOND ISSUE Virescent Renewable Energy Trust (VRET) raised ₹650 crore ($86.97 million) through a domestic bond issuance across 7.33-year (₹150 crore) ($20.07 million) and 10years (₹500 crore) ($66.9 million) tranches. This transaction marks the largest single series issuance of ₹500 crore ($66.9 million) in a 10-year tenor by a Renewable Energy Company. This bond issuance establishes a new yield curve for VRET. This bond issuance comes in the backdrop of the announcement in the recent Union Budget to issue Sovereign Green Bonds, thereby continuing the government of India’s serious push to promote renewables. Proceeds from Green Bonds are earmarked only for green projects. With this new initiative by the Government of India, more renewable energy companies are expected to issue Green Bonds in the domestic market at competitive pricing.

RNELHOLDS 40% OF THE TOTAL PAID-UP EQUITY SHARE CAPITAL OF SWREL Reliance New Energy (RNEL) hasacquiredby way of off-market purchase,an aggregate of 1,96,67,750 equity shares of the face value of ₹1/each representing 10.37 percent of the paid-up equityshare capital ofSterling and Wilson Renewable Energy Limited(SWREL) at ₹375 ($4.995)/per equity share amounting to ₹737,54,06,250 ($98.24 million) from Shapoorji Pallonji and Company Private Limited (1,53,80,904 equity shares of SWREL) and Mr. Khurshed Daruvala (42,86,846 equity shares of SWREL) who are also the promoters of SWREL. Consequent to such acquisition, RNEL holds 40% of the total paid-up equity share capital of SWREL.

EKI ENERGY SERVICES HAS ACQUIRED 51% EQUITY SHARES OF GLOFIX ADVISORY SERVICES

EKI Energy Services has acquired equity shares of Glofix Advisory Services (the Investee Company), Group Company, by acquiring and/or subscribing to equity shares equivalent to 51 percent of the issued and paid-up share capital of the Investee Company, resulting in the formation of Investee Company as Subsidiary Company of EKIESL.The objective to invest in the investee company is to work together in the field of environment and explore more market opportunities in carbon offsetting and set standards for carbon footprints through AI technology and implementation of Software in sustainability.

MAY 2022

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SUNSOURCE ENERGY SECURES PROJECT FINANCING FROM SUNFUNDER TO EXPAND ITS PORTFOLIO IN SOUTHEAST ASIA SunSource Energy has entered into a project financing agreement with SunFunder – an international Solar finance company. This investment will enable the company to expand its presence in Southeast Asia. While SunSource Energy's investment will be used to provide project financing for an industrial Solar installation in Thailand and is the beginning of a broader partnership as the company expands its footprint in other Asian countries.This transaction continues SunFunder’s expansion of financing to pioneer and scale clean energy and climate investments in emerging markets.

HUSK POWER SYSTEMS SECURES DEBT FINANCE OF $4 MILLION FROM IREDA Husk Power Systems, the rural clean energy services leader in Africa and Asia and operator of the largest fleet of Solar energy community microgrids in India, announced the successful close of a ₹310 million ($4.2 million) debt financing from the India Renewable Energy Development Agency (IREDA).The new India debt, part of a line of credit provided by German development bank KfW to IREDA to assist developers in scaling off-grid energy projects, will be used to finance 140 microgrids in the states of Uttar Pradesh and Bihar, where Husk has been serving rural communities since 2008, including thousands of micro, small and medium-sized enterprises.

AZURE POWER REFINANCES ITS 600 MWS SOLARPROJECT AT THE LOWEST RATE OF INTEREST Azure Power announced successful refinancing of its existing project finance facility of ₹23.50 billion (~$313 million) utilized towards the construction of its largest project 600 MWs Interstate Transmission System (ISTS) connected Solar project implemented by Azure Power Forty-Three Pvt Ltd, a Special Purpose Vehicle (SPV). The project was fully commissioned recently in December 2021. The refinancing has been completed at a rate of interest of 7.2 percent per annum, which is fixed for 42 months and the lowest rate of interest for any project finance facility in terms of rupee financing for the company's existing portfolio so far. L&T Finance Limited has acted as the sole underwriter for this refinancing facility.

SJVNS ARUN POWER SUBSIDIARY SIGNS ₹6,333 CRORE LOAN AGREEMENT SJVN accomplished the financial closure for the 210 MW Luhri-1 Hydro Electric Project (HEP), Himachal Pradesh & 75 MW Parasan Solar Power Project, Uttar Pradesh. The chairman and managing director of the company informed that the financial closure of 210 MW Luhri-1 HEP has been stamped with the State Bank of India. As per the loan agreement, the State Bank of India will provide ₹1,537 crores (~202.577 million) at an effective interest rate of 6.90 percent per annum which is the debt portion of the total project cost of ₹1,922.12 crores (~$253.335 million).

BHARTI TO ACQUIRE 9.012% OF EQUITY STAKE INAVAADA PROJECT Bharti Airtel has entered into an agreement resulting in the acquisition of an aggregate 9.012 percent equity stake in Avaada CleanTN Project Private Limited, a special purpose vehicle formed to own and operate the Captive Power Plant, in terms of the regulatory requirement for captive power consumption under electricity laws.

JUPITER INTERNATIONAL GETS FUNDS FORSOLAR CELL CAPACITY HIKE SolarPV cell maker Jupiter International has raised ₹170 crore (~22.219 million) from Edelweiss Alternative Asset Advisors.The latest growth capital will be used towards consolidating its presence as a leading Solar cell manufacturer by adding a new 500 MW cell line based on the latest Mono PERC technology.Centrum Capital was the exclusive advisor to Jupiter International.

ADANI GREEN RAISES $288 MILLION CONSTRUCTION FACILITY,INCREASES THE CONSTRUCTION REVOLVER POOL TO $1.64 BILLION SolarPV cell mak Adani Green Energy has extended its construction financing framework to $1.64 billion by raising a $288 million facility for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders. The facility will initially finance the 450 MW hybrid portfolio of Solar and Wind renewable projects that AGEL is setting up in Rajasthan, India. In March 2021, AGEL had closed a $1.35 billion construction revolver facility in one of Asia’s largest project financing deals. According to the definitive agreements, 7 international banks – BNP Paribas, Cooperative Rabobank U.A., Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation – committed for the facility which is a certified green hybrid project loan. er Jupiter International has raised ₹170 crore (~22.219 million) from Edelweiss Alternative Asset Advisors.The latest growth capital will be used towards consolidating its presence as a leading Solar cell manufacturer by adding a new 500 MW cell line based on the latest Mono PERC technology.Centrum Capital was the exclusive advisor to Jupiter International.

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MAY 2022

CLEAN-TECH START-UP EDGEGRID RAISES $6 MILLION FROM LIGHTROCK EdgeGrid, a B2B enterprise clean-tech platform has raised $6 million in a funding round from Lightrock India, with participation from Theia Ventures and other angel investors.The start-up plans to use the funds to improve its technology, strengthen its team, and expand the company. It is building a technology platform to enable the energy transition for last-mile customers such as households, small businesses, commercial building owners, and electric vehicle charging networks.

SKYFRI ACQUIRES AVI SOLARTO AUTOMATE SOLAR ASSET MANAGEMENT Skyfri Group, a cleantech company headquartered in Oslo, Norway, has acquired India’s largest O&M provider Avi Solar. Skyfri, backed by leading climate investors SpeedInvest, Singularity, and Link Venture Capital accelerate the growth through targeted acquisitions and deployment of technology to fully automate Solar asset management.The acquisition of Avi Solar is part of a strategy to consolidate the O&M industry globally and automate most of the tasks that are manual today. The plan is to streamline, automate and put a layer of quality on Solar asset operations for asset owners.The acquisition will bring over 500 MW of additional Solar power plants for some of the largest and most reputed renewable asset investors and owners, such as KKR, Cleantech, Bosch, and Honda, onto the Skyfri platform, called Skyfri Intelligence.

BRITISH INTERNATIONAL INVESTMENT INVESTS $89 MILLION TO SCALE RENEWABLE ENERGY IN INDIA The investment is comprised of an ₹3.5 billion ($47 million) follow on a commitment to Fourth Partner Energy, and an ₹3.15 billion ($42 million) project finance debt investment to Thar Surya 1 Private Limited – an Indian subsidiary of Enel S.p.A, Italy (Enel). Both investments will target the expansion of renewable power in India and help accelerate the country’s energy transition over the long term.British International Investment’s (BII) $47 million follow-on commitment to Fourth Partner Energy, a leading renewable energy company for commercial and industrial (C&I) businesses. BII’s $42 million debt investment to Thar Surya 1 Private Limited, forms part of an estimated $200 million total project that aims to fund the development, construction, and maintenance of a 300 MW Solar project in India.

ARCELORMITTAL, GREENKO TO SET UP $600 MILLION RENEWABLE ENERGY PROJECT ArcelorMittal has entered into a strategic partnership with Greenko Group, for a project that will power the decarbonization journey of ArcelorMittal Nippon Steel India (AM/NS India).The two companies will work together to construct a “round-the-clock” 975 MW of nominal Solar and wind capacity project. The $600 million projects, which will be supported by Greenko’s hydro pumped storage project, will be owned and funded by ArcelorMittal. Greenko will design, construct and operate the renewable energy facilities in Andhra Pradesh, South India. AM/NS India – ArcelorMittal’s joint venture in India will sign a 25-year offtake agreement with ArcelorMittal to purchase 250 MW of renewable power annually from the project.

GREENKO RAISES $750 MILLION VIA GREEN OFF-SHORE BONDS Greenko Wind Projects (Mauritius) Ltd (GWPM), the financing vehicle for the integrated renewable energy storage project Greenko Energy Holdings, raised $750 million through an issue of offshore green bonds that will mature in three years.The bond carried a coupon of 5.5 percent. Proceeds from the issue will be primarily used to repay existing debt and fund the capital expenditures at the asset level of Greenko.Deutsche Bank, along with JP Morgan, DBS Bank, and Barclays helped the company in the fundraising. The Greenko Group has been opting for the green bond route to raise funds for developing sustainable energy projects.

POLICY & REGULATORY UPDATES DISPUTE RESOLUTION THROUGH CONCILIATION FOR CONTRACTUAL DISPUTES IN PROJECTS IMPLEMENTED BY CPSUS The government of India in the Ministry of Power has constituted Conciliation Committees of Independent Experts (CCIE), for settlement of disputesarising in contracts of CPSUs/Statutory bodies executing power projects with the formation of three CCIEs. Each CCIE shall have three members with a high level of integrity and a proventrack record.Provided that one of the members in each CCIE should be a Sector Expert having substantial domain knowledge of project developmentand O&M of power projects.

MAY 2022

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CABINET APPROVES INTRA-STATE TRANSMISSION SYSTEM – GREEN ENERGY CORRIDOR PHASE-II The Cabinet Committee on Economic Affairs approved the scheme for Green Energy Corridor Phase-II for the Intra-State Transmission System for the addition of approximately 10,750 circuit kilometres of transmission lines and approx. 27,500 Mega Volt-Amperes (MVA) transformation capacity of substations. The scheme will facilitate grid integration and power evacuation of approximately 20 GW of REpower projects in seven States namely, Gujarat, Himachal Pradesh, Karnataka, Kerala, Rajasthan, Tamil Nadu, and Uttar Pradesh. The scheme is targeted to be set up with a total estimated cost of ₹12,031.33 crore (~$1.6158 billion) and CFA at 33 percent of the project cost i.e., ₹3,970.34 crore (~533.217 million). The scheme will help in achieving the target of 450 GW installed RE capacity by 2030.

HIMACHAL PRADESHGOVERNMENT GIVES NOD TO ENERGY POLICY – 2021 Himachal Pradesh government gave nod to Energy Policy-2021 of the State which envisages clean and green energy development through expeditious full energy potential especially hydro and Solar.The policy would help to add 10 GW of green energy through hydro, Solar, and other green energy sources by 2030, expeditious development of green energy sources, and a four-pronged strategy by way of participation of State, Joint, Central, and Private sectors. It also aimed at developing an adequate and efficient transmission network in the State by creating a transmission Master Plan to facilitate the planning and timely execution of hydro and Solar projects.It also lays stress on renewal energy sources viz. Solar, Wind, Biomass, and other non-conventional energy sources.

STATES COMMITTING TO POWER SECTOR REFORMS INCENTIVISED BY INCREASED MARKET BORROWINGS SPACE Ministry of Finance had launched a program in June 2021 to allow additional borrowing space to State Governments, which is conditional on the undertaking and sustaining specific reforms in the power sector. REC Ltd is working as the nodal agency for the implementation of the scheme, for the Ministry of Power. The additional borrowing limit permitted for power sector reforms is 0.5percent of the Gross State Domestic Product (GSDP) of the respective state. 2021-2022 being the first year of the current version of the scheme, the requirements of reforms and actions have been kept less onerous, with the bar raised for future years, pushing the states towards higher level reforms. Under the scheme, the states may commit to reforms and be eligible for increased borrowing space of ~₹ 80,000 Crores (~$10.744 billion).

MNRE ISSUES CLARIFICATION REGARDING THE USAGE OF ENERGY STORAGE SYSTEMSIN THE POWER SECTOR Ministry of Finance had launched a program in June 2021 to allow additional borrowing space to State Governments, which is conditional on the undertaking and sustainin The Ministry of Renewable Energy (MNRE) through a circular has issued clarification regarding the usage of the Energy Storage System (ESS) in various applications across the entire value chain of the Power Sector. It has been clarified thatESS is a part of the power system defined under sub-section (50) of Section 2 of the Electricity Act, 2003, and be utilized either on a standalone basis or in addition to generation, transmission, and distribution. ESS can be utilized as a generator; grid element or network asset, and is owned and operated by and co-located with a generating station or a transmission licensee, or a distribution licensee. The developer/owner of the ESS may sell/ lease/ rent out the storage space in whole or in part to any utility engaged in generation or transmission or distribution; or to a Load Dispatch Centre. The owner of the ESS may use part/whole of the storage space himself to buy and store electricity and sell the stored electricity at a later time/date. g specific reforms in the power sector. REC Ltd is working as the nodal agency for the implementation of the scheme, for the Ministry of Power. The additional borrowing limit permitted for power sector reforms is 0.5percent of the Gross State Domestic Product (GSDP) of the respective state. 2021-2022 being the first year of the current version of the scheme, the requirements of reforms and actions have been kept less onerous, with the bar raised for future years, pushing the states towards higher level reforms. Under the scheme, the states may commit to reforms and be eligible for increased borrowing space of ~₹ 80,000 Crores (~$10.744 billion).

MNRE ISSUES AMENDMENTS TO THE GUIDELINES FOR PROCUREMENT OF RTC POWER The bidding evaluation parameter shall be the weighted average levelized tariff (WALT) per unit supply of RTC power.The procurer shall invite bids wherein the bidder shall quote the first year WALT in ₹/kWh. The quoted tariff shall comprise of four-part such as RE Power, Non-RE Power, Non-RE power (escapable for fuel), and non-RE Power (escapable for transportation). The bidder shall be selected based onthe least quoted WALT. If the allocated quantum of power is less than the total quantum of power to be contracted, the remaining qualified bidders will be asked to match their tariff with the L1 tariff and shall be allocated the remaining quantum or the quantum offered by it, whichever is lower & so on.

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MAY 2022

MINISTRY OF POWER NOTIFIES GREEN HYDROGEN/GREEN AMMONIA POLICY Hydrogen and Ammonia are envisaged to be the future fuels to replace fossil fuels. Production of these fuels by using power from renewable energy is termed green hydrogen and green ammonia. The policy providesGreen Hydrogen/Ammonia manufacturers may purchase renewable power from the power exchange or set up renewable energy capacity themselves or through any other, developer, anywhere.Open access will be granted within 15 days of receipt of the application. The Green Hydrogen/Ammonia manufacturer can bank its unconsumed renewable power, for up to 30 days, with the distribution company and take it back when required.Distribution licensees can also procure and supply Renewable Energy to the manufacturers of Green Hydrogen/ Green Ammonia in their States at concessional prices which will only include the cost of procurement, wheeling charges, and a small margin as determined by the State Commission.Waiver of inter-state transmission charges for 25 years will be allowed to the manufacturers of Green Hydrogen and Green Ammonia for the projects commissioned before 30thJune 2025.The manufacturers of Green Hydrogen/Ammonia and the renewable energy plant shall be given connectivity to the grid on a priority basis to avoid any procedural delays.The benefit of Renewable Purchase Obligation (RPO) will be granted incentive to the hydrogen/Ammonia manufacturer and the Distribution licensee for consumption of renewable power.To ensure ease of doing business a single portal for carrying out all the activities including statutory clearances in a timebound manner will be set up by MNRE. Connectivity, at the generation end and the Green Hydrogen/Green Ammonia manufacturing end, to the ISTS for Renewable Energy capacity set up for manufacturing Green Hydrogen/Green Ammonia shall be granted on priority.Manufacturers of Green Hydrogen/Green Ammonia shall be allowed to set up bunkers near Ports for storage of Green Ammonia for export/use by shipping. The land for the storage for this purpose shall be provided by the respective Port Authorities at applicable charges.

CLARIFICATION ON ELECTRICITY RULE, 2021 FOR TIMELY RECOVERY OF COST DUE TO CHANGE IN LAW The central commission has directed the developers and other parties i.e., the Respondents to settle the change in law claims amongst themselves and approach the central commission only in terms of Rule 3(8)of the CIL Rules, 2021. The central commission has the mandate to adjudicate the matter under section 79 (f) of the electricity Act 2003 and must act in accordance/consistent with the electricity act 2003. The aforesaid Rule is applicable on the change in law events that occurred on or after the date of notification of these rules in the official gazette i.e., 22nd October 2021. The change in law events that occurred before the notification of these rules shall be dealt with in accordance with the prevalent dispensation/rule position at the time of occurrence of the event.

AMENDMENTS TO THE GUIDELINES FOR SHORT-TERM PROCUREMENT OF POWER THROUGH TARIFF BASED BIDDING PROCESS The PPA proposed to be entered with the selected bidders in case the seller fails to offer the contracted power as per the agreement to the procurer and sells this power without the procurer’s consent to any other party, the procurer shall be entitled to claim damages from the seller for an amount equal to the higher of (a) twice the tariff as per the PPA for the corresponding contracted power, (b) the entire sale revenue accrued from third parties on account of sale of this contracted power. These damages shall be in addition to Liquidated damages for failure to supply the instructed capacity. On a complaint to this effect by the procurer to the concerned load dispatch center, the seller shall be debarred from participating in power exchange and also from scheduling of this power in any short term/medium term/long term contracts from the generating station for three months from the establishment of defaults, in the complaint. The period of debarment shall increase to six months for the second default and shall be one year for each successive default.

EXTENSION OF VALIDITY OF DEPARTMENT OF EXPENDITURE REGARDING PERFORMANCE SECURITY MNRE’s RE implementing agencies (SECI/NTPC/NHPC) conveyed that an Earnest Money Deposit (EMD) of 2 percent of the estimated project cost and Performance Bank Guarantee (PBG) of 4 percent of estimated project cost (in case of the site specified by procurer) & 5 percent of estimated project cost (in case of the site selected by the generator), is to be ensured in all RE tenders. Subsequently, the Department of Expenditure has issued regarding reduction in performance security from 5-10 percent to 3 percent of the value of the contract has been extended till 31st March 2023.

MAY 2022

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GUIDELINES ON PLANNING OF COMMUNICATION SYSTEM FOR LNTER-STATE TRANSMISSION SYSTEM Ministry of Power has formulated guidelines named “Guidelines on Planning ofCommunication System for Inter-State Transmission System (ISTS)”. This guideline definesthe categories of Communication System Schemes for ISTS and their corresponding approvalprocedure. Communication Schemes under this policy are categorized as Category (A)and Category (B). Category (A): Communication system directly associated with new ISTS as well as incidentaldue to implementation of new ISTS elements (e.g., LILO of existing line on new/existingwhere OPGW/terminal equipment are not available on the existing mainline/substations, etc.). Category B will include the up-gradation/modification of existing ISTS communication systems, including adding or modifying missing links, system strengthening, capacity up-gradation, or adopting new communication technologies.

AMENDMENT IN THE “GUIDELINES FOR TARIFF BASEDCOMPETITIVE BIDDING PROCESS FROM WIND SOLAR HYBRID POWER PROCUREMENT MNRE has amended the guidelines for the tariff-based competitive bidding process for procurement of power from grid-connected wind-solar hybrid projects in an office memorandum dated 09 March 2022. The projects should be commissioned by the scheduled commissioning date which would be the date as on 24 months from the date of execution of the power PPA or PSA, whichever is later.Any delay in commissioning beyond the scheduled commissioning period should involve penalties on the generator. According to the guidelines, the commissioning and partial commissioning of the project will not be declared until the generator demonstrates possession of the land.It further added that the tariff will be adopted by the Appropriate Commission within 60 days of such submission, any delay in the adoption of the tariff beyond this period would entail a corresponding extension in the scheduled commissioning date.

GUIDELINES FOR PROCUREMENT AND UTILIZATION OF ESS AS PART OF GENERATION, TRANSMISSION, AND DISTRIBUTION ASSETS, ALONG WITH ANCILLARY SERVICES The Ministry of Power has issued Guidelines for Procurement and Utilization of Battery Energy Storage Systems as part of Generation, Transmission, and Distribution assets, along with Ancillary Services.The objectives of this are to facilitate procurement of BESS, as part of individual RE power projects or separately, for addressing the variability/firming power supply/increasing energy output/extending the time of supply from an individual RE project or a portfolio of RE projects, augmentation of existing RE Projects and/or to provide ancillary, grid support and flexibility services for the grid. 2. To facilitate procurement of BESS for optimum utilization of transmission and distribution network. 3. To ensure transparency and fairness in procurement processes/and to provide a framework for an Intermediary Procurer as an Aggregator/Trading licensees/Implementing Agency for the inter-state/intra-state sale-purchase of power. 4. To provide standardization and uniformity in processes and a risk-sharing framework between various stakeholders, involved in the energy storage and storage capacity procurement, thereby encouraging competition and enhanced bankability of the Projects. In these guidelines, the minimum project size and bid capacity requirements are 1 MW & above for Intra-state projects, & 50 MW & above for Inter-state projects.

TIME-EXTENSION IN SCHEDULED COMMISSIONING DATE OF WIND ENERGY DUE TO COVID-19 MNRE Wind Energy division has issued a memorandum regarding time-extension in Scheduled Commissioning Date of Wind Energy Projects considering disruption due to post-COVID supply chain and monsoon related disruptions and has decided that the entire period of disruption i.e., 1stApril 2021 to 15thJune 2021 (both dates inclusive) can be allowed as time-extension to RE projects, being implemented through implementing agencies designated by MNRE or under various schemes of MNRE. It has been decided that for wind power projects for which the PPA was signed and orders for WTGs placed before 15th June 2021, the implementing agencies can allow an additional time extension in addition to an extension up to 3 months in the Scheduled Commissioning Date.The extension may be considered on a case-to-case basis after due diligence and careful consideration of the specific circumstances of the case.

CABINET APPROVES AMENDMENT IN MEGA POWER POLICY 2009 FOR PROVISIONAL MEGA POWER PROJECTS The Cabinet Committee on Economic Affairs approved the time extension (36 months) to identify 10 Provisional Mega certified projects for furnishing the final Mega Certificates to the Tax authorities.Extension of the period for furnishing the final mega certificate will enable developers to competitively bid for future PPAs and get tax exemptions as per Policy terms.The time period for the 10 Provisional Megaprojects which are commissioned/ partly commissioned for furnishing the final Mega certificates to the Tax authorities has been extended to 156 months instead of 120 months from the date of import. During this extended period, bids for firm power (combination of intermittent renewable energy, storage, and conventional power) will be invited in coordination with MNRE and SECI and these Mega projects will be expected to participate in such bids to secure PPAs

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MAY 2022

KARNATAKAENERGY CONSERVATIONAND ENERGY EFFICIENCYPOLICY 2022-2027 Karnataka State Government’s Cabinet has approved the Karnataka Renewable Energy Policy for the years 2022-2027. According to the policy, Karnataka will have a renewable power generation capacity of 10 GW in the coming five years. Rooftop Solar alone is expected to account for at least a GW by 2027.Several renewable energy parks, including hybrid, will be built. The initiative aims to make Karnataka a manufacturing hub for renewable energy equipment. At hydel stations, there will also be a focus on floating Solar power projects and hybrid power generation units. By expanding power generation, the government also intends to export large amounts of renewable energy to other states. There will be exclusive green power corridors with a higher level of private sector participation, and power will be evacuated from these corridors.The proposed strategy also envisions the formation of a market for balanced growth of storage capacity, which will aid in the increased output of renewable energy.

IREDA VOYAGE IN RENEWABLE SECTOR

IREDA dashboard of loan portfolio show, Solar Energy contributed the maximum percentage of the total renewable energy financed across the loan portfolio, followed by Short-term Loan. As of December 2021, the IREDA loan portfolio includes Solar Energy with ₹7,874.84 crore ($1.057 billion), Wind Energy with ₹ 5,506.23 crore ($739.195 million), Small Hydro with ₹ 2,872.36 crore ($385.61 million), Short-Term Loan with ₹ 7,775.56 crore ($1.043 billion), Biomass & Cogen with₹ 1,548.5 crore ($207.881 million) & Other (Mfg.,WTE,EEC) ₹1,359.96 crore ($182.257 million). IREDA has been rated ‘Excellent’ for the MoU of FY 2020-21 with a score of 96.93. The company as to date has financed more than 2,900 Renewable Energy projects loan accounts with cumulative loan sanction and disbursement to the tune of ₹1,08,606 crores (~$14 billion) & ₹69,951 crores (~$9.023 billion) respectively and has supported green power capacity addition of 19,463 MW in the country. With an additional equity infusion of ₹1,500 crore (~$193.5 million) by the Government of India (GoI), IREDA is poised for exponential growth in the coming years in the Renewable Energy (RE) Sector. IREDA would be able to extend an additional loan facility of ₹12,000 crores (approx.) (~$154.8 million) and contribute more to the GoI targets for RE. Post equity infusion of ₹1,500 crores (~$193.5 million), IREDA is also planning to come out with Initial Public Offer (IPO) to meet its further requirement of capital.

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In January 2022, IREDA signed an MoU with Goa Shipyard Limited (GSL) to provide its techno-financial expertise to setup a rooftop Solar power project. Under the MoU, IREDA will assist GSL in set-up up a rooftop Solar power project at the headquarter of the company situated in Vasco da Gama, Goa. IREDA will also extend its techno-commercial expertise to GSL for Environmental & Social (E&S) due diligence of rooftop Solar and other RE projects as per the internationally accepted E&S standards. After setting up a rooftop Solar power project at its building, GSL will be able to bring down the expenditure on electricity and reduce its carbon footprint as well.

MAY 2022

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FUNDS RELEASE FOR RENEWABLE State-wise details of Central Financial Assistance (CFA) were released for the implementation of various renewable energy schemes/programs by the Ministry from 2018-19 to 2021-22 (till 16th March 2022).

CFA Released for the Implementation of various RE Schemes/Programmes by the Ministry from 2018-19 to 2021-22 2018-19

2019-20

2020-21

2021-22

Maharashtra

State/UT Name

147.38

55.94

106.61

74.41

Lakshadweep

Telangana

18.67

28.17

23.12

18.53

Jammu And Kashmir

85.84

21.39

4.89

47.26

Punjab

30.03

22.22

23.33

45.27

Rajasthan

64.52

88.6

105.6

135.64

Kerala

20.73

3.57

12.37

37.16

Arunachal Pradesh

5.94

24.07

25.42

9.79

Tripura

0.22

12.98

18.48

7.89

Nagaland

2.39

16.55

10.69

Sikkim

2.74

0.05

0.03

Meghalaya

2.08

4.14

1.23

Uttarakhand

0.45

23.99

11.59

16.44

West Bengal

4.19

13.38

0.48

Haryana

22.39

18.51

55.45

170.65

Gujarat

361.08

124.33

106.18

1099.01

Andaman and Nicobar

1.01

Odisha

9.11

11.04

1.12

5.25

Tamil Nadu

54.94

55.43

30.27

106.02

16.86

23.06

9.27

18.76

5.13

0.85

Manipur Chandigarh Central Agency

2684.47

2564.23

1875.55

1806.83

Jharkhand

0.99

10.84

16.05

6.63

Uttar Pradesh

37.85

64.33

74.11

36.51

Karnataka

100.18

16.48

70.71

3.52

Chhattisgarh

95.81

5.16

2.5

2.47

Delhi

228.25

11.63

56.28

39.58

Andhra Pradesh

213.15

30.66

62.32

4.88

0.2

33.29

3.11

9.76

Mizoram

7.89

16.12

20.33

3.23

Himachal Pradesh

84.13

32.04

73.98

33.44

0.1

0.79

0.03

0.08

3.6

105.01

94.84

49.42

2.84

5.26

1.38

1.49

1.2

9.31

18.41

Assam

Puducherry Goa Madhya Pradesh Bihar Ladakh

Source: Lok Sabha Update (March 2022)

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MAY 2022

FDI INFLOW IN RENEWABLE ENERGY Foreign Direct Investment (FDI) up to 100 percent is permissible through an automatic route for setting up renewable energy, projects including Solar energy projects in the country. The details of FDI equity inflows during the period 2002-03 to 2021-2022 (up to December 2021) in the ‘Non-Conventional Energy’ sector, which includes the Solar energy sector are mentioned below:

Sr No

Year

FDI in ($ Million)

2002-03

1.7

2003-04

4.14

2004-05

1.27

2005-06

1.35

2006-07

2.44

2007-08

58.82

2008-09

125.88

2009-10

622.52

2010-11

214.4

2011-12

452.17

2012-13

1106.52

2013-14

414.25

2014-15

615.95

2015-16

776.51

2016-17

783.57

2017-18

1204.46

2018-19

1446.16

2019-20

1393.39

2020-21

797.21

2021-22

1186.17

Grand Total

11208.89

Source: Lok Sabha (upto Dec 2022)

EQ isearch

COUNTRY-WISE FDI EQUITY INFLOWS FROM APRIL 2000 TO DECEMBER 2021 SECTOR NON-CONVENTIONAL ENERGY ($ Million) SL No. 1

Name of the Country Mauritius

FDI Inflows 3810.41

SL No. 25

Name of the Country British Virginia

FDI Inflows 18.54

Singapore

1751.16

Bahrain

16.51

United Kingdom

1591.14

Korea(North)

14.52

Netherland

797.68

Belgium

11.52

Indonesia

430.67

Virgin Islands(US)

8.22

Spain

399.47

Saudi Arabia

5.83

Canada

348.96

Switzerland

4.13

Malaysia

312.72

Austria

3.46

Japan

270.98

Czech Republic

1.05

U.S.A

200.61

Country Details Awaited

0.52

France

193.01

Liechtenstein

0.48

Germany

145.19

Finland

0.34

Norway

119.99

Bulgaria

0.25

MAY 2022

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Italy

116.58

Sweden

0.25

UAE

103.83

Bahamas

0.2

Seychelles

85.76

Bermuda

0.2

Cayman Islands

74.24

Qatar

0.18

Luxembourg

74.17

NRIs

0.12

Hong Kong

73.23

Kuwait

0.09

China

54.01

British Isles

0.06

South Korea

45.56

Russia

0.03

Philippines

44.73

Slovenia

0.03

Australia

28.83

Poland

0.03

Denmark

25.76

Turkey

0.02

Cyprus

23.57

South Africa

0.02

Grand Total

11208.89

Source: Lok Sabha Update

SOLAR PARKS IN INDIA

EQ isearch

The Government is implementing a scheme for the development of Solar Parks for setting up 50 Solar Parks with 40,000 MW capacity in the country. So far, 50 Solar Parks, with an aggregate capacity of 33,821 MW have been sanctioned in 14 States across the country under the scheme. Solar Parks are meant to provide developed infrastructure to facilitate the installation of Solar power projects in a plug-and-play model. Central Financial Assistance of upto ₹25 Lakhs ($32,800) for the preparation of the Detailed Project Report and ₹20 Lakhs ($26,240) per MW for the development of the Solar Park is provided under the scheme.

Sl. No.

State

Name of Park

Andhra Pradesh Ananthapuramu-I Solar Park

Capacity approved (MW)

Capacity installed so far (MW)

Funds released (₹ in Lakhs)

59080.34

Phase –I

Phase-II

1500

1400

1000

Kurnool Solar Park

1000

Kadapa Solar Park

1000

250

Ananthapuramu-IISolar Park

500

400

Solar Wind Hybrid Park

200

Radhnesada Solar Park

700

400

Dholera Solar Park Ph-I

1000

NTPC RE Park

4750

GSECL RE Park

3325

GIPCL RE Park Ph-I

600

GIPCL RE Park Ph-II

1200

Gujarat

Himachal Pradesh

Kaza Solar Park

880

Kinnaur Solar Park

400

Jharkhand

SECI Floating Solar Park

100

Deogarh Solar Park

Palamu Solar Park

Garwha Solar Park

Simdega Solar Park

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8911.35

0.00 0.00

MAY 2022

Kadapa Solar Park

1000

250

Ananthapuramu-IISolar Park

500

400

Solar Wind Hybrid Park

200

DVC Floating Solar Park

755

Jharkhand/ West Bengal

Karnataka

Pavagada Solar Park

2000

Kalaburgi Solar Park

500

Kasargod Solar Park

105

100

Floating Solar Park

Rewa Solar Park

750

Mandsaur Solar Park

250

Neemuch Solar Park

500

Agar Solar Park

550

21 22

Kerala

23 24

Madhya Pradesh

35194.55 882.00 21265.99

Shajapur Solar Park

450

Omkareswar Floating Solar Park

600

Chhattarpur Solar Park

950

Morena Solar Park

1400

Barethi Solar Park

630

Sai Guru Solar Park

500

Patoda Solar Park

500

Dondaicha Solar Park

250

Bukpi Solar Park

10.00

Solar Park in Meghalaya

3.07

Vankal Solar Park

58.00

Solar Park in Odisha

0.00

Floating Solar Park Ph-I

100

Floating Solar Park Ph-II Bhadla-II Solar Park

200

Maharashtra

Manipur

Meghalaya

Mizoram

Odisha

42 43

Rajasthan

Bhadla-III Solar Park Bhadla-IV Solar Park

44 45 46 47 48 49 50

Uttar Pradesh

750

Fatehgarh Phase-1B Solar Park Nokh Solar Park

421

349

0 0

925 1000

0 0

0 440

810 0

0 165

0 0

1200 100

0 0

65 600

0 0

600 800

0 0

12866

25400

9544

Solar Park in UP Jalaun Solar Park

Lalitpur Solar Park Jhansi Solar Park

55 56

680 1000 500

Phalodi-Pokaran Solar Park

Mirzapur Solar Park Kalpi Solar Park

53 54

0 0 0 0

Pugal Solar Park RRVUN Solar Park

51 52

680 1000 500

Chitrakoot Solar Park 56 Solar Parks

TOTAL TOTAL Source: Lok Sabha (March 2022)

300

867.08

53559.49

3875.95

183707.82 EQ isearch

MNRE has allocated 40 GW of Solar parks, out of which 6,680 MW of Solar Park Infrastructure has been completed and 9.9 GW projects have been commissioned as of 31st March 2022. Canal top/Canal bank scheme (94 MW projects have been commissioned), and the scheme for defense

MAY 2022

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establishment (142 MW of projects have been commissioned). Solar Parks in the states of Andhra Pradesh, Karnataka, Madhya Pradesh, Kerala, and Uttar Pradesh are also being implemented through joint venture companies of SECI with respective state-designated agencies. Recently, the Ministry of New and Renewable Energy has granted in-principal approval for the development of a 400 MW Solar Park at District Kinnaur under Mode-8 of the Solar Park Scheme to SJVN.

SOLAR WATER PUMP Under the Component-B of the PM-KUSUM Scheme, Government has sanctioned more than 3.59 lakh standalone Solar water pumps for farmers including small and marginal farmers in various States/UTs across the country. This includes 2000 pumps allocated to the state of Gujarat in FY 2020-21. The state implementing agencies have reported the installation of more than 82,400 Solar water pumps witha capacity of 1 HP to 10 HP as of 28th February 2022. State/UT-wise sanctions and installations are given below

Standalone Solar Water Pumps Sanctioned and Installed Under PM-KUSUM Scheme State Arunachal Pradesh

Solar Pumps Sanctioned (Nos.)

Solar Pumps Installed (Nos.)

Assam

1000

Chhattisgarh

20000

Gujarat

3424

459

Goa

200

37000

25534

Himachal Pradesh

950

180

Jammu & Kashmir

5000

103

Jharkhand

11000

6717

Karnataka

Haryana

10500

314

Kerala

100

Ladakh

600

Madhya Pradesh

57000

7234

Maharashtra

100000

1484

Manipur

150

Meghalaya

200

Nagaland

Odisha

5700

741

Punjab

12000

6192

Rajasthan

65000

24937

Tamil Nadu

6100

1187

Tripura

3100

421

Uttar Pradesh

20000

6842

Uttarakhand

338

359462

82408

Total Source: Lok Sabha (Feb 2022)

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RENEWABLE ENERGY CERTIFICATE TRADING

The Exchange achieved splendid business performance in the fiscal year 2022 accomplishing 102 BU volume across all market segments and seeing about 37percent YoY growth. The electricity market comprising DAM, RTM, TAM, GDAM, and GTAM segments contributed 95.6 BU volume and achieved 29percent YoY growth while the Certificate segment constituting REC and ESCerts contributed 6.4 BU and achieved 813percent YoY growth. The volume growth was largely driven by increasing demand for electricity, flexible and efficient procurement at the competitive prices offered by the Exchange, besides significant traction by the new market segments. The Exchange achieved a total of 2,249 million units of Renewable Energy Certificates trade (ESCerts & REC Market)in the first quarter of 2022.

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MAY 2022

Month, Year

Opening Balance (A)

REC Issued (B)

No. of REC Redeemed Total E=(C+D)

Total E=(C+D))

REC Revoked/ Deleted (G

RECs ReRECs retained deemed by RE Genthrough Powerators (D) er Exchanges (C)

Closing Balance (F=((A+B)E)-G)

Jul, 2020

5908672

530935

100471

6339136

Aug, 2020

6339136

198726

4744

3623895

2909223

Sep, 2020

2909223

544955

207

3453971

Oct, 2020

3453971

740650

1086

4193535

Nov, 2020

4193535

417810

7833

4603512

Dec, 2020

4603512

540794

3171

5141135

Jan, 2021

5141135

260411

2612

5398934

Feb, 2021

5398934

359001

109394

5648541

Mar, 2021

5648541

324035

109141

5863435

Apr, 2021

5863435

330267

66899

6126803

May, 2021

6126803

321455

1206

6447052

Jun, 2021

6447052

169616

63604

6553064

Jul, 2021

6553064

273669

3575

6823158

Aug, 2021

6823158

686264

7509422

Sep, 2021

7509422

644748

65930

8088240

Oct, 2021

8088240

540793

1409

8627624

Nov, 2021

8627624

507247

3517264

15586

3532850

5602021

Dec, 2021

5602021

1006556

2050812

54406

2105218

4503359

Jan, 2022

4503359

622416

1486883

6039

1492922

3632853

Feb, 2022

3632853

583237

785034

894

785928

3430162

Mar, 2022

3430162

440363

620410

24965

645375

3225150

76117611

65068653

2921704

67990357

3623895

Total: Source: REC Registry of India

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TARIFF COST OF SOLAR ENERGY

The cost per unit of Solarpower purchased by discoms of various states from Renewable Energy implementing agencies is different fromregion to region. And, accordingly, the government in consultation with various financing agencies including bilateral & multilateral agencies is making efforts for easy financing of RE projects. This loan will also be an important factor for the tariff rate based on different locations. The World Bank through IREDA is providing a loan facility at concessional rates for the development of Solar Parks in the country. There are more than 50 Solar Park recognized with a total Solar capacity of above 38 GW. Concessional loans from the World Bank and Asian Development Bank through the State Bank of India and Punjab National Bank, for disbursal of loans to industrial and commercial sectors,are helping the sector to grow. Soft loan from KfW Germany for development of Green Energy Corridors for evacuation of Renewable Power. The Reserve Bank of India has included rooftop Solar systems & components of the PMKUSUM Scheme under priority sector lending. Except, in Uttar Pradesh, all other state'sSolar tariffs are below ₹3/kWh.

MAY 2022

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Cost Price per Unit of Solar Energy Purchased by DISOMs of Various States During Last Three Years State

DISCOM

Capacity (MW)

Tariff (Rs./kWh)

PPA/PSA signed by SECI Andhra Pradesh

APPCC

7000

2.49

Bihar

BSPHCL

150

2.51

BSPHCL

300

2.62

BSPHCL

150

2.6

BSPHCL

330

2.72

Chhattisgarh

CSPDCL

300

2.61

Delhi

BRPL

100

2.65

BRPL

250

2.67

BYPL

2.67

BYPL

100

2.68

TPDDL

200

2.68

BRPL

210

2.44

BYPL

2.44

Haryana

HPPC

400

2.51

HPPC

250

2.61

Madhya Pradesh

MPPMCL

900

2.61

Odisha

GRIDCO

200

2.655

GRIDCO

500

2.61

Puducherry

Electricity Department, Puducherry

2.51

Rajasthan

RUVNL

640

2.55

RUVNL

110

2.56

RUVNL

680

2.57

RUVNL

600

2.07

RUVNL

470

2.08

Telangana

TSPCC

400

2.78

Tamil Nadu

TANGEDCO

500

2.78

TANGEDCO

1000

2.61

Uttar Pradesh

UPPCL

150

3.36

Uttarakhand

UPCL

100

2.44

PPA/PSA signed by NTPC Bihar

Bihar DISCOMs

300

2.60

Madhya Pradesh

MPPMCL

200

2.63

Puducherry

PED

100

2.63

Chhattisgarh

CSPDCL

190

2.25

Uttar Pradesh

UPPCL

140

3.17

UPPCL

3.02

UPPCL

3.06

UPPCL

3.02

UPPCL

3.02

Telangana DISCOMS

150

2.86

Telangana DISCOMS

300

2.86

Telangana DISCOMS

230

2.69

Telangana DISCOMS

139

2.86

Telangana DISCOMS

161

2.86

Telangana DISCOMs

250

2.86

Telangana

Kerala

Telangana DISCOMs

296

2.86

Telangana DISCOMs

2.74

Telangana DISCOMs

2.69

Telangana DISCOMs

2.69

Telangana DISCOMs

735

2.45

2.97 2.55

KSEBL PPA/PSA signed by NHPC

Chhattisgarh

CSPDCL

400

Jammu & Kashmir

JKPCL

2.56

JKPCL

600

2.55

Madhya Pradesh

Punjab

MPPMCL

300

2.55

MPPMCL

380

2.55

MPPC

320

2.55

PSPCL

300

2.56

Source: Lok Sabha Update

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MAY 2022

INSTALLED CAPACITY TRENDS

The share of Wind Power has increased by 0.96 percent in Q1 2022 compared to Q4 2021 installation, as it has a market share of 29 percentby the end of 2021, of the total installed capacity among Hydro (excluding pumped storage), Wind and Solar. In Q1 2022, Solar Power installed capacity grow by 9.42percent over the previous quarter. Total Renewable capacity (Solar, Wind, Hydro) increased by 3.78 percent quarter over quarter by the end of March 2022.The share of Solar and Hydro increased, while Wind installed capacity in the first quarter of 2022 was slow.

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Since 2016, there was a continuous decrease in the wind share of the total installed renewable capacity as mentioned above, even the focus on Hydropower plantshas been reduced, the major contributors among the renewable were Solar which shows a gradual increase in the capacity addition since the announcement of JNNSM target for 2022.

APPROVED LIST OF MODELS AND MANUFACTURERS (ALMM) The Ministry of New & Renewable Energy has issued an Approved List of Models and Manufacturers (ALMM) order dated 2nd January 2019. Due to the pandemic and outbreak in China again, government officials were not able to inspectthe Chineseproduction unit, and even a few domestic players are facing issues to enlist their capacity. Below are the only Indian manufacturers who can get their registration under the ALMM list-l by April 2022. Many large Solar PV tenders are mentioning the requirement of ALMM registered panels, also to decide the tariff based on that, but the Indian Solar Market is being dominated by Chinese players who are not able to get their capacity under ALMM to be supplied to this project. As of Q1 2022, around 12,874 MW of manufacturing installed capacity has been enlisted with 58 companies, compared to Q4 2021 where 41 companies were listed with 10,726 MW of capacity.

MAY 2022

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Approved list - I of Solar PV Module Manufacturers as Per the List issued by MNRE Sl. No. 1 2

Manufacturer Mundra Solar PV Ltd. Vikram Solar Ltd.

Enlisted Capacity (MWs / Year) 1100 1050

Loca�on

Country

Tunda, Mundra SEZ, Mundra, Gujarat, India Falta SEZ, South 24 Parganas, West Bengal, India

India India

Bharat Electronics Ltd.

Jalahalli, Bengaluru, Karnataka, India

India

Emmvee Photovoltaic Power Pvt. Ltd.

500

Be�ahalasuru, Bengaluru, Karnataka, India

India

ORB Energy Pvt. Ltd.

Yeshwanthapura, Bengaluru, Karnataka, India

India

Tata Power Solar Systems Ltd.

300

Electronic City, Bengaluru, Karnataka, India

India

Swelect Energy Systems Ltd.

140

Dabaspet, Nelamangala, Bengaluru, Karnataka, India

India

RenewSys India Pvt. Ltd.

750

FAB City, Hyderabad, Telangana, India

India India

Premier Energies Ltd.

482

Annaram, Medak, Telangana, India

Visaka Industries Ltd.

Gajalapuram, Miryalagunda, Nalgonda, Telangana, India

India

Websol Energy System Ltd.

250

Falta SEZ, 24 Parganas (South), West Bengal, India

India

Sova Solar Ltd.

240

Banskopa, Durgapur, West Bengal, India

India

13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

Goldi Solar Pvt. Ltd. Australian Premium Solar (India) Pvt. Ltd. Solex Energy Ltd Topsun Energy Ltd. Waaree Energies Ltd. Waaree Energies Ltd. Waaree Renewables Pvt. Ltd. Icon Solar-En Power Technologies Pvt. Ltd. PV Power Technologies Pvt. Ltd. Saatvik Green Energy Pvt. Ltd. Navitas Green Solu�ons Pvt. Ltd. Central Electronics Ltd. Patanjali Renewable Energy Pvt. Ltd Jakson Engineers Ltd. Himalayan Solar Pvt. Ltd. Sun N Sand Exim (India) Pvt. Ltd. Insola�on Energy Pvt. Ltd Pennar Industries Ltd GreenBrilliance Renewable Energy LLP Sanelite Solar Pvt. Ltd. Gautam Solar Pvt. Ltd. Solarium Green Energy LLP. Novasys Greenergy Pvt. Ltd

500 50 45 100 1100 500 500 125 200 240 100 35 70 80 40 40 100 75 50 20 110 70 100

Pipodara, Surat, Gujarat, India Tajpur, Sabarkantha, Gujarat, India GIDC, Vi�hal Udyognagar, Anand, Gujarat, India Linch, Mehsana, Gujarat, India Tumb, Umbergaon, Valsad, Gujarat, India Surat SEZ, Diamond Park, Sachin, Surat, Gujarat, India Nandigram, Umbergaon, Valsad, Gujarat, India Dighari, Mandir Hasaud, Arang, Raipur, Chha�sgarh, India Tarapur Tex�le Park Ltd., Boisar East, Palghar, Maharashtra, India Dubli, Ambala, Haryana, India Hojiwala Industrial Estate, Surat, Gujarat, India Industrial Area, Sahibabad, U�ar Pradesh, India UPSIDC Industrial Area, Greater Noida, U�ar Pradesh, India Ecotech III, Udyog Kendra, Greater Noida, U�ar Pradesh, India HSIIDC Industrial Estate, Alipur Barwala, Panchkula, Haryana HSIIDC Industrial Estate, Bahadurgarh, Dis�Jhajjar, Haryana Khasra No 766/2, Vill-Bagwara, TehAmer Jaipur, Rajasthan Chandpur, Sadasivapet, Sangareddy, Telangana GIDC Estate, Waghodia, Vadodara, Gujarat Bhagyalaxmi Industrial Estate, Rakanpur, Gandhinagar, Gujarat Sector-8A IIE, Sidcul Haridwar, U�rakhand249403, India. At Bhamasra, Ta:Bavla, Dist: Ahmedabad 382240, Gujarat, India

India India India India India India India India India India India India India India India India India India India India India India

Khasra No. 185, Mouza: Mahalgaon, Tehsil: Kamptee, Nagpur441202, Maharashtra 189, Block No.-71, Olpad Sayan Road, Atodara, Olpad Surat 394540, Gujarat. R.S. No. 157/1, 158/1, 158/2, 165/1, 166 of Khijadiya Nana, R.S. No. 15/1 of Depaliya, Padadhari, Rajkot Gujarat-360110 Plot No. I-25 &I-26, UPSIDC, Site-5, Kasna, Greater Noida, U�ar Pradesh-201306

India

Pahal Solar

100

Pixon Green Energy Pvt. Ltd.

355

Alpex Solar Pvt. Ltd.

240

Vikram Solar Ltd.

972

Contendre Greenergy Pvt. Ltd.

Ri�ka Systems Pvt Ltd.

B1000A, B1100C, Indospace Industrial Park, Panru� Pvt. Ltd., Survey No-2/A, Sriperumbudur Taluk, Panaiyur Village, Kanchipuram, Tamil Nadu603302, India. Unit No: I/6, Rajlakshmi HiTech Industrial Park, Sonale Village, Bhiwandi, Maharashtra G-166, Industrial Area, Neemrana - II, Alwar-301705, Rajasthan

India India India India India India

M/s. ECE (India) Energies Pvt. Ltd.

F-27, Express Highway, MIDC, Amrava�-444607, Maharashtra

India

M/s. Rayzon Green Energies.

200

Block No-105, B/H Aron Pipes, B/H hariya Talav, Kim mandvi Road, Karanj, Surat�394110, Gujrat, India

India

Survey No -75, Opp. Essar Petrol Pump, Pran�ya, Gandhinagar, India Gujarat- 382355, India Survey No: 415/B, Opp. Super Gas, Village: Bhayla, Bavla-Bagodra India Highway, Ta: Bavla, Dist: Ahmedabad-382220, Gujarat, India New Survey No-966, Village: Indrad, Chhatral Kadi Road, Ta: Kadi, India Dist.: Mehsana, Gujarat-382715, India

M/s. Lubi Electronics

125

M/s. Kosol Energie Pvt. Ltd.

171

M/s. Ci�zen Solar Pvt. Ltd.

M/s. The Wolt Techniques

M/s. Redren Energy Pvt. Ltd

M/s. Nyalkaran Energy LLP

M/s. JJ PV Solar Pvt. Ltd

M/s. Premier Energies Photovoltaic Pvt. Ltd

711

M/s. Sri Savitr Solar Pvt. Ltd

M/s. Novus Green Energy Systems Ltd

215

M/s. Sirius Solar Energy Systems Pvt. Ltd

M/s. Tata Power Solar Systems Ltd

100

M/s. Integrated Ba�eries India Pvt. Ltd

M/s. Bluebird Solar Pvt. Ltd

M/s. Shan� Solar

Source: MNRE

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India 16, Satyam Estate-1, Near. Royal Galaxy Complex, Kubadthal Road, TA: Daskroi, Dist: Ahmedabad-382430, Gujarat, India Survey No. 154/1, 154/2, Opposite Rangpar, Bus Stand, Na�onal India Highway No. 27, Jalida, Wankaner, Morbi-363621, Gujarat, India India SR No: 69P1, Village Chanchavadarda, Chanchavadarda Road, Morbi 363660, Gujarat, India Survey No-236, Plot No. 2, Near Vikas Stove, B/H, Hargange India Waybridge, N/H 8-B, Village Veraval (Shapar), Dist: Rajkot360024, Gujarat, India India Plot No-8/B/1 & 8/B/2, SY No. 62 P 63 P and 88 P, E City, Village Raviryala, Maheshwaram Mandal, Ranga Reddy, Telangana 501359 Plot No. 34/1, Sy No. 374, C.I.E. Phase 2, Gandhi Nagar, Quthbulapur, Ranga Reddy, Hyderabad, Telangana -500037 SY. No. 920/A, 921/A, Nandigama Revenue Village, Mekaguda, Kothur Post, Nandigama Mandal, Rangareddy 509228, Hyderabad, Telangana Plot No. 30 & 46, Aleap Industrial Estate, Pragathi Nagar Gajularamaram, Qutubullapur Mandal, Hyderabad 500090, Telangana, India Plot No. 24-B, Industrial Shed, SYY No 123, Jigani 1st Phase, Industria Area, Jigani, Anekal Taluk, Hobli, Bengaluru, Rural Karnataka, India 560105 D 127, Sector 63, NOIDA, U�ar Pradesh, India 201301 Plot No: 5, Ecotech�II, Udyog Vihar, Khasra No. 739, Greater Noida�201306, U�ar Pradesh, India EMC Oark, Info Valley-2, S-4-EI�20/A, Harekrushnapur, Jatani, Bhubaneshwar, Khordha, Odisha 752054, India

India India India

India India India India

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MAY 2022

The Solar PV module manufacturers from Gujarat got the maximum capacity of approved capacity under the ALMM List-l, having a capacity of 5,194MW with 21manufacturers, followed by Telangana with 8manufacturersof 2,381 MW capacity. Karnataka and Uttar Pradesh got sixmanufacturers each listed with 1.1 GW and 480 MW of production capacity. West Bengal and Haryana got threemanufacturers each with 1.54 GW and 320 MW of production capacity. Chhattisgarh, Odisha, Tamil Nadu, and Uttarakhand with just a single manufacturerlisted under ALMM List-l, while Rajasthan enlisted two manufacturers with 140 MW. Tamil Nadu has an upcoming Solar Panel manufacturing unit of 4 GW from Tata Power Solar, the state has announced the inauguration of 1.2 GW of Solar PV Module manufacturing unit of Vikram Solar in 2021. Even, First Solar also announced 3.3 GW of manufacturing units in Tamil Nadu, soon going to be online.The MNRE has extended the deadline for implementing ALMM on panels from 01 April 2022 to 31stOctober 2022. All open access, net metering, and government Solar development projects were required to use modules only approved under ALMM.

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MAY 2022

SCHEME FOR SOLAR ENERGY DETAILS OF MAJOR CITIZEN CENTRIC SCHEMES FOR PROMOTION OF SOLAR ENERGY Scheme

Rooftop

Targets

Beneficiary

Addition of 4000 MW RTS capacity in Residential Sector through provision of Central Financial Assistance (CFA). In Residential consumers of Solar Programme Ph-II addition, incentives to Discoms for initial 18000 MW RTS capacity addition. electricity

Component A: Setting up of 10,000 MW of Decentralized Ground/Stilt Mounted Power Plants Component B: Installation of 20.00 Lakh Stand-alone Solar Pumps Component C: Solarisation of 15 Lakh Grid Connected Agriculture Pumps including through feeder level d) Pradhan Mantri- Kisan Urja Suraksha solarisation evam Utthaan Mahabhiyan (PM- KUSUM)

Farmers

Financial Assistance Available (i) For Residential Sector - Central Financial Assistance (CFA) of 40% for capacity up to 3 kWp - CFA of 20% for capacity beyond 3 kWp and up to 10 kWp - CFA of 20% for GHS/RWA capacity up to 500 kWp (limited to 10 kWp per house and total upto 500 kWp) (ii) For Discoms incentives up to 10% of project cost of new installations in a year depending upon achievements in capacity addition above baseline. Procurement Based Incentive (PBI) to the DISCOMs @40 paise/kWh or ₹6.60 lakhs/MW/year, whichever is lower, for buying solar/ other renewable power under this scheme. The PBI is given to the DISCOMs for a period of five years from the Commercial Operation Date of the plant. Therefore, the total PBI that payable to DISCOMs is ₹33 Lakh per MW. CFA of 30% of the benchmark cost or the tender cost, whichever is lower, of the stand-alone solar Agriculture pump is provided. However, in North Eastern States, Sikkim, Jammu & Kashmir, Ladakh, Himachal Pradesh and Uttarakhand, Lakshadweep and A&N Islands, CFA of 50% of the benchmark cost or the tender cost, whichever is lower, of the stand-alone solar pump is provided. CFA of 30% of the benchmark cost or the tender cost, whichever is lower, of the solar PV component will be provided. However, in North Eastern States, Sikkim, Jammu & Kashmir, Ladakh, Himachal Pradesh and Uttarakhand, Lakshadweep and A&N Islands, CFA of 50% of the benchmark cost or the tender cost, whichever is lower, of the solar PV component is provided.

Source: Lok Sabha Update (March 2022)

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HYDROGEN UPDATES OIL INDIA INITIATES FIRST PHYSICAL GREEN HYDROGEN PLANT Oil India Limited (OIL)is setting up the first physical plant using AEM Technology for Green Hydrogen in the Jorhat district of Assam.The company said, “To strengthen its bouquet of clean energy offerings”, the company has initiated action for setting up a 100-kW green hydrogen plant at its Pump station-3 in Jorhat.”Electrolyzers based on AEM technology provide a compact and affordable solution for making high-quality hydrogen for running backups etc. These electrolyzers are compact and can be stacked for the higher capacity needed for running pumping stations, petrol pumps, or blending with natural gas to make the fuel cleaner.

INDIA AND IRENA STRENGTHEN TIES AS COUNTRY PLANS MAJOR RENEWABLES AND HYDROGEN PUSH MNRE has signed a strategic partnership agreement with IRENA, signaling its intent to further strengthen its collaboration with IRENA in the field of Renewable Energy. The agreement was signed by the MNRE Secretary and IRENA Director-General during the 12thIRENA Assembly. Under the partnership, IRENA will facilitate knowledge sharing from India on scaling-up renewable energy and clean energy technologies as well as support India’s efforts to advance cost-effective decarbonization through the development of domestic green hydrogen.

OHMIUM PARTNERS WITH IIT MADRAS RESEARCH PARK Ohmium International has partnered with IIT Madras Research Park (IITMRP) to accelerate Polymer electrolyte membrane (PEM) electrolyzer performance enhancements.Both the entities have announced an R&D partnership, which will accelerate the production implementation of PEM electrolyzer technology enhancements. IITMRP and Ohmium will work together to re-power campuses throughout India with 100 percent renewable energy.This partnership will enable Ohmium to rapidly translate technology advances in performance and cost reduction into actual production at the Bangalore Gigafactory in Karnataka.

MAY 2022

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ADVIK HI-TECH FORMS JV WITH AUSTRALIA’S H2X GLOBAL TO DEVELOP COMPONENTS FORHYDROGEN VEHICLES Advik Hi-Tech and Australia’s H2X Global have announced a joint venture to manufacture products and components for hydrogen vehicles and powered products for the Indian and global markets.The vehicles and components have been designed and developed by the H2X Global design team and production is scheduled to start immediately to cater to the rapidly growing demand for hydrogen-powered equipment and vehicles in India.The partners aim to immediately begin production of H2X’s Series of fuel cell-powered generators. The first generators manufactured by the joint venture will be put into service with a large-scale power system providing emission-free power for Advik’s Research and Development Centre located in Pune.

INDIA TO WAIVE TRANSMISSION COSTS FOR GREEN HYDROGEN MANUFACTURERS Green hydrogen manufacturers can set up renewable energy capacity by themselves. Banking shall be permitted for 30 days for Renewable Energy used for making Green Hydrogen/Green Ammonia. Banking allows renewable energy producers to transmit unused electricity to the grid, which can subsequently be used whenever needed. The transmission charges would be waived for companies setting up manufacturing facilities before 2025.

ADANI GROUP ANNOUNCES MOU WITH BALLARD FOR HYDROGEN FUEL CELLS IN INDIA The Adani Group has signed a non-binding Memorandum of Understanding (MoU) with Ballard Power Systems to evaluate a joint investment case for the commercialization of hydrogen fuel cells in various mobility and industrial applications in India. Under the MoU, both parties will examine various options to cooperate, including potential collaboration for fuel cell manufacturing in India.Efforts under this MoU will be anchored by Adani New Industries Limited, the newly formed subsidiary of Adani Enterprises, focused on the generation of green hydrogen, including downstream products, green electricity generation, and the manufacture of electrolyzers and wind turbines, among others.

EV UPDATES OLECTRA GREENTECH AND EVEY TRANSWERE DECLARED L-1 BIDDERS FOR 353 BUSES Olectra Greentech Limited and Every Trans Private Limited (EVEY) were declared as least quoted (L-1) bidders for 353, 50 Electric Buses Evey has received a Letter of Award from one of the State Transport Authorities (i.e., for Inter-City Operations) under FAME-Il scheme of Government of India. This order for the supply of 50 Electric Buses is on a Gross Cost Contract (GCC)/OPEX model basis (i.e., for Inter-City Operations) for 12 years (Contract Period).These Buses shall be delivered over 12 months. The maintenance of these buses shall also be undertaken by the Olectra during the Contract Period. The value of this Contract is approximately ₹125 Crores (~16.75 million) to the Company.

BHARAT PETROLEUM LAUNCHES EV FAST - CHARGING CORRIDOR ON CHENNAI– TRICHY– MADURAIHIGHWAY Bharat Petroleum Corporation Limited (BPCL) has launched EV Fast-Charging Corridors on the Chennai – Trichy – Madurai highway, with the rollout of CCS-2 DC Fast chargers at 10 of its conveniently located fuel stations along the 900 Km route on both sides of the highway. The Company is accelerating its focus on new business segments for sustainable growth and converting 7,000 conventional Retail Outlets into Energy Stations providing multiple fuelling options, which will also include an EV charging facility, in the medium to long term.

HERO MOTOANNOUNCES NEW INVESTMENT IN ATHER ENERGY Hero MotoCorp has announced a new investment of up to ₹420 Crore (~$56.826 million) in Ather Energy. The company’s board has approved the investment in one or more tranches. Before the proposed investment, Hero MotoCorp’s shareholding in Ather Energy was 34.8% (on a fully diluted basis). Post the investment, the shareholding will increase and the exact shareholding will be determined upon completion of the capital raise round by Ather. Hero MotoCorp is an early investor in Ather Energy and has been a part of its growth story since 2016.

TVS MOTOR COMPANY ACCELERATES ELECTRIFICATION IN THE COMMERCIAL MOBILITY SEGMENT; SIGNS MOU WITH SWIGGY TVS Motor Companyannounced a strategic partnership with Swiggy. This partnership highlights TVS Motor Company’s commitment to strengthening electrification across diverse mobility segments and aligns with Swiggy’s many efforts to enable the adoption of EVs in its delivery fleet. As part of the MoU, TVS Motor and Swiggy will test the implementation of TVS Motor’s EV for food delivery and other on-demand services of Swiggy.The two companies are exploring the co-creation of sustainable and comprehensive solutions for Swiggy’s delivery partners. This will include working on customized packages like a need-specific product, flexible financing options, and, connected services.

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MAY 2022

HERO ELECTRIC AND MAHINDRA & MAHINDRA ANNOUNCE STRATEGIC PARTNERSHIP INE-MOBILITY Hero Electric and the Mahindra Group announced their collaborative intent as part of Hero’s growth and expansion plans to cater to the evergrowing demand for EVs in the country. The strategic partnership will create multiple synergies to help drive adoption across the country. As part of the partnership, Mahindra Group will manufacture Hero Electric’s most popular electric bikes –Optima & NYX at their Pitampur plant to meet the growing demands of the market.

TCIL LAUNCHES FIRST E-VEHICLE CHARGING STATION IN SOUTH DELHI TCIL, a Miniratna PSU under the Department of Telecommunications, Ministry of Communications, with the support of SDMC launched the first e-vehicle charging station in the South Delhi area at South Extn. Part I on Thursday. The launch was inaugurated by the Union Minister of State for External Affairs and Culture in the presence of CMD, TCIL & other dignitaries of the area.This e-vehicle charging station is the first one in a series of 65 e-charging stations to be setup by TCIL in a progressive manner in the next four months in the South Delhi area within easy reach of citizens of Delhi. Each charging station can charge 6 Two/Three/ Four-wheeler vehicles at a time.The charging stations are equipped with CCTV surveillance & Wi-fi facility for use by the common public. It is also powered by a 6-kW Solar panel.

VALUED AT $5 BN, OLA ELECTRIC RAISES $200 MILLION Ola Electric announced it has raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, and others. The latest round has seen the company’s valuation going up to $5 billion. In September 2021, Ola Electric had raised over $200 million led by Falcon Edge, Softbank, and others at a valuation of $3 billion.Over the last 12 months, Ola Electric has built the FutureFactory, the world’s largest electric two-wheeler manufacturing facility in the Krishnagiri district in Tamil Nadu.

GURUGRAM GETS INDIA’S LARGEST EV STATION THAT CAN CHARGE UP TO 100 ELECTRIC CARS 100 charging points for electric four-wheelers from 96 chargers. set up by Alektrify as part of India’s largest EV charging infrastructure. They are located in sector 52 of Gurugram. Out of these 96 units, 72 are AC slow chargers and 24 DC fast chargers.This station is now open with 96 chargers for technical inspection for various ‘Certification Compliance’ and ‘Safety Standards’. At this station, one AC charger takes up to six hours to charge an EV. It can charge four electric vehicles per day and 72 such chargers can charge 288 EVs every day. On the other hand, the fast DC chargers can juice up a vehicle in less than two hours, and 12 EVs every day. For overnight usage, there are 24 such DC 5KW chargers to charge 288 EVs.

PINNACLE-VDL JV TO ENTER BUS AND LAST-MILE EV MARKET Pinnacle Mobility Solutions, a unit of Pune-based Pinnacle Industries, would invest ₹2,000 crore (~$267.8 million) to make electrical buses and e-mini vans to cater to the booming last-mile mobility area.Pinnacle Mobility has entered right into a 74:26 partnership with certainly one of Europe’s largest family-owned enterprises – VDL Groep – to cater to this rising demand.The firm will arrange a 5,000-unit electric bus manufacturing facility in Pithampur, Madhya Pradesh, and a 15,000-unit plant for e-mini automobiles within the 1-2 tonne area in Pune.

INDIAN OIL CORPORATION INSTALLS MORE THAN 1,000 EV CHARGING STATIONS IndianOil has installed more than 1,000 electric vehicle charging stations (EVCS) across the country.IndianOil had installed its first EV charger for public use in 2017, at Nagpur. Now, the company’s charging points are present in more than 500 towns and cities including multiple state and national highways. Besides, the corporation is planning to have a base of 3,000 plus charging stations to convert highways into e-highways across the country, over the next three years.

HERO MOTOCORP AND BPCL TO COLLABORATE FOR SMART AND CONNECTED LARGE SCALEEV-CHARGING INFRASTRUCTURE Hero Motocorp and BPCL (Bharat Petroleum Corporation Ltd.)have collaborated to set up charging infrastructure for two-wheeled electric vehicles (EVs) across the country. Hero MotoCorp has become the first automotive OEM to tie up with the leading Public Sector Undertaking (PSU) to set up charging infrastructure across the length and breadth of India. Bharat Petroleum, accelerating its focus on new business segments for sustainable growth, announced in September 2021 that it is converting 7,000 conventional Retail Outlets into Energy Stations providing multiple fueling options, which will include an EV charging facility also, in the medium to long term.

MAY 2022

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BSES COMMISSIONS INDIA’S FIRST SMART MANAGED EV CHARGING STATION BSES Yamuna Power Limited (BYPL) has commissioned India’s first ‘Smart Managed EV Charging Station’ at Mayur Vihar Extension – I.This conveniently located smart-managed EV charging station, which can charge five e-vehicles simultaneously, is co-located at BYPL’s 11 kV Sub Station building in Mayur Vihar Extension Phase I. The carefully selected site is a gateway to Noida and can be easily accessed by EV users and EV fleet operators. Depending on the response, more such smart EV charging stations will be rolledout in South, West, East, and Central Delhi.

TATA POWER SIGNS MOU WITH ENVIRO TO DEPLOY EV CHARGING POINTS INGURUGRAM Tata Power has collaborated with Enviro - the facility management wing of the NCR-based real estate developer Vatika Group to install 59 EV charging points at its properties across Gurugram, Haryana. The EV chargers will be installed at 18 locations across the properties of Vatika Group in Gurugram. These chargers will be made available as Public Charging Stations and Semi-Public based on the nature of the premises. As a result, commuters can have easy access to the chargers, thus encouraging them to use battery-powered vehicles. This collaboration will be vital in accelerating e-mobility adoption across EV users in NC National Capital Region (NCR).

SUZUKI SIGNS MOU WITH THE STATE OF GUJARATFOR ELECTRIC VEHICLES AND BATTERIES MANUFACTURING TOWARD CARBON NEUTRALITY Suzuki Motor Corporation (SMC) signed MOU with the State of Gujarat, India to invest approximately 150 billion yen (~$1.258 billion)in local manufacturing of electric vehicles (BEV) and BEV batteries.The MOU was signed on 19 March 2022 at the India-Japan Economic Forum held in New Delhi, India, in the presence of the Japanese Prime Minister and Indian Prime Minister

IGL & KINETIC GREEN ANNOUNCED A STRATEGIC PARTNERSHIP TO REVOLUTIONIZE THE EV SECTOR Indraprastha Gas Limited (IGL) and Kinetic Green announced a strategic partnership to revolutionize the EV sector with Battery Swapping Technology by unveiling the first battery-swapping station called “Energy Café” in New Delhi.IGL launched the initiative in the presence of the Director (Commercial), IGL, along with Founder and CEO, Kinetic Green Energy and Power Solutions Ltd., and other senior officials of IGL and Kinetic.

STOREDOT ANNOUNCES STRATEGIC PARTNERSHIP WITH OLA ELECTRIC StoreDot, the pioneer of extreme fast charging – XFC -technologies for electric vehicles, has secured a multi-million-dollar investment from Ola Electric. Ola Electric is planning to incorporate and manufacture StoreDot’s fast-charging battery technologies for future vehicles in India. The new funding comes as part of StoreDot’s Series D investment round. It will be used for research and development and to accelerate the scaling up to mass production of its silicon-dominant anode XFC lithium-ion cells, which will be initially capable of delivering 100 miles of range in 5 minutes of charge by 2024.

MINISTRY OF HEAVY INDUSTRIES SANCTIONS 1576 EV CHARGING STATIONS ACROSS 16 HIGHWAYS & 9 EXPRESSWAYS UNDER PHASE-II OF THE FAME INDIA SCHEME At least one charging station every 25 km on both sides of the Highway and at least one Charging Station for long Range/Heavy Duty EVs every 100 km on both sides of the Highway. The Ministry of Heavy Industries has sanctioned 2,877 charging stations in 68 cities across 25 states/ UTs under Phase-II of FAME India Scheme. Further, MHI has sanctioned 1,576 EV Charging Stations across 16 Highways & 9 Expressways under this phase.The Ministry of Heavy Industries had sanctioned about 520 Charging Stations/ Infrastructure for about ₹43 Crore (~$5.65 million) under Phase-I of Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme.Further, a budget provision of ₹1000 Crore (~$131.4 million) has been earmarked for a period of 5 years [2019-20 to 2023-24] for the establishment of charging infrastructure under Phase-II of FAME India Scheme.

EXICOM CROSSES 5,000 EV CHARGERS, PLANS NEW UNIT Exicom has crossed the milestone of installing over 5,000 EV chargers including AC and DC chargers across 200 cities in India. The milestone installation was a 200KW charger for Tata Power at a transport depot in Delhi.The company says it has achieved this milestone in four years since its first installation after winning India’s first EV charging tender by EESL from among over 10 players in the fray in 2018.The chargers have been deployed at strategic locations, and are spread across 200 cities in 20 states with the majority of installations at bus depots, fleet operators, public charging stations, residential communities, and households. These EV chargers comprise approximately 3,600 AC chargers and 1,400 DC chargers.

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MAY 2022

TATA POWER AND RUSTOMJEE GROUP COLLABORATE TO SET UP EV CHARGING INFRASTRUCTURE ACROSS MUMBAI METROPOLITAN REGION Tata Power has collaborated with Rustomjee Group, the leading real estate developer, to provide end-to-end EV charging solutions across all its residential and commercial projects in Mumbai Metropolitan Region (MMR).Under this collaboration, Tata Power will install dedicated charging infrastructure for residents of Rustomjee in Mumbai MMR. EV owners will have the access to a 24x7 charging facility along with maintenance support. Customers can connect through the Tata Power EZ Charge mobile application for all services including remote vehicle charging monitoring & e-payments. The partnership will enable Rustomjee residents access to a uniform and ubiquitous EV charging experience.

IREDA FINANCES BLUSMART MOBILITY TO PURCHASE 3000 ELECTRIC CARS Indian Renewable Energy Development Agency Ltd. (IREDA), the largest lender of the Renewable Energy sector in India, sanctioned a loan of Rs. 267.67 crores (~$35.386 million) to BluSmart Mobility for the purchase of 3,000 all-electric cars. BluSmart Mobility will use the fresh capital to purchase 3,000 all-electric cars, leading to an expansion of its EV fleet. From the sanctioned loan of Rs. 267.67 crores (~$35.386 million), the first tranche of Rs. 35.70 crore (~$4.719 million) has been disbursed by IREDA to the company.

CONCLUSION AND SUGGESTIONS The installations in the first quarter of 2022were the highest since 2018. There is an exponential growth inSolar installation during this quarter. Duty-free window and upcoming BCD force the developers to commission their projects during this period. The distributed sectorwasslow, and Commercial and Industrial segment installations were still in a dilemma whether to get the projects installed on their premises as the price of Solar PV panels was high compared to a pre-Covid level so distributed segment already tested the fruits of low projects cost with the quality installation which was helping them to reduce their electricity cost. Now, the cost is quite high, and due to the supply-demand gap, C&I customers were not coming forward to execute the project. The installations on Utility-scale were goodin the first quarter of 2022, there is a growth of around 82 percent quarter over quarter, and the installations were almost two times more than the previous quarter's installation. But there is a wait and watch the situation in 2022 as BCD imposed on Solar PV modules, how the domestic developers will react to that and how Chinese suppliers will come up with the extra cost ofSolar PV. Even though the government has extended the ALMM date till October 2022, none of the Chinese manufacturers were there on the list as per the latest update. The installation in 2022 will be the highest among the previous yearly installation as this is going to be the crucial year for India as the JNNSM target of 100 GW Solar capacity will end in the next three quarters. There is a recent Covid outbreak in China at the start of 2022 due to which the movements of goods were at a halt, which will again affect the yearly installations in India as well as the JNNSM target as India installed around 54 GW of Solar PV installations by the end of Q1 2022. The government should support the developers and domestic manufacturers to balance the flow as developers have already bid the project at a competitive price. Also, the module prices in the Chinese market are touching 30 cents per watt, which is a difficult situation for the whole Solar industry. Indian manufacturers will be facing a hard time manufacturing the modules as the polysilicon price is on the higher side, even the Indian government has extended two more years for the anti-dumping duty on Solar glass and Borosil is giving touch time as they are not able to fulfill the growing demand, and there is a waiting period of more than a month as per the industry opinion.

MAY 2022

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MAY 2022

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