Tata Power, Avaada Energy, India’s renewable energy capacity, ACME Solar, ReNew Power and more

This week’s Solar News Wrap includes Tata Power’s project in Kerala, Omers and Norfund to invest in Avaada Energy , India’s capacity addition to improve, ACME Solar, ReNew Power bags MSEDCL’s 500 MW Solar Auction and more

Tata Power bags 84 megawatt power project in Kerala

Tata Power has bagged Rs 400-crore contract from the Kerala State Electricity Board Ltd (KSEBL), to develop a 84 megawatt rooftop solar project in the state. As a part of this agreement, the company will implement projects through KSEBL of 64 MW for individual households with solar capacity ranging from 3 kW-10kW and 20 megawatt for residential / housing society projects with solar capacity ranging from 11kW-100kW.

Omers and Norfund to invest $200 million for 20% stake in Avaada Energy

Canadian firm Omers and Norway government’s Norfund are reportedly planning to invest $200 million in Avaada Energy for a 20% stake, pegging the value of the four-year old startup at $1 billion. According to the reports the talks with the two companies are in an advanced stage though due diligence has been delayed due on account of travel restrictions between March and May,

India’s capacity addition to improve to 11 gigawatt in financial year 2021-22 says ICRA

The rating agency ICRA in its new report forecasts India’s capacity addition to improve to 10.5 gigawatt  to 11 GW in the financial year 2021-22 led by a strong project pipeline of about 38 GW. Apart from this, over 20 GW RE projects were under the tendering phase from various nodal agencies, providing visibility for capacity addition over the medium term.

ACME Solar, ReNew Power bags MSEDCL’s 500 MW Solar Auction

ACME Solar and ReNew Solar Power have bagged the State Electricity Distribution Company Limited’s solar auction for 500 megawatt of solar projects.  MSEDCL will procure power from the  solar projects (Phase 6) on a long-term basis. ACME Solar won a capacity of 300 megawatt quoting INR 2.42 /kWh. Meanwhile, ReNew Solar Power won 200 MW quoting INR 2.43 /kWh. The DISCOM floated the in May this year.

Power generation from renewable sources in India dropped down 8.3 per cent in 2020 says BP Statistical Review

According to bp Statistical Review of World Energy , power generation from sources in India dropped down to 8.3 per cent in 2020 as against the average growth rate of 17.4 per cent between 2009 and 2019. India produced 151.2 Terawatt Hours of renewable power last calendar year — marked by the impact of the Covid pandemic on global energy demand -as against 139.2 Terawatt Hour produced in the previous year (2019).

Tata Power and Azure Power bags MSEDCL’s 500 megawatt Solar-wind Hybrid Auction

Tata Power and Azure Power the State Electricity Distribution Company Limited’s (MSEDCL) auction to procure power from 500 megawatt of from grid-connected interstate and intrastate wind-solar hybrid projects on a long-term basis. Tata Power won a capacity of 300 megawatt, and Azure Power won a capacity of 200 megawatt both quoting INR 2.62 /kWh.

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