Company Highlights: Key developments over the past 12 months

Over the past year, the Indian power sector demonstrated remarkable resilience and progress. Corporates across the sector made commitments to transition towards greener energy alternatives, with significant investments in green hydrogen, pumped storage technologies and nuclear power. Meanwhile, there was a renewed emphasis on thermal power, with contracts being awarded for new coal-based projects by major players. In line with the government’s priority to build transmission infrastructure, transmission majors secured major projects for renewable energy evacuation. The transmission and distribution (T&D) sector also saw significant activity, with several key orders being placed for smart metering projects and infrastructure creation. Moreover, the year saw the announcement of strategic MoUs, joint ventures (JVs), and mergers and acquisitions.

Power Line presents a round-up of the key company highlights over the past 12 months…

Projects commissioned – Generation

Over the past year, several key projects were commissioned by power majors such as NTPC Limited, SJVN Limited, Tata Power and JSW Energy. Their recent hydro, solar and wind projects highlight a strong commitment to diversifying their energy sources and promoting sustainability.

• In December 2023, SJVN Limited commissioned both units of the 60 MW Naitwar Mori hydropower station in Uttarkashi district, Uttarakhand. The project is expected to generate 265.5 million units (MUs) of electricity annually, of which the state of Uttarakhand will receive 12 per cent as royalty. In February 2024, SJVN commissioned the 100 MW Raghanesda solar power station in Banaskantha, Gujarat. In August 2024, SJVN Green Energy Limited, commissioned the 90 MW Omkareshwar floating solar project.
• In March 2024, NTPC Limited announced the commissioning of Unit 2 (660 MW) of the North Karanpura super thermal power project (3×660 MW). The company also commissioned the 600 MW Unit 2 of the 1,320 MW Maitree super thermal power plant (TPP) in March 2024. Moreover, the first 800 MW unit of the Telangana super thermal power project was commissioned in October 2023.
• In March 2024, Adani Green Energy Limited (AGEL) commissioned a 180 MW solar power plant at Devikot in Jaisalmer, Rajasthan. The plant has a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI).
• In March 2024, the 1,400 MW Kakrapar Atomic Power Project Units 3 and 4 (KAPP 3 and 4) in Surat, Gujarat, were added to the country’s fleet of commissioned nuclear power plants by NPCIL.
• In April 2024, TP Saurya Limited, a subsidiary of Tata Power Renewable Energy Limited (TPREL), commissioned a 200 MW solar project located in Bikaner, Rajasthan, for Tata Power Trading Company Limited, a subsidiary of  Tata Power Company Limited. In March 2024, Tata Power Solar Systems Limited commissioned a solar and battery energy storage system (BESS) project in Rajnandgaon, Chhattisgarh. The project consists of a 100 MW photovoltaic facility and a 120 MWh utility-scale BESS.
• In April 2024, Juniper Green Energy commissioned the Jalkot solar power project in Maharashtra, providing the region with 105p MW of solar energy.
• In August 2024, the Avaada Group inaugurated a 70 MW solar power project in Banda, Uttar Pradesh, at an investment of Rs 4.08 billion. The project is expected to generate around 160 MUs of renewable energy annually.
• In September 2024, JSW Renew Energy Two Limited, a subsidiary of JSW Energy Limited, commissioned a 300 MW wind power project in Tuticorin, Tamil Nadu. The project was awarded by SECI under Tranche X. This is the company’s first greenfield wind plant for SECI.

Projects commissioned – Transmission

In the past year, energy majors such as Adani Energy Solutions Limited (AESL), Power Grid Corporation of Inda Limited (Powergrid) and Indigrid made significant advancements in power transmission infrastructure across India.

• In April 2024, Indigrid operationalised its first greenfield project – Kallam Transmission Limited – at Beed, Maharashtra. The project aims to facilitate the evacuation of 1 GW of power from renewable energy projects in the Dharashiv region of Maharashtra.
• In October 2023, AESL commissioned the Kharghar Vikhroli Transmission Limited project, aimed at providing an additional 1,000 MW of power to Mumbai. It also commissioned the interregional Warora-Kurnool transmission line spanning 1,756 ckt km and the Chilakaluripeta-Hyderabad-Kurnool 765 kV link project in the same month. In October 2023, AESL announced the completion of the Karur Transmission Limited project for the evacuation of wind energy from the Karur-Tiruppur region of Tamil Nadu.
• In November 2023, Powergrid’s subsidiary Powergrid Meerut Simbhavali Transmission Limited commissioned the Meerut gas-insulated switchgear substation in Uttar Pradesh. Powergrid also commissioned the Jam Khambhaliya transmission project in Gujarat in May 2024.
• In November 2023, Renew commissioned its first interstate transmission system (ISTS) scheme, the Koppal Transmission Scheme, to transmit 1.5 GW of renewable energy from the Koppal area in Karnataka.
• In April 2024, Jyoti Structures Limited commissioned a 765 kV, double circuit, hexa-bundle conductor transmission line from Khavda to Bhuj in Gujarat.

MoUs and JVs

The power sector witnessed significant activity throughout the year in terms of the signing of MoUs and the setting up of JVs. The key developments include:

• In October 2023, JSW Neo Energy Limited signed an MoU valued at Rs 150 billion with the Uttarakhand government to establish two pumped storage projects (PSPs) in Almora, with a capacity of 1,500 MW each.
• In October 2023, REC Limited signed an MoU with Odisha Power Generation Corporation Limited to finance the development of Units 5 and 6 of a 660×2 MW thermal power project in Jharsuguda, Odisha, with an investment of Rs 95.38 billion.
• In October 2023, SJVN Green Energy Limited (SGEL) signed an MoU with Ocean Sun, Norway, for collaboration in the field of new technologies in the green and clean energy space. In June 2024, SGEL signed an MoU with AM Green Ammonia (India) Private Limited for the long-term supply of renewable energy to AM Green’s upcoming green ammonia plants in Andhra Pradesh.
• In November 2023, ReNew Energy Global Plc signed an MoU with the Asian Development Bank (ADB) for funding of $5.3 billion. The MoU outlined potential investments in renewable energy projects, manufacturing, carbon offset initiatives and green hydrogen. Also, in May 2024, ReNew signed an MoU with Societe Generale to support the financing and development of the company’s various strategic energy transition projects both in India and globally.
• In November 2023, Tata Power EV Charging Solutions Limited entered into an MoU with Indian Oil Corporation Limited (IOCL) to deploy more than 500 EV charging points at various IOCL retail outlets.
• In November 2023, SJVN received approval from the Ministry of Finance to establish four JV firms for the development of hydro and renewable projects with a combined capacity of 8,778 MW in India and Nepal. Three of the JV companies were led by SJVN, while the fourth JV was spearheaded by SGEL. As part of the initiatives, SJVN collaborated with Maharashtra State Power Generation Company Limited for the development of 5,000 MW of renewable energy projects. Another JV was formed with the Arunachal Pradesh government and Navyuga Engineering Company Limited for the implementation of the 1,878 MW Oju hydroelectric project (HEP) in Arunachal Pradesh.
• In November 2023, THDC India Limited entered into a memorandum of agreement for the implementation of the 1,200 MW Kalai-II HEP in Anjaw, Arunachal Pradesh. The project, comprising seven generating units (6×190 MW and 1×60 MW), is estimated to cost Rs 130 billion.
• In November 2023, NHPC signed an MoU with Gujarat Power Corporation Limited for an investment in the proposed 750 MW Kuppa pumped hydro storage project. NHPC committed an estimated Rs 40 billion to the project, strategically located in Chhota Udaipur, Gujarat.
• In January 2024, the Gujarat government and ENGIE India signed an MoU worth Rs 172 billion to develop 2.5 GW of renewable energy projects in Gujarat.
• Tata Power Renewable Energy Limited signed an MoU with the Gujarat government to develop 10,000 MW of renewable energy power projects across multiple sites in Gujarat. The projects, comprising solar, wind, hybrid, peak, round-the-clock and despatchable renewable energy, are to be developed at a total investment of Rs 700 billion.
• In February 2024, REC Limited signed an MoU with National Investment and Infrastructure Fund Limited to collaborate on a suite of funding solutions for renewable energy projects as well as large-scale infrastructure projects in India.
• In February 2024, Coal India Limited (CIL) and BHEL signed a JV agreement for setting up an ammonium nitrate plant through the surface coal gasification technology route. The plant will come up in the Lakhanpur area of Mahanadi Coalfields Limited, Odisha.
• In March 2024, CIL signed an MoU with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) for the exploration and execution of power projects spanning 4,100 MW of capacity.
• In March 2024, Powergrid signed an MoU with Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPNL) to establish a JV company for the development of intra-state transmission systems in Rajasthan. The JV company, in which Powergrid holds a 74 per cent stake and RRVPNL holds 26 per cent, will undertake projects worth up to Rs 100 billion in a phased manner.
• In March 2024, NTPC and NTPC Green Energy Limited signed two separate non-binding MoUs with RVUNL to add supercritical units to the existing Chhabra TPP. Additionally, NTPC or its affiliates will undertake a 15-20-year annuity-based renovation and modernisation of  RVUNL’s old thermal units.
• In April 2024, the National Power Training Institute and PTC India Limited entered into an MoU to establish a centre of excellence (CoE) for research and development (R&D) in the energy domain, focusing on promoting sustainable development goals. The CoE’s R&D outcomes will be shared with the power sector through training and capacity-building initiatives.
• In May 2024, Tata Power Delhi Distribution Limited signed an MoU with the India Smart Grid Forum to collaborate on a vehicle-to-grid technology demonstration project.
• In May 2024, the Adani Group signed an MoU with Druk Green Power Corporation for a 570 MW HEP in Chukha province. The move aligns with Bhutan’s infrastructure
  development vision.
• In August 2024, Singareni Collieries Company Limited signed a tripartite MoU with Oil and Natural Gas Corporation Limited and Telangana Renewable Energy Development Corporation Limited for the Godavari geothermal energy project. The MoU has been signed for the exploration and development of the Manuguru geothermal field in the Pranahita Godavari basin in Telangana.
• In August 2024, the Avaada Group signed a non-binding MoU with the Maharashtra government to develop two PSPs with a combined capacity of 2,750 MW. The projects include the 1,500 MW Pawana Falyan PSP located in the Pune and Raigad districts and the 1,250 MW Kumbhavade PSP in the Kolhapur and Ratnagiri districts. The total investment for these projects is estimated to be approximately Rs 140 billion over the next five to seven years.
• In September 2024, AGEL and TotalEnergies formed a JV to develop and manage a portfolio of solar projects with a combined capacity of 1,150 MW. The solar projects will be located in Khavda, Gujarat, with ownership set to be equally shared between AGEL and TotalEnergies. AGEL is contributing its existing assets to the JV, while TotalEnergies is set to invest $444 million in the development of the solar projects.
• In September 2024, THDC India Limited signed an MoU with the Maharashtra government for six PSPs with a combined capacity of 6,790 MW and will require an investment of Rs 336 billion. The six planned projects under the MoU include the Malshej Ghat PSP (700 MW), the Aruna PSP (1,950 MW), the Kharari PSP (1,250 MW), the Humbarli Birmani PSP (1,000 MW), the Aruna Kolamb PSP (1,200 MW) and the Morawadi Majarewadi PSP (690 MW).
• In September 2024, NHPC Limited re-entered an MoU with the Maharashtra government’s Department of Water Resources for the development of 7,350 MW of renewable energy storage systems. Under the agreement, NHPC will develop four major PSPs in the state: Kengadi (1,550 MW), Savitri (2,250 MW), Kalu (1,150 MW) and Jalond (2,400 MW).
• In September 2024, NLC India Limited’s board of directors approved the formation of a JV with RRVUNL to establish 2,000 MW of renewable energy projects in Rajasthan. In this JV, NLC will hold a 74 per cent equity stake, while RRVUNL will hold 26 per cent. Meanwhile, NLC has approved another JV with RVPNL to set up a lignite-based TPP in Rajasthan, subject to approval from the Government
  of India.
• In September 2024, Indian Renewable Energy Development Agency Limited (IREDA) signed an MoU with SJVN Limited, GMR Energy Limited and their associated companies for the development and implementation of the 900 MW Upper Karnali HEP in Nepal.
• In September 2024, Torrent Power Limited signed an MoU with the Government of Gujarat to develop a 5 GW solar, wind, or solar-wind hybrid project in Dwarka, Gujarat.
• In September 2024, Welspun New Energy Limited signed an MoU with the Maharashtra government for the development of the 1.2 GW Dhamni pumped-hydro project. This will require an investment of approximately Rs 50 billion.

Power offtake agreements

Recent power offtake agreements have demonstrated a robust commitment to renewable energy and infrastructure development in the sector. Notable agreements include:

• In September 2024, Serentica Renewables signed over 1.25 GW of new power delivery agreements with multiple industrial customers. To meet the round-the-clock green energy needs of its clients, Serentica will install 4 GW of wind and solar capacities, supplemented by energy storage solutions. These projects will be spread across Karnataka, Maharashtra, Andhra Pradesh
  and Rajasthan.
• In January 2024, the Uttar Pradesh Cabinet approved the construction of the Obra D TPP in Sonbhadra district. The plant will have two 800 MW units, requiring an investment of Rs 180 billion. This will be the first ultra-supercritical TPP in the state, featuring advanced technology for lower coal consumption and cheaper power. The first unit is expected to be operational within 50 months, followed by the second unit in 56 months. The project will be executed through a 50:50 partnership with NTPC.
• In December 2023, Ratle Hydro Electric Power Corporation Limited entered into a PPA with Rajasthan Urja Vikas and IT Services Limited to supply electricity from its 850 MW Ratle HEP in Kishtwar, Jammu & Kashmir. The agreement, spanning 40 years from the project’s commercial operation date, includes power allocation details to be announced by the Ministry of Power.
• In November 2023, SJVN Limited signed a power usage agreement with Punjab State Power Corporation Limited for 500 MW of solar power. The power will be sourced from SJVN’s under-construction 1,000 MW Bikaner solar power project in Rajasthan.
• In March 2024, Mahan Energen Limited (MEL) entered into a 20-year long-term PPA for 500 MW of capacity with Reliance Industries Limited (RIL), under the captive user policy. One 600 MW unit of MEL’s Mahan TPP, out of its aggregate operating and upcoming capacity of 2,800 MW, will be designated as a captive unit for this purpose.
• In May 2024, Sri Lanka signed a 20-year wind power agreement with AGEL for two wind power stations. AGEL will receive Rs 8.26 per kWh for the wind energy project.
• In May 2024, RIL and Adani Power signed a 20-year PPA for 500 MW of power. RIL will invest Rs 500 million for a 26 per cent stake in a 600 MW unit of Mahan Energen Limited, a wholly owned subsidiary of Adani Power.
• In September 2024, NLC India Limited signed a power usage agreement with Telangana state discoms to supply 200 MW of solar power. The agreement, part of the central public sector undertaking scheme, will provide power at a competitive and affordable rate for 25 years. The project is scheduled to be commissioned by June 2025.

Mergers and acquisitions

In August 2024, the National Company Law Tribunal, Hyderabad, approved the acquisition of 100 per cent shareholding of Lanco Amarkantak Power Limited (LAPL) by Adani Power for Rs 41.01 billion. LAPL owns and operates a 2×300 MW (600 MW) TPP (Phase I) at Pathadi village in Korba district, Chhattisgarh.

In May 2024, AESL acquired Essar Transco Limited for Rs 19 billion. Essar Transco owned a fully operational kV, 673 ckt km interstate transmission line, linking Mahan, Madhya Pradesh to the Sipat pooling substation, Chhatisgarh. The acquisition was completed by Adani Transmission Step Two Limited.

• In May 2024, Purvah Green Power Private Limited, a subsidiary of CESC Limited, entered into a share purchase agreement with from SKP Green Ventures Private Limited for the acquisition of 100 per cent share capital (on a fully diluted basis) of Bhadla 3 SKP Green Ventures Private Limited.
• In May 2024, CIL incorporated a subsidiary firm, Bharat Coal Gasification and Chemicals Limited, for establishing a coal-to-chemicals business. CIL holds a majority 51 per cent stake in the new entity while the remaining 49 per cent is owned by BHEL.
• In March 2024, JSW Energy signed a business transfer agreement with Reliance Power Limited to acquire 45 MW of renewable energy generation capacity for Rs 1.32 billion. The project is located in Sangli, Maharashtra.
• In February 2024, Hindalco Industries Limited acquired a 26 per cent stake in the equity share capital of Ayana Renewable Power Four Private Limited. The acquisition, valued at Rs 16.25 million, involves the purchase of 1,625,000 equity shares at par.
• In February 2024, Indigrid acquired a 300 MW solar power plant from ReNew for Rs 15.5 billion excluding net working capital and cash adjustments. The project, ReNew Solar Urja, is located in Jaisalmer, Rajasthan.
• In September 2024, Suzlon Energy Limited acquired 51 per cent equity share capital in Renom Energy Services and made it a subsidiary of the company. Suzlon has spent Rs 4 billion to acquire the company from the Sanjay Ghodawat Group. The second tranche of Rs 2.6 billion will be used to acquire another 25 per cent stake within the next 18 months, bringing its total ownership to 76 per cent.
• In December 2023, Sembcorp Energy (Shanghai) Holding Company Limited signed an agreement with Envision Energy Company Limited to acquire 100 per cent of the share capital in Qinzhou Yuanneng Wind Power Co. Limited for an equity consideration of approximately $130 million. Qinzhou Yuanneng owns 200 MW of operational wind assets in Guangxi, China. Further, Sembcorp Industries Limited has signed two separate agreements to acquire a total of 428 MW of wind assets in China and India. Sembcorp’s wholly owned subsidiary, Green Infra Wind Energy Limited (GIWEL), has signed an agreement with Leap Green Energy Private Limited, an independent power producer in Tamil Nadu. Under the agreement, GIWEL will acquire 100 per cent of the share capital in two SPVs for an equity consideration of approximately $70 million. The SPVs own 228 MW of operational wind assets in Madhya Pradesh, Maharashtra  and Rajasthan.
• In May 2024, Adani Electricity Mumbai Limited (AEML) signed an agreement to acquire 100 per cent stake in Pointleap Projects Private Limited (PPPL) for a consideration of Rs 131.5 million. AEML has executed a share purchase agreement with Windson Projects LLP for acquiring 100 per cent equity shares of PPPL. The acquisition is expected to be completed within four to five working days from the execution date of the SPA.
• In November 2023, Larsen & Toubro (L&T) announced the divestment of its 100 per cent stake in L&T Infrastructure Engineering Limited. The stake has been acquired by STUP Consultants Private Limited, a subsidiary of Assystem SA of France.
• In June 2024, Adani Power Limited (APL) announced that its subsidiary, MEL, had approved the merger of Stratatech Mineral Resources, a coal mining company, with itself to enhance fuel security. Stratatech Mineral Resources, a subsidiary of Adani Enterprises, was allocated the Dhirauli coal mine in Madhya Pradesh, located near MEL’s TPP. In a separate development, APL announced that MTEUPL became its subsidiary following the allotment of 99.8 per cent of its equity to the company. The company has been allotted 5,000,000 equity shares of Rs 10 each in MTEUPL on a preferential basis.

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 September 2024, the Government of India approved the transfer of the Mahi Banswara Rajasthan Atomic Power Project (4×700 Mwe) from Nuclear Power Corporation of India Limited to Anushakti Vidhyut Nigam Limited (ASHVINI), a JV between NPCIL and NTPC Limited. The project is based on indigenous PHWR technology. NPCIL holds 51 per cent stake in ASHVINI while 49 per cent is held by NTPC.
• In May 2024, Siemens Limited announced its plan to demerge its energy business Siemens Energy India into a separate listed entity to focus on core businesses that meet the demands of of its German parent, Siemens AG. Following the demerger, Siemens’ ownership in Siemens India will increase from the current 51 per cent to 69 per cent, while Siemens Energy’s stake would decrease from 24 per cent to 6 per cent.
• In April 2024, Powergrid signed a supplementary JV agreement to provide financial support and acquire a 50 per cent stake in National High Power Test Laboratory Private Limited (NHPTL). NHPTL is a JV of Powergrid, NTPC, NHPC Limited, the Damodar Vally Corporation and the Central Power Research Institute.
• In May 2024, Sterlite Power Transmission Limited (SPTL) received approval from its stakeholders for the demerger of its transmission business. The vote on the demerger proposal received 100 per cent approval from secured creditors, 99.26 per cent approval from unsecured creditors, 99.99 per cent from equity shareholders present and voting, and 100 per cent from non-fund-based lenders. The demerged SPTL entity will continue to hold the Global Products and specialised EPC services business as well as the convergence Fiberco business.
• In October 2023, NLC India Limited incorporated a new wholly owned subsidiary, NLC India Green Energy Limited (NIGEL). Currently, 2 GW of renewable energy projects are under implementation and will be taken up by NIGEL. NIGEL will oversee planning, participating in upcoming renewable energy tenders, tendering, execution and commissioning of renewable projects.

Green hydrogen projects

The National Green Hydrogen Mission has driven the signing of numerous green hydrogen-related projects and agreements.

• In September 2024, a consortium of Gensol Engineering Limited and Matrix Gas and Renewables Limited was selected to develop India’s first green hydrogen valley in Pune, Maharashtra.
• In August 2024, Hygenco Green Energies Private Limited and Mitsubishi Power signed an MoU for producing green hydrogen/ammonia-fired gas turbine combined cycle power plants.
• In March 2024, L&T commissioned its first indigenously manufactured electrolyser at the green hydrogen plant at A.M. Naik Heavy Engineering Complex in Hazira, Gujarat. The electrolyser has a rated power capacity of 1 MW (expandable up to 2 MW) and can produce 200 Nm3 per hour
  of hydrogen.
• In January 2024, seven companies entered into an MoU worth Rs 2,736 billion with Maharashtra for green hydrogen projects. NTPC Green Energy Limited (NGEL) committed Rs 800 billion, while ReNew eFuels will allocate Rs 664 billion, and Avaada Green Hydrogen and Bafna Solar and Infra Private Limited will invest a combined Rs 500 billion. Other companies participating in green hydrogen investments in the state include JSW Energy Limited with Rs 150 billion, Welspun Godavari GH2 Private Limited with Rs 299 billion, INOX Air Products with Rs 250 billion and L&T Green Energy with Rs 100 billion.
• In January 2024, SECI announced the results of its auction to develop 450,000 metric tonnes (mt) per annum of green hydrogen generation facilities. Reliance, Greenko and ACME won a capacity of 90,000 mt each. Other winners include Welspun New Energy, JSW Energy, Hygenco, Torrent Power Limited, CESC Projects and UPL Limited. Under Bucket II, Bharat Petroleum Corporation Limited was the winner.
• In January 2024, NGEL signed an MoU with Gujarat State Petroleum Corporation Limited (GSPC) for the blending of green hydrogen in the gas networks of GSPC and setting up of green hydrogen fuelling stations in Gujarat. NGEL signed another MoU with Gujarat Pipavav Port Limited (GPPL) to develop a green hydrogen ecosystem, including the production of green ammonia on the land provided by GPPL for export and domestic markets.
• In November 2023, APL initiated a green ammonia combustion pilot project at its Mundra plant, co-firing up to 20 per cent green ammonia in the boiler of a 330 MW conventional coal-fired unit. APL has partnered with IHI and Kowa-Japan to deliver the pilot, which is being conducted under the Japan-India Clean Energy Partnership.

Projects won

In the past year, major projects were secured by companies such as Tata Power, JSW Neo Energy Limited, Avada Energy, Tata Power and Apraava Energy Private Limited through various renewable energy and transmission tenders.

• In August 2024, REC Power Distribution Company Limited (RECPDCL) transferred the SPV Rajasthan IV-A Power Transmission Limited to Apraava Energy, facilitating the evacuation of power from the Rajasthan Renewable Energy Zone (REZ) Phase IV (Jaisalmer/Barmer Complex). This project includes the construction of a 765/400 kV, 4×1500 MVA and 400/220 kV, 5×500 MVA pooling station at Fatehgarh IV, along with a 184.56 km, 400 kV line and associated works.
• In August 2024, under SECI’s Tranche XVI auction to develop 1.2 GW ISTS-connected solar projects, Sustainable and Affordable Energy for Life Industries Limited and NTPC Limited won 250 MW and 200 MW respectively by quoting a tariff of Rs 2.48 per kWh. BluPine Energy quoted a tariff of Rs 2.49 per kWh and won 50 MW.
• In August 2024, JSW Neo Energy received an LoA from Maharashtra State Electricity Distribution Company Limited for setting up a 200 MW wind-solar hybrid power project. In a separate development, JSW Neo Energy received an LoA from NTPC Limited for setting up a 300 MW wind-solar hybrid power project (NTPC Tranche VI). In July 2024, it also received an LoA from Karnataka Renewable Energy Development Limited for setting up 300 MW grid-connected PPA projects on a build-own-operate (BOO) basis in Pavagada, Karnataka.
• In August 2024, RECPDCL transferred the project-specific SPV, NERGS-I Power Transmission Limited, to Techno Electric and Engineering Company Limited. The SPV will establish a 400 kV switching station and implement loop-in and loop-out connections in Assam.
• In July 2024, results for SECI’s Tranche XV auction to develop 1,200 MW of ISTS-connected solar projects with 600 MW/1,200 MWh energy storage systems have been announced. The projects will be located anywhere in India. The tender was issued in March 2024. Pace Digitek won 100 MW by quoting Rs 3.41 per kWh. Meanwhile, other companies won the following capacities by quoting Rs 3.42 per kWh each –  JSW Neo Energy (500 MW), Acme Solar Holdings (350 MW) and Hero Solar Energy (250 MW).
• In July 2024, Avaada Energy secured an LoA for 820 MWp of hybrid ISTS capacity from SJVN Limited. The projects will supply electricity to state-owned discoms through the high voltage transmission system of the national grid.
• In June 2024, results for SECI’s auction to develop 1,200 MW of ISTS-connected wind-solar hybrid power projects, Tranche VIII, were announced. Juniper Green Energy Private Limited won 150 MW by quoting Rs 3.43 per kWh and Avaada Energy won 240 MW by quoting Rs 3.46 per kWh. Other companies won the following capacities by quoting Rs 3.45 per kWh each – Asurari Renewables India Project Private Limited (UPC Renewables) (300 MW), JSW Energy (300 MW), AmpIn Energy Transition (150 MW) and Adyant Enersol Private Limited (Datta Power) (60 MW).
• In May 2024, results for NTPC Limited’s auction to develop 1,500 MW of ISTS-connected solar power projects, Tranche III, were announced. Apraava Energy won 50 MW by quoting the lowest tariff of Rs 2.68 per kWh. Other companies won the following capacities by quoting a tariff of Rs 2.69 per kWh each – Avaada Energy (750 MW), JSW Energy (400 MW) and ReNew Power (300 MW).
• In April 2024, SECI awarded the tender for manufacturing, testing, packaging, forwarding, supplying and transporting 400 MW of domestically manufactured solar modules to multiple players. Swelect Energy Systems Limited won 100 MW, Grew Energy Private Limited won 200 MW and ReNew Photovoltaics (ReNew) won 100 MW of capacity.
• In March 2024, NTPC Limited awarded the tender to develop 1,500 MW of ISTS-connected solar power projects, Tranche II, to multiple companies. Furies Solren Private Limited (Mahindra Susten) won 300 MW by quoting Rs 2.59 per kWh, while JSW Neo Energy and Avaada Energy won 700 MW and 500 MW by quoting Rs 2.6 per kWh.
• In March 2024, Torrent Power emerged as the successful bidder and received an LoA from Railway Energy Management Company Limited for setting up grid-connected renewable power projects, with or without storage, to supply 100 MW of round-the-clock power. The project cost is approximately Rs 27 billion for installing about 325 MW of renewable capacity.
• In February 2024, NHPC Limited awarded the tender to develop 1,500 MW of ISTS-connected wind-solar hybrid power projects to Juniper Green Energy (150 MW), Energizant Power (O2 Power) (300 MW) and Avaada Energy (510 MW). Of the total tendered capacity, only 960 MW was auctioned.
• In February 2024, RECPDCL transferred a project-specific SPV to GR Infraprojects Private Limited. The SPV, named Pachora Power Transmission Limited, was created for the implementation of an ISTS project for evacuating power from renewable energy projects in the Rajgarh (1,000 MW) special economic zone Phase II in Madhya Pradesh.
• In February 2024, results for SJVN Limited’s auction to develop 1,500 MW of ISTS-connected solar power projects were announced. By quoting Rs 2.52 per kWh, Solarcraft Power India 8 (BluPine Energy) and GRT Jewellers won 300 MW and 150 MW respectively. Meanwhile, Furies Solren (Mahindra & Mahindra) and JSW Neo Energy won 300 MW and 700 MW respectively by quoting Rs 2.53 per kWh, and NTPC Renewable Energy Limited won 50 MW at Rs 2.54 per kWh. In February 2024, SJVN Limited awarded the tender to develop 1,500 MW of ISTS-connected wind-solar hybrid power projects to Juniper Green Energy (150 MW), Datta Power Infra (50 MW) and Avaada
  Energy (530 MW).
• In December 2023, Powergrid acquired two SPVs, namely, Vataman Transmission Limited and Koppal II Gadag II Transmission Limited (KIIGIITL), from Power Finance Corporation Consulting Limited. The acquisition of KIIGIITL is aimed at establishing a transmission system for the “Transmission Scheme for the Integration of Renewable Energy Zone (Phase II) in Koppal-II (Phases A & B) and Gadag II (Phase A) in Karnataka” on a build-own-operate-transfer (BOOT) basis.
• In November 2023, Tata Power Renewable Energy Limited (TPREL) received the LoA for developing a 200 MW firm and despatchable renewable energy (FDRE) project from SJVN Limited. This is the first FDRE tender won by TPREL, which includes a greenshoe option, allowing for additional capacity beyond the initial 200 MW.
• In November 2023, Sterlite Power Limited secured the bid for the Rajasthan REZ Phase IV (Part 1 – Bikaner Complex): Part B Transmission project. Sterlite Power will build this project on  BOOT basis, for a period of 35 years.
• In December 2023, Apraava Energy secured a 300 MW wind power project at a tariff of Rs 3.24 per kWh. To be located in Aski, Karnataka, the project was won as part of SECI’s auction for 1,200 MW ISTS-connected wind power projects, Tranche XIV.
• In December 2023, SJVN Limited secured a 100 MW solar power project through the e-reverse auction conducted by Gujarat Urja Vikas Nigam Limited (GUVNL). The company secured the project at Rs 2.63 per unit on a BOO basis through GUVNL’s tariff-based competitive
  bidding process.
• In October 2023, SJVN Green Energy Limited received an LoA from Rajasthan Urja Vikas Nigam Limited for the development of a 100 MW solar power project in Rajasthan at a tariff of Rs 2.62 per unit on a BOO basis. The estimated cost for the development of this project is Rs 6 billion.
• In September 2024, TPREL secured a letter of award (LoA) from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the development of a 400 MW wind-solar hybrid project in Maharashtra. The LoA includes an original contracted capacity of 200 MW, along with a greenshoe option for an additional contracted capacity of 200 MW.
• In September 2024, AGEL received a letter of intent from MSEDCL for the supply of 5,000 MW of solar power. This solar power will be sourced from AGEL’s project at Khavda in Gujarat.

Key equipment contracts – Generation

Several contracts were awarded to major equipment players for the installation of the main plant and emission control equipment, as well as the renovation and modernisation (R&M) of thermal projects.

• In September 2024, Bharat Heavy Electricals Limited (BHEL) received a notification of award worth over Rs 61 billion from NTPC Limited for the 1×800 MW Sipat STPP Stage-III in Bilaspur, Chhattisgarh. The contract involves engineering, procurement and construction works, including equipment supply, erection and commissioning, and civil works.
• In September 2024, the Suzlon Group secured an order from NTPC Green Energy Limited for the installation of 370 wind turbine generators, each with a capacity of 3.15 MW, using the S144 models with hybrid lattice tubular towers, for 1,166 MW of wind power projects.
• In August 2024, GE Power India Limited secured a contract from STEAG Energy Services (India) Private Limited for the R&M of a 600 MW boiler at Jharsuguda, Odisha. The cost of the project is estimated to be Rs 472.7 million, excluding taxes.
• In August 2024, BTL EPC Limited secured contracts worth Rs 4.13 billion from BBHEL and Steel Authority of India Limited. The deal includes a Rs 2.67 billion contract from BHEL for NTPC Limited’s Lara thermal power station stage II (2×800 MW) project.
• In August 2024, BHEL received an order from Damodar Valley Corporation (DVC) to set up a 2×800 MW STPP in Koderma, Jharkhand. The scope of the project includes constructing DVC’s first 800 MW unit adjacent to the existing 2×500 MW units, which were also installed by BHEL.
• In August 2024, BHEL signed a contract agreement with Adani Power and its subsidiary Mahan Energen Limited to develop three STPPs. The projects, each with a 2×800 MW capacity, are located in Kawai, Rajasthan and Mahan, Madhya Pradesh. The contract value is over Rs 110 billion. In June 2024, BHEL received an order from Adani Power for setting up the 2×800 MW TPP at Raipur, Chhattisgarh.
• In July 2024, GE Power India secured an order from NTPC Limited to supply main turbine spares for NTPC’s Talcher plant in Odisha. The order, valued at Rs 18.71 million, will be executed in 9.5 months.
• In June 2024, BHEL secured an order from Mirzapur Thermal Energy UP Private Limited for the 2×800 MW thermal power project at Mirzapur Phase I, Uttar Pradesh. The scope of work includes the supply of equipment (boilers, turbines and generators) and the supervision of erection and commissioning for the project based on supercritical technology at Mirzapur. The cost of the project is estimated to be over Rs 35 billion.
• In January 2024, the Suzlon Group secured a significant order to supply wind turbine generators (WTGs) for a 642 MW wind power project in Andhra Pradesh from Evren Company’s Abc Cleantech Private Limited. Suzlon will install 214 WTGs with a hybrid lattice tubular tower and rated capacity of 3 MW each.
• In January 2024, NTPC awarded contracts to multiple companies for high efficiency crystalline bifacial solar modules for its ground-mounted solar power project at the Nokh Solar Park in Jaisalmer, Rajasthan. Premier Energies Photovoltaic Private Limited signed a contract agreement worth Rs 17 billion for the supply of 608 MW modules, Tata Power Solar Systems Limited signed a contract to deliver 152 MWp modules worth around Rs 4.18 billion, and Vikram Solar Limited signed an agreement to deliver 152 MW modules.
• In October 2023, Envision Energy Limited secured a contract from JSW Energy to develop a 653.4 MW wind energy park in Karnataka and Maharashtra. Envision will supply 198 EN 156-3.3 MW WTGs for the project, which is expected to be completed by 2024, generating 2,200 GWh of clean energy.

Key equipment contracts – T&D

Many companies received orders for smart metering and design and construction in theT&D sector.

• In September 2024, HPL Electric & Power Limited received an LoA of Rs 1.44 billion for the supply of smart meters and conventional meters.
• In August 2024, Genus Power Infrastructures Limited (GPI) received six LoAs – three worth Rs 29,255.2 million and three worth Rs 36,085.2 million – for selecting advanced metering infrastructure service providers for 3.75 million and 4.26 million smart meters under the RDSS, respectively. In the same month, GPI also received three LoAs worth Rs 44.69 billion for about 5.59 million smart prepaid meters.
• In March 2024, Kalpataru Projects International Limited secured new orders/notifications of award worth Rs 20.71 billion. The company secured orders in the T&D business in overseas markets, as well as an order for the design and construction of an underground metro rail project in India.
• In February 2024, Polaris Smart Metering Solutions secured contracts worth Rs 52 billion from Madhyanchal Vidyut Vitran Nigam Limited for smart prepaid metering in Uttar Pradesh. The agreement entails the deployment of 5.1 million smart meters in Lucknow and the Ayodhya/Devipatan clusters within the next 27 months.
• In January 2024, HPL Electric and Power Limited secured an order worth Rs 2.4 billion for smart meters from an advanced metering infrastructure service provider.