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POWER PEAK DIGEST

Weekly
Newsletter
January 4 - January 10, 2025

Policy, Reforms, and Programmes

Financial Insights
Central Sector
State Sector
Private Sector
International
Weekly Special

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 Policy, Reforms, and
Programmes

The Ministry of New and

Renewable Energy (MNRE)
has updated its approved
list of models and
manufacturers (ALMM),
increasing India’s solar
module manufacturing
capacity to 64.56 GW,
adding Indosolar and
Visaka Industries. >>

The Faster Adoption and

Manufacturing of (Hybrid
&) Electric Vehicles in India
(FAME-India) Scheme has
spent Rs 88.44 billion as of
October 2024, incentivizing
1.6 million electric vehicles
and supporting 10,985
charging stations. >>
Financial Insights

REC Limited disbursed Rs 546.92 billion in Q3 FY25, a 17.98%

increase, with renewable energy loans up by 58.09% to Rs 63.14
billion. For FY25, total disbursements reached Rs 1,456.47
billion. >>

EMO Energy raised $6.2 million in Series A funding to scale its

advanced battery solutions for electric vehicles and energy
storage systems, with plans for 100,000 vehicle deployments
and 1 GWh storage rollout. >>

Oben Electric raised $5.82 million in Series A funding to

expand its distribution network and services across 100
showrooms in India, with plans for $50 million in Series B
funding by mid-2025. >>

Sasan Power Limited, a subsidiary of Reliance Power, has

repaid USD 150 million to India Infrastructure Finance (UK)
Company Limited. >>

Sterlite Grid 32 Ltd has refinanced its Mumbai Urja

Transmission Limited project through listed non-convertible
debentures, rated AA+ stable. >>

The Indian Renewable Energy Development Agency has

sanctioned a Rs.21.28 billion loan to GMR Smart Electricity
Distributions Pvt Ltd for smart metering projects in Uttar
Pradesh, valued at Rs.34.67 billion. >>
 3

Central Sector

The Indian Energy Exchange (IEE) set a new record in December

2024, trading 11,132 MU of electricity, marking a 29% YoY increase,
and saw a 58% rise in renewable energy certificates traded. >>

Power Grid Corporation of India Limited (PGCIL) received a Letter

of Intent (LoI) for two Interstate Transmission System projects for
Rs 7.4 billion: (i) Augmentation of transformation capacity at KPS1
(GIS) and KPS2 (GIS) (Phase-V Part B1 and Part B2 scheme) and (ii)
Augmentation of transformation capacity by 3×500 MVA,
400/220kV ICTs (6th – 8th) and 1×1500 MVA, 765/400kV ICT (4th) at
Bidar PS. >>

NTPC Green Energy Limited (NGEL) has formed a joint venture

with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited
(UPRVNL) to develop renewable energy parks, with NTPC holding
a 51% stake. >>

NTPC Renewable Energy (NTPC REL) has secured a 1,000 MW

solar power order from Uttar Pradesh Power Corporation at a
competitive tariff of Rs 2.56 per kWh, part of a 2,000 MW initiative.
>>

NTPC Limited incorporated NTPC Parmanu Urja Nigam Limited

(NPUNL), a special purpose vehicle (SPV) to implement Nuclear
Power Plants. >>
NTPC REL has signed a memorandum of understanding (MoU) with
Deendayal Port Authority to set up a green hydrogen fueling
station and deploy 11 hydrogen-powered buses at Kandla Port,
Gujarat. >>

Damodar Valley Corporation (DVC) has launched a plan to enhance

power infrastructure in Jharkhand, including 11 kV infrastructure, 12
e-House substations, and modernized distribution technologies. >>

PFC Consulting Limited (PFCCL) has formed SPV Anantapur II REZ

Transmission Limited to develop a 4.5 GW transmission system for
Anantapur-II Renewable Energy Zone. >>

NHPC Limited has resumed work on the 800 MW Parbati Hydro

Electric Project Stage-II in Himachal Pradesh, with an investment of
Rs 98.97 billion, overcoming previous local opposition. >>

The Competition Commission of India (CCI) has approved Gentari

Renewables India’s acquisition of 21 SPVs and holding companies
involved in solar and wind power generation. >>

CCI has approved Tata Electronics’ acquisition of a 60% stake in

Pegatron India to strengthen its position in high-precision
manufacturing and the global electronics supply chain. >>

Bharat Heavy Electricals Ltd (BHEL) has commissioned two units of

the 6×170-MW Punatsangchhu-II Hydroelectric Project in Bhutan.
>>
 6

State Sector
The Government of Bihar and SJVN
Limited have signed an MoU to develop
the 1,000 MW Hathidah-Durgawati
Pumped Storage Project in Bihar,
estimated at Rs 56,630 million. >>

The Government of Andhra Pradesh has

approved renewable energy projects
worth Rs 27.23 billion, including a green
ammonia facility, a solar hybrid project,
and a 400 MW solar project by Tata
Power. >>

Telangana aims to add 20,000 MW to its

renewable energy capacity by 2030,
focusing on Standalone Renewable
Energy Projects, floating solar, Waste to
Energy, and Green Hydrogen, with
incentives to attract investments. >>

The Government of Himachal Pradesh

announced the installation of a 2 MW
solar power plant in Kaza, Lahaul-Spiti. It
will be soon operational along with a 1
MWh battery storage system. >>

A proposed nuclear power plant in

Gangavati, Karnataka, near Arasinakeri
Bear Sanctuary and Hirebenkala
Megalithic sites, faces local opposition
over environmental and heritage
concerns. >>

The Government of Odisha has approved

five industrial projects worth Rs 447.93
billion, including crude oil storage, solar
manufacturing, and clean energy
initiatives, creating over 24,000 jobs. >>
 7

Private Sector

Bharti Airtel has acquired a 26% stake in AMPIN Energy Transition’s

special purpose vehicle to develop a 50 MW wind-solar hybrid
project in Barmer. >>

Altra Xergi Power secured 200 megawatts in SECI’s auction for

peak renewable energy supply, with a winning tariff of Rs 8.50 per
kWh. The auction's total capacity reached 656 MW. >>

Sahaj Solar has secured a contract from the Tripura Renewable

Energy Development Agency to solarise 2 agricultural pumps
under the PM-KUSUM scheme. >>

Waaree Energies is exploring a 500-acre land acquisition in Nagpur

for a proposed Rs 80 billion solar cell and panel manufacturing unit.
>>

Waaree Energies has started trial production at its 5.4 GW solar cell
manufacturing plant in Gujarat. >>

Suzuki Motor Corporation, through Suzuki R&D Center India, has

partnered with the National Dairy Development Board to invest in
its biogas arm, NDDB Mirda, acquiring a 26% equity stake. >>

KEC International has secured orders worth Rs 10.97 billion in the

transmission and distribution sector, including a 400 kV
transmission line project in the UAE and supply for projects in the
Americas. >>

Gensol Engineering has secured a Rs 10.61 billion EPC contract for a

275 MW solar project at Khavda Rann solar park in Gujarat,
including three years of operations and maintenance. >>

Larsen & Toubro’s PT&D business has secured orders worth Rs 25

billion to Rs 50 billion, including an ADMS project in West Bengal
and substation projects in Saudi Arabia, Kuwait, and Dubai. >>
Insolation Energy has launched a subsidiary, MGVI Green Infra One,
to focus on solar and renewable energy projects, with a 60% share
held by Insolation Energy. >>

Purvah Green Power, a subsidiary of CESC Limited, won a 300 MW

ISTS-connected wind-solar hybrid project. A 25-year power purchase
agreement will follow. >>

Sun Drops Energia, a subsidiary of KPI Green Energy, has received a

Letter of Intent to develop 32.15 MW of solar projects under the
Captive Power Producer segment for multiple clients in India. >>

Teerth Gopicon and Reliance Industries have won SJVN’s tender to

develop 5,830 kW of grid-connected solar projects under PM Surya
Ghar: Muft Bijli Yojana, across multiple states. >>

Hartek Group’s Power System unit has secured a Rs 1.17 billion

project in Gujarat from Power Grid Corporation of India (PGCIL) to
extend 765kV and 400/220kV substations. >>

CG Power and Industrial Solutions has secured a Rs 583 million

contract from PGCIL for the supply of 400kV Shunt Reactors. >>

Mahindra has opened a new manufacturing and battery assembly

facility at its Chakan plant to produce Electric Origin SUVs, part of a
Rs 45 billion investment to expand capacity and incorporate Industry
4.0 technologies. >>

Advait Energy Transitions has secured a contract from Gujarat

Energy Transmission Corporation to upgrade 66 kV transmission
lines in Surendranagar, replacing existing conductors with HTLS. >>
 11

International

Poland has approved up to 60.2 billion zlotys ($14.7 billion) for its first
nuclear power plant, pending EU approval. The 3.75GW reactors are set
for completion by 2036. >>

The United States Bureau of Ocean Energy Management has issued a

call for input on offshore wind energy leasing near Guam. >>

PacificLight Power has received approval to build a 600 MW hydrogen-

ready combined-cycle gas turbine facility on Jurong Island, set to begin
operations in January 2029. >>

Nexans has sold AmerCable to Mattr for $280 million, aligning with its
focus on electrification. The acquisition strengthens Mattr’s medium
voltage cable capabilities in North America. >>

Arctech will supply 1.5 GW of SkyLine II solar trackers to PowerChina for

the Al Ajban solar photovoltaic project in Abu Dhabi. >>

Investor Greg Skinner has acquired 50% of Ethical Power Group from
Hive Energy and will provide a £15 million working capital loan to support
the renewable energy company’s growth. >>

Tanzania will host the African Energy Summit on January 27–28 in Dar es
Salaam, focusing on renewable energy, electricity access, and clean
cooking energy for 300 million people by 2030. >>

The European Bank for Reconstruction and Development is lending USD

66.4 million to Uzbekistan’s National Electric Grid for a 500 kV
transmission line. >>

ELUPRO has partnered with Muscat House and MA Corporation to build

a green ammonia facility in Oman’s Duhok Economic Free Zone,
targeting 5 million tons of annual production by 2027. >>

The US Government is working to lift restrictions on Indian nuclear

entities to strengthen energy relations and reinforce the 2005 nuclear
deal. >>
The U.S. Department of the
Treasury and Internal Revenue
Service have issued final
regulations for the Section 45V
Clean Hydrogen Production Tax
Credit. >>

The Canada Infrastructure Bank

has committed $224.2 million in
loans to the $450 million Goose
Harbour Lake Wind Farm in Nova
Scotia. >>

Vienna-based Renalfa IPP has

acquired a 258MWac solar project
in Romania, integrating 1,000MWh
of battery storage. The project is set
for 2027. >>

AMEA Power has secured two battery energy storage system projects in
South Africa, each with over 300MWh capacity. >>

The European Commission has approved the joint control acquisition of

EEW Offshore Wind EU by EEW Holding and Sumitomo, with no
competition concerns raised. >>

Vietnam’s Ministry of Industry and Trade is revising its Power

Development Plan VIII to include 34 waste-to-energy projects with a
total capacity of 621.1 MW. >>

CHN Energy’s Guohua Energy Investment has connected its 400 MW

Rudong Integrated Photovoltaic-hydrogen-storage project to grid. >>

Hithium has partnered with Samsung C&T to provide energy storage

solutions, targeting around ten gigawatt-hours of battery energy
storage system capacity to strengthen their project pipeline. >>

The 577 MW Fox Squirrel Solar project in Ohio, developed by EDF

Renewables and co-owned with Enbridge, has reached full operation,
supplying energy to Amazon. >>

Sunfire has secured €200 million in financing, supported by

Commerzbank and others, to scale its electrolysis technology. >>
BWXT Technologies will acquire Kinectrics for $525 million to
expand its presence in the global nuclear power and
radiopharmaceutical industries. >>

British consumers face £1.8 billion in 2025 grid management costs

due to limitations in moving renewable energy from Scotland to
England. Plans to expand power links and reform electricity
markets are under review. >>

Husk Power Systems plans to raise $400 million in 2025 to expand

its mini-grid operations in India and Africa, aiming to sustain 150%
annual growth ahead of its 2027 IPO. >>

Trina Solar set a 25.44% efficiency record for its n-type passivated
heterojunction (HJT) modules, certified by Fraunhofer CalLab,
advancing solar cell performance and reducing installation costs.
>>

Grenergy has secured $324 million for phase four of its Oasis de
Atacama project, bringing total financing to $967 million. The
phase includes 269 MW of solar capacity and 1.1 GWh of storage. >>

Canadian Solar’s e-STORAGE division has signed contracts with

Copenhagen Infrastructure Partners to deliver 2GWh of battery
storage for two projects in Scotland. >>

Estuary Power has secured $340 million in financing for the

185MW Escape solar and storage project in Nevada, set to begin
operations in 2025. >>

Exus Renewables has acquired the 130MWp Cibele solar farm in

Portugal from Lightsource bp. >>

LS Power has acquired Algonquin Power & Utilities’ renewable

energy business, adding over 3GW of wind and solar assets across
the US and Canada to its portfolio. >>

Apex Clean Energy has signed a renewable energy certificate (REC)

purchase agreement with NYSERDA for the 173.6MW Heritage
Wind project in New York. >>
 Weekly Specials

Status of FGD: Progress and Recent Projects

In August 2024, the Ministry of Power reported that Flue Gas

Desulfurization (FGD) systems are being installed in 537 units
across coal-based thermal power plants in India to meet the
revised air pollution norms set by the Ministry of Environment,
Forest and Climate Change (MoEF&CC).

The MoEF&CC has issued a fourth extension for thermal power

plants (TPPs) to comply with sulfur dioxide (SO₂) emission
standards, further extending the deadline.

While these installations aim to reduce SO₂ emissions and

improve air quality, there are significant challenges, including
limited vendor capacity, site-specific issues, and pandemic-
related delays.

To learn more about the status of FGD installations and the

latest developments in thermal power plants, read the full
article. >>