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Infrastructure & PPPs in India - Q12021 Update - Power & Renewable Energy

This is first publication on a 2-part insight series

INDIA's renewable energy growth continues in 2021 with an increasing number of international players making an entry into the established market. Q12021 saw multiple large renewable energy tenders issued by Solar Energy Corporation of India (SECI) which continue to be oversubscribed by 3-4 times, showcasing strong investor confidence. A trend towards consolidation is also seen with emergence of few notable names at the helm for such developments.

Read more about key developments in Infrastructure and PPPs in Q12021 in India in power & renewable energy sector our latest insight.


Jan - 21


Four renewable power companies will develop 1.2 GW of inter-state transmission system (ISTS) connected wind-solar hybrid power projects in India.

The winners of the auction conducted by the Solar Energy Corporation of India (SECI) are - power giant Adani Green Energy (600 MW), Axis Energy's unit ABC Renewable Energy (380 MW), AMP Energy (130 MW) and ACME Solar (90 MW). The developers will set up the hybrid power plants on a build-own-operate (BOO) basis and enter a 25-year power purchase agreement (PPA) with SECI. A total of 11 power developers were in the race for the solar projects, which were oversubscribed by 3 GW, after the technical and financial rounds. They included Azure Power, Energient Power, UK-based Actis-backed platform Sprng Energy, ReNew Solar and Green Infra Wind Energy, which is owned by Singapore's Sembcorp.

SECI has awarded over 1 GW of wind-solar hybrid power projects to three power developers including Green Infra Wind Energy (400 MW), Saudi Arabian utility company Al Jomaih Energy & Water (200 MW) and Indian state-owned power company NTPC (470 MW).


Tata Power has won the right to develop a 110 MW solar power project in the south Indian state of Kerala. The integrated power company received a letter of award from power utility Kerala State Electricity Board Limited (KSEBL). The project will sell power to KSEBL for a period of 25 years from the start of commercial operations. The plant is estimated to offset about 274 million kg of CO2 emissions annually. Mumbai-headquartered Tata Power won the project through a reverse auction process launched in September 2020, which was conducted by KSEBL for solar projects with a capacity of 200 MW. State-owned National Thermal Power Corporation (NTPC) won the remaining capacity.

Tata Power's renewable power capacity will increase to more than 4 GW, with 2.7 GW being operational and 1.3 GW in the development phase. The company owns a total capacity of 12.7 GW in India, which includes thermal and hydro-power assets.


The Solar Energy Corporation of India (SECI) has invited bids from renewable energy companies to develop a 50 MW solar power project in the southern state of Tamil Nadu. The project will be awarded through a reverse auction process. The project includes a 40 MW ground-based solar PV development and a 10 MW agro PV development. The winner will be required to design, develop, and commission the project. The entire 50 MW capacity will be awarded to one successful bidder and the project is set to be completed in a year.


India's northeastern state of Manipur has invited bids from renewable power developers to set up a 100 MW grid-connected solar power project.The project is estimated to cost INR 4BN (USD 54.4M). The project will be developed on a build-own-operate (BOO) basis in Jiribam district, and the state government will lease land to the developer. Manipur, one of India's seven-sister states, has natural resources to produce 10.6 GW of solar powers. At the end of 2019, the state had commissioned or planned solar projects with a capacity of about 7 MW.


India's western state of Gujarat has invited bids from renewable power developers to set up 500 MW of grid-connected solar power projects. The state's power utility Gujarat Urja Vikas Nigam Ltd (GUVNL) issued a request for selection (RfS) to buy power through a competitive bidding process that will be followed by a reverse online auction. The RfS has been issued under phase XII of solar auctions in the state.

Winning bidders will be required to set up solar projects and the transmission network and will sell power to the state utility under a power purchase agreement (PPA) for 25 years from the start of commercial operations. The minimum project capacity for the bids is 25 MW. Under-construction solar power projects in Gujarat without existing PPAs are also eligible to bid and the projects can be set up in existing grid-connected wind farms. Bidders are required to make an earnest money deposit of INR 400,000 (USD 5,485) per MW.


National Thermal Power Corporation (NTPC) - India's largest coal-based power producer by capacity - has invited bids from domestic companies to develop a 300 MW wind energy project. The inter-state transmission system (ISTS)-connected wind farm can be developed anywhere in the country. The winner will be selected through a single-stage, two-envelope bidding process. The project will be developed by NTPC's clean energy arm NTPC Renewable Energy and the selected bidder will be required to provide services such as design, engineering, micrositing, manufacturing, supply, erection, testing and commissioning for the installation of the project.

Bidders must have an annual turnover of at least INR 3.3BN (USD 45M) in the three preceding years from the bid opening and should have also designed, built, and commissioned a grid-connected wind power plant with a total capacity of at least 80 MW. NTPC is seeking to grow its renewable energy capacity to 32 GW by 2031 from the current 920 GW. It is looking to achieve this target through acquisitions from independent power producers (IPP) and auctions to private developers.

Feb - 21


The Solar Energy Corporation of India (SECI) has issued a request for selection for 1.785 GW of grid-connected solar power projects to be developed in the western state of Rajasthan. The tender is part of tranche IV of a tariff-based competitive bidding process. In July 2021, the SECI issued a 1.07 GW tender under the previous phase. The tender was oversubscribed by 4.63 GW, with about 24 developers bidding for the capacity.

SECI awarded the projects to Green Infra Wind Energy (400 MW), which is owned by Singapore-based Sembcorp, Saudi Arabian utility Al Jomaih Energy & Water (200 MW) and Indian state-owned power company NTPC (470 MW). Sembcorp and Al Jomaih each submitted bids of INR 2 per kWh, while NTPC proposed INR 2.01.


A consortium led by a unit of German environmental services company Zonta Global Infratech has won a bid to develop a waste-to-energy project in India’s Kerala state. The state government has also approved the winning bid of the group led by Zonta Infratech, and the project is likely to be awarded. The cost of the project will be estimated by the consortium. Zonta Infratech, based in the Indian city of Bengaluru, caters to developing environmental infrastructure and provides services and solutions related to waste collection and transportation, energy-from-waste, waste-to-disposal and water and wastewater management.

The project - to be built in the design, build, finance, operate, transfer (DBFOT) model - involves the construction of a waste-to-energy facility with a minimum processing capacity of 300 tonnes per day and a production capacity of 5 MW. The plant will be in Kerala’s Brahmapuram village in Ernakulam district and will carry a concession of 25 years. The concessionaire will be allowed to sell recyclable waste such as metal, glass, and plastics in addition to the sale of the power it generates, and it will also receive a monthly tipping fee for the collection and disposal of waste.


India's Amplus Solar, which is owned by Malaysian state-owned oil firm Petronas, is open to exploring acquisition opportunities to strengthen its distributed solar portfolio. The company will also be open to talking to larger companies that have distributed solar as a segment which they wish to offload with portfolios between 20 MWp and 100 MWp. Distributed solar power generation provides solar energy resources by deploying tools and technologies in proximity to end users. The system for power generation can be installed either on rooftops or commercial buildings that aim to utilize the energy.

The acquisition targets where Petronas has a market focus in the energy segment such as in Malaysia will also be preferred. The firm will fund the acquisition through its internal accruals. It keeps on evaluating acquisition opportunities. From an investment perspective, it has received inbound interest through investment bankers.

Petronas acquired a 100% stake in Amplus Energy Solutions in 2019 from I Squared Capital for INR 27BN, right now, Amplus owns a portfolio of 800+ MWp of distributed solar assets. It offers on-site solar, off-site solar and battery storage, as well as AI energy monitoring and residential solar solutions. It has a portfolio of around 300 commercial and industrial customers across segments such as manufacturing, aerospace, and defense, automotive, FMCG, pharma and retail chains. Its clients include Yamaha, Cisco, the Indian Railways, Delhi Metro, the Central Public Works Department of India, and HAL, among others.

In January 2021, Amplus announced the launch of the M+Innovation Lab for Energy and Sustainability (MILES) Challenge for Indian startups with ready-to-deploy solutions in the clean energy ecosystem. Amplus will support the winners' seed capital investments.


Norwegian energy company Greenstat has signed a partnership with an Indian oil and gas major to develop technology and conduct research for hydrogen-based energy. Greenstat and Indian Oil will set up a centre for research into both green and blue hydrogen, as well as fuel cells. The institute will also develop codes and standards for industrial practices, safety, product protocols and regulations and set business models for hydrogen storage, production, refueling stations and fuel cells. Greenstat is seeing a positive attitude for co-operating with Norwegian entities.

India, the world's third-largest energy consumer, meets more than 85% of demand through coal or oil and gas. In the federal budget for the year beginning 1 April, the government announced plans for a national hydrogen energy mission, which will set the country's Vision, intent, rand direction for the sector.


The Power Grid Corporation of India has emerged as the winning bidder for five public-private partnership transmission projects worth a total of more than INR 60BN (USD 826M). The government-run company put in proposals totaling INR 5.17BN. The bids were opened in December and the end of January. The amount quoted is the net present value - a measure of cashflows - of the estimated revenue over the concession period.

The bidding process is being carried out using a tariff-based competitive bidding (TBCB) system, which the government introduced about a decade ago. The lowest proposal forms the basis for the second stage - a reverse auction - where developers quote the price at which they can supply power, with the contract being awarded to the lowest bidder.

The projects, which require the evacuation of 8.1 GW of renewable power from Rajasthan state to the national electricity grid, were first offered for bidding in March 2021. In four out of the five projects, the difference between Power Grid's proposal and that of the closest rival was as wide as 20%-30%.

Power Grid, the central government's transmission utility, is tasked with network planning and development. The bids are invited by process coordinators, which are Rural Electricity Corporation Transmission Projects Company and Power Finance Corporation Consulting.

Mar - 21


A unit of Malaysian energy solutions provider Yinson Holdings is set to develop a 190 MW grid-connected solar power project in the Indian state of Rajasthan. Rising Sun Energy (K) has received a letter of award from state-owned NTPC to develop the project in the Nokh Solar Park. The estimated value of the development is INR 27.5BN (USD 378M). Rising Sun Energy will sign a power purchase agreement (PPA) with NTPC at a fixed tariff of INR 2.25 per kWh for 25 years following the start of the project's commercial operations in April 2022. It did not provide a timeframe for the signing of the PPA.

The Nokh Solar Park project is about 30km from Yinson’s existing 140 MW operational solar plant in Rajasthan's Bhadla district. The facility, which also sells power to NTPC, started operations in 2017.Bursa-listed Yinson, started as a company with businesses in transport and the oil and gas industry, offering services related to floating, production, storage, and offloading vessel (FPSO) and mobile offshore production units. In 2019, the company set up its renewables business to build, own and operate clean power projects. Yinson's primary focus is onshore wind and solar power projects but it is also looking to include offshore wind and hydroelectric projects in future.


Adani Green Energy has secured a syndicated loan of USD 1.35BN from a group of 12 international banks to finance 1.7 GW of wind-solar hybrid power projects in India. The lenders that have signed an agreement for the revolving facility are Standard Chartered Bank, Intesa Sanpaolo, MUFG Bank, Sumitomo Mitsui Banking Corporation, Cooperative Rabobank, DBS Bank, Mizuho Bank, BNP Paribas, Barclays Bank, Deutsche Bank, Siemens Bank, and ING Bank.

Standard Chartered acted as lead underwriter for the facility. The four-year debt facility will be used to finance hybrid power projects in the state of Rajasthan. The facility will also be used to fund future green projects and help the company to grow its renewables portfolio to 25 GW by 2025.The company has a current portfolio of more than 14 GW of renewable capacity in India, including over 6 GW in operation or expansion of capacity and 8 GW under development.

Adani Green's under-construction hybrid developments include 400 MW and 600 MW projects that will sell power to the Solar Energy Corporation of India (SECI) at a fixed tariff of INR 2.69 (USD 0.037) per kWh and a 700 MW project that will sell power to a unit called Adani Electricity Mumbai Ltd (AEML) at a tariff of INR 3.24 per kWh.


Renewable power developer Adani Green Energy has signed a deal to acquire a 50 MW operating solar power plant in India's Telangana state from Canadian company SkyPower Global. The Indian firm will buy the plant - located in Junthula and Pansoor villages of Nalgonda district - for an enterprise value of INR 3.17BN (USD 44M). The asset started operations in October 2017 and sells power to the Southern Power Distribution Company of Telangana under a power purchase agreement (PPA) at INR 5.37 per kWh. The plant earned revenue of INR 504.4m for the financial year through March 2020.

Adani Green, an arm of Indian conglomerate Adani Group, owns operating renewables capacity of 3.4 GW. It is seeking to grow the capacity of its total portfolio, including development-phase projects, to 25 GW by 2025 from close to 15 GW currently. The company secured a syndicated loan of USD 1.35BN from a group of 12 international banks, including MUFG Bank and Sumitomo Mitsui Banking Corporation, to finance 1.7 GW of wind-solar hybrid power projects in India. Toronto-based SkyPower develops, finances, builds and operates utility-scale renewable power projects globally and is majority-owned by CIM, an urban real estate and infrastructure fund manager.


List of upcoming projects - Power & Renewable Energy - India

Source: Inframation, YOG INFRA analysis



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