Company Highlights: Key developments over the past 12 months

The country witnessed an energy crisis in the beginning of April 2022, marked by power outages and peak demand shortages. Post-pandemic demand recovery, heatwaves witnessed in several parts of the country, inadequate coal availability and logistics constraints in coal transportation were some of the main factors that led to a power shortage. Despite these challenges, the sector was able to achieve several critical milestones. On the generation front, a number of thermal and renewable energy projects were commissioned by public and private sector players. In the renewable energy space, tenders gained traction in areas such as floating solar, round-the-clock (RTC) power and manufacturing. Several equipment contracts were awarded for installing air quality control systems in thermal power plants (TPPs). In the distribution segment, the key highlights were the signing of MoUs in the areas of smart metering and electric vehicles (EVs). For transmission, major players won bids for transmission line projects through the tariff-based competitive bidding (TBCB) route. The power sector witnessed the signing of several MoUs, and the incorporation of joint ventures (JVs) and subsidiary companies by leading power companies for their renewable energy business.

Power Line presents a round-up of the key developments in the power sector during the past 12 months…

Key projects commissioned – Generation

During the past 12 months, capacity addition in the coal-based segment was led by public major NTPC Limited and other state gencos including Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited, Telangana State Power Generation Corporation Limited (TSGenco) and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL). In the hydropower segment, capacities were added by NHPC Limited, UJVN Limited as well as private player GMR Energy. Significant renewable capacity was added by several players during the year, including NTPC and private majors Tata Power Renewable Energy Limited (TPREL), ReNew Power, Azure Power, among others.

During the past 12 months, NTPC expanded its generation capacity both in thermal as well as renewables. In September 2022, NTPC commissioned the 20 MW Auraiya floating solar PV project at Auraiya, Uttar Pradesh. In August 2022, NTPC commissioned the 56 MW Kawas solar PV project at NTPC Kawas, Gujarat; the 250 MW Kolyat solar PV project at Bikaner, Rajasthan; and the 296 MW Fatehgarh solar project in Jaisalmer, Rajasthan. Further, it commissioned the first part capacity of 10 MW out of the 20 MW Gandhar solar PV project in Gujarat. In July 2022, it commissioned a 100 MW floating solar PV plant at NTPC Ramagundam in Telangana, while in June 2022, NTPC commissioned the 92 MW Kayamkulam floating solar project in Kerala. Meanwhile, in March 2022, it commissioned the 160 MW Jetsar solar project in Rajasthan. In the thermal power segment, NTPC commissioned Unit 3 of 660 MW capacity of its wholly owned subsidiary Nabinagar Power Generating Company Limited in March 2022. In November 2021, it commissioned Unit 4 of 250 MW capacity of the Nabinagar TPP (4×250 MW) of Bhartiya Rail Bijlee Company Limited, a subsidiary of NTPC located in Bihar. In November 2021, NTPC commissioned Unit 1 of 660 MW capacity of Barh STPP Stage I in Bihar. Besides this, in April 2022, NTPC Sail Power Company Limited, a JV of NTPC and Steel Authority of India Limited, operationalised a 250 MW captive power unit in Rourkela, Odisha.
In August 2022, TPREL commissioned a 150 MW solar power project in Loharki, Rajasthan. In May 2022, TPREL commissioned a 100 MW/138 MWp solar project for Maharashtra State Electricity Distribution Company Limited (MSEDCL) in Partur, Maharashtra. Further, it commissioned a 120 MW solar project in Mesanka, Gujarat. In April 2022, TPREL commissioned a 300 MW solar project in Dholera, Gujarat; and in January 2022, it commissioned two solar PV projects of 50 MW each at Prayagraj and Banda in Uttar Pradesh.
In August 2022, Rays Power Infra Private Limited commissioned a 150 MW grid-connected solar power plant in Raichur and Koppal, Karnataka.
In July 2022, GMR Energy’s 180 MW Bajoli Holi project in Himachal Pradesh became operational. The project was built by GE Renewable Energy’s hydropower business, part of GE Power India Limited.
In June 2022, the biggest solar power plant in the Northeast, the 70 MW Amguri solar park, was commissioned in Sivasagar district of Assam. The project has been executed by Jackson Power Private Limited with the infrastructure developed by Assam Power Generation Corporation Limited.
In June 2022, O2 Power Private Limited launched commercial operations of its 250 MW solar plant in Jaisalmer, Rajasthan. The power produced will be sold to SECI at Rs 2.50 per kW, with SECI selling the power to Rajasthan Urja Vikas Nigam Limited.
In May 2022, Azure Power commissioned a 90 MW solar power project in Assam. In March 2022, Azure commissioned its 300 MW interstate transmission system (ISTS)-connected solar power project, Rajasthan 8, in Bhadla. In January 2022, it commissioned a 600 MW ISTS-connected solar project allocated by SECI in Bikaner, Rajasthan.
In May 2022, ACME Solar Holding Limited commissioned a 300 MW solar power project for MSEDCL at village Badiseed in Jodhpur district of Rajasthan, which will supply electricity to Maharashtra.
In May 2022, state genco UJVN Limited commissioned Units 1 and 2 of 60 MW each of the Vyasi hydropower project in Dehradun, Uttarakhand.
In April 2022, JSW Renewable Energy (Vijayanagar) Limited commenced operations of a 225 MW solar plant at Vijayanagar, Karnataka. The project is part of the earlier announced 958 MW solar and wind projects signed with JSW Steel under the group captive scheme.
In March 2022, SunSource Energy commissioned the first phase of its 45 MW open access project in Shivala Kalan village of Uttar Pradesh.
In January 2022, TSGenco completed the execution of the 4×270 (1,080) MW Bhadradri thermal power station, a greenfield project near Manuguru in Bhadradri-Kothagudem district, Telangana, with the commissioning of Unit 4 of the project. The first three units commenced commercial operation in June 2020, December 2020 and March 2021 respectively.
In January 2022, Ayana Renewable Power Private Limited (Ayana) commissioned a 300 MWac ISTS-connected solar PV project at Bikaner, Rajasthan.
In December 2021, ReNew commissioned the 300 MW SECI-VI solar project and the 300 MW SECI-IV solar project in Rajasthan.
In November 2021, as per the CEA, SEPC Power Private commissioned the 525 MW Unit 1 of the Tuticorin TPP Stage IV project in Tamil Nadu.
In October 2021, RRVUNL commissioned the 660 MW Unit-8 of the Suratgarh STPP in Rajasthan. BHEL was given the work order for the project in March 2013.
In October 2021, BHEL completed the renovation and modernisation, and commissioning of the third and final units of NHPC Limited’s 3×60 MW Baira Siul hydropower station in Chamba, Himachal Pradesh.

Key projects commissioned – Transmission

In the transmission segment, public sector major Power Grid Corporation of India Limited (Powergrid) and private players such as Sterlite Power Transmission Limited and Adani Transmission Limited (ATL) commissioned several key projects.

In May 2022, Powergrid energised its 400/220/132 kV, 1,400 MVA Sitamarhi substation in northern Bihar. The substation involved a cost of about Rs 6.44 billion. Earlier, in October 2021, Powergrid Khetri Transmission System Limited commissioned the transmission system associated with Rajasthan Solar Energy Zone (SEZ) Part C. The project involves a new 765 kV substation at Khetri (Rajasthan) and connects the capital of the country at Jhatikara (Delhi) through a 765 kV double circuit transmission line. It also connects Sikar (Rajasthan) through a 400 kV double-circuit transmission line. During the same month, Power Grid Mithilanchal Transmission Limited commissioned the transmission system associated with the Eastern Region Strengthening Scheme-XXI set up on a build-own-operate-maintain basis. In September 2021, Powergrid commissioned another TBCB project developed by its wholly owned subsidiary, Powergrid Fatehgarh Transmission Limited, in Rajasthan. During the same month, Powergrid’s special purpose vehicle (SPV) Medinipur-Jeerat Transmission Limited commissioned the 3,000 MW, 765/400 kV New Jeerat substation and associated transmission lines in West Bengal.
In September 2022, Sterlite Power’s subsidiary Mumbai Urja Marg Transmission Limited commissioned the 400 kV Banaskantha, Kansari and Vadavi transmission lines in Gujarat to evacuate around 1,000 MW of renewable power from the pooling station at Bhuj in Gujarat to the national grid. Earlier, in January 2022, Sterlite Power Transmission Limited commissioned the Khargone Transmission Limited project worth Rs 16.62 billion in Madhya Pradesh to evacuate 1,320 MW of power generated by the Khargone TPP to the 765 kV Khandwa substation.
In December 2021, ATL completed the construction of 897 ckt. km of the intra-state power transmission line in Uttar Pradesh. The transmission line, set up by ATL’s subsidiary Ghatampur Transmission Limited, will connect the Ghatampur TPP in Kanpur district to the Hapur substation in Uttar Pradesh.
In August 2022, Madhya Pradesh Power Transmission Company Limited (MPPTCL) completed the last Green Energy Corridors project – the 400 kV, 179 km Ashta-Ujjain double-circuit transmission line. Further, it completed the construction of the 132 kV Dhimarkheda extra high voltage substation and associated transmission line in the state as well as the state’s first gas-insulated switchgear (GIS) substation of 50 MVA capacity in Indore.
In August 2022, Punjab State Transmission Corporation Limited completed two key transmission projects with an investment of Rs 360 million. The company commissioned an additional 500 MVA, 400/220 kV interconnecting transformer (ICT) at the 400 kV Rajpura substation in village Chandua Khurd; and installed an ICT and high temperature low sag conductor on the 220 kV Jalandhar-Kartarpur line.
In February 2022, JKSPDC commissioned line-in line-out (LILO) of the 400 kV Kishanpur-New Wanpoo line located at the Baglihar hydroelectric project in Ramban district to directly transmit power from the project to Kashmir. Jammu and Kashmir State Power Transmission Company Limited’s (JKSPTCL) projects were also inaugurated during the same month – including the 160 MVA, 220/66 kV Samba grid station, the 220 kV double-circuit Jatwal-Samba transmission line; the 160 MVA, 220/66 kV Kathua II (Ghatti) grid station, including the 220 kV double-circuit LILO of the Thein-Hiranagar transmission line, among others. Meanwhile, in December 2021, JKSPTCL commissioned the first GIS substation in Pulwama’s Lassipora area.
In October 2021, Kalpataru Power Transmission Limited (KPTL) executed a 22 kV power transmission line under a cross-border economic initiative under India’s Neighbourhood First policy. The 106 km Koshi corridor transmission line, with a cost of NPR 10.4 billion, is built under the Government of India’s line of credit of $550 million. Package 1 of this project was executed by KPTL and handed over to the Nepal Electricity Authority.

Projects secured

Several key tenders for transmission line projects, renewable energy projects and EV charging stations were secured by power majors in both domestic and international bids.

In September 2022, NTPC Renewable Energy Limited (NTPC REL) secured 200 MW of capacity by quoting Rs 2.82 per kWh in an auction conducted by MSEDCL to procure power from 500 MW of grid-connected inter or intrastate solar projects (Phase VIII) on a long-term basis. In August 2022, NTPC secured contracts under the International Solar Alliance to help set up solar projects in Cuba, Niger and Malawi. The project management consultancy contract has been awarded for setting up 900 MW of solar projects in Cuba, 100 MW of solar projects in Malawi and 50 MW of solar projects in Niger. Earlier, in December 2021, in SECI’s solar auction for 1,785 MW of solar power projects (Tranche IV) in Rajasthan, NTPC REL had won 500 MW of capacity, quoting a tariff of Rs 2.17 per kWh. In September 2021, NTPC won 1.9 GW of solar power projects under the Central Public Sector Undertaking Scheme Phase II. The company won the projects under Tranche 3 of the 5 GW tender.
In September 2022, in an auction conducted by Rewa Ultra Mega Solar Limited (RUMSL) for the development of 750 MW of wind-solar hybrid power projects in Madhya Pradesh, Sprng Ojas Private Limited was awarded 160 MW, Tata Power Renewable Energy Limited 200 MW, TEQ Green Power IX Private Limited 90 MW and ReNew Solar Power Private Limited 300 MW. The project will be designed to deliver energy to a substation of MPPTCL.
In September 2022, Avaada Energy won 300 MW of capacity at a tariff of Rs 2.83 per kWh in an auction conducted by MSEDCL to procure power from 500 MW of grid-connected inter- or intra-state solar projects (Phase VIII).
In August 2022, JSW Renew Energy Five Limited, a JSW Energy Limited SPV, emerged as the lowest bidder in a SECI auction for setting up pilot projects of 500 MW/1,000 MWh standalone battery energy storage systems (BESSs). The tender is for two battery storage projects at the Fatehgarh III substations in Rajasthan. In July 2022, JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited, received a letter of award (LoA) for 300 MW of wind capacity from SECI against tariff-based competitive bids invited by SECI for setting up 1,200 MW of ISTS-connected wind power projects (Tranche XII).
In August 2022, Amp Energy India was declared one of the winners in RUMSL’s auction for India’s 600 MW floating solar project. It signed a power purchase agreement (PPA) with RUMSL in Madhya Pradesh to develop 100 MW/140 MWp capacity at the Omkareshwar Reservoir.
In July 2022, Powergrid won a transmission project for the evacuation of electricity from the Neemuch SEZ in Madhya Pradesh. The company was declared as the successful bidder under TBCB to establish an ISTS for the evacuation of power from the Neemuch SEZ on a build-own-operate-transfer basis.
In July 2022, TP Saurya Limited received an LoA from SECI for setting up a 600 MW wind-solar hybrid power project in Karnataka. Earlier, in December 2021, TP Saurya had received an LoA from MSEDCL for setting up 300 MW of hybrid power capacity. In December 2021, Tata Power Solar Systems Limited won the contract for setting up a 100 MW (AC) solar project with a 40 MW/120 MWh BESS to be set up at Rajnandgaon, Chhattisgarh.
In July 2022, Torrent Power Limited received an LoA for a 300 MW wind power project from SECI. The project will be set up in Karnataka at an estimated cost of Rs 26 billion.
In July 2022, Hero Future Energies emerged as a successful bidder in Kerala State Electricity Board Limited’s (KSEBL) tender for the construction of a 10 MW/20 MWh grid-connected energy storage plant.
In June 2022, Powergrid acquired Mohanlalganj Transmission Limited, an intra-state transmission system in Uttar Pradesh, for over Rs 91.1 million. In May 2022, Powergrid acquired Khetri-Narela Transmission Limited, an ISTS, for an aggregate value of around Rs 225 million. Both the projects were acquired under TBCB from Power Finance Corporation Consulting Limited (PFCCL).
In May 2022, GR Infraprojects Limited won the bid for the Rajgarh Transmission Limited interstate transmission project from RECPDCL through a TBCB process.
In March 2022, Sterlite Power won a TBCB project from PFCCL to build, own, operate and maintain a critical transmission project in Jammu & Kashmir for a period of 35 years. The transmission system will be used for the evacuation of 1,000 MW of power from the Pakaldul hydroelectric project to the Kishtwar substation. In December 2021, Sterlite Power acquired the Nangalbibra-Bongaigaon ISTS project from PFCCL.
In March 2022, ReNew Transmission Ventures Private Limited won the bid for the construction of the Transmission Scheme for the SEZ in Gadag (2,500 MW), Karnataka – Part A. It was selected by RECPDCL through the TBCB process.
In March 2022, Torrent Power Limited won the bid for the privatisation of the Union Territory of Dadra & Nagar Haveli (DNH) and Daman & Diu (DD). It entered into a share purchase agreement and shareholders agreement with DNH and DD, the holding entity and DNH-DD Power Distribution Corporation Limited, an SPV. The agreement is for the purchase of 51 per cent equity share capital of the SPV from the holding entity.
In August 2022, SJVN Limited secured a 90 MW floating solar project at Omkareshwar, Madhya Pradesh, from RUMSL at a tentative cost of Rs 5.85 billion. In March 2022, SJVN Limited secured a 100 MW grid-connected solar power project in Gujarat through TBCB conducted by Gujarat Urja Vikas Nigam Limited. In February 2022, SJVN also secured a 15 MW grid-connected floating solar PV power project in Bilaspur, Himachal Pradesh, through an e-reverse auction held by SECI. In January, SJVN secured a 125 MW grid-connected solar power project in Uttar Pradesh via a letter of intent (LoI) issued by the Uttar Pradesh New and Renewable Energy Development Agency.
In February 2022, Project Eight Renewable Power (Ayana Renewable Power) secured a capacity of 300 MW at a tariff of Rs 2.36 per kWh in SECI’s auction for 1,200 MW of ISTS-connected solar power projects (Tranche X) in Karnataka.
In February 2022, SolarOne Energy (Fortum) secured a capacity of 300 MW at a tariff of Rs 2.37 per kWh in SECI’s auction for 1,200 MW of ISTS-connected solar power projects (Tranche X) in Karnataka.
In January 2022, ATL won two power transmission projects – Karur Transmission Limited and Khavda-Bhuj Transmission Limited.
In January 2022, Tata Projects Limited secured orders totalling $323 million for transmission and distribution (T&D) projects across Africa. In November 2021, Tata Projects Limited secured the 400 kV 120 km long double-circuit Barapukuria-Bogura transmission line project valued at about Rs 9 billion from Power Grid Company of Bangladesh Limited on a turnkey basis.
In December 2021, Sprng Energy Natural Power Source won 200 MW of capacity quoting a tariff of Rs 2.17 per kWh in SECI’s solar auction for 1,785 MW of solar power projects (Tranche IV).
In December 2021, a consortium of IndiGrid 1 Limited and IndiGrid 2 Limited won the bid for the transmission project for supplying electricity from 1 GW of renewable energy projects in Osmanabad through a TBCB tender.
In December 2021, Azure Power received an LoA for its second wind-solar hybrid power project of 200 MW from Maharashtra State Electricity Distribution Company Limited to supply power at a fixed tariff of Rs 2.62 per kWh for 25 years. It entails setting up of 133 MW of solar and 67 MW of wind capacity in Rajasthan and Maharashtra respectively.
In October 2021, Jindal India Solar Energy, Shirdi Sai Electricals, Reliance New Energy Solar and Adani Infrastructure emerged as the lowest bidders for IREDA’s production-linked incentive (PLI) scheme. Jindal India sought the lowest incentive of Rs 13.9 billion, Shirdi Sai of Rs 18.75 billion, Reliance Rs 19.17 billion and Adani Rs 26 billion.
In October 2021, Green Infra Wind Energy Limited, a subsidiary of Sembcorp Industries, received an LoA for a 180 MW wind power project in the 11th nationwide wind power auction held by SECI. The project will be located in Karnataka.
In October 2021, Adani Renewable Energy Holding Fifteen Limited, a wholly owned subsidiary of Adani Green Energy Limited (AGEL), received an LoA for setting up a 450 MW wind energy project, in a tender issued by SECI for setting up a 1,200 MW ISTS-connected wind power project (Tranche XI).

Key equipment contracts – Generation

In the power generation segment, a number of equipment contracts were awarded to BHEL, L&T Power, Andritz, Thermax and GE Steam Power for installing main plan equipment in the thermal, nuclear and hydro segments, as well as emission control equipment for TPPs. Orders for wind and solar projects also gained traction and were won by majors such as Suzlon and Siemens Gamesa.

In September 2022, BHEL received an engineering, procurement and construction (EPC) order from NTPC Limited for setting up the 2×660 MW Talcher TPP Stage III in Talcher, Odisha.
In September 2022, the Suzlon Group secured an order for the development of a 180.6 MW wind power project for Green Infra Wind Energy Limited in Kanakagiribad, Bagalkot, Karnataka. Suzlon will install 86 wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 2.1 MW each.
In August 2022, Gensol Engineering Limited secured orders worth Rs 1.53 billion for building solar power projects with a capacity totalling 58.8 MW in August 2022. The company secured orders for solar power projects in Jammu & Kashmir, Gujarat, Punjab, Rajasthan, Tamil Nadu and Telangana.
In August 2022, Inox Wind Limited secured an order from NTPC REL for a 200 MW wind power project to be commissioned by January 2024 at the Dayapar site in Kutch district, Gujarat. Additionally, in November 2021, Inox Wind secured an order for a 150 MW wind power project from NTPC REL, to be executed on a turnkey basis at the Dayapar site.
In August 2022, Siemens Gamesa secured an order from Azure Power India Private Limited to supply wind turbines for a 346 MW project in Karnataka. Earlier, in June 2022, it had signed a deal with Vena Energy to supply turbines to a 133 MW wind project in Koppal district, Karnataka. Even earlier, in December 2021, the company had won an order for supplying wind turbines for a 302 MW project of Ayana Renewable Power Six Private Limited.
In August 2022, Power Mech Projects Limited secured an order for five flue gas desulphurisation (FGD) projects with an aggregate value of Rs 61.63 billion from the Adani Group, to be implemented at Adani’s coal-based power plants in Mundra, Tiroda, Kawai and Udupi.
In July 2022, NTPC-GE Power Services Private Limited received orders from NTPC REL for the EPC of balance of systems at two sites with 105 MW and 220 MW of capacity respectively, along with operations and maintenance for three years.
In June 2022, GE Steam Power signed a $165 million agreement with BHEL to supply three nuclear steam turbine units out of six for Nuclear Power Corporation of India Limited’s (NPCIL) domestic nuclear programme – Phase I, being developed at Gorakhpur, Haryana (Units 1 to 4 of the Gorakhpur Haryana Anu Vidyut Pariyojana (GHAVP)) and Kaiga, Karnataka (Kaiga Atomic Power Station Units 5 and 6).
In May 2022, Envision Energy received a 2,000 MW wind turbine order in India. All 596 wind turbines will be manufactured in Envision’s India factory, and will be delivered by the end of 2023.
In April 2022, Megha Engineering and Infrastructure Limited received a contract from Ratle Hydroelectric Power Corporation Limited for the turnkey execution of the 850 MW Ratle hydel project in Jammu & Kashmir.
In March 2022, BHEL despatched its 42nd nuclear steam generator to NPCIL for installation at a 700 MW unit of the Rajasthan Atomic Power Project.
In March 2022, the renewable arm of L&T won an order to construct a 245 MW solar power project in Rajasthan. It also has another contract to implement a solar PV-cum-storage project in Kutch district, Gujarat. The project will have a 35 MW (AC) solar capacity and a 57 MWh BESS.
In March 2022, the heavy engineering arm of L&T despatched the fourth steam generator for NPCIL’s indigenously designed 700 MWe pressurised heavy water reactors (PHWRs), to be set up at GHAVP in Fatehabad district, Haryana.
In March 2022, ANDRITZ received an order from Doosan Heavy Industries and Construction Co. Limited for the complete hydromechanical and electromechanical works of the Upper Trishuli-1 run-of-the-river hydropower plant (216 MW), located on the Trishuli river in the Rasuwa district of Nepal. Earlier, in November 2021, Andritz had received an order from Assam Power Generation Corporation Limited to supply the complete electromechanical equipment for the 120 MW Lower Kopili hydroelectric plant (HEP) located on the Kopili river in central Assam.
In January 2022, GE Renewable Energy secured an order from Continuum Trinethra Renewables Private Limited to supply 37 wind turbines for the 99.9 MW wind power project in Rajkot, Gujarat. Earlier, in October 2021, GE Renewable Energy had secured an order from JSW Energy Limited to supply 810 MW of onshore wind turbines for wind farms in Tamil Nadu.
In January 2022, Thermax Limited bagged an order worth Rs 5.46 billion from a public sector power company to set up two FGD systems at their two units of 500 MW capacity each in Uttar Pradesh. Earlier, in November 2021, Thermax Limited won a Rs 8.3 billion order from an Indian private sector power company, to set up FGD systems for their three units of 660 MW each in Uttar Pradesh.
In October 2021, Senvion India secured a contract to deliver wind turbines for a 591 MW project by JSW Energy Limited.

Key equipment contracts – Transmission and distribution

Several T&D equipment contracts were awarded in the past year to key industry players, including KPTL, L&T, KEC International Limited, Hitachi Energy India Limited and GE’s Grid Solutions business.

In August 2022, KPTL entered into an agreement with SJVN Limited for the construction of a 220 kV direct current single zebra transmission line for the 210 MW Luhri HEP Stage I in Himachal Pradesh. In March 2022, KPTL received an LoI from the international market for the construction of a high voltage direct current (HVDC) power transmission line of about 700 km, worth Rs 32.76 billion.
In September 2022, KEC International secured new orders worth Rs 11.08 billion, including a 400 kV transmission line order from Powergrid, a 132 kV underground cabling order from a state utility in India, a 220 kV transmission line and tower supply orders in the Middle East, and 330 kV transmission line order in Africa. In July 2022, it secured new orders worth Rs 12.33 billion for a 765 kV digital GIS substation in India from Powergrid; supply of towers in the Middle East; and supply of towers, hardware and poles in the Americas, among others. During the same month, the company secured a transmission project worth Rs 474 million from SJVN Limited for the construction of a 220 kV double-circuit transmission line from the 66 MW Dhaulasidh HEP switchyard in Hamirpur district to the 220 kV network of Himachal Pradesh Power Transmission Corporation Limited in the Sujanpur area of Himachal Pradesh. In June 2022, KEC International secured an order for 2×25 kV overhead electrification and associated works for speed upgradation (Mission Raftaar), in India.
In August 2022, CyanConnode India Private Limited received an order from Genus Power Infrastructures Limited for 1 million Omnimesh radio frequency modules, for the deployment of smart meters in Bihar.
In July 2022, Hitachi Energy India Limited won a major order from Adani Electricity Mumbai Infra Limited to build an HVDC transmission system linking Kudus to Mumbai. The new HVDC link will supply up to 1,000 MW of electricity, increasing the supply of power from outside the city by almost 50 per cent. Earlier, in April 2022, Hitachi Energy India Limited had won an order worth Rs 1.6 billion from Madhya Pradesh Power Transmission Package-II Limited, to strengthen the transmission system in the rural area of Madhya Pradesh.
In April 2022, GE’s Grid Solutions business was awarded a contract by ReNew Power Private Limited to build two 400 kV substations in the state of Karnataka – a 400/220 kV air-insulated switchgear (AIS) substation in Koppal, and a 400 kV GIS in Narendra. The contract also includes the supply of two 125 MVAR 400 kV reactors for each substation.
In November 2021, APDCL gave an LoA to IntelliSmart for installing 600,000 smart meters in 19 circles, entailing an investment of Rs 5 billion.
In October 2021, HPL Electric and Power Limited (HPL) received an order worth Rs 1.79 billion for smart meters, from the largest private utility of a state in eastern India.

Fuel-related developments

In July 2022, Coal India Limited (CIL) awarded a contract to the PT Bara Daya Energy consortium to import 791,000 tonnes of coal for supply to gencos during August and September 2022.
In June 2022, NTPC was awarded the operation contract for the Talaipalli (West Pit) block (Chhattisgarh); mining operations in this pit will commence soon. Meanwhile, in April 2022, NTPC started mining operations in the Chatti Bariatu mine in Jharkhand.
In June 2022, Amara Raja Power Systems Limited was awarded the project of setting up India’s first green hydrogen fuelling station in Leh, Ladakh, by NTPC Limited. NTPC plans to ply five hydrogen fuel cell buses in the region.
In December 2021, BTL EPC Limited secured an order worth Rs 3.17 billion from NTPC Limited for setting up a coal handling plant for the Pakri Barwadih coal mining project in Jharkhand.
In September 2021, Bharat Coking Coal Limited, a subsidiary of CIL, signed a revenue sharing contract worth about Rs 18.8 billion with Prabha Energy Private Limited for commercial extraction of coal bed methane from Jharia Block-I.

EV and charging infrastructure

The EV segment witnessed an upswing in activity. Power majors such as Convergence Energy Services Limited (CESL), besides several private players, announced plans to scale up the EV charging infrastructure.

In September 2022, CESL floated a tender for 5,690 e-buses. This is the first tender under the National Electric Bus Programme, which aims to deploy 50,000 e-buses across the country. Earlier, in January 2022, CESL announced a Grand Challenge tender for 5,450 electric buses across Bengaluru, Delhi, Surat, Hyderabad and Kolkata. In April 2022, CESL announced the lowest ever prices discovered for these buses – Rs 43.49 per km for a 12 metre bus, and Rs 39.21 per km for a 9 metre bus.
In September 2022, Tata Power announced the completion of over 450 EV charging points across more than 350 national highways. In June 2022, Tata Power installed more than 150 charging points powered by clean energy sources in Mumbai.
In February 2022, Fortum Charge & Drive India partnered with BSES Yamuna Power Limited (BYPL) to launch a first-of-its-kind pilot project on load balancing in India. The pilot project will focus on managing charging by balancing dynamic demand from EVs with static load input from BYPL in the smart chargers provided by Fortum Charge & Drive.
In November 2021, Greaves Electric Mobility launched the company’s largest EV production facility in Ranipet, Tamil Nadu, with a capacity to produce 0.12 million units by the end of 2021-22, which will gradually increase to 1 million units in the future.

PPA-related developments

Over the year, various PPAs were approved while several others were terminated.

In July 2022, Delhi discoms BYPL and BSES Rajdhani Power Limited were allowed to exit their PPAs with the NTPC Dadri-I power plant. With this, the BSES discoms will be able to exit from the costly power plants so as to optimise their power purchase costs.
In June 2022, the Haryana cabinet gave approval for the signing of a supplementary PPA with Adani Power Limited (APL) after it stopped the supply of power due to the rising prices of imported coal. The approval was given for surrendering 224 MW of imported coal-based capacity and retaining a total capacity of 1,200 MW at the peripheries of Haryana, to be generated with domestic coal only. The rest will be imported coal-based capacity, which, if scheduled, will be paid for with the pass-through of the imported coal cost and other related costs. Earlier, in January 2022, APL had dropped a compensation claim of about Rs 110 billion to reach an out-of-court settlement with Gujarat Urja Vikas Nigam Limited (GUVNL) in a dispute over the termination of a PPA from February 2007 for the supply of 1,000 MW of power. In a separate development, APL filed a contempt petition in the Supreme Court against three Rajasthan discoms for failing to comply with the apex court’s order to pay Rs 67.38 billion in compensatory tariff and interest for power supplied since 2013.
In May 2022, the Puducherry government signed a PPA with NLC India Limited (NLCIL) for the purchase of 100 MW of electricity from NLC’s Talabira TPP in Odisha at a tariff of Rs 3.06 per unit. The power supply agreement will be valid from 2025 to 2026.
In March 2022, Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) signed PPAs for the procurement of 2,900 MW of electricity. The agreement included supply of 1,500 MW of electricity from NLCIL’s 3×800 MW coal-based power plant at Talabira (Odisha), which is estimated to be operationalised in 2026-27 at a fixed tariff of Rs 3.06 per unit. The PPA with SECI for 1,000 MW was signed at a tariff of Rs 2.61 per unit, while the agreement with PTC India Limited was for 400 MW at Rs 3.26 per unit.
In March 2022, JSW Energy Limited’s Kutehr project signed a PPA with the Haryana Power Purchase Centre (HPPC) for the supply of 240 MW of hydropower. The agreement will be valid for 35 years and was signed at a levellised ceiling tariff of Rs 4.50 per kWh. HPPC will purchase the power on behalf of Uttar Haryana Bijli Vitran Nigam Limited and Dakshin Haryana Bijli Vitran Nigam Limited.

Mergers and acquisitions

The sector witnessed several M&A deals during the past year, including acquisition of stressed assets, consolidation moves and project takeovers.

In September 2022, NTPC acquired Jhabua Power Limited for Rs 9.25 billion through a corporate insolvency resolution process initiated by the National Company Law Tribunal (NCLT), Kolkata. This was the first acquisition by NTPC through the NCLT route.
In September 2022, Resurgent Power Ventures Private Limited completed the acquisition of South East Uttar Pradesh Power Transmission Company Limited (SEUPPTCL), pursuant to the LoI issued by SEUPPTCL’s resolution professional, and the approval of the resolution plan by the NCLT, Allahabad. PFC was the lead financial institution for the project, with REC Limited and Bank of India acting as co-lenders in the consortium. The transaction entailed the one-time settlement of outstanding debt and purchase of equity shares for a total consideration of Rs 32.51 billion, and the payout of SEUPPTCL’s existing cash balance, as outlined in the resolution plan.
In August 2022, APL agreed to acquire DB Power Limited at an enterprise value of Rs 70.17 billion. DB Power owns and operates a running 2×600 MW TPP at Janjgir Champa district, Chhattisgarh. In November 2021, APL recei-ved approval from the NCLT to acquire Essar Power MP Limited, which owns a 1,200 MW TPP in Mahan, Madhya Pradesh.
In August 2022, JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited, agreed to acquire a portfolio of 1,753 MW of renewable energy generation capacity, comprising 17 SPVs and one ancillary SPV, from Mytrah Energy (India) Private Limited for Rs 105.31 billion.
In August 2022, the India Grid Trust (IndiGrid) signed a share purchase agreement for the acquisition of 100 per cent shareholding and economic interest, in one or more tranches, in Raichur Sholapur Transmission Company Private Limited, for over Rs 2.5 billion. IndiGrid acquired the shares from Patel Engineering Limited, Simplex Infrastructures Limited and BS Limited, each of which had owned a 33.33 per cent stake.
In July 2022, Vedanta announced that it will acquire the debt-ridden Athena Chhattisgarh Power Limited for Rs 5.65 billion. The acquisition will fulfil the power requirement for Vedanta’s aluminium business through vertical integration.
In July 2022, Caisse de dépôt et placement du Québec (CDPQ), a global investment group, increased its stake in Apraava Energy by acquiring an additional 10 per cent stake from the CLP Group for Rs 6.6 billion. With this, both CDPQ and CLP will hold a 50 per cent stake each in the company.
In June 2022, Jindal Power Limited announced that it will acquire Simhapuri Energy Limited’s 600 MW power plant, which runs on imported coal, in Andhra Pradesh’s Nellore district, for around Rs 3 billion.
In June 2022, Essar Power Limited entered into a definitive agreement with ATL to sell one of its two transmission lines for Rs 19.13 billion. Essar Power Transmission Company Limited owns 465 km of transmission lines across three Indian states.
In April 2022, Resurgent Power Ventures completed the acquisition of NRSS XXXVI Transmission Limited and settled the debt of NRSS XXXVI’s lender. The transaction was part of a stressed asset resolution process initiated by PTC India Financial Services Limited, NRSS XXXVI’s lender, through a competitive bidding process.
In February 2022, Reliance Industries Limited’s (RIL) subsidiary, Reliance New Energy Limited, completed the acquisition of a 40 per cent equity stake in the Shapoorji Pallonji Group’s Sterling and Wilson Renewable Energy Limited.
In February 2022, NTPC Vidyut Vyapar Nigam Limited acquired a 5 per cent equity stake in Power Exchange of India Limited (PXIL).
In December 2021, Apraava Energy acquired a 49 per cent stake in Kohima Mariani Transmission Limited from KPTL (23 per cent) and Techno Electric and Engineering Company Limited (TEECL) (26 per cent), as per a share purchase agreement signed in July 2019.
In October 2021, AGEL completed its previously announced the acquisition of SB Energy India for Rs 260 billion.

MoUs and JVs

Several key MoUs were signed and JV companies formed by power sector majors including NTPC Limited, NHPC Limited, NLCIL and SJVN Limited, besides private players, for the development of renewable energy projects.

In September 2022, BSES Limited signed an MoU with Bidgely, a US-based company that provides artificial intelligence-powered solutions for accelerating its transition towards a digitalised future.
In August 2022, NHPC Renewable Energy Limited, a wholly owned subsidiary of NHPC and the Rajasthan government, signed an MoU for the development of a 10 GW of ultra-mega renewable energy power park in the state. In August 2022, NHPC Limited signed an MoU with the Investment Board Nepal for the preparation of a detailed project report and development of two hydropower projects, West Seti (750 MW) and Seti River 6 project (450 MW), in Nepal. In the same month, NHPC signed an MoU with PTC India Limited for the sale of power generated from these projects. In a separate development, NHPC Limited signed an MoU with Bharat Electronics Limited for setting up a gigawatt-scale vertically integrated solar manufacturing unit. Meanwhile, in July 2022, NHPC signed two MoUs for the development of pilot green hydrogen technologies in Leh and Kargil districts of the union territory of Ladakh. In the same month, NHPC signed an MoU with the Damodar Valley Corporation to form a JV to explore and set up hydropower and pumped storage projects.
In August 2022, NLCIL entered into an MoU with APDCL to develop 1 GW of solar power in Assam. The MoU is for setting up a JV company, with equity participation of 51 per cent by NLCIL and 49 per cent by APDCL.
In May 2022, SJVN signed an MoU for the development of the 490 MW Arun-4 project in Sankhuwasabha district Province 1 of Nepal to be developed in JV mode by the company and the Nepal Electricity Authority. In April 2022, SJVN entered into an MoU with REMC Limited and BHEL for the development of renewable energy projects for Indian Railways. Meanwhile, in December 2021, SJVN entered into an MoU with DVC for harnessing 2,000 MW floating solar power projects in their command area.
In August 2022, IREDA signed an MoU with Mahatma Phule Renewable Energy and Infrastructure Technology Limited to provide loans for renewable energy projects. In March 2022, IREDA signed an MoU with the Central Institute of Petrochemicals Engineering and Technology, to provide its techno-financial (CIPET) expertise for solarisation of CIPET campuses. Meanwhile, in December 2021, IREDA signed an MoU with THDC India Limited for collaboration on green energy projects.
In August 2022, the Avaada Group signed an MoU with the Rajasthan government’s Department of Industries and Commerce, to set up a green ammonia facility, with a production capacity of 1 million tonnes per annum and a renewable energy plant in Kota district.
In August 2022, Greenko Energies Private Limited and Hindalco Industries Limited entered into a commercial agreement to set up a green energy project for the supply of 100 MW RTC carbon-free power. In April 2022, Greenko ZeroC Private Limited and Belgium-based John Cockerill signed a framework agreement to exclusively partner in joint market development initiatives for green hydrogen electrolysers in India.
In July 2022, NTPC Green Energy Limited (NGEL) and Indian Oil Corporation Limited (IOCL) signed a non-binding agreement for the proposed JV formation for meeting the power requirements of the upcoming projects of Indian Oil refineries. In the same month, NTPC Limited signed an MoU with the Moroccan Agency for Sustainable Energy for cooperation in renewable energy projects in Africa. In April 2022, NTPC signed an MoU with Energy Vault Holdings, Inc. for gravity-based energy storage technology. In the same month, a JV was approved between Maharashtra State Power Generation Company Limited and NTPC to set up an ultra-mega solar power park in Maharashtra, with a total generation capacity of 2,500 MW. In March 2022, a JV and shareholders’ agreement for Trincomalee Power Company Limited, a JV between NTPC and the Ceylon Electricity Board (Sri Lanka), was signed for developing the 100 MW solar power plant at Sampur, Trincomalee, Sri Lanka. In October 2021, NTPC Limited and Électricité de France, a Paris-based power sector company, signed an MoU to explore potential power project development opportunities in the Middle East, Asia, Europe and Africa.
In July 2022, NTPC REL signed an MoU with the Rajasthan government for the development of a 10 GW ultra-mega renewable energy power park in the state. NTPC REL also signed an MoU with National Fertilisers Limited to collaborate in the field of renewable energy and synthesising green ammonia. In March 2022, DVC signed a JV agreement with NTPC REL for renewable energy projects in its command area.
In July 2022, an MoU was signed between ReNew Power Private Limited and Egypt to build a green hydrogen plant in the Suez Canal Economic Zone with an $8 billion investment and a capacity of 220,000 tonnes annually. In April 2022, ReNew Power, IOCL, and L&T signed a binding term sheet for JV formation to develop the nascent green hydrogen sector in India.
In June 2022, the Energy Department of Maharashtra signed an MoU with the Adani Group to bring 11 GW of green power to the state in the next five years at an investment of Rs 600 billion. Earlier, in May 2022, the Adani Group signed an MoU with the Andhra Pradesh government for an investment of Rs 600 billion, by AGEL in the state to set up a 3,700 MW hydro storage plant and a 10,000 MW solar energy project in Andhra Pradesh. Further, in March 2022, APL signed an MoU with IHI Corporation and Kowa Company Limited to study the feasibility on a modification to achieve a 20 per cent liquid ammonia co-firing ratio and thereafter, extend this to a ratio of up to 100 per cent mono-firing at the Adani Power Mundra coal-fired power plant. In February 2022, the Adani Group and Ballard Power Systems signed an MoU to evaluate a joint investment in hydrogen fuel cell manufacturing in India under Adani New Industries Limited.
In June 2022, CIL’s subsidiary, South Eastern Coalfields Limited signed an MoU with Madhya Pradesh Power Generation Company Limited to develop a 660 MW thermal power unit in the Amarkantak thermal power station in Chachai, Madhya Pradesh, at an investment of Rs 46.65 billion.
In June 2022, PTC India signed an MoU with Greenstat Hydrogen India Private Limited to jointly develop green hydrogen solutions for Indian power market beneficiaries.
In April 2022, JSW Energy Limited’s arm, JSW Neo Energy Limited, signed an MoU with the Chhattisgarh government for setting up the 1,000 MW Hasdev Bango PSP. Earlier, in 2021-22, the company had also signed an MoU with the Maharashtra government for 1,500 MW and an LoI with the Rajasthan government for 1,000 MW hydro PSPs.
In March 2022, ArcelorMittal partnered with the Greenko Group for developing an RTC renewable energy project of 975 MW capacity. The project will be owned and funded by ArcelorMittal. Greenko will design, construct and operate the facilities in Andhra Pradesh.
In February 2022, Ayana Renewables partnered with the Greenko Group to store 6 GWh of power in hydro pump storage plants that Greenko is building at Pinnapuram in Andhra Pradesh.
In January 2022, RIL signed an MoU with the Gujarat government. RIL will invest Rs 5,000 billion over a span of 10-15 years to set up a 100 GW renewable energy power plant and develop a green hydrogen ecosystem; and Rs 600 billion for setting up an integrated renewable energy manufacturing facility comprising solar PV modules, electrolysers, energy storage batteries and fuel cells.
In January 2022, L&T signed an MoU with Norway-based HydrogenPro AS for manufacturing hydrogen electrolysers in India, in order to tap the emerging green hydrogen market.
In January 2022, Hero Future Energies and Ohmium International announced a strategic partnership to develop and build 1 GW of green hydrogen production facilities in India, the UK and Europe.
In December 2021, L&T and ReNew Power announced a partnership agreement to tap the emerging green hydrogen business in India.

Project-related updates

Some of the key project-related developments over the past year are as follows:

In September 2022, ONGC Tripura Power Company Limited planned to establish another 360 MW power unit at its Palatana plant in Tripura’s Gomati district. The seven north-eastern states receive power from this plant.
In September 2022, APL announced plans to start exporting electricity to Bangladesh before the end of this year. For this, the 1.6 GW Godda Power Project in Jharkhand and a dedicated transmission line will be commissioned by December 2022.
In August 2022, SJVN Green Energy Limited, a wholly owned subsidiary of SJVN, purchased 2,043 acres of land to set up a 1,000 MW solar power project in Bikaner, Rajasthan. Earlier, in February 2022, construction work of the second unit of the powerhouse of the SJVN-owned 900 MW Arun III hydropower project in Nepal was also inaugurated. The project is expected to be completed by 2023-24.
In August 2022, AGEL was issued provisional approvals for an investment of over $500 million in two wind projects in Sri Lanka. The provisional approvals are for two wind projects in the town of Mannar (286 MW) and Pooneryn (234 MW), a village in the northern province of Sri Lanka.
In August 2022, Energy Efficiency Services Limited successfully completed the installation of over 1 million smart prepaid meters in Bihar. With this, Bihar discoms have been able to generate a daily revenue collection of over Rs 30 million.
In July 2022, the 1,856 MW Sawalkot hydroelectric project received investment approval for Rs 9.73 billion for pre-investment activities. The project is being implemented by NHPC Limited.
In July 2022, the Rajasthan government approved proposals for setting up two units of 660 MW capacity each at the Chhabra TPP and an 800 MW unit at the Kalisindh TPP. The units will be based on ultra-supercritical technology. The Chhabra TPP and Kalisindh TPP expansion will be set up at a cost of Rs 96.06 billion and Rs 60.55 billion respectively.
In July 2022, SKS Power Generation (Chhattisgarh) Limited became the first dormant power plant to start operations, following a directive by the central government. NTPC Limited has been tasked with operating and maintaining the plant until lead lender Bank of Baroda finds a buyer.
In June 2022, the proposed second phase expansion of the Idukki hydel power project received preliminary clearance from the Ministry of Environment, Forest & Climate Change. The project plans to generate an additional 800 MW, using water from the existing reservoir. KSEBL plans to complete the project by 2028.
In May 2022, the Greenko Group commenced the construction of a 5,230 MW integrated renewable energy storage project in Kurnool district of Andhra Pradesh.
In April 2022, NTPC partnered with the Delhi Jal Board (DJB) to convert waste into energy by utilising the sludge produced in DJB’s sewage treatment plants. The torrefied waste sludge was fired from NTPC’s Unit 4 boiler at Dadri.
In January 2022, PTC India Limited started supplying 270 MW of electricity to KSEBL under the MoP’s Pilot Scheme II, from Jindal India Thermal Power Limited’s in Odisha under a medium-term PPA for three years.
In December 2021, the first pouring of concrete for building Unit 6 of NPCIL’s Kudankulam nuclear power plant was laid. It is the last of the six reactors of 1,000 MW capacity each, being built by NPCIL, in collaboration with Russia. The first two power units are operating at the nominal power level and works are under way at Unit 3. The construction of Unit 5 began in June 2021.
In November 2021, Powergrid upgraded the New Mariani substation in Assam from 220 kV to 400/220 kV. The new substation has 1,000 MVA (2×500 MVA) transformation capacity and 2×125 MVAR reactive power compensation, along with other associated bays. The project is the first 400 kV substation in upper Assam.

Restructuring moves

In September 2022, REC Limited was accorded the status of a Maharatna central public sector enterprise (CPSE), thus giving REC greater operational and financial autonomy. The board of a Maharatna CPSE can make equity investments to undertake financial JVs and wholly owned subsidiaries and undertake M&As in India and abroad.
In September 2022, Sembcorp Industries’ wholly owned subsidiary, Sembcorp Utilities, entered into a share purchase agreement to sell 100 per cent shares of Sembcorp Energy India Limited to Tanweer Infrastructure Private Limited for a consideration of Rs 117 billion.
In September 2022, ATL incorporated a wholly owned subsidiary, Adani Electricity Jewar Limited (AEJL), to carry on the business of transmission, distribution and supply of power and other related infrastructure services. AEJL will commence its business operations in due course.
In September 2022, Serentica Renewables launched a renewable energy platform in India and plans to install around 1,500 MW of solar and wind power across multiple sites in Karnataka, Rajasthan and Maharashtra, for which the company has already acquired connectivity approvals.
In August 2022, NTPC REL incorporated Green Valley Renewable Energy, as a subsidiary of NTPC REL in 51:49 JV with DVC. In August 2022, NTPC announced the merger of its wholly owned subsidiaries, Nabinagar Power Generating Company Limited and Kanti Bijlee Utpadan Nigam Limited with itself. In April 2022, NTPC incorporated a new wholly owned subsidiary, NGEL. Subsequently, NTPC REL, which was incorporated in October 2020, was made a part of NGEL.
In April 2022, Powergrid transferred the remaining 26 per cent of its shareholding in Powergrid Vizag Transmission Limited to infrastructure investment trust PGInvIT, for a consideration of over Rs 3.3 billion. Further, Powergrid relinquished its right on additional revenue accruing to Powergrid Parli Transmission Limited, Powergrid Warora Transmission Limited and Powergrid Jabalpur Transmission Limited to PGInvIT for a consideration of over Rs 3.04 billion.
In March 2022, SJVN incorporated a new subsidiary, SJVN Green Energy Limited, to operate in the field of power generation from renewable energy sources.
In March 2022, APL’s board approved the amalgamation scheme for the merger of its six wholly owned subsidiaries – Adani Power Maharashtra Limited, Adani Power Rajasthan Limited, Adani Power (Mundra) Limited, Udupi Power Corporation Limited, Raipur Energen Limited and Raigarh Energy Generation Limited – with itself.
In February 2022, NHPC set up a new wholly owned subsidiary, NHPC Renewable Energy Limited, for the development of renewable energy, small hydro and green hydrogen.
In January 2022, Adani New Industries Limited, a new subsidiary of the Adani Group, has been established to further its green energy goals.
In January 2022, Artha Energy Resources launched a renewable energy investment platform, RenewShare, to enable fractional ownership of renewable energy assets in the country. In November 2021, the board of directors of JSW Energy Limited approved the reorganisation of the company’s renewable and thermal businesses. All existing and upcoming renewable energy units will be housed under JSW Energy Neo Limited, a wholly owned subsidiary of the company.
In October 2021, CLP India assumed a new corporate identity as Apraava Energy. The company targets to double its energy portfolio in the next three to four years, besides plans to expand its horizons in the power T&D businesses.
In September 2021, Virescent Infrastructure, a renewable energy platform, sponsored by private equity major KKR, set up the first renewable energy infrastructure investment trust in India, called Virescent Renewable Energy Trust (VRET). VRET had raised Rs 4.6 billion from a group of foreign and domestic investors.

Power trading

In July 2022, Hindustan Power Exchange Limited, promoted by PTC India Limited, the Bombay Stock Exchange and ICICI Bank, commenced operations. The exchange initially offered trading in contingency contracts, green contingency contracts and renewable energy certificates. Later, it launched the day-ahead market (DAM), green DAM and real-time market.
In January 2022, SJVN Limited was given Category I licence for interstate trading of power in the entire country by the CERC.
In January 2022, Nepal Power Exchange Limited (NPEL) signed a trading agreement with India’s Manikaran Power Limited. Under the agreement, NPEL will sell 500 MW of electricity produced by the domestic private sector to India via Manikaran Power Limited.
Tripura State Electricity Corporation Limited started the supply of 160 MW plus 20 per cent power (a maximum of 192 MW) to Bangladesh under a tripartite supplementary agreement signed on December 2, 2021. Recently, the agreement modified the terms and conditions for a period of another five years with effect from March 17, 2021 to March 16, 2026.
In October 2021, the Indian Energy Exchange commenced trading in energy saving certificates under the Perform Achieve and Trade Cycle II. The trading on the exchange will take place once a week on every Tuesday.