India Solar PV News Snippets

Rays Power Infra intends to raise INR 3,000 million via IPO; MNRE extends QCO 2017 compliance deadline for PV inverters; SJVN's RE JVs cleared; AGEL raises $300 million from TotalEnergies; Mercom reveals Green Hydrogen auction winners; Jakson installs solar plant for Ayodhya airport.  

Rays files for IPO: Jaipur-headquartered solar power developer and EPC company Rays Power Infra Ltd has filed draft red herring prospectus (DRHP) to launch its initial public offering (IPO). It has filed its DRHP documents with the Indian market regulator Securities and Exchange Board of India (SEBI). The company aims to raise up to INR 3,000 million ($36 million) by offering up to 2.99 million equity shares to be sold by shareholders. The face value of each share is INR 10.00 ($0.12). The proceeds will be used to fund the company's incremental working capital requirements and for general corporate purposes. It claims to have developed and commissioned around 829 MW of solar power projects in India, with another 198.5 MW under development. It has executed projects in Bangladesh and Vietnam and is participating in bids for solar EPC projects in Mauritius, Liberia and Sierra Leone. 

Rays has also forayed into the manufacturing and supply of electric 2-wheeler vehicles (E2W) through a step-down subsidiary. Recently, Indian solar module maker Waaree filed its DRHP papers with SEBI (see Waaree Targets Up To INR 30 Billion Via IPO).  

Breather for solar inverter makers: The Ministry of New and Renewable Energy (MNRE) has extended the deadline for solar inverter manufacturers to comply with its Quality Control Order (QCO) 2017 standards for self-certification. Instead of December 2023, the deadline is now fixed for December 31, 2024. In a gazette notification, it said the extension is being given due to the availability of test facilities with limited capacities. It will apply to inverters with a capacity of over 100 kW. 

SJVN strikes RE partnerships: Indian state-owned hydropower utility SJVN Limited has received a green signal from the Ministry of Finance to form 4 joint ventures (JV) for the development of hydro and renewable energy projects in India and Nepal. It entails a JV with the Maharashtra State Power Generation Company Limited for the development of 5 GW renewable energy projects. Additionally, its subsidiary SJVN Green Energy Limited (SGEL) will develop 1 GW of renewable energy projects in Assam under a JV with the Assam Power Development Company Limited. It also recently commissioned the 75 MW Gurhah Solar Power Plant in Jalaun, Uttar Pradesh. It is contracted to supply power from this project to Uttar Pradesh Power Corporation Limited (UPPCL) for INR 2.98 ($0.036)/kWh. 

SGEL has also raised INR 100 billion ($1.2 billion) construction finance facility for its renewable energy projects from Deutsche Bank, State Bank of India, Punjab National Bank, Bank of India and MUFG Bank. 

AGEL JV with TotalEnergies: Adani Green Energy Limited (AGEL) says it has completed the transfer of 1.05 GW AC renewable energy portfolio to its JV with France's TotalEnergies. With this 50% stake going to the French company in this portfolio, AGEL has raised $300 million as announced in September 2023 (see TotalEnergies Partnering With Adani & European Energy). 

SECI's green hydrogen auction: The Solar Energy Corporation of India (SECI) has picked Reliance Green Hydrogen and Green Chemicals, ACME Cleantech Solutions, Greenko ZeroC, HHP Two (Hygenco) and Bharat Petroleum Corporation Limited (BPCL) as the winners of its 450,000 MT/annum green hydrogen production call. Citing its sources, Mercom India Research has reported that all of this capacity was allotted under bucket I of the July 2023 tender that invited proposals for 410,000 MT of technology agnostic pathways, while none was allotted for 40,000 MT under bucket II which was for biomass-based pathways. Reliance won 90,000 MT capacity for an average incentive of INR 18.9 ($0.0227)/kg. The winning projects need to be commissioned within 30 months of receiving the letter of award. SECI launched the tender under tranche I of the Strategic Interventions for Green Hydrogen Transition (SIGHT) program of the MNRE. 

Rooftop solar for Ayodhya airport: EPC company Jakson Group says it has commissioned a 250 kW rooftop solar system for the recently inaugurated Maharishi Valmiki International Airport in Ayodhya city of Uttar Pradesh. The company has also installed 3×500 kVA diesel generators here for a reliable power backup.