India Solar PV News Snippets

Waaree Renewable Technologies gets LOA for 335 MW AC solar project; MNRE issues guidelines for green hydrogen use in steel and shipping sectors; Alpex IPO on February 8, 2024; Delhi introduces new solar policy 2024.  

EPC contract for Waaree: Waaree Renewable Technologies Limited has secured the letter of award (LOA) for a 412 MW DC/335 MW AC solar power plant in India. It will provide EPC services for the project on a turnkey basis, along with operations and maintenance (O&M) for 2 years post commissioning. Awarded by a domestic company it identifies as one of the biggest utilities in the world in renewable energy, the contract stipulates the project to be completed by December 31, 2024. In a stock exchange filing, the company valued the deal, including EPC and O&M works, at INR 5.54 billion ($66.7 million). 

Green hydrogen for shipping and steel: The Ministry of New and Renewable Energy (MNRE) has issued scheme guidelines for the use of green hydrogen in shipping and steel sectors under the National Green Hydrogen Mission (NGHM). For shipping, the aim is to use green hydrogen as a fuel for ship propulsion, including bunkering and refueling on a pilot basis. For the steel industry, the ministry aims to support the use of green hydrogen and its derivatives in the steelmaking process. The pilot projects will validate the technical feasibility and performance of green hydrogen and its derivatives in iron and steel manufacturing in real-world operating conditions. 

Alpex IPO ready for launch: Solar module manufacturer Alpex Solar Limited will launch its initial public offering (IPO) on February 8, 2024 and close the same on February 12, 2024. It plans to issue 64,80,000 equity shares with a face value of INR 10 each through the book building route. The price band is INR 109 to INR 115 ($1.31 to $1.38). It aims to raise INR 745 million ($8.97 million) through the IPO to invest in capacity expansion plans to expand from 450 MW now to 1.2 GW in the existing manufacturing unit. Proceeds will also be used to set up a new aluminum frame factory with the proceeds (see Alpex Solar Limited Files For Initial Public Offering). 

Delhi's new solar policy: The Delhi government has announced the new Delhi Solar Policy 2024 targeting 4.5 GW of installed solar capacity by 2027. This is an improvement over Delhi Solar Policy 2016 under which the state installed 1.5 GW PV capacity divided between 250 MW installed locally and 1.25 GW purchased by the state discoms from outside Delhi. The state government will provide a capital subsidy of INR 2,000 ($24)/kW of installation up to a maximum of INR 10,000 ($120)/consumer. It will be over and above the capital subsidy provided by the Central government, according to the Delhi Chief Minister Arvind Kejriwal. Notably, the Central government offers a 40% subsidy for residential rooftop solar, which will be increased to 60% under the recently launched PMSY scheme (see PMSY To Accelerate India's Rooftop Solar Installations). The revised Delhi Solar Policy will also allow the roll-over of excess electricity units after net metering to subsequent billing cycles for up to 12 months. 

All existing government buildings with a rooftop area of over 500 sq. m. will need to install solar panels within the next 3 years. Community solar is also part of the plan along with peer-to-peer trading (P2P).