Solar Projects

PMEA Solar submits papers to Sebi for Rs 600 cr IPO; 11.2 mn shares on sale

PMEA Solar IPO: The funds raised through the fresh issue will be allocated towards capital expenditure and debt repayment

ISA partners with MIGA to fund Solar Energy projects in Sub-Saharan Africa

MIGA and ISA will work together to launch solar power and distributed energy projects in eligible developing countries

Alpex Solar announces plan to double PV module capacity to 2.4 GW by FY26

Solar solutions provider Alpex Solar on Wednesday announced its expansion plans to double its photovoltaic solar module capacity to 2.4 GW by FY2025-26. A greenfield project of 1.2 GW solar PV modules capacity will be installed in the company's newly acquired land parcel at Kosi Kotwan, Mathura in Uttar Pradesh, a statement said. The company will also explore a foray into solar cell manufacturing in the range of gigawatt capacity. The new project will be funded through internal accruals and loans. Once the new line is set up, the company expects a capacity of 2.4 GW by FY2026, enabling it to meet the growing demand in India and other key global markets. The company aims at deeper integration with the solar cell foray building upon its presence in solar PV modules and aluminium frames. Ashwani Sehgal, Managing Director, Alpex Solar said, "We are exploring the foray into solar cell manufacturing. This may afford us multiple advantages, including cost, profitability, and branding, an

JSW Neo Energy bags additional 400 MW wind-solar hybrid project from MSEDCL

JSW Energy on Thursday said its wholly-owned subsidiary JSW Neo Energy has secured an additional 400 MW wind-solar hybrid project from Maharashtra State Electricity Distribution Company (MSEDCL). Subsequent to this, the cumulative capacity allotted to JSW Neo under Phase- III (of MSEDCL) stood at 600 MW, a company statement said. According to the statement, JSW Neo Energy, a wholly-owned subsidiary of JSW Energy (company), has received Letter of Award (LoA) for an additional 400 MW of Wind-Solar Hybrid Power Project under greenshoe option from MSEDCL against MSEDCL Phase III. The company, however, did not disclose any financial details. Following this capacity award, the total locked-in generation capacity of JSW Energy has increased to 17.6 GW, which includes a total locked-in Hybrid capacity of 3.2 GW (including FDRE). The company expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently. JSW Energy has total locked-in generation capacity of 1

JSW Neo Energy bags 200 MW wind-solar hybrid project from from MSEDCL

JSW Energy on Tuesday said its arm JSW Neo Energy has received a letter of award (LoA) for setting up a wind-solar hybrid power project from Maharashtra State Electricity Distribution Company (MSEDCL). The 200 MW wind-solar hybrid power project was awarded to JSW Neo Energy in a tariff-based competitive bid, a JSW Energy statement said. As a result of this capacity award, the company's total locked-in generation capacity has increased to 17.2 GW, which includes a total locked-in hybrid capacity of 2.9 GW (including FDRE), the statement said. JSW Energy has a total locked-in generation capacity of 17.2 GW comprising 7.5 GW operational, 2.3 GW under construction across wind, thermal and hydro and RE pipeline of 7.3 GW (PPAs signed for 2.3 GW). The company expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently. The company also has 4.2 GWh of locked-in energy storage capacity through battery energy storage systems and hydro-pumped storage ...

North India's largest floating solar project commissioned in Omkareshwar

The largest floating solar project in central and north India generating 90 MW energy has been commissioned at Omkareshwar in Madhya Pradesh, a state minister has said. The Omkareshwar Floating Solar Project, costing Rs 646-crore, was commissioned on August 8, state Renewable Energy Minister Rakesh Shukla said in a statement. This project was developed under the Union Ministry of Renewable Energy and it is the biggest solar park in India and largest floating solar project in central and north India, he said. The project is executed by SJVN Green Energy Limited (SGEL), a wholly owned subsidiary of SJVN, the minister said, adding that on the commissioning of the project, the total installed capacity of SJVN has increased to 2466.50 MW. The project is likely to generate 196.5 million units of electricity in the first year and 4,629.3 million units in the 25 years, he said. After commissioning, the project will reduce carbon emissions by 2.3 lakh tonnes and contribute significantly to

Torrent Power up 5% on pact with ARS, TU14 for solar projects in Tamil Nadu

The rise in the stock price came after Torrent Power entered into a deal with ARS Steels & Alloy International and Torrent Urja 14 for setting up 50 MWp solar projects in Tamil Nadu (TN)

Adani Green Energy bags $400 mn finance from int'l banks for solar project

Adani Green Energy Ltd (AGEL) on Thursday said it has secured USD 400 million finance from a consortium of five international banks for its under construction solar projects of 750 MW in Gujarat and Rajasthan. These projects are expected to come online from November 2024 onwards, a company statement said. One of the projects is being developed in Rajasthan with 500 MW capacity and has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI). The second one, with 250 MW capacity, is a standalone merchant power project being implemented at the world's largest RE cluster in Khavda, Gujarat. The consortium of lenders includes Cooperative Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation. AGEL has 10,934 MW operational portfolio, largest in India, delivering reliable, affordable, and clean power to the national grid. AGEL's operational portfolio consists of 7,393 MW solar, 1,401 MW wind and 2,14

Avaada Energy inks refinancing deal worth Rs 4,471 crore with NaBFID

Avaada Energy on Thursday said it closed a refinancing deal of Rs 4,471 crore with National Bank for Financing Infrastructure and Development (NaBFID) for its four solar projects in Rajasthan. The financing from NaBFID will enable Avaada Energy to prepay existing loans to multiple lenders. The facility, sanctioned and disbursed as a 20-year rupee term loan, achieves significant commercial improvements over the earlier facilities prepaid, the company said in a statement. "Avaada Energy is pleased to announce the successful closure of one of the largest refinancing transactions in India's renewable energy sector, securing about Rs 4,471 crore (USD 535 million) from the state-owned lender NaBFID," the statement said. This refinancing transaction, conducted under Restricted Group (RG) structure, encompasses four inter-state transmission system-connected solar projects with a combined capacity of 1,700 MWp. The structure has been rated as 'AA (Stable)' by CareEdge Ratings, it said. Vine

SJVN receives 1,352 MW solar energy projects worth Rs 7,436 crore

State-owned power producer SJVN arm SJVN Green Energy has secured 1,352 MW solar power projects, entailing an investment of Rs 7,436 crore. "SJVN has received Letter of Awards (LoA) for 1,352 MW Solar Power Projects to be developed through SJVN Green Energy Ltd (SGEL), a wholly-owned subsidiary of SJVN," a company statement said. According to the statement, these LoAs have been received in the presence of Maharashtra Deputy Chief Minister Devendra Fadnavis, SJVN Director (Finance) Akhileshwar Singh and SGEL CEO Ajay Singh in Mumbai. SJVN Chairman and Managing Director Geeta Kapur informed that these projects of 1,352 MW will be developed at various locations in Maharashtra -- Nashik, Solapur, Ahmednagar and Pune under Mukhya Mantri Saur Krushi Vahini Yojana 2.0. The projects have been bagged by SGEL through a competitive bidding process in a tender floated by MSEB Agro Power Limited, Maharashtra. The total capacity of the tender was 7,000 MW and SGEL participated for 1,500 MW -- 5

IndiGrid acquires solar power plant at an enterprise value of Rs 1,550 cr

Infrastructure investment trust IndiaGrid on Friday said it has completed the acquisition of 300 MW solar project at an enterprise value of Rs 1,550 crore. With this asset addition, IndiGrid's portfolio now consists of 19 solar projects across eight states of the country with a total generation capacity of 1.1 GWp. IndiGrid's total Assets Under Management now stands at Rs 28,200 crore, an IndiGrid statement said. "IndiGrid, India's first and largest listed power sector infrastructure investment trust (InvIT), today announced that it has consummated transaction of 300 MW AC solar asset for an enterprise valuation of around Rs 15,500 million, exclusive of net working capital and cash adjustments, in line with the share purchase agreement that was signed in January 2024," it said. This acquisition has been funded through a combination of equity, internal accruals, and debt and will add Rs 80 crore of net distributable cash flow, to IndiGrid, every year. The net debt/AUM will be 63 pe

SJVN gets LoI for 200 MW solar project form Gujarat Urja Vias Nigam

State-owned SJVN Ltd on Wednesday said it has received a letter of intent from Gujarat Urja Vias Nigam Ltd to set up a 200 megawatt (MW) solar power project. The tentative cost of construction and development of this project is Rs 1,100 crore, SJVN CMD Geeta Kapur said in a company statement. "SJVN has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for 200 MW Solar Power Project in GUVNL Phase XXII," it said. The ground-mounted solar project shall be developed by SJVN subsidiary SJVN Green Energy Limited (SGEL) anywhere in India through an EPC contract. The Power Purchase Agreement (PPA) shall be executed with GUVNL after the adoption of the tariff by GERC (Gujarat Electricity Regulatory Commission), it said. The project shall be commissioned in a period of 18 months from the date of signing of PPA. This PPA shall be signed between GUVNL and SGEL for 25 years, SJVN added. The project is expected to generate 508.4 million units in the first year

Pinewood Systems, Braithwaite partner to develop 500 MW solar project

Pinewood Systems on Wednesday announced that it has plans to develop a 500 MW solar power project in Maharashtra in partnership with state-owned Braithwaite & Co. While Pinewood Systems is an active investor in the renewable energy sector in India, Braithwaite & Co comes under Ministry of Railways. In a statement, Pinewood Systems said it has formed an executive team to develop the project. "We are dedicated to delivering a sustainable and impactful solution to meet the renewal energy demands of Maharashtra, in line with our commitment to clean and renewable energy sources," Pinewood Systems Chairman Satish Jha said. According to the statement, the primary objective is to adhere to the timeline set by Maharashtra State Electricity Distribution Company Ltd (MSEDCL).

Hinduja Renewables bags 140-MW solar project from Gujarat Urja Vikas Nigam

Hinduja Renewables on Wednesday announced that it bagged a 140-MW solar power project from Gujarat Urja Vikas Nigam (GUVNL). The contract is part of the Solar Tender Phase -XXII issued by GUVNL for selection of solar power developers for setting up 500 MW Solar Power Projects anywhere in India, a company statement said. According to the statement, the Hinduja Renewables was one of the four winning developers under this tender which saw participation from leading independent power producers. Hinduja Renewables has won a bid to set up 140-MW solar power capacity in a tender issued by GUVNL at a tariff rate of Rs 2.64/kWh, it stated. This has a potential to increase to 280 MW as GUVNL may allow an additional capacity of 140 MW by exercising the green shoe option. Sumit Pandey, CEO of Hinduja Renewables, said in the statement, "This is a welcome addition to the recent tenders we have won this year across different central and state tenders such as NHPC and GUVNL. With this achievement

Alpex Solar eyes over two-fold growth in revenues by FY26: MD Sehgal

Solar panel maker Alpex Solar is aiming for more than two-fold jump in its revenues to Rs 1,000 crore by financial year 2025-26, the company's Managing Director Ashwani Sehgal said. The company has set a revenue target of Rs 400 crore for the ongoing 2023-24 fiscal, Sehgal said in a company statement on Wednesday. "Our revenue is projected to reach Rs 400 crore in FY24. We aim to surpass the Rs 1,000 crore revenue threshold by 2026, representing a 2.5-fold growth over the forecast in FY2024," the MD said in the statement. The company had clocked in a revenue of Rs 180 crore in preceding FY 2022-23. UP-based Alpex Solar is a leading solar panel manufacturing company in India. To achieve the revenue targets, the company said it "is banking on its ambitious expansion plan increasing its capacity from 450 MW to 2 GW to capitalise on the robust policy support by the government and rising demand for domestic solar installations".

Tata Power arm inks pact to build 43.75 MW solar project for Mukand Ltd

Tata Power Renewable Energy Ltd (TPREL) on Friday said it has inked a pact for building a 43.75 MW captive solar project for Mukand Ltd, a Bajaj Group firm. Located at Jamkhed in Maharashtra, the installation will generate 99.82 MUs (million units) annually and is expected to offset 54,687 tonne CO2 emissions per year. As per the Power Delivery Agreement (PDA), TPREL will undertake the construction, operation, and maintenance of the captive solar power plant, Tata Power said in a BSE filing. The project is scheduled for commissioning by March 2024. The plant's primary objective is to fulfil Mukand's energy needs while promoting environment-friendly practices within their stainless-steel manufacturing operations. Shashibhushan Upadhyay, President, Mukand Ltd said with this addition, the total renewables capacity of TPREL reaches 7,946 MW, including 3,755 MW projects under various stages of implementation, and its operational capacity is 4,191 MW, which includes 3,185 MW solar and 1

NLC India signs pact with Rajasthan govt for 300 MW solar power supply

The NLC India on Thursday inked a pact with Rajasthan Urja Vikas Nigam for supply of 300 MW solar power for the next 25 years. A central PSU, the NLC secured 510 MW solar project capacity in the CPSU Scheme Phase-II Tranche-III floated by Indian Renewable Energy Development Agency (IREDA) through competitive bidding. In a statement, the NLC said 300 MW solar project capacity is under execution at Barsingsar, Bikaner District of Rajasthan. The EPC (Engineering, procurement and construction) contract for the project has been awarded to TATA power solar systems. The Power Usage Agreement (PUA) for the 300 MW solar project was signed between NLC India Limited (NLCIL) and Rajasthan Urja Vikas Nigam Limited (RUVNL) on August 17 at Jaipur. The pact is for supply of solar power to Rajasthan for the next 25 years. Power to the tune of 750 Million Units is to be generated annually from the project and total green power generated will be supplied to Rajasthan. "The project will help Rajastha

After launching solar projects, Meghalaya scraps thermal power plans

The Meghalaya cabinet has approved a proposal to scrap a 500 MW thermal power project after the North Eastern Electric Power Corporation Limited (NEEPCO) expressed its interest in green energy, Power Minister AT Mondal said on Saturday. The minister said that following the cabinet clearance, an MoU signed with the company will now stand scrapped, though the government will continue to pursue the project with other interested parties in the future to bridge the huge power deficit. The NEEPCO has written to us saying that they don't want to continue with this power project and they want to scrap it, Mondal told PTI. The NEEPCO had told the Meghalaya government they will not invest in thermal projects and they projected themselves as a "green" company, a senior power department official said. On Friday, Chief Minister Conrad K Sangma launched the Rs 500 crore CM Solar Mission aimed at minimising the power crisis in this northeastern hill state. "The people-centric CM Solar Mission wi

Tata Power Renewable Energy signs pacts with MSEDCL for two solar projects

The solar installations are expected to be commissioned by mid-2025 and will generate a substantial amount of clean energy annually, said the company

Powergrid board okays Rs 555 cr investment proposal for 85 MW solar project

State-owned Power Grid Corporation board on Monday approved an investment proposal of Rs 554.91 crore for an 85 MW solar power project at Nagda in Madhya Pradesh. "Board of Directors of POWERGRID in their meeting held on 31st July 2023 have accorded Investment Approval for implementation of 85 MW Solar PV Power Project at Nagda (MP) at an estimated cost of Rs 554.91 crore with an implementation schedule of 10 months from the date of award and O&M (operation and maintenance) phase of five years for Solar Plant," a BSE filing said.