Minister of New and Renewable Energy Pralhad Joshi has said India is well on track to install 500 GW of non-fossil fuel-based energy capacity by 2030. Replying to a debate on the functioning of the Ministry of New and Renewable Energy (MNRE) in the Rajya Sabha, Joshi said the installed renewable energy capacity had now touched 203 GW from 76.4 GW in 2014. The installed solar capacity had gone up to 85.47 and that of wind to 46.65 GW as of June 2024. Solar projects with a capacity of 104 GW are under implementation, while 74.34 GW of projects have been tendered. Wind projects with a capacity of 46.6 GW are under implementation, while 1.7 GW of projects have been tendered.
India added 770 MW of wind energy capacity in Q2 2024, down 32% YoY from 1,139.9 MW in Q2 2023. The capacity additions fell 33% quarter-over-quarter, according to Mercom India Research. Installations in the quarter decreased mainly due to delays in granting grid connectivity. Additionally, land availability, right-of-way challenges, and the early onset of the monsoon in some states also affected wind project development during this period. Karnataka led the capacity additions with 450 MW. Of the remaining 320 MW, Tamil Nadu added 186 MW, Gujarat 130 MW, and Maharashtra 4.2 MW, respectively.
The Central Electricity Regulatory Commission has adopted tariffs discovered through competitive bidding for 2.37 GW of ISTS-connected renewable energy projects with energy storage systems on a “Build-Own-Operate” basis. The order came in response to a petition filed by SJVN seeking the adoption of tariffs under Section 63 of the Electricity Act, 2003. The Commission adopted tariffs of ₹4.38 (~$0.0523)/kWh for 650 MW and ₹4.39 (~$0.0524)/kWh for 534 MW for initially allocated capacity (1,184 MW). For capacity under Greenshoe Option (1,184 MW), it adopted the tariff of ₹4.38 (~$0.0523)/kWh.
Tata Power, an integrated power company, reported its highest ever quarterly profit after tax (PAT) of ₹11.89 billion (~$141.68 million), a growth of 31% year-over-year (YoY), in the first quarter (Q1) of the financial year (FY) 2025. The company’s generation, renewables, and transmission and distribution sectors contributed 84% of the PAT this quarter, compared to 72% in Q1 FY 2024. This marks the 19th consecutive quarter of YoY net profit growth for Tata Power. Tata Power also recorded the highest-ever quarterly revenue of ₹168.1 billion (~$2 billion) in the quarter, a growth of 12% YoY.
The Bikaner Division — Electrical, North Western Railway, has issued a tender for a cumulative capacity of 2,068 kW grid-connected rooftop solar power systems at railway residential quarters. The last date to submit bids is August 23, 2024. Bids will be opened on the same day. Bidders must submit an earnest money deposit of ₹604,700 (~$7,215). The advertised value of the tender is ₹9.09 million (~$108,122). The project should be completed within four months.
Hyderabad-headquartered renewable energy solutions platform Fourth Partner Energy (FPEL) has secured an investment of $275 million from global impact investors IFC, ADB, and DEG. World Bank’s IFC is investing $125 million, while ADB is infusing $100 million and Germany’s DEG $50 million to complete this fundraising round. FPEL is developing capacities of 1.2 GW of open access renewable energy projects across Maharashtra, Uttar Pradesh, Tamil Nadu, and Gujarat while continuing to focus on Inter-State Transmission System, on-site solar, and battery storage as key business verticals.
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