Avaada Group expands with 1.4 GW in new solar wins; Nextracker gets new order from SWRE; SJVN's module order for GCL SI; Alpex Solar's IPO oversubscribed; Hartek wins 75 MW project; SJVN to build 200 MW for GUVNL.
1.4 GW solar orders for Avaada: Avaada Energy has expanded its solar energy portfolio with close to 1.4 GW in new contracts won in central and state government auctions in recent times. Specifically, it has secured 421 MW from SECI, 280 MW from GUVNL, and 700 MW from NTPC. All the projects are to come up in the states of Gujarat and Rajasthan under power purchase agreements (PPA) with these agencies. Its parent Avaada Group's Chairperson Vineet Mittal shared that with these new wins, its portfolio now expands to around 6 GW under various stages of development. Its operational capacity stands at approximately 4.1 GW.
Nextracker lands big order in India: US-based tracker manufacturer Nextracker has received a repeat order from Indian EPC Sterling and Wilson Renewable Energy Limited (SWRE). SWRE will deploy the trackers for phase II (1.5 GW DC) and phase III (375 MW DC) solar projects at NTPC Renewable Energy Limited's solar park in Khavda, Rann of Kutch in Gujarat. Nextracker will supply its NX Horizon smart solar trackers for this order. Previously, SWRE had contracted Nextracker for 1.25 GW AC Khavda Renewable Energy Park of NTPC in March 2023 (see India PV News Snippets).
SJVN to use GCL SI modules: Chinese solar PV manufacturer GCL System Integration (GCL SI) has won an order for 550 MW solar modules from the Indian state entity SJVN Limited's SJVN Green Energy Ltd. SJVN will use these modules for the Khavda Solar Park in Gujarat and MSEDCL solar park in Maharashtra. This contract follows the Chinese manufacturer securing 1.1 GW module supply contract with NTPC Renewable Energy Limited, the green energy arm of the state-owned utility NTPC Limited in January 2024.
Alpex Solar IPO oversubscribed: Solar module manufacturer Alpex Solar Limited has announced massive oversubscription of its initial public offering (IPO) with response coming in 303 times subscription. While the qualified institutional buyer (QIB) portion was subscrived 133 times, the high net worth individuals/non-institutional investor (HNI/NII) quota was subscribed 471 times. The retail individual investors (RII) quota was subscribed 329 times. The price band of the issue is fixed at INR 109 to 115 ($1.31 to $1.38)/equity share. Through this IPO, it aimed to raise INR 745 million ($8.97 million) to expand its existing module manufacturing capacity in Greater Noida from 450 MW to 1.2 GW, and also invest in a new factory to produce aluminum frames for its modules. It is proposed to be listed on the National Stock Exchange (NSE) Emerge (see Alpex Solar Limited Files For Initial Public Offering).
Another SJVN solar order for Hartek: Hartek Power Private Limited of the Hartek Group will build a 75 MW AC grid-connected solar power plant in Jamui, Bihar. It won the contract for this facility from SJVN Green Energy Limited. The scope of work involves EPC along with land development and equipment procurement. The project is valued at INR 1.13 billion ($13.6 million). Hartek is currently implementing a 22 MW floating solar project in Himachal Pradesh, which was also awarded to it by SJVN. The company claims to have exceeded 7 GW of solar grid connectivity in India.
SJVN bags 200 MW project: SJVN has announced receiving letter of intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for a 200 MW solar power plant. GUVNL had launched the tender in November 2023 under the XXII auction round (see India: Solar PV Tenders For Up To 3.4 GW Capacity). It won 100 MW initially and bagged another 100 MW under a greenshoe option at a tariff of INR 2.63 ($0.032)/kWh. The company will build the project on a build-own-operate (BOO) basis for a tentative cost of INR 11 billion ($132 million). It can come up anywhere in India within 18 months of signing the PPA with GUVNL for 25 years.
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