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…
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.
- 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.
- 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.
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.
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.