Company Highlights: Key developments over the past 12 months

Over the past year, major players in the power sector have made significant strides. They have signed MoUs and established joint venture (JV) entities to advance renewable energy projects, encompassing green hydrogen technologies, nuclear power and pumped storage hydropower.

Further, there has been a notable increase in contracts awarded to major equipment manufacturers for the installation of essential plant equipment in both green energy and thermal power projects, particularly focused on main plant facilities and emission control. In addition, the electric vehicle (EV) sector has seen a surge in activity, with leading energy companies launching initiatives aimed at expanding the EV charging infrastructure.

Meanwhile, the transmission and distribution (T&D) sector has witnessed several players securing orders for smart metering projects, substation construction and transformers, all contributing to the modernisation of T&D networks. Competitive bidding has led to major players securing transmission line projects. Power companies have established JVs and subsidiaries to further their renewable energy endeavours.

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

Projects commissioned—Generation

During the past year, NTPC Limited, JSW Energy, Tata Power, Torrent Power, Adani Green Energy and several other gencos diversified their energy sources by prioritising a well-rounded blend of cost-effective thermal power and cleaner renewable energy.

  • In September 2023, NTPC’s second 660 MW unit at the Barh Super Thermal Po­wer Project was commissioned in Barh, Patna, Bihar. Earlier, in March 2023, NTPC Limited had started the comm­ercial operation of the first 660 MW unit of the North Karanpura super th­ermal power station (3×660 MW) in Jharkhand. NTPC also marked its first overseas capacity addition in May 2023, when the group added the 660 MW Unit 1 at the 1,320 MW (2×660 MW) Maitree super thermal power pla­nt located in Rampal, Bangladesh. This was executed in collaboration with Bangladesh-India Friendship Power Company Private Limited. On the re­newables front, the key projects commissioned were the first 150 MW of the 300 MW Shambu ki Burj-2 solar photovoltaic (PV) project in Bikaner, Rajas­than, in October 2022; the 300 MW Nokhra solar PV project in Bikaner, and two solar PV projects of 150 MW and 90 MW at Devikot in Jaisalmer, Rajasthan, in December 2022; and the 230 MW Ettayapuram solar PV project in Tho­othukudi district, Tamil Nadu during the same month.
  • In July 2023, CleanMax Enviro Energy Solutions inaugurated a 400 MW wind-solar hybrid project at Babra, Gujarat. This is the first project to have the latest 3.3 MW Envision turbines.
  • In July 2023, Torrent Power Limited co­m­missioned a 115 MW wind power pr­o­ject through its whollyowned sub­si­diary, Torrent Solargen Limited, in Dw­arka, Gujarat. The wind turbines for the project have been sour­ced from GE.
  • In June 2023, Andhra Pradesh Power Generation Corporation Limited synchronised the eighth unit of the Dr Narla Tata Rao Thermal Power Project with the grid. The 800 MW unit has been built with supercritical technology and an energy-efficient turbine and generator.
  • In June 2023, Tata Power Renewable En­ergy Limited commissioned a 110 MW solar power project in Bikaner, Rajasthan, which will supply power to the Kerala State Electricity Board. The project is expected to generate app­roxi­mately 211 MUs of power and reduce the carbon footprint by 258,257 tonnes annually.
  • In April 2023, Adani Power commiss­i­o­ned the 800 MW Unit 1 of the 2×800 MW ultra-supercritical power project at Godda in Jharkhand, where it will su­pply power under a 25-year power pu­r­chase agreement (PPA) for a co­rresp­o­n­ding net capacity of 748 MW to the Ba­ngladesh Power Develop­me­nt Boa­rd.
  • In December 2022, JSW Energy’s subsidiary, ReNew Energy Two Limited, commissioned 27 MW of capacity at Tuticorin in Tamil Nadu as part of the first phase of its 450 MW interstate transmission system (ISTS)-connected wind power project.
  • In October 2022, SJVN Limited commissioned the 75 MW Parasaran solar power project at Kalpi in Uttar Pra­de­sh through its whollyowned subsi­diary, SJVN Green Energy Limited. The project’s cumulative energy generation over a period of 25 years will be about 3,919 MUs.
  • In September 2022, Adani Green Ener­gy Limited (AGEL) commissioned a 324.4 MW wind power plant in Dhar, Madhya Pradesh. In the same month, AGEL commissioned a 600 MW wind-solar hybrid power plant in Jaisalmer, Rajasthan (that consists of 600 MW of solar and 150 MW of wind plants). In December 2022, AGEL commissioned another 450 MW solar-wind hybrid po­wer plant in Jaisalmer, Rajasthan (consisting of 420 MW of solar and 105 MW of wind plants). Adani Wind Energy Kutchh Five Limited also commissioned a 130 MW wind power plant at Kutchh in Gujarat in May 2023.

Projects commissioned—Transmission

  • In July 2023, Powergrid Bikaner Trans­mis­sion System Limited commission­ed a transmission system strengthening scheme for the evacuation of po­wer from 8.1 GW of solar energy zones in Rajasthan under Phase II Part F. Secur­ed through tariff-based competitive bidding (TBCB), the project was undertaken on a build-own-operate-and ma­in­tain basis. In Feb­ru­ary 2023, Power­grid had announced that its subsidiary, Powergrid Bhuj Trans­mis­sion Limited, had commissioned a transmission system to provide connectivity to renewable energy projects at Bhuj-II (2,000 MW) in Gujarat, which was also secured through TBCB.
  • In March 2023, Sterlite Power successfully commissioned its green energy corridor project, Lakadia-Vadodara Transmission Project Limited, which aims to deliver over 5,000 MW of power from the renewable-rich regio­ns of Bhuj and Kutch to the national grid. The ISTS project, built at an in­vestment of Rs 20.24 billion, connects the 765/400 kV substation at Lakadia to Vadodara through a 335 km long 765 kV double-circuit transmission line. Earlier, in September 2022, Ster­lite Power’s Mumbai Urja Marg Trans­mission Limited commissioned the 400 kV Banaskantha, Kansari and Va­da­vi transmission lines in Gujarat.

Power offtake agreements

Throughout the year, a number of PPAs were signed.

  • In July 2023, Serentica Renewables si­gned a standalone energy storage ca­­pa­city offtake contract with the Gr­een­ko Group. Serentica will leverage Green­ko’s energy storage capabilities to utilise a cumulative 1,500 MWh of ca­pa­city from its upcoming energy storage projects in Andhra Pradesh and Madhya Pradesh.
  • In May 2023, JSW Renew Energy Three Limited signed a PPA with the Solar En­er­gy Corporation of India (SECI) for 300 MW of ISTS-connected wind power pro­jects awarded under SECI Tran­che-XII. The PPA was signed for the supply of power for a period of 25 years, at a tariff of Rs 2.94 per kWh.
  • In May 2023, PTC India Limited signed an MoU with Brookfield Renewables for the purchase of 100 MW of solar power on a long-term basis. Brook­field Renew­ables is developing a 400 MW solar power project in the Bikaner solar park in Rajasthan. The agreement includes an option to increase the power capacity to 200 MW at the time of project commissioning, based on mutual confirmation by the two companies. Also, in May 2023, PTC India signed a long-te­rm PPA with VS Lignite Power Private Limited for the supply of 115 MW of power. VS Lignite operates a 135 MW lignite-fired power plant in Bikaner, Rajasthan. The power plant sources fuel from a captive lignite mine near the project.
  • In April 2023, Tata Power Delhi Dis­tri­bution Limited signed its first medium-term hydro PPA with NTPC Vidyut Vyapar Nigam Limited (NVVNL) to me­et the projected peak demand for the next five years during the summer months (May to September).
  • In January 2023, Amp Energy India si­gned a PPA for a 200 MWp wind-solar hybrid project with SECI. The developer was awarded this capacity as part of SECI’s 1.2 GW hybrid wind-solar tender.
  • In December 2022, the ACME Group an­no­unced its foray into the wind power sector with a 50 MW grid-connected wind power project in Gujarat, by signing a PPA with Gujarat Urja Vi­kas Nigam Limited. The project is to be commissioned within 24 months of signing the PPA.

MoUs and JVs

Significant MoUs were signed and JV entities established by major players in the power sector in­cluding NTPC Limi­ted, NHPC Limi­ted, the Grid Corpo­ration of Odisha (GRIDCO) and SJVN Limited, alongside private co­m­panies, to advance renewable energy project development, including green hydrogen technologies, nuclear power and pump­ed storage hydropower.

  • In September 2023, NTPC and Oil In­dia Limited signed an MoU to explore collaboration in the areas of renewable energy, and green hydrogen and its derivatives. The collaboration is al­so to pursue geothermal and other decarbonisation initiatives. Further, the MoU will also facilitate knowledge and experience sharing on upcoming decarbonisation technologies such as carbon sequestration.
  • In May 2023, NTPC Green Energy Limi­ted and HPCL Mittal Energy Limited (HMEL) signed an MoU for collaboration in the field of renewable energy through the sourcing of 250 MW of re­newable round-the-clock (RTC) po­w­er to meet the requirements of HMEL.
  • In May 2023, NTPC Limited signed a supplementary JV agreement with Nuclear Power Corporation of India Limited for developing nuclear power projects, particularly two pressurised heavy water reactor projects – the 2×700 MW Chutka Madhya Pradesh At­omic Power Project and the 4×700 MW Mahi Banswara Rajasthan Atomic Power Project – which are to be set up under “fleet mode”. Earlier, in October 2022, NTPC and GE Gas Power had signed an MoU to demonstrate the feasibility of hydrogen co-firing blen­ded with natural gas at the gas turbines installed at NTPC’s 645 MW Ka­was combined cycle gas power plant in Gujarat. In the same month, NTPC and Siemens signed an MoU to de­monstrate the feasibility of hydrogen co-firing blended with natural gas in the gas turbines installed at the 432 MW NTPC Faridabad gas power plant.
  • In September 2023, SJVN and the Po­wer Finance Corporation entered into an MoU for the provision of financial support for a diverse range of projects, primarily focused on renewable energy projects and thermal generation projects. These projects are expected to have a total cost of approximately Rs 1,188.26 billion.
  • In August 2023, NHPC and Andhra Pra­desh Power Generation Corpora­tion Limited entered into an MoU for the implementation of hydro pumped storage projects (PSPs) and renewable energy projects in Andhra Pradesh. In the first phase, the MoU envisages the implementation of two identified hy­dro PSPs with a total capacity of 1,950 MW – Kamlapadu (950 MW) and Yaga­nti (1,000 MW). In a separate development, NHPC and the Depart­me­nt of En­ergy, Government of Maha­rashtra si­gned an MoU for the development of pumped storage schemes and other renewable energy source projects in Maharashtra in June 2023, particularly the development of four PSPs aggregating 7,350 MW of capacity. In the same month, NHPC and the Odi­sha government signed an MoU for the development of at least 2,000 MW of PSPs and 1,000 MW of renewable energy in Odisha.
  • In August 2023, BHEL and Greenstat Hy­drogen India entered into an MoU to explore potential opportunities for co­­operation in green hydrogen and its de­rivatives in the hydrogen value chain.
  • In August 2023, Tata Power and the Maharashtra government signed an MoU to develop two large hydro PSPs with a combined capacity of 2,800 MW in the state. These projects will be spread across two sites: Shirawta, Pu­ne (1,800 MW), and Bhivpuri, Raigarh (1,000 MW), and will entail an estimated investment of Rs 130 billion.
  • In July 2023, the Avaada Group and REC Limited signed an MoU for an investment of around $2.44 billion to fund multiple projects encompassing green hydrogen and its derivatives, solar PV manufacturing, and an assortment of solar, wind and hybrid projects.
  • In June 2023, SJVN Limited signed an MoU with Mahagenco for the development of 5,000 MW of renewable energy projects in Maharashtra and to explore the feasibility of setting up va­rious renewable projects, including hydro, pumped storage, wind, solar, hybrid and green hydrogen projects.
  • In June 2023, Torrent Power Limited signed an MoU with the Maharashtra government for the development of three hydro PSPs with 5,700 MW of ca­pa­city in Maharashtra. The projects wi­ll be executed at three sites identified by Torrent, namely Karjat (3,000 MW) in Raigarh district, Maval (1,200 MW) and Junnar (1,500 MW) in Pune district.
  • In May 2023, NHPC and Nepal’s Vidhy­ut Utpadan Company Limited signed an MoU for the development of 480 MW Phukot Karnali HEP in Nepal. The project will use the flow from the Kar­na­li river for power generation, and the generated power will be fed into the integrated power system of Nepal.
  • In April 2023, THDC India Limited and Rajasthan Renewable Energy Corpo­ration Limited incorporated a JV company, TREDCO Rajasthan Limited, for the development, operations and maintenance of ultra-mega renewable energy power parks (UMREPPs) with 10,000 MW of capacity in Rajasthan. An estimated investment of Rs 400 billion has been proposed by TREDCO Rajas­than for developing these UMREPPs.
  • In January 2023, ONGC Tripura Power Company Limited signed an MoU with Assam Power Distribution Com­pany Limited to develop a 250 MW/500 MWh battery energy storage system project in a phased manner in Assam by incorporating a JV company.
  • In December 2022, GRIDCO signed an MoU with SJVN Green Energy Limited to develop a 1,000 MW hydroelectric project and a 2,000 MW solar project in Odisha through a JV company. This will entail an investment of Rs 200 billion.
  • In December 2022, GRIDCO and NLC India entered into an MoU for setting up ground-mounted/floating solar po­w­er projects, pumped hydro storage pro­jects, green hydrogen and other re­newable energy projects in Odisha.

EV charging infrastructure

The EV sector experi­en­ced a surge in activity, with prominent energy companies such as Convergence Energy Serv­ices Limited (CESL) and various private entities unveiling initiatives to expand the EV charging infrastructure.

  • In August 2023, Shell Energy India Pri­vate Limited entered into an MoU with the Gujarat government to invest Rs 35 billion in Gujarat to set up a re­newable energy facility, charging stations for EVs and a liquefied natural gas regasification terminal. Under this MoU, Shell Energy will invest Rs 22 billion to set up a plant for renewable energy production in Banaskantha, north Gujarat.
  • In January 2023, Tata Power announ­ced the K2K (Kashmir to Kanya­ku­mari) plan, to install around 25,000 EV charging points over the next five years. In the same month, Tata Power signed an agreement with GAIL Gas Limited to install direct current fast charging points at two of GAIL Gas’s compressed natural gas retail outlets in Bengaluru.
  • In January 2023, CESL floated a tender for 4,675 electric buses worth Rs 50 billion to deploy 2,400, 775 and 1,500 e-buses in Delhi, Kerala and Telanga­na respectively. CESL also invited pri­ce bids from original equipment manufacturers/leasing agencies/non-ba­nk­ing financial companies to lease 3,500 electric cars to various government departments.

Developments in coal and gas supply

  • In June 2023, THDC Limited’s Amelia coal mine project commenced the despatch of the first load of coal excavated from THDC’s mines, to railway siding. Commercial operations of the Amelia coal mine have begun six mo­n­ths ahead of the schedule. The mine will fulfil the fuel requirements of the company’s 1,320 MW Khurja super thermal power plant (STPP), located at Bulandshahr, Uttar Pradesh.
  • In April 2023, Torrent Power Limited won a contract to supply 920 MW of gas-based electricity from its DGEN and SUGEN plants in Surat under a tender flo­ated by NVVNL. NVVNL was the nodal agency for the procurement of up to 4,000 MW of power from gas-based pl­a­nts during the identified crunch period of April 10, 2023 to May 16, 2023.
  • In March 2023, NTPC commissioned a commercial green coal project in Va­ra­nasi. The green coal plant is a waste-to-energy initiative for making torrefied charcoal from municipal waste. NTPC Vidyut Vyapar Nigam Limited had awarded the project on an engineering, procurement, and construction (EPC) basis to Macawber Beekay Private Li­mited for execution.
  • In November 2022, NTPC Limited des­patched its first coal rake from the NTPC Talaipalli coal mine to the NTPC Lara STPP in Chhattisgarh. The merry-go-round track length from Talaipalli to Lara is 65 km.

Power trading

  • In March 2023, the Indian Energy Exchan­ge (IEX) got the final approval from the Central Electricity Regulatory Com­mis­sion (CERC) to introduce trading in the high-price day-ahead market contracts. Meanwhile, in Dec­ember 2022, IEX incorporated a whollyowned su­bsidiary company, Inter­na­­tional Car­bon Exchange Private Limited (ICX), to explore business opportunities in the voluntary carbon market. ICX will enable participants to buy and sell voluntary carbon credits at competitive prices.
  • In January 2023, Hindustan Power Ex­change Limited’s (HPX) request for the in­clusion of hydropower contracts in the green term-ahead market was app­roved by the CERC. HPX also got app­roval from the CERC for the introducti­on of high-price contracts in July 2023.
  • In December 2022, PTC India and Druk Green Power Corporation Limi­t­ed (Bhutan) entered into an agreement for the purchase of power from the Indian power market in order to meet the latter’s power requirement during the dry winter season.
  • In September 2022, Power Exchange India Limited introduced any-day single-sided reverse auction contracts. These enable participants to transact in conventional power and in different types of renewable energy.

Mergers and acquisitions

  • In September 2022, NTPC Limited acquired Jhabua Power Limited for Rs 9.25 billion through a corporate insolvency resolution process initiated by the National Company Law Tribunal (NCLT), Kolkata.
  • In August 2023, India Grid Trust (Indi­Grid) completed the acquisition of Virescent Renewable Energy Trust, which has a portfolio of 16 solar projects with an enterprise value of Rs 40 billion. These projects will be added to the acquirer’s portfolio following the acquisition, and will result in its assets under management (AUM) rising to approximately Rs 270 billion, and its overall solar capacity to 676 MWp (comprising approximately 17 per cent of its AUM). Earlier, in January 2023, IndiGrid had completed the acquisition of 100 per cent shareholding and economic interest in Khargo­ne Transmission Limited from Sterlite Power Transmission Limited.
  • In January 2023, Vedanta Limited’s bo­ard approved the acquisition of Mee­nakshi Energy Limited for Rs 14.4 billion due to the latter being admitted under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code. Of the total consideration, around Rs 3.12 billion is to be paid upfront, while the balance will be turned into secured, unlisted non-convertible debentures issued by Meenak­shi Energy, which will mature in equal instalments over the next five years.
  • In January 2023, Adani Renewable En­ergy Holding Two Limited entered into a binding term sheet for the acquisition of 50 per cent equity interest in Essel Saurya Urja Company of Rajas­than Limited from Essel Infra­pro­jects Limited for a cash consideration of Rs 150 million.
  • In January 2023, the new Norwegian Climate Investment Fund, managed by Norfund, together with KLP, made the first investment of Rs 900 million in an Indian transmission project in Karnataka, which is being developed by ReNew Power. Norfund and KLP will invest around Rs 900 million for 49 per cent ownership of ReNew’s tra­ns­mission project in Koppal, Karna­taka, with ambitions for further joint investments. The project will consist of a 5×500 MVA 400/220 kV substation at Koppal with a 400 kV D/C quad moose transmission line from the Koppal substation to the Narendra New substation, and a 400 kV gas-insulated swit­chgear extension at Narendra New in Karnataka (Koppal project).
  • In December 2022, Jindal Steel and Po­wer Limited (JSP) acquired Monnet Power Company Limited for Rs 4.1 billion through the insolvency route. Mo­nnet Power owns a 1,050 MW thermal power plant in Odisha that will provide power to JSP’s Angul steel pl­ant, which is in expansion mode. The plant is an under-construction pro­ject and the company aims to make it operational within one year by infusing fresh investments.
  • In December 2022, the NCLT approv­ed the amalgamation of JMC Projects (India) Limited with Kalpataru Power Transmission Limited (KPTL). Pursua­nt to the scheme, JMC’s shareholders (other than KPTL) will be allotted one share of KPTL for every four shares held by them in JMC.
  • In November 2022, Sembcorp Green In­fra Limited signed an agreement with India Infrastructure Fund II to ac­quire 100 per cent interest in Vector Green Energy Private Limited for a base equity consideration of Rs 27.8 billion. With this, Sembcorp’s gross renewables portfolio (installed and under development) in India will touch 3 GW.
  • In October 2022, AGEL completed the acquisition of the entire equity share capital of three entities—Wind One Renergy Limited, Wind Three Renergy Limited and Wind Five Renergy Li­mited—from Inox Green Energy Ser­vices Limited, for a cash consideration of Rs 100,000 each.

Restructuring moves

In the past year, companies restructured their operations by setting up new subsidiary companies for new ventures, or consolidating their operations through mergers.

  • In August 2023, NTPC annou­n­ced the merger of its whollyowned subsidi­a­ries, Nabinagar Power Gene­rating Co­m­pany Limited, which operates the 1,980 MW Nabinagar STPP in Bihar; and Kanti Bijlee Utpadan Nigam Li­mi­ted, which operates the Muzaffar­pur TPP in Muzaffarpur, with itself.
  • In March 2023, Adani Power Limited amalgamated six of its whollyowned sub­sidiaries, namely, Adani Power Ma­­ha­rashtra Limited, Adani Power Rajasthan Limited, Udupi Power Cor­poration Limited, Raipur Energen Li­mi­­ted, Raigarh Energy Generation Li­mited and Adani Power (Mundra) Li­mited, with itself.
  • In January 2023, TSECL set up Tripura State Power Transmission Limited (TPTL) as a whollyowned subsidiary for electricity transmission in Tripura. TPTL will manage 83 power substations and 1,861 km of transmission lines, including 59 substations and 875 km of lines in 33 kV systems.
  • In December 2022, Adani Transmis­si­on Limited formed a subsidiary, BEST Smart Metering Limited, to undertake its smart metering business. Adani Transmission holds 100 per cent equity of Rs 100,000 in the company, divided into 10,000 equity shares of Rs 10 each.
  • In November 2022, NHPC Limited’s bo­ard approved a proposal to merge the company’s whollyowned subsi­diary, Jalpower Corporation Limited, with itself. NHPC had acquired Jalpo­wer Corporation Limited and its 120 MW Rangit Stage-IV hydropower pro­ject in March 2021 through insol­ven­cy proceedings.

Green hydrogen projects

  • In July 2023, NTPC Renewable Energy Limited (NTPC REL) selected Hild Electric Private Limited as its alkaline electrolyser technology provider. Un­der this partnership, advanced electrolyser systems will be deployed for up to 600 MW of capacity across a wide range of industrial applications, inclu­ding ammonia production, transportation and power generation. This will support the green hydrogen ambition of NTPC, to touch 150 kilotonne per annum of production by 2032.
  • In May 2023, NTPC commissioned its first green hydrogen fuelling station at Leh in the union territory of Ladakh. The first-of-its-kind project is being set up by NTPC Limited, which had awarded the contract for the project to Amara Raja Power Systems Limited in June 2022.
  • In August 2023, an agreement was signed by the ACME Group with Tata Steel Special Economic Zone Limited for developing a green hydrogen and green ammonia project on 343 acres of land at the Gopalpur Industrial Park in Ganjam, Odisha. ACME aims to develop a 1.3 million tonnes per annum (mtpa) green ammonia plant.
  • In July 2023, the ACME Group secured a Rs 40 billion loan from REC Limited for its green hydrogen and green ammonia project in Oman. The loan will be utilised to commence the first phase of the project, to be established at the special economic zone in Duqm, Oman. The first phase of the facility is expected to produce 100,000 tonnes of green ammonia annually, which will be increased to 1.2 mtpa, with about 3.5 GW of electrolyser capacity, powered by a 5.5 GWp solar PV plant.
  • In May 2023, the Avaada Group raised $1.07 billion from Brookfield Renew­able to fund its green hydrogen and green ammonia business in the country as a part of its ongoing $1.3 billion fundraising plan. Brookfield Renew­able will be investing up to $1 billion in Avaada Energy.
  • In February 2023, the Andhra Pradesh State Investment Promotion Board cleared NTPC Limited’s proposal to set up a new energy park in Anakap­a­lli, Andhra Pradesh, to produce products out of green hydrogen, green am­monia and green methanol at a cost of Rs 1.1 trillion in two phases. Each pha­se will receive an investment of Rs 550 billion.
  • In February 2023, the Essar Group an­n­o­unced the formation of the Essar Ener­gy Transition (EET) to drive energy transition. The EET plans to invest $3.6 billion in developing a range of low-carbon energy transition projects over the next five years, of which $2.4 billion will be invested across its site at Stanlow (in the UK), between Liver­pool and Man­chester, and $1.2 billion in India. EET will invest in developing a cost-efficient global supply hub for low carbon fuels in India, including green hydrogen and green ammonia. Amm­onia will be shipped from India to the UK, Europe and other locations around the globe to meet the expanding market demand for green hydrogen.
  • In November 2022, ReNew Power Private Limited signed the framework agreement with the Government of Egypt to set up a green hydrogen plant in the Suez Canal Economic Zone. The agreement entails an investment of $8 billion and a targeted annual production of 220,000 tonnes of green hydrogen. The pilot phase will produce 20,000 tonnes of green hydrogen an­nually, growing to 200,000 tonnes per year in the next phase.

Projects secured

In the past year, major projects were secured by companies such as Tata Po­wer, SJVN Limited, NHPC Limited, Ster­lite Power and Apraava Energy thr­ough various renewable energy and transmission tenders.

  • In May 2023, Gujarat Urja Vikas Nigam Ltd (GUVNL) awarded bids to NHPC Limited, SGEL and NTPC REL in an auction conducted to supply power from 600 MW of grid-connected solar power projects at the Khavda Solar Park in Gujarat. The three companies won 200 MW capacity each. NHPC won at a quoted tariff of Rs 2.73 per kWh, SGEL won at Rs 2.88 per kWh and NTPC REL at Rs 2.89 per kWh.
  • In August 2023, Sterlite Power secured a green energy transmission contract for the Rajasthan Phase III (20 GW) transmission project to build the project on a build-own-operate-transfer basis for a period of 35 years. The Phase III Part F project involves the construction of three integral components – a 350 km 765 kV transmission corridor connecting the renewable energy zone of Fatehgarh III to the substation at Beawar; a 3,000 MVA 765/400 kV substation at Beawar; and two line-in line-out lines, covering approximately 120 km. Also, Sterlite Power acquired Fa­teh­garh III Beawar Transmission, a special purpose vehicle, from PFC Consulting Limited. The project will enable the evacuation of a part of 20 GW of renewable power from renewable energy zones in Fatehgarh (9.1 GW), Bhadla (8 GW) and Ramgarh (2.9 GW) areas of Rajasthan.
  • In August 2023, Apraava Energy Pri­vate Limited secured two interstate tra­nsmission projects in Rajasthan from PFC Consulting Limited – Fateh­garh III Transmission Limited and Fatehgarh IV Transmission Limited, established for the development of the “Transmission System for Evacua­tion of Power from REZ in Rajasthan (20 GW) under Phase III Part A3” and the “Transmission Sys­tem for Evac­u­ation of Power from REZ in Rajasthan (20 GW) under Phase III Part A 1” respectively.
  • In August 2023, Hinduja Renewables secured a contract from Rewa Ultra Mega Solar Limited for the development of an 80 MW floating solar park along the Narmada river at Omkare­shwar reservoir in Khandwa, Madhya Pradesh. The project is a part of the 600 MW single-location floating solar park to be developed in two phases.
  • In June 2023, SJVN Green Energy Li­mited secured a 200 MW wind power project entailing an investment of Rs 14 billion in a TBCB process conducted by the Solar Energy Corpora­tion of India Limited. SJVN Green Energy secured the full quoted capacity of the 200 MW wind power project at a rate of Rs 3.24 per unit through the e-re­verse auction. The project will be com­missioned on a build-own-and operate basis.
  • In April 2023, Avaada Energy won a 560 MW DC solar project bid through an e-reverse auction conducted by MSEDCL at a quoted tariff of Rs 2.88 per kWh. Avaada Energy also secured a 421 MW solar project from the Damodar Valley Corporation in an e-reverse auction at a quoted tariff of Rs 2.70 per kWh. It also secured a 200 MW (DC) solar po­wer project from GUVNL in April 2023 at a tariff of Rs 2.75 per kWh.
  • In March 2023, Tata Power Solar Sys­te­ms Limited received a letter of award (LoA) worth Rs 17.55 billion for setting up a 300 MW domestic content req­uirement-based EPC project for NLC India Limited. The project, located at Barsi­ngar in Bikaner district, Rajasth­an, is expected to generate more than 750 MUs of electricity annually.
  • In November 2022, Tata Power Rene­wable Energy Limited (TPREL) receiv­ed an LoA from MSEDCL to set up a 150 MW solar project in Solapur, Ma­harashtra. The LoA was won through TBCB followed by an e-re­verse auction. TPREL’s subsidiary, TP Vardha­man Surya Limited, receiv­ed an LoA in June 2023 to set up a 966 MW RTC hybrid renewable power plant for Tata Steel. The project will comprise 379 MW of solar and 587 MW of wind power capacity.

Key equipment contracts—Generation

Several contracts were awarded to major equipment players for installing main plant and emission control equipment in green energy and thermal projects.

  • In October 2022, Sterling and Wilson Renewable Energy Limited (SWRE) won a Rs 22.12 billion order from NTPC REL for its proposed 1,255 MW AC/ 1,568 MW DC solar PV project at the Khavda renewable energy power park, Gujarat. The scope of work includes design, engineering, supply, construction, erection, testing, commissioning as well as operations and maintenance (O&M) for a three-year period.
  • In September 2023, Power Mech Pro­jects Limited secured two contracts valued at Rs 6.25 billion. The first contract worth Rs 2.29 billion has been awarded by Hindustan Zinc Limited for the O&M of a 2×91.2 MW captive power plant in Udaipur, Rajas­­than. The second contract, valued at Rs 3.96 billion, has been awarded by Vedanta. It invol­ves completing balance work on a 2×600 MW ACPL thermal power plant located in Singh­it­a­rai, Chhattisgarh. Also, in August 2023, Power Mech recei­ved an order worth Rs 1.59 billion from Raichur Power Corporation Limited for the O&M of the 2×800 MW coal-based Yeramarus thermal power station in Chikkasugur, Karnataka.
  • In August 2023, GE Power India Limi­ted secured an order worth Rs 4.44 billion from GSECL for the design, engineering, manufacture, supply, packing and forwarding, installation, commissioning and testing of flue gas desulphurisation systems.
  • In July 2023, Serentica Renewables aw­a­rded contracts worth Rs 100 billi­on for setting up 1.5 GW of solar and wind capacities across the states of Ka­­r­­nataka, Maharashtra, Andhra Pra­desh and Rajasthan. For its wind projects in Maharashtra and Karnataka, Serentica tied up with Suzlon Energy Limited, Siemens Gamesa Renewable Energy S.A., and Envision Energy; whi­le modules for its solar projects in Rajasthan and Maharashtra will be supplied by Jinko Solar Holding Company Limited and Trina Solar Company Limited.
  • In June 2023, GE Vernova was selected by Amplus Solar as the onshore wi­nd turbine supplier for its first wi­nd farm to be installed in Tamil Nadu in June 2023. It will supply and com­mi­ssion 40 units of its 2.7-132 on­shore wind turbines for the 108 MW wind power project.
  • In May 2023, Inox Wind Limited secu­red an order for a 150 MW wind power project from NTPC REL in Gujarat. As part of the order, Inox Wind will supply and install state-of-the-art wind turbine generators and provide O&M services for the project.
  • In April 2023, Nextracker signed an ag­re­ement with SWRE to deliver its bifacial solar tracker for additional energy gains to NTPC REL’s 1.255 GW solar PV project in the Khavda renewable energy park, Gujarat.
  • In April 2023, Siemens Gamesa signed a supply agreement with Arcelor­Mitt­al’s subsidiary in India to supply 46 SG 3.6-145 wind turbines for a 166 MW project in Andhra Pradesh. The wind project will be a part of a 989 MW wi­nd-solar hybrid renewable energy project by AM Green Energy Private Li­­mited, a JV between Arce­lorMittal S.A. and ArcelorMittal Nipp­on Steel In­dia Limited (AM/NS), in Kurnool, Andhra Pradesh.
  • In February 2023, Thermax Limited received an order worth Rs 2.52 billion for the renovation and modernisation of the electrostatic precipitator package of its 3×210 MW thermal power station in Bankura, West Bengal.
  • In January 2023, BHEL won an order for the renovation and modernisation of steam turbines at the 200 MW Unit-3 and 210 MW Unit-5 of the Ukai thermal power station (TPS) in Gujarat. The order, valued at Rs 3 billion, was placed by GSECL. In August 2023, BHEL secured a Rs 40 billion order fr­om Mahan Energen Limited for the supply of equipment, including boilers, turbines and generators, as well as the erection and commissioning of a 2×800 MW supercritical power project in Bandhaura, Madhya Pradesh. In Au­gust 2023, BHEL secured an order from NTPC Limited for setting up the 2×800 MW Lara supercritical thermal power project Stage II in Chhattis­garh. The project is worth Rs 155.3 billion. In September 2023, BHEL secur­ed an order from NHPC Limited for electromechanical works of the 2,880 MW Dibang multipurpose project in Arunachal Pradesh through an international competitive bidding process.
  • In October 2022, Pennar Industries Limited won an order from NTPC REL for its proposed 500 MW AC/625 MW DC solar PC project at Bhadla, Rajas­than. The scope of the project includ­es design, engineering, supply, cons­truction, erection, testing and commi­ssioning along with a three-year O&M contract.
  • In October 2022, the Suzlon Group won an order from AGEL for the development of a 48.3 MW wind power project in Man­dvi, Kutch, Gujarat, for the installation of 23 units of their wind turbine generators with a hybrid lattice tubular tower and a rated ca­pacity of 2.1 MW each. In May 2023, the Suzlon Group received an order from Vibrant Energy for 33 wind turbine generators with a hybrid lattice tubular tower for a 99 MW wind power project. In May 2023, the Suzlon Gro­up also secured an order from Se­re­ntica Rene­wables to install 68 wind turbine generators for its upco­ming 204 MW wind power project in Kop­pal, Karnataka. It also secured an or­der from Torrent Power Limited to install 100 WTGs at its 300 MW wind power project in Karnataka.
  • In September 2022, ANDRITZ receiv­ed an order from Greenko MP01 IREP Private Limited for electromechanical works at the Gandhi Sagar pumped sto­rage project (1,440 MW), in Madh­ya Pradesh. The contract includes the design, manufacture, supply, transportation, erection, testing and commissioning of seven reversible pump units (five 240 MW units, two 120 MW units), main inlet valves, and associated auxiliaries.
  • In September 2022, GE Renewable Energy received orders from Continu­um Green Energy to supply, install and commission 81 units of its 2.7-132 onshore wind turbines for 218.7 MW of wind power projects ac­ross Tamil Nadu and Madhya Pradesh.

Key equipment contracts—Transmission and distribution

In the T&D sector, many players recei­ved orders for smart metering projects, tra­nsmission lines, substations and transformers for building and modernising T&D networks.

  • In October 2022, Hitachi Energy India Limited secured a contract from NTPC REL to supply power transformers for its upcoming 4.75 GW renewable en­ergy park, spread over 72,600 hectares in Kutch, Gujarat. Hitachi Energy will provide 10 315 MVA 400/33/33 kV tra­nsformer manufactured at its transformer factory in Vadodara.
  • In October 2022, KEC International Limited secured new orders worth Rs 14.07 billion for projects including 400 kV transmission lines in the Middle East. It also secured new orders worth Rs 13.49 billion, including an HVDC project, in India. In December 2022, it secured new orders worth Rs 13.13 billion including an order for a 220 kV gas-insulated switchgear (GIS) substation for a refinery project and a large order for a 500 MW solar PV project in India. It secured orders worth Rs 11.31 billion in January 2023 for 220 kV and 132 kV GIS and AIS substations, transmission lines and underground cabl­ing; a 330 kV electrical transformer station project in Africa; supply of towers in the US; large towers in Mexico. In March 2023, it secured new orders worth Rs 15.6 billion from Powergrid under TBCB for a 765 kV transmission line, a 765/400 kV AIS substation, and a 765 kV GIS substation. It won new orders worth Rs 10.65 billion in August 2023 for a 400 kV transmission line and a GIS substation in India, from a subsidiary of a renow­ned PSU in the renewable power generation segment.
  • During the last quarter of 2022, Sterlite Po­wer secured multiple new orders wo­rth Rs 14 billion. These included upgrading/uprating of Powergrid’s 400 kV Jharsuguda/Sund­argarh-Rour­kela line, setting up of 220 kV double circuit transmission lines for Serentica Rene­wables, supply of conductors for Tata Power’s Northern Region Streng­then­ing Scheme XXXVI project and Larsen & Toubro’s (L&T’s) 400 kV Wayanad-Kasargode transmission line. It also received orders from L&T for the 765 kV Navasari-Padghe transmission corridor as well as from Maharashtra Transmission Communi­cation Infra­str­uc­ture Limited for its 132 kV, 220 kV and 400 kV transmission lines.
  • During the first three quarters of 2022-23, Sterlite Power secured multiple orders worth Rs 38 billion across its solutions business unit in the domestic and international markets. The new orders include uprating the existing power transmission lines, at 132 kV, 220 kV and 400 kV levels, of Po­w­ergrid and the state transmission companies of Meghalaya and West Bengal. For the Haryana state transco, the company will supply and install optical ground wire for fiberisation of the state’s existing transmission network, among other orders.
  • In September 2023, Genus Power In­frastructures Limited (GPIL) received an LoA to supply smart meters. The company’s stepdown whollyowned subsidiary was appointed as an ad­vanced metering infrastructure (AMI) service provider. As per the contract, GPIL will be involved in designing the AMI system, installing and commissi­oning a flow metering skid of 2,418,000 smart prepaid meters and system meters, including OT meters.
  • In September 2023, the Adani Group se­cured two contracts worth Rs 138.88 billion from Maharashtra’s state-ow­ned electricity distribution company for the installation of smart meters. The two zones awarded to Adani in­clude Bhandup, Kalyan, and Konkan (6.34 million meters), and Baramati and Pune (5.25 million meters).
  • In July 2023, GMR Smart Electricity Dis­tri­bution Private Limited was aw­arded an order worth Rs 75.93 billion to implement a large-scale smart me­tering project under the RDSS on a design-build-finance-own-operate-and transfer basis. The projects entails the installation of 7.57 million prepaid smart meters across two discoms – DVVNL and PuVVNL. In September 2023, it received an LoA wo­rth Rs 51.23 billion from PVVNL for smart metering works under the RDSS.
  • In May 2023, Vibrant Energy awarded an order totalling 149 MW to Envision En­­­ergy. The order consists of 45 wind tu­­rbines with a capacity of 3.3 MW ea­ch.
  • In May 2023, the power infrastructure and renewable energy business of Godrej Electricals and Electronics secur­ed orders worth over Rs 20 billion from power transmission, railway and solar projects. The projects inclu­de EPC for extra high voltage substations of 400 kV and 765 kV across India, a GIS substation with a 220 kV underground cable in Mumbai, and a 132 kV substation project in Nepal. The company has also secured an or­der for a 20 MW ground-mounted so­lar plant in West Bengal.
  • In April 2023, Power Mech Projects Limited secured an order worth Rs 1.62 billion for distribution works un­der the RDSS for MPPKVVCL, Kharg­one Circle, in Indore, Madhya Prade­sh, and railway electrification of 25 kV overhead equipment works in Mysuru division, Karnataka.
  • In April 2023, IntelliSmart Infrastruc­ture Private Limited secured an order to install 6.7 million prepaid smart me­ters along with service cables and au­xiliaries in 14 districts in Uttar Pradesh under PVVNL.
  • In February 2023, Gensol Engineering Limited received purchase orders for over 247 MWp of solar power projects across Andhra Pradesh, Haryana, Guja­rat, Jharkhand, Kerala, Madhya Prade­sh, Maharashtra, Rajasthan, Tamil Na­du, Uttarakhand and West Bengal. These projects have a total value of Rs 5.01 billion, bringing Gensol’s total or­der book to over Rs 10.25 billion.
  • In February 2023, Bajaj Electricals Li­mited’s EPC business segment (power di­stribution) received contracts wor­th Rs 5.65 billion for the supply of goods and services from South Bihar Power Di­stribution Company Limited under the RDSS.
  • In December 2022, Salasar Techno En­gineering Limited won orders of Rs 7.5 billion from Pashchimanchal Vidyut Vitran Nigam Limited. The work orde­rs are for the development of the distribution infrastructure for loss reduction in Uttar Pradesh under the RDSS. It also secured its first in­ter­national EPC order worth Rs 1.43 billion from the Nepal Electricity Au­thority in Ja­nuary 2023.
  • In December 2022, the T&D business of L&T Construction secured multiple EPC orders in India and overseas. These included an EPC order to establish a 90 MW floating solar PV plant at the Omkareshwar dam reservoir in Madhya Pradesh. The other orders include the development of distribution infrastructure under the RDSS, and the setting up of 400 kV and 225 kV transmission lines in North Africa and a 132 kV substation in Malaysia.
  • In December 2022, HPL Electric & Po­wer Limited received an order worth Rs 1.62 billion for the supply of smart me­te­rs to a leading private discom player.
  • In November 2022, Bharti Airtel won a cellular IoT solution mandate from Tata Power Western Odisha Distribu­ti­on Limited. As per the mandate, Airtel will power 200,000 smart meters with IoT solutions, including 70,000 meters in the first phase.
  • In October 2022, Adani Transmission Li­mited emerged as the successful bi­dder for the appointment of an AMI service provider in Brihan­mu­mbai Electric Supply and Transport (BEST) Undertaking, for Rs 13 billion. The company’s distribution platform will implement the project based on a design-build-finance-own-operate- transfer model, install 1.08 million smart meters, and related communication and cloud infrastructure over a period of 30 months.
  • In October 2022, the T&D business of L&T Construction secured multiple orders in India and abroad. The business secured an order to establish a 765 kV transmission line in Gujarat. It also received an order to upgrade the distribution system in a state in Nor­theast India.