India PV News Snippets

Vikram Solar has secured an order to supply 350 MW modules to an IPP in US; Hero Future Energies will get $450 million investment from Hero Group and KKR; RUMSL's 750 MW hybrid wind-solar project auctioned, according to Mercom; India has given Maharatna status to CPSE REC.

350 MW US order for Vikram Solar: Solar module maker Vikram Solar has announced receiving a 350 MW module supply order from the US. An unidentified leading independent power producer (IPP) in the US has sought these modules for its project in Arizona. This order takes the Indian manufacturer's consolidated export portfolio in the US to around 700 MW across Arizona, Texas and the West Coast. "We are witnessing the increasing demand for high-quality Indian-made modules in the US aligned to the clarion call of diversifying sourcing policies," said Vikram Solar's Vice Chairman and Managing Director Gyanesh Chaudhary. "We are focused on further strengthening our market share in the US and cater to the utility, commercial as well as residential customers."

Hero Future Energies to raise $450 million: The renewable energy arm of India's Hero Group, Hero Future Energies (HFE) will secure an investment worth $450 million from the parent and global investment firm KKR. Backed by the International Finance Corporation (IFC), HFE will use the proceeds to expand its renewable energy capacity and capabilities across technologies as solar, wind, battery storage, and green hydrogen. It also plans to expand to new markets over time. It will also capture B2B opportunities to help companies in their decarbonization efforts and achieve net zero emission goals. An IPP, HFE is currently operating 1.6 GW assets across utility, and commercial and industrial (C&I) sectors in India, Bangladesh, Vietnam, Singapore, Ukraine and the UK. 

RUMSL's 750 MW hybrid auction complete: Mercom India Research says Rewa Ultra Mega Solar Limited's (RUMSL) 750 MW grid connected wind-solar hybrid power capacity was auctioned to 4 winners. Sprng Ojas, Tata Power Renewable Energy and ReNew Solar Power won 160 MW, 200 MW and 300 MW respectively with the same winning tariff of INR 3.03 ($0.038) per kWh. O2 Power's TEQ Green Power IX secured 90 MW for INR 3.04 ($0.038) per kWh. The tender was floated by RUMSL in April 2022.

REC gets Maharatna status: Power sector financing and development body in India, REC has been accorded the status of a Maharatna central public sector enterprise under the Department of Public Enterprises, Ministry of Finance. It enables the company greater operational and financial autonomy. As a Maharatna, it can now make equity investments to undertake joint ventures (JV) or float wholly-owned subsidiaries as well as go in for merger and acquisitions in India and abroad, according to the official announcement.