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Blogs


BESS cost reduction improving adoption outlook

18 March 2024 | BRIDGE TO INDIA

GUVNL has concluded an auction for a 250 MW/ 500 MWh standalone battery storage tender. The batteries will be deployed at a state transmission sub-station for providing energy arbitrage, load shifting and other applications. Bidders were required to quote a flat capacity charge for providing two operational cycles per day over twelve years. Gensol and Indigrid have won 70 MW and 180 MW capacities with bids of INR 4.48 and 4.49 million/ MW/ month respectively. JSW, Hero, NTPC, ACME, SJVN and EDF were the other bidders with bids ranging…

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Project developers facing equity crunch

11 March 2024 | BRIDGE TO INDIA

India’s buoyant public equity market is eagerly lapping up renewable energy stocks. Alpex Solar, a relatively small module manufacturer with total capacity of only 450 MW per annum, completed an INR 744 million (USD 9 million) IPO in February 2024 with over 300x response to its issue. The stock is now trading at a stupendous 3x offer price and over 200x annual earnings. IREDA’s INR 6.4 billion (USD 77 million) IPO in November 2023 was oversubscribed by 39x and the stock now trades at 4.6x its offer…

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DISCOMs scramble for green attributes

05 March 2024 | BRIDGE TO INDIA

Gujarat has opened a new front against open access projects. As per the recently issued tariff framework guidelines for solar-wind hybrid projects, if such projects want to bank power with the grid, they would need to forego all green attributes in favour of the DISCOMs. The provision is expected to be extended to standalone solar and wind projects in the near future…

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Module PLI scheme to fall well short of target

26 February 2024 | BRIDGE TO INDIA

First Solar has become the first company, awarded capacity in the module manufacturing PLI scheme, to announce full commercial operations ahead of time. The company’s 3.3 GW integrated thin-film module manufacturing plant commenced production in January 2024. It has already tied up bulk of its first year…

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Bridge To India

Financially strong wind OEMs a positive for the sector

19 February 2024 | BRIDGE TO INDIA

Suzlon and Inox Wind, the two biggest Indian wind turbine manufacturers, have announced much improved financial results for Q4 2023. Suzlon reported revenues of INR 43 billion in 9M FY 2024 largely in line with the previous year but EBITDA was up to INR 6.8 billion from INR 6.1 billion, while PAT witnessed 43x growth YOY to INR 4.3 billion…

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Surge in auctions hard to sustain

12 February 2024 | BRIDGE TO INDIA

There has been a surge in project auctions in the last three months. Since November 2023, total capacity of 12,142 MW has been awarded under 13 auctions. Notable auctions include a 1,184 MW peak power award by SJVN, 3,000 MW solar power by NHPC, 750 MW RTC power by REMCL, and three solar-wind hybrid awards by SECI (900 MW), NTPC (1,104) and GUVNL (200)….

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Government throwing it all at residential rooftop solar

05 February 2024 | BRIDGE TO INDIA

The Indian government has unveiled a highly ambitious new scheme with a target of installing 10 million residential rooftop solar systems. Few details are available yet, but the government seems to be planning to develop these systems in RESCO mode with the help of DISCOMs (demand aggregation) and central PSUs like NTPC, NHPC, EESL, SECI and SJVN (execution). The scheme is likely to be earmarked for smaller consumers with a maximum installation size of 3 kW and enhanced capital subsidy of up to 60%. ..

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Encouraging progress on green hydrogen

29 January 2024 | BRIDGE TO INDIA

SECI has announced winners for the first subsidy scheme for green hydrogen production. Ten companies have been awarded a total subsidy of INR 31 billion (USD 373 million) for aggregate capacity of 412,000 MT per annum against total budget of INR 54 billion (USD 659 million) for 450,000 MT capacity.

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Bridge To India

COP 28, another year of failed discussions

22 January 2024 | BRIDGE TO INDIA

Another round of COP discussions concluded in December 2023 marked by limited progress and overall disappointment. It included the first ever Global Stocktake to assess progress against the Paris Climate Change Agreement targets. The conclusion is glaringly obvious – the world is falling behind climate goals with global warming close to breaching the 1.5 oC threshold. Indeed, based on…

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Lots riding on 2024

15 January 2024 | BRIDGE TO INDIA

Best wishes for a hale and hearty new year to all our readers!

2023 ended on a limp note defying all hopes of strong growth and sector revival. Excluding open access, which saw a record capacity addition of 5.1 GW, the utility scale business registered a decline of 50% with total capacity addition of only 5 GW, the lowest in last three years.

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Managing variability risk key to growth of renewables

18 December 2023 | BRIDGE TO INDIA

India’s power demand grew by a healthy 9% in Jan-Nov 2023 in comparison to 2022. To ensure adequate power supply, the government has mandated all imported coal-fired plants to operate at maximum capacity and imported coal blending with domestic coal. It has further scaled up thermal capacity addition plans to 80 GW new capacity by 2030, a sharp jump from an earlier estimate of 27 GW, in anticipation of sustained increase in demand…

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Slow 2023 failed to live up to high hopes

11 December 2023 | BRIDGE TO INDIA

At the start of this year, we had expressed a hope that 2023 would mark a turnaround for the renewable sector. Having being hit hard by supply chain disruption, cost spikes, BCD and ALMM over previous two years, the sector badly needed some relief and fresh impetus for growth. But the year was mixed at best with weak progress on capacity addition front and new initiatives…

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